Exhibit 10.11


 


TAX RECEIVABLE AGREEMENT


 


dated as of


 


May 2, 2022


 






     


     


    

 


TABLE OF CONTENTS


Page


 


	Article I DETERMINATION OF REALIZED TAX BENEFIT	2
	 	 
	 	Section 1.01   	Realized Tax Benefit and Realized Tax Detriment	2
	 	Section 1.02   	Assumptions, Conventions, and Principles for Calculations	2
	 	Section 1.03   	Procedures Relating to Calculation of Tax Benefits	3
	 	 	 	 
	Article II TAX BENEFIT PAYMENTS, THE CONSOLIDATED GROUP, AND TRANSFERS OF CORPORATE ASSETS	5
	 	 
	 	Section 2.01   	Payments	5
	 	Section 2.02   	No Duplicative Payments	5
	 	Section 2.03   	Order of Payments	6
	 	Section 2.04   	No Escrow or Clawback; Reduction of Future Payments	6
	 	 	 	 
	Article III EARLY TERMINATIONS	6
	 	 
	 	Section 3.01   	Early Termination Events	6
	 	Section 3.02   	Early Termination Notice and Early Termination Schedule	7
	 	Section 3.03   	Early Termination Payment	8
	 	Section 3.04   	Admission of the Corporation into a Consolidated Group; Transfers of Corporate Assets	9
	 	 	 	 
	Article IV SUBORDINATION AND LATE PAYMENTS	10
	 	 
	 	Section 4.01   	Subordination	10
	 	Section 4.02   	Late Payments by the Corporation	10
	 	Section 4.03   	Manner of Payment	10
	 	 	 	 
	Article V PREPARATION OF TAX RETURNS; COVENANTS	10
	 	 
	 	Section 5.01   	No Participation by TRA Holder in the Corporation’s and the Company’s Tax Matters	10
	 	Section 5.02   	Consistency	11
	 	Section 5.03   	Cooperation	11
	 	Section 5.04   	Section 754 Election	11
	 	Section 5.05   	Available Cash	12
	 	 	 	 
	Article VI MISCELLANEOUS	12
	 	 
	 	Section 6.01   	Notices	12
	 	Section 6.02   	Bank Account Information.	13
	 	Section 6.03   	Counterparts	13
	 	Section 6.04   	Entire Agreement	14
	 	Section 6.05   	Governing Law	14
	 	Section 6.06   	Severability	14
	 	Section 6.07   	Assignment; Amendments; Waiver of Compliance; Successors	14



 






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TABLE OF CONTENTS

(continued)


 


Page


 


	 	Section 6.08   	Titles and Subtitles	15
	 	Section 6.09   	Dispute Resolution	16
	 	Section 6.10   	Indemnification of the TRA Representative	17
	 	Section 6.11   	Withholding	17
	 	Section 6.12   	Confidentiality	18
	 	Section 6.13   	LLC Agreement	18
	 	Section 6.14   	Joinder	19
	 	Section 6.15   	Survival	19
	 	 	 	 
	Article VII DEFINITIONS	19


 






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TAX RECEIVABLE AGREEMENT


 


This TAX RECEIVABLE AGREEMENT (this “Agreement”),
dated as of May 2, 2022, is entered into by and among NuScale Power Corp., a Delaware corporation (NuScale Power Corp., together with
each of its Subsidiaries that is classified as a corporation for U.S. federal income tax purposes, and each successor thereto, the “Corporation”),
NuScale Power, LLC, an Oregon limited liability company that is classified as a partnership for U.S. federal income tax purposes (the
 “Company”), each of the TRA Holders, and the TRA Representative.


 


RECITALS


 


WHEREAS, the TRA Holders hold Class B common units
in the Company (the “Units”);


 


WHEREAS, the Corporation, Spring Valley Merger
Sub LLC, an Oregon limited liability company (“Merger Sub”), and the Company entered into that certain Agreement
and Plan of Merger, dated December 13, 2021 (as further amended or modified in whole or in part from time to time in accordance with such
Agreement, the “Merger Agreement”), pursuant to which, among other things, Merger Sub merged with and into the
Company with the Company surviving (the “Merger”) and the Corporation acquired Class A common units in the Company
in a contribution governed by Section 721 of the Code;


 


WHEREAS, following the Merger, the Corporation
is the managing member of the Company;


 


WHEREAS, the Units, together with shares of Class
B common stock of the Corporation, with the par value of $0.0001 per share (the “Class B Shares”), are exchangeable
with the Company or the Corporation in certain circumstances for shares of Class A common stock of the Corporation, with the par value
of $0.0001 per share (the “Class A Shares”) and/or cash pursuant to the exchange provisions of the Sixth Amended
and Restated Limited Liability Company Agreement of the Company (the “LLC Agreement”);


 


WHEREAS, each of the Company and any of its direct
or indirect (through Subsidiaries that are classified as partnerships or disregarded entities for United States federal income tax purposes)
Subsidiaries classified as partnerships for United States federal income tax purposes shall have in effect an election under section 754
of the Code for the Taxable Year that includes the effective date of the Merger and each Taxable Year in which a taxable acquisition (including
a deemed taxable acquisition under Section 707(a) of the Code) of Units, together with Class B Shares, by the Corporation or the Company
from the TRA Holders for Class A Shares or cash pursuant to the exchange provisions of the LLC Agreement (an “Exchange”)
occurs, which election is intended to result in an adjustment to the tax basis of the assets owned by the Company and such Subsidiaries;


 


WHEREAS, as a result of an Exchange, the income,
gain, loss, expense and deduction of the Corporation may be affected by the Tax Assets;


 


WHEREAS, the parties to this Agreement desire to
make certain arrangements with respect to the benefits attributable to the effect of the Tax Assets on the liability for Taxes of the
Corporation;


 






     


     


    

 


NOW, THEREFORE, in consideration of the foregoing
and the respective covenants and agreements set forth in this Agreement, and intending to be legally bound hereby, the undersigned parties
agree as follows:


 


Article
I





DETERMINATION OF REALIZED TAX BENEFIT


 


Section 1.01       
Realized Tax Benefit and Realized Tax Detriment. Except as otherwise expressly provided in this Agreement, the parties
intend that, for a Taxable Year, the excess, if any, of (a) the Hypothetical Tax Liability over the Actual Tax Liability (such excess,
the “Realized Tax Benefit”) or (b) the Actual Tax Liability over the Hypothetical Tax Liability (such excess,
the “Realized Tax Detriment”) shall measure the decrease or increase (respectively) in the Actual Tax Liability
for such Taxable Year that is attributable to the Tax Assets, determined using a “with and without” methodology (that is,
treating the Tax Assets as the last tax attributes used in such Taxable Year). If all or a portion of the Actual Tax Liability for the
Taxable Year arises as a result of an audit by a Taxing Authority of any Taxable Year, such liability shall not be included in determining
the Realized Tax Benefit or Realized Tax Detriment unless and until there has been a Determination with respect to that portion of the
Actual Tax Liability.


 


Section 1.02       
Assumptions, Conventions, and Principles for Calculations. The Actual Tax Liability shall be the U.S. federal, state
and local income tax liability of the Corporation as reflected on the relevant Corporate Tax Return, using such reasonable methods as
the Corporation determines; provided that, in making the calculations required by this Agreement, the Corporation shall use the following
assumptions, conventions, and principles:


 


(a)              
Treatment of Tax Benefit Payments. Tax Benefit Payments (other than amounts accounted for as Imputed Interest) arising as
a result of an Exchange shall (i) be treated as upward purchase price adjustments that give rise to further Basis Adjustments to Adjusted
Assets for the Corporation and (ii) have the effect of creating additional Basis Adjustments to Adjusted Assets for the Corporation in
the year of payment, and, as a result, such additional Basis Adjustments shall be incorporated into the current year calculation and into
future year calculations, as appropriate.


 


(b)              
Imputed Interest. The Actual Tax Liability shall take into account the deduction of the portion of each Tax Benefit Payment
that is accounted for as Imputed Interest under the Code due to the characterization of such Tax Benefit Payments as additional consideration
payable by the Corporation for the Units acquired in connection with an Exchange.


 


(c)              
Carryovers and Carrybacks. Carryovers or carrybacks of any income, gain, loss, deduction, or credit attributable to the
Tax Assets shall be considered to be subject to the rules of the Code and the Treasury Regulations governing the use, limitation and expiration
of carryovers or carrybacks of the relevant type. If a carryover or carryback of any Tax item includes a portion that is attributable
to a Tax Asset and another portion that is not, the portion attributable to the Tax Asset shall be considered to be used in accordance
with the “with and without” methodology.


 






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(d)              
 State and Local Taxes. For purposes of calculating the Actual Tax Liability with respect to a Taxable Year, the Corporation
may, but shall not be required to, assume that the Corporation’s state and local income Tax liability (the “Assumed
SALT Liability”) equals (i) the product of (x) the taxable income and gain determined for the Taxable Year in accordance
with this Agreement and (y) ten percent (10%) or (ii) if the Corporation determines in its sole discretion (but, in any case, not more
frequently than annually) that the percentage described in clause (i) materially differs from its actual state and local liability, then,
in consultation with the TRA Representative, the Corporation will use such other percentage as the Corporation reasonably determines from
time to time reflects its actual blended state and local tax rate (using the apportionment factors set forth on the relevant Corporate
Tax Returns for that Taxable Year unless otherwise determined by the Corporation after consultation with the TRA Representative). Any
U.S. federal income tax benefit of the Corporation with respect to state and local income Taxes shall be determined by taking into account
an assumed deduction based on the Assumed SALT Liability and by disregarding the actual deduction for state and local income Taxes reflected
on the Corporation’s U.S. federal income Tax return. The provisions of this Agreement, including the assumption, conventions, and
principles with respect to the determination of income and gain, shall apply to state and local tax matters mutatis mutandis.


 


Section 1.03       
Procedures Relating to Calculation of Tax Benefits.


 


(a)              
Preparation and Delivery of Schedules.


 


(i)                
Exchange Basis Schedule. Within 120 days after the filing of the U.S. federal income Tax Return of the Corporation for each
Taxable Year in which any Exchange has occurred, the Corporation shall deliver to the TRA Representative a schedule (the “Exchange
Basis Schedule”) that shows, in reasonable detail, (w) the actual common tax basis of the Adjusted Assets as of each Exchange
Date, (x) the Basis Adjustment with respect to the Adjusted Assets as a result of the Exchanges effected in such Taxable Year and all
prior Taxable Years ending after the date of this Agreement, calculated (1) in the aggregate and (2) with respect to Exchanges by each
TRA Holder, (y) the period or periods, if any, over which the common tax basis of the Adjusted Assets are amortizable and/or depreciable,
and (z) the period or periods, if any, over which each Basis Adjustment is amortizable and/or depreciable. The calculations required by
this Agreement shall be made in accordance with the Exchange Basis Schedule. If any calculation is required to be made before the Exchange
Basis Schedule is agreed upon, reasonable estimates shall be used.


 


(ii)             
Tax Benefit Schedule. Within 120 days after the filing of the U.S. federal income Tax Return of the Corporation for any
Taxable Year ending after the date of the first Exchange, the Corporation shall provide to the TRA Representative either (A) a schedule
showing, in reasonable detail, the calculation of the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year (a “Tax
Benefit Schedule”) or, (B) if there is no Realized Tax Benefit or Realized Tax Detriment for that Taxable Year, notice to
that effect.


 






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(iii)           Supporting
Material; Review Right. Each time the Corporation delivers to the TRA Representative an Exchange Basis Schedule, Early Termination
Schedule or a Tax Benefit Schedule, the Corporation shall also deliver to the TRA Representative schedules and work papers providing
reasonable detail regarding the preparation of the schedules and allow the TRA Representative reasonable access, at the cost and expense
of the Company, to the appropriate representatives at the Corporation and, if applicable, the Advisory Firm in connection with a review
of such schedules or workpapers.


 


(iv)           Provision
of Information to TRA Holders. Upon the reasonable request of a TRA Holder, the TRA Representative shall provide to that TRA Holder,
in a reasonably prompt manner, such information that the TRA Representative receives pursuant to this Agreement (including the schedules
described in this Section 1.03), but only to the extent that the TRA Representative determines that such information is material,
relevant, and relates to that TRA Holder.


 


(b)           Objection
to, and Finalization of, Schedules. Each Exchange Basis Schedule or Tax Benefit Schedule, including any Amended Schedule delivered
pursuant to Section 1.03(c), shall become final and binding on all parties unless the TRA Representative, within 30 days after
receiving an Exchange Basis Schedule or a Tax Benefit Schedule, provides the Corporation with notice of a material objection to such
schedule made in good faith (an “Objection Notice”). If the Corporation and the TRA Representative are unable
to successfully resolve the issues raised in the Objection Notice within 30 days after receipt by the Corporation of the Objection Notice,
the Corporation and the TRA Representative shall employ the dispute resolution procedures as described in Section 6.09 (the “Dispute
Resolution Procedures”).


 


(c)           Amendment
of Schedules. After finalization of an Exchange Basis Schedule or a Tax Benefit Schedule in accordance with Section 1.03(b),
any Exchange Basis Schedule or Tax Benefit Schedule shall be amended from time to time by the Corporation (i) to correct material inaccuracies
in any such schedule, (ii) to reflect a material change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year,
including any such change attributable to either a carryback or carryforward of a Tax item to such Taxable Year or to an amended Tax
Return filed with respect to such Taxable Year, (iii) to adjust the Exchange Basis Schedule to take into account material payments made
pursuant to this Agreement, (iv) to comply with the Arbitrators’ determinations under the Dispute Resolution Procedures, or (v)
in connection with a material Determination affecting such schedule (any schedule amended in accordance with this Section 1.03(c),
an “Amended Schedule” or, as applicable, “Amended Exchange Basis Schedule”, or “Amended
Tax Benefit Schedule”). Any Amended Schedule shall (x) be subject to the finalization procedures set forth in Section 1.03(b)
and the Dispute Resolution Procedures set forth in Section 6.09, and (y) delivered to the TRA Representative.


 






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Article
II


TAX
BENEFIT PAYMENTS, THE CONSOLIDATED GROUP, AND TRANSFERS OF


CORPORATE
ASSETS


 


Section 2.01           Payments.


 


(a)           General
Rule. The Corporation shall pay to each TRA Holder for each Taxable Year the Tax Benefit Payment that is Attributable to that TRA
Holder at the times set forth in Section 2.01(c). For purposes of this ‎Section
2.01(a), the amount of a Tax Benefit Payment that is Attributable to a TRA Holder shall be determined by multiplying (i) the aggregate
Tax Benefit Payments for the Taxable Year that arose directly or indirectly as a result of any Exchanges by any TRA Holders or as a result
of any payments under this Agreement to any TRA Holders by (ii) a fraction (x) the numerator of which is the aggregate amount of all
Tax Benefit Items available for use in the Taxable Year that arose directly or indirectly as a result of an Exchange by such TRA Holder
or as a result of payments to such TRA Holder under this Agreement and (y) the denominator of which is the aggregate amount of all Tax
Benefit Items available for use in the Taxable Year that arose directly or indirectly as a result of all Exchanges by any TRA Holders
or as a result of any payments under this Agreement to any TRA Holders.


 


(b)           Determination
of Tax Assets. The Tax Assets shall be determined separately with respect to each separate Exchange, on a Unit-by-Unit basis by reference
to the Exchange of a Unit and the resulting Tax Assets with respect to the Corporation.


 


(c)            Timing
of Tax Benefit Payments. The Corporation shall make each Tax Benefit Payment not later than 10 days after a Tax Benefit Schedule
delivered to the TRA Representative becomes final in accordance with Section 1.03(b). The Corporation may, but is not required
to, make one or more estimated payments at other times during the Taxable Year and reduce future payments so that the total amount paid
to a TRA Holder in respect of a Taxable Year equals the amount calculated with respect to such Taxable Year pursuant to Section 2.01(a).


 


(d)           Optional
Cap on Payments. Notwithstanding any provision of this Agreement to the contrary, any TRA Holder may elect with respect to any Exchange
to limit the aggregate Tax Benefit Payments made to such TRA Holder in respect of that Exchange to a specified dollar amount, a specified
percentage of the amount realized by the TRA Holder with respect to the Exchange, or a specified portion of the Basis Adjustment with
respect to the Adjusted Assets as a result of the Exchange. The TRA Holder shall exercise its rights under the preceding sentence by
including a notice of its desire to impose such a limit and the specified limitation and such other details as may be reasonably necessary
(including whether such limitation includes the Additional Amounts in respect of any such Exchange) in the Elective Exchange Notice (as
defined in the LLC Agreement) delivered in accordance with the LLC Agreement.


 


Section 2.02           No
Duplicative Payments. The provisions of this Agreement are not intended to, and shall not be construed to, result in duplicative
payment of any amount (including interest) required under this Agreement.


 






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Section 2.03          Order
of Payments. If for any reason (including,
but not limited to, the lack of sufficient Available Cash to satisfy the Corporation’s obligations to make all Tax Benefit Payments
due in a particular Taxable Year under this Agreement) the Corporation does not fully satisfy its obligations to make all payments due
under this Agreement in a particular Taxable Year, then (i) the TRA Holders shall receive payments under this Agreement in respect of
such Taxable Year in the same proportion as they would have received if the Corporation had been able to fully satisfy its payment obligations,
without favoring one TRA Holder over the other TRA Holders, and (ii) no payment under this Agreement shall be made in respect of any
subsequent Taxable Year until all such payments under this Agreement in respect of the current Taxable Year and all prior Taxable Years
have been made in full.


 


Section 2.04           No
Escrow or Clawback; Reduction of Future Payments. No amounts due to a TRA Holder under this Agreement shall be escrowed, and no TRA
Holder shall be required to return any portion of any Tax Benefit Payment previously made to it. No TRA Holder shall be required to make
a payment to the Corporation on account of any Realized Tax Detriment. If a TRA Holder receives amounts in excess of its entitlements
under this Agreement (including as a result of an audit adjustment or Realized Tax Detriment), future payments under this Agreement shall
be reduced until the amount received by the TRA Holder equals the amount the TRA Holder would have received had it not received the amount
in excess of such entitlements.


 


Article
III


EARLY
TERMINATIONS


 


Section 3.01          
Early Termination Events.


 


(a)            Early
Termination Election by Corporation. The Corporation may terminate all or a portion of the rights under this Agreement with respect
to all or a portion of the Units held (including those previously Exchanged) by all TRA Holders at any time by (A) delivering an Early
Termination Notice as provided in Section
3.02(a) and (B) paying the Early Termination Payment as provided in Section 3.03(a). If the Corporation terminates
less than all of the rights under this Agreement with respect to the TRA Holders, such termination shall be made among the TRA Holders
in such manner that it results in each TRA Holder receiving the same proportion of the Early Termination Payment made at that time as
each TRA Holder would have received had the Corporation terminated all of the rights of the TRA Holders under this Agreement at that
time.


 


(b)           Deemed
Early Termination.


 


(i)             Deemed
Early Termination Event. Upon a Material
Uncured Breach of this Agreement with respect to a TRA Holder (an “Affected
TRA Holder”) or as soon as reasonably practicable before a Change of Control (each, a
 “Deemed Early Termination Event”), (A) the Corporation or the TRA
Representative (with a copy to the Corporation) shall deliver, (x) in the case of a Material Uncured Breach, to the Affected TRA Holder(s)
or, (y) in the case of a Change of Control, to all TRA Holders, an Early Termination Notice as contemplated in Section 3.02(a),
and (B) all obligations under this Agreement with respect to such TRA Holder(s) shall be accelerated.


 






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(ii)            Payment
upon Deemed Early Termination Event. The amount payable to the applicable TRA Holder as a result of an acceleration contemplated
in Section 3.01(b)(i) shall equal the sum of:


 


(A) an Early Termination Payment calculated with respect
to such TRA Holder(s) pursuant to this Article III as if an Early Termination Notice had been delivered on the date of the Deemed
Early Termination Event using the Valuation Assumptions but substituting the phrase “the date of the Deemed Early Termination Event”
in each place where the phrase “Early Termination Date” appears;


 


(B) any Tax Benefit Payment agreed to by the Corporation
and such TRA Holder(s) as due and payable but unpaid as of the date of such Deemed Early Termination Event; and


 


(C) any Tax Benefit Payment due to such TRA Holder(s) for
the Taxable Year ending with or including the date of such Deemed Early Termination Event (except to the extent that any amounts described
in clauses (B) or (C) are included in the amount payable upon early termination).


 


(iii)           
Waiver of Deemed Early Termination. A TRA Holder may elect to waive the acceleration of obligations under this Agreement
triggered by a Deemed Early Termination Event by submitting a waiver in writing to the Corporation within 30 days after the date of the
Early Termination Notice. If a TRA Holder elects to waive the acceleration of obligations pursuant to the preceding sentence, this Agreement
shall continue to apply with respect to that TRA Holder as though no Deemed Early Termination Event had occurred, and, if there are any
due and unpaid amounts with respect to that TRA Holder, the Corporation shall pay those amounts to the TRA Holder in the manner provided
in this Agreement.


 


Section 3.02          
Early Termination Notice and Early Termination Schedule.


 


(a)            Notice;
Schedule.


 


(i)             Delivery
of Early Termination Notice and Early Termination Schedule. If the Corporation chooses to exercise its right of early termination
under Section 3.01(a) above, or if there is a Deemed Early Termination Event under Section 3.01(b) above, the Corporation
shall, within 30 days after the Corporation elects to terminate this Agreement or the date of a Material Uncured Breach, deliver to each
TRA Holder whose rights are being terminated a notice (an “Early Termination Notice”) specifying (x) such early
termination and (y) the date on which the termination of rights is to be effective (the “Early Termination Date”),
which date shall be (I) the date of the Material Uncured Breach of this Agreement, in the case of a Material Uncured Breach, (II) the
effective date of the Change of Control in the case of a Change of Control, and (III) not less than 30 days and not more than 120 days
after the date of the Early Termination Notice in the case of a termination pursuant to Section 3.01(a). Within
60 days after the Corporation delivers an Early Termination Notice, the Corporation shall deliver to the applicable TRA Holder(s) a schedule
showing in reasonable detail the calculation of the Early Termination Payment with respect to each TRA Holder as determined in accordance
with Section 3.01(b)(ii)(A), (B) and (C) (the “Early
Termination Schedule”), together with a Supporting Letter in respect of such schedule.


 






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(ii)            Finalization
of Early Termination Schedule; Disputes. The applicable Early Termination Schedule delivered to a TRA Holder pursuant to Section
3.02(a)(i) shall become final and binding on the Corporation and such TRA Holder unless that TRA Holder, within 30 days after receiving
the Early Termination Schedule, provides the Corporation with notice of a material objection to such schedule made in good faith (“Material
Objection Notice”). If the Corporation and such TRA Holder are unable to successfully resolve the issues raised in the
Material Objection Notice within 30 days after receipt by the Corporation of the Material Objection Notice, the Corporation and the TRA
Holder shall employ the Dispute Resolution Procedures set forth in Section 6.09.


 


(iii)           
Withdrawal of Early Termination Notice. The Corporation may withdraw an Early Termination Notice delivered in connection
with Section 3.01(a) before the Early Termination Payment is due and payable to any applicable TRA Holder(s).


 


(b)            Amendment
of Early Termination Schedule. After finalization of an Early Termination Schedule in accordance with Section 3.02(a)(ii),
any Early Termination Schedule shall be amended by the Corporation at any time before the Early Termination Payment is made (i) in connection
with a Determination materially affecting such schedule, (ii) to correct material inaccuracies in any such schedule, or (iii) to comply
with the Arbitrators’ determinations under Section 6.09. Any amendment shall be subject to the procedures of Section
3.02(a)(ii) and the Dispute Resolution Procedures set forth in Section 6.09.


 


Section 3.03          
Early Termination Payment.


 


(a)           Amount
and Timing of Early Termination Payment. The payment due to a TRA Holder in connection with an early termination described in Section
3.01(a) or 3.01(b) (the “Early Termination Payment”) shall be an amount equal to the present value, discounted
at the Early Termination Rate as of the Early Termination Date, of all Tax Benefit Payments that the Corporation would be required to
pay to the TRA Holder beginning from the Early Termination Date and assuming that the Valuation Assumptions are applied. Not later than
10 days after an Early Termination Schedule delivered to a TRA Holder becomes final in accordance with Section 3.02(a)(ii), the
Corporation shall pay to the TRA Holder the Early Termination Payment (including, for the avoidance of doubt, any other amounts due pursuant
to Section 3.01(b)(ii)(B) and Section 3.01(b)(ii)(C)) due to that TRA Holder.


 






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(b)           Effect
of Early Termination Payment(c). Upon payment of the Early Termination Payment by the Corporation under Section 3.03, neither
the TRA Holder nor the Corporation shall have any further rights or obligations under this Agreement in respect of the payments that
otherwise would be due pursuant to this Agreement or the Units (including those previously Exchanged) with respect to which the rights
under this Agreement have been terminated in accordance with Section 3.01, other than for any (i) payment under this Agreement
that is due and payable but has not been paid as of the Early Termination Date and (ii) Tax Benefit Payment due for the Taxable Year
ending with or including the date of the Early Termination Date (except to the extent that the amounts described in clauses (i) or (ii)
are included in the Early Termination Payment). For the avoidance of doubt, if an Exchange occurs after the Corporation has made an Early
Termination Payments with respect to all Units (including those previously Exchanged), the Corporation shall have no obligations under
this Agreement with respect to such Exchange other than any obligations described in clause (i) or clause (ii) of the preceding
sentence.


 


Section 3.04           Admission
of the Corporation into a Consolidated Group; Transfers of Corporate Assets.


 


(a)            Admission
of the Corporation into a Consolidated Group. If the Corporation is or becomes a member of an affiliated or consolidated group of
corporations that files a consolidated income Tax Return pursuant to sections 1501 et seq. of the Code or any corresponding provisions
of state, local or non-U.S. law (a “Consolidated Group”), then: (i) the provisions of this Agreement shall
be applied with respect to the Consolidated Group as a whole; and (ii) Tax Benefit Payments, Early Termination Payments and other applicable
items in this Agreement shall be computed with reference to the consolidated taxable income of the Consolidated Group as a whole. Nothing
in this Section 3.04(a) shall be interpreted to alter the circumstances that give rise to an early termination as described in Section
3.01(a) or 3.01(b).


 


(b)           Transfers
of Assets by Corporation.


 


(i)             General
Rule. If the Company or any of its Subsidiaries or the Corporation transfers one or more assets to a corporation with which the transferor
does not file a consolidated Tax Return pursuant to section 1501 et. seq. of the Code, then, for purposes of calculating the amount of
any payment due under this Agreement, the transferor shall be treated as having disposed of such asset(s) in a fully taxable transaction
on the date of the transfer.


 


(ii)            Rules
of Application. For purposes of this Section 3.04(b):


 


(A)            
Except as provided in Section 3.04(b)(ii)(B), the consideration deemed to be received by the transferor in the transaction
shall be deemed to equal the fair market value of the transferred asset(s) (taking into account the principles of section 7701(g) of
the Code);


 






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(B)             
The consideration deemed to be received by the transferor in exchange for a partnership interest shall be deemed to equal
the fair market value of the partnership interest increased by any liabilities (as defined in Treasury Regulation § 1.752-1(a)(4))
of the partnership allocated to the transferor with regard to such transferred interest under section 752 of the Code immediately after
the transfer; and


 


(C)             
A transfer to a “corporation” (other than the Corporation) includes a transfer to any entity or arrangement
classified as a corporation for U.S. federal income tax purposes, and “partnership” includes any entity or arrangement classified
as a partnership for U.S. federal income tax purposes.


 


Article
IV

SUBORDINATION AND LATE PAYMENTS


 


Section 4.01          
Subordination; Priority. Any Tax Benefit Payment or Early Termination Payment required to be paid by the Corporation
to a TRA Holder under this Agreement shall rank subordinate and junior in right of payment to any principal, interest or other amounts
due and payable in respect of any current or future obligations in respect of indebtedness for borrowed money of the Corporation and
its Subsidiaries and shall, except as otherwise provided in this Agreement, rank pari passu with all current or future unsecured
obligations of the Corporation that are not principal, interest or other amounts due and payable in respect of any current or future
obligations in respect of indebtedness for borrowed money of the Corporation and its Subsidiaries and shall be senior to equity interests
in the Corporation.


 


Section 4.02          
Late Payments by the Corporation. The amount of all or any portion of any amount due under the terms of this Agreement
that is not paid to any TRA Holder when due shall be payable, together with any interest thereon computed at the Default Rate commencing
from the date on which such payment was due and payable. Notwithstanding the preceding sentence, the Default Rate shall not apply (and
the Agreed Rate shall apply) to any late payment that is late solely as a result of (a) a prohibition, restriction or covenant under
any credit agreement, loan agreement, note, indenture or other agreement governing indebtedness of the Company or any of its Subsidiaries
or the Corporation or (b) restrictions under applicable law.


 


Section 4.03          
Manner of Payment. All
payments required to be made to a TRA Holder pursuant to this Agreement will be made by electronic payment of immediately available funds
to a bank account previously designated and owned by such TRA Holder or, if no such account has been designated, by check payable to
such TRA Holder.


 


Article
V

PREPARATION OF TAX RETURNS; COVENANTS


 


Section 5.01          
No Participation by TRA Holder in the Corporation’s and the Company’s Tax Matters.


 


(a)           General
Rule. Except as otherwise provided in this Article V, the Corporation shall have full responsibility for, and sole discretion
over, all Tax matters concerning the Corporation and the Company, including, without limitation, the preparation, filing and amending
of any Tax Return and defending, contesting or settling any issue pertaining to Taxes.


 






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(b)           Notification
of TRA Representative. The Corporation shall notify the TRA Representative of, and keep the TRA Representative reasonably informed
with respect to, the portion of any audit of the Corporation and the Company by a Taxing Authority the outcome of which is reasonably
expected to affect the TRA Holders’ rights and obligations under this Agreement.


 


Section 5.02          
Consistency. The Corporation and the TRA Holders agree to report and cause to be reported for all purposes, including
U.S. federal, state, local and non-U.S. tax purposes and financial reporting purposes, all tax-related items (including without limitation
the Basis Adjustment and each Tax Benefit Payment) in a manner consistent with that specified by the Corporation in any schedule provided
by or on behalf of the Corporation under this Agreement unless the Corporation or a TRA Holder receives a written opinion from an Advisory
Firm that reporting in such manner would reasonably be expected to result in an imposition of penalties pursuant to the Code. Any Dispute
concerning such written opinion shall be subject to the Dispute Resolution Procedures set forth in Section 6.09.


 


Section 5.03         
Cooperation. Each TRA Holder shall (a) furnish to the Corporation in a timely manner such information, documents
and other materials, not to include such TRA Holder’s personal Tax Returns, as the Corporation may reasonably request for purposes
of making any determination or computation necessary or appropriate under this Agreement, preparing any Tax Return or contesting or defending
any audit, examination or controversy with any Taxing Authority, (b) make itself available to the Corporation and its representatives
to provide explanations of documents and materials and such other information as the Corporation or its representatives may reasonably
request in connection with any of the matters described in clause (a) of this Section 5.03, and (c) reasonably cooperate in connection
with any such matter. The Company shall reimburse each TRA Holder for any reasonable and documented third-party costs and expenses incurred
by the TRA Holder in complying with this Section 5.03.


 


Section 5.04          
Section 754 Election. For the Taxable Year that includes the effective date of the Merger and each Taxable Year
in which an Exchange occurs, the Corporation shall (i) ensure that the Company and each of its direct or indirect (through Subsidiaries
that are classified as partnerships or disregarded entities for United States federal income tax purposes) Subsidiaries that is classified
as a partnership for U.S. federal income Tax purposes shall have in effect an election pursuant to section 754 of the Code (and any similar
provisions of applicable U.S. state or local law) and (ii) use commercially reasonable efforts to ensure that any entity in which the
Company holds a direct or indirect (through entities that are classified as partnerships or disregarded entities for United States federal
income tax purposes) interest that is classified as a partnership for U.S. federal income Tax purposes that is not a “Subsidiary”
as defined in this Agreement will have in effect an election pursuant to section 754 of the Code (and any similar provisions of applicable
U.S. state or local law).


 






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Section 5.05          
Available Cash. The Corporation shall use reasonable best efforts to ensure that it has sufficient Available Cash
to make all payments due under this Agreement, including using reasonable best efforts to cause the Company to make distributions to
the Corporation to make such payments so long as such distributions do not violate (a) a prohibition, restriction or covenant under any
credit agreement, loan agreement, note, indenture or other agreement governing indebtedness of the Company or any of its Subsidiaries
or the Corporation or (b) restrictions under applicable law. This Section 5.05 shall not require the Corporation to borrow or otherwise
raise funds.


 


Article
VI

MISCELLANEOUS


 


Section 6.01          
Notices. All notices, requests, claims, demands and other communications with respect to this Agreement shall be
in writing and shall be deemed duly given and received (a) on the date of delivery if delivered personally, or by e-mail if sent on a
Business Day (or otherwise on the next Business Day) or (b) on the first Business Day following the date of dispatch if delivered by
a nationally recognized next-day courier service. All notices under this Agreement shall be delivered as set forth below, or pursuant
to such other instructions as may be designated in writing by the party to receive such notice:


 


if to the Corporation, to:


 


NuScale Power Corp.


6650 SW Redwood Lane


Suite 210


Portland, OR 97224


Attention: General Counsel


E-mail: generalcounsel@nuscalepower.com


 


with a copy to:


 


Gibson, Dunn & Crutcher LLP

200 Park Avenue

New York, NY 10166-0193

Phone: +1.212.351.2340

Fax: +1.212.351.5220

Attention: Pamela Lawrence Endreny


E-mail: PEndreny@gibsondunn.com


 


Stoel Rives LLP

760 SW Ninth Ave, Suite 3000


Portland, OR 97205


Phone: +1.503.224.3380


Attention: Kevin Pearson


E-mail: kevin.pearson@stoel.com


 






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if to the Company, to:


 


NuScale Power, LLC

6650 SW Redwood Lane



Suite 210

Portland, OR 97224

Attn: General Counsel


E-mail: generalcounsel@nuscalepower.com


 


with a copy to:


 


Gibson, Dunn & Crutcher LLP

200 Park Avenue

New York, NY 10166-0193

Phone: +1.212.351.2340

Fax: +1.212.351.5220

Attention: Pamela Lawrence Endreny


E-mail: PEndreny@gibsondunn.com


 


Stoel Rives LLP

760 SW Ninth Ave, Suite 3000


Portland, OR 97205


Phone: +1.503.224.3380


Attention: Kevin Pearson


E-mail: kevin.pearson@stoel.com]


 


if to the TRA Representative, to:


 


Fluor Enterprises, Inc.

6700 Las Colinas Blvd.

Irving, TX 75039

Attention: Chief Legal Officer

Email: John.reynolds@fluor.com


 


if to the TRA Holder(s), to:


 


the address set forth for such TRA Holder in the records of
the Company.


 


Any party may change its address by giving the other party written
notice of its new address, fax number, or e-mail address in the manner set forth in this Section 6.01.


 


Section 6.02          
Bank Account Information. The
Corporation may require each TRA Holder to provide its bank account information to facilitate wire transfers. The Corporation shall be
entitled to rely on the bank account information provided by a TRA Holder absent actual knowledge that such bank account information
is incorrect.


 


Section 6.03          
Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and
the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to
the other parties, it being understood that all parties need not sign the same counterpart. This Agreement may be executed in two or
more counterparts by manual, electronic or facsimile signature, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. Delivery of an executed signature page to this Agreement by electronic transmission or
facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement.


 






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Section 6.04          
Entire Agreement. The provisions of this Agreement, the LLC Agreement, the Merger Agreement, and the other writings
referred to in this Agreement or delivered pursuant to this Agreement which form a part of this Agreement contain the entire agreement
among the parties hereto with respect to the subject matter of this Agreement and supersede all prior oral and written agreements and
memoranda and undertakings among the parties to this Agreement with regard to such subject matter. Except as expressly provided herein,
this Agreement does not create any rights, claims or benefits inuring to any person that is not a party to this Agreement nor create
or establish any third party beneficiary hereto.


 


Section 6.05          
Governing Law. This Agreement shall be governed by, and construed in accordance with, the law of the state of Delaware
(and, to the extent applicable, federal law), without regard to the conflicts of laws principles thereof that would mandate the application
of the laws of another jurisdiction.


 


Section 6.06          
Severability. If any provision of this Agreement, or the application of such provision to any Person or circumstance
or in any jurisdiction, shall be held to be invalid or unenforceable to any extent, (i) the remainder of this Agreement shall not be
affected thereby, and each other provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law, (ii)
as to such Person or circumstance or in such jurisdiction such provision shall be reformed to be valid and enforceable to the fullest
extent permitted by law and (iii) the application of such provision to other Persons or circumstances or in other jurisdictions shall
not be affected thereby. In addition, if any court of competent jurisdiction determines that any provision of this Agreement is invalid
or unenforceable as written, each Person party hereto shall take all necessary action to cause this Agreement to be amended so as to
provide, to the maximum extent reasonably possible, that the purposes of the Agreement can be realized, and to modify this Agreement
to the minimum extent reasonably possible.


 


Section 6.07          
Assignment; Amendments; Waiver of Compliance; Successors and Assigns.


 


(a)           
Assignment. No TRA Holder may, directly or indirectly, assign or otherwise transfer its rights under this Agreement to
any person without the express prior written consent of the Corporation, such consent not to be unreasonably withheld, conditioned, or
delayed; provided, however, that, the Corporation may withhold, condition, or delay its consent in its sole discretion
to any transfer by a TRA Holder (i) if the TRA Holder is an original signatory to this Agreement and that TRA Holder seeks to transfer
a portion of its rights, in the aggregate, to more than three transferees, and (ii) if the TRA Holder is not an original signatory to
this Agreement and that TRA Holder seeks to transfer less than all of its rights. Notwithstanding the provisions of the preceding sentence,
to the extent Units are transferred in accordance with the terms of the LLC Agreement, the transferring TRA Holder may assign to the
transferee all, but not less than all, of that TRA Holder’s rights under this Agreement with respect to such transferred Units,
but only if such transferee executes and delivers a joinder to this Agreement agreeing to become a “TRA Holder”
for all purposes of this Agreement (except as otherwise provided in such joinder), with such joinder being, in form and substance, reasonably
satisfactory to the Corporation.


 






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(b)           
Amendments.


 


(i)             General
Rule. No provision of this Agreement may be amended unless such amendment is approved in writing by the Corporation, the Company
and the TRA Holders who would be entitled to receive at least two-thirds of the Early Termination Payments payable to all TRA Holders
(as determined by the Corporation) if the Corporation had exercised its right of early termination under ‎Section
3.01(a) on the date of the most recent Exchange prior to such amendment (excluding, for purposes of this sentence, all payments made
to any TRA Holder pursuant to this Agreement since the date of such most recent Exchange).


 


(ii)            Amendments
with Disproportionate Adverse Effect. Notwithstanding the provisions of Section 6.07(b)(i), if a proposed amendment would
have a disproportionate adverse effect on the payments one or more TRA Holders will or may receive under this Agreement, such amendment
shall not be effective without the written consent of at least two-thirds of the TRA Holders who would be disproportionately and adversely
affected (with such two-thirds threshold being measured as set forth in Section 6.07(b)(i)).


 


(c)           
Waiver of Compliance. Except as otherwise provided in this Agreement, any failure of any of the parties to comply with
any obligation, covenant, agreement or condition herein may be waived by the party entitled to the benefits thereof only by a written
instrument signed by the party granting such waiver, but such waiver or failure to insist upon strict compliance with such obligation,
covenant, agreement or condition shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure.


 


(d)           Successors
and Assigns. Except as otherwise provided herein, all of the terms and provisions of this Agreement shall be binding upon, shall
inure to the benefit of and shall be enforceable by the respective successors and permitted assigns of the parties hereto. The Corporation
shall require and cause any direct or indirect successor (whether by purchase, merger, consolidation, division, conversion or otherwise)
to all or substantially all of the business or assets of the Corporation, by written agreement, expressly to assume and agree to perform
this Agreement in the same manner and to the same extent that the Corporation would be required to perform if no such succession had
taken place.


 


Section 6.08          
Titles and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of reference
only and are not to be considered in construing this Agreement.


 






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Section 6.09          
Dispute Resolution.


 


(a)            Disputes
as to Interpretation and Calculations. Any Dispute as to the interpretation of, or calculations required by, this Agreement shall
be resolved by the Corporation acting reasonably and in good faith; provided, that such resolution shall reflect a reasonable
interpretation of the provisions of this Agreement, consistent with the goal that the provisions of this Agreement result in the TRA
Holders receiving eighty-five percent (85%) of the Cumulative Net Realized Tax Benefit and the Additional Amount thereon.


 


(b)           Dispute
Resolution; Arbitration. If any dispute is not resolved in accordance with Section 6.09(a), the parties shall negotiate in good faith
to resolve any dispute, controversy, or claim arising out of or in connection with this Agreement, or the interpretation, breach, termination
or validity thereof (“Dispute”). To the extent any Dispute is not resolved through good faith negotiations
between the Corporation and the TRA Representative, Disputes shall be finally resolved by arbitration before a panel of three independent
tax lawyers at major law firms who are resident in New York, New York and are mutually acceptable to the parties (the “Arbitrators”).
The Arbitrators, with the consent of the parties, may, or, at the direction of the parties, shall, delegate some or all of the issues
under dispute (including Disputes under Section 1.03, Section 2.01(c), Article III, or Section 5.02) to a nationally
recognized accounting firm selected by the Arbitrators and agreed to by the Corporation and the TRA Representative. Notwithstanding anything
to the contrary in this Agreement, in any Dispute proceeding, the TRA Representative shall represent the interests of any TRA Holder(s)
in any Dispute and no TRA Holder shall individually have the right to participate in any proceeding.


 


(c)            Selection
of Arbitrators; Timing. There shall be three Arbitrators who shall be appointed by the parties within 20 days of receipt by a party
of a copy of the demand for arbitration. The Corporation shall appoint one arbitrator and the TRA Representative shall appoint one arbitrator
(with the appointment being subject, in each case, to the reasonable objection of the other party), and the parties shall jointly appoint
the third arbitrator. If any of the Arbitrators is not appointed within 20 days, and the parties have not agreed to extend the 20-day
time period, such arbitrator shall be appointed by JAMS (formerly known as the Judicial Arbitration and Mediation Services, Inc.) in
accordance with the listing, striking and ranking procedure in the JAMS Comprehensive Arbitration Rules and Procedures, with each party
being given a limited number of strikes, except for cause. Any arbitrator appointed by JAMS shall be a retired judge or a practicing
attorney with no less than fifteen years of experience with corporate and partnership tax matters and an experienced arbitrator. In rendering
an award, the Arbitrators shall be required to follow the laws of the state of Delaware, notwithstanding any Delaware choice-of-law rules.
The costs of arbitration shall be split equally between the parties participating in the arbitration.


 


(d)           Arbitration
Award; Damages; Attorney Fees. The arbitral award shall be in writing and shall state the findings of fact and conclusions of law
on which it is based. The Arbitrators shall not be permitted to award punitive, non-economic, or any non-compensatory damages. The award
shall be final and binding upon the parties and shall be the sole and exclusive remedy between the parties regarding any claims, counterclaims,
issues, or accounting presented to the Arbitrators. Judgment upon the award may be entered in any court having jurisdiction over any
party or any of its assets. Any costs or fees (including all attorneys’ fees and expenses) incident to enforcing the award shall
be charged against the party resisting such enforcement. Each party shall bear its own attorney’s fees incurred in the underlying
arbitration.


 






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(e)           Confidentiality.
All Disputes shall be resolved in a confidential manner. The Arbitrators shall agree to hold any information received during the arbitration
in the strictest of confidence and shall not disclose to any non-party the existence, contents or results of the arbitration or any other
information about such arbitration. The parties to the arbitration shall not disclose any information about the evidence adduced or the
documents produced by the other party in the arbitration proceedings or about the existence, contents or results of the proceeding except
as may be required by law, regulatory or governmental authority or as may be necessary in an action in aid of arbitration or for enforcement
of an arbitral award. Before making any disclosure permitted by the preceding sentence (other than private disclosure to financial regulatory
authorities), the party intending to make such disclosure shall use reasonable efforts to give the other party reasonable written notice
of the intended disclosure and afford the other party a reasonable opportunity to protect its interests.


 


(f)             Discovery.
Barring extraordinary circumstances (as determined in the sole discretion of the Arbitrators), discovery shall be limited to pre-hearing
disclosure of documents that each side shall present in support of its case, and non-privileged documents essential to a matter of import
in the proceeding for which a party has demonstrated a substantial need. The parties agree that they shall produce to each other all
such requested non-privileged documents, except documents objected to and with respect to which a ruling has been or shall be sought
from the Arbitrators. The parties agree that information from the Corporate Tax Return (including by way of a redacted Corporate Tax
Return) shall be sufficient, and that the Corporation shall not be compelled to produce any unredacted Tax Returns. There will be no
depositions or live witness testimony.


 


Section 6.10          
Indemnification of the TRA Representative. The Corporation shall pay, or to the extent the TRA Representative pays,
indemnify and reimburse, to the fullest extent permitted by applicable law, the TRA Representative for all costs and expenses, including
legal and accounting fees (as such fees are incurred) and any other costs arising from claims in connection with the TRA Representative’s
duties under this Agreement; provided, that the TRA Representative must have acted reasonably and in good faith in incurring such
expenses and costs.


 


Section 6.11          
Withholding. The Corporation shall be entitled to deduct and withhold from any payment payable pursuant to this
Agreement such amounts, if any, as the Corporation is required to deduct and withhold with respect to the making of such payment under
the Code, or any provision of state, local or non-U.S. tax law. To the extent that amounts are so withheld and are (or, when due, will
be) paid over to the appropriate Taxing Authority by the Corporation, such withheld amounts shall be treated for all purposes of this
Agreement as having been paid to the TRA Holder. Each TRA Holder shall provide such necessary tax forms, in form and substance reasonably
acceptable to the Corporation, as the Corporation may request from time to time. Before any withholding is made pursuant to this Section
6.11, the Corporation shall use commercially reasonable efforts to (a) notify a TRA Holder and (b) cooperate with such TRA Holder
to avoid such withholding, unless the TRA Holder has failed to comply with the provisions of the preceding sentence.


 






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Section 6.12          
Confidentiality.


 


(a)            General
Rule. Each TRA Holder and assignee acknowledges and agrees that the information of the Corporation is confidential and, except in
the course of performing any duties as necessary for the Corporation and its Affiliates, as required by law or legal process or to enforce
the terms of this Agreement, shall keep and retain in the strictest confidence and not disclose to any Person any confidential matters
or information of the Corporation, its Affiliates and successors and the other TRA Holders acquired pursuant to this Agreement, including
marketing, investment, performance data, credit and financial information and other business affairs of the Corporation, its Affiliates
and successors and the other TRA Holders.


 


(b)            Exceptions.
This Section 6.12 shall not apply to (i) any information that has been made publicly available by the Corporation or any of its
Affiliates, becomes public knowledge (except as a result of an act of such TRA Holder in violation of this Agreement) or is generally
known to the business community and (ii) the disclosure of information to the extent necessary for a TRA Holder to prepare and file his
or her Tax Returns, to respond to any inquiries regarding such Tax Returns from any Taxing Authority or to prosecute or defend any action,
proceeding or audit by any Taxing Authority with respect to such Tax Returns. Notwithstanding anything to the contrary in this Section
6.12, each TRA Holder and assignee (and each employee, representative or other agent of such TRA Holder or assignee, as applicable)
may disclose to any and all Persons, without limitation of any kind, the tax treatment and tax structure of (x) the Corporation, the
Company, the TRA Holders and their Affiliates and (y) any of their transactions, and all materials of any kind (including opinions or
other tax analyses) that are provided to the TRA Holders relating to such tax treatment and tax structure.


 


(c)            Enforcement.
If a TRA Holder or assignee commits a breach, or threatens to commit a breach, of any of the provisions of this Section 6.12,
the Corporation shall have the right and remedy to have the provisions of this Section 6.12 specifically enforced by injunctive
relief or otherwise by any court of competent jurisdiction without the need to post any bond or other security, it being acknowledged
and agreed that any such breach or threatened breach shall cause irreparable injury to the Corporation or any of its Affiliates or the
other TRA Holders and that money damages alone shall not provide an adequate remedy to such Persons. Such rights and remedies shall be
in addition to, and not in lieu of, any other rights and remedies available at law or in equity.


 


Section 6.13           
LLC Agreement. For U.S. federal income Tax purposes, to the extent this Agreement imposes obligations upon the Company
or a member of the Company, this Agreement shall be treated as part of the LLC Agreement as described in section 761(c) of the Code and
sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations.


 






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Section 6.14          
Joinder. The Company shall have the power and authority (but not the obligation) to permit any Person who becomes
a member of the Company to execute and deliver a joinder to this Agreement promptly upon acquisition of membership interests in the Company
by such Person, and such Person shall be treated as a “TRA Holder” for all purposes of this Agreement.


 


Section 6.15          
Survival. If this Agreement is terminated pursuant to Article III, this Agreement shall become void and of no further
force and effect, except for the provisions set forth in Section 6.05 (Governing Law), Section 6.09 (Dispute
Resolution), Section 6.12 (Confidentiality), and this Section 6.15 (Survival).


 


Article
VII

DEFINITIONS


 


As used in this Agreement, the terms set forth
in this Article VII shall have the following meanings (such meanings to be equally applicable to both the singular and plural
forms of the terms defined).


 


“Actual Tax Liability”
is defined in Section 1.02.


 


“Additional Amount”
for a given Taxable Year shall be the additional amount (calculated in the same manner as interest) payable on the Net Tax Benefit for
such Taxable Year calculated at the Agreed Rate from the due date (without extensions) for filing the Corporate Tax Return with respect
to Taxes for the most recently ended Taxable Year until the date on which the payment is required to be made. In the case of a Tax Benefit
Payment made in respect of an Amended Schedule, the “Additional Amount” shall equal the additional amount (calculated
in the same manner as interest) payable on the Net Tax Benefit for such Taxable Year calculated at the Agreed Rate from the date of such
Amended Schedule becoming final in accordance with Section 1.03(b) until the date on which the payment is required to be made,
reduced to account for any payment of Additional Amount made in respect of the original Tax Benefit Schedule. Except to the extent that
it is treated as Imputed Interest, the Additional Amount shall be treated as additional consideration for Tax purposes.


 


“Adjusted Asset” means
any asset with respect to which a Basis Adjustment is made.


 


“Advisory Firm” means
any accounting firm or any law firm, in each case, that is nationally recognized as being expert in Tax matters and that is reasonably
selected by the Board.


 


“Affiliate” means, with
respect to any Person, any other Person that directly or indirectly, through one or more intermediaries, Controls, is Controlled by,
or is under common Control with, such first Person.


 


“Agreed Rate” means
LIBOR plus 300 basis points.


 


“Agreement” is defined
in the preamble of this Agreement.


 


“Amended Schedule” is
defined in Section 1.03(c).


 






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“Arbitrators” is defined
in Section 6.09(b).


 


“Attributable” means
the portion of any Tax Asset of the Corporation that is attributable to a TRA Holder and shall be determined by reference to the Tax
Assets, under the following principles:


 


(i)             
any Basis Adjustments shall be determined separately with respect to each Exchanging Member and are Attributable to each Exchanging
Member in an amount equal to the total Basis Adjustments relating to Units Exchanged by such TRA Holder;


 


(ii)            
any deduction to the Corporation with respect to a Taxable Year in respect of any payment (including amounts attributable to Imputed
Interest) made under this Agreement is Attributable to the Person that is required to include such payment or Imputed Interest in income
(without regard to whether such Person is actually subject to Tax thereon).


 


“Assumed SALT Liability”
is defined in Section 1.02(d).


 


“Available Cash” means
all cash and cash equivalents of the Corporation on hand, less (i) the amount of cash reserves reasonably established in good faith by
the Corporation to provide for the proper conduct of business of the Corporation (including paying creditors) and (ii) any amount the
Corporation cannot pay to a TRA Holder by reason of (A) a prohibition, restriction or covenant under any credit agreement, loan agreement,
note, indenture or other agreement governing indebtedness of the Company or any of its Subsidiaries or the Corporation or (B) restrictions
under applicable law.


 


“Basis Adjustment” means
any adjustment under sections 732, 734(b), 743(b), or 1012 of the Code (as applicable) as a result of an Exchange by a TRA Holder.


 


“Beneficial Ownership”
(including correlative terms) shall have the meaning ascribed to that term in Rule 13d-3 promulgated under the Securities Exchange Act
of 1934.


 


“Board” means the board
of directors of the Corporation.


 


“Business Day” means
any day other than a Saturday, Sunday or any other day on which commercial banks located in New York City, New York are authorized or
required to close.


 


“Change of Control”
means the occurrence of any of the following events:


 


(a)           
any Person or any group of Persons acting together which would constitute a “group” for purposes of Section 13(d)
of the Securities Exchange Act of 1934, or any successor provisions thereto, excluding any TRA Party or any group of TRA Parties, becomes
the Beneficial Owner, directly or indirectly, of securities of the Corporation representing more than fifty percent (50%) of the combined
voting power of the Corporation’s then outstanding voting securities; or


 






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(b)           
 the following individuals cease for any reason to constitute a majority of the directors of the Corporation then serving: (i)
individuals who, on the Merger Date, constitute the Board, and (ii) any new director (other than a director whose initial assumption
of office is in connection with an actual or threatened election contest, including but not limited to a consent solicitation) whose
appointment by the Board or nomination for election by the Corporation’s shareholders was approved or recommended by a vote of
at least two-thirds (2/3) of the directors then still in office who either were directors on the Merger Date or whose appointment or
nomination for election was previously so approved or recommended by the directors referred to in this clause (ii); or


 


(c)           
there is consummated a merger or consolidation of the Corporation or any direct or indirect Subsidiary of the Corporation with
any other corporation or other entity, and, immediately after the consummation of such merger or consolidation, all of the Persons who
were the respective Beneficial Owners of the voting securities of the Corporation immediately prior to such merger or consolidation do
not Beneficially Own, directly or indirectly, more than fifty percent (50%) of the combined voting power of the then-outstanding voting
securities of the Person resulting from such merger or consolidation in substantially the same proportions as their Beneficial Ownership
of such securities of the Corporation immediately before such transaction; or


 


(d)           
the shareholders of the Corporation approve a plan of complete liquidation or dissolution of the Corporation, or there is consummated
an agreement or series of related agreements for the sale or other disposition, directly or indirectly, by the Corporation of all or
substantially all of the Corporation’s assets, other than the sale or other disposition by the Corporation of all or substantially
all of the Corporation’s assets to an entity, more than fifty percent (50%) of the combined voting power of the voting securities
of which are Beneficially Owned by shareholders of the Corporation in substantially the same proportions as their Beneficial Ownership
of such securities of the Corporation immediately before such sale.


 


“Class A Shares” is
defined in the recitals of this Agreement.


 


“Code” means the Internal
Revenue Code of 1986, as amended, and any successor or replacement statute.


 


“Company” is defined
in the preamble to this Agreement.


 


“Consolidated Group”
is defined in Section 3.04(a).


 


“Control” means the
possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through
ownership of voting securities, by contract or otherwise.


 


“Corporate Tax Return”
means a Tax Return of the Corporation for income Taxes.


 


“Corporation” is defined
in the preamble of this Agreement.


 






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“Cumulative Net Realized Tax Benefit”
for a Taxable Year means the excess, if any, of (a) the cumulative amount of Realized Tax Benefits for all Taxable Years of the Corporation,
including such Taxable Year, over (b) the cumulative amount of Realized Tax Detriments, if any, for the same periods. The Realized Tax
Benefit and Realized Tax Detriment for each Taxable Year shall be determined based on the most recent Tax Benefit Schedule or Amended
Schedule, if any, in existence at the time of such determination.


 


“day” means a calendar
day.


 


“Deemed Early Termination Event”
is defined in Section 3.01(b)(i).


 


“Default Rate” means
LIBOR plus 500 basis points.


 


“Determination” shall
have the meaning ascribed to such term in section 1313(a) of the Code or similar provision of state or local tax law, as applicable,
or any other event (including the execution of a Form 870-AD) that finally and conclusively establishes the amount of any liability for
Tax.


 


“Dispute” is defined
in Section 6.09(b).


 


“Dispute Resolution Procedures”
is defined in Section 1.03(b).


 


“Early Termination Date”
is defined in Section 3.02(a)(i).


 


“Early Termination Notice”
is defined in Section 3.02(a)(i).


 


“Early Termination Payment”
is defined in Section 3.03(a).


 


“Early Termination Rate”
means the lesser of (i) 6.5% and (ii) LIBOR plus 400 basis points.


 


“Early Termination Schedule”
is defined in Section 3.02(a)(i).


 


“Exchange” is defined
in the recitals of this Agreement.


 


“Exchanging Member”
means any TRA Holder that participates in an Exchange.


 


“Exchange Basis Schedule”
is defined in Section 1.03(a)(i)(B), including any Amended Exchange Basis Schedule.


 


“Exchange Date” is the
date of any Exchange.


 


“Hypothetical Tax Liability”
means, with respect to any Taxable Year, the amount that would be the liability for income Taxes of the Corporation if such liability
were calculated using the same methods, elections, conventions and similar practices used on the relevant Corporate Tax Return (and/or
Tax Return of the Company), as determined in accordance with Section 1.02, except that all Tax Assets shall be disregarded. For
the avoidance of doubt, the Assumed SALT Liability used to determine the Hypothetical Tax Liability shall be calculated by disregarding
all Tax Assets.


 






    - 22 -


    


    

 


“Imputed Interest” means
any interest imputed under sections 1272, 1274, or 483 or other provision of the Code with respect to the Corporation’s payment
obligations under this Agreement.


 


“LIBOR” means during
any period, the rate which appears on the Bloomberg Page BBAM1 (or on such other substitute Bloomberg page that displays rates at which
U.S. dollar deposits are offered by leading banks in the London interbank deposit market or such other commercially available source
providing quotations of such rates as may be designated by Corporation from time to time), or the rate which is quoted by another source
selected by the Corporation as an authorized information vendor for the purpose of displaying rates at which U.S. dollar deposits are
offered by leading banks in the London interbank deposit market (an “Alternate Source”), at approximately 11:00
a.m., London time, two (2) Business Days prior to the first day of such period as the London interbank offered rate for U.S. dollars
having a borrowing date and a maturity comparable to such period (or if there shall at any time, for any reason, no longer exist a Bloomberg
Page BBAM1 (or any substitute page) or any LIBOR Alternate Source, a comparable replacement rate determined by the Corporation and the
TRA Representative at such time, which determination shall be conclusive absent manifest error); provided, that at no time shall LIBOR
be less than 0%. If the Corporation has made the determination (such determination to be conclusive absent manifest error) that (i) LIBOR
is no longer a widely recognized benchmark rate for newly originated loans in the U.S. loan market in U.S. dollars or (ii) the applicable
supervisor or administrator (if any) of LIBOR has made a public statement identifying a specific date after which LIBOR shall no longer
be used for determining interest rates for loans in the U.S. loan market in U.S. dollars, then the Corporation and the TRA Representative
shall (as determined by the Corporation and the TRA Representative to be consistent with market practice generally), establish a replacement
interest rate (the “Replacement Rate”), in which case, the Replacement Rate shall, subject to the next two
sentences, replace LIBOR for all purposes under this Agreement. In connection with the establishment and application of the Replacement
Rate, this Agreement shall be amended solely with the consent of the Corporation, the Company, and the TRA Representative, as may be
necessary or appropriate, in the reasonable judgment of the Corporation and the TRA Representative, to effect the provisions of this
section. The Replacement Rate shall be applied in a manner consistent with market practice; provided, that in each case, to the extent
such market practice is not administratively feasible for the Corporation, such Replacement Rate shall be applied as otherwise reasonably
determined by the Corporation and the TRA Representative.


 


“LLC Agreement” is defined
in the recitals of this Agreement.


 


“Material Objection Notice”
is defined in Section 3.02.


 


“Material Uncured Breach”
means the occurrence of any of the following events:


 


(a)              
the Corporation fails to make any payment required by this Agreement within 180 days after the due date for that payment (except
for a failure to make any payment due pursuant to this Agreement as a result of a lack of Available Cash);


 






    - 23 -


    


    

 


(b)          
 this Agreement is rejected in a case commenced under the Bankruptcy Code and the Corporation does not cure the rejection within
90 days after such rejection; or


 


(c)            
the Corporation breaches any of its material obligations under this Agreement other than an event described in clause (a) or (b)
with respect to one or more TRA Holders and the Corporation does not cure such breach within 90 days after receipt of notice of such
breach from such TRA Holder(s).


 


“Merger” is defined
in the recitals of this Agreement.


 


“Merger Agreement” is
defined in the recitals of this Agreement.


 


“Merger Date” means
the date of the Merger.


 


“Merger Sub” is defined
in the recitals of this Agreement.


 


“Net Tax Benefit” means,
for each Taxable Year, the amount equal to the excess, if any, of eighty-five percent (85%) of the Cumulative Net Realized Tax Benefit
as of the end of such Taxable Year over the total amount of payments previously made under Section 2.01, excluding payments attributable
to any Additional Amount.


 


“Objection Notice” is
defined in Section 1.03(a).


 


“Person” means any individual,
corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental
entity, or other entity.


 


“Realized Tax Benefit”
is defined in Section 1.01


 


“Realized Tax Detriment”
is defined in Section 1.01.


 


“Subsidiary” means,
with respect to any Person, as of any date of determination, any other Person as to which such Person, owns, directly or indirectly,
or otherwise Controls more than 50% of the voting shares or other similar interests or the sole general partner interest or managing
member or similar interest of such Person.


 


“Tax Assets” means,
without duplication, (a) the Basis Adjustments, (b) Imputed Interest, and (c) any other item of loss, deduction or credit, including
carrybacks and carryforwards, attributable to any item described in clauses (a) and (b) of this definition.


 


“Tax Benefit Items”
means


 


(d)          
a deduction to the Corporation for depreciation arising in respect of one or more Basis Adjustments;


 


(e)           
a reduction in gain or increase in loss to the Corporation upon the disposition of an Adjusted Asset that arises in respect of
one or more Basis Adjustments;


 






    - 24 -


    


    

 


(f)            
 a deduction to the Corporation of Imputed Interest that arises in respect of payments under this Agreement made to a TRA Holder;
or


 


any other item of loss, deduction or credit, including
carrybacks and carryforwards, attributable to any item described in clauses (a) – (c) of this definition.


 


“Tax Benefit Payment”
means, for each Taxable Year, an amount, not less than zero, equal to the sum of the Net Tax Benefit and the Additional Amount.


 


“Tax Benefit Schedule”
is defined in Section 1.03(a)(ii), including any Amended Tax Benefit Schedule.


 


“Tax Return” means any
return, declaration, report or similar statement required to be filed with respect to Taxes (including any attached schedules), including,
without limitation, any information return, claim for refund, amended return and declaration of estimated Tax.


 


“Taxable Year” means,
for the Corporation or the Company, as the case may be, a taxable year as defined in section 441(b) of the Code or comparable section
of state or local tax law, as applicable, ending on or after the closing date of the Merger.


 


“Taxes” means any and
all U.S. federal, state, and local taxes, assessments, or similar charges that are based on or measured with respect to net income or
profits (including any franchise taxes based on or measured with respect to net income or profits), and any interest, penalties, or additions
related to such amounts imposed in respect thereof under applicable law.


 


“Taxes of the Corporation”
means the Taxes of the Corporation and/or the Company, but only with respect to Taxes imposed on the Company and allocable to the Corporation
for such Taxable Year.


 


“Taxing Authority” means
any U.S. federal, national, state, county, or municipal or other local government, any subdivision, agency, commission or authority thereof,
or any quasi-governmental body exercising any taxing authority or any other authority exercising Tax regulatory authority.


 


“TRA Holder” means any
Person (other than the Corporation, its Subsidiaries, and the TRA Representative, solely in their capacity as TRA Representative) that
is a party to this Agreement.


 


“TRA Party” means the
Corporation, the Company, each of the TRA Holders, the TRA Representative, and any person who becomes a party to this Agreement from
time to time.


 


“TRA Representative”
means Fluor Enterprises, Inc. or, if Fluor Enterprises, Inc. is unable or unwilling to serve as the TRA Representative, the person designated
by it from time to time to serve as the TRA Representative.


 


“Treasury Regulations”
means the final, temporary, and proposed regulations under the Code promulgated from time to time (including corresponding provisions
and succeeding provisions) as in effect for the relevant taxable period.


 






    - 25 -


    


    

 


“Units” is defined in
the recitals of this Agreement.


 


“Valuation Assumptions”
means, as of an Early Termination Date, the assumptions that


 


(a)           
in each Taxable Year ending on or after such Early Termination Date, the Corporation will have sufficient taxable income such
that the Corporation would be obligated to make a Tax Benefit Payment in respect of all available Tax Assets in such Taxable Year;


 


(b)          
any NOLs and items of loss, deduction, or credit generated by a Basis Adjustment or Imputed Interest arising in a Taxable Year
preceding the Taxable Year that includes an Early Termination Date will be used by the Corporation ratably from such Taxable Year through
(i) the scheduled expiration of such Tax item or (ii) if there is no such scheduled expiration date, 15 years (provided that in any year
in which the Corporation is unable to use the full amount of an NOL because of section 382 of the Code (or any successor provision or
other similar limitation) that it otherwise would be deemed to use under this clause (b), the amount deemed to be used for purposes of
this clause (b) shall equal the amount permitted to be used in such year under section 382 of the Code);


 


(c)           
if, at the Early Termination Date, there are Exchangeable Units (as defined in the LLC Agreement) that have not been Exchanged,
then each such Unit shall be deemed to be Exchanged for the Exchange Consideration as defined in the LLC Agreement on the Early Termination
Date;


 


(d)           
any non-amortizable assets are deemed to be disposed of in a fully taxable transaction for U.S. federal income Tax purposes on
the fifteenth anniversary of the earlier of the Basis Adjustment and the Early Termination Date; and


 


(e)           
the federal income tax rates and state and local income tax rates that will be in effect for each such Taxable Year will be those
specified for each such Taxable Year by the Code and other law as in effect on the Early Termination Date, taking into account any scheduled
or imminent tax rate increases. For the avoidance of doubt, an “imminent” tax rate increase is one for which both the amount
and the effective time can be determined with reasonable accuracy.


 


[Signature page follows]


 






    - 26 -


    


    

 



 


In witness whereof, the undersigned have
executed this Agreement as of the date first set forth above.


 




	 	THE CORPORATION
	 	 
	 	NuScale Power Corp.
	 	 
	 	By: 	/s/ Robert K. Temple
	 	Name:	Robert K. Temple
	 	Title:	General Counsel & Secretary
	 	 
	 	THE COMPANY
	 	 
	 	NuScale Power, LLC
	 	 
	 	By: Its Manager,
	 	 
	 	NuScale Power Corp.
	 	 
	 	By:	/s/ Robert K. Temple
	 	Name:	Robert K. Temple
	 	Title:	General Counsel & Secretary




 


[Signature Page to Tax Receivable Agreement]


 






     


     


    

 


	 	TRA HOLDERS:




 


	 	FLUOR ENTERPRISES, INC.






 





	 	By: 	/s/ Joseph L. Brennan
	 	Name:	Joseph L. Brennan
	 	Title:	EVP & Chief Financial Officer 


 


	 	JAPAN NUSCALE INNOVATION, LLC
	 	 
	 	By: 	/s/
    Yasuharu Kimura
	 	Name: 	Yasuharu Kimura
	 	Title:	Chairperson of the Board
	 	 
	 	GS ENERGY NA INVESTMENTS, INC.
	 	 
	 	By: 	 
	 	Name: 	 
	 	Title:	 
	 	 
	 	NEXT TECH 3 NEW TECHNOLOGY INVESTMENT FUND
	 	 
	 	By: Its Co-General Partner
	 	 
	 	BH INVESTMENT AND LIBERTY LTD.
	 	 
	 	By:	/s/ Dae Seok Bae
	 	Name: 	Dae Seok Bae
	 	Title:	Director
	 	 
	 	By: Its Co-General Partner
	 	 
	 	SB PARTNERS CO., LTD.
	 	 
	 	By:	/s/ Won Yong Jung
	 	Name: 	Won Yong Jung
	 	Title:	Representative Director
	 	 
	 	By: Its Co-General Partner
	 	 
	 	SAC PARTNERS CO., LTD.
	 	 
	 	By: 	/s/ Changson Sow
	 	Name 	Changson Sow
	 	Title:	Representative Director
	 	 



 


[Signature
Page to Tax Receivable Agreement]


 









     


     


    

 





	 	NEXT TECH 1 NEW TECHNOLOGY INVESTMENT FUND
	 	 
	 	By: Its Co-General Partner,
	 	 
	 	IBK SECURITIES CO., LTD.
	 	 
	 	By: 	Its Co-General Partner
	 	Name: 	Sean Kangyeon Lee
	 	Title:	Head of PE Department
	 	 
	 	By: Its Co-General Partner,
	 	 
	 	BH INVESTMENT AND LIBERTY LTD.
	 	 
	 	By: 	Its Co-General Partner
	 	Name: 	Dae Seok Bae
	 	Title:	Director
	 	 
	 	DOOSAN  ENERBILITY  CO., LTD.
	 	 
	 	By: 	/s/ Sanghyun Park
	 	Name: 	Sanghyun Park
	 	Title:	President
	 	 
	 	SARGENT & LUNDY NUHOLDINGS, L.L.C.
	 	 
	 	By: 	/s/ Michael E. Helmimski
	 	Name: 	Michael E. Helmimski
	 	Title:	Secretary
	 	 
	 	SAMSUNG C&T CORPORATION
	 	 
	 	By: 	 
	 	Name: 	 
	 	Title:	 
	 	 
	 	NUSCALE KOREA HOLDINGS LLC
	 	 
	 	By: 	General Partner
	 	Name: 	Duck Kyun Kim
	 	Title:	Head of PE Division 


 


[Signature Page to Tax Receivable Agreement]


 






     


     


    

 





	 	TRA REPRESENTATIVE:


 


	 	FLUOR ENTERPRISES, INC.



 





	 	By: 	/s/ Joseph L. Brennan
	 	Name:	Joseph L. Brennan
	 	Title:	EVP & Chief Financial Officer 


 


[Signature Page to Tax Receivable Agreement]