Babcock & Wilcox Enterprises, Inc. Files 8-K: Agreement Termination & Officer Changes
Ticker: BW-PA · Form: 8-K · Filed: Sep 23, 2024 · CIK: 1630805
| Field | Detail |
|---|---|
| Company | Babcock & Wilcox Enterprises, INC. (BW-PA) |
| Form Type | 8-K |
| Filed Date | Sep 23, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.01, $800,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: agreement-termination, officer-changes, director-changes, financial-statements
Related Tickers: BWX
TL;DR
BWX terminates material agreement, board/officer changes filed.
AI Summary
Babcock & Wilcox Enterprises, Inc. announced on September 20, 2024, the termination of a material definitive agreement. The company also reported changes in its board of directors and certain officers, along with updates to compensatory arrangements for its officers. Financial statements and exhibits related to these events were filed.
Why It Matters
This filing indicates significant corporate actions, including the end of a key agreement and potential shifts in leadership or compensation, which could impact the company's strategic direction and financial performance.
Risk Assessment
Risk Level: medium — The termination of a material definitive agreement and changes in officers/directors can signal underlying business challenges or strategic realignments that may pose risks.
Key Players & Entities
- Babcock & Wilcox Enterprises, Inc. (company) — Registrant
- September 20, 2024 (date) — Date of earliest event reported
FAQ
What was the material definitive agreement that was terminated?
The filing states that a material definitive agreement was terminated, but does not specify the name or details of the agreement in the provided text.
What specific changes occurred regarding directors or officers?
The filing indicates a departure of directors or certain officers, election of directors, and appointment of certain officers, along with updates to compensatory arrangements, but specific names and roles are not detailed in the provided text.
When was the earliest event reported in this 8-K filing?
The earliest event reported is dated September 20, 2024.
What other items are included in this 8-K filing besides the agreement termination and officer changes?
The filing also includes information on Financial Statements and Exhibits.
What is Babcock & Wilcox Enterprises, Inc.'s fiscal year end?
Babcock & Wilcox Enterprises, Inc.'s fiscal year ends on December 31.
Filing Stats: 927 words · 4 min read · ~3 pages · Grade level 10.9 · Accepted 2024-09-23 16:30:32
Key Financial Figures
- $0.01 — e on which Registered Common stock, $0.01 par value per share BW New York Sto
- $800,000 — y a consulting fee at an annual rate of $800,000. If the Company terminates Mr. Young's
Filing Documents
- tm2424518d1_8k.htm (8-K) — 37KB
- tm2424518d1_ex10-1.htm (EX-10.1) — 65KB
- 0001104659-24-102062.txt ( ) — 344KB
- bw-20240920.xsd (EX-101.SCH) — 4KB
- bw-20240920_def.xml (EX-101.DEF) — 27KB
- bw-20240920_lab.xml (EX-101.LAB) — 37KB
- bw-20240920_pre.xml (EX-101.PRE) — 26KB
- tm2424518d1_8k_htm.xml (XML) — 8KB
02. Termination of a Material Definitive Agreement
Item 1.02. Termination of a Material Definitive Agreement. As previously disclosed by Babcock & Wilcox Enterprises, Inc. (the "Company"), the services of the Company's Chief Executive Officer, Kenny Young (who also serves as the Chairman of the Company's Board of Directors), have been provided to the Company by BRPI Executive Consulting, LLC ("BRPI"), an affiliate of B. Riley Financial, Inc., pursuant to a consulting agreement, dated November 19, 2018 and as subsequently amended, between the Company and BRPI (the "BRPI Consulting Agreement"). The term of such services under the BRPI Consulting Agreement was scheduled to end December 31, 2028 and either BRPI or the Company could terminate the term of such services prior to that date by written notice to the other party. On September 20, 2024, the Company and BRPI agreed that the term of such services would end as of that date and each party waived any right to advance notice of such termination of the term. BRPI also waived any right it had under the BRPI Consulting Agreement as to any solicitation of Mr. Young's services by the Company. Mr. Young will continue as the Company's Chief Executive Officer and Chairman of the Company's Board of Directors, and the Company has directly engaged Mr. Young as described in Item 5.02 below. Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements o Certain Officers. On September 20, 2024, the Company entered into an Independent Contractor Agreement (the "Young Consulting Agreement") with OpenSky, LLC ("OpenSky"), an entity wholly-owned by Kenny Young. The Young Consulting Agreement provides for Mr. Young's continued service as the Company's Chief Executive Officer commencing with the termination of the services pursuant to the BRPI Consulting Agreement on September 20, 2024 and continuing through December 31, 2028 (subject to earlier termination by either party giving at least 30 days' advance
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 Independent Contractor Agreement, dated September 20, 2024, between Babcock & Wilcox Enterprises, Inc. and Kenny Young. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)]
Signatures
Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. BABCOCK & WILCOX ENTERPRISES, INC. September 23, 2024 By: /s/ Louis Salamone Louis Salamone Executive Vice President and Chief Financial Officer (Principal Accounting Officer and Duly Authorized Representative)