Summary of BABCOCK & WILCOX CO

Change in Directors or Principal Officers, Financial Statements and Exhibits

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On November 5, 2012, we adopted The Babcock & Wilcox Company Executive Severance Plan (the "Plan"). The Plan provides severance benefits to selected officers of The Babcock & Wilcox Company and participating subsidiaries, including our executive officers, in the event their employment is involuntarily terminated for reasons other than "cause" (as defined in the Plan). Severance benefits under the Plan would include (1) a lump sum cash payment equal to 52 weeks of the participant's base salary in effect on his or her termination date, (2) a lump sum cash payment equal to nine months of COBRA premiums for medical, dental and vision benefits applicable to the participant and his or her qualified beneficiaries, (3) access to employer-paid outplacement services for 12 months, and (4) extended availability of COBRA coverage for the participant and his or her qualified beneficiaries to 24 months, subject to the participant's eligibility for such coverage. Any severance benefits payable under the Plan are subject to the execution by the officer of a release of claims against us and certain affiliated persons and entities.

The foregoing summary is qualified in its entirety to the complete text of the Plan, which is attached hereto as Exhibit 10.1 and incorporated herein by reference.