B. Riley Financial, Inc. - Jul 20, 2022 Form 4 Insider Report for Babcock & Wilcox Enterprises, Inc. (BW)

Role: 10%+ Owner
Signature: B. Riley Financial, Inc., by: /s/ Bryant R. Riley, Co-Chief Executive Officer
Stock symbol: BW
Transactions as of: Jul 20, 2022
Transactions value $: $0
Form type: 4
Date filed: 7/26/2022, 09:30 PM
Previous filing: Jul 21, 2022
Next filing: Jul 25, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BW	Common Stock, $0.01 par value per share	Exercise of in-the-money or at-the-money derivative security		+1.54M	+11.24%		15.3M	Jul 20, 2022	By BRF Investments, LLC	F1, F2, F3, F5
holding	BW	Common Stock, $0.01 par value per share						11.5M	Jul 20, 2022	By B. Riley Securities, Inc.	F1, F2, F3
holding	BW	Common Stock, $0.01 par value per share						297K	Jul 20, 2022	Direct	F4
holding	BW	Common Stock, $0.01 par value per share						37.4K	Jul 20, 2022	Held in Bryant R. Riley's 401(k) account	F1, F3
holding	BW	Common Stock, $0.01 par value per share						33.7K	Jul 20, 2022	By Bryant R. Riley, as UTMA custodian for Abigail Riley	F1, F3
holding	BW	Common Stock, $0.01 par value per share						33.7K	Jul 20, 2022	By Bryant R. Riley, as UTMA custodian for Charlie Riley	F1, F3
holding	BW	Common Stock, $0.01 par value per share						31.7K	Jul 20, 2022	By Bryant R. Riley, as UTMA custodian for Susan Riley	F1, F3
holding	BW	Common Stock, $0.01 par value per share						33.7K	Jul 20, 2022	By Bryant R. Riley, as UTMA custodian for Eloise Riley	F1, F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	BW	Warrants (right to buy)	Exercise of in-the-money or at-the-money derivative security		-1.54M	-100%		0	Jul 20, 2022	Common Stock	1.54M	$0.01	By BRF Investments, LLC	F1, F2, F3, F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	This Form 4 is being filed jointly by B. Riley Financial, Inc., a Delaware corporation ("BRF"), B. Riley Securities, Inc., a Delaware corporation ("BRS"), BRF Investments, LLC, a Delaware corporation ("BRFI"), and Bryant R. Riley.
F2	BRF is the parent company of BRS and BRFI. As a result, BRF may be deemed to indirectly beneficially own the shares held by BRS and BRFI.
F3	Bryant R. Riley is the Co-Chief Executive Officer and Chairman of the Board of Directors of BRF. As a result, Bryant R. Riley may be deemed to indirectly beneficially own the shares of Common Stock directly held by BRS and BRFI. Each of BRF, BRS, BRFI, and Bryant R. Riley disclaims beneficial ownership of the outstanding shares of Common Stock reported herein, except to the extent of its/his respective pecuniary interest therein.
F4	Represents shares held directly by Bryant R. Riley.
F5	On July 20, 2022, BRFI exercised 1,541,666.7 warrants to purchase 1,541,666 shares of Common Stock of the Issuer at a price per share of $0.01 per the warrant agreement between BRF and the Issuer dated July 23, 2019, subsequently transferred to BRFI from BRF on June 21, 2021 (the "Warrant Agreement").