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April [ ], 2022 Babcock & Wilcox Enterprises, Inc. 1200 East Market Street, Suite 650 Akron, Ohio 44305 | | | |
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Board Elections | | | • Majority voting in uncontested elections | | |
| Board Independence | | | • Four out of six of our directors are independent • Our Chief Executive Officer is the only management director | |
| Board Composition | | | • Currently the Board • The Board annually assesses its performance through Board and committee self-evaluations • The Governance Committee leads the full Board in considering Board competencies and refreshment in light of Company strategy | |
| Board Committees | | | • We have three standing Board committees • All committees are composed entirely of independent directors | |
| Leadership Structure | | | • Our • Among other duties, our Chairman | |
| Risk Oversight | | | • Our full Board is responsible for risk oversight, and has designated committees to have particular oversight of certain key risks • The Board oversees management as management fulfills its responsibilities for the assessment and mitigation of risks, and taking appropriate risks | |
| Open Communication | | | • We encourage open communication and strong working relationships among the Chairman and other directors • Our directors have access to management and employees | |
| Director Stock Ownership | | | • Our directors are required to own five times their annual base retainers in shares of common stock | |
| Accountability to Stockholders | | | • We actively reach out to our stockholders through our engagement program • Stockholders can contact the Board, Chairman or management through our website or by regular mail | |
| Management Succession Planning | | | • The Board actively monitors our succession planning and people development • At least once per year, the Board reviews senior management succession and development plans | |
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NAME | | | | CLASS | | | | YEAR TERM EXPIRES | | |
Henry E. | | | | Class | | | 2024 | | ||
| Alan B. Howe | | | | Class II | | | 2023 | | |
Philip D. Moeller | | | | Class III | | | 2024 | | ||
Rebecca L. Stahl | | | | Class | | | 2023 | | ||
Joseph A. Tato | | | | Class I | | | | 2022 | | |
| Kenneth M. | | | | Class I | | | | 2022 | |
| HENRY E. BARTOLI Director since 2020 Age: 75 | |
| Qualifications: Mr. | |
Mr. In addition, Mr. Bartoli has held professional engineering licenses in California, Kentucky and | |
| PHILIP D. MOELLER Director since: 2020 Age: 60 Compensation Committee Governance Committee | | | Qualifications: The Honorable Philip D. Moeller is Executive Vice President, Business Operations Group and Regulatory Affairs at the Edison Electric Institute (EEI). EEI is the association that represents all of the nation’s investor-owned electric companies. Mr. Moeller has significant responsibility over a broad range of issues that affect the future structure of the electric power industry and new rules in evolving competitive markets. He has responsibility over the strategic areas of energy supply and finance, environment, energy delivery, energy services, federal and state regulatory issues, and international affairs. Prior to joining EEI in February 2016, Mr. Moeller served as a Commissioner on the Federal Energy Regulatory Commission (FERC), ending his tenure as the second-longest serving member of the Commission. In office from 2006 through 2015, Mr. Moeller ended his service as the only Senate-confirmed member of the federal government appointed by both President George W. Bush and President Barack Obama. At FERC, Mr. Moeller championed policies promoting improved wholesale electricity markets, increasing investment in electric transmission and natural gas pipeline infrastructure, and enhancing the coordination of the electric power and natural gas industries. Earlier in his career, Mr. Moeller headed the Washington, D.C., office of Alliant Energy Corporation. He also served as a Senior Legislative Assistant for Energy Policy to U.S. Senator Slade Gorton (R-WA), and as the Staff Coordinator of the Washington State Senate Energy and Telecommunications Committee in Olympia, Washington. Mr. Moeller was born in Chicago and raised on a ranch near Spokane, Washington. He received a BA in Political Science from Stanford University. | |
| ALAN B. HOWE Director since 2019 Age: Audit and Finance Committee Compensation Committee Governance Committee |
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Qualifications: Currently, Mr. Howe is Managing Partner of Broadband Initiatives, LLC, a small boutique corporate advisory firm that he manages. His specialty is in providing board and C-level leadership working with small-cap and micro- cap companies (both public and private) particularly in turnaround situations. Mr. Howe has served both as | |
| REBECCA L. STAHL Director since 2020 Age: 48 Audit and Finance Committee Compensation Committee | | | Qualifications: With 25 years’ experience in Prior to Ms. | |
| JOSEPH A. TATO Director Age: Audit and Finance Committee Governance Committee | |
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Qualifications: Joseph A. Tato has significant leadership experience in the areas of energy and natural resources, infrastructure project development and finance, and has been counsel in some of the largest public private partnership transactions completed to date including energy and water projects in the U.S. and globally. Mr. He has served as Director, Cameroon Enterprises, since 2017. Additionally, he has served as Director, Covanta Energy Corporation, from 2000 to 2004, and as Assistant Secretary and Counsel to the Board of Directors 1999. | |
| KENNETH M. Director since Age: |
|
Qualifications: Mr. | ||
Before joining B. Riley, Prior to joining LCC, Mr. Young held various senior executive positions with Liberty Media’s TruePosition and AT&T Corporation which included Cingular Wireless, SBC Wireless, and Southwestern Bell Telephone. Mr. Young holds a Bachelor of Science in Computer Science from Mr. Young has previously served on | |
1. three Board members, for so long as B. Riley beneficially owns at least 75% of our common stock that it beneficially owned as of July 24, 2019 (the “Closing B. Riley Stock Ownership”) and at least 75% of the Tranche A-2 Term Loan and Tranche A-3 Term Loan, combined, that it beneficially owned as of July 24, 2019 (the “Closing Loan Ownership”); 2. two Board members, after the first time that B. Riley beneficially owns less than 75% of the Closing B. Riley Stock Ownership or less than 75% of the Closing Loan Ownership, but for so long as B. Riley continues |
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Competencies / Attributes | | | Young | | Henry E. Bartoli | | | Alan B. Howe | | | Moeller | | | Stahl | | | Tato | | | ||||||||||||||||||||||
| COMPLIANCE CONSIDERATIONS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
| Independent Director | | | | | | | | | | | | ● | | | | | | ● | | | | | | ● | | | | | | ● | | | | |||||||
| Financial | | | | | ● | | | | | | ● | | | | | | ● | | | | | | ● | | | | | | ● | | | | ||||||||
| CORE COMPETENCIES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| Recent or current public company CEO/COO/CFO/GC | | | | | | | | | | | | | ● | | | | | | | | | | | | | | | | | | | | | | ||||||
Power Generation | | | | ● | | | | | | ● | | | | | | | | | | | | ● | | | | | | | | | | | | ● | | | | ||||
| Manufacturing | | | | | ● | | | | | | ● | | | | | | | | | | | | | | | | | | | | | | | | ● | | | | ||
| Engineering and Construction | | | | | ● | | | | | | ● | | | | | | ● | | | | | | | | | | | | | | | | | | ● | | | | ||
| Utility / Power Transmission Distribution | | | | ● | | | | | | ● | | | | | | | | | | | | ● | | | | | | | | | | | | ● | | | | |||
| International Operations | | | ● | | | | | ● | | | | | | ● | | | | | | | | | | | | ● | | | | | | ● | | | | |||||
| STRATEGIC COMPETENCIES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| Financial (Reporting, Auditing, Internal Controls) | | | | | ● | | | | | | ● | | | | | | | | | | | | ● | | | | | | ● | | | | ||||||||
| Strategy / Business Development / M&A | | | | | ● | | | | | | ● | | | | | | ● | | | | | | ● | | | | | | ● | | | | ||||||||
| Human Resources / Organizational Development | | ● | | | | | ● | | | | | | | | | | | | ● | | | | | | ● | | | | | | ● | | | | ||||||
| Legal / Governance / Business Conduct | | ● | | | | | ● | | | | | | ● | | | | | | ● | | | | | | | | | | | | ● | | | | ||||||
| Risk Management | | | ● | | | | | ● | | | | | | | | | | | | ● | | | | | | ● | | | | | | ● | | | | |||||
| Public Policy / Regulatory Affairs | | | ● | | | | | ● | | | | | | | | | | | | ● | | | | | | | | | | | | ● | | | | |||||
| PUBLIC COMPANY BOARD EXPERIENCE | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| Board of similar or larger size company | | | | | | | | | | | ● | | | | | | | | | | | | | | | | | | | | | | ||||||||
| Audit / Finance committee experience with other companies | | | | | | | | | | | | | ● | | | | | | ● | | | | | | | | | | | | | | | | ||||||
| Compensation committee experience with other companies | | | | | | | | | | | | | | ● | | | | | | ● | | | | | | ● | | | | | | | | | | |||||
| Nomination / Governance committee experience with other companies | | | | ● | | | | | | | | | | | | ● | | | | | | ● | | | | | | | | | | | | ● | | | |
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Alan B. Howe | | Rebecca L. Stahl | | ||
| Philip D. Moeller | | | Joseph A. Tato | |
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Committee Member | | | | Audit & Finance | | | | Compensation | | | | Governance | ||
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| | | | | | | | | | | | |||
| Alan B. Howe | | | | Member | | | | Chair | | | | Member | |
Philip D. Moeller | | | | | | | | Member | | | | Member | | |
Rebecca L. Stahl | | | | Chair | | | | Member | | | | | | |
| Joseph A. Tato | | | | Member | | | | | | | | Chair | |
| Kenneth M. | | | | | | | | | | | |
| NAME | | | FEES EARNED OR PAID IN CASH ($) | | | STOCK AWARDS ($)(1) | | | TOTAL ($) | | |||||||||
| Henry E. Bartoli | | | | | 85,000 | | | | | | 216,662.94 | | | | | | 301,662.94 | | |
| Alan B. Howe | | | | | 115,000 | | | | | | 94,998.54 | | | | | | 209,998.54 | | |
| Philip D. Moeller | | | | | 85,000 | | | | | | 358,915.97 | | | | | | 443,915.97 | | |
| Rebecca L. Stahl | | | | | 105,000 | | | | | | 349,721.58 | | | | | | 454,721.58 | | |
| Joseph A. Tato | | | | | 95,000 | | | | | | 349,721.58 | | | | | | 444,721.58 | | |
| Kenneth M. Young | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
NAME | FEES EARNED OR PAID IN CASH ($) | STOCK AWARDS ($) | TOTAL ($) | ||||||||
Matthew E. Avril | $ | 185,000 | $ | 95,000 | $ | 280,000 | |||||
Thomas A. Christopher(1) | $ | 23,750 | $ | — | $ | 23,750 | |||||
Cynthia S. Dubin | $ | 100,000 | $ | 95,000 | $ | 195,000 | |||||
Brian R. Kahn | $ | 85,000 | $ | 95,000 | $ | 180,000 | |||||
Anne R. Pramaggiore(1) | $ | 21,250 | $ | — | $ | 21,250 | |||||
Kenneth M. Siegel | $ | 95,000 | $ | 95,000 | $ | 190,000 | |||||
Alan B. Howe | $ | 95,000 | $ | 95,000 | $ | 190,000 | |||||
Bryant R. Riley | $ | — | $ | — | $ | — |
| NAME OF BENEFICIAL OWNER | | | COMMON STOCK: NUMBER OF SHARES BENEFICIALLY OWNED | | | PERCENT OF CLASS(1) | | ||||||
| 5% STOCKHOLDERS: | | | | | | | | | | | | | |
| B. Riley Financial, Inc.(2) | | | | | 26,587,340 | | | | | | 31.04% | | |
| Neuberger Berman Group LLC(3) | | | | | 5,821,403 | | | | | | 6.8% | | |
| FMR LLC(4) | | | | | 7,416,029 | | | | | | 8.7% | | |
| NAMED EXECUTIVE OFFICERS, DIRECTORS AND DIRECTOR NOMINEES: | | ||||||||||||
| Kenneth M. Young(5) | | | | | 1,048,000 | | | | | | 1.22% | | |
| Louis Salamone Jr. | | | | | 366,982 | | | | | | * | | |
| Jimmy B. Morgan(6) | | | | | 322,899 | | | | | | * | | |
| John J. Dziewisz(7) | | | | | 129,720 | | | | | | * | | |
| Henry E. Bartoli(8) | | | | | 215,729 | | | | | | * | | |
| Alan B. Howe | | | | | 73,106 | | | | | | * | | |
| Philip D. Moeller | | | | | 34,815 | | | | | | * | | |
| Rebecca L. Stahl | | | | | 14,844 | | | | | | * | | |
| Joseph A. Tato | | | | | 14,844 | | | | | | * | | |
| All Directors, Director Nominees and Executive Officers as a group(9) | | | | | 2,220,939 | | | | | | 2.6% | | |
NAME OF BENEFICIAL OWNER | COMMON STOCK: NUMBER OF SHARES BENEFICIALLY OWNED | PERCENT OF CLASS1 | OWNERSHIP OF OTHER SECURITIES | PERCENT OF CLASS1 | |||
5% STOCKHOLDERS: | |||||||
Vintage Capital Management, LLC2 | 15,704,744 | 33.8% % | - | * | |||
B. Riley Financial, Inc.3 | 8,578,274 | 18.5% % | 1,666,667 | 3.6% | |||
NAMED EXECUTIVE OFFICERS, DIRECTORS AND DIRECTOR NOMINEES: | |||||||
Kenneth M. Young | 29,240 | * | - | * | |||
Louis Salamone Jr. | 23,842 | * | - | * | |||
Matthew E. Avril4 | 70,886 | * | - | * | |||
Henry E. Bartoli5 | 56,767 | * | - | * | |||
Cynthia S. Dubin6 | 44,104 | * | - | * | |||
Alan B. Howe | 25,606 | * | - | * | |||
Brian R. Kahn7 | 15,730,350 | 33.9% | - | * | |||
Bryant R. Riley8 | 8,844,322 | 19.1% | 1,666,667 | 3.6% | |||
Kenneth M. Siegel9 | 28,335 | * | - | * | |||
Jimmy B. Morgan10 | 16,500 | * | - | * | |||
Robert M. Caruso | - | * | - | * | |||
All Directors, Director Nominees and Executive Officers as a group (12 persons)11 | 24,874,072 | 53.6% | 166,667 | 3.6% |
| | | | 2021 | | | 2020 | | ||||||
| Audit The Audit fees were for professional services rendered for the audits of the consolidated financial statements of the Company, statutory and subsidiary audits, reviews of the quarterly consolidated financial statements of the Company and assistance with review of documents filed with the SEC. | | | | $ | 3,573,900 | | | | | $ | 3,024,424 | | |
| Audit-Related The Audit-Related fees relate to agreed-upon procedures and services normally provided by our independent registered public accounting firm in connection with regulatory filings. | | | | $ | 485,520 | | | | | $ | 211,300 | | |
| Tax The tax fees were for professional services rendered for tax compliance services. | | | | $ | 5,560 | | | | | $ | 3,750 | | |
| All Other | | | | $ | | | | | $ | — | | | |
| TOTAL | | | | $ | 4,064,980 | | | | | $ | 3,239,474 | | |
2019 | 2018 | ||||||
Audit The Audit fees were for professional services rendered for the audits of the combined and consolidated financial statements of the Company, the audit of the Company’s internal control over financial reporting, statutory and subsidiary audits, reviews of the quarterly combined and consolidated financial statements of the Company and assistance with review of documents filed with the SEC. | $ | 3,707,995 | $ | 3,642,300 | |||
Audit-Related There were no Audit-Related fees. | $ | — | $ | — | |||
Tax The tax fees were for professional services rendered for consultations on various U.S. federal, state and international tax compliance matters, as well as consultation and advice on various foreign tax matters. | $ | 9,600 | $ | 91,500 | |||
All Other There were no other fees for services. | $ | — | $ | — | |||
TOTAL | $ | 3,717,595 | $ | 3,733,800 |
| | | | Granted under 2015 LTIP | | | Granted under 2021 Plan | | | Total | | |||||||||
| Shares subject to outstanding restricted stock and restricted stock unit awards (including vested but deferred RSUs and excluding performance-based vesting awards) | | | | | 912,210 | | | | | | 857,432 | | | | | | 1,769,642 | | |
| Shares subject to outstanding performance-based vesting restricted stock and restricted stock unit awards | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
| Shares subject to outstanding stock options and SARs | | | | | 288,194 | | | | | | 0 | | | | | | 0 | | |
| Shares available for new award grants | | | | | 0 | | | | | | 377,270 | | | | | | | | |
| | | | Granted under 2015 LTIP | | | Granted under 2021 Plan | | | Total | | |||||||||
| Shares subject to outstanding restricted stock and restricted stock unit awards (including vested but deferred RSUs and excluding performance-based vesting awards) | | | | | 912,210 | | | | | | 966,569 | | | | | | 1,878,779 | | |
| Shares subject to outstanding performance-based vesting restricted stock and restricted stock unit awards | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
| Shares subject to outstanding stock options and SARs | | | | | 288,194 | | | | | | 0 | | | | | | 0 | | |
| Shares available for new award grants | | | | | 0 | | | | | | 229,117 | | | | | | 0 | | |
| Name | | | Number of RSUs Granted | | |||
| Named Executive Officers: | | | | | | | |
| Kenneth M. Young – Chief Executive Officer | | | | | 200,000 | | |
| Louis Salamone Jr. – Chief Financial Officer | | | | | 120,000(1) | | |
| Jimmy B. Morgan – Chief Operations Officer | | | | | 135,000(1) | | |
| John J. Dziewisz – General Counsel | | | | | 75,000 | | |
| All current executive officers as a group | | | | | 530,000 | | |
| All current non-employee directors as a group | | | | | 119,895 | | |
| Each nominee for election as a director | | | | | — | | |
| Each associate of any of the foregoing | | | | | — | | |
| Each other person who received at least 5% of all options granted | | | | | — | | |
| All consultants, excluding current executive officers | | | | | 112,887 | | |
| All employees, excluding current executive officers | | | | | 332,002 | | |
| Plan Category | | | Number of securities to be issued upon exercise of outstanding options and rights(1) | | | Weighted-average exercise price of outstanding options and rights | | | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column(2) | | |||||||||
| Equity compensation plans approved by security holders | | | | | 2,057,836 | | | | | | 102.75 | | | | | | 377,270 | | |
| Equity compensation plans not approved by security holders | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
| Total | | | | | 2,057,836 | | | | | | 102.75 | | | | | | 377,270 | | |
NAME | NUMBER OF OPTIONS GRANTED | NUMBER OF RSUs GRANTED | NUMBER OF PSUs GRANTED | NUMBER OF SARs GRANTED |
Named Executive Officers: | ||||
Kenneth M. Young - Chief Executive Officer | — | 600,000 | — | 843,500 |
Louis Salamone Jr. - Chief Financial Officer | — | 200,000 | — | 168,700 |
Joel K. Mostrom - Former Chief Financial Officer | — | — | — | — |
Henry E. Bartoli - Chief Strategy Officer | 3,639 | 50,823 | — | 843,500 |
Robert M. Caruso - Chief Implementation Officer | — | — | — | — |
Jimmy B. Morgan - Senior Vice President, Babcock & Wilcox | 12,740 | 188,073 | 3,749 | — |
All current executive officers as a group | 23,208 | 1,120,006 | 5,086 | 1,855,700 |
All current non-employee directors as a group | 13,646 | 131,643 | — | — |
Each nominee for election as a director | 3,639 | 52,035 | — | — |
Each associate of any of the foregoing | — | — | — | — |
Each other person who received at least 5% of all options granted | — | — | — | — |
All employees, excluding current executive officers | 892,657 | 1,392,571 | 167,067 | 1,855,700 |
Plan Category | Number of securities to be issued upon exercise of outstanding options and rights (a) | Weighted-average exercise price of outstanding options and rights (b) | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c) (1) |
Equity compensation plans approved by security holders | 2,472,000 | $22.49 | 97,000 |
Equity compensation plans not approved by security holders | N/A | N/A | N/A |
Total | 2,472,000 | $22.49 | 97,000 |
| NAME | ||||
| TITLE (AS OF LAST DAY OF | | |||
| Kenneth M. Young | | | Chief Executive Officer | |
| Louis Salamone | | | Chief Financial Officer | |
| | Senior Vice President & Corporate Secretary | | ||
| Jimmy B. Morgan | | Chief Operating Officer | |
| |||
Mr. Young, Chief Executive Officer(1) | | | Other NEOs |
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Compensation Element | | | Description | | | Objectives | | |
| Base Salary | | | Fixed cash compensation; reviewed annually and subject to adjustment | | | Attract, retain and motivate the NEO | |
| Annual Cash Incentive Compensation | | | Short-term cash incentive compensation paid based on performance against annually established financial performance goals | | | Reward and motivate the NEO for achieving key short-term performance objectives | |
Long-Term Equity Compensation | | | Annual equity compensation awards ofrestricted stock units and performance-based restricted stock units | | | Align NEO interests with those of our stockholders by rewarding the creation of long-term stockholder value and encouraging stock ownership | | |
| Health, Welfare and Retirement Benefits | | | Qualified | | | Attract and retain the NEO by providing market-competitive benefits | |
| Severance and Change in Control Arrangements | | | Reasonable severance payments and benefits provided upon an involuntary termination, including an involuntary termination following a change in control of the Company | | | Help attract and retain high quality talent by providing market-competitive severance protection, and help encourage the NEO to direct his or her attention to stockholders’ interests, notwithstanding the potential for loss of employment in connection with a change in control |
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WHAT WE DO | | | | WHAT WE DON’T DO | | |
| Pay-for-performance philosophy emphasizes compensation tied to creation of stockholder value, with a significant portion of NEOs’ overall compensation tied to our performance | | | | No excise tax gross-ups upon a change in control | |
| Robust compensation governance practices, including annual CEO performance evaluation process by independent directors, thorough process for setting rigorous performance goals, compensation committee comprised solely of independent directors and use of an independent compensation consultant | | | | No discounting, reloading or re-pricing of stock options without stockholder approval | |
| Limited perquisitesand reasonable severance and change in control protection that requires involuntary termination | |||||
| | No guaranteed incentive awardsfor executives | | |||
Clawback provisions in annual and equity incentive compensation plans | ||||||
| No “single trigger”change in control acceleration of equity awards or severance payments | | ||||
| Policies prohibiting executives for hedging or pledging our stock | | | | | |
| Strong stock ownership guidelines for executives | | | | | |
| Annual say-on-pay vote to approve compensation paid to our | | | | | |
| NAME | | | ANNUAL BASE SALARY AS OF DECEMBER 31, 2021 | | | ANNUAL BASE SALARY AS OF DECEMBER 31, 2020 | | | PERCENTAGE INCREASE | | |||||||||
| Louis Salamone Jr. | | | | $ | 475,000 | | | | | $ | 475,000 | | | | | | — | | |
| Jimmy B. Morgan | | | | $ | 500,000 | | | | | $ | 500,000 | | | | | | — | | |
| John J. Dziewisz | | | | $ | 365,000 | | | | | $ | 365,000 | | | | | | — | | |
NAME | ANNUAL BASE SALARY AS DECEMBER 31, 2019 | ANNUAL BASE SALARY AS OF DECEMBER 31, 2018 | PERCENTAGE INCREASE | |||||
Louis Salamone | $475,000 | $475,000 | — | |||||
Henry E. Bartoli | $900,000 | $900,000 | — | |||||
Jimmy B. Morgan | $475,000 | $360,000 | 31.94 | % |
NAME | RESTRICTED STOCK UNITS | NOMINAL VALUE OF GRANT (1) | ||
Kenneth M. Young | 600,000 | $2,226,000 | ||
Louis Salamone | 200,000 | $742,000 | ||
Henry E. Bartoli | 100,000 | $185,500 | ||
Jimmy B. Morgan | 150,000 | $556,500 |
| NAME | | | RESTRICTED STOCK UNITS | | |||
| | | | 200,000 | | | ||
| Louis Salamone Jr. | | | | | 100,000 | | |
| Jimmy B. Morgan | | | | | 100,000 | | |
| John J. Dziewisz | | | | | 75,000 | | |
METRIC | THRESHOLD | TARGET | MAX | ACTUAL | WEIGHTING | RESULT | |
Cumulative EPS (60%) | Goal | $2.19 | $2.73 | $3.05 | (17.67) | ||
Payout % | 50% | 100% | 200% | 60/100 | 0% | ||
ROIC (20%) | Goal | 6.2% | 6.7% | 7.5% | (46)% | ||
Payout % | 50% | 100% | 200% | 20/100 | 0% | ||
RTSR (20%) | Goal | 25Th percentile | 50th percentile | ≥75th percentile | < 25Th percentile | ||
Payout % | 50% | 100% | 200% | 20/100 | 0% | ||
Total Payout % | 0% |
| NAME AND PRINCIPAL POSITION | | | | YEAR | | | | SALARY ($) | | | | BONUS ($) | | | | STOCK AWARDS ($)(3) | | | | OPTION AWARDS ($) | | | | NON-EQUITY INCENTIVE PLAN COMPENSATION ($) | | | | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($) | | | | ALL OTHER COMPENSATION(4) | | | | TOTAL ($) | | ||||||||||||||||||||||||
| Kenneth M. Young Chief Executive Officer | | | | | | 2021 | | | | | | | 750,000(1) | | | | | | | | | | | | | | 1,456,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,206,000 | | |
| | | 2020 | | | | | | | 750,000 | | | | | | | | | | | | | | 1,125,000 | | | | | | | | | | | | | | | | | | | | | | | | | 102,204 | | | | | | | 1,977,204 | | | ||||
| | | 2019 | | | | | | | 750,000 | | | | | | | 2,000,000 | | | | | | | 2,226,000 | | | | | | | | | | | 1,000,000 | | | | | | | | | | | | | | 34,636 | | | | | | | 6,010,636 | | | ||||
| Louis Salamone Jr. Chief Financial Officer | | | | | | 2021 | | | | | | | 475,000 | | | | | | | | | | | | | | 769,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,244,000 | | |
| | | 2020 | | | | | | | 475,000 | | | | | | | | | | | | | | 875,000 | | | | | | | | | | | | | | | | | | | | | | | | | 192,242 | | | | | | | 1,542,242 | | | ||||
| | | 2019 | | | | | | | 475,000 | | | | | | | 750,000 | | | | | | | 742,000 | | | | | | | | | | | 300,000 | | | | | | | | | | | | | | 45,736 | | | | | | | 2,312,736 | | | ||||
| Jimmy B. Morgan Chief Operating Officer 2020 | | | | | | 2021 | | | | | | | 500,000 | | | | | | | 50,000(2) | | | | | | | 769,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,269,000 | | |
| | | 2020 | | | | | | | 493,750 | | | | | | | 50,000 | | | | | | | 875,000 | | | | | | | | | | | | | | | | | | | | | | | | | 100,138 | | | | | | | 1,518,888 | | | ||||
| | | 2021 | | | | | | | 415,625 | | | | | | | 82,000 | | | | | | | 659,750 | | | | | | | | | | | 21,075 | | | | | | | | | | | | | | 30,468 | | | | | | | 1,208,918 | | | ||||
| John J. Dziewisz Sr. Vice President & Corporate Secretary | | | | | | 2021 | | | | | | | 365,000 | | | | | | | | | | | | | | 576,750 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 941,750 | | |
| | | 2020 | | | | | | | 330,000 | | | | | | | | | | | | | | 804,600 | | | | | | | | | | | | | | | | | | 120,212 | | | | | | | 3,792 | | | | | | | 1,258,604 | | |
NAME AND PRINCIPAL POSITION | YEAR | SALARY ($)(1) | BONUS ($)(2) | STOCK AWARDS ($)(3) | OPTION AWARDS ($)(4) | NON-EQUITY INCENTIVE PLAN COMPENSATION ($)(5) | ALL OTHER COMPENSATION (6) | TOTAL ($) | ||||||||||||||
Kenneth M. Young Chief Executive Officer | 2019 | $ | 750,000 | $ | 2,000,000 | $ | 2,226,000 | $ | — | $ | 1,000,000 | $ | — | $ | 5,976,000 | |||||||
2018 | $ | 88,356 | $ | — | $ | — | $ | 1,536,405 | $ | — | $ | — | $ | 1,624,761 | ||||||||
Louis Salamone Jr. Chief Financial Officer | 2019 | $ | 475,000 | $ | 750,000 | $ | 742,000 | $ | — | $ | 300,000 | $ | 9,500 | $ | 2,276,500 | |||||||
Joel K. Mostrom Former Chief Financial Officer | 2019 | $ | 163,000 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 163,000 | |||||||
2018 | $ | 910,000 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 910,000 | ||||||||
Henry E. Bartoli Chief Strategy Officer | 2019 | $ | 900,000 | $ | — | $ | 185,500 | $ | — | $ | — | $ | 9,254 | $ | 1,094,754 | |||||||
Robert M. Caruso Chief Implementation Officer | 2019 | $ | 1,389,040 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,389,040 | |||||||
Jimmy B. Morgan Senior Vice President, Babcock & Wilcox | 2019 | $ | 415,625 | $ | 82,000 | $ | 659,750 | $ | — | $ | 21,075 | $ | 10,311 | $ | 1,188,761 | |||||||
2018 | $ | 351,250 | $ | 82,500 | $ | — | $ | 69,549 | $ | 19,500 | $ | 13,865 | $ | 536,664 |
With respect to Mr. Young, represents consultant fees paid to third party provider, with respect to Mr. Young’s salary. Mr. Young serves as CEO pursuant to a consulting agreement with the B. Riley Affiliate. See ”Compensation Discussion and Analysis — Third Party Compensation Arrangements.” (2) With respect |
401(k) Plan Contributions(a) | Perquisites(b) | Total All Other Compensation | |||||||
Mr. Young | — | — | — | ||||||
Mr. Salamone | $9,500 | — | $9,500 | ||||||
Mr. Mostrom | — | — | — | ||||||
Mr. Bartoli | $5,563 | $3,691 | $9,254 | ||||||
Mr. Caruso | — | — | — | ||||||
Mr. Morgan | $7,667 | $2,644 | $10,311 |
| NAME | | | GRANT DATE | | | COMMITTEE ACTION DATE | | | ESTIMATED POSSIBLE PAYOUTS UNDER NON-EQUITY INCENTIVE PLAN AWARDS | | | ESTIMATED POSSIBLE PAYOUTS UNDER EQUITY INCENTIVE PLAN AWARDS | | | ALL OTHER STOCK AWARDS: NUMBER OF SHARES OF STOCK OR UNITS(2) | | | EXERCISE OR BASE PRICE OF OPTION AWARDS | | | GRANT DATE FAIR VALUE OF STOCK AND OPTION AWARDS(3) | | |||||||||||||||||||||||||||||||||||||||
| THRESHOLD | | | TARGET | | | MAXIMUM | | | THRESHOLD | | | TARGET | | | MAXIMUM | | |||||||||||||||||||||||||||||||||||||||||||||
| Mr. Young | | | | | — | | | | | | — | | | | | | N/A | | | | | | 800,000(1) | | | | | | N/A | | | | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | — | | |
| | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | 9/11/2020 | | | | | | 9/11/2020 | | | | | | N/A | | | | | | | | | | | | N/A | | | | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | 11/3/2021 | | | | | | 11/3/2021 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 200,000 | | | | | | — | | | | | | 1,456,000 | | |
| Mr. Salamone | | | | | — | | | | | | — | | | | | | N/A | | | | | | 500,000(1) | | | | | | N/A | | | | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | — | | |
| | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | 9/11/2020 | | | | | | 9/11/2020 | | | | | | N/A | | | | | | | | | | | | N/A | | | | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | 8/11/2021 | | | | | | 8/11/2021 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 100,000 | | | | | | — | | | | | | 769,000 | | |
| Mr. Morgan | | | | | — | | | | | | — | | | | | | N/A | | | | | | 500,000(1) | | | | | | N/A | | | | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | — | | |
| | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | 9/11/2020 | | | | | | 9/11/2020 | | | | | | N/A | | | | | | | | | | | | N/A | | | | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | 8/11/2021 | | | | | | 8/11/2021 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 100,000 | | | | | | — | | | | | | 769,000 | | |
| Mr. Dziewisz | | | | | — | | | | | | — | | | | | | N/A | | | | | | 365,000(1) | | | | | | N/A | | | | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | — | | |
| | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | 9/11/2020 | | | | | | 9/11/2020 | | | | | | N/A | | | | | | | | | | | | N/A | | | | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | 8/11/2021 | | | | | | 8/11/2021 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 75,000 | | | | | | — | | | | | | 576,750 | | |
NAME | GRANT DATE | COMMITTEE ACTION DATE | ESTIMATED POSSIBLE PAYOUTS UNDER NON-EQUITY INCENTIVE PLAN AWARDS (1) | ALL OTHER STOCK AWARDS: NUMBER OF SHARES OF STOCK OR UNITS (#)(2) | EXERCISE OR BASE PRICE OF OPTION AWARDS($/S) | GRANT DATE FAIR VALUE OF STOCK AND OPTION AWARDS ($)(3) | ||||||||||||||
THRESHOLD ($) | TARGET ($) | MAXIMUM ($) | ||||||||||||||||||
Mr. Young | — | — | $637,500 | $750,000 | N/A | — | — | — | ||||||||||||
8/13/2019 | 8/5/2019 | — | — | — | 600,000 | — | $2,226,000 | |||||||||||||
Mr. Salamone | — | — | $403,750 | $475,000 | N/A | — | — | — | ||||||||||||
8/13/2019 | 8/5/2019 | — | — | — | 200,000 | — | $742,000 | |||||||||||||
Mr. Mostrom | — | — | — | — | — | — | — | — | ||||||||||||
Mr. Bartoli | — | — | — | — | — | — | — | — | ||||||||||||
8/13/2019 | 8/5/2019 | — | — | — | 50,000 | — | $185,500 | |||||||||||||
Mr. Caruso | — | — | — | — | — | — | — | — | ||||||||||||
Mr. Morgan | — | — | $118,750 | $475,000 | N/A | — | — | — | ||||||||||||
8/13/2019 | 8/5/2019 | — | — | — | 150,000 | — | $556,500 | |||||||||||||
10/8/2019 | 2/19/2018 | — | — | — | 25,000 | $4.13 | $103,250 |
(2) This column represents the number of time-based RSUs granted in |
| | | | | | | | | | | | OPTION AWARDS | | | | STOCK AWARDS | | ||||||||||||||||||||||||||||||||||||||||||||||||
| NAME | | | | GRANT DATE | | | | NUMBER OF SECURITIES UNDERLYING UNEXERCISED OPTIONS (#) UNEXERCISABLE | | | | NUMBER OF SECURITIES UNDERLYING UNEXERCISED OPTIONS (#) UNEXERCISABLE | | | | OPTION EXERCISE PRICE ($) | | | | OPTION EXPIRATION DATE | | | | NUMBER OF SHARES OR UNITS OF STOCK THAT HAVE NOT VESTED (#) | | | | MARKET VALUE OF SHARES OR UNITS OF STOCK THAT HAVE NOT VESTED ($)(1) | | | | EQUITY INCENTIVE PLAN AWARDS: NUMBER OF UNEARNED SHARES, UNITS OR OTHER RIGHTS THAT HAVE NOT VESTED (#) | | | | EQUITY INCENTIVE PLAN AWARDS: MARKET OR PAYOUT VALUE OF UNEARNED SHARES, UNITES OR OTHER RIGHTS THAT HAVE NOT VESTED ($) | | |||||||||||||||||||||||||||
| Mr. Young | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| SARS | | | | | | 12/18/2018 | | | | | | | 843,500 | | | | | | | — | | | | | | | 20.00 | | | | | | | 12/18/2028 | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | |
| RSU | | | | | | 8/25/2020 | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 133,334(2) | | | | | | | 1,202,673 | | | | | | | — | | | | | | | — | | |
| RSU | | | | | | 11/3/2021 | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 200,00(3) | | | | | | | 1,804,000 | | | | | | | | | | | | | | | | |
| Mr. Salamone | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| SARS | | | | | | 12/18/2018 | | | | | | | 168,700 | | | | | | | — | | | | | | | 20.00 | | | | | | | 12/18/2028 | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | |
| RSU | | | | | | 8/25/2020 | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 100,000(2) | | | | | | | 902,000 | | | | | | | — | | | | | | | | | |
| RSU | | | | | | 8/11/2021 | | | | | | | — | | | | | | | — | | | | | | | | | | | | | | | | | | | | | 100,000(4) | | | | | | | 902,000 | | | | | | | | | | | | | | | | |
| Mr. Morgan | | | | | | | | | | | | | | | | | | | | | | | | | | | N/A | | | | | | | | | | | | | | N/A | | | | | | | | | | | | | | | | | | | | | | | |
| Stock Options | | | | | | 3/1/2016 | | | | | | | 1,239 | | | | | | | — | | | | | | | 137.60 | | | | | | | 3/1/2016 | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | |
| Stock Options | | | | | | 3/6/2017 | | | | | | | 5,995 | | | | | | | — | | | | | | | 41.70 | | | | | | | 3/6/2028 | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | |
| RSU | | | | | | 8/13/2019 | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 50,000(5) | | | | | | | 451,000 | | | | | | | — | | | | | | | — | | |
| RSU | | | | | | 8/25/2020 | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 100,000(2) | | | | | | | 902,000 | | | | | | | — | | | | | | | — | | |
| RSU | | | | | | 8/11/2021 | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 100,000(4) | | | | | | | 902,000 | | | | | | | — | | | | | | | — | | |
| Mr. Dziewisz | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Stock Options | | | | | | 3/2/2015 | | | | | | | 1,328 | | | | | | | — | | | | | | | 132.70 | | | | | | | 3/2/2025 | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | |
| Stock Options | | | | | | 3/1/2016 | | | | | | | 619 | | | | | | | — | | | | | | | 137.60 | | | | | | | 3/1/2026 | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | |
| Stock Options | | | | | | 3/6/2018 | | | | | | | 1,913 | | | | | | | — | | | | | | | 41.70 | | | | | | | 3/6/2028 | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | |
| RSU | | | | | | 8/13/2019 | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 13,334(5) | | | | | | | 120,273 | | | | | | | | | | | | | | | | |
| RSU | | | | | | 2/1/2020 | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 20,000(6) | | | | | | | 180,400 | | | | | | | | | | | | | | | | |
| RSU | | | | | | 8/25/2020 | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 66,667(2) | | | | | | | 601,336 | | | | | | | | | | | | | | | | |
| RSU | | | | | | 8/11/2021 | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 75,000(4) | | | | | | | 676,500 | | | | | | | | | | | | | | | | |
NAME | GRANT DATE | OPTION AWARDS | STOCK AWARDS | |||||||||||||||||
NUMBER OF SECURITIES UNDERLYING UNEXERCISED OPTIONS (#) EXERCISABLE | NUMBER OF SECURITIES UNDERLYING UNEXERCISED OPTIONS (#) UNEXERCISABLE | OPTION EXERCISE PRICE ($) | OPTION EXPIRATION DATE | NUMBER OF SHARES OR UNITS OF STOCK THAT HAVE NOT VESTED (#) | MARKET VALUE OF SHARES OR UNITS OF STOCK THAT HAVE NOT VESTED ($)(1) | EQUITY INCENTIVE PLAN AWARDS: NUMBER OF UNEARNED SHARES, UNITS OR OTHER RIGHTS THAT HAVE NOT VESTED (#) | EQUITY INCENTIVE PLAN AWARDS: MARKET OR PAYOUT VALUE OF UNEARNED SHARES, UNITS OR OTHER RIGHTS THAT HAVE NOT VESTED ($)(1) | |||||||||||||
Mr. Young | ||||||||||||||||||||
SARs | 12/18/2018 | — | 843,500 (2) | $20.00 | 12/18/2028 | — | — | — | — | |||||||||||
RSU | 8/13/2019 | — | — | — | — | 600,000(3) | $2,184,000 | — | — | |||||||||||
Mr. Salamone | ||||||||||||||||||||
SARs | 12/18/2018 | — | 168,700(2) | $20.00 | 12/18/2028 | — | — | — | — | |||||||||||
RSU | 8/13/2019 | — | — | — | — | 200,000(3) | $ | 728,000 | — | — | ||||||||||
Mr. Mostrom | — | — | — | — | — | — | — | — | — | |||||||||||
Mr. Bartoli | ||||||||||||||||||||
Stock Options | 6/13/2018 | 3,639 | — | $41.70 | 6/13/2028 | — | — | — | — | |||||||||||
Mr. Caruso | — | — | — | — | — | — | — | — | — | |||||||||||
Mr. Morgan | ||||||||||||||||||||
Stock Options | 3/1/2016 | 1,239 | — | $137.60 | 3/1/2026 | — | — | — | — | |||||||||||
Stock Options | 3/6/2018 | 5,995 | — | $41.70 | 3/6/2028 | — | — | — | — | |||||||||||
RSU | 3/3/2017 | — | — | — | — | 624(4) | $2,271 | — | — | |||||||||||
RSU | 8/14/2017 | — | — | — | — | 5,073(5) | $18,466 | — | — | |||||||||||
RSU | 8/13/2019 | — | — | — | — | 150,000(6) | $546,000 | — | — | |||||||||||
RSU | 10/8/2019 | — | — | — | — | 25,000(7) | $91,000 | — | — | |||||||||||
PSU | 3/3/2017 | — | — | — | — | — | — | 2,791(8) | $10,159 |
| NAME | | | | OPTION AWARDS | | | | STOCK AWARDS | | ||||||||||||||
| NUMBER OF SHARES ACQUIRED ON EXERCISE (#) | | | | VALUE REALIZED ON EXERCISE ($) | | | | NUMBER OF SHARES ACQUIRED ON VESTING (#)(1) | | | | VALUE REALIZED ON VESTING ($)(1) | | ||||||||||
| Mr. Young | | | | | | | | | | | | | | 916,666 | | | | | | $ | 4,441,828.10 | | |
| Mr. Salamone | | | | | | | | | | | | | | 450,000 | | | | | | $ | 2,544,500.00 | | |
| Mr. Morgan | | | | | | | | | | | | | | 325,000 | | | | | | $ | 2,386,250.00 | | |
| Mr. Dziewisz | | | | | | | | | | | | | | 216,666 | | | | | | $ | 1,570,094.79 | | |
| NAME | | | PLAN NAME | | | NUMBER OF YEARS OF CREDITED SERVICE (#) | | | PRESENT VALUE OF ACCUMULATED BENEFIT ($)(1) | | | PAYMENTS DURING LAST FISCAL YEAR ($) | | |||||||||
| Mr. Dziewisz | | | Qualified Plan | | | | | 24.333 | | | | | | 855,354 | | | | | | — | | |
| | | | Excess Plan | | | | | N/A | | | | | | — | | | | | | — | | |
NAME | OPTION AWARDS | STOCK AWARDS | ||||||
NUMBER OF SHARES ACQUIRED ON EXERCISE (#) | VALUE REALIZED ON EXERCISE ($) | NUMBER OF SHARES ACQUIRED ON VESTING (#)(1) | VALUE REALIZED ON VESTING ($) | |||||
Mr. Young | — | — | — | — | ||||
Mr. Salamone | — | — | — | — | ||||
Mr. Mostrom | — | — | — | — | ||||
Mr. Bartoli | — | — | 50,000 | 205,000 | ||||
Mr. Caruso | — | — | — | — | ||||
Mr. Morgan | — | — | 5,803 | 22,087 |
| NAME | | | PLAN NAME | | | EXECUTIVE CONTRIBUTIONS IN 2021 ($) | | | REGISTRANT CONTRIBUTIONS IN 2021 ($)(1) | | | AGGREGATE WITHDRAWALS / DISTRIBUTIONS ($) | | | AGGREGATE BALANCE AT 12/31/21 ($) | | |||||||||||||||
| Mr. Morgan | | | | | Restoration Plan | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 2,431.85 | | |
NAME | PLAN NAME | EXECUTIVE CONTRIBUTIONS IN 2019 ($) | REGISTRANT CONTRIBUTIONS IN 2019 ($) | AGGREGATE EARNINGS IN 2019 ($)(1) | AGGREGATE WITHDRAWALS/ DISTRIBUTIONS ($) | AGGREGATE BALANCE AT 12/31/19 ($)(1) | |||||||
Mr. Morgan | Restoration Plan | — | — | $275.24 | — | $1,872.65 | |||||||
SERP | — | — | — | — | — |
NAME | TERMINATION SCENARIO | CASH ($) | ACCELERATED VESTING OF EQUITY AWARDS ($) | HEALTH AND WELFARE BENEFITS ($) | OUTPLACEMENT SERVICES | TOTAL ($) | |||||||||||
Mr. Young | Termination Without Cause/For Good Reason | — | — | — | — | ||||||||||||
Change in Control | — | 2,070,000 | — | 2,070,000 | |||||||||||||
Death/Disability | — | 2,070,000 | — | 2,070,000 | |||||||||||||
Mr. Salamone | Termination Without Cause/For Good Reason | 475,000 | — | — | 475,000 | ||||||||||||
Change in Control | 475,000 | 690,000 | — | 1,165,000 | |||||||||||||
Death/Disability | — | 690,000 | — | 690,000 | |||||||||||||
Mr. Bartoli | Termination Without Cause/For Good Reason | 777,500 | — | — | 777,500 | ||||||||||||
Change in Control | 777,500 | — | — | 777,500 | |||||||||||||
Death/Disability | — | — | — | — | |||||||||||||
Mr. Caruso | Termination Without Cause/For Good Reason | — | — | — | — | ||||||||||||
Change in Control | — | — | — | — | |||||||||||||
Death/Disability | — | — | — | — | |||||||||||||
Mr. Morgan | Termination Without Cause/For Good Reason | 475,000 | 15,452 | 4,901 | 12,000 | 507,353 | |||||||||||
Change in Control | 2,375,000 | 667,896 | 77,216 | 12,000 | 3,132,112 | ||||||||||||
Death/Disability | 475,000 | 667,896 | 4,901 | 1,147,797 |
| NAME | | | TERMINATION SCENARIO | | | CASH ($) | | | ACCELARATED VESTING OF EQUITY AWARDS ($) | | | HEATLH AND WELFARE BENEFITS ($) | | | OUTPLACEMENT SERVICES ($) | | | TOTAL ($) | | |||||||||||||||
| Mr. Young | | | Termination Without Cause / For Good Reason | | | | | — | | | | | | 300,664 | | | | | | — | | | | | | — | | | | | | 300,664 | | |
| | | | Change in Control | | | | | — | | | | | | 3,006,673 | | | | | | — | | | | | | — | | | | | | 3,006,673 | | |
| | | | Death / Disability | | | | | — | | | | | | 3,006,673 | | | | | | — | | | | | | — | | | | | | 3,006,673 | | |
| Mr. Salamone | | | Termination Without Cause / For Good Reason | | | | | 475,000 | | | | | | 225,500 | | | | | | — | | | | | | — | | | | | | 700,500 | | |
| | | | Change in Control | | | | | — | | | | | | 1,804,000 | | | | | | — | | | | | | — | | | | | | 1,804,000 | | |
| | | | Death / Disability | | | | | — | | | | | | 1,804,000 | | | | | | — | | | | | | — | | | | | | 1,804,000 | | |
| Mr. Morgan | | | Termination Without Cause / For Good Reason | | | | | 500,000 | | | | | | 451,000 | | | | | | 6,483 | | | | | | 12,000 | | | | | | 968,6030 | | |
| | | | Change in Control | | | | | 2,000,000 | | | | | | 2,255,000 | | | | | | 77,793 | | | | | | | | | | | | 4,322,235 | | |
| | | | Death / Disability | | | | | — | | | | | | 2,255,000 | | | | | | | | | | | | — | | | | | | 2,255,000 | | |
| Mr. Dziewisz | | | Termination Without Cause/ For Good Reason | | | | | 365,000 | | | | | | 300,664 | | | | | | 6,393 | | | | | | 12,000 | | | | | | 683,171 | | |
| | | | Change in Control | | | | | — | | | | | | 1,578,509 | | | | | | — | | | | | | — | | | | | | 1,578,509 | | |
| | | | Death/Disability | | | | | — | | | | | | 1,578,509 | | | | | | | | | | | | — | | | | | | 1,578,509 | | |
| | | Year ended December 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Net income (loss) | | | | | 31.5 | | | | | | (10.3) | | |
Interest expense | | | | | 41.4 | | | | | | 60.7 | | |
Income tax (benefit) expense | | | | | (2.2) | | | | | | 8.2 | | |
Depreciation & amortization | | | | | 18.3 | | | | | | 16.8 | | |
EBITDA | | | | | 89.0 | | | | | | 75.4 | | |
Benefit plans, net | | | | | (48.1) | | | | | | (5.6) | | |
Gain on sales, net | | | | | (14.0) | | | | | | (3.2) | | |
(Gain) loss on debt extinguishment | | | | | (6.5) | | | | | | 6.2 | | |
Stock compensation | | | | | 10.5 | | | | | | 4.6 | | |
Restructuring activities and business services transition costs | | | | | 10.7 | | | | | | 11.8 | | |
Advisory fees for settlement costs and liquidity planning | | | | | 5.5 | | | | | | 6.4 | | |
Litigation legal costs | | | | | 4.9 | | | | | | 2.1 | | |
Acquisition pursuit and related costs | | | | | 4.8 | | | | | | — | | |
Product development (1) | | | | | 4.7 | | | | | | — | | |
Foreign exchange | | | | | 4.3 | | | | | | (58.8) | | |
Financial advisory services | | | | | 2.7 | | | | | | 4.4 | | |
Other — net | | | | | 1.5 | | | | | | 1.1 | | |
Loss from business held for sale | | | | | 0.5 | | | | | | 0.5 | | |
Loss from a non-strategic business | | | | | 0.1 | | | | | | 2.6 | | |
Income from discontinued operations | | | | | — | | | | | | (1.8) | | |
Adjusted EBITDA(3) | | | | $ | 70.6 | | | | | $ | 45.7 | | |
Twelve months ended December 31, | ||||||
2019 | 2018 | |||||
Adjusted EBITDA (1) | ||||||
Babcock & Wilcox segment (2) | $ | 66.6 | $ | 59.5 | ||
Vølund & Other Renewable segment | (10.5 | ) | (275.9 | ) | ||
SPIG segment | (2.4 | ) | (53.3 | ) | ||
Corporate (3) | (17.6 | ) | (24.2 | ) | ||
Research and development costs | (2.9 | ) | (3.8 | ) | ||
33.3 | (297.7 | ) | ||||
Restructuring activities and spin-off transaction costs | (11.7 | ) | (16.8 | ) | ||
Financial advisory services | (9.1 | ) | (18.6 | ) | ||
Settlement cost to exit Vølund contract (4) | (6.6 | ) | — | |||
Reserve for strategic change in China | — | (7.3 | ) | |||
Advisory fees for settlement costs and liquidity planning | (11.8 | ) | — | |||
Litigation settlement | (0.5 | ) | — | |||
Stock compensation | (3.4 | ) | (4.4 | ) | ||
Goodwill and other intangible asset impairment | — | (40.0 | ) | |||
Impairment of equity method investment in TBWES | — | (18.4 | ) | |||
Gain on sale of equity method investment in BWBC | — | 6.5 | ||||
Depreciation & amortization | (23.6 | ) | (28.5 | ) | ||
Gain (loss) on asset disposals, net | 3.9 | (1.5 | ) | |||
Operating income (loss) | (29.4 | ) | (426.6 | ) | ||
Interest expense, net | (94.0 | ) | (49.4 | ) | ||
Loss on debt extinguishment | (4.0 | ) | (49.2 | ) | ||
(Loss) gain on sale of business | (3.6 | ) | 39.8 | |||
Net pension benefit before MTM | 14.0 | 25.4 | ||||
MTM gain (loss) from benefit plans | 8.8 | (67.5 | ) | |||
Foreign exchange | (16.6 | ) | (28.5 | ) | ||
Other – net | 0.3 | 0.3 | ||||
Income (loss) before income tax expense | $ | (124.4 | ) | $ | (555.8 | ) |
(2) |