# EDGAR Filing Document

**Accession Number:** 0002086716
**File Stem:** 0001213900-26-070215
**Filing Date:** 2026-6
**Character Count:** 1583907
**Document Hash:** a2a5b041f1f959da3a19e82d690c66c8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-070215.hdr.sgml**: 20260622

**ACCESSION NUMBER**: 0001213900-26-070215

**CONFORMED SUBMISSION TYPE**: S-1

**PUBLIC DOCUMENT COUNT**: 29

**FILED AS OF DATE**: 20260618

**DATE AS OF CHANGE**: 20260618

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Standard Nuclear, Inc.
- **CENTRAL INDEX KEY:** 0002086716
- **STANDARD INDUSTRIAL CLASSIFICATION:** INDUSTRIAL INORGANIC CHEMICALS [2810]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 993989746
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-296922
- **FILM NUMBER:** 261104044

**BUSINESS ADDRESS:**
- **STREET 1:** 200 EUROPIA AVE
- **CITY:** OAK RIDGE
- **STATE:** TN
- **ZIP:** 37830
- **BUSINESS PHONE:** 8652722324

**MAIL ADDRESS:**
- **STREET 1:** 200 EUROPIA AVE
- **CITY:** OAK RIDGE
- **STATE:** TN
- **ZIP:** 37830

#### As filed with the Securities and Exchange Commission on June 18 , 2026.
**Registration No. 333-** 

 **UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br>Washington, D.C. 20549**

#### __________________________________________

#### FORM S-1<br>REGISTRATION STATEMENT<br> Under<br>The Securities Act of 1933

#### __________________________________________

#### Standard Nuclear, Inc. <br>(Exact name of registrant as specified in its charter)

#### __________________________________________

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| | | |
|:---|:---|:---|
| **Delaware** | **4911** | **99-3989746** |
|  **(State or other jurisdiction of <br>incorporation or organization)** | **(Primary standard <br>industrial code number)** | **(I.R.S. employer <br>identification no.)** |

---

#### 200 Europia Ave<br>Oak Ridge, TN 37830<br> 845-258-0016<br> (Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

#### __________________________________________

#### Kurt Terrani<br>Chief Executive Officer<br>200 Europia Ave<br>Oak Ridge, TN 37830<br> 845-258-0016<br> (Name, address, including zip code, and telephone number, including area code, of agent for service)
**__________________________________________**

#### Copies to:

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| | |
|:---|:---|
|  **Albert W. Vanderlaan**<br> **Mark Mushkin**<br> **Montana Ware**<br> **Orrick, Herrington & Sutcliffe LLP<br>The Orrick Building**<br> **405 Howard Street**<br> **San Francisco, CA 94105**<br> **(415) 773-5700** | **Derek Dostal**<br> **Yasin Keshvargar**<br> **Davis Polk & Wardwell LLP<br>450 Lexington Avenue**<br> **New York, NY 10017**<br> **(212) 450**-4000 |

---

#### __________________________________________
**Approximate date of commencement of proposed sale to the public:** As soon as practicable after the effective date of this registration statement.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

<u> Large accelerated filer </u>   <u> ☐ </u>   <u> Accelerated filer </u>   <u> ☐ </u> <br> <u> Non-accelerated filer </u>   <u> ☒ </u>   <u> Smaller reporting company </u>   <u> ☐ </u> <br>         <u> Emerging growth company </u>   <u> ☒ </u>

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act ☐

**The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.**

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[**Table of Contents**](#TOC001)

**The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and we are not soliciting offers to buy these securities in any jurisdiction where the offer or sale is not permitted.**

#### Subject to completion, dated , 2026

#### Preliminary Prospectus
Shares

![](tstandard_logo.jpg)

Class A Common Stock

This is the initial public offering of shares of Class A common stock of Standard Nuclear, Inc. We are offering shares of our Class A common stock in this offering.

Prior to this offering, there has been no public market for our Class A common stock. It is currently estimated that the initial public offering price per share of our Class A common stock will be between $ and $.

We intend to apply to list our Class A common stock on the New York Stock Exchange under the symbol "STDN."

We have two classes of authorized common stock, Class A common stock and Class B common stock. The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting and conversion. Each share of Class A common stock is entitled to one vote per share. Each share of Class B common stock is entitled to 20 votes per share and is convertible into one share of Class A common stock. Each share of Class B common stock will convert automatically upon the occurrence of certain events. See "*Description of Capital Stock*."

Upon the completion of this offering, outstanding shares of Class B common stock will represent, and Thomas Hendrix, our Founder, Chair of our board of directors and Executive Chairman (the "Executive Chairman"), will beneficially own, approximately % of the voting power of our outstanding capital stock (or approximately % if the underwriters exercise their option to purchase additional shares of our Class A common stock in full). As a result, we will be a "controlled company" within the meaning of the corporate governance standards of the New York Stock Exchange. See "*Management — Controlled Company Exemption*."

We are an "emerging growth company" as defined under the federal securities laws and, as such, will be subject to certain reduced public company reporting requirements for this prospectus and future filings. See "*Prospectus Summary — Implications of Being an Emerging Growth Company*."

**__________________________________________**

*Investing in our Class A common stock involves risks. See "Risk Factors" beginning on page 31 to read about factors you should consider before buying shares of our Class A common stock.*

**__________________________________________**

**Neither the SEC nor any other regulatory body or state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.**

**__________________________________________**

---

| | | |
|:---|:---|:---|
|  | **Per Share** | **Total** |
|  Initial public offering price | $| $|
|  Underwriting discounts and commissions<sup>(1)</sup> | $| $|
|  Proceeds, before expenses, to us | $| $|

---

____________

(1) See "*Underwriting*" for additional disclosure regarding underwriting discounts and commissions and estimated offering expenses.

We have granted the underwriters the right to purchase up to an additional shares of our Class A common stock to cover over-allotments, if any.

At our request, the underwriters have reserved up to % of the shares of our Class A common stock offered by this prospectus for sale at the initial public offering price through a reserved share program to our directors, officers and certain of our employees. See "*Underwriting — Reserved Share Program*."

The underwriters expect to deliver the shares of common stock to purchasers on or about , 2026.

**__________________________________________**

---

| | | | |
|:---|:---|:---|:---|
|  **BofA Securities** | **BofA Securities** | **Goldman Sachs & Co. LLC** | **Goldman Sachs & Co. LLC** |
|  **Barclays** | **Barclays** | **UBS Investment Bank** | **UBS Investment Bank** |
|  **Evercore ISI** | **RBC Capital Markets** | **William Blair** | **Stifel** |

---

**__________________________________________**

**Prospectus dated , 2026**

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[**Table of Contents**](#TOC001)

#### **Table of Contents**

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| | |
|:---|:---|
|  | **Page** |
|  [Industry and Market Data](#T99101) | ii |
|  [Selected Defined Terms](#T99102) | iii |
|  [Prospectus Summary](#T99103) | 1 |
|  [Letter from our Founder](#T99104) | 29 |
|  [Risk Factors](#T16) | 31 |
|  [Special Note Regarding Forward-Looking Statements](#T15) | 67 |
|  [Use of Proceeds](#T14) | 69 |
|  [Dividend Policy](#T13) | 70 |
|  [Capitalization](#T12) | 71 |
|  [Dilution](#T11) | 73 |
|  [Management's Discussion and Analysis of Financial Condition and Results of Operations](#T10) | 75 |
|  [Business](#T9) | 93 |
|  [Management](#T8) | 125 |
|  [Executive Compensation](#T7) | 133 |
|  [Certain Relationships and Related Party Transactions](#T6) | 151 |
|  [Principal Stockholders](#T5) | 156 |
|  [Description of Capital Stock](#T4) | 158 |
|  [Shares Eligible for Future Sale](#T3) | 164 |
|  [Material U.S. Federal Income Tax Considerations for Non-U.S. Holders](#T99202) | 166 |
|  [Underwriting](#T2) | 170 |
|  [Experts](#T1) | 180 |
|  [Where You Can Find More Information](#T99203) | 180 |
|  [Index to Consolidated Financial Statements](#T9000) | F-1 |

---

________________

We have not, and the underwriters have not, authorized anyone to provide you with additional information or information that is different from, or to make any representations other than those contained in, this prospectus or in any free-writing prospectus prepared by or on behalf of us to which we may have referred you in connection with this offering. We and the underwriters take no responsibility for, and can provide no assurances as to the reliability of, any other information that others may give you. We are offering to sell, and seeking offers to buy, our Class A common stock only in jurisdictions where offers and sales are permitted. The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of our Class A common stock. Our business, financial condition, results of operations and future growth prospects may have changed since that date.

Unless the context requires otherwise, the words "we," "us," "our," the "Company" and "Standard Nuclear" refer to Standard Nuclear, Inc. and its subsidiaries taken as a whole. For purposes of this prospectus, unless the context otherwise requires, the term "stockholders" shall refer to the holders of our Class A common stock and Class B common stock, collectively, and "common stock" shall refer to our Class A and Class B common stock, collectively.

**Through and including , 2026 (the 25**<sup>th</sup> **day after the date of this prospectus) U.S. federal securities laws may require all dealers that effect transactions in our Class A common stock, whether or not participating in this offering, to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.**

For investors outside the United States, neither we nor any of the underwriters have done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons who come into possession of this prospectus in jurisdictions outside the United States are required to inform themselves about and to observe any restrictions as to this offering and the distribution of this prospectus and any such free-writing prospectus outside the United States. See "*Underwriting*."

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[**Table of Contents**](#TOC001)

#### TRADEMARKS, TRADE NAMES AND SERVICE MARKS
"Standard Nuclear," our logo, and our other registered or common law trademarks, tradenames and service marks appearing in this prospectus are our property. Solely for convenience, our trademarks, tradenames and service marks referred to in this prospectus appear without the <sup>®</sup>, <sup>™</sup> and <sup>SM</sup> symbols, but those references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights to these trademarks and tradenames. This prospectus contains additional trademarks, tradenames and service marks of other companies that are the property of their respective owners.

#### KEY PERFORMANCE INDICATORS
This prospectus includes certain key performance indicators, including Total Contract Backlog, Fuel/TRISO Production Capacity and Regulatory Milestones, that our management regularly reviews in managing its business to evaluate its business and operations, guide decision-making, measure progress and understand growth opportunity, and ultimately help drive profitability. For definitions of these key performance indicators, see "*Management's Discussion and Analysis of Financial Condition and Results of Operations — Key Performance Indicators*."

#### INDUSTRY AND MARKET DATA
This prospectus contains estimates and information concerning our industry, our business, and the market for our products and solutions, including our general expectations of our market position, market growth forecasts, our market opportunity, and size of the markets in which we participate, that are based on industry publications, surveys, and reports that have been prepared by independent third parties. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to these estimates. Although we have not independently verified the accuracy or completeness of the data contained in these industry publications, surveys, and reports, we believe the publications, surveys, and reports are generally reliable, although such information is inherently subject to uncertainties and imprecision. The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the section titled "*Risk Factors*." These and other factors could cause results to differ materially from those expressed in these publications and reports.

The source of certain statistical data, estimates, and forecasts contained in this prospectus are the following industry publications or reports that have been prepared by independent third parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• United States Department of Energy, "Pathways to Commercial Liftoff: Advanced Nuclear," September 2024 (accessed on February 11, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• United States Nuclear Regulatory Commission, "Fuel Fabrication," last updated June 26, 2023 (accessed on February 11, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• United States Department of Energy, "TRISO Particles: The Most Robust Nuclear Fuel on Earth," July 19, 2019 (accessed on February 11, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Wood Mackenzie, Market Report, "U.S. Demand for TRISO Fuel," March 5, 2026, which was commissioned by us

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#### SELECT DEFINED TERMS
The following are abbreviations, acronyms, and definitions of certain terms used in this prospectus:

"***2025 Stock Plan***" means the Standard Nuclear, Inc. 2025 Equity Incentive Plan, as amended prior to the completion of this offering.

"***2026 Plan***" means our 2026 Equity Incentive Plan.

"***Bonus Plan***" means our 2026 Executive Incentive Bonus Plan.

"***Code***" refers to the Internal Revenue Code of 1986, as amended.

"***Class B Conversion***" means the conversion by the holders thereof of all outstanding shares of Class B common stock not beneficially owned by Mr. Hendrix into shares of Class A common stock immediately prior to the completion of this offering.

"***Class B Equity Exchange Agreement***" means the equity exchange right agreement to be entered into between the Company and Mr. Hendrix, which gives Mr. Hendrix a right (but not an obligation) to require us to exchange any shares of Class A common stock received by Mr. Hendrix upon the exercise, vesting, and/or settlement of certain equity awards held by Mr. Hendrix for an equivalent number of shares of Class B common stock.

"***Class B Exchange Agreement***" means the exchange agreement to be entered into among the Company and Standard Nuclear Trust, an entity affiliated with Mr. Hendrix, pursuant to which, upon the Effective Time, all of the outstanding shares of our Class A common stock beneficially owned by Standard Nuclear Trust as of the Effective Time will be exchanged for an equivalent number of newly issued shares of our Class B common stock.

"***Class B Stock Exchange***" means the exchange of all of the outstanding shares of Class A common stock beneficially owned by Standard Nuclear Trust as of the Effective Time for an equivalent number of newly issued shares of our Class B common stock in accordance with the Class B Exchange Agreement.

"***DGCL***" means the Delaware General Corporation Law.

"***DOE***" means the United States Department of Energy.

"***Effective Time***" means the time of effectiveness of the filing of our amended and restated certificate of incorporation, to be in effect upon the completion of this offering, with the Secretary of State of the State of Delaware.

"***enrichment***" means the enrichment of uranium hexafluoride, which involves increasing the proportion of fissile isotope U-235 to higher concentrations by separating it from the more abundant Uranium-238 through gas centrifuge or gaseous diffusion methods, which exploit the mass difference between the isotopes.

"***ESPP***" means our 2026 Employee Stock Purchase Plan.

"***Exchange Act***" means the Securities Exchange Act of 1934, as amended.

"***FOAK***" means "first-of-a-kind," which refers to any initial design, deployment, construction, manufacturing or operating configuration that has not yet benefited from repeat deployment, standardized execution or learning-curve efficiencies. See also "*NOAK*."

"***Framatome, Inc.***" means Framatome, Inc., a Delaware corporation that is a U.S. company and a subsidiary of Framatome SAS headquartered in France.

"***Fuel Fabrication***" means the process of converting enriched uranium (like HALEU) into finished fuel forms (like TRISO fuel).

"***GAAP***" means U.S. generally accepted accounting principles.

"***GWe***" means "gigawatt electric," a unit of electric generating capacity equal to one billion watts of electric output. We and others in the electric power generation industry use GWe to describe installed or expected electric generating capacity from any reactor or other source of electric power generation. By estimating the anticipated MTU of TRISO fuel that we believe would be necessary to output one GWe of electric energy, management is able to translate expected Advanced Reactor deployments for which target GWe output has been announced into estimated annual TRISO fuel demand.

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"***GWh***" means "gigawatt hour," a unit for measuring energy used to express the quantity of energy produced or consumed by a piece of equipment with power of one gigawatt for one hour.

"***HALEU***" means High-Assay Low-Enriched Uranium, which is uranium enriched to between 10% and 20% U-235. HALEU is a feedstock, not a fuel form. It is used to manufacture advanced fuels, like TRISO fuel.

"***HTGRs***" means high-temperature gas-cooled reactors.

"***Idaho Facility***" means the Company's fuel line facility to be built in Idaho on DOE property in Idaho pursuant to the OTA, which we refer to as our "SN-ID" facility.

"***IRS***" means the United States Internal Revenue Service.

"***JOBS Act***" means the Jumpstart Our Business Startups Act of 2012.

"***kgU***" means kilogram of uranium, which is a unit for measuring uranium mass quantity. It is a common measurement for fuel pricing and sales agreements. See also "*MTU.*"

"***LEU+***" means Low-Enriched Uranium Plus, which is uranium enriched above 5% but below 10% U-235. It is being explored as an interim fuel option for some Advanced Reactors.

"***MTU***" means metric ton of uranium, which is a unit for measuring uranium mass quantity. It is a common measurement for fuel pricing and sales agreements. 1 MTU = 1,000 kgU.

"***NOAK***" means "nth-of-a-kind," which refers to later in time designs, deployments, construction, manufacturing or operating configurations that follow the FOAK and one or more additional deployments and approach design or operational maturity. NOAK deployments are expected to benefit from learning derived from prior repeat execution, standardization, operating experience and learning-curve efficiencies. See also "*FOAK*."

"***NRC***" means the United States Nuclear Regulatory Commission.

"***NYSE***" means New York Stock Exchange.

"***OTA***" means the Other Transaction Agreement for Fuel Production Line Authorization, dated as of September 26, 2025, between the Company and the DOE.

"***Oak Ridge SN***-0" refers to the Company's existing fuel line facility in Oak Ridge, TN that is currently operational.

"***Oak Ridge SN***-TN" refers to the Company's new production facility in Oak Ridge, TN that is anticipated to become operational in the second half of 2026.

"***Oak Ridge SN***-TN20" refers to the Company's planned supplemental production facility in Oak Ridge, TN that is targeted to have annual throughput capacity of up to 20 MTU. See also "*throughput*."

"***Oak Ridge Facilities***" refers to Oak Ridge SN-0 and Oak Ridge SN-TN facilities, collectively.

"***R&D***" means research and development.

"***restated bylaws***" means our amended and restated bylaws which will become effective immediately prior to the completion of this offering.

"***restated certificate of incorporation***" means our amended and restated certificate of incorporation which will become effective immediately prior to the completion of this offering.

"***Richland SN***-F ***Facility***" means Framatome's NRC-licensed nuclear fuel cycle facility in Richland, Washington.

"***Sarbanes***-Oxley ***Act***" means the Sarbanes-Oxley Act of 2002.

"***SEC***" means the United States Securities and Exchange Commission.

"***Securities Act***" means the Securities Act of 1933, as amended.

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"***SMRs***" means small modular reactors.

"***throughput***" refers to the quantity of a material that is able to be processed through a manufacturing facility over a specified period of time. We use throughput to describe how much TRISO fuel we are or expect to be able to process through a given production facility over a given time frame, commonly expressed in KgU or MTU of finished TRISO fuel per year, based on our current process yield from our manufacturing processes. See also "*Management's Discussion and Analysis of Financial Condition and Results of Operations — Key Performance Indicators*."

"***TRISO***" stands for "tristructural-isotropic" and refers to poppyseed-sized fuel particles made from enriched uranium and coated in ceramic layers and used to fuel many Advanced Reactors.

"***TWh***" means terawatt-hours. One terawatt is equal to 1,000 gigawatts. See also "*GWh*."

"***U***-235" means Uranium-235, which is a naturally occurring isotope of uranium that can sustain a nuclear chain reaction, making it essential for nuclear fuel.

"***USNC"*** refers to Ultra Safe Nuclear Corporation and its subsidiaries, from whom we purchased specific nuclear fuel-related assets through a Section 363 auction process under the U.S. Bankruptcy Code.

"***Voting Threshold Date***" means the first date falling after 11:59 p.m. (Eastern Time) on the date on which the outstanding shares of our Class B common stock represent less than a majority of the combined voting power of our then-outstanding Class A common stock and Class B common stock entitled to vote generally in the election of directors.

"***Wood Mackenzie Report***" means the report prepared by Wood Mackenzie titled "U.S. Demand for TRISO Fuel," dated March 5, 2026, which was commissioned by us in connection with this offering.

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#### Prospectus Summary
*This summary highlights information contained in greater detail elsewhere in this prospectus. This summary is not complete and does not contain all of the information you should consider in making your investment decision. You should read the entire prospectus carefully before making an investment in our common stock. You should carefully consider, among other things, our consolidated financial statements and related notes and the sections titled "Risk factors," "Special Note Regarding Forward*-Looking *Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included elsewhere in this prospectus.*

#### Our Mission
Our mission is to supply advanced nuclear fuels that enable safe, reliable and scalable nuclear power generation. We aim to support the re-emergence of the U.S.'s newbuild nuclear infrastructure, strengthen domestic energy security and meet the nation's growing demand for safe, reliable and clean baseload power.

<u>**<u>Company Overview</u>**</u>

Standard Nuclear is a leading independent advanced nuclear fuel company and the only company in the United States with industrial-scale TRISO manufacturing facilities to date, based on our commercialized manufacturing capability supported by production-grade equipment, established processes, and facility infrastructure designed for sustained, high-throughput output and scalable expansion. We design, engineer, and manufacture advanced nuclear fuels with a primary focus on TRISO fuel that is utilized by advanced nuclear reactors, including some SMRs and microreactors, designed to be safer, more efficient, and more flexible than traditional nuclear reactors ("Advanced Reactors"), and we believe we are the only participant in the market that is currently positioned to be able to work with and develop fuel for any developer of Advanced Reactors which use TRISO fuel. As of the date of this prospectus, we operate the only dedicated, privately funded, industrial scale TRISO production line in the United States and are currently producing and shipping fuel for Advanced Reactor demonstrations scheduled for 2026, with additional TRISO production facilities expected to come online in the second half of 2026.

Led by internationally recognized nuclear fuel expert Dr. Kurt Terrani, who serves as our Chief Executive Officer, our technical team leverages over 150 years of combined U.S. National Laboratory experience in the development, fabrication, and testing of advanced fuels, and many of our technical team members have previously held critical leadership roles in the U.S. Department of Energy's (the "DOE") advanced gas reactor program, which established the modern TRISO fuel standard currently accepted by the NRC. We believe the qualifications exhibited by our elite technical team, together with our ownership and operation of facilities licensed for the large-scale manufacturing of TRISO-based fuels, makes us a leading nuclear fuel company capable of delivering advanced nuclear fuel to the growing industry.

![](timage_004.jpg)

Our capabilities position us at the fuel manufacturing layer of the nuclear value chain, supporting Advanced Reactor developers and end customers with scalable domestic fuel supply solutions. Our disciplined, repeatable and reliable manufacturing process converts enriched uranium feedstock into finished fuel products in accordance with nuclear-grade safety, quality, and regulatory frameworks.

[**Table of Contents**](#TOC001)

We do not design, own or operate nuclear reactors. Instead, our nuclear fuel products are engineered to be compatible with a broad range of Advanced Reactor designs which use TRISO fuel, and can be used by reactor owners and operators, utilities, hyperscale data center operators, and domestic and international government entities that own or operate such reactors. We believe we are well positioned to capture a meaningful share of this market given our current and planned industrial-scale operating capacity, technology platform, secured licenses, and cost advantages derived from a modular manufacturing architecture.

In addition, we do not directly procure or source uranium for the nuclear fuel we manufacture. Our customers are generally responsible for procuring enriched uranium feedstock, which we then convert into nuclear fuel for our customers to use in their reactors for their various commercial needs. Our business model is based on long-term fuel supply arrangements under which our customers deliver feedstock to us and purchase finished fuel products, typically priced on a kgU basis and adjusted for enrichment level, final fuel form, and other specified requirements. However, we have never sold our products at large-scale commercial levels, and the production of TRISO fuel is generally untested at industrial scale, and as a result, we have limited data regarding the full cycle economics of manufacturing, marketing, pricing and selling TRISO fuel, leaving us with limited visibility into the prices our customers are willing to pay for our products and the cost structures that are required to ensure positive profit margins. We also expect that long-term unit economics will improve through automation, yield optimization, and replication of standardized fuel manufacturing modules that we have developed. We do not take direct commercial exposure to uranium price volatility, focusing instead on fabrication and fuel engineering services within the nuclear fuel value chain. Given our focus to date on investing in R&D, facilities, and commercialization of our nuclear fuel manufacturing and products, we have historically incurred significant operating losses and negative cash flows. As of March 31, 2026, we had an accumulated deficit of $79.9 million, and negative operating cash flows of $4.3 million and, for the year ended December 31, 2025 and the period ended December 31, 2024, we had an accumulated deficit of $72.1 million and $56.6 million, respectively, and negative operating cash flows of $6.7 million and $0.4 million, respectively.

<u>**<u>Industry and Market Opportunity</u>**</u>

*Electricity Demand*

Based on data from the U.S. Energy Information Administration, U.S. electricity demand is expected to rise materially over the coming decades, reversing a prolonged period of relatively flat consumption. According to the Wood Mackenzie Report, total U.S. electricity demand is projected to increase from approximately 4,990 terawatt-hours ("TWh") in 2026 to more than 7,200 TWh by 2040, representing an increase of approximately 44%. This growth is driven not only by population and economic expansion, but also by structural changes in energy usage as industrial processes, transportation systems, and digital infrastructure become increasingly electrified. In particular, next-generation artificial intelligence ("AI") training clusters and large-scale inference deployments require sustained, high-density electricity supply. Hyperscale data center campuses can draw more than 500 megawatts of continuous load, often operating at utilization levels that place significant demands on existing generation and transmission infrastructure. According to the Wood Mackenzie Report, data center growth alone may increase overall U.S. electricity demand growth from approximately 1% per year to approximately 3% per year, supported by an estimated $700 billion of hyperscaler capital expenditure commitments in 2026. This pace of load growth significantly exceeds planned additions of firm, dispatchable generation capacity and is not expected to be met by intermittent resources alone.

*Overview of Advanced Nuclear Reactor Technologies*

Advanced Reactors are increasingly viewed as viable solutions for meeting long-term demand for reliable, low-carbon baseload electricity. These reactor designs differ from traditional light-water reactors in several respects, including higher operating temperatures, improved thermal efficiency, and the ability to achieve higher fuel burnup levels. Many Advanced Reactor designs also incorporate passive safety features that rely on natural physical processes rather than active systems or human intervention, which may enhance safety performance and expand potential siting options.

[**Table of Contents**](#TOC001)

The operating characteristics of Advanced Reactors require fuel forms capable of withstanding significantly higher temperatures and more demanding operating conditions than conventional nuclear fuel. As a result, advanced reactor designs increasingly rely on specialized fuels, including TRISO particle fuel. TRISO fuel is engineered to encapsulate fissile material within multiple protective layers, allowing it to retain radioactive fission products at extremely high temperatures and providing a level of inherent safety not achievable with conventional fuel types.

*Advanced Reactor Deployment Outlook*

The DOE has articulated a policy objective of expanding domestic nuclear generation capacity, which includes a target of deploying approximately 35 gigawatts ("GW") of additional nuclear capacity by 2035 and achieving a sustained deployment rate of approximately 15 GW of nuclear energy per year by 2040. These goals encompass deployment of traditional large reactors as well as SMRs and microreactors.

Advanced nuclear projects are already progressing through development and regulatory review. As of July 2025, more than 30 advanced reactor projects had been publicly announced to the NRC, with multiple demonstration projects expected to enter operation beginning in 2026. While commercialization timelines vary by technology and project, these initiatives indicate continued momentum toward deployment of Advanced Reactors in the United States.

*Advanced Reactor Adoption Curve — Microreactors*

Based on public sources and management's assessment of our current pipeline and customer order book, we believe that the near-term deployment of Advanced Reactor projects is going to be focused on microreactors. The DOE defines microreactors by three main features: factory fabricated, transportable and self-adjusting, and expects most microreactors to be able to produce 1 — 20Mw of thermal energy that can be used directly as heat or converted to electric power.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Factory fabricated:** All components of a microreactor would be fully assembled in a factory and shipped out to location. This eliminates difficulties associated with large-scale construction, reduces capital costs and would help get the reactor up and running quickly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Transportable:** Smaller unit designs will make microreactors very transportable. This would make it easy for vendors to ship the entire reactor by truck, shipping vessel, airplane or railcar.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Self**-adjusting**:** Simple and responsive design concepts will allow microreactors to self-adjust. They would not be expected to require a large number of specialized operators and would utilize passive safety systems that prevent any potential for overheating or reactor meltdown.

Given these attributes, and based on management's visible contract pipeline, we expect that the pipeline of nuclear reactor fuel requirements through 2030 is going to be largely driven by microreactor developers and project owners.

For example, the following is a list of selected microreactor-focused programs that have been publicly announced as of the date of this prospectus, as well as a DOE initiative supporting infrastructure and fuel qualification programs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Janus Program:** U.S. Army's next-generation energy initiative aimed at deploying commercial nuclear microreactors to provide secure, resilient power to defense installations with goals for operation by 2030.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Defense Innovation Unit — Advanced Nuclear Power for Installations (2024):** An initiative to evaluate and pilot commercial microreactors for U.S. Air Force installations, with potential deployments targeted around 2030. Joint Base San Antonio, Texas — Antares Nuclear, Inc.; Buckley Space Force Base, Colorado — Radiant Industries, Inc.; and Malmstrom Air Force Base, Montana — Westinghouse Government Services have been identified as potential site-developer pairings for proposed microreactor deployments under this initiative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **DOE Nuclear Reactor Pilot Program:** A DOE program targeting demonstrations of commercial nuclear reactors by July 4, 2026 and support to bridge demonstrations to commercial operations by 2030.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **DOE Demonstration of Microreactor Experiments ("DOME")** — A DOE-led initiative at Idaho National Laboratory designed to support accelerated testing and qualification of microreactor fuels and components. We are participating in the DOME program, including engaging in collaborations with reactor developers, to support fuel testing and qualification activities. We believe participation in such programs may influence the timing of fuel qualification and subsequent commercial supply opportunities.

*Advanced Reactor Fuel Market Size and Demand*

Demand for Advanced Reactor fuel is directly linked to the deployment of Advanced Reactors and their ongoing refueling requirements. According to the Wood Mackenzie Report, approximately 20% of future United States nuclear generation capacity is expected to be served by Advanced Reactor technologies. Under this outlook, total installed advanced nuclear capacity is projected to exceed 58 GWe by 2040.

The amount of TRISO fuel required per GWe of electric power varies by reactor design, based on the physics and engineering characteristics of each reactor type. For example, larger SMRs produce more electric output per unit of fuel consumed, while smaller microreactors, though individually requiring less total fuel, consume more fuel relative to their electric output on a per-GWe basis. Based on publicly disclosed reactor designs and our discussions with current and prospective customers, annual TRISO fuel requirements are expected to range from approximately 12 MTU per GWe for larger-format SMRs to approximately 26 MTU per GWe for smaller microreactors. This range reflects the inherent differences in fuel consumption across reactor types. In addition, fuel demand timing also varies by reactor type. Microreactors typically require securing their fuel load approximately one year prior to commercial operation, while SMRs generally require it approximately two years prior to commercial operation.

For purposes of our analysis of prospective annual TRISO fuel demand, management assumes approximately 16 MTU of TRISO fuel per GWe, which represents management's calculation of the blended average fuel requirement across the mix of Advanced Reactor types management expects to be deployed in the future. This expectation reflects management's assessment based on discussions with reactor developers and project owners and publicly disclosed information, including announcements relating to anticipated reactor deployments, regarding the anticipated proportion of SMR and microreactor designs expected to comprise the deployed Advanced Reactor fleet over time.

Based on anticipated deployment schedules and refueling profiles, according to the Wood Mackenzie Report, annual TRISO fuel demand associated with Advanced Reactors could exceed the equivalent of 1.5 GWe and 7.0 GWe by 2030 and 2035, respectively, which, assuming 16 MTU per year per GWe, we believe could require approximately 26 and 116 MTU of TRISO fuel annually, respectively, based on the anticipated mix of reactor types expected to be deployed at such times.

At scale, deployment of Advanced Reactors implies recurring annual fuel demand measured in tens to hundreds of MTU, depending on the technology mix, operating cycles, and refueling intervals. By comparison, approximately 100 GWe of electric power in the United States is currently generated by nuclear power plants, which collectively consume an estimated 2,000 MTU of nuclear fuel annually. Consistent with the legacy nuclear fuel procurement dynamics for the operating U.S. nuclear reactor fleet, we expect project owners and operators will be the eventual long-term counterparties for fuel contracts.

*Long-Term Nuclear Power Growth and Emerging Demand Drivers*

Federal policy objectives further support expansion of nuclear power generation. In addition to target deployments of approximately 15 GWe per year by 2040, the DOE has previously stated a long-term goal of tripling U.S. nuclear power output by 2050, implying substantial growth in installed capacity and associated fuel demand over time.

In addition, growth in electricity consumption driven by data centers — particularly those supporting AI and high-performance computing workloads — has increased interest in nuclear power as a source of reliable, low-carbon baseload energy. Industry participants expect that a portion of incremental electricity demand from data centers and other energy-intensive applications may be met through nuclear generation, including Advanced Reactor deployments.

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Assuming that 10 – 20% of future incremental nuclear capacity is supplied by TRISO-fueled reactors, industry-wide demand for TRISO fuel could reach hundreds of MTU per year over time.

*Regulatory and Policy Environment*

U.S. regulatory and policy frameworks increasingly support the development and deployment of advanced nuclear reactors and domestic nuclear fuel manufacturing capacity. Federal agencies have adopted measures intended to coordinate regulatory reviews, streamline licensing pathways, and facilitate transitions from DOE authorization to NRC licensing for Advanced Reactors and nuclear fuel cycle facilities.

The NRC has also indicated its intent to streamline licensing reviews for advanced reactor and fuel cycle projects that have previously undergone technical review and authorization by the DOE, including through appropriate reliance on DOE technical assessments.

Federal policy support for nuclear fuel development accelerated following a series of executive actions and supply-chain directives beginning in 2021 that identified domestic nuclear fuel production as a national security priority. These initiatives provided the foundation for federal programs such as the DOE's Advanced Reactor Demonstration Program ("ARDP") and the High-Assay Low-Enriched Uranium ("HALEU") Availability Program, both of which established direct demand signals for domestically manufactured advanced nuclear fuel.

Collectively, these technology trends, deployment objectives, demand drivers, and policy initiatives establish a framework intended to support domestic fuel manufacturing, facilitate Advanced Reactor commercialization, and sustain fuel demand over multi-decade operating lifetimes. For industry participants like us who are capable of meeting applicable regulatory, quality assurance, and security requirements, this environment offers the potential for long-term participation in the evolving advanced nuclear ecosystem.

*Industry Challenges* 

While we believe that the market opportunity for our nuclear fuel is significant, there are a number of factors that may cause demand not to develop to the extent, or as quickly, as anticipated, or may otherwise pose headwinds to scaling our business as we have planned.

For example, the Advanced Reactor technologies described above generally remain in varying early stages of development, demonstration, licensing and commercialization and, while we currently expect a number of Advanced Reactors to be demonstrated in 2026, none have been deployed at commercial scale as of the date of this prospectus, and a wide range of technical, regulatory, financial and operational factors could influence the ultimate deployment and commercialization timelines of Advanced Reactor companies.

In addition, even if Advanced Reactors develop at the pace and scale anticipated, TRISO fuel demand depends in part on the availability of enriched uranium, including HALEU, and on customers' ability to procure, transport and provide feedstock that meets reactor-specific specifications. However, supply of enriched uranium, and specifically HALEU, is currently limited and we do not know when, or if, supplies will increase. For example, for our customers that have reactors that require HALEU, there is presently no commercial supply of HALEU available in the United States and HALEU can only be sourced in limited quantities from the DOE. Despite U.S. government initiatives designed to ensure initial HALEU quantities, including the establishment of the HALEU Availability Program, which was established through the Energy Act of 2020, to ensure access to HALEU for civilian domestic research, development, demonstration, and commercial use, the HALEU program is still in its early stages, and significant progress is required to achieve reliable and scalable production

Further, recent interest in nuclear power in the United States has been driven, in part, by the rapid growth of AI development and the corresponding demand from hyperscale data center operators for reliable, low-carbon energy. This dynamic has been a meaningful catalyst for renewed investment, development activity, and public policy support across the nuclear energy sector, including for various Advanced Reactor designs. However, the trajectory of AI development and adoption, and the associated demand for data center capacity and energy, is inherently uncertain, and a contraction in that market could delay or reduce demand for new nuclear capacity and, in turn, demand for our nuclear fuel products. A slowdown in AI-driven demand for nuclear energy could also reduce the flow of public and private capital into the nuclear sector generally, which has so far benefited from heightened investor interest tied to AI and data center growth. Further, public opinion regarding nuclear energy has historically fluctuated and remains subject to change. Future shifts in public sentiment on nuclear power, whether driven by political, environmental, safety-related or other factors, or as to AI and the benefits of continuing to scale power

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generation and infrastructure needs in support of AI, could result in lessened support or increased opposition to nuclear power, which could adversely affect regulatory policies, licensing, operations and the overall demand for nuclear energy.

As a result, the timing and success of our customers' and potential customers' reactor programs and demand scaling in the industry generally are subject to significant uncertainty and forces outside of our control, and we have limited ability to influence the pace at which Advanced Reactors are developed, deployed and commercialized. If these or any of the other factors anticipated to drive energy demand described in the Wood Mackenzie Report do not materialize, either at all or to the extent currently expected, it could meaningfully reduce the demand opportunity for our TRISO nuclear fuel and adversely impact our anticipated results of operations.

See also "*Risk Factors — Our future performance is dependent on the commercialization timelines of advanced reactor developers, which are subject to uncertainty and factors outside of our control*," "*Risk Factors — The market for alternative low*-carbon *energy generation technologies has not yet been established and may not achieve the potential we expect or may grow more slowly than expected*," and "*Risk Factors — Our TRISO fuel production is dependent on our customers obtaining enriched uranium (including HALEU) from third*-party *suppliers and providing it to us for production, and any difficulty in our customers obtaining these materials and/or supplying them to us could adversely affect our business, financial condition, and results of operations*."

<u>**<u>The Role of TRISO Fuel</u>**</u>

Nuclear fuel that powers the existing U.S. fleet of light-water reactors consists of ceramic uranium dioxide (UO₂) pellets stacked inside long zirconium-alloy metal tubes (or cladding) that form fuel rods. Multiple fuel rods are bundled together to form fuel assemblies. The zirconium alloy cladding provides the primary barrier to fission product release, while water serves as both coolant and moderator and safety depends heavily on maintaining cladding integrity and active cooling.

TRISO fuel is a coated fuel particle architecture originally developed for HTGRs and is known as the "most robust nuclear fuel on earth" according to the DOE. TRISO is designed so that each particle functions as a self-contained containment system: multiple ceramic coating layers surround a fuel kernel and are intended to retain fission products during normal operation and under severe off-normal conditions.

The all-ceramic TRISO architecture enables Advanced Reactor designs to operate at higher temperatures and achieve higher burnup than conventional light-water reactors, which may reduce reliance on large-scale water cooling and high-pressure containment structures in certain reactor configurations. This can significantly reduce nuclear plant capital costs and simplify the engineering required for safe and reliable reactor operation.

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<u>**<u>Our Manufacturing Process</u>**</u>

By combining a proven TRISO architecture with an industrial, manufacturing-first approach, we are positioned to produce fuel products that meet reliability, quality and traceability requirements of commercial customers (including U.S. government-authorized exports to overseas markets) and government customers. Our strategy is focused on industrial-scale production with manufacturing systems designed to support near term fuel qualification (which is the process of demonstrating that a fuel design and specification meets the performance and safety requirements for that fuel form's specific application within a specific reactor system, as provided to us by the reactor owner/operator, after which we manufacture fuel in compliance with those specifications), and to drive longer-term cost reductions as production volumes increase.

Our TRISO fuel manufacturing platform is designed as a modular, repeatable process built around (i) controlled production units, (ii) automated inspection and monitoring, (iii) data-driven quality controls and (iv) comprehensive documentation and traceability. This modular design is intended to support consistent product quality, scalability across facilities, and compliance with applicable regulatory, security, and safety frameworks. Our processes also incorporate an in-line scrap fuel recycling loop intended to recover and reintroduce usable uranium material, improving material utilization and reducing waste. Maximizing material yield is a core operating objective, and this closed-loop approach increases effective throughput per unit of feedstock and reduces input cost, contributing to a structural cost advantage relative to manufacturing processes with higher material loss or less integrated recovery capabilities.

As a result of our modular manufacturing platform and process, we are able to support industrial scale production at our facilities, which we define as having commercialized manufacturing capability, at our existing Oak Ridge SN-0 facility and, once completed, at our other facilities that is intended for, and capable of, bulk production of TRISO fuel to be delivered to our customers that seek to fuel their reactors. This is effected using established and repeatable manufacturing processes enabling us to commercialize our TRISO fuel production activities and deliver TRISO fuel to Advanced Reactors. Further, the existing manufacturing capacity at our Oak Ridge SN-0 facility is sufficient for us to fully service the nuclear fuel demands of certain existing and prospective customers, demonstrating our ability to operate at industrial scale today. This will be further supported by our additional production capacity expected to come online at our Oak Ridge SN-TN and Idaho SN-ID facilities in the second half of 2026, and additional production capacity we intend to construct and scale at the other facilities described below. In addition, given our modular facility design and approximately one-year build and commissioning timeline per standard facility, we believe we could quickly scale further through the construction of additional production facilities on land we own in Oak Ridge, Tennessee as customer demand warrants. See also "— *Expansion Strategy*."

Currently, the primary constraint on our ability to further scale production operations is obtaining the regulatory authorizations required to commission and operate additional production facilities and install incremental modular processing equipment, together with completion of associated safety reviews and operational approvals. While our existing Oak Ridge SN-0 pilot facility is authorized to possess and process meaningful quantities of enriched uranium feedstock, future capacity expansion is expected to occur principally through our other or additional facilities. See also "*— Regulatory Status of our Facilities*."

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Our manufacturing sequence begins with receipt of enriched uranium oxide feedstock (or deconversion of enriched uranium hexafluoride (UF₆) as needed into uranium oxide feedstock) to be used in subsequent fabrication steps and consists of the principal stages described below, each comprising a single module that is "design frozen" and can be replicated to scale, meaning that the core process flow, equipment configuration, and facility integration across these stages has been standardized following initial development, and are not expected to require material modification for subsequent deployments. This standardization is intended to support consistent product quality, streamline regulatory and engineering requirements, and enable repeatable, parallel deployment of additional modules across facilities. We believe this approach reduces engineering complexity, shortens deployment timelines, and lowers execution risk relative to bespoke, facility-specific designs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Kernel Formation** — Forming the uranium oxide feedstock into high-density spherical fuel kernels with controlled geometry and material properties tailored to specifications provided to us by our customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **TRISO Coating** — Applying successive coating layers (including carbon and silicon carbide layers) to the fuel kernels using high-temperature coating systems to create the structural and containment architectures of the TRISO particles. We monitor the coating thickness, uniformity, and defect rates to ensure conformance with customer specifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Fuel Form Fabrication** — Converting the coating particles into the customer-specified fuel form (e.g., compacts, pebbles or other geometries), including embedding particles in a matrix where required. We inspect the finished fuel forms using destructive and/or non-destructive methods, as appropriate and required by the final fuel form specification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Characterization and Certification** — Performing testing and analysis throughout the entire manufacturing process to verify that the fuel forms meet the intended specifications and to support quality documentation, traceability and regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Packaging and Shipment** — Packaging finished fuel forms in approved fissile material containers designed to meet applicable NRC, DOE, and/or other regulatory requirements and delivering these fuel forms to our customers.

<u>**<u>Our Facilities</u>**</u>

We launched our commercial journey by establishing operations at the historic K-25 Site in Oak Ridge, TN — the site of the world's first large-scale uranium enrichment. Our Oak Ridge SN-0 facility, which is operational today, is equipped with specialized infrastructure, a workforce experienced in regulated nuclear operations, and an operating environment with deep institutional familiarity with nuclear materials, safety, and compliance. Since beginning our operations, we are continuously looking to expand our manufacturing capabilities and facilities, and are currently completing construction and anticipate bringing our Oak Ridge SN-TN and Idaho SN-ID facilities online in the second half of 2026, both upon completion of a readiness review for each facility conducted in accordance with applicable DOE requirements. We also plan to operate an additional facility in Richland, Washington with our joint venture partner, Framatome, Inc. ("Framatome"). The joint venture plans to commence manufacturing at the Richland SN-F Facility in 2027, pending receipt of regulatory approvals by the NRC and final equipment installation. See "— *Our Strategic Partnerships — Framatome*." In addition, we own additional land in Oak Ridge, Tennessee that is located in proximity to other industry participants' sites in Tennessee and we believe could be used to construct further production facilities as demand warrants, in addition to SN-TN20. See also "*Business — Expansion Strategy*."

Our Oak Ridge SN-0, Oak Ridge SN-TN and Idaho SN-ID facilities operate, or are anticipated to operate, under DOE authorization for the possession and processing of nuclear materials, and we intend to leverage an existing NRC license granted to our joint venture partner, Framatome, at the Richland SN-F Facility, pending regulatory approval to amend Framatome's existing NRC license to permit the manufacturing of our advanced fuel products, including TRISO, at that facility. Framatome, the 10 CFR Part 70 licensee for the Richland, Washington SN-F facility, submitted the NRC license amendment request (the "LAR") to the NRC in September 2024. The LAR has been accepted for review, and is targeted to be finalized in the summer of 2026, subject to the NRC's completion of its review.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Oak Ridge SN**-0 **Facility**: Located in Oak Ridge, Tennessee, our Oak Ridge SN-0 production facility is operational today and can produce 500 kgU of finished fuel per year, based on our current process yield.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Oak Ridge SN**-TN **Facility**: Located in Oak Ridge, Tennessee, our Oak Ridge SN-TN production facility is currently under construction and is anticipated to come online in the second half of 2026. While it is currently slated to produce 1 MTU of finished fuel per year, once operational, SN-TN's footprint is designed for seamless scaling, allowing for a potential throughput capacity of 2.5 MTU per year without requiring additional land.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Idaho SN**-ID **Facility**: Located in Idaho Falls, Idaho, SN-ID has been designed to be a carbon copy of our Oak Ridge SN-TN facility, mirroring the 1 MTU anticipated initial capacity at Oak Ridge SN-TN with the same 2.5 MTU peak throughput capacity potential based on our current process yield. We intend to operate our Idaho Facility on DOE land pursuant to a long-term lease, which allows us to plug directly into the DOE contracting complex and provide streamlined nuclear fuel support for the DOE, Department of War, NASA, and other critical government missions. The Idaho SN-ID production facility is currently under construction and we expect it to come online in the second half of 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Richland SN**-F **Facility**: We have formed Standard Nuclear × Framatome LLC, a joint venture with Framatome. The SN Framatome JV will establish a facility for the manufacture of TRISO fuel particles and other TRISO-based fuel forms, which will be located at Framatome's existing nuclear fuel manufacturing facility in Richland, Washington. We believe the Richland SN-F Facility will benefit from our modular equipment and would initially be scalable to up to 2.5 MTU, and can be enabled to establish up to a peak 20 MTU, of throughput capacity potential based on our current process yield, while leveraging Framatome's decades of experience in light-water reactor fuel production. In addition, by utilizing Framatome's existing infrastructure and commercial relationships, Standard Nuclear × Framatome LLC can help integrate Standard Nuclear into an established global value chain. The joint venture plans to commence manufacturing at the Richland SN-F Facility in 2027, pending receipt of regulatory approvals by the NRC and final equipment installation. Framatome, the 10 CFR Part 70 licensee for the Richland, Washington SN-F facility, submitted the LAR to the NRC in September 2024. The LAR has been accepted for review, and is targeted to be finalized in the summer of 2026, subject to the NRC's completion of its review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Oak Ridge SN**-TN20 **Facility**: We are also planning our additional Oak Ridge SN-TN20 facility in Oak Ridge, Tennessee, which we intend to enable with our modular equipment to establish an additional 20 MTU of production capacity. While construction has not yet begun, we have acquired the land on which we intend to build the SN-TN20 facility. Once construction is complete, we expect to install and commission production modules on a phased basis, progressively increasing the facility's output as additional modules come online and reaching full operational capacity thereafter.

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#### Regulatory Status of Our Facilities
*Oak Ridge SN-0 Facility* 

Our Oak Ridge SN-0 facility is authorized by the DOE to possess HALEU and process it into advanced nuclear fuel under its existing safety basis. The Oak Ridge SN-0 facility is operational today and supports our current commercial fuel manufacturing activities, including work under existing customer agreements and the DOE Fuel Line Pilot Program. SN-0 is a less than Hazard Category III facility. Its authorized possession limits for enriched uranium feedstock vary based on enrichment level and operating configuration, and currently permit possession of quantities sufficient to support production of approximately 0.5 MTU of TRISO fuel per year, based on our current process yield. Rather than seeking expanded authorization at the Oak Ridge SN-0 facility, our scaling strategy is to commission additional production capacity at our Oak Ridge SN-TN, Idaho SN-ID, Oak Ridge SN-TN20 and Richland SN-F facilities, each of which is described below, and potential additional facilities in the future. We may seek future modifications to the Oak Ridge SN-0 facility's existing safety basis or other authorizations to support additional volumes or process configurations at that facility, but do not currently view any such modifications as necessary to execute our near-term operating plan.

*Oak Ridge SN-TN and Idaho SN-ID Facilities* 

Our planned Oak Ridge SN-TN and Idaho SN-ID facilities are each anticipated to operate under DOE regulatory authority pursuant to DOE-STD-1271-2025, "Authorization Pathway for Nuclear Facilities," which establishes the framework for the documented safety basis required to commence and sustain nuclear operations at DOE facilities. The principal milestones in this authorization process are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Nuclear Safety Design Agreement (NSDA).** We have received DOE approval of an NSDA for each of the Oak Ridge SN-TN and Idaho SN-ID facilities, establishing the regulatory framework, safety design objectives and the critical milestones required to obtain final authorization to commence operations at each facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Preliminary Documented Safety Analysis (PDSA).** We have submitted a PDSA (which is documentation prepared in connection with design and construction of a new facility, that provides a reasonable basis for the preliminary conclusion that the facility can be operated safely) for each of the Oak Ridge SN-TN and Idaho SN-ID facilities, have received initial positive feedback from the DOE, and anticipate DOE approval of each PDSA in the near term, subject to the DOE's review schedule and potential requests for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Documented Safety Analysis (DSA).** Following positive DOE feedback on our PDSA submissions, we are preparing the DSA (which is a formal documented analysis of how the nuclear facility can be operated safely with respect to workers, the public, and the environment, including a description of the conditions, safe boundaries, and hazard controls that provide the basis for ensuring safety) for each of the Oak Ridge SN-TN and Idaho SN-ID facilities for parallel submission to the DOE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Readiness Review and Authorization to Operate.** After DOE approval of the DSA, each facility must complete a DOE-led operational readiness review before receiving authorization to commence operations. We anticipate full DOE approval of the DSAs and completion of readiness reviews for both facilities in the second half of 2026, although the timing is subject to, among other things, the DOE's schedule, the satisfaction of the NSDA conditions and the readiness review process, as well as other factors described under "*Risk Factors*" elsewhere in this prospectus.

The Oak Ridge SN-TN and Idaho SN-ID facilities are each expected to be authorized as DOE Hazard Category II facilities. We expect to initially install sufficient equipment at each facility to support throughput production capacity of up to 1 MTU of TRISO fuel per year. As a DOE Hazard Category II facility, the primary constraint on future capacity expansions at these facilities is expected to be additional regulatory approvals associated with the installation and operation of incremental modular equipment and related safety reviews, rather than increases in authorized enriched uranium possession quantities. While we do have certain possession limits in place with respect to our facilities, such limits do not apply to TRISO fuel held on site in our storage containers,

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and we do not expect the possession limits to which our facilities are subject to be a meaningful impediment to our ability to scale our facilities and obtain appropriate authorizations to produce our target throughput of TRISO fuel concurrently with receiving authorization to expand our modular production capacity at any of our facilities.

#### Oak Ridge SN-TN20 Facility
Our planned Oak Ridge SN-TN20 facility is expected to be located on the Oak Ridge Reservation in Tennessee. We expect to initiate the formal NSDA, PDSA, DSA and readiness review process once the Oak Ridge SN-TN facility achieves authorized operations and the design basis for the Oak Ridge SN-TN20 facility has been finalized. As of the date of this prospectus, we have not initiated the formal NSDA process for the Oak Ridge SN-TN20 facility, the regulatory schedule remains subject to development and we have not yet begun construction.

#### Richland SN-F Facility
Our Richland SN-F facility is operated by Standard Nuclear × Framatome LLC and is located within Framatome's existing NRC-licensed nuclear fuel cycle facility in Richland, Washington. Operations at the Richland SN-F facility are subject to NRC oversight under 10 CFR Part 70, in contrast to our DOE-jurisdictional sites.

To accommodate TRISO-based fuel production at the Richland SN-F facility, the joint venture directed Framatome to submit a license amendment request to the NRC to identify the new hazards associated with TRISO fuel production and establish corresponding safety controls. The LAR was submitted in September 2024 and was accepted for review in May 2025. We anticipate NRC approval of the LAR in the summer of 2026, subject to completion of NRC review, with operations at the Richland SN-F facility scheduled to commence in the first quarter of 2027 following equipment installation, qualification activities and final readiness reviews. Timing is subject to the NRC's review schedule, the resolution of any requests for additional information, and the satisfaction of any NRC-imposed conditions, as well as other factors described under "*Risk Factors*" elsewhere in this prospectus.

#### DOE and NRC Memorandum of Understanding
The DOE and NRC operate under a Memorandum of Understanding, currently based on Addendum No. 9 thereto, which provides a framework for coordinated oversight and streamlined transition of nuclear facilities from DOE authorization to NRC licensing if such a transition is pursued by a licensee. We may utilize this pathway in the future to transition certain DOE-jurisdictional operations to NRC oversight, including in connection with the long-term scaling of the Oak Ridge SN-TN or Oak Ridge SN-TN20 facilities. To support the potential future use of this pathway, we have engaged with the NRC for the NRC's observation of the DOE authorization process for our Oak Ridge SN-TN and Idaho SN-ID facilities. We have not made any binding commitment to pursue an NRC transition for any DOE-jurisdictional facility and any such transition would require a separate licensing process and approvals, however, we anticipate transitioning some or all of our DOE-jurisdiction facilities to NRC licensing and oversight in the future as we continue to scale and commercialize our business.

#### Expansion Strategy
Our expansion strategy, "Replicate, Don't Redesign," emphasizes repeatable, licensed, building blocks rather than bespoke scale-ups. This strategy is intended to increase throughput by deploying our existing standardized, reliable manufacturing modules at new and existing sites, reducing technical and licensing risk. Modules can operate on independent shift schedules while sharing centralized utilities, analytical lab support and waste-management systems, enabling incremental capacity additions within an established licensing and operating framework. This architecture is designed for sustained commercial production, not pilot-scale demonstration, and our plans for our Oak Ridge, Idaho Falls and Richland facilities are part of our broader scaling strategy to target up to 40 MTU of aggregate run-rate TRISO production capacity, which we expect to achieve no earlier than 2030, unless additional demand materializes earlier and results in an acceleration of our business plan.

Despite the industry challenges outlined above under "— *Industry Challenges*," we believe our path to our target of up to 40 MTU reflects a flexible approach to deploying additional capacity across our existing and planned sites. We currently expect the majority of expansion to be driven by our planned Oak Ridge SN-TN20 facility, which we expect to come online on a modular basis to up to 20 MTU of production capacity, together with continued modular expansion at the Richland SN-F Facility and build-out of other sites.

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In particular, we own additional land in Oak Ridge, Tennessee that is located in proximity to other industry participants' sites in Tennessee, which we intend to use for the construction of additional production facilities as demand warrants to achieve our scaling goals. Given our modular facility design and approximately one-year build and commissioning timeline per standard facility, this additional land provides us with the optionality to determine how best to scale to our target of up to 40 MTU of production capacity and respond to increases in customer demand by either constructing new facilities or deploying additional standardized production modules at available sites that are not yet fully utilized.

Our actual installed production capacity will depend on a number of variables including, among other things, the timing of customer demand, the timing and outcome of required regulatory approvals, our ability to commission and qualify production lines on schedule, and the availability of long-lead-time equipment, as well as other factors described under "*Risk Factors*." See also "*— Regulatory Status of Our Facilities*" and "*Business — Expansion Strategy*" for further discussion of our target production capacity and the underlying assumptions.

#### Our Business Model
Our business model is designed as a reactor-agnostic, pure-play manufacturing platform. This approach allows us to supply fuel across a broad range of next-generation reactor designs without exposure to the capital intensity, or technology-specific risks associated with owning or operating nuclear generation assets.

We believe our flexibility positions us as a critical supply-chain participant in the commercialization of advanced nuclear technologies. However, our business model remains subject to the same development-stage and supply-chain uncertainties that affect the broader Advanced Reactor ecosystem. Our customers' SMR and microreactor programs may not commercialize on the timelines we expect, if at all, and our ability to execute long-term fuel supply arrangements, and to obtain our anticipated pricing for such arrangements, depends on customers obtaining reactor approvals, finalizing fuel specifications, securing financing and obtaining and delivering enriched uranium feedstock, including HALEU, to us that meets applicable requirements. If these conditions are delayed or do not occur, our fuel demand, production utilization, unit economics, revenue timing and ability to expand capacity could be materially adversely affected. See also "*— Industry Challenges*."

This discussion should be read in conjunction with the sections entitled "*Risk Factors*," "*Management's Discussion and Analysis of Financial Condition and Results of Operations*," "*Business*" and our consolidated financial statements and the related notes included elsewhere in this prospectus.

*TRISO Fuel Pricing Expectations*

Based on the factors set forth below, we expect initial pricing of our TRISO fuel and our ability to generate revenue to reflect current market conditions, including limited supply availability, our anticipated initial market share of nuclear fuel manufacturing, and expectations regarding nuclear fuel's overall market share in the domestic fuel market.

While the ultimate price will depend on market conditions at the time our facilities come online, our current customer order book reflects assumed TRISO pricing of approximately $50.0 – 80.0 million per MTU. Management's analysis, informed by contracted customer agreements and those in negotiation, expected inputs and operating costs, and publicly available disclosures relating to anticipated TRISO-fueled projects from the DOE and other industry participants, is that TRISO pricing per MTU will compress as additional TRISO fabrication capacity comes online from other suppliers.

In establishing our TRISO fuel pricing assumptions, we took into account our existing customer agreements, as well as comparable competitors' pricing models.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Existing customer agreements.** Our expectations for future TRISO fuel pricing are informed, in part, by our negotiations with prospective customers and the commitments contained in customer agreements entered into as of the date of this prospectus, including in connection with our total contract backlog of up to $245 million and our pipeline of $416 million in potential additional prospective fuel order opportunities (that we expect to be available either directly to us or through our joint

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venture with Framatome), which provide us with visibility into potential per-MTU pricing terms that customers are prepared to accept for delivery between 2026 through 2030. See also "*Our Competitive Strengths — Strong Backlog Visibility*" and "*Management's Discussion and Analysis of Financial Condition and Results of Operations — Key Performance Indicators*."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Competitor and comparable program pricing.** Management has analyzed publicly disclosed contract awards associated with TRISO-related fuel development conducted through Idaho National Laboratory ("INL"), including an approximately $37 million award announced in June 2022 in connection with the Project Pele program. Based on management's estimate of a prototype core size on the order of approximately 200 kilograms of uranium (0.2 MTU), such contract value would imply a normalized cost on the order of approximately $185 million per MTU. Management has also considered total publicly disclosed program-level expenditures for Project Pele, of which the $37 million award forms a part, including an approximately $300 million cost-type contract awarded by the Department of Defense's Strategic Capabilities Office. When normalized over estimated prototype core fuel quantities, such total program-level expenditures would imply costs significantly in excess of our anticipated TRISO fuel pricing range; however, we believe such values reflect fully burdened FOAK system-level costs, including engineering, fabrication, testing and program management, and we do not believe they are representative of standalone fuel pricing. Management believes that such costs are likely to decline over time with scale, learning effects and repeat production, and therefore are not representative of expected pricing for subsequent cores or commercial-scale supply.

Our assumed pricing is also informed by the relationship between the estimated market sale price and the underlying cost structure required to fabricate TRISO fuel at scale, and in particular direct production costs and indirect operating costs, each of which is discussed further below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Direct Costs**. Direct costs represent ongoing, fixed expenses for TRISO production, including direct production labor, consumables, utilities, and facility overhead.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Indirect Costs**. Indirect costs represent indirect operating costs related to TRISO fabrication, including facilities, administrative expenses, licenses and other expenses.

The estimates described above represent management's current judgment of the prospective initial market sale price for our TRISO fuel and our realized prices on any particular transaction may differ from this range, in some cases materially. Realized prices and our ability to achieve any sales at a particular price are subject to a number of factors including pricing pressure from customers, competitor entry, scaling and yield outcomes and regulatory developments, as well as other factors described under "*Risk Factors*" elsewhere in this prospectus.

<u>**<u>Our Customers</u>**</u>

Our existing customer base as of the date of this prospectus spans two principal categories:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Developers of Advanced Reactors designing SMRs and microreactors that require TRISO fuel. Engagements often begin with Fuel Development Agreements (e.g., consulting, testing, and sample production) and progress to Fuel Sales Agreements for metric tons of fuel. Our Fuel Sales Agreements typically include related non-refundable customer deposits made well in advance of fuel delivery, as well as milestone payment obligations for our customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Federal agencies pursuing HALEU-fueled demonstration reactors and mobile microreactor systems, including mission deployments (e.g., space power and forward operating deployments). These contracts often involve specialized fuel development and long-term production commitments.

Consistent with the legacy nuclear fuel procurement dynamics for the operating U.S. nuclear reactor fleet, we believe project owners and operators will be the eventual long-term counterparties for fuel contracts. This may include utilities, independent power producers, government agencies and other qualified independent reactor owner-operators.

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<u>**<u>Our Competitive Strengths</u>**</u>

Our key competitive strengths include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. U.S.'s Only Industrial**-Scale **Advanced Nuclear Fuel Company**

We believe we are the only company in the United States with industrial-scale TRISO fuel fabrication capabilities to date. While certain of our competitors have existing TRISO manufacturing technology and operate facilities that are currently capable of receiving enriched uranium feedstock and manufacturing TRISO fuel, we believe we are the only company in the United States with industrial-scale TRISO fuel fabrication facilities, based on our existing installed TRISO fuel production capacity, as well as our modular, scalable manufacturing process, which provides us with the ability to, and through which we plan to, meaningfully scale our output capacity of TRISO fuel in the future. Our Oak Ridge SN-0 facility is operational today and our Oak Ridge SN-TN and Idaho SN-ID facilities, once operational, will operate under DOE authorization alongside our Oak Ridge SN-0 facility. In addition, the Richland SN-F Facility will operate under NRC authorization pursuant to our joint venture with Framatome, pending regulatory approvals. In contrast to facilities that are solely able to produce TRISO fuel for R&D or reactor demonstration purposes, the equipment at our existing Oak Ridge SN-0 facility and, once completed, at our other facilities, is intended for, and capable of, bulk production of TRISO fuel to be delivered to our customers that seek to fuel their reactors. This is effected using established and repeatable manufacturing processes enabling us to commercialize our TRISO fuel production activities and deliver TRISO fuel to Advanced Reactors.

Once all of our initial facilities are operational, based on our assumptions that each TRISO production line is constructed, online, and operating at intended production capacity, we expect the combined initial run-rate annual throughput capacity of our SN-0, SN-TN, SN-ID and SN-F facilities will be 3.5 MTU of TRISO fuel (0.5 MTU, 1.0 MTU, 1.0 MTU and 1.0 MTU respectively), sufficient to support roughly 5,600 GWh of thermal energy output from Advanced Reactors, with capacity further scaling to up to 8 MTU upon the modular expansion of our SN-TN, SN-ID and SN-F facilities to up to 2.5 MTU of throughput production capacity each, and target scalability of up to 40 MTU of aggregate run-rate production capacity through our planned SN-TN20 facility, prospective continued modular expansion of capacity at SN-F and through the construction of other potential facilities as demand warrants. For example, we own land in Oak Ridge, Tennessee that is located in proximity to other industry participants' sites in Tennessee and we believe could be used to construct further production facilities, in addition to SN-TN20.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Technology**-Agnostic **Approach Driving Large and Growing TAM and SAM**

We operate a technology-agnostic advanced nuclear fuel manufacturing model that allows us to serve customers utilizing various reactor designs, rather than being vertically integrated with a single proprietary reactor design.

By decoupling fuel fabrication from reactor ownership, we can operate as an independent advanced fuel supplier, aligning commercial and operational incentives with reactor vendor and plant operator customers, avoiding the conflict of interest commonly associated with vertically integrated fuel-reactor models.

By serving multiple reactor developers across different designs and deployment timelines, we reduce reliance on any single reactor program and can benefit from a diversified customer portfolio, reducing customer concentration risk and smoothing demand.

In addition, through our experience and expertise with the nuclear fuel cycle, we believe additional opportunities may be available in the future for advanced nuclear fuel and feedstock processing, containers for fissile material transport, and shipping logistics, among other things.

We also estimate a total addressable market ("TAM") of approximately 11.5 GWe per year of TRISO fuel for advanced reactor deployments by 2035. This estimate is informed by the Wood Mackenzie Report, which projects "mid-case" cumulative TRISO fuel demand of approximately 7.0 GWe by 2035 and "high case" cumulative TRISO fuel demand of approximately 27.5 GWe by 2035. The Wood Mackenzie "mid-case" assumes that (i) government initiatives effectively support HALEU supply

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and streamlined licensing, (ii) FOAK demonstrations and deployments are largely successful and drive NOAK learning curves, and (iii) supply chain and workforce capacity scale with demand. The Wood Mackenzie "high-case" assumes that (i) government initiatives have an even more accelerated effect on private sector adoption and unlock abundant HALEU supply, (ii) the first wave of reactor demonstrations and FOAK deployments are almost all successful and drive rapid NOAK learning curves, accelerating adoption even in cost sensitive and technologically conservative segments like utilities and industrials, and (iii) TRISO-based reactors begin to out-compete alternative platforms.

Our TAM estimate of 11.5 GWe reflects management's belief that demand for TRISO fuel in 2035 will exceed the Wood Mackenzie "mid-case" but remain significantly beneath Wood Mackenzie's "high-case" demand. Management's perspective is driven by, among other things, management's assessment of the likelihood of certain publicly disclosed reactor development programs reaching completion on the timelines projected by the reactor developers. In particular, based on management's industry expertise and discussions with a wide range of nuclear reactor developers and project owners, management placed a greater weighting on the likelihood of certain such publicly announced reactor projects achieving commercial deployment on a timely basis than the Wood Mackenzie "mid-case," which management estimates would result in higher anticipated aggregate TRISO fuel demand by 2035 than is reflected in the Wood Mackenzie mid-case assessment.

In contrast, in the period from the date of this prospectus through 2030, consistent with the Wood Mackenzie mid-case, we estimate annual TRISO fuel demand associated with Advanced Reactors will reach approximately 1.5 GWe, resulting in estimated cumulative demand of approximately 3.2 GWe over the period from 2026 through 2030 as reactors are phased onto the grid. Applying our assumption of TRISO fuel pricing at approximately $50 – $80 million per MTU and approximately 16 MTU of TRISO fuel per GWe, based on the blended average fuel requirement across the mix of Advanced Reactor types management expects to be deployed at that time, we believe our cumulative dollar-denominated TAM through 2030 will be over $4 billion.

Furthermore, we estimate our cumulative serviceable addressable market ("SAM") opportunity to be approximately $3.2 billion, representing approximately three quarters of the estimated TAM through 2030. The SAM reflects management's assumptions as to the prospective market opportunity that may be available to us, taking into account our current and anticipated manufacturing capabilities, participation in key fuel qualification programs, and ongoing commercial engagement with reactor developers and project owners, as well as management's assessment that, in a near-term market with initially limited supply availability and limited competition from other industry participants able to deliver TRISO fuel at scale, we could have the opportunity to service a substantial portion of the total available market opportunity for TRISO fuel, as balanced by management's expectations relating to both our and prospective competitors' ability to scale during this period to pursue the TAM opportunity. The $3.2 billion SAM estimate includes the potential fuel orders and contract backlog described below and should not be viewed as incremental to those amounts. See also "*Industry and Market Opportunity*" for more information.

The TAM and SAM estimates represent management's assessment of the market opportunity that may be available to our business and are not a forecast of revenue or a representation that we will achieve any particular level of market share. We are an early-stage company with limited historical revenue, and there can be no assurance that the Advanced Reactor market will develop at the pace or scale reflected in these estimates, or that we will be able to capture the share of addressable demand contemplated by our SAM analysis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Specialization in TRISO, a Highly Configurable Fuel That Can Enable the Nuclear Renaissance**

We are primarily focused on TRISO fuel due to its inherent robustness and fuel-level containment characteristics, which support simplified reactor designs, passive safety performance and predictable operation.

TRISO fuel incorporates multiple concentric containment layers, designed to retain fission product under high temperatures and a wide range of operating conditions. These fuel-level characteristics provide intrinsic performance and safety benefits that reduce or eliminate the need for reliance on complex and active safety systems at the reactor level, which are typically needed for conventional light-water reactors.

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The DOE describes TRISO fuel as the "most robust nuclear fuel on Earth," noting that TRISO particles are more stable than traditional nuclear fuels and cannot melt under non-normal operating conditions.

These attributes are designed to translate to enhanced overall safety, lower capital intensity, reduced construction risk and improved schedule certainty relative to more system-dependent fuel technologies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Competitive Intellectual Property Moat Built for Scalability**

We retain ownership of our proprietary manufacturing processes, quality systems and operational know-how required to produce the TRISO-based fuels that meet our customers' unique specifications, including the final attributes and characteristics of the fuel products we deliver. Each step of our manufacturing process is protected by our intellectual property or other proprietary rights, which we believe gives us a competitive advantage over other companies that may rely on third-party input or licenses. While our customers define the specifications for the final fuel products they receive (the 'what'), we retain ownership of the underlying manufacturing methodologies, proprietary processes, and technical know-how (the 'how') utilized to arrive at those specifications.

This differentiation is based less on any one or more standalone patents and more on our process expertise, including equipment configuration, process control and monitoring parameters, quality assurance methodologies and manufacturing expertise accumulated over repeated production cycles.

Our competitive advantage is driven by our accumulated manufacturing experience, process control expertise and regulatory qualifications embedded in our platform, which we believe are hard to replicate and can improve with scale.

We expect this approach to reduce customer capital and execution risk while potentially creating high switching costs and durable differentiation as the nuclear industry evolves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Purpose**-Built**, Efficient Operational Facilities**

Our facilities are purpose-built for advanced nuclear fuel manufacturing, with an emphasis on centralized process control, regulatory rigor and scalable operations. We have invested in specialized equipment, integrated quality systems, and experienced operating teams to support repeatable production, continuous improvement and consistent performance as volume increases. We believe this disciplined, infrastructure-oriented approach positions our facilities at the leading edge of advanced nuclear fuel manufacturing and will support the market as it transitions into commercial deployments.

We have been deliberate about leaving the laboratory setting and operating at industrial scale, by leveraging our initial R&D activities to develop modular equipment and repeatable manufacturing processes that are intended to support consistent product quality and be scalable across facilities in compliance with applicable regulatory, security, and safety frameworks, allowing us to commercialize our manufacturing capability in a manner designed for sustained, high-throughput output and scalable expansion. This head start has also allowed us to internalize critical lessons and refine risk-mitigation strategies that only come from real-world, high-volume production operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Strong Backlog Visibility**

We benefit from enhanced visibility into our customer pipeline due to long lead times and the technical specificity associated with our customers' fuel requests. This visibility is further enhanced by our value proposition as the only independent advanced fuel supplier that is currently able to operate at-scale, ensuring trust and alignment with our customers, and enables a head start on any future competition. Fuel specifications are typically defined early in the reactor development process and require close coordination, resulting in structured commercial arrangements that may include Fuel Development Agreements and Fuel Sales Agreements that are often entered into well in advance of fuel delivery.

Our Fuel Development Agreements are customer-funded development arrangements under which we collaborate with customers to define reactor-specific fuel requirements and perform development activities to enable production of fuel that meets a customer's fuel specifications. The arrangements may include consulting, testing, and production of surrogate fuel and typically run six to twelve months, establishing technical baselines and commercial terms for future production. These development efforts allow us to establish and validate the process parameters and key manufacturing inputs necessary to reliably meet the customer's specifications at scale.

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Our Fuel Sales Agreement structure requires upfront customer deposit payments upon order, and milestone-based payments tied to production progress and payments for work performed to date, subject to minimum payment provisions, in the event of early termination. Under this structure, customers commit to provide deposits in advance of executing a definitive Fuel Sales Agreement and express intent to purchase specified quantities of fuel, with such deposits generally credited toward future fuel purchases. These deposits may become non-refundable upon achievement of agreed milestones and, in certain cases, may be retained by us if a customer elects not to proceed with a definitive Fuel Sales Agreement. However, delivery of fuel remains contingent upon execution of such definitive agreements. These payments provide visibility into customer demand and support production planning and capacity allocation. We believe this commercial structure supports disciplined capacity planning and reduces demand uncertainty.

As of the date of this prospectus, we are in the process of negotiating contracts for approximately $416 million in potential additional prospective fuel order opportunities, which we refer to as our "qualified pipeline." Our qualified pipeline represents vetted potential sales opportunities which are not yet subject to executed agreements, represent non-binding indications of interest and remain subject to negotiation of commercial terms and other conditions. This also includes vetted potential sales opportunities that would be serviced through our joint venture with Framatome, if definitive agreements are entered into. We make no assurance that any agreements with parties in our qualified pipeline will be entered into on the terms we anticipate or at all. See "*Risk Factors*."

Additionally, as of the date of this prospectus, we have up to $245 million total contract backlog, reflecting $65 million of funded backlog, $157 million of purchase options associated with executed contracts and $23 million of contingent unfunded backlog, each as described below. Collectively, our total contract backlog reflects amounts due under certain Fuel Development Agreements and Fuel Sales Agreements, together with our customers' aggregate minimum order commitments, contractually granted purchase options and intent-to-purchase amounts in connection with existing customer deposit arrangements.

Approximately $65 million of our contract backlog, which we refer to as our "funded" backlog, relates to executed Fuel Development Agreements and binding commitments for fuel delivery.

Approximately $157 million of our contract backlog, which we refer to as "purchase options under executed contracts," represents the dollar value of contractually granted but unexercised customer options to purchase additional fuel under existing agreements, including extension options, follow-on purchase rights, and volume options at predetermined or formula-based pricing. We use this metric to assess potential incremental demand from our existing customer base and to inform our capacity planning, though option exercise is at the sole discretion of the counterparty and there can be no assurance that any such option will be exercised or result in revenue. Option values are not reflected in our financial statements until exercised and converted to funded backlog.

The remaining $23 million of this backlog, which we refer to as our "unfunded" backlog, relates to arrangements that are contingent upon the execution of definitive Fuel Sales Agreements (or, in certain cases, definitive Fuel Development Agreements) and do not yet constitute binding commitments for fuel delivery. We use this metric as a distinction from contracted funded backlog to assess the breadth of prospective demand and to inform our capacity expansion planning, though these unfunded opportunities are not reflected in our financial statements and there can be no assurance that any such opportunity will result in a binding agreement or revenue. The contingent portion of the backlog primarily relates to offtake, capacity reservation or similar arrangements pursuant to which customers have made deposits or otherwise reserved or expressed an intent to purchase future TRISO fuel supply, but which remain subject to negotiation and execution of definitive agreements and are subject to various conditions, including customer performance and our ability to meet contractual and regulatory requirements, and therefore may not ultimately be realized as revenue.

Our approximately $416 million of qualified pipeline is not inclusive of our total contract backlog of up to $245 million.

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Below is a table detailing our qualified pipeline and total contract backlog:

---

| | | |
|:---|:---|:---|
|  | **Value ($mm)** | **Description** |
|  **Qualified pipeline** | 416 | Potential fuel orders under negotiation either directly through Standard Nuclear or via our joint venture with Framatome. |
|  **Total Contract Backlog** | 245 | Represents funded backlog, purchase options under executed contracts and unfunded backlog, each as detailed below. |
| &nbsp;&nbsp;&nbsp; *Funded* | 65 | Represents contracted fuel sales under binding commitments or agreements with firm delivery obligations, which provides direct visibility into near-term revenue. |
| &nbsp;&nbsp;&nbsp; *Purchase Option under Executed Contracts* | 157 | Represents the dollar value of contractually granted but unexercised customer options to purchase additional fuel under existing agreements, including extension options, follow-on purchase rights, and volume options at predetermined or formula-based pricing. |
| &nbsp;&nbsp;&nbsp; *Unfunded* | 23 | Represents the dollar value of intended fuel sales under memoranda of understanding, non-binding framework agreements or term sheets, and letters of intent. |

---

See "*Management's Discussion and Analysis of Financial Condition and Results of Operations — Key Performance Indicators*" for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Significant Government Support**

We participate in U.S. government initiatives designed to strengthen the domestic advanced nuclear fuel supply chain. We were selected by the DOE as the first recipient of the Fuel Line Pilot Program contract to support the development and operation of TRISO fuel fabrication capabilities, and we have entered into the OTA as a prime contractor to the DOE. We believe participation in these programs reflects our alignment with U.S. domestic energy policy and security priorities and supports the development and operation of TRISO fuel fabrication capabilities, including scale up and readiness for commercial deployment.

Our customers also include other U.S. government agencies (e.g., NASA), other DOE prime contractors, and national defense programs, who we support through the development and supply of advanced nuclear fuels required to power critical infrastructure both on Earth and in space, informing the future of our energy independence and national security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. World**-Class **Management Team**

Our management team brings significant execution-oriented experience and extensive track record in advanced nuclear fuel and infrastructure development and manufacturing which helps us reduce technical and operational risk at scale. Our leadership and technical staff include engineers and operators with prior experience in nuclear fuel fabrication, materials science, manufacturing scale-up and engagement with U.S. government agencies and national laboratories.

Unlike competitors where teams are focused on both reactor design and research, our workforce is oriented toward building, deploying and producing nuclear fuel cycle facilities and infrastructure at industrial scale.

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<u>**<u>Our Strategic Partnerships</u>**</u>

#### Department of Energy Partnership
*Pilot Program*

In August 2025, the DOE announced Standard Nuclear as the first U.S. company selected under its newly established Fuel Line Pilot Program, marking the first pilot project for advanced nuclear fuel lines, and we entered into the OTA as a prime contractor to the DOE in September 2025 to build, operate, and commission advanced fuel fabrication facilities at our Oak Ridge Facilities and Idaho Facility. The DOE stated that this initiative was issued in accordance with President Trump's Executive Order Deploying Advanced Nuclear Reactors for National Security and is designed to strengthen domestic nuclear fuel supply chains and "help eliminate America's reliance on foreign sources of enriched uranium and critical materials," while enabling private-sector investment in U.S. nuclear energy development.

Additionally, the DOE fuel line pilot program directly supports DOE's Reactor Pilot Program, which aims to have at least three advanced reactor designs achieve criticality by July 4, 2026, and both pilot programs advance the implementation of executive orders designed to reform reactor testing and deploy nuclear technologies for national security.

In parallel, the DOE's Loan Programs Office has signaled support for domestic nuclear manufacturing under its Title XVII authority, reflecting a policy emphasis on rebuilding U.S. nuclear supply-chain infrastructure. The Department of War is also advancing microreactor demonstration and deployment programs, including initiatives at Idaho National Laboratory, further reinforcing demand for qualified advanced nuclear fuel.

*Surplus Plutonium Utilization Program*

In June 2026, we were selected by the DOE for advanced negotiations under the Surplus Plutonium Utilization Program, which was established in accordance with President Trump's Executive Order Reinvigorating the Nuclear Industrial Base. The program aims to demonstrate disposition through use by making designated surplus plutonium material available to industry participants and enabling the conversion of those materials into fuel for advanced nuclear reactors. Plutonium is an energy-dense feedstock that is expected to be well-suited for safe, productive consumption as advanced nuclear fuel. As the only participant in the Surplus Plutonium Utilization Program without a proprietary reactor program, we intend to fabricate plutonium-based TRISO fuel as an independent supplier to any advanced reactor developer seeking to utilize this material. As of the date of this prospectus, we have not yet commenced any activities under the Surplus Plutonium Utilization Program.

Our participation in the program does not obligate us to any operations relating to the program and there can be no assurance that our participation in the program will generate revenue.

#### Framatome Joint Venture
We have formed a joint venture with Framatome, organized as a Delaware limited liability company under the name "Standard Nuclear × Framatome LLC" (the "SN Framatome JV"), the purpose of which is to manufacture and bring advanced fuel products, including TRISO fuel particles and other TRISO-based fuel forms, to market. The SN Framatome JV plans to utilize Framatome's existing Richland, Washington nuclear fuel manufacturing facility once the NRC 10 CFR Part 70 license for such facility has been amended and approved to allow the manufacture of TRISO fuel by the joint venture. The LAR for such license was submitted to the NRC in September 2024, accepted for review, and is anticipated to be finalized in the summer of 2026. Once approved, the Richland SN-F Facility will benefit from our modular equipment while leveraging Framatome's decades of experience in light-water reactor fuel production. By utilizing Framatome's existing infrastructure and commercial relationships, the SN Framatome JV can help integrate Standard Nuclear into an established global value chain.

Standard Nuclear holds a 66.667% percentage interest in the SN Framatome JV and Framatome holds a 33.333% percentage interest in the SN Framatome JV, with profits being distributed to us and Framatome proportionately based on such interests. The SN Framatome JV currently has no employees and is expected to operate through service agreements with both us and Framatome, pursuant to which each member will provide certain agreed services to the SN Framatome JV. Framatome's services are expected to cover, among other things,

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facility operations, environmental health and safety, regulatory compliance, manufacturing labor, and material storage at the Richland SN-F Facility. Standard Nuclear's services are expected to cover, among other things, process engineering, manufacturing equipment maintenance, product quality engineering, and procurement of specialized chemicals and materials for advanced fuel process manufacturing.

The business and affairs of the SN Framatome JV are managed by its board of directors (the "JV Board"), which is composed of three directors appointed by us and three directors appointed by Framatome. Actions to be taken by the six member JV Board typically require approval of a simple majority of directors. However, certain special matters require the approval of all directors then in office, including entry into loan agreements or similar borrowing arrangements, the admission of new members or changes in percentage interests, and the purchase or sale of real estate or assets necessary for the SN Framatome JV's purpose.

The SN Framatome JV is also subject to ongoing oversight by the Committee on Foreign Investment in the United States ("CFIUS") pursuant to a national security agreement (the "NSA"). Among other things, the NSA subjects Framatome, the Company and the SN Framatome JV to restrictions and oversight related to the receipt, storage, processing, and distribution of our proprietary information related to the design or fabrication of TRISO particles and TRISO-based fuel forms that is shared with the joint venture.

#### Oklo Partnership
On April 13, 2026, we entered into a non-binding memorandum of understanding with Oklo Inc., an advanced nuclear technology company, to explore commercial collaboration on nuclear fuel recycling and advanced fuel manufacturing. The MOU aligns with recent White House executive orders aimed at accelerating U.S. nuclear energy deployment and establishing domestic supplies of critical nuclear materials and fuel. Under the MOU, the collaboration would focus on the supply of reprocessed uranium and uranium-transuranic material streams from used nuclear fuel, which could serve as feedstock for our TRISO fuel manufacturing.

In addition, the MOU establishes a framework for the companies to collaboratively explore the responsible use of U.S. surplus plutonium for advanced reactor fuel, following both companies' selection by the DOE for advanced negotiations under the Surplus Plutonium Utilization Program. The companies intend to evaluate opportunities to collaborate on shared facilities, licensing, packaging, and transportation to support secure, cost-effective conversion of surplus plutonium into advanced reactor fuel for clean, baseload electricity.

The MOU is generally non-binding, other than certain customary provisions relating to confidentiality and fees and expenses, among other things, and does not create any obligation on either party to enter into any definitive agreement or to consummate any transaction. There can be no assurance that the collaboration contemplated by the MOU will result in definitive agreements or generate revenue.

#### Risks Related to Our Business and Investment in Our Class A Common Stock
Investing in our Class A common stock involves a high degree of risk. You should carefully consider the risks highlighted in the section titled "Risk Factors" immediately following this prospectus summary before making an investment decision. We may be unable for many reasons, including those that are beyond our control, to implement our business strategy successfully. Some of these risks are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are an early-stage company with a limited operating history, which makes it difficult to evaluate our prospects and increases the risk of your investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Successful execution of our business model is dependent upon public support for nuclear power in the United States and other countries, as well as continued demand for nuclear energy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The market for alternative low carbon energy generation technologies has not yet been established and may not achieve the potential we expect or may grow more slowly than expected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the price of non-nuclear energy sources falls, whether as the result of government policy or otherwise, there could be an adverse impact on nuclear energy, which would have a material adverse effect on our operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Backlog may not be realized or may not result in profits and may not accurately represent future revenue.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are dependent on management and key personnel for our success, and the loss of any such individuals could have a material adverse effect on our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our TRISO fuel production is dependent on our customers receiving enriched uranium (including HALEU) from third-party suppliers, and any difficulty in our customers obtaining these materials could adversely affect our business, financial condition, and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The financial difficulties experienced by, and operating conditions of, our customers and suppliers could adversely affect our results of operations and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we infringe, misappropriate or otherwise violate, or are alleged to infringe, misappropriate or otherwise violate, intellectual property or other proprietary rights of third parties, our business, financial condition, and results of operations could be adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we are unable to obtain, maintain, protect or enforce our intellectual property and similar proprietary rights, including trade secrets relating to our technology, the commercial value of our technology and our business, financial condition and results of operations may be adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The occurrence of cybersecurity incidents or disruptions to or involving our information technology systems or those of our service providers, or a deficiency in our cybersecurity or the cybersecurity of our service providers, could negatively impact our business, financial condition, and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The nuclear power industry is a highly regulated industry and evolving regulations may impose additional compliance costs or require design modifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The SN Framatome JV may be dissolved if certain regulatory, operational, and commercial milestones are not achieved, and we may be required to reimburse Framatome for certain expenditures in connection with any such dissolution, which could materially and adversely affect our business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Safeguards and security requirements for special nuclear material impose significant ongoing operational burdens and costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our operations involve the use, transportation and disposal of toxic, hazardous and/or radioactive materials and could result in liability without regard to fault or negligence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Despite acquiring the Ultra Safe assets "free and clear" of any specified claims and interests, we could still be responsible for successor, statutory, or other legacy liabilities associated with the acquired assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may discover title defects, unreleased liens, real property restrictions, or breaks in intellectual property chain of title (including with respect to the assets acquired from Ultra Safe) that require costly remediation and could constrain operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Environmental conditions, waste liabilities, or decommissioning obligations associated with the acquired assets may exceed our estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Most members of our management team have limited experience managing a public company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The market price of our Class A common stock may be volatile or may decline steeply or suddenly regardless of our operating performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New investors in our Class A common stock will suffer immediate and substantial dilution in the book value of the shares purchased in this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In order to fulfill our business plan, we may require additional funding, and our ability to obtain such funding will be dependent on market conditions and the progress of our business, and we may not be able to obtain such funding on favorable terms or at all.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have identified material weaknesses in our internal control over financial reporting. If our remediation of such material weaknesses is not effective, or if we experience additional material weaknesses in the future or otherwise fail to develop and maintain effective internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable laws and regulations could be impaired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business and operations could be negatively affected if we become subject to any securities litigation or stockholder activism, which could cause us to incur significant expense, hinder execution of business and growth strategy, and impact our stock price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sales of substantial amounts of our Class A common stock could cause the market price of our Class A common stock to decline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Some provisions of Delaware law and our restated certificate of incorporation and restated bylaws may deter third parties from acquiring us and diminish the value of our Class A common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our restated certificate of incorporation will designate the Court of Chancery of the State of Delaware as the exclusive forum for certain litigation that may be initiated by our stockholders and the federal district courts of the U.S. as the exclusive forum for litigation arising under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The dual class structure of our common stock has the effect of concentrating voting control with our Founder and Executive Chairman, Thomas Hendrix; this will limit or preclude your ability to influence corporate matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are a "controlled company" within the meaning of the NYSE rules and, as a result, qualify for, and will rely on, exemptions from certain corporate governance requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may issue shares of preferred stock in the future, which could make it difficult for another company to acquire us or could otherwise adversely affect holders of our Class A common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We do not intend to pay dividends on our Class A common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For as long as we are an EGC, we will not be required to comply with certain reporting requirements, including those relating to accounting standards and disclosure about our executive compensation, that apply to other public companies.

If we are unable to adequately address these and other risks we face, our business, results of operations, financial condition, and prospects may be adversely affected.

#### Corporate Information
We were incorporated in Delaware on July 15, 2024 as a corporation and ultimately commenced operations on January 13, 2025. Our principal executive offices are located at 200 Europia Ave., Oak Ridge, TN 37830 and our telephone number is 845-258-0016. Our website address is *www.standardnuclear.com*. The information on, or that can be accessed through, our website is not incorporated by reference into this prospectus and should not be considered part of this prospectus.

#### Channels for Disclosure of Information
Following the completion of this offering, investors, the media, and others should note that we intend to announce material information to the public through filings with the SEC, the investor relations page on our website, press releases, public conference calls, and webcasts.

The information disclosed by the foregoing channels could be deemed to be material information. As such, we encourage investors, the media, and others to follow the channels listed above and to review the information disclosed through such channels.

Any updates to the list of disclosure channels through which we will announce information will be posted on the investor relations page on our website.

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#### Implications of being a controlled company
Upon the completion of this offering, Thomas Hendrix, our Founder and Executive Chairman, will beneficially own approximately % of the voting power of our outstanding capital stock (or approximately % if the underwriters exercise their option to purchase additional shares of our Class A common stock in full). As a result, we will qualify for, and intend to rely on, exemptions from certain corporate governance requirements, and you will not have the same protections as those afforded to stockholders of companies that are subject to such governance requirements. See "*Management — Controlled Company Exemption"* and *"Risk Factors — Risks Related to Being a Public Company, Investment in Our Class A Common Stock and This Offering — We are a "controlled company" within the meaning of the NYSE rules and, as a result, qualify for, and will rely on, exemptions from certain corporate governance requirements.*"

#### Implications of Being an Emerging Growth Company
As a company with less than $1.235 billion in revenues during our last completed fiscal year, we qualify as an "emerging growth company" as defined in the JOBS Act (an "EGC"). An EGC may take advantage of specified reduced reporting requirements that are otherwise applicable generally to public companies. These reduced reporting requirements include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced obligations with respect to financial data requiring us to present only two years of audited financial statements (instead of three years), in addition to any required unaudited interim financial statements, with correspondingly reduced "Management's Discussion and Analysis of Financial Condition and Results of Operations" disclosure in our initial registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exemption from compliance with the auditor attestation requirement on the effectiveness of our internal control over financial reporting pursuant to the Sarbanes-Oxley Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exemption from compliance with any requirement that the Public Company Accounting Oversight Board may adopt regarding a supplement to the auditor's report providing additional information about the audit and the financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced disclosure about our executive compensation arrangements in our periodic reports, registration statements, and proxy statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exemption from the requirements to obtain a non-binding advisory vote on executive compensation or a stockholder approval of any golden parachute arrangements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• extended transition periods for complying with new or revised accounting standards.

We will remain an EGC until the earliest to occur of: (i) the end of the first fiscal year in which our annual gross revenues are $1.235 billion or more; (ii) the end of the first fiscal year in which we are deemed to be a "large accelerated filer," as defined in the Exchange Act; (iii) the date on which we have, during the previous three-year period, issued more than $1.0 billion in non-convertible debt securities; and (iv) the end of the fiscal year during which the fifth anniversary of this listing occurs. We may choose to take advantage of some, but not all, of the available benefits under the JOBS Act. We are electing to use the extended transition periods available under the JOBS Act for complying with new or revised accounting standards, and we currently intend to take advantage of the other exemptions discussed above. Accordingly, the information contained herein may be different from the information you receive from other public companies in which you hold stock.

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#### The Offering

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| | |
|:---|:---|
|  Class A common stock offered by us | shares |
|  Underwriters' option to purchase additional shares of Class A common stock | <br> shares |
|  Class A common stock to be outstanding after this offering | <br> shares (or shares if the underwriters exercise their option to purchase additional shares of Class A common stock in full) |
|  Class B common stock to be outstanding after this offering | <br> shares |
|  Total Class A and Class B common stock to be outstanding upon completion of this <br>offering | <br>shares (or shares if the underwriters exercise their option to purchase additional shares of Class A common stock in full) |
|  Use of proceeds | We intend to use the net proceeds of this offering for working capital and other general corporate purposes. We may also use a portion of the net proceeds to acquire or invest in complementary businesses, products, services, technologies or assets. See "*Use of Proceeds*." |
|  Lock-Up Agreements | In connection with this offering, we, our directors, executive officers and our other existing security holders have entered into lock-up agreements or market standoff provisions in agreements with us that, for a period of 180 days after the date of this prospectus, and subject to certain exceptions, prohibit us and them from offering for sale, selling, contracting to sell, granting any option for the sale of, transferring or otherwise disposing of any shares of our Class A common stock and of any securities convertible into or exercisable for shares of our Class A common stock (including our Class B common stock), without the prior written consent of BofA Securities, Inc. and Goldman Sachs & Co. LLC (the "representatives"). See "*Underwriting*" for additional information. |
|  Voting Rights | Upon the completion of this offering, we will continue to have two authorized classes of voting common stock, Class A common stock and Class B common stock. Each share of Class A common stock is entitled to one vote per share and each share of Class B common stock is entitled to 20 votes per share.<br> Holders of Class A common stock and Class B common stock vote together as a single class on all matters (including the election of directors) submitted to a vote of stockholders, unless otherwise required by law or specified in our restated certificate of incorporation to be in effect upon the completion of this offering. Upon the completion of this offering, Thomas Hendrix, our Founder and Executive Chairman, will beneficially own approximately % of the total combined voting power of our outstanding capital stock (or approximately % if the underwriters exercise their option to purchase additional shares of our Class A common stock in full). As a result, current and future holders of the outstanding shares of Class B common stock will have the ability to control the outcome of matters submitted to our stockholders for approval, including the election of our directors and the approval of any change of control transaction. See "*Description of Capital Stock — Class A Common Stock and Class B Common Stock — Voting Rights*" for more information. |
|  | Upon the completion of this offering, we will continue to have two authorized classes of voting common stock, Class A common stock and Class B common stock. Each share of Class A common stock is entitled to one vote per share and each share of Class B common stock is entitled to 20 votes per share.<br> Holders of Class A common stock and Class B common stock vote together as a single class on all matters (including the election of directors) submitted to a vote of stockholders, unless otherwise required by law or specified in our restated certificate of incorporation to be in effect upon the completion of this offering. Upon the completion of this offering, Thomas Hendrix, our Founder and Executive Chairman, will beneficially own approximately % of the total combined voting power of our outstanding capital stock (or approximately % if the underwriters exercise their option to purchase additional shares of our Class A common stock in full). As a result, current and future holders of the outstanding shares of Class B common stock will have the ability to control the outcome of matters submitted to our stockholders for approval, including the election of our directors and the approval of any change of control transaction. See "*Description of Capital Stock — Class A Common Stock and Class B Common Stock — Voting Rights*" for more information. |

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| | |
|:---|:---|
|  Conversion and Related Rights | Our Class A common stock is not convertible into any other class of shares.<br> Our Class B common stock is convertible into shares of our Class A common stock on a one-for-one basis at the option of the holder. In addition, each share of Class B common stock will automatically convert into one share of Class A common stock upon the occurrence of certain events described in "*Description of Capital Stock — Class A Common Stock and Class B Common Stock — Conversion*." |
|  Dividend Policy | We currently anticipate that we will retain our future earnings to fund the development and growth of our business and do not anticipate declaring or paying any cash dividends on our capital stock in the foreseeable future. Therefore, there can be no assurance that we will pay any dividends to holders of our common stock, or as to the amount of any such dividends. Any future determination to pay dividends on our common stock will be at the discretion of our board of directors and will depend upon, among other factors, our financial condition, operating results, earnings, current and anticipated liquidity and capital requirements, plans for expansion, level of indebtedness, contractual restrictions with respect to payment of dividends, restrictions imposed by Delaware law, general business conditions, and any other factors that our board of directors deems relevant in making such a determination. See "*Dividend Policy*." |
|  Controlled company | Upon the completion of this offering, Thomas Hendrix, our Founder and Executive Chairman, will beneficially own approximately % of the voting power of our shares of our outstanding capital stock (or approximately % if the underwriters exercise their option to purchase additional shares of our Class A common stock in full). As a result, we will be a "controlled company" as defined under the corporate governance rules of the NYSE and, therefore, will qualify for, and intend to rely on, exemptions from certain corporate governance requirements of the NYSE. See "*Management — Controlled Company Exemption.*"<br> As long as Mr. Hendrix beneficially owns a majority of the voting power of our outstanding shares of common stock, he will generally be able to control the outcome of matters submitted to our shareholders for approval, including the election of directors, without the approval of our other shareholders. See *"Risk Factors — Risks Related to Being a Public Company, Investment in Our Class A Common Stock and This Offering — We are a "controlled company" within the meaning of the NYSE rules and, as a result, qualify for, and will rely on, exemptions from certain corporate governance requirements.*" |

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| | |
|:---|:---|
|  Reserved Share Program | The underwriters have reserved for sale at the initial public offering price up to % of the shares of Class A common stock being offered by this prospectus for sale to our employees, executive officers, directors, and other related persons of the Company who have expressed an interest in purchasing our Class A common stock in this offering. The sales will be made at our direction by and its respective affiliates through a reserved share program. Except for any shares acquired by our directors and officers, shares purchased pursuant to the reserved share program will not be subject to lock-up agreements with the underwriters. We do not know if these persons will choose to purchase all or any portion of these reserved shares, but any purchases they make will reduce the number of shares of Class A common stock available to the general public. Any reserved shares that are not so purchased will be offered by the underwriters to the general public on the same basis as the other shares offered by this prospectus. See the section titled "*Underwriting — Reserved Share Program"* for additional information. |
|  Risk factors | See "*Risk Factors*" beginning on page 31 and other information included in this prospectus for a discussion of factors that you should consider carefully before deciding to invest in our Class A common stock. |
|  Proposed NYSE ticker symbol | "STDN" |

---

The number of shares of our Class A common stock and Class B common stock to be outstanding upon the completion of this offering is based on shares of Class A common stock and shares of Class B common stock outstanding as of , and excludes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of our Class A common stock issuable upon the exercise of stock options outstanding as of , with a weighted-average exercise price of $ per share, granted under the 2025 Stock Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of our Class A common stock reserved for future issuance under the 2026 Plan and shares of Class A common stock reserved for future issuance under our ESPP, which plans will become effective in connection with this offering and contain provisions that will automatically increase their share reserves each year, as more fully described in "*Executive Compensation — Employee Benefit Plans*"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of our Class B common stock issuable to Mr. Hendrix pursuant to the Class B Equity Exchange Agreement.

Following the completion of this offering, and pursuant to the Class B Equity Exchange Agreement, Mr. Hendrix shall have a right (but not an obligation) to require us to exchange any of the shares of our Class A common stock that may be received by Mr. Hendrix upon the exercise, vesting, and/or settlement of certain equity awards held by Mr. Hendrix for an equivalent number of shares of Class B common stock.

Except as otherwise indicated, all information in this prospectus assumes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a -for- stock split of our capital stock that was effected on , 2026 (the "Stock Split");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the automatic conversion of outstanding shares of our convertible preferred stock outstanding as of into an aggregate of shares of Class A common stock immediately prior to the completion of this offering (the "Preferred Conversion");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the occurrence of the Class B Conversion immediately prior to the completion of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the occurrence of the Class B Stock Exchange immediately prior to the completion of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no exercise or cancellation of outstanding options or repurchase of restricted stock by us pursuant to any applicable repurchase options subsequent to ;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an initial public offering price of $ per share of Class A common stock, which is the midpoint of the price range set forth on the cover page of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the filing and effectiveness of our restated certificate of incorporation and the adoption and effectiveness of our restated bylaws, each of which will occur immediately prior to the completion of this offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no exercise by the underwriters of their option to purchase up to an additional shares of our Class A common stock in this offering.

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#### Summary Consolidated Financial Data
The following tables summarize our consolidated financial data. We have derived the summary consolidated statements of operations data for the year ended December 31, 2025 and the period ended December 31, 2024 and the summary consolidated balance sheet data as of December 31, 2025 from our audited consolidated financial statements included elsewhere in this prospectus. You should read the following summary consolidated financial data in conjunction with "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" and our consolidated financial statements and related notes included elsewhere in this prospectus. Our historical results are not necessarily indicative of the results to be expected for any other period in the future.

#### Consolidated Statements of Operations Data

---

| | | |
|:---|:---|:---|
|  | **For the <br>fiscal year <br>ended <br>December 31, <br>2025** | **For the period <br>from <br>July 15, 2024 <br>(inception) <br>through <br>December 31, <br>2024** |
|  Revenue | $3140065 | $— |
|  Cost of goods sold | 7672905 |  |
|  General and administrative costs | 4499520 | 670633 |
|  Research and development expense |  | 30297773 |
|  **Loss from operations** | **(9032360)**  | **(30968406)** |
|  Other expense (income): |  |  |
| &nbsp;&nbsp;&nbsp; Increase in fair value of SAFE Notes | 7725000 | 25628000 |
| &nbsp;&nbsp;&nbsp; Gain on extinguishment of debt | (853000) |  |
| &nbsp;&nbsp;&nbsp; Interest income | (363415) |  |
|  **Loss before income tax benefit** | **(15540945)**  | **(56596406)** |
|  Income tax benefit |  |  |
|  **Net loss** | $**(15540945)**  | $**(56596406)** |

---

---

| | | |
|:---|:---|:---|
|  | **For the <br>Three Months <br>Ended <br>March 31, <br>2026** | **For the <br>Three Months <br>Ended <br>March 31, <br>2025** |
|  Revenue | $593802 | $377926 |
|  Total cost of revenue | 5006006 | 1120504 |
|  General and administrative costs | 3832048 | 671213 |
|  **Loss from operations** | (8244252) | (1413791) |
|  Other expense (income): |  |  |
| &nbsp;&nbsp;&nbsp; Increase in fair value of SAFE Notes |  | 7725000 |
| &nbsp;&nbsp;&nbsp; Gain on extinguishment of debt |  | (853000) |
| &nbsp;&nbsp;&nbsp; Interest income | (529301) |  |
|  **Loss before income tax benefit** | **(7714951)** | **(8285791)** |
|  Income tax benefit |  |  |
|  **Net loss** | $**(7714951)** | $**(8285791)** |

---

#### Consolidated Balance Sheet Data

---

| | |
|:---|:---|
|  | **As of<br>March 31, <br>2026** |
|  Cash and cash equivalents | $124925366 |
|  Total assets | $146048875 |
|  Total liabilities | $7370263 |
|  Total Stockholders' deficit | $(76321384) |

---

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#### LETTER FROM OUR FOUNDER
The future of human prosperity depends on energy abundance. Global energy demand is accelerating as artificial intelligence, electrification, and industrial baseload requirements converge into an unprecedented need for continuous, large-scale power availability. Technological advancement, industrial development, and global stability are all reliant on our capacity to generate safe, reliable, and scalable baseload power. Meeting this demand will not be easy — but the cost of inaction is far greater than the burden of this effort.

I. Nuclear energy is no longer optional.

Nuclear fission represents one of the most concentrated and enduring sources of power ever harnessed, offering a path to scalable energy production without the constraints of intermittency or the carbon footprint associated with many alternatives. I believe nuclear is uniquely positioned to provide clean baseload power for a world that increasingly depends on resilient energy systems. Realizing that potential, however, requires overcoming decades of underinvestment, complex regulatory requirements, and the difficult work of rebuilding domestic industrial capacity that was allowed to atrophy.

The next chapter of human progress — artificial intelligence, advanced manufacturing, sovereign industrial capacity, resilient grids, and space exploration — will be enabled by one fundamental input: boundless energy. This future will require more than new reactor designs. It will require the industrial supply chains that make safe, modern nuclear systems real: the fuels, materials, and distribution networks that enable deployment at scale and at costs that support broad commercial adoption. Those supply chains do not yet exist at the scale required — and closing that gap is the defining industrial challenge of this energy transition.

More than an engineering or technology challenge, this is an industrial and strategic imperative. Energy security and national security are inherently inseparable, and the ability to deploy nuclear power at scale will depend on domestic capacity to produce the fuels and materials that underpin the entire sector. The United States can only meet twenty-first century power demands by reducing reliance on fragmented legacy fuel infrastructure and foreign-controlled supply chains for critical nuclear inputs. The path forward demands disciplined execution and sustained commitment — and the opportunity for companies that rise to that standard is commensurately large.

II. A new standard for nuclear energy.

Standard Nuclear is building America's advanced nuclear fuel and materials company. We design, manufacture, and deliver advanced nuclear fuel and critical components across the most valuable segments of the nuclear energy supply chain. Our work supports the foundational building blocks of nuclear power generation and a secure energy future, addressing what we believe is the most critical bottleneck in advanced nuclear deployment: the industrialization of fuel and materials at scale.

We are defining a new category in American energy. Rather than operating within legacy silos of fuel or materials supply chains, Standard Nuclear is creating an integrated advanced nuclear fuel platform designed for industrial throughput. The materials we fabricate are essential to the future of nuclear deployment across the United States and beyond. Our growth is driven by America's accelerating demand for abundant, reliable energy — and tempered by our recognition that scale in this industry must be earned through demonstrated operational performance, not projected on a timeline.

We are not building for a single reactor design or one generation of technology, but for the broader nuclear ecosystem that must emerge to support sustained national energy expansion. By integrating advanced chemical processing, precision manufacturing, and gold standard nuclear operations into a unified platform, we are establishing the backbone required for repeatable, high-volume fuel production — and setting a new standard for what it means to deliver nuclear capability with speed, rigor, and credibility. We understand that execution in a heavily regulated, capital-intensive industry is difficult, and we have structured our company accordingly.

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III. Technology and regulatory convergence.

Delivering advanced nuclear fuel at scale requires deep capability across chemical processing, precision manufacturing, advanced materials science, and compliance-grade safety and quality control. Standard Nuclear is building this infrastructure as a unified platform — enabling faster iteration, tighter process and safety control, and a clear path from early production to full industrial deployment. We do not underestimate the complexity of what that path requires.

Today, Standard Nuclear operates a fully licensed facility under Department of Energy (DOE) regulation and is currently processing HALEU fuel. We are an active participant in the U.S. DOE's Fuel Pilot Program, providing fuel for reactor demonstrations in the near term while retaining commercial independence to sell fuel directly to reactor developers in the long term. Simultaneously, we will be operating under Nuclear Regulatory Commission (NRC) authority through a joint venture with Framatome, Inc. — one of the most established and experienced nuclear fuel manufacturers globally — using existing facilities licensed under the NRC. This structure provides a clear and credible dual path for operations under both DOE and NRC oversight, and is an output of our commitment to working hand in hand with regulators to deliver nuclear supply chain infrastructure.

Fabrication of advanced nuclear fuel is among the most technically demanding and highly regulated industrial undertakings in the world today. Progress in this sector is not measured in intent, but in demonstrated operational capability under real regulatory oversight. Safety, quality assurance, and regulatory compliance are not constraints on our work — they are our core operating principles and prerequisites for earning and preserving public trust for the entire industry. Our mission is to produce the most critical, highest value materials necessary for a safe and sustainable energy future for the United States and beyond.

Safe, reliable, scalable — this is the New Standard.

Thomas Hendrix

Founder & Executive Chairman

Standard Nuclear, Inc.

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#### Risk Factors
*Investing in our Class A common stock involves a high degree of risk. You should carefully consider the risks* described *below, as well as the other information in this prospectus, including our consolidated financial statements and the related notes and "Management's Discussion and Analysis of Financial Condition and Results of Operations," before deciding whether to invest in our Class A common stock. The occurrence of any of the events or developments described below could materially and adversely affect our business, financial condition, results of operations and growth prospects. If any such events or developments occurs, the market price of our common stock could decline, and you may lose all or part of your investment. Additional risks and uncertainties not presently known to us or that we currently believe are not material may also impair our business, financial condition, results of operations and growth prospects.*

#### Risks Related to Our Business and Industry

#### We are an early-stage company with a limited operating history, which makes it difficult to evaluate our prospects and increases the risk of your investment.
Our company was built on the basis of certain nuclear-fuel related assets purchased at auction in late 2024 following the bankruptcy of the Ultra Safe Nuclear Corporation and we have a limited operating history upon which investors can evaluate our business and prospects. While we have commenced commercial operations, our business model and operating assumptions remain unproven at the industrial scale we are targeting, and we may not achieve the growth, yields, or profitability that we expect. As we transition from our initial development and commercial activities to regulated manufacturing of nuclear fuels at scale, we must continue to establish repeatable processes, qualify suppliers, and demonstrate compliance programs across our existing and planned facilities.

There are significant operational, regulatory, and supply chain risks inherent to scaling nuclear fuel manufacturing. Building and operating a nuclear-grade fuel manufacturing organization presents unique execution risks not faced by many early-stage companies, including mandatory third-party audits and regulator inspections tied to our quality assurance, compliance, security and safeguard and environmental programs and constrained logistics for nuclear material. For example, we are required to maintain a nuclear-grade quality assurance program at our facilities and any failure to establish, implement or maintain an acceptable quality program in compliance with industry standards and regulatory requirements could have a material adverse effect on our business. See also "— *Failure to maintain an effective nuclear*-grade *quality assurance program could disqualify us from supplying customers.*" Our limited operating track record increases the risk that our compliance and quality assurance efforts may not be effective as we scale our operations across multiple manufacturing sites. In addition, our actual results of operations could differ materially from our expectations due to factors such as deviations from our standard operating protocols or processes (including, for example, deviations arising from equipment calibration failures, power outages or human error), longer-than-expected qualification timelines, rework and compliance program ramp-up, all of which could lead to yield loss and an increase in our production of products which do not conform to the specifications required, which could have an adverse effect on our customer relationships and financial results.

We may also need to change or supplement our manufacturing flows, facility layout, or staffing model as we scale, which can disrupt operations and require additional capital. As a result, our historical results may not be indicative of future performance, and investors should not rely on them as evidence of our ability to execute our business plan.

#### We have incurred net losses and negative cash flows, and we may never achieve or sustain profitability.
We have historically incurred significant operating losses and negative cash flows since our inception in July 2024 as we invested in R&D, facilities, and commercialization of our nuclear fuel manufacturing and products. As of March 31, 2026, we had an accumulated deficit of $79.9 million, and negative operating cash flows of $4.3 million, and for the year ended December 31, 2025 and the period ended December 31, 2024, we had an accumulated deficit of $72.1 million and $56.6 million, respectively, and negative operating cash flows of $6.7 million and $0.4 million, respectively. We expect our expenses to increase substantially in the near term as we expand headcount, continue to implement safeguards and security programs, and commission additional specialized equipment. Our ability to achieve and sustain profitability will depend on, among other things, successful development, licensing, qualification, and commercialization of our products, sufficient access by our customers to enriched uranium (including HALEU) to enable our manufacturing activities, and continued development by our customers of advanced nuclear reactors that may be

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***Successful execution of our business model is dependent upon public support for nuclear power in the United States and other countries, as well as continued demand for nuclear energy.***

Our business is dependent, in part, upon public and political support for nuclear power in the United States and other countries, as well as continued demand for nuclear energy driven by, among other things, the growth of hyperscale data centers and AI-related energy generation demands and the continuation of the other factors expected to drive energy demand described in the Wood Mackenzie Report. See also "*Risk Factors — Interest in nuclear power has been driven, in part, by demand from data centers and artificial intelligence applications, and any reduction in such demand could adversely affect our business and the broader nuclear energy market*". Adverse public reaction, increased regulatory scrutiny, and related litigation has in the past contributed to extended licensing and construction periods for nuclear power facilities, sometimes severely delaying construction schedules, or even shutting down operations at already-constructed nuclear power facilities. Currently, public support for nuclear power is influenced by its role as a source of low-carbon baseload electricity and growing concerns regarding climate change associated with fossil fuels. In addition, public support could in part be driven by views relating to the desirability of AI and the energy needed to continue to advance and scale AI use and infrastructure. Public opinion regarding nuclear energy, however, has historically fluctuated and remains subject to change. Future shifts in public sentiment on nuclear power, whether driven by political, environmental, safety-related or other factors, or as to AI and the benefits of continuing to scale power generation and infrastructure needs in support of AI, could result in lessened support or increased opposition to nuclear power, which could adversely affect regulatory policies, licensing, operations and the overall demand for nuclear energy. Any of these effects could materially and adversely affect our business, financial condition, and results of operations.

The risks associated with uses of radioactive materials in our nuclear fuel manufacturing facilities and the nuclear power generation facilities of our customers, and the public perception of those risks, can directly and indirectly affect our business and the business of our customers. In addition, journalists, trade press and other third parties, potentially including one or more of the agencies with regulatory jurisdiction over us, may publish statements that negatively affect the public or political perception of us or nuclear energy. We may also face adverse public or political perception due to a variety of environmental and social factors, which could increase as relevant standards continue to evolve. Stakeholder and policymaker expectations on such matters are not uniform, and any failure to successfully navigate such expectations may result in various adverse impacts. This includes potential pressure from investors, who may divest from or decline to invest in nuclear-related businesses due to concerns over waste, security and the long-term impact on local communities, thereby restricting our access to capital. Furthermore, nuclear fuel fabrication and the use of new nuclear fuels in reactors must be performed under the jurisdiction of the NRC or DOE and equivalent governmental authorities around the world. In many countries, the licensing process includes public hearings in which opponents of the use of nuclear power might be able to cause the issuance of required licenses to be delayed or denied. Such opposition by third parties can delay or prevent the licensing and construction of new nuclear facilities, including nuclear fuel manufacturing facilities, or the restart of existing nuclear facilities, result in increased regulatory requirements and costs or increase the likelihood that our operations could become subject to liabilities or adverse claims. Any reduction or elimination of our ability to further scale our nuclear fuel manufacturing facilities or to maintain and satisfy our existing customer contracts or enter into future customer contracts as a result of lower public support, less raw materials, lower demand, increased regulation, or increased costs could adversely affect our business, financial condition, and results of operations.

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***Interest in nuclear power has been driven, in part, by demand from data centers and artificial intelligence applications, and any reduction in such demand could adversely affect our business and the broader nuclear energy market.***

Interest in nuclear power in the United States has been driven, in part, by the rapid growth of artificial intelligence and the corresponding demand from hyperscale data center operators for reliable, low-carbon energy. Data center operators increasingly require continuous baseload power that the existing electrical grid may not be able to reliably supply, and nuclear energy has emerged as one of the few viable sources of "behind-the-meter" generation capable of meeting this demand. This dynamic has been a meaningful catalyst for renewed investment, development activity, and public policy support across the nuclear energy sector, including advanced reactor designs such as small modular reactors and microreactors.

However, the trajectory of AI development and adoption, and the associated demand for data center capacity and energy, is inherently uncertain. Because the current advanced reactor design and deployment activity, including microreactors and small modular reactors, is being driven in part by the data center sector's need for dedicated, reliable power, a contraction in or a decrease in the energy needs of that market could delay or reduce demand for new nuclear capacity and, in turn, demand for the nuclear fuel products we manufacture. Further, if any of the other anticipated factors driving energy demand described in the Wood Mackenzie Report do not materialize, either at all or to the extent currently expected, it could also reduce the demand for our nuclear fuel, potentially materially.

In addition, a slowdown in AI-driven demand for nuclear energy could reduce the flow of public and private capital into the nuclear sector, which has benefited from heightened investor interest tied to the AI and data center growth thesis. If capital markets shift away from the nuclear energy sector, our ability to raise additional funding, attract strategic partners, or achieve favorable valuations could be adversely affected. Any sustained reduction in demand for nuclear energy driven by a decline in AI and data center growth or energy needs could have a material adverse effect on our business, financial condition, results of operations, and prospects.

***Our future performance is dependent on the commercialization timelines of advanced reactor developers, which are subject to significant uncertainty and factors outside of our control — any of which may impact our ability to achieve our target production capacities or our assumed TRISO pricing.***

Our future growth and financial performance depend heavily on our current and potential customers' successfully developing and commercializing advanced nuclear reactors. These reactor technologies are in early stages of development and have not yet been deployed at commercial scale. A wide range of technical, regulatory, financial and operational factors influence the commercialization timelines of advanced reactor companies. As a result, the timing and success of our customers' reactor programs are subject to significant uncertainty and forces outside of our control, and we have limited ability to influence the pace at which Advanced Reactors are commercialized. If our customers are unable to reach commercial scale, our anticipated revenues and results of operations could be adversely affected. In this case, we may not be able to reach our target production capacity of up to 40 MTU, or achieve our other production capacity scaling goals or our assumed TRISO pricing. Any of these events may cause a material adverse effect on our business, financial condition, results of operations or prospects.

#### Changes in our customers' fuel specifications could increase costs, delay deliveries and adversely affect our business and customer relationships.
The value we bring to our customers is concentrated in our ability to fabricate TRISO fuel to meet their unique specifications. Because the advanced reactor designs of our customers are still in progress, their TRISO fuel specifications may change over time. Such changes could require us to modify our manufacturing processes or overcome regulatory approvals in ways we cannot anticipate and are not equipped to handle. If we cannot meet these unanticipated customer specifications, we could face increased costs, delayed deliveries and a decrease in number of customers willing to use us for their TRISO fuel requirements.

#### Negative publicity or adverse media coverage could damage our reputation and harm our business.
Our business depends on the confidence of customers, regulators, partners, investors, and local communities. Negative publicity, whether accurate or not, concerning our industry, our company, our management team, our safety and security practices, environmental impacts of nuclear fuel, or the use of HALEU, uranium or other nuclear fuel as a whole could harm our reputation, reduce demand in our products, decrease our revenue and growth prospects,

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impair our ability to recruit and retain personnel, and adversely affect our relationships with regulators and communities. Public attention to nuclear issues can be intense following industry incidents or geopolitical events, and misinformation can spread quickly on social media or elsewhere, potentially prompting regulatory attention, protests, or delays in permitting or logistics. Adverse media coverage can also increase scrutiny from counterparties and insurers, delay approvals, and escalate community opposition, any of which can increase costs and timelines and reduce our ability to operate.

#### Failure to maintain an effective nuclear-grade quality assurance program could disqualify us from supplying customers.
Many of our customers require compliance with nuclear-grade quality standards for procurement. Such programs are mandated by the Quality Assurance Criteria for Nuclear Power Plants and Fuel Reprocessing Plants promulgated by the NRC, which sets out 18 basic criteria governing every step from initial design and procurement to final testing and records. The industry's practical guide for meeting these criteria is the American Society of Mechanical Engineers' Nuclear Quality Assurance (NQA-1) Standard and our customers will conduct rigorous audits to verify our compliance with these standards. Failure to establish, implement, and maintain an acceptable quality program, or lapses in oversight and documentation, could lead to disqualification, rework, recalls, field corrective actions, or claims, and could have an adverse effect on our business and operations. If we discover that our fuel does not conform to the specifications provided to us by a customer, we will be required to send such customer a nonconformance report ("NCR") detailing such nonconformance. Rejection of our fuel by a customer upon receipt of an NCR could materially and adversely affect our business, financial condition, and results of operations, and corrective actions may require re-inspection or re-testing of delivered product, interruption of production, and independent third-party audits, increasing costs and damaging our reputation.

***The market for alternative low-carbon energy generation technologies has not yet been established and may not achieve the potential we expect or may grow more slowly than expected.***

The viability and continued growth in demand for alternative low-carbon energy generation technologies, and in turn, our business, may be impacted by many factors outside of our control, including market acceptance of nuclear power; cost competitiveness, reliability and performance of our technologies compared to conventional and renewable energy sources and products; availability and amount of financing to support the development and deployment of our TRISO fuel; the extent to which the nuclear power industry and broader energy industries are deregulated to permit broader adoption of nuclear electricity generation; the cost and availability of key materials and components used in the production of our TRISO fuel; prices of traditional utility-provided energy sources; and the emergence, continuance, or success of, or increased government support for, other alternative energy generation technologies and products. Reduction in energy demand or changes in climate-related policies may change market conditions, reducing our product's competitiveness and affecting our performance. Our sale projections are directly related to demand for advanced nuclear power which may not materialize or materialize slower than we expect. If demand does not grow, our business and operations could suffer, which would have an adverse impact on our ability to grow our business and we could be unable to achieve or maintain profitability. Even where policy support for nuclear energy generation increases, customers may prioritize other resources if perceived total cost, timing, or regulatory risk for advanced nuclear is higher than alternatives.

Further, our estimates for the market for TRISO fuel and our expectations, inclusive of recent updates, with regard to our ability to sell TRISO fuel at the prices described in this prospectus are based on a number of internal and third-party estimates, including the number of potential customers who have expressed interest in our TRISO fuel, assumed prices and production capacity at our facilities, our ability to leverage our current logistical and operational processes, assumptions regarding our scalability, our ability to obtain certain regulatory approvals and general market conditions. However, our assumptions and the data underlying our estimates may not be correct and the conditions supporting our assumptions or estimates may change at any time, reducing the predictive accuracy of these underlying factors. As a result, our expected performance, our estimates of the market for our TRISO fuel, our target production capacity, our assumed TRISO fuel pricing of $50-80 million MTU, as well as the expected growth rate for the market for nuclear energy in general, may prove to be incorrect. Any of these factors may have a material adverse effect on our business prospects, financial condition, results of operations and/or cash flows.

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***If we fail to manage our growth effectively, we may be unable to execute our business plan, which could have a material adverse effect on our business prospects, financial condition, results of operations, and cash flows.***

We intend to expand our operations significantly to address our target market of advanced-reactor developers and customers with scalable domestic fuel supply solutions. To properly manage our growth, we will need to hire and retain additional personnel, upgrade our existing operational management and financial and reporting systems, and improve our business processes and controls. Our future expansion will include hiring and training new personnel; developing or expanding the supply chain necessary to supply components for our TRISO fuel; continuing to develop processes and technologies to transport radiological materials; continuing to develop and advance our operational capabilities and functions necessary to produce TRISO fuel; obtaining necessary regulatory licensing approvals for holding and processing additional amounts of enriched uranium feedstock in order to further scale our production operations; controlling expenses and investments in anticipation of expanded operations; upgrading our existing operational management and financial reporting systems and team to comply with requirements as a public company; and implementing and enhancing administrative infrastructure, systems, and processes. If our operations continue to grow, we will need to continue to expand our sales and marketing, R&D, customer and commercial strategy, permitting and licensing, products and services, manufacturing, supply, and operations functions. These efforts will require us to invest significant financial and other resources, including in industries and sales channels in which we have limited experience to date. We will also need to continue to develop our manufacturing and operational systems and processes, and there is no guarantee that we will be able to scale our business as currently planned or within the planned timeframe. The continued expansion of our business will also require additional manufacturing and operational facilities, as well as space for administrative support, and there is no guarantee that we will be able to find suitable locations for such facilities. Our continued growth could increase the strain on our resources, and we could experience operating difficulties, including difficulties in hiring and training employees, delays in production, challenges in sourcing adequate supplies and raw materials. These difficulties may divert the attention of management and key employees and impact financial and operational results. If we are unable to drive commensurate growth, these costs, which include lease commitments, headcount, and capital assets, could result in decreased margins, which could have a material adverse effect on our business, financial condition, and results of operations.

#### Disruptions or temporary shutdowns at any of our manufacturing facilities could materially and adversely affect our business.
We currently conduct nuclear fuel manufacturing operations at our Oak Ridge SN-0 facility and plan to conduct operations at our Oak Ridge SN-TN facility, Idaho Facility and Richland SN-F Facility, once operational. Since our production is concentrated to a limited number of facilities, a disruption or temporary shutdown at any of our manufacturing facilities, whether due to a catastrophic event such as a fire, explosion, natural or manmade disaster or other environmental factors, equipment malfunction (including power outage, system failure, telecommunication failure or other loss or malfunction of information technology assets), industrial accident, cyber incident (including computer viruses, social engineering, phishing attacks, ransomware attacks, malicious code, distributed denial of service attacks or credential stuffing attacks), human error, physical or electronic break-ins, intentional attacks, security breach or other cause, could materially impair our ability to manufacture and deliver our nuclear fuel products in a timely manner. In the event of a significant disruption at one of our manufacturing facilities, such facility could be unavailable for a period of time due to damage, remediation, regulatory review, investigations, decontamination, staffing constraints or other operational or compliance-related requirements, which can be costly and time-consuming, and insurance may not fully cover the associated losses. Further, there is a risk that our other manufacturing facilities could be shut down as well due to various regulatory considerations.

Even a temporary shutdown of any one of our manufacturing facilities could place strain on our overall manufacturing capacity, limit our ability to meet customer commitments and delay or prevent fulfillment of existing or future orders. Although in such event we may seek to shift production to other areas in the facility or move feedstock to one of our other facilities, such alternatives may not be immediately available and may require additional time, expense and regulatory or customer qualification under applicable nuclear quality, safety and licensing requirements. In addition, if we were to move feedstock to another one of our facilities, such facility may not be capable of producing products at required volumes, specifications or timelines. Any disruption or temporary shutdown at one or more of our manufacturing facilities, particularly if prolonged or occurring at multiple facilities simultaneously, could adversely affect our revenues, customer relationships, reputation, competitive position, financial condition and results of operations.

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***Competition from existing or new competitors or technologies domestically and internationally could cause us to experience downward pressure on prices, fewer customer orders, reduced margins, the inability to take advantage of new business opportunities, and the loss of market share.***

We operate in a highly competitive energy market and expect to be subject to intense competition based upon product design, performance, technology, pricing, quality, and services from competing nuclear fuel suppliers, as well as from alternative means of producing electricity and/or heat, which may reduce demand for nuclear power generation and our nuclear fuel. Our fuel products and services will conform to more exacting specifications and may carry a higher price than competing non-nuclear products due to the highly regulated nature of the U.S. nuclear industry. Other companies providing competing technologies in the nuclear sector, such as companies utilizing light water reactor designs, could capture customers or market share from us, which could have a material adverse effect on our business, financial condition, and results of operations.

Moreover, our competitors in both the nuclear and non-nuclear sectors may develop or adopt technologies that are superior, more efficient, more effective, or more attractive to prospective customers compared to our technologies, or may adapt more quickly to leverage new or emerging technologies or meet new or evolving regulatory requirements in our target markets. We will need to anticipate and respond to these changes by enhancing our offerings and/or internal processes in order to maintain our competitive position, but we may not be successful in doing so. For sales and/or deployments of our nuclear fuel to customers that do not operate in jurisdictions with highly developed nuclear regulatory frameworks, we may be unable to compete effectively with current or future foreign competitors which may benefit from permissive regulatory and licensing regimes, as well as potential protective measures by their countries of origin, where governments are providing financial support, including significant investments in the development of new technologies. Such competitors may gain an advantage if they are able to obtain approvals which we are unable to, or unable to do so quickly, or if they can demonstrate to potential customers the value and benefits of their products and services, particularly in jurisdictions that have less stringent nuclear regulatory requirements. These competitors may have access to greater sources of funding to develop and commercialize their nuclear or non-nuclear fuel than we do, whether as a result of potential competitive advantages or from supportive national governments. This market environment may result in increased pressures on our pricing and other competitive factors. In addition, other energy technologies, including nuclear fusion, are attracting significant public and private capital investment, which could divert investor funding and market attention away from the nuclear fission sector. If nuclear fusion or other technologies continue to attract capital that might otherwise be directed toward nuclear fission companies, our ability to raise capital and compete for investment could be adversely affected.

We believe our ability to compete successfully in designing, engineering and manufacturing our nuclear fuel products and services depends on a number of factors, which may change in the future due to increased competition. If we are unable to compete successfully, our business, financial condition, results of operations, and cash flows would be adversely affected.

***If the price of non-nuclear energy sources falls, whether as the result of government policy or otherwise, there could be an adverse impact on nuclear energy, which would have a material adverse effect on our operations.***

In certain markets with a diversified energy base, decisions on new-build power plants are largely affected by the economics of various energy sources. If prices of non-nuclear energy sources fall, it could limit the deployment of new-build nuclear power facilities or Advanced Reactors in such markets. This could reduce the size of the potential market for our nuclear fuel technology.

In addition, the U.S. federal government and many states have historically adopted a variety of government subsidies and utility incentives to allow renewable energy sources, such as biofuels, wind, and solar energy, to compete with conventional sources of energy that have historically been less expensive, such as fossil fuels and nuclear power. We may face additional indirect competition from providers of renewable energy sources, particularly in wind and solar energy, if government subsidies and utility incentives for those sources of energy remain or increase or if such sources of energy are mandated. Additionally, the availability of subsidies and other incentives from utilities or government agencies to install alternative renewable energy sources may negatively impact our potential customers' desire to purchase our products and services, or may be utilized by our existing or new competitors to develop a competing business model or products or services that may be potentially more attractive to customers than ours, any of which could have a material adverse effect on our results of operations or financial condition.

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***The cost of electricity generated from nuclear sources may not be cost competitive with other electricity generation sources in some markets, which could materially and adversely affect demand for our nuclear fuel and our business.***

Many U.S. electricity markets price electric energy, capacity, and/or ancillary services on a competitive basis, with market prices subject to substantial fluctuations. Other markets remain heavily regulated by state or local utility regulatory authorities, with power purchase decisions by electric utilities subject to various competitiveness or prudence tests. As a result of competitive pressures, some electricity markets experience low marginal energy prices at certain times due to a combination of subsidized generating resources, competitors with low-cost or no-cost fuel sources, or market-design features that create incentives for certain attributes or deliver revenue in unpredictable ways over time. If electricity generated from nuclear sources is not cost competitive in these markets, including due to the benefits of the low-carbon, reliable and/or resilient energy generation provided by nuclear power being sufficiently valued, it could constrain the demand for such nuclear power generation and, as a result, for our nuclear fuel from customers or potential customers that service such markets.

***We are dependent on management and key personnel for our success, and the loss of any such individuals could have a material adverse effect on our business.***

Our business depends upon the recruitment and continued service of highly skilled, educated, and trained employees, including our management team, and the loss of, or the inability to attract and retain, qualified personnel could have a material adverse effect on our business. There is a limited number of qualified nuclear professionals with the skills and expertise to design, engineer, and manufacture advanced nuclear fuel. Our ability to attract, motivate, compensate, and retain highly qualified employees is necessary to support and achieve business objectives. Competition for skilled employees in our industry can be intense, and any uncertainty surrounding future employment opportunities, organizational and reporting structures, and related concerns may impair our ability to attract and retain qualified employees.

The loss of the services of qualified employees and any inability to recruit effective replacements or to otherwise attract, motivate, train, or retain highly qualified employees could have a material adverse effect on our business, financial condition, and results of operations. Any significant leadership change and accompanying senior management transition involves inherent risk, and any failure to ensure a smooth transition could hinder our strategic planning, execution, and future performance. Changes to our senior management team may cause uncertainty among investors, employees, and others concerning our future direction and performance. If we fail to effectively manage any leadership changes, including organizational and strategic changes, such failure could have a material adverse effect on our ability to successfully attract, motivate, and retain highly qualified employees, as well as our business, financial condition, and results of operations.

***Nuclear power generation projects can have long development cycles which, if they do not result in the completion of the project, could impact customer demand for our nuclear fuel products and adversely affect our business, financial condition and results of operations.***

The development cycles for our customers' nuclear power generation projects vary substantially and can take many months or years to mature to a nuclear power generation facility that is ready to begin operation and consume nuclear fuel at commercial scale. Many of our potential customers require project financing, regulatory approvals, and long-term fuel supply arrangements to proceed with reactor deployment. Changes in electricity market design, demand forecasts, competing generation costs, or customer credit quality may further impact our customers' ability to enter into contracts to purchase our nuclear fuel products.

A customer may also cancel or fail to proceed with a project after work has already commenced due to various reasons including changes in business priorities, financial constraints (including an inability to obtain cost recovery, tax incentives, or financing on acceptable terms), regulatory changes or a failure to obtain necessary licenses or approvals. While our customer contracts typically require down payments and cancellation penalties upon termination, such failed projects could result in a diversion of our time and resources in helping to develop nuclear fuel to specifications appropriate for a terminated project or constrain or eliminate future demand for our nuclear fuel products from such customers. Any loss of planned customers may negatively impact our reputation and future business prospects and the failure of nuclear power generation projects to reach completion could adversely impact the reputation of the nuclear power industry as a whole, any of which could have a material adverse effect our ability to realize our total contract backlog and on our business, financial condition and results of operations.

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***Our cost estimates are derived from our current small-scale manufacturing operations and our forecasts are subject to significant uncertainty and are based on assumptions that may not materialize.***

Our internal projections depend on assumptions related to the timely achievement of development, licensing, customer qualification, and supply chain milestones, as well as market acceptance and the status of certain governmental policies, and, as a result, our forecasts are subject to significant uncertainty and are based on assumptions that may not materialize. Delays or shortfalls in any of these areas could cause our actual results to differ materially from our expectations, potentially leading to negative market reactions and impaired access to capital. In addition, because the production of TRISO fuel is generally untested at industrial scale, we have limited data regarding the full cycle economics of manufacturing, marketing, pricing and selling TRISO fuel and, as a result, we have limited visibility into the prices our customers are willing to pay for our products and the cost structures that are required to ensure positive profit margins. Our dependence on decisions made by third parties, including regulators, nuclear power facility and advanced reactor developers, and our customers, make forecasting particularly challenging, which is further complicated by potential step-changes in capacity and unit economics as we scale production and by commodity price volatility in the uranium fuel cycle.

While we expect to realize meaningful cost efficiencies as we expand to larger-scale production, there can be no assurance that such efficiencies will be achieved, or that they will be achieved within the anticipated timeframe. Actual costs of producing TRISO fuel at industrial scale for commercial sale may be materially higher than we project due to technical, operational, supply-chain, or capital-related factors, some of which may be out of our control. In order to grow our business, we will need to continually evolve and scale our business and operations to meet customer and market demand. We have never sold our product at large-scale commercial levels. Evolving and scaling our business and operations places increased demands on our management as well as our financial and operational resources to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• attract new customers and grow our customer base;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• effectively manage organizational change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• design scalable processes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accelerate and/or refocus R&D activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increase sales and marketing efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• broaden customer support and services capabilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintain or increase operational efficiencies.

If we cannot evolve and scale our business and operations effectively, we may not be able to execute our business strategies in a cost-effective manner and our business, financial condition and results of operations, including any target production capacity provided in this prospectus, could be adversely affected.

***The target production capacity figures and certain other figures included in this prospectus are based on a number of assumptions, and may not reflect our actual future performance.***

The target production capacity figures and certain other figures presented in this prospectus, including our target of reaching up to 40 MTU of production capacity and our anticipated timeline for scaling our capacity, are based on our current agreements with customers and reflect our internal assumptions regarding our production model, capital expenditures for each incremental MTU, procurement timelines, regulatory approval timelines and the time periods in which we anticipate our facilities to become operational. Numerous risks and uncertainties could cause the actual capacity figures to differ materially from those presented, including our expectation that future facility build-outs will benefit from repeat facility design, repeat vendor engagement and modular production-line replication, as well as our ability to construct the facilities on the timeline we set forth, obtain required regulatory approvals, secure adequate financing, and manage supply chain constraints, labor availability, cost overruns, and construction delays. In addition, our Fuel Sales Agreements provide customers the right to delay, reduce, or terminate their commitments, and any such changes, along with potential modifications in the scope, scale, or timing of customer projects, technological or engineering challenges, or shifts in energy policy, electricity market demand, or public acceptance of nuclear power, could materially impact our ability to achieve the capacity figures and certain

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other figures reflected in this prospectus. As a result, our actual cumulative deployed capacity may be substantially less favorable than those presented, or may not be achieved at all, and investors should not place undue reliance on these target figures in evaluating our business, financial condition and results of operations.

***Our TRISO fuel production is dependent on our customers obtaining enriched uranium (including HALEU) from third-party suppliers and providing it to us for production, and any difficulty in our customers obtaining these materials and/or supplying them to us could adversely affect our business, financial condition, and results of operations.***

Our production of TRISO-based nuclear fuel is dependent on our customers' ability to obtain nuclear material, including HALEU, from third-party suppliers, which our customers deliver to us to process and manufacture into TRISO nuclear fuel. This enriched uranium (including HALEU) must meet required isotopic, chemical, and impurity specifications for each customers' nuclear power generation needs, and such supply of enriched uranium, and specifically HALEU, is currently limited and we do not know when, or if, supplies will increase. For example, for our customers that have reactors that require HALEU, there is presently no commercial supply of HALEU available in the United States and HALEU can only be sourced in limited quantities from the DOE. Despite U.S. government initiatives designed to ensure initial HALEU quantities, including the establishment of the HALEU Availability Program, which was established through the Energy Act of 2020, to ensure access to HALEU for civilian domestic research, development, demonstration, and commercial use, the HALEU program is still in its early stages, and significant progress is required to achieve reliable and scalable production.

In addition, global sanctions, trade restrictions, or other geopolitical developments affecting enrichment, conversion, transport, or related specialty services could reduce availability, increase prices, or limit the ability of our customers to access enriched uranium (including HALEU). Counterparty concentration and limited competition in this emerging market exacerbate these risks, and our customers may be unable to secure sufficient supply on acceptable terms or at all. Further, once the customer has obtained the enriched uranium, they may face additional difficulties in providing it to us, including that the nuclear fuel supply chain is subject to potential bottlenecks beyond enrichment, including conversion, downblending, transportation and regulatory compliance processes, any of which may delay or prevent the timely delivery of customer-provided feedstock to us. There may also be issues in the transportation of such feedstock to us, including due to tariffs, sanctions, or regulatory and/or logistical hurdles, which could lead to significant delays in production schedules.

Even if our customers are able to obtain and deliver enriched uranium (including HALEU) to us, our ability to further scale our production operations is subject to obtaining additional regulatory approvals and licenses to hold and process increased quantities of enriched uranium feedstock at our facilities. While we currently hold and process substantial amounts of enriched uranium at our Oak Ridge SN-0 facility, expanding our operations to accommodate additional volumes of HALEU or other enriched uranium feedstock will require us to obtain additional regulatory approvals. There can be no assurance that such regulatory approvals will be obtained on a timely basis, or at all, and any failure or significant delay in obtaining such necessary regulatory approvals to hold and process additional quantities of enriched uranium feedstock could limit our ability to scale our production capacity, fulfill customer orders, and grow our business.

If our customers are unable to obtain enriched uranium (including HALEU) meeting their unique specifications, or if they are unable to provide it to us, or if we are unable to obtain the necessary regulatory approvals to hold and process such materials at our facilities in sufficient quantities, it would constrain demand for our nuclear fuel manufacturing capabilities and could have a material adverse effect on our business, results of operations and financial condition.

***The occurrence of a nuclear safety incident or nuclear accident, whether it results in release of radiation to the public, or otherwise, can greatly change the course of the overall industry and our business with significant adverse effects.***

Incidents involving nuclear energy facilities, including accidents, terrorist acts or other high profile events involving radioactive materials, could materially and adversely affect the public perception of the safety of nuclear energy, and such adverse effects could decrease demand for nuclear energy, increase regulatory requirements and costs, or result in liability or claims that could materially and adversely affect our business. Successful execution of our business model is dependent upon public support for nuclear power in the United States and other countries. Any significant incident affecting a nuclear energy facility could materially damage public perception of nuclear power.

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In the past, adverse public reaction to such incidents (for example, incidents involving the Fukushima nuclear power plant in Japan, and incidents at Three Mile Island and Chernobyl) led to increased public and regulatory scrutiny, which contributed to extended licensing and construction periods for new nuclear power plants, sometimes delaying construction schedules by decades or more or even shutting down operations at already-constructed nuclear power facilities. Any such incident could also impact consumers' demand for heat, electricity, or fuel derived from nuclear energy and, as a result, impact demand for our nuclear fuel products. Any of these effects could materially and adversely affect our business prospects, financial condition, results of operations and cash flows.

***The occurrence of adverse events, cancellations of significant projects, delays in project timelines, adjustments in cost structures, and other negative developments announced by competitors could have an impact on our operations, financial performance, and future prospects.***

The occurrence of newsworthy events in the nuclear industry as a whole, including, but not limited to the delay of major projects, inflated cost adjustments, fluctuations in product pricing strategies, cancellations of public offerings, customer withdrawals, or disruptions in supply chain may adversely affect our business in several ways. For example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Negative news or events associated with industry peers may lead to decreased investor confidence in the sector, which could impact the broader stock market performance of companies operating within the industry, including us. This could result in fluctuations or declines in our stock price irrespective of our internal performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adverse events in competitor firms may also alter the competitive landscape, affecting market share dynamics, pricing strategies, and overall positioning within the industry. This could impact our ability to retain or expand our market presence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in market dynamics influenced by competitors' actions, such as inflated cost adjustments or potential cancellations, could have an adverse impact on our financial stability and profitability, influencing our financial metrics and potentially impacting investor perceptions.

There is no guarantee that we will be insulated from the adverse effects of the foregoing events and the occurrence of any of these events could negatively impact our business operations and financial condition.

***The OTA we are party to with the DOE may be terminated at any time and shifts in governmental policy, priorities or oversight approach under the OTA could increase operational friction, any of which could materially disrupt our operations and business prospects***.

Our operations at our Oak Ridge SN-0 facility and our planned operations at our Oak Ridge SN-TN facility and SN-ID facility are governed by the OTA with the DOE, which provides DOE authorization to build, operate, and commission advanced fuel fabrication facilities at our Oak Ridge Facilities and SN-ID Facility. Changes in DOE policy or priorities, as well as shifts in the level or focus of oversight the government conducts in relation to the OTA, could disrupt our operations by increasing review times or imposing additional compliance burdens. These changes could delay or disrupt our ability to carry out our development and commercialization plans, even if the OTA remains active.

Additionally, under the terms of the OTA, the agreement may be terminated by either party at any time upon thirty (30) days' written notice, with or without cause. The DOE may also terminate the agreement immediately (i) in the event of a material breach by us, (ii) in the event of our insolvency or bankruptcy, or (iii) upon other specified events, including (a) a change in our ownership that increases ownership or control by a "foreign country of concern" (which includes the People's Republic of China, the Russian Federation, the Democratic People's Republic of Korea, and the Islamic Republic of Iran) or any other change that effectively makes us subject to the direction of a foreign country of concern or at risk of undue foreign influence that cannot be sufficiently mitigated, (b) the identification by the DOE of significant research, technology, or economic security risks that cannot be sufficiently mitigated, (c) our failure to timely disclose violations of federal criminal law involving fraud, bribery, or gratuity violations, or (d) if we cease to do business or terminate our operations. Under the OTA, our activities at our Oak Ridge and Idaho facilities are subject to comprehensive DOE oversight and a regulatory framework designed to ensure nuclear safety, security, and environmental protection. If the OTA is terminated for any reason, our authority to operate under DOE jurisdiction would immediately cease, and we would be required to obtain alternative regulatory approvals — such as a license from the NRC — before resuming operations. There can be

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no assurance that we would be able to obtain such approvals in a timely manner, on acceptable terms, or at all. Termination of the OTA could require us to suspend or discontinue operations, decommission facilities, incur significant costs, or experience substantial delays in our business plan, any of which could have a material adverse effect on our business, financial condition, and results of operations. See "*Business — Government Regulation and Nuclear Materials Compliance — Nuclear Safety Regulation under the DOE*" for additional information.

Further, if in the future we enter into any other agreements with applicable regulators or any government funding instruments, we may similarly be subject to audit and cost allowability rules, termination for convenience, and specific rights in data and inventions developed with federal funds. These requirements can result in reduced payments, repayment obligations, or limits on our ability to commercialize, enforce or protect intellectual property and similar proprietary rights arising from federally funded work, and may also require domestic sourcing, labor standards, or public-access data requirements that may increase costs or limit flexibility.

***In the future, we may transition our facilities from DOE oversight to NRC licensing, and there can be no assurance that we will be able to do so on acceptable terms or in a timely manner.***

Our current operations at our SN-0 facility and planned operations at our SN-TN and SN-ID facilities are conducted under DOE oversight pursuant to our OTA. While this framework has enabled us to advance our development and initial production activities, we expect we will need to transition these facilities to NRC licensing and oversight at some point in the future as part of our commercialization strategy. The process of obtaining an NRC license and transitioning our facilities from DOE oversight to NRC regulatory jurisdiction is complex, costly, and subject to significant uncertainty and there can be no assurance that we will be able to complete the transition on acceptable terms, within our anticipated timeline, or without material disruption to our operations, if at all.

In addition, the NRC licensing process involves extensive review, including evaluation of our safety analysis, environmental impact assessments, and public participation, any of which could result in delays, additional conditions, or denial of our application. Any delay in obtaining NRC licensure for such facilities could postpone our ability to commercially sell TRISO fuel produced at those facilities, limit our revenue growth, and adversely affect our competitive position. If we are unable to successfully transition to NRC oversight, or if the costs or timeline of such transition materially exceed our expectations, our business, financial condition, results of operations, and prospects could be materially and adversely affected.

***Our planned operations at the Richland SN-F Facility rely on our joint venture partner Framatome's NRC license, and any delay or denial of the required NRC amendment to such license could materially adversely affect our business, prospects, and results of operations.***

We intend to conduct advanced nuclear fuel manufacturing at our joint venture partner Framatome's NRC-licensed facility in Richland, Washington. Our ability to operate at the Richland SN-F Facility is contingent upon obtaining an amendment to Framatome's existing NRC license to permit the manufacturing of our advanced fuel products, including TRISO, at the facility. There can be no assurance that the NRC will approve the requested license amendment on the anticipated timeline, or at all. NRC review processes are complex, subject to significant regulatory scrutiny, and may be affected by factors outside of our control, including changes in NRC policy, public opposition, or new regulatory requirements.

If the NRC delays or denies the amendment, we would not be able to operate under Framatome's NRC license as planned and would be required to explore other manufacturing alternatives to the Richland SN-F Facility, including utilizing a different facility qualified under DOE standards or obtaining our own NRC license, a process that is costly, time-consuming, and subject to substantial uncertainty. In addition, our agreement with Framatome provides that the joint venture's use of the Richland SN-F Facility is subject to Framatome's ongoing compliance with NRC license conditions and site policies. If Framatome's NRC license is suspended, revoked, or otherwise restricted, or if Framatome is unable or unwilling to support the joint venture's activities, our ability to operate at the Richland SN-F Facility could be materially impaired or terminated. The loss of access to the Richland SN-F Facility, or the inability to operate under NRC jurisdiction as planned, could have a material adverse effect on our business, financial condition, results of operations, and prospects.

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***The SN Framatome JV may be dissolved if certain regulatory, operational, and commercial milestones are not achieved, and we may be required to reimburse Framatome for certain expenditures in connection with any such dissolution, which could materially and adversely affect our business, financial condition and results of operations.***

Unless the JV Board agrees otherwise, the SN Framatome JV will be dissolved upon the occurrence of certain events, including, among other things, (1) failure to meet any of the following milestones: (a) receipt at the Richland SN-F Facility of operable equipment to produce advance fuel product by December 1, 2026, (b) obtaining NRC approval of the license amendment necessary for activities at the Richland SN-F Facility by March 1, 2027, (c) securing a binding order or orders for advanced fuel products having certain minimum order commitments and cancellation fee terms by August 1, 2027, as such date may be adjusted by the JV Board (the "Purchase Commitment"), or (d) production of product at the Richland SN-F Facility that meets customer specifications by August 1, 2028, and (2) if production at the Richland SN-F Facility remains idle for more than 12 months after the start of operations due to lack of orders (each, a "Dissolution Milestone"). Furthermore, upon the dissolution of the SN Framatome JV for any reason, if the Purchase Commitment has not previously been secured, we have agreed to reimburse Framatome for up to $6.5 million of expenditures incurred by Framatome prior to the date of dissolution.

The achievement of these milestones is subject to numerous risks and uncertainties, many of which are beyond our control, including regulatory approval timelines, equipment procurement and installation schedules, the development of our commercial customer pipeline, and our ability to manufacture product at the Richland SN-F Facility that meets required customer specifications. As a result, there can be no assurance that the SN Framatome JV will achieve these milestones by the required dates or at all. In addition, given that we and Framatome each have the right to appoint half of the directors to the JV Board, which generally acts by simple majority, if any of the Dissolution Milestones are not achieved, we will not have the unilateral right to cause the JV Board to elect not to proceed with dissolution. See also "— *The governance structure of the SN Framatome JV may result in deadlocks that could delay or prevent key decisions, which could result in the dissolution of the JV or materially and adversely affect the SN Framatome JV's operations and our business*."

If any of the Dissolution Milestones are not achieved and the SN Framatome JV is dissolved, it could disrupt our strategic plans for the industrial scale manufacturing of advanced fuel products and we may not be able to scale our business, and may not achieve the growth, yields, and/or profitability that we have targeted or expect. We may also suffer reputational damage with customers and investors due to our failure to achieve the Dissolution Milestones and the termination of the SN Framatome JV, which could further adversely impact our ability to commercialize nuclear fuel product produced at our other facilities through the loss of our access to Framatome's existing infrastructure and commercial relationships. In addition, if the SN Framatome JV is dissolved at a time that the Purchase Commitment has not been met or maintained, and we are required to make a significant cash payment to Framatome, it could materially and adversely affect our liquidity position. As a result, the dissolution of the SN Framatome JV at any time could materially and adversely affect our business, financial condition and results of operations.

***The governance structure of the SN Framatome JV may result in deadlocks that could delay or prevent key decisions, which could result in the dissolution of the JV or materially and adversely affect the SN Framatome JV's operations and our business.***

The business and affairs of the SN Framatome JV are managed by a JV Board consisting of six directors, three appointed by us and three appointed by Framatome. As a result, neither we nor Framatome can unilaterally direct the SN Framatome JV to take action or determine decisions to be made by the JV Board, and each member effectively holds a veto on action by the JV Board. In addition, certain special matters such as the entry into loan agreements or similar borrowing arrangements, the admission of new members or changes in percentage interests, and the purchase or sale of real estate or assets necessary for the SN Framatome JV's purpose, require the unanimous approval of all directors then in office.

This governance structure exposes us to the risk that the JV Board may reach an impasse, or deadlock, on critical matters. Although the SN Framatome JV provides for a multi-step dispute resolution process, consisting of referral to senior executives for direct negotiation, followed by mediation by a neutral party, and ultimately binding arbitration with the consent of the members, these procedures may be time-consuming and may not result in a resolution that is favorable to us.

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If the JV Board is unable to reach agreement on key strategic or operational decisions, including any determination not to dissolve the SN Framatome JV upon the failure to achieve any Dissolution Milestone, the SN Framatome JV may be unable to adapt to changing market conditions, pursue growth opportunities, secure necessary funding, commence subsequent phases of capacity expansion on a timely basis, or continue in operation, any of which could materially and adversely affect our business, financial condition, and results of operations. See also, "— *The SN Framatome JV may be dissolved if certain regulatory, operational, and commercial milestones are not achieved, and we may be required to reimburse Framatome for certain expenses in connection with any such dissolution, which could materially and adversely affect our business, financial condition and results of operations*."

***The timing and size of contract awards and project milestones associated with a limited number of large contracts may cause our quarterly results to vary significantly.***

A significant portion of our revenues are currently, and may in the future be, attributable to a limited number of large customer contracts or deposits and, as a result, our quarterly results may fluctuate significantly due to the timing, value and size of contract awards and project milestones, which can cause bookings to vary materially from one quarter to the next. Our revenue and profit margins may be affected by the schedule of project execution and contractual milestones as well as required customer activities and approvals. Accordingly, our quarterly revenue, gross margin and results of operations are subject to certain volatility if viewed on a quarterly basis, which could make period-to-period comparisons difficult and adversely affect the trading price of our Class A common stock. Additionally, certain of our contracts with our customers allow them to terminate the contract at any time only with advance written notice. While certain contracts contain penalties associated with cancellations and/or changing the scope of the contract as protective measures, if such contracts are cancelled, or definitive fuel sale agreements are not entered into in connection with any customer deposit or intended order, and we are able to collect such penalty amounts or retain such deposits, they may not fully offset the adverse impacts of delays, scope changes or cancellations. See also "—*Nuclear power generation projects can have long development cycles which, if they do not result in the completion of the project, could impact customer demand for our nuclear fuel products and adversely affect our business, financial condition and results of operations*."

Because our revenue base is expected to be concentrated as we scale our initial commercial sales, the loss of, reduction in work from, delay in payments by, failure to expand, renew or convert deposits or intended orders with, or deterioration of our relationship with, any significant customer could disproportionately reduce our revenues, delay our commercialization plans and adversely affect our business, financial condition and results of operations. Our customer concentration may also subject us to perceived or actual bargaining leverage that our large customers may have, given their importance to us. If our large customers seek to negotiate or renegotiate their agreements on terms less favorable to us and we accept such unfavorable terms, such unfavorable terms may have a material adverse effect on our business, financial condition and results of operations. Further, our total contract backlog is limited to a number of customers, and the loss of any one of such customers could have a material impact on such figure. See also "—*Backlog may not be realized or may not result in profits and may not accurately represent future revenue*." We may not be able to replace any lost or reduced revenue from a significant customer in a timely manner, on comparable terms, or at all, particularly because new customer relationships in the advanced nuclear fuel market may require lengthy technical qualification, regulatory, and contracting processes.

***Our backlog and and our qualified pipeline of carefully vetted potential sales opportunities may not be realized or may not result in profits and may not accurately represent future revenue.***

Total contract backlog, and in particular our unfunded portion of our total contract backlog, is difficult to determine accurately and is not a comprehensive indicator of future revenue amounts or timing, and companies within our industry may define total contract backlog differently. Reductions in total contract backlog due to failed projects, contract cancelation, termination or scope adjustment by a customer or for other reasons could significantly reduce the revenue and profit we actually receive from contracts in our total contract backlog. Further, we are dependent on a limited number of customers for our total contract backlog and any cancellation or non-payment by such customers may materially change the actual amount of revenue we earn in any given year. In the event of a project cancelation, termination or scope adjustment, we typically have no contractual right to the total revenues reflected in our backlog. The timing of contract awards, duration of large new contracts and the mix of services, subcontracted work and material in our contracts can significantly affect backlog. Further, the unfunded contract backlog portion represents the dollar value of intended fuel sales under memoranda of understanding, non-binding framework agreements or term sheets, and letters of intent. Potential customers are under no obligation to enter into definitive Fuel Sales Agreements with us and if they do, it may be on terms different than those initially agreed upon in such memoranda

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of understanding, non-binding framework agreements or term sheets, and letters of intent. In addition, the option to purchase additional fuel from us pursuant to the purchase options under executed contracts is solely in the discretion of our customers, and there can be no assurance such option will ever be exercise or result in revenue. Given these factors and our method of calculating total contract backlog, our total contract backlog at any point in time may not accurately represent the revenue that we expect to realize during any period, and our backlog as of the end of a fiscal year may not be indicative of the revenue we expect to earn in the following fiscal year and should not be viewed or relied upon as a stand-alone indicator. Consequently, we cannot provide assurance that our estimates of total contract backlog will accurately reflect future revenue. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" for a discussion on how we calculate total contract backlog for our business.

In addition, our qualified pipeline of vetted opportunities are not subject to binding agreements, and only represent non-binding indications of interest subject to ongoing negotiation of commercial terms and other conditions. In the event that our qualified pipeline does not translate into backlog and future revenue as anticipated, it could materially and adversely affect our business and financial performance.

#### The financial difficulties experienced by, and operating conditions of, our customers and suppliers could adversely affect our results of operations and financial condition.
Potential events or circumstances that could affect either our customers or suppliers under current or future contracts with us or the nuclear industry as a whole include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• armed conflicts, government actions, pandemics, and other events that disrupt supply chains, production, transportation, payments and importation of nuclear materials or other critical supplies or services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• natural or other disasters impacting nuclear facilities or involving shipments of nuclear materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in U.S. or foreign government policies and priorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory actions or changes in regulations by nuclear regulatory bodies applicable to us, our suppliers or our customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• decisions by agencies, courts or other bodies under trade and other laws applicable to us, our suppliers, or our customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disruptions in other areas of the nuclear fuel cycle, such as uranium supplies or conversion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• civic opposition to, or changes in government policies regarding, nuclear operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• business decisions concerning reactors or reactor operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the financial condition of reactor owners and operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the need for generating capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consolidation within the electric power industry; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delays in or the inability of certain of our customers to obtain or maintain financing.

These events could adversely affect us to the extent they result in, among other things, lower demand; burdensome regulation, disruptions of shipments, production importation or payment; increased competition from third parties; increased costs or difficulties; or increased liability for actual or threatened property damage or personal injury. Additionally, customers may face financial difficulties, including from factors unrelated to the nuclear industry, that could affect their willingness or ability to make purchases. Such factors could include the ability to obtain financing for a particular project. We cannot provide any assurance that events will not prevent or delay us from making deliveries to our customers or increase our costs or that our customers, suppliers, or contractors will not default on their obligations to us or file for bankruptcy protection. If a customer files for bankruptcy protection, for example, we likely would be unable to collect all, or even a significant portion, of amounts that are owed to us. A default and bankruptcy filing by one or more customers or suppliers, or events such as those listed above which prevent or limit our or our customers' ability to obtain raw materials or our ability to sell our nuclear fuel products, could have a material adverse effect on our business, financial position, results of operations, or cash flows.

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#### The ability to compete in certain foreign markets may be limited for legal, political, economic, or other reasons.
Doing business in foreign markets poses additional risks and challenges. Agreements for cooperation between the U.S. government and various foreign governments or governmental agencies control the export of nuclear materials, including nuclear fuel, from the United States. We are unable to supply fuel for foreign reactors unless there is an agreement for cooperation in force. If an agreement with a country in which one or more of our customers is located were to lapse, terminate, or be amended, our sales or deliveries could be curtailed or terminated, adversely affecting our business, results of operations, and prospects. Moreover, the lack of such agreements for cooperation between the U.S. government and those governments or agencies in emerging markets may restrict our ability to sell into such markets. Further, certain foreign markets lack a comprehensive nuclear liability law that protects suppliers by channeling liability for injury and property damage suffered by third persons from nuclear incidents at a nuclear facility to the facility's operator. The lack of legal protection for suppliers could adversely affect our ability to compete for sales in these markets, which could have an adverse impact on our financial condition and results of operations.

***If we infringe, misappropriate or otherwise violate, or are alleged to infringe, misappropriate or otherwise violate intellectual property or other proprietary rights of third parties, our business, financial condition, and results of operations could be adversely affected.***

We have in the past, and may in the future, be subject to claims that we or our business operations infringe, misappropriate or otherwise violate the patents, trademarks or other intellectual property or proprietary rights owned by others. For example, our nuclear fuel designs may infringe, or be claimed to infringe, patents or patent applications under which we do not hold licenses or other rights. Third parties may own or control these patents and patent applications in the United States and elsewhere. Third parties could bring claims of patent infringement or other violation of intellectual property or other proprietary rights against us that would cause us to incur substantial expenses (and, if successfully asserted against us, could cause us to pay substantial damages if we are found to have willfully infringed certain intellectual property of others), which could materially impact our business, financial condition, and results of operations.

If an intellectual property suit were brought against us, we could be forced to stop or delay development, use, or commercialization of our fuel design or other technology (or a component thereof) that is the subject of the suit, could be required to redesign all or a portion thereof, or, if the claims in such suit were to involve our trademarks, could be required to change our branding. As a result of intellectual property-related claims, or in order to avoid potential claims, we may choose or be required to seek a license from the third party and be required to pay license fees, royalties, or both. These licenses may not be available on acceptable terms, or at all. Even if we were able to obtain a license, the rights may be nonexclusive, which could result in our competitors gaining access to the same intellectual property. Ultimately, we could be forced to cease some aspect of our business operations if, as a result of actual or threatened intellectual property-related claims, we are unable to enter into licenses on acceptable terms or at all. This could significantly and adversely affect our business, financial condition, and results of operations. In addition to infringement claims against us, we may become a party to other types of intellectual property litigation and other proceedings, including interference proceedings declared by the United States Patent and Trademark Office regarding intellectual property rights with respect to our nuclear fuel designs or other technologies. The cost to us of any intellectual property litigation or other proceeding, even if resolved in our favor, could be substantial. Some of our competitors may be able to sustain the costs of such litigation or proceedings more effectively than we can because of their greater financial resources. Further, the defense costs and settlements for intellectual property-related lawsuits may not be covered by insurance, and may not be adequate to indemnify us for all liability that may be imposed. Intellectual property infringement lawsuits can take years to resolve. Uncertainties resulting from the initiation and continuation of intellectual property litigation or other proceedings could have a material adverse effect on our ability to compete in the marketplace. Intellectual property litigation and other proceedings may also absorb significant management time.

***If we are unable to obtain, maintain, protect or enforce our intellectual property and similar proprietary rights, including trade secrets relating to our technology, the commercial value of our technology and our business, financial condition and results of operations may be adversely affected.***

Our success and ability to compete depends in part upon our ability to obtain and maintain intellectual property and proprietary right protection in the United States and other countries for our nuclear fuel designs, technologies and products and related methods, procedures, processes and documentation. We rely on, and expect to continue to rely on, a combination of patents, trademarks, copyrights, trade secrets, confidentiality and license agreements to establish,

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maintain, and protect our intellectual property and proprietary rights. Our efforts to establish, maintain, protect, and enforce our intellectual property and proprietary rights may not be sufficient or effective. There can be no assurance that our intellectual property or proprietary rights will be sufficient to protect against others offering products, services or technologies that are substantially similar to ours and that compete with our business. Our failure to obtain or maintain adequate protection for, or to protect and enforce, our intellectual property and other proprietary rights for any reason could have a material adverse effect on our business, financial condition, and results of operations.

*Patents*

We own a variety of patents and patent applications in the United States, as well as corresponding patents and patent applications in several other jurisdictions. We have not obtained patent protection in each market in which we plan to compete or in which our products may be developed, manufactured, sold or used. Furthermore, our patents, trade secrets, information and intellectual property may be the subject of infringement, misappropriation or other violation by third parties, or may be challenged in ways that could result in them being narrowed in scope or declared invalid. We do not know how successful we would be should we choose to assert our patents or other intellectual property or proprietary rights against suspected infringers, misappropriators or violators. Our pending and future patent applications may not issue as patents or, if issued, may not issue in a form that will be advantageous to us. Even if issued, patents may be opposed, contested, abandoned, challenged, narrowed, invalidated, infringed, designed around or circumvented, which could limit our ability to stop competitors from marketing similar products or limit the length of term of patent protection we may have for our products. There can be no assurance that any patents currently issued or issued to us in the future will be of sufficient scope or strength to provide us with meaningful protection. Further, the patenting process is expensive, time-consuming and complex, and we may not be able to file and/or prosecute all necessary or desirable patent applications at a reasonable cost or in a timely manner or pursue or obtain patent protection in all relevant markets. Our existing patents will all eventually expire, after which we will not be able to prevent our competitors from using our previously patented technologies, which could materially adversely affect our competitive advantage stemming from the applicable products and technologies. We also cannot assure you that we will have adequate resources to enforce our patents. Changes in patent laws or in interpretations of patent laws in the United States and other countries may also diminish the value of our intellectual property or narrow the scope of our patent protection, which could in turn adversely affect our business, financial condition, and results of operations.

*Trade Secrets and Proprietary Technologies*

We also utilize and rely on a significant number of unpatented proprietary technologies, such as our proprietary methods of manufacturing, processing and operation. It is possible that others will independently develop the same or similar technologies or otherwise obtain access to our unpatented technologies. To protect our patented and unpatented proprietary technologies, including trade secrets and other proprietary information, we require employees, consultants, advisors, suppliers and other third parties with whom we do business to enter into confidentiality and invention assignment agreements as we deem appropriate. However, we cannot assure you that we have entered into, or will be able to enter into, such agreements with each party that has or may have had access to our trade secrets, know-how, confidential or proprietary information or that has developed any intellectual property on our behalf, or that these agreements will provide meaningful protection for our intellectual property in the event of any unauthorized use, misappropriation or disclosure of our trade secrets, know-how or other proprietary information or ownership disputes with inventors of any intellectual property developed by them on our behalf. Further, despite the contractual provisions employed when working with third parties, the need to share trade secrets and other confidential information increases the risk that such trade secrets become known by our competitors or other third parties, are inadvertently or intentionally incorporated into the technology of others or are disclosed or used in violation of these agreements. Given that our proprietary position is based, in part, on our know-how and trade secrets, a competitor's or any third party's discovery of our proprietary technology and confidential information or other unauthorized use or disclosure of such technology or information would impair our competitive position and could harm our business, financial condition and results of operations. If we are unable to maintain the proprietary nature of our technologies, we could be materially adversely affected.

*Third*-Party *Licenses*

Furthermore, we rely, and may continue in the future to rely on, certain IP developed or licensed by third parties and the licenses we receive to such intellectual property or other proprietary rights may not provide exclusive or unrestricted rights in all territories in which we may wish to develop or commercialize our products in the future and may restrict our rights to offer certain products in certain markets or impose other obligations on us in exchange

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for our rights to the licensed intellectual property. If we violate the terms of any of our license agreements, a licensor may have the right to terminate our license. Even if we comply with all the terms of a license agreement, we cannot guarantee that we will be able to renew an agreement when it expires even if we desire to do so. The failure to maintain or renew our license agreements could result in a loss of revenue and negatively impact our results of operations. Because of the rapid pace of technological change, we may not be able to obtain or continue to obtain licenses and technologies from relevant third parties on reasonable terms, or at all, and our inability to license this technology could harm our ability to compete. In addition, we may be required to license additional technology from third parties to develop and market new capabilities, and we cannot assure you that we could license that technology on commercially reasonable terms or at all, and our inability to license this technology could harm our ability to compete.

*Trademarks*

Additionally, we rely on our trademarks, trade names or brand names to distinguish our products and business from the products and business of our competitors, and have registered or applied to register several of these trademarks. However, we have not yet applied to register a trademark in our name or logo in the United States or elsewhere. We cannot assure you that any trademark applications we have filed or may file in the future will be approved. Third parties may oppose our trademark applications, or otherwise dilute, challenge our use of or otherwise violate our trademarks. In the event that our trademarks are successfully challenged, we could be forced to rebrand our company or our products, which could result in loss of brand recognition, and could require us to devote resources to developing, advertising and marketing new brands. If our trademarks are not adequately protected, or if we are unable to successfully register our trademarks and establish name recognition based on our trademarks, we may not be able to compete effectively and our business may be adversely affected. Further, we cannot assure you that competitors will not infringe our trademarks or otherwise adopt trademarks similar to ours, or that we will have adequate resources to maintain and enforce our trademarks.

*Foreign Jurisdictions*

Many companies have encountered significant problems in protecting and defending intellectual property rights in foreign jurisdictions. Because of the differences in foreign patent, trademark and other laws concerning intellectual property and other proprietary rights, our intellectual property and other proprietary rights may not receive the same degree of protection in foreign countries as they would in the United States. The legal systems of certain countries, particularly certain developing countries, do not favor the enforcement of patents, trade secrets, and other intellectual property protection, which could make it difficult for us to stop the infringement of our patents or other intellectual property or use or marketing of competing products in violation of our intellectual property and proprietary rights generally, and could adversely affect our competitive position.

*Enforcement and Litigation*

Significant resources may be required to monitor and protect our intellectual property and proprietary rights, and despite such efforts, we may not be able to detect infringement, misappropriation or other violations of our intellectual property or proprietary rights by third parties. Litigation or proceedings may be necessary in the future to enforce and protect our intellectual property and proprietary rights and such litigation or proceedings could result in substantial costs and divert our efforts and attention from other aspects of our business, could put our patents at risk of being invalidated or interpreted narrowly, could put our patent or other intellectual property applications at risk of not issuing, could result in the impairment or loss of portions of our intellectual property or proprietary rights and could provoke third parties to assert claims, defenses and suits against us attacking the ownership, scope, validity and enforceability of our intellectual property or proprietary rights. Third parties may also separately challenge the validity and enforceability of our intellectual property in administrative and other legal proceedings. We may not prevail in any lawsuits that we initiate, and the damages or other remedies awarded, if any, may not be commercially meaningful. An adverse determination of any litigation proceedings could put our intellectual property at risk of being invalidated, deemed unenforceable or reduced in scope. Furthermore, because of the substantial amount of discovery that may be required in connection with intellectual property litigation, there is a risk that some of our proprietary or confidential information could be compromised by disclosure during this type of litigation. Our inability to protect our proprietary technology and other intellectual property against infringement, misappropriation or other violations, as well as any costly litigation or diversion of our management's attention and resources, could allow competitors to develop and commercialize services or products similar to ours and thereby reduce demand for our offerings, could delay future sales and introductions of new products, result in our substituting inferior or more

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costly technologies into our business, or injure our reputation. Accordingly, our efforts to enforce our intellectual property and proprietary rights around the world may be inadequate to obtain a significant commercial advantage from the intellectual property that we develop or license.

See also "— *We may discover title defects, unreleased liens, real property restrictions, or breaks in intellectual property chain of title (including with respect to the assets acquired from Ultra Safe) that require costly remediation and could constrain operations*."

#### The U.S. government may exercise march-in rights which could result in compulsory licensing of certain of our owned or licensed intellectual property.
***We have licensed and may in the future develop, acquire or license, certain intellectual property that have been generated through the use of U.S. government funding or grants. As a result, the U.S. government may have certain rights to inventions developed using such government funding or grants. These U.S. government rights include non***-exclusive***, non***-transferable***, irrevocable, paid***-up***, worldwide licenses to use such inventions for any governmental purpose. In addition, the U.S. government may have the right, under certain limited circumstances, to require the granting of exclusive, partially exclusive or non***-exclusive ***licenses to any of such inventions to a third party if it determines that: (1) adequate steps have not been taken to commercialize the invention, (2) government action is necessary to meet public health or safety needs or (3) government action is necessary to meet requirements for public use under federal regulations (also referred to as "march***-in ***rights"). If the U.S. government exercised its march***-in ***rights in respect of our intellectual property or those of our licensors that have been generated through the use of U.S. government funding or grants, we or they could be forced to license or sublicense such intellectual property on terms unfavorable to us, and there can be no assurance that we would receive compensation from the U.S. government for the exercise of such rights. The U.S. government also has the right to take title to these inventions if they are not properly disclosed to the U.S. government or an application to register the intellectual property is not filed within specified time limits. Intellectual property generated under a government funded program is also subject to certain reporting requirements, compliance with which may require us or our applicable licensors to expend substantial resources. In addition, the U.S. government requires that any products embodying any such inventions or produced through the use of any such inventions be manufactured substantially in the United States, subject to certain exceptions.***

#### If we fail to keep pace with rapidly evolving technological developments in AI, our competitive position and business may suffer.
As with many new and emerging technologies, AI presents numerous risks and challenges that could adversely affect our business. The development, deployment, and use of AI technology remains in early stages and ineffective or inadequate development or application practices by us or third parties that we may use in the future may result in unintended consequences. For example, models underlying AI may be incorrectly designed or implemented and AI may trained or reliant on incomplete, inadequate, inaccurate, biased or otherwise poor quality data, used without sufficient oversight and governance, and/or adversely impacted by unforeseen technical or cybersecurity issues, among other things.

If we fail to keep pace with rapidly evolving technological developments in AI, our competitive position and business may suffer. Our competitors or other third parties may adopt AI capabilities more quickly or more effectively than we do, which could adversely impact our ability to compete. In addition, developing, testing, and deploying resource-intensive AI solutions may require additional investment and increase our costs. Any of the foregoing may adversely affect our business, financial condition, results of operations and prospects.

Further, the legal and regulatory landscape surrounding AI is rapidly evolving and uncertain, including in the areas of intellectual property, cybersecurity, privacy, and data protection. For example, there is uncertainty around the validity and enforceability of intellectual property rights related to use or development of AI tools. Compliance with new or changing laws, regulations or industry standards related to AI may impose significant operational costs and may limit our ability to develop, deploy or use AI technologies in certain use cases. Failure to appropriately respond to this evolving landscape may result in legal liability, regulatory action, or reputational harm.

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***The direct and indirect impact on us and our customers from severe weather and other effects of climate change and the economic impacts of the transition to non-carbon based energy, could adversely affect our financial condition, results of operations, and cash flows.***

Our operations and properties, and those of our customers, may in the future be adversely impacted by flooding, wildfires, high winds, drought and other effects of severe weather conditions that may be caused or exacerbated by climate change. Any significant damage to such properties could force us or our customers to suspend operations at such properties, which may in turn limit demand for our nuclear fuel products. Even if these events do not directly impact us or our customers they may indirectly impact us and our customers through increased insurance, energy or other costs. In addition, although the ongoing transition to non-carbon based energy is creating significant opportunities for us and our customers, the transition also presents certain risks, including macroeconomic risks related to higher energy costs and energy shortages, among other things. These direct and indirect impacts from climate change could adversely affect our financial condition, results of operations, supply chain and cash flows.

#### Our business, financial and results of operations could be adversely affected by epidemics and other health related issues.
National or global health related outbreaks could disrupt supply chains and our day-to-day operations and those of our suppliers, our contractors, and our customers, which could materially adversely affect our operations, including increasing our costs. Government-mandated quarantines, slowdowns or shutdowns, border closings, and travel restrictions resulting from a global pandemic or health crisis could all materially disrupt global supply chains and the timely availability of products or product components. Further, impacts of such health crises on our management and workforce, or of the workforces of our suppliers, contractors, or customers, could adversely impact our business and we may be unable to mitigate such impacts.

If a health crisis prevents our employees or our contractors from working in-person at our site or our suppliers are unable to provide goods and services on the schedules we anticipated, the impacts on our production capabilities and costs could be material.

#### Actual costs and timelines around the production of advanced fuels and radioisotope power systems using non-uranium feedstocks may materially exceed estimates.
It is possible to produce advanced fuels and radioisotope power systems using non-uranium feedstocks. While we do not utilize such non-uranium feedstock today, if we were to produce advanced fuels and radioisotope power systems using non-uranium feedstocks (including, for example, transuranic elements) in the future, such potential plans would be dependent on the availability, cost, and regulatory accessibility of such materials, as well as our ability to design, license, and deploy dedicated processing facilities, which may need to be separate and distinct from our uranium-based operations. The development, permitting, construction, and operation of these facilities may require substantially greater time, capital, and technical effort than currently anticipated, and actual costs and timelines may materially exceed our estimates. The costs to develop and commercialize advanced fuels and radioisotope power systems using non-uranium feedstocks would require a substantial amount of investment over a period of years, and commercialization would also require authorizations from government agencies. If we elect to pursue such technologies and the development of such products, there can be no assurance that we will be successful in addressing all of the challenges inherent in developing and commercializing this technology or in obtaining the required governmental authorizations. The potential also exists for competitors to emerge with alternative technologies. We can provide no assurance that those competitors will not develop and commercialize similar or superior technologies, including such technologies that compete with, and potentially reduce demand for, our uranium based nuclear fuel products, sooner than we can or at a significant cost or price advantage.

***The occurrence of cybersecurity incidents or disruptions to or involving our information technology systems or those of our service providers, or a deficiency in our cybersecurity or the cybersecurity of our service providers, could negatively impact our business, financial condition, and results of operations.***

We retain highly confidential, sensitive and proprietary information, including personal data of our employees, in our systems and databases on third-party network providers. Although we maintain security features in our systems designed to protect confidential, sensitive and proprietary information and prevent data loss and other cybersecurity incidents, such measures cannot provide absolute security and our operations have been and may in the future be susceptible to incidents affecting our systems, networks or databases, or those of third parties that we rely

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on, including from circumvention of security systems, denial of service attacks or ransomware, hacking, computer viruses or malware, social-engineering attacks (including through deep fakes, which may be increasingly more difficult to identify as fake, and phishing attacks), credential stuffing attacks, credential harvesting, supply-chain attacks, software bugs, software or hardware failures, technical malfunction, employee error or noncompliance, malfeasance, technical errors, physical breaches, natural disasters, terrorist attacks and other system disruptions. We outsource certain functions, including IT functions, and these relationships allow for the storage and processing of our information, as well as customer, counterparty, and employee information.

While we engage in actions to reduce our exposure resulting from outsourcing, ongoing threats may result in unauthorized access, loss, exposure, destruction or other processing of data, or other cybersecurity incidents, with increased costs and other consequences, including those described below. The third parties with which we outsource certain of our IT functions utilize a variety of systems and cybersecurity capabilities, but such third parties may not be successful in preventing a cybersecurity incident. In some cases, we may not be aware of cybersecurity incidents for a long time as we rely on such third parties to inform us of a cybersecurity incident that could affect our information contained in their systems. Further, our information, facilities and systems and those hosted or supported by third parties on our behalf could also be impacted by the intentional or unintentional improper conduct of our employees, vendors or others who have access to and may mishandle or misappropriate sensitive, confidential or proprietary information. Any such actual or perceived event could cause us to lose potential customers, investors, government contracts and governmental approvals, become subject to regulatory actions, litigation, sanctions, requirements or other statutory penalties, disrupt our operations, and have a material adverse effect on our business, results of operations and financial condition.

Cybersecurity incidents may jeopardize the security, trade secrets, confidential, sensitive or proprietary data, or other information stored in and transmitted through our systems or the systems of third parties. In addition, cybersecurity incidents may cause extended disruptions to systems and operations and thus could impact our ability to develop products and conduct research and development. This may have a material adverse effect on our business, results of operations and financial condition.

The techniques used to obtain unauthorized, improper or illegal access to systems and information (including confidential, sensitive and proprietary information), disable, or degrade service, or sabotage systems, change frequently, may be difficult and/or costly to detect for a long time, and often are not recognized until after data has been taken or significant systems or information are compromised. Evolving technologies, such as the use of AI, also pose new threats to cybersecurity. Certain threats are designed to remain dormant or undetectable until launched against a target, and we may not be able to implement adequate preventative measures. Even when a cybersecurity incident is detected, the full extent of the incident may not be determined immediately. Certain efforts may be nation-state sponsored and/or supported by significant financial and technological resources and therefore may be even more difficult to detect. Cybersecurity incidents may cause outages and disruptions of our systems. Certain types of security incidents could harm us even if our systems are left undisturbed. For example, data breaches, cyberattacks or other security incidents may be designed to deceive employees and service providers into releasing control of our systems or data to a hacker while others may aim to introduce computer viruses or malware or other corruptants into our systems with a view to stealing confidential, sensitive or proprietary data.

We, or the third parties with whom we contract, may not anticipate these techniques or implement adequate preventive measures. We currently expend and may be required to further expend significant additional capital and other resources to protect against or respond to cybersecurity incidents. Despite our efforts, we may not have implemented all systems, security tools, measures, and processes that are consistent with industry standards and there can be no assurance that the security measures we have developed and implemented, or that we may develop and implement in the future, will provide absolute security or prevent data breaches, cyberattacks or other security incidents. It may be difficult and/or costly to detect, investigate, mitigate, contain, and remediate a security incident, and our efforts to do so may not be successful. Actions taken by us or the third parties with whom we work to detect, investigate, mitigate, contain, and remediate a security incident could result in outages, data losses, and disruptions of our business. Threat actors may also gain access to other networks and systems after a compromise of our networks and systems. Our insurance coverage may be inadequate to compensate us for any related losses we incur and, in some cases, our insurance coverage may not cover the cybersecurity incident at all. These issues are likely to become more difficult as we expand our operations. Any breach of our security measures or other cybersecurity incident, or even a perceived breach of our security measures or other perceived cybersecurity incident, could cause us to lose potential customers, investors, government contracts and governmental approvals; suffer material harm to

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our business, reputation, financial condition, results of operations, and reputation, be subject to regulatory actions, litigation, sanctions, requirements or other statutory penalties, disrupt our operations, and have a material adverse effect on our business, results of operations, and financial condition.

Our information technology assets, including those we acquired out of bankruptcy, may contain cybersecurity risks and vulnerabilities, which may be undetected, unidentified or unknown. In addition, future or past business transactions (such as acquisitions or integrations) could expose us to additional cybersecurity risks and vulnerabilities, as our systems could be negatively affected by vulnerabilities present in acquired or integrated entities, systems and technologies. Furthermore, we may discover additional cybersecurity issues that were not found during due diligence of such acquired or integrated assets and entities. It may also be difficult to integrate companies into our information technology environment and security program.

#### Risks Related to Legal, Regulatory and Compliance Matters
***Government policy, laws, or requirements (including environmental and operational mandates) may change drastically from one administration to another, and in doing so significantly burden or impair our operations.***

We are subject to a wide variety of laws and regulations relating to various aspects of our business, including with respect to use and possession of radioactive materials; design, manufacture, operations, marketing and transportation of nuclear fuel; import or export of nuclear technology, material, fuel or equipment; and environmental issues. Laws and regulations at the federal, state and local levels are subject to change, including changes in administrative or judicial interpretation and/or changes in implementation through executive orders or agency guidelines. Changes in laws and regulation are especially likely in relation to new and emerging industries and in the event of a change in administration at the state or federal levels, and we cannot always reasonably predict the impact from, or the ultimate cost of compliance with, current or future applicable regulatory requirements. While we monitor these developments and devote a significant amount of management's time and external resources towards compliance with these laws, regulations and guidelines, we cannot guarantee that these measures will be satisfactory to regulators or other third parties, such as our customers, who are also subject to extensive governmental regulation. Our efforts to comply with new and changing laws and regulations may result in increased general and administrative expenses, including implementation of complex compliance programs, qualification and training of personnel, and periodic inspections and audits, and a diversion of management time and attention. While recent executive actions prioritize nuclear deployment and fuel supply over certain other forms of energy generation, subsequent administrations or agencies may alter or reverse these priorities, creating planning uncertainty or requiring us to materially modify how we operate our business. For example, our Oak Ridge Facilities and Idaho Facility are under DOE authorization based on a combination of executive orders and the OTA, which together provide a regulatory pathway for pilot fuel production lines outside the traditional NRC licensing process. Under the OTA, we are required to transition key operational elements to full DOE oversight and away from NRC jurisdiction. This provision was incorporated into the OTA to foster nuclear innovation and reduce the time needed to bring advanced nuclear technologies into production. Any future reinstatement of the requirement that nuclear fuel production facilities be under NRC jurisdiction (whether by a future administration, new legislation or otherwise) could result in significant costs, delays, and uncertainties, and could adversely affect our ability to timely commercialize our products and achieve our business objectives. More generally, any changes in law or administration, the imposition of new or additional regulations or the enactment of any new or more stringent legislation that impacts our business could require us to change the way we operate and could have a material adverse effect on our sales, profitability, cash flows, financial condition, and lead to regulatory delays that could impact our ability to obtain licenses, certifications, authorizations, permits, and/or approvals from regulatory agencies. Failure to comply with these laws may also result in civil and criminal penalties or private lawsuits, or the suspension or revocation of regulatory approvals, which would prevent us from operating our business.

#### Our operations and business plans could be significantly impacted by changes in federal, state, and local government policies and priorities.
Changes in support, in policies, or in priorities by the legislative or executive branch for nuclear fuel, including changes at the NRC, the DOE, the U.S. Department of Homeland Security, the U.S. Environmental Protection Agency, or any other federal agency that affects policy related to nuclear power could impact our operations and business plans. Each of these agencies themselves may experience changes in policies and priorities that impact our operations and business plans. Federal, state, and local policies and priorities could affect regulatory oversight, supply chain

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availability, tax and other financial incentives or costs, availability of financing, labor force initiatives or restrictions, and many other possible areas. Both the NRC and the DOE have authority to issue new regulatory requirements or to change existing requirements. Changes to any regulatory requirements we are or could be subject to could require us to incur additional expenses to bring our facilities into compliance or could otherwise adversely affect our results of operations and financial condition. Additionally, changes in federal, state, or local government policies and priorities can impact our nuclear fuel operations. These could include changes in interpretations of regulatory requirements, increased inspection or enforcement activities, changes in budgetary priorities, changes in tax laws and regulations and other government actions or inaction. Any of these local, state, and federal agencies may have the authority to impose civil penalties and additional requirements, which could adversely affect our results of operations.

#### The nuclear power industry is a highly regulated industry and evolving regulations may impose additional compliance costs or require design modifications.
All entities that operate nuclear fuel manufacturing facilities and transport nuclear materials are subject to the jurisdiction of the NRC, the DOE and/or their counterparts around the world. Our fuel designs differ significantly in some aspects from the fuel used today by commercial nuclear power plants. Extensive testing and performance demonstration may delay approvals or reveal deficiencies. There is a risk that regulators may require additional information from us or our customers regarding our fuel product's behavior or performance which necessitates additional, unplanned analytical and/or experimental work which could cause program schedule delays and require more R&D funding. In addition, entities within the nuclear industry may be hesitant to invest in Advanced Reactors such as those that use our nuclear fuel, which has limited history of commercial use. Furthermore, our fuel development timeline relies on the relevant nuclear regulator accepting and approving technical information and documentation about our nuclear fuel that is generated during fuel testing and qualification. Although recent U.S. policy actions aim to streamline licensing and accelerate reactor deployment, these initiatives may not translate into shorter or less costly licensing processes for our specific fuels.

#### Safeguards and security requirements for special nuclear material impose significant ongoing operational burdens and costs.
Handling HALEU and other nuclear materials requires robust security measures, including physical protection, cyber-physical integration, insider threat and access authorization programs, and continuous monitoring and recordkeeping and may be compromised by, among other things, accidents, acts of terrorism or war, physical or electronic break-ins and theft, other intentional conduct, or similar events or incidents. While we have built operational processes and programs that are intended to meet rigorous safety standards, there can be no assurance that we will not experience operational or process failures or other problems that could result in potential safety risks. These programs are capital- and labor-intensive, require specialized personnel, and are subject to frequent audit and inspection. Any failure to implement or maintain these programs could result in enforcement actions or operational restrictions, which would significantly adversely affect our business, financial condition, and results of operations. Security requirements can also constrain operating hours, logistics windows, and staffing models, and they may necessitate upgrades over time as threat assessments evolve, each of which increases costs. Even with ongoing investments in compliance and security programs and a culture of continuous improvement, the complexity of safeguards may limit operational flexibility and raise costs.

#### Limitations or modifications to indemnification regulations of the United States or foreign countries could adversely affect our business.
The Price-Anderson Nuclear Industries Indemnity Act, commonly called the Price-Anderson Act, is a U.S. federal law, which, among other things, regulates radioactive materials and the nuclear energy industry, including liability and compensation in the event of nuclear related incidents. The Price-Anderson Act provides certain protections and indemnification to nuclear energy plant operators under NRC jurisdiction as well as DOE contractors. Under current laws and regulations, while the Price-Anderson Act would protect us against certain types of claims arising from a nuclear incident at a customer site in the United States, certain categories of losses would not be covered and we could be liable for damages, which may be significant.

For our fuel fabrication facilities that are under DOE jurisdiction, liabilities to third parties arising from nuclear incidents at DOE facilities or facilities under DOE contracts such as the OTA are ultimately required to be paid by the federal government. Such Price-Anderson Act protections and DOE indemnification apply to our Oak

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Ridge and Idaho facilities as part of our services to the DOE and are documented in the OTA, pursuant to which the DOE has agreed to indemnify us against liabilities arising from nuclear incidents up to an available indemnification amount of approximately $16.5 billion.

For fuel fabrication facilities that are under NRC jurisdiction (including, the Richland SN-F Facility), such facilities and, through an omnibus clause, anyone who might have liability for a nuclear incident at the site or when nuclear material is in transit between covered sites, are covered by American Nuclear Insurers' "Facility Form" nuclear liability insurance, which is the same coverage available to commercial reactor operators and provides protection against third-party claims for bodily injury, property damage or covered environmental cleanup costs resulting from a nuclear incident. At such time as we transition any of our facilities from DOE oversight to NRC licensing in the future, we will no longer benefit from Price-Anderson Act indemnification through the DOE for those facilities and will instead need to obtain a Facility Form nuclear liability insurance policy from American Nuclear Insurers for such facilities. However, there can be no assurance that we will be able to obtain such coverage on commercially reasonable terms, or at all. In particular, because certain of our facilities are located on or adjacent to former U.S. government nuclear properties with legacy environmental conditions, including sites that may be designated as 'Superfund' sites, American Nuclear Insurers or other insurers may decline to underwrite a Facility Form policy or may impose exclusions, limitations, or pricing that is cost-prohibitive. If we are unable to obtain adequate nuclear liability insurance coverage for any of our facilities upon our transition to NRC oversight, we may be required to limit or suspend operations at the affected facilities, or seek alternative risk mitigation arrangements, any of which could have a material adverse effect on our business, financial condition, and results of operations.

In addition, other jurisdictions in the world maintain their own indemnification regulations. The nuclear liability protections available in foreign jurisdictions in which we may operate or sell fuel in the future may not apply to all liabilities that we might incur. If an incident, damages or evacuation is not covered under the indemnification provisions of the Price-Anderson Act or other applicable nuclear liability regime, we could be held liable for damages, in some cases regardless of fault if we are the licensed operator of the facility at which the incident occurs, which could have an adverse effect on our financial condition and results of operations.

Further, because we transport toxic, hazardous and radioactive materials, there can be no assurance that a counterparty may not try to bring a secondary claim against us for a transport accident that is outside the indemnification provided by the Price-Anderson Act or such other indemnification regulation.

Neither the Price-Anderson Act nor international nuclear liability conventions and national domestic nuclear liability laws cover on-site loss or damage to property due to a nuclear incident. Rather, most nuclear regulators (including the NRC) require nuclear operators to maintain on-site property damage insurance. While we maintain on-site property damage insurance, there can be no assurance that the insurance pool is adequate because it has never been tested.

#### Cross-border activity in nuclear materials is tightly regulated, and export / import approvals or international agreements may restrict our business.
Any exports or imports of enriched uranium (including HALEU), fuel components, or technology are subject to licensing and international agreement constraints, including NRC export/import licensing, DOE authorizations for assistance to foreign atomic energy activities, and applicable bilateral nuclear cooperation agreements that may limit retransfers or end uses. Such approvals may involve extensive review, may impose conditions on end use and retransfers, and can be delayed or denied. Restrictions under country-specific nuclear cooperation frameworks may limit our ability to serve certain markets or counterparties, adversely affecting growth prospects. Additionally, technology transfers, technical assistance, and access by foreign nationals to controlled technology may require separate authorizations and compliance programs, and inadvertent disclosures could result in enforcement actions or loss of market access. Requirements may differ by jurisdiction and can change with little notice, increasing compliance costs and schedule risk. Even approved transactions may be subject to reporting, recordkeeping, and prior consent obligations that add friction, delay delivery, and increase costs.

#### Our activities may trigger environmental reviews and potential litigation that could delay projects and increase costs.
Our operations and properties are subject to a wide variety of increasingly complex and stringent federal, foreign, state and local environmental laws and regulations, including those governing discharges into the air and water, the handling, storage and disposal of mixed, solid and hazardous wastes, the remediation of soil

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and groundwater contaminated by hazardous substances and the health and safety of employees. Sanctions for non-compliance may include revocation of permits, corrective action orders, administrative or civil penalties and criminal prosecution. Some environmental laws provide for strict, joint and several liability for remediation of spills and other releases of hazardous substances, as well as damage to natural resources. In addition, companies may be subject to claims alleging personal injury or property damage as a result of alleged exposure to hazardous substances. Such laws and regulations may also expose us to liability for the conduct of or conditions caused by others or for our acts that were in compliance with all applicable laws at the time such acts were performed.

These laws and regulations include the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended ("CERCLA"), the Clean Air Act ("CAA"), the Clean Water Act ("CWA"), the Resource Conservation and Recovery Act ("RCRA") and similar laws that provide for responses to, and liability for, releases of hazardous substances into the environment. These laws and regulations also include similar foreign, state or local counterparts to these federal laws, which regulate air emissions, water discharges, hazardous substances and waste and require public disclosure related to the use of various hazardous substances. We are also subject to federal, state, local and foreign laws and regulations governing worker health and safety requirements. Failing to comply with these laws and regulations could have an adverse effect on our results of operations.

Construction, modification, or expansion of facilities and certain licensing actions may require environmental reviews and consultations. These processes can be lengthy and are subject to challenge by third parties, including on environmental justice grounds and with respect to cumulative impacts. Adverse findings, additional mitigation requirements, or litigation could delay schedules, increase capital expenditures, or lead to permit denials or modifications. We may incur costs for baseline studies, monitoring, mitigation measures, and community engagement, and we could face injunctions or stay orders pending resolution of administrative or judicial proceedings. Even if we ultimately prevail, delays could cause us to miss customer milestones and lose revenue. Additionally, we may be responsible for Decontamination and Decommissioning ("D&D") of facilities where we conduct, or previously conducted, operations. Activities of our contractors, suppliers or other counterparties similarly may involve toxic, hazardous, and radioactive materials and we may be liable contractually, or under applicable law, to contribute to remedy damages or other costs arising from such activities, including the D&D of third-party facilities.

***Our operations involve the use, transportation and disposal of toxic, hazardous and/or radioactive materials and could result in liability without regard to fault or negligence.***

Our operations involve the use, transportation, and disposal of toxic, hazardous and/or radioactive materials. A release of these materials could pose a health risk to humans or animals. If an accident were to occur, its severity would depend on the volume of the release and the speed of corrective action taken by emergency response personnel, as well as other factors beyond our control, such as weather and wind conditions. Actions taken in response to an actual or suspected release of these materials, including a precautionary evacuation, could result in significant costs for which we could be legally responsible. In addition to health risks, a release of these materials may cause damage to, or the loss of, property and may adversely affect property values.

We may be liable if we fail to comply with federal, state, and local environmental, health and safety laws and regulations with respect to hazardous or radioactive materials. Failing to comply with such laws and regulations, including failing to obtain any necessary permits, could result in substantial fines or enforcement actions. These actions might require us to stop or curtail operations or conduct or fund remedial or corrective measures, make additional investments into safety-related improvements or perform other actions. The enactment of more stringent laws, regulations or permit requirements or other unanticipated events may arise in the future and adversely impact our ability to operate, which could materially and adversely affect our business, financial condition, and results of operations. We could incur substantial costs as a result of a violation of, or liabilities under, environmental laws.

#### Regulatory enforcement actions, safety culture concerns, or quality program deficiencies could halt or restrict our operations.
Our compliance programs, including the maintenance of a safety-conscious work environment and nuclear-grade quality assurance, are critical to our ability to operate. Adverse inspection findings, notices of violation, or systemic quality issues could trigger corrective actions, work stoppages, or escalated enforcement. Any such actions may result in increased costs, loss of customer confidence, schedule delays, and reputational harm. In severe cases, regulators may require shutdowns, independent third-party assessments, or long-term corrective action plans before operations can resume at full scope. Findings related to material control and accounting, physical

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protection, or cyber security could also require immediate compensatory measures that reduce throughput and raise costs. Enforcement actions can also affect our ability to bid for government contracts, obtain insurance, or maintain customer approvals, compounding the operational impact.

#### We may become involved in litigation that may materially adversely affect us.
From time to time, we may become involved in various legal proceedings relating to matters incidental to the ordinary course of our business, including intellectual property, commercial, product liability, employment, class action, whistleblower and other litigation and claims, and governmental and other regulatory investigations and proceedings. Such matters can be time-consuming, divert management's attention and resources from the operation of our business and cause us to incur significant expenses or liability or require us to change our business practices. Because of the potential risks, expenses, and uncertainties of litigation, from time to time, we may settle disputes, even where we believe that we have meritorious claims or defenses. Because litigation is inherently unpredictable, we cannot assure you that the results of any of these actions will not have a material adverse effect on our business.

***Our operations are subject to operating risks, which could expose us to potentially significant professional liability, product liability, warranty and other claims. Our insurance coverage may be inadequate to cover all of our significant risks, or our insurers may deny coverage of material losses we incur, which could adversely affect our profitability and overall financial condition.***

We operate in a business where accidents or system failures can have significant consequences. Risks inherent in our operations include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accidents resulting in injury or the loss of life or property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• environmental or toxic tort claims, including delayed manifestation claims for personal injury or loss of life;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pollution or other environmental mishaps;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• natural disasters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse weather conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• mechanical or design failures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• property losses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• business interruption due to political action in foreign countries or other reasons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• labor stoppages.

Any accident or failure at a site where we have provided products or services could result in significant professional liability, product liability, warranty and other claims against us, regardless of whether our products or services caused the incident. In the future we may be named as defendants in lawsuits asserting large claims as a result of litigation arising from events such as those listed above.

We endeavor to identify and obtain, in established markets, insurance agreements to cover significant risks and liabilities. Insurance against some of the risks inherent in our operations is either unavailable or available only at rates or on terms that we consider uneconomical. Also, catastrophic events customarily result in decreased coverage limits, more limited coverage, additional exclusions in coverage, increased premium costs and increased deductibles and self-insured retentions. Depending on competitive conditions and other factors, we endeavor to obtain contractual protection against certain uninsured risks from our customers. When obtained, such contractual indemnification protection may not be as broad as we desire or may not be supported by adequate insurance maintained by the customer. Such insurance or contractual indemnity protection may not be sufficient or effective under all circumstances or against all hazards to which we may be subject. A successful claim for which we are not insured or for which we are underinsured could have a material adverse effect on us. Additionally, disputes with insurance carriers over coverage may affect the timing of cash flows and, if litigation with the carrier becomes necessary, an outcome unfavorable to us may have a material adverse effect on our results of operations.

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Although we have product liability insurance coverage, with policy limits that we believe are customary for the nuclear industry, such coverage may not be adequate, requiring that we pay judgments or settlement amounts in excess of policy limits. We may not be able to maintain insurance coverage at adequate levels. Any product liability claims could be costly to defend, time-consuming and result in adverse judgments, which could result in a material adverse effect on our business, reputation and results of operations.

Further, our insurance coverage may be subject to certain limitations or restrictions and may not cover all potential losses. Certain risks, such as extended business interruption, cybersecurity incidents, transportation losses or onsite property damage, may be uninsured or underinsured and we may also face disputes with insurers regarding coverage. As a result, we may be required to bear significant costs, which could adversely affect our business, financial condition and results of operations.

***Changes in federal and state tax laws, or interpretations thereof, and expiration of tax incentives and credits could materially and adversely affect our financial performance.***

We are a U.S. corporation and thus subject to U.S. corporate income tax on our worldwide income. Further, since our operations and customers are located throughout the U.S. and expanding, we will be subject to various U.S. state, local and foreign taxes. U.S. federal, state, local and non-U.S. tax laws, policies, statutes, rules, regulations or ordinances could be interpreted, changed, modified or applied adversely to us and may have an adverse effect on our business and future profitability. In addition, the complexity and variability of tax regulations, combined with the potential for legislative or administrative changes, expose our business to significant tax-related risks. Federal and state governments periodically enact changes to income tax rates, tax deductions, credits, and other provisions. Increases in corporate income tax rates or reductions in available deductions could materially increase our tax obligations. Furthermore, differences in state tax laws and interpretations can also result in disputes with tax authorities, audits, and potential assessments for unpaid taxes, penalties, or interest. Changes in enforcement practices or increased scrutiny from federal or state tax agencies could also lead to greater compliance costs and risks of financial penalties. Similarly, unanticipated changes in tax policy could disrupt our financial planning and operational strategies, potentially impacting cash flow and investment decisions.

Projects in the nuclear energy sector may benefit from U.S. federal income tax incentives, including the investment tax credit, the production tax credit, and accelerated depreciation. Certain tax benefits under U.S. tax regulations applicable to investments in the nuclear power sector, however, have expired or are set to expire and there can be no assurance that such benefits will be extended or renewed, retroactively or prospectively, by the U.S. Congress. Energy policy has been, and is expected to continue to be, a matter of political discussion, and there can be no assurance that U.S. tax legislation favorable toward the nuclear power sector will continue or that changes in the tax laws will not limit or eliminate the present tax incentives. Further, current and future legislative proposals, if enacted into law, could significantly modify the existing U.S. federal income tax incentives for projects in the nuclear power sector. The expiration of U.S. tax incentives for nuclear energy could materially impact the profitability of our business. The elimination of, or reduction in, government policies that support nuclear energy could have a material adverse effect on our financial condition or results of operation. To the extent any tax credits, other favorable tax treatment or other forms of support for renewable energy are changed, our business may be materially adversely affected.

#### We are subject to complex and evolving data privacy and cybersecurity laws, rules and regulations.
We are subject to complex and evolving laws, rules, regulations and industry standards related to data privacy and cybersecurity. Compliance with these laws, rules and regulations is costly and will result in additional costs in our efforts to continue to comply. We or third parties we work with may at times fail (or be perceived to have failed) in our efforts to comply with such laws, rules and regulations. If we or the third parties with whom we work fail, or are perceived to have failed, to address or comply with these laws, rules or regulations, we could face significant consequences, including but not limited to, enforcement actions, regulatory investigations and fines, individual or class action litigation, mass arbitration demands, additional costs of compliance, additional reporting requirements and/or oversight, bans or restrictions on processing personal data, orders to destroy or not use personal data, imprisonment of company officials, and/or reputational harm. Ongoing efforts to comply with these laws also may divert management and employee attention from other business and growth initiatives. We could be liable for loss or misuse of personal data in our possession or control if we fail to prevent or mitigate such misuse or loss. Failure to prevent or mitigate such misuse or breaches may affect our reputation and operating results negatively

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and may require significant management time and attention and could result in significant regulatory fines and/or other penalties. Government enforcement actions and violations of data privacy and cybersecurity laws, rules or regulations may be costly or interrupt our business operations. Further, plaintiffs have become increasingly more active in bringing privacy-related claims against companies, including class claims and mass arbitration demands. Some of these claims allow for the recovery of statutory damages on a per violation basis, and, if viable, carry the potential for monumental statutory damages, depending on the volume of data and the number of violations. Any disruption to our business arising from such issues, or an increase in our costs to cover or remediate these issues may have an adverse effect on our business, financial condition and results of operations.

Numerous U.S. states have enacted comprehensive privacy laws that impose certain obligations on covered businesses, including providing specific disclosures in privacy notices and affording residents with certain rights concerning their personal data. As applicable, such rights may include the right to access, correct, or delete certain personal data, and to opt-out of certain data processing activities, such as targeted advertising, profiling, and automated decision-making. The exercise of these rights may impact our business and ability to provide our products and services. Certain states also impose stricter requirements for processing certain personal data, including sensitive information, such as conducting data privacy impact assessments. These state laws allow for statutory fines for noncompliance. Moreover, laws in all 50 U.S. states require businesses to provide notice under certain circumstances to consumers whose personal data has been disclosed as a result of a data breach. Outside the U.S., an increasing number of laws, rules, regulations, and industry standards govern data privacy and cybersecurity. Certain foreign laws, rules, regulations and industry standards impose stricter requirements for processing personal data.

Obligations related to data privacy and cybersecurity are quickly changing, becoming increasingly stringent, and creating uncertainty. Additionally, these obligations may be subject to differing applications and interpretations, which may be inconsistent or conflict among jurisdictions. Preparing for and complying with these obligations requires us to devote significant resources, which may necessitate changes to our services, information technologies, systems, and practices and to those of any third parties that process personal data on our behalf.

#### Risks Related to Our Acquisition of Assets Out of Bankruptcy
***Despite acquiring the Ultra Safe assets "free and clear" of any specified claims and interests, we could still be responsible for successor, statutory, or other legacy liabilities associated with the acquired assets.***

We acquired certain assets in Ultra Safe's bankruptcy proceeding in 2024. Although we purchased these assets through a court-approved bankruptcy process intended to transfer assets "free and clear" of specified claims and interests, those protections have limits. We could remain responsible for liabilities that run with the assets or are not dischargeable in a bankruptcy proceeding, including regulatory, environmental, health and safety, decommissioning, or land-use obligations embedded in permits and statutes. In addition, parties may assert successor liability based on continuity of operations, shared facilities or brand, overlap in management or employees, or alleged representations to counterparties. If asserted successfully, these claims could require remediation, injunctive relief, or monetary payments not contemplated by our acquisition underwriting and could adversely affect our liquidity and operations. Further, defending against these claims can be time-consuming, divert management's attention and resources from the operation of our business and cause us to incur significant expenses or liability.

***Creditors or other parties in interest may challenge the transaction as a fraudulent transfer, preference, or otherwise, which could result in monetary or injunctive relief and disrupt our business.***

Notwithstanding the sale order issued in the bankruptcy proceeding, creditors or other stakeholders may allege that the purchase price we paid for the Ultra Safe assets was not "reasonably equivalent value," that pre- or post-petition transfers should be avoided and recovered from us, or that aspects of the sale process were defective. These claims can persist until applicable limitations periods expire. While we believe the sale complied with applicable law, litigation risk remains and could result in damages, rescission, re-running of sale processes, or other remedies that consume management time, increase costs, and delay projects. See also "— *We may become involved in litigation that may materially adversely affect us.*"

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***We may discover title defects, unreleased liens, real property restrictions, or breaks in intellectual property chain of title (including with respect to the assets acquired from Ultra Safe) that require costly remediation and could constrain operations.***

Post-closing diligence of the assets we purchased may reveal filing defects, unreleased liens or encumbrances, easement gaps, ground-lease limitations, or restrictive covenants affecting facilities and equipment. Similarly, we have identified and may continue to identify breaks in chain of title or unreleased liens and encumbrances for patents, software, data, or other intellectual property, or discover that certain rights were non-assignable and/or require re-grant. Clearing these issues may necessitate further court relief, settlements with lienholders or landlords, negotiations with third parties to enter into assignment or licensing agreements (which may not be available on commercially reasonable terms or at all), corrective filings, replacement licenses, redevelopment of technology, or redesign of processes or products. Until resolved, these defects can delay licensing, impair customer qualifications, and increase operating costs. Further, such defects may lead to disputes as to the ownership of our technologies or other intellectual property and subject us to third-party claims of infringement, misappropriation or violation, and we may have to initiate litigation or other proceedings to establish, enforce and protect our intellectual property and proprietary rights. Litigation or other proceedings relating to intellectual property claims are inherently unpredictable and time-consuming, and even if resolved in our favor, such litigation or proceedings may cause us to incur significant expenses and could distract our personnel from their normal responsibilities. Furthermore, because of the substantial amount of discovery required in connection with intellectual property litigation, there is a risk that some of our confidential information could be compromised by disclosure during this type of litigation. If issues concerning the acquired intellectual property cannot be resolved, we could be forced to stop or delay development, use or commercialization of our fuel design, other technology or a component thereof, redevelop or redesign all or a portion thereof, or, if the claims in such suit were to involve our trademarks, change our branding. See also "— *If we are unable to obtain, maintain, protect or enforce our intellectual property and similar proprietary rights, including trade secrets relating to our technology, the commercial value of our technology and our business, financial condition and results of operations may be adversely affected.*"

#### Environmental conditions, waste liabilities, or decommissioning obligations associated with the acquired assets may exceed our estimates.
Legacy environmental contamination, historical waste management practices, or radiological inventories associated with the assets we acquired may not have been fully characterized at closing. Additional investigation, monitoring, engineering controls, packaging, transportation, or disposal may be required, and disposal pathways for certain waste streams may be limited or more expensive than anticipated. New regulatory guidance or inspections could impose additional corrective actions. Any of these developments could increase costs, require additional capital expenditures, and delay operations.

#### Accounting, valuation, and tax treatment of the acquisition involve significant judgments, and future adjustments could adversely affect our financial statements and cash taxes.
We allocated the purchase price for the acquired assets based on estimated fair values of identifiable assets and liabilities, including intangibles and contingencies. If actual performance or facts differ from our estimates, we may incur impairment charges, goodwill write-downs, inventory write-offs, or valuation allowance changes. The tax characterization of the transaction and any inherited tax attributes can be complex and subject to change with audit outcomes or changes in law, potentially increasing our cash tax obligations and adversely affecting our reported results.

#### Risks Related to Being a Public Company, Investment in Our Class A Common Stock and This Offering

#### Most members of our management team have limited experience managing a public company.
Most members of our management team have limited experience managing a publicly traded company, interacting with public company investors and complying with the increasingly complex laws pertaining to public companies. Our management team may not successfully or efficiently manage our transition to being a public company that is subject to significant regulatory oversight and reporting obligations under the federal securities laws and the continuous scrutiny of securities analysts and investors. These new obligations and constituents will require significant attention from our senior management team and could divert their attention away from the day-to-day management of our business, which could harm our business, financial condition and results of operations.

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***We have identified material weaknesses in our internal control over financial reporting. If our remediation of such material weaknesses is not effective, or if we experience additional material weaknesses in the future or otherwise fail to develop and maintain effective internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable laws and regulations could be impaired.***

As a public company, we will be subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act"), and the rules and regulations of the applicable listing standards of the NYSE. We expect that the requirements of these rules and regulations will continue to increase our legal, accounting, and financial compliance costs, make some activities more difficult, time-consuming, and costly, and place significant strain on our personnel, systems, and resources.

The Sarbanes-Oxley Act requires, among other things, that we maintain effective disclosure controls and procedures, and internal control, over financial reporting. We are continuing to develop and refine our disclosure controls, internal control over financial reporting, and other procedures that are designed to ensure information required to be disclosed by us in our financial statements and in the reports that we will file with the SEC is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and information required to be disclosed in reports under the Exchange Act is accumulated and communicated to our principal executive and financial officers. In order to maintain and improve the effectiveness of our internal controls and procedures, we have expended, and anticipate that we will continue to expend, significant resources, including accounting-related costs and significant management oversight.

As a public company, we will be required to maintain internal control over financial reporting and to evaluate and determine the effectiveness of our internal control over financial reporting. Beginning with our second annual report following this offering, we will be required to provide a management report on internal control over financial reporting, as well as an attestation of our independent registered public accounting firm. Neither we nor our independent registered public accounting firm were required to, and therefore did not, perform an evaluation of our internal control over financial reporting as of or for any period included in our financial statements, nor any period subsequent in accordance with the provisions of the Sarbanes-Oxley Act. However, while preparing the financial statements that are included in this prospectus, we identified material weaknesses in our internal control over financial reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.

The material weaknesses we identified primarily relate to the design and operation of controls as we have rapidly scaled our business, manufacturing activities and organizational infrastructure. Specifically, we did not design and maintain effective controls over (i) user access and segregation of duties across our financial systems and related processes, and (ii) we did not have a sufficient complement of personnel with the appropriate level of technical accounting expertise in U.S. GAAP and SEC reporting requirements, which created a risk that complex accounting matters and financial statements and related disclosures would not be identified, evaluated, resolved, or prepared accurately and timely in accordance with these standards. These material weaknesses arose in part because we have historically operated with a limited accounting and finance organization and have been in a period of significant growth as we expanded our advanced fuel development and fabrication capabilities. During this period, we have been scaling operations related to TRISO fuel production and related infrastructure, including initiatives associated with DOE-supported fuel-line activities, which has increased the complexity of our accounting, financial reporting and compliance environment.

Although these material weaknesses did not result in an identified material misstatement in the consolidated financial statements included in this prospectus, they could result in misstatements of account balances or disclosures that would not be prevented or detected on a timely basis. Accordingly, our management concluded that our internal control over financial reporting was not effective.

We have implemented measures to remediate these material weaknesses, including hiring and continuing to build our finance and accounting team, enhancing the design and documentation of key controls and close procedures, improving role-based access and segregation of duties within our financial systems, and engaging external advisors with public-company reporting and technical accounting experience and we are currently in the

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process of testing these applicable controls. However, the material weaknesses will not be considered remediated until the applicable controls have been designed, implemented, operated for a sufficient period of time, and tested, and management has concluded that these controls are operating effectively.

The process of designing and implementing internal control over financial reporting required to comply with the disclosure and attestation requirements of Section 404 of the Sarbanes-Oxley Act will be time consuming and costly. If during the evaluation and testing process we identify additional material weaknesses in our internal control over financial reporting or determine that existing material weaknesses have not been remediated, our management will be unable to assert that our internal control over financial reporting is effective. Even if our management concludes that our internal control over financial reporting is effective, our independent registered public accounting firm may conclude that there are material weaknesses with respect to our internal control over financial reporting. If we are unable to assert that our internal control over financial reporting is effective, or when required in the future, if our independent registered public accounting firm is unable to express an unqualified opinion as to the effectiveness of our internal control over financial reporting, investors may lose confidence in the accuracy and completeness of our financial reports, the market price of our stock could be adversely affected and we could become subject to litigation or investigations by the stock exchange on which our securities are listed, the SEC, or other regulatory authorities, which could require additional financial and management resources.

Further, upon becoming a public company, significant resources and management oversight will be required. As a result, management's attention may be diverted from other business concerns, which could harm our business, operating results, financial condition, and future prospects.

#### We will incur significant increased costs and management resources as a result of operating as a public company.
As a public company, we will be subject to the information and reporting requirements of the Securities Act, the Exchange Act and other federal securities laws, rules and regulations related thereto, including compliance with the Sarbanes-Oxley Act and the Dodd-Frank Act. In addition, the listing requirements and other applicable securities rules and regulations impose various requirements on public companies. Our management and other personnel will need to devote a substantial amount of time to these compliance initiatives. Moreover, these rules and regulations will significantly increase our legal and financial compliance costs and will make some activities more time-consuming and costly. Among other things, as a public company we are required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintain and evaluate a system of internal controls over financial reporting in compliance with the requirements of Section 404 of the Sarbanes-Oxley Act and the related rules and regulations of the SEC and the Public Company Accounting Oversight Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintain policies relating to disclosure controls and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prepare and distribute periodic reports in compliance with our obligations under federal securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• institute a more comprehensive compliance function, including with respect to corporate governance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• involve, to a greater degree, our outside legal counsel and accountants in the above activities.

The costs of preparing and filing annual and quarterly reports, proxy statements and other information with the SEC and furnishing audited reports to stockholders is expensive and much greater than that of a privately-held company, and compliance with these rules and regulations will require us to hire additional financial reporting, internal controls and other finance personnel, and will involve a material increase in regulatory, legal and accounting expenses and the attention of our board of directors and management. In addition, being a public company makes it more expensive for us to obtain director and officer liability insurance. In the future, we may be required to accept reduced coverage or incur substantially higher costs to obtain this coverage. These factors could also make it more difficult for us to attract and retain qualified executives and members of our board of directors. We expect a substantial increase in legal, accounting, insurance and certain other expenses incurred to comply with these additional regulatory and other requirements in the future, which will negatively impact our business, results of operations and financial condition.

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#### The market price of our Class A common stock may be volatile or may decline steeply or suddenly regardless of our operating performance.
You may not be able to resell your shares at or above the initial public offering price and may lose all or part of your investment. We cannot predict the prices at which our Class A common stock will trade. The initial public offering price for our Class A common stock will be determined by negotiations between us and the underwriters, and may vary from the market price of our Class A common stock following this offering. If you purchase shares of Class A common stock in this offering, you may not be able to resell those shares at or above the initial public offering price. The market price of our Class A common stock may fluctuate or decline significantly in response to numerous factors, many of which are beyond our control, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or anticipated fluctuations in our revenues or other results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• variations between our actual results of operations and the expectations of securities analysts, investors and the financial community;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any forward-looking financial or operating information we may provide to the public or securities analysts, any changes in this information or our failure to meet expectations based on this information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actions of securities analysts who initiate or maintain coverage of us, changes in financial estimates by any securities analysts who follow us or our failure to meet these estimates or the expectations of investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additional shares of our Class A common stock being sold into the market by us or our existing stockholders, or the anticipation of such sales, including if existing stockholders sell shares into the market when the applicable "lock-up" periods end;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announcements by us or our competitors of significant products or features, innovations, acquisitions, strategic partnerships, joint ventures, capital commitments, divestitures or other dispositions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of relationships with significant suppliers or other customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developments in AI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in operating performance and stock market valuations of companies in our industry, including our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties in integrating new projects or technologies into existing assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of services from members of management or employees or difficulty in recruiting additional employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• deterioration of economic conditions in the United States and reduction in demand for our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• price and volume fluctuations in the overall stock market, including as a result of general economic trends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lawsuits threatened or filed against us, or events that negatively impact our reputation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developments in new legislation and pending lawsuits or regulatory actions, including interim or final rulings by judicial or regulatory bodies.

In addition, extreme price and volume fluctuations in the stock markets have affected and continue to affect the stock prices of many companies. Often, their stock prices have fluctuated in ways unrelated or disproportionate to their operating performance. In the past, stockholders have filed securities class action litigation against companies following periods of market volatility. Such securities litigation, if instituted against us, could subject us to substantial costs, divert resources and the attention of management from our business and seriously harm

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our business. See also "— *Our business and operations could be negatively affected if we become subject to any securities litigation or stockholder activism, which could cause us to incur significant expense, hinder execution of business and growth strategy, and impact our stock price*."

***New investors in our Class A common stock will suffer immediate and substantial dilution in the book value of the shares purchased in this offering.***

The initial public offering price of our Class A common stock will be substantially higher than the pro forma net tangible book value per share of the outstanding common stock immediately after the offering. Based on our pro forma net tangible book value as of , 2026, if you purchase our Class A common stock in this offering at the initial public offering price set forth on the cover page of this prospectus, you will suffer immediate dilution in net tangible book value per share of $ per share. To the extent that any outstanding options to purchase shares of our common stock are exercised or new awards are granted under our equity compensation plans, there will be further dilution to investors participating in this offering.

***In order to fulfill our business plan, we may require additional funding, and our ability to obtain such funding will be dependent on market conditions and the progress of our business, and we may not be able to obtain such funding on favorable terms or at all.***

Our business is capital intensive. We expect that significant additional capital will be needed in the future to continue our planned operations, including commercialization efforts, expanded research and development activities and costs associated with operating a public company. Market volatility or sector-specific sentiment could limit our ability to raise capital when needed or on acceptable terms. To raise capital, we may enter into financing arrangements that may be costly or impose certain restrictive covenants or otherwise restrict our ability to seek additional leverage or financing. We may also seek to sell common stock, convertible securities or other equity securities in one or more transactions at prices and in a manner we determine from time to time. If we sell common stock, convertible securities or other equity securities, investors may be materially diluted by subsequent sales. Such sales may also result in material dilution to our existing stockholders, and new investors could gain rights, preferences and privileges senior to the holders of our common stock. Any of the above events could significantly harm our business, prospects, financial condition and results of operations and cause the price of our common stock to decline.

***Our business and operations could be negatively affected if we become subject to any securities litigation or stockholder activism, which could cause us to incur significant expense, hinder execution of business and growth strategy, and impact our stock price.***

Our share price may be volatile and, in the past, companies that have experienced volatility in the market price of their stock have been subject to securities litigation, including class action litigation. Stockholder activism, which could take many forms or arise in a variety of situations, has been increasing recently. Once our Class A common stock is publicly traded, volatility in the stock price of our Class A common stock or other reasons may in the future cause us to become the target of securities litigation or stockholder activism. Securities litigation and stockholder activism, including potential proxy contests, could result in substantial costs and divert the attention and resources of management and our board of directors from our business. Additionally, such securities litigation and stockholder activism could give rise to perceived uncertainties as to our future, adversely affect our relationships with our suppliers or customers and make it more difficult to attract and retain qualified personnel. Also, we may be required to incur significant legal fees and other expenses related to any securities litigation and activist stockholder matters. Further, our stock price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any securities litigation and stockholder activism.

***There has been no prior market for our Class A common stock and an active trading market for our Class A common stock may never develop or be sustained, which may cause shares of our Class A common stock to trade at a discount from their initial offering price and make it difficult to sell the shares of Class A common stock you purchase.***

Prior to this offering, there has not been a public trading market for shares of our Class A common stock. The initial public offering price per share of Class A common stock will be determined by agreement between us and the representatives of the underwriters and may not be indicative of the price at which shares of our Class A common

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stock will trade in the public market after this offering. If you purchase shares of our Class A common stock, you may not be able to resell those shares at or above the initial public offering price. We cannot predict the extent to which investor interest in us will lead to the development of an active trading market on or how liquid that market might become. An active public market for our Class A common stock may not develop or be sustained after the offering. If an active public market does not develop or is not sustained, it may be difficult for you to sell your shares of Class A common stock at a price that is attractive to you, or at all. The market price of our Class A common stock may decline below the initial public offering price.

***If securities analysts do not publish research or reports about our business or if they publish negative evaluations of our Class A common stock, the price of our Class A common stock could decline.***

The trading market for our Class A common stock will depend in part on the research and reports that securities or industry analysts publish about us or our business, as well as the way analysts and investors interpret our financial information and other disclosures. Securities and industry analysts do not currently, and may never, publish research on our business. If few or no securities or industry analysts commence coverage of us, our stock price could be negatively affected. If securities or industry analysts downgrade our Class A common stock, or publish negative reports about our business, our stock price would likely decline. If one or more of these analysts cease coverage of us or fail to publish reports on us regularly, demand for our Class A common stock could decrease, which might cause our stock price to decline and could decrease the trading volume of our Class A common stock.

#### Sales of substantial amounts of our Class A common stock could cause the market price of our Class A common stock to decline.
Upon the completion of this offering, we will have shares of Class A common stock outstanding (including shares of Class A common stock if the underwriters exercise their option to purchase additional shares of Class A common stock in full), excluding . Of these shares, the shares of Class A common stock sold in this offering (or shares of Class A common stock if the underwriters exercise their option to purchase additional shares of Class A common stock in full) will be freely tradable without further restriction or registration under the Securities Act. Upon the completion of this offering, shares of Class B common stock and the remaining outstanding shares of Class A common stock (or outstanding shares of Class A common stock if the underwriters exercise their option to purchase additional shares of Class A common stock in full) will be deemed "restricted securities," as such term is defined under Rule 144 of the Securities Act. Immediately following the completion of this offering, certain holders of these remaining shares of our Class A common stock will be entitled to dispose of their shares following the expiration of an initial 180-day underwriter "lock-up" period, subject to certain customary exceptions. If these additional shares are sold, or if it is perceived that they will be sold, in the public market, the trading price of our Class A common stock could decline substantially. See also "*Underwriting*."

***Some provisions of Delaware law and our restated certificate of incorporation and restated bylaws may deter third parties from acquiring us and diminish the value of our Class A common stock.***

Our restated certificate of incorporation and our restated bylaws contain provisions that could delay or prevent a change in control of our company. These provisions could also make it difficult for stockholders to elect directors who are not nominated by current members of our board of directors or take other corporate actions, including effecting changes in our management. These provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establish a classified board of directors so that not all members of our board of directors are elected at one time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide that directors may only be removed "for cause" and only with the approval of at least two-thirds of our stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• following the Voting Threshold Date, require the approval of at least two-thirds of our stockholders to amend some provisions in our restated certificate of incorporation and restated bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• designate the Delaware Court of Chancery as the exclusive forum for certain legal actions, including derivative actions, claims of breach of fiduciary duty, matters arising under Delaware law or our governing documents, and actions governed by the internal affairs doctrine;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prohibit cumulative voting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide that, from and after the Voting Threshold Date, our stockholders will no longer be able to take action by written consent, and will only be able to take action at an annual or special meeting of our stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide that only the chairperson of our board of directors, the chief executive officer, or our board of directors acting pursuant to a resolution adopted by a majority of the whole board of directors will be authorized to call a special meeting of stockholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establish advance notice requirements for nominations for election to our board of directors or for proposing matters that can be acted upon by stockholders at annual stockholder meetings.

These and other provisions in our restated certificate of incorporation, our restated bylaws and Delaware law could make it more difficult for stockholders or potential acquirers to obtain control of our board of directors or initiate actions that are opposed by our then-current board of directors, including actions to delay or impede a merger, tender offer or proxy contest involving us. The existence of these provisions could negatively affect the price of our Class A common stock and limit opportunities for you to realize value in a corporate transaction.

In addition, until the Voting Threshold Date, we have opted out of Section 203 of the DGCL, which prohibits a publicly held Delaware corporation from engaging in a business combination transaction with an interested stockholder for a period of three years after the interested stockholder became such unless the transaction fits within an applicable exemption, such as board approval of the business combination or the transaction which resulted in such stockholder becoming an interested stockholder. See "*Description of Capital Stock*" for more information.

***Our restated certificate of incorporation will designate the Court of Chancery of the State of Delaware as the exclusive forum for certain litigation that may be initiated by our stockholders and the federal district courts of the U.S. as the exclusive forum for litigation arising under the Securities Act.***

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***The dual class structure of our common stock has the effect of concentrating voting control with Founder and Executive Chairman, Thomas Hendrix; this will limit or preclude your ability to influence corporate matters.***

Our Class B common stock has 20 votes per share, and our Class A common stock, which is the stock we are offering in our initial public offering, has one vote per share. Upon the completion of this offering, Thomas Hendrix, our Founder and Executive Chairman, will beneficially own approximately % of the voting power of our outstanding capital stock (or approximately % if the underwriters exercise their option to purchase additional shares of our Class A common stock in full). Because of the 20-to-one voting ratio between our Class B common stock and Class A common stock, Mr. Hendrix will continue to control a majority of the combined voting power of our common stock and therefore be able to control all matters submitted to our stockholders for approval so long as the shares of Class B common stock represent approximately at least % of all outstanding shares of common stock. Mr. Hendrix may have conflicting interests with holders of shares of our Class A common stock. Mr. Hendrix's concentrated control will limit or preclude your ability to influence corporate matters for the foreseeable future. For example, during such period of time, Mr. Hendrix will have significant influence with respect to our management, business plans and policies, including the appointment and removal of our officers, decisions on whether to raise future capital, and whether to amend our charter and bylaws, which govern the rights attached to our common stock. In particular, for so long as Mr. Hendrix continues to own a significant percentage of our common stock, Mr. Hendrix will be able to cause or prevent a change of control of our company or a change in the composition of our board of directors and could preclude any unsolicited acquisition of us. The concentration of ownership could deprive you of an opportunity to receive a premium for your shares of Class A common stock as part of a sale of us and ultimately might affect the market price of our Class A common stock.

Our Class B common stock will automatically convert into Class A common stock upon the occurrence of certain events described in "*Description of Capital Stock — Class A Common Stock and Class B Common Stock — Conversion*." The conversion of Class B common stock to Class A common stock will have the effect, over time, of increasing the relative voting power of the remaining outstanding shares of Class B common stock. For a description of our dual class structure, see "*Description of Capital Stock — Class A Common Stock and Class B Common Stock*."

***We are a "controlled company" within the meaning of the NYSE rules and, as a result, qualify for, and will rely on, exemptions from certain corporate governance requirements.***

Upon the completion of this offering, we will be a "controlled company" as defined under the NYSE rules. A "controlled company" is one in which more than 50% of the voting power is held by a single entity or a group of entities acting together. As a result, we will qualify for, and may choose to rely on, exemptions from certain corporate governance requirements, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not being required to have a majority of independent directors on our board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• being exempt from requirements to have fully independent nominating and corporate governance committees, or fully independent compensation committees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced governance oversight.

While we believe that our governance structure and the composition of our board of directors will serve the best interests of us and our stockholders, reliance on these exemptions means that minority stockholders may have limited influence over corporate governance matters. This could result in decisions that favor the interests of our controlling stockholder(s) at the expense of other stockholders. The implications of being a controlled company could materially and adversely affect the perception of our corporate governance practices, stockholder confidence and the market value of our common stock.

***We may issue shares of preferred stock in the future, which could make it difficult for another company to acquire us or could otherwise adversely affect holders of our Class A common stock.***

Our restated certificate of incorporation will authorize us to issue one or more series of preferred stock. Our board of directors will have the authority to determine the preferences, limitations and relative rights of the shares of preferred stock and to fix the number of shares constituting any series and the designation of such series, without any further vote or action by our stockholders. Our preferred stock could be issued with voting, liquidation, dividend

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and other rights superior to the rights of our Class A common stock. The potential issuance of preferred stock may delay or prevent a change in control of us, discouraging bids for our Class A common stock at a premium to the market price, and materially adversely affect the market price and the voting and other rights of the holders of our Class A common stock.

#### We do not intend to pay dividends on our Class A common stock.
We have never declared or paid any dividends on our common stock, and we do not currently intend to pay any cash dividends after the offering or for the foreseeable future. We expect to retain future earnings, if any, to fund the development and growth of our business. As a result, you may only receive a return on your investment in our Class A common stock if the market price of our Class A common stock increases.

#### We have broad discretion to use the proceeds from this offering, and our investment of those proceeds may not yield a favorable return.
Our management has broad discretion to spend the proceeds from this offering in ways with which you may not agree. The failure of our management to apply these funds effectively could result in unfavorable returns. This could harm our business and could cause the price of our Class A common stock to decline.

***For as long as we are an EGC, we will not be required to comply with certain reporting requirements, including those relating to accounting standards and disclosure about our executive compensation, that apply to other public companies.***

We are an "emerging growth company" as defined in the JOBS Act, and, for as long as we continue to be an EGC, we may choose to take advantage of exemptions from various reporting requirements applicable to other public companies but not to EGCs, including not being required to have our independent registered public accounting firm audit our internal control over financial reporting under Section 404 of the Sarbanes-Oxley Act; reduced disclosure obligations regarding executive compensation in our periodic reports and annual report on Form 10-K; and exemptions from Say-on-Pay and stockholder approval of any golden parachute payments not previously approved. Our status as an EGC will end as soon as any of the following takes place: the last day of the fiscal year in which we have more than $1.235 billion in annual revenues; the date we qualify as a "large accelerated filer," with at least $700 million of equity securities held by non-affiliates; the date on which we have issued, in any three-year period, more than $1.00 billion in non-convertible debt securities; or the end of the fiscal year following the fifth anniversary of our initial public offering date. We cannot predict if investors will find our Class A common stock less attractive if we choose to rely on any of the exemptions afforded EGCs. If some investors find our Class A common stock less attractive because we rely on any of these exemptions, there may be a less active trading market for our Class A common stock and the market price of our Class A common stock may be more volatile. Under the JOBS Act, EGCs can also delay adopting new or revised accounting standards until such time as those standards apply to private companies. We have elected to avail ourselves of this provision of the JOBS Act. As a result, we will not be subject to new or revised accounting standards at the same time as other public companies that are not EGCs. Therefore, our consolidated financial statements may not be comparable to those of companies that comply with new or revised accounting pronouncements as of public company effective dates.

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#### Special Note Regarding Forward-looking Statements
This prospectus includes forward-looking statements that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this prospectus, including statements regarding our future operating results and financial position, our business strategy and plans, market growth, and our objectives for future operations, are forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "design," "intend," "expect," "forecast," "could," "plan," "potential," "predict," "seek," "target," "should," "would," or the negative version of these words and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, strategy, short- and long-term business operations and objectives, and financial needs. Forward-looking statements contained in this prospectus include, statements about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to generate significant revenue from the sale of nuclear fuel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to compete with existing or new competitors or technologies domestically and internationally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• volatility in supply, demand, prices and other conditions for enriched uranium (including HALEU);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to obtain supplies of nuclear material utilized in our fuel assembly design;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• extensive regulation of the nuclear power industry including costly regulatory approval process and industry acceptance of our nuclear fuels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential rescission of nonbinding customer agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our reliance on a limited number of suppliers for key materials, components, or equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our dependence on the global nuclear energy industry and the financial health of customers and suppliers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cybersecurity incidents or disruptions to or involving our information technology systems or those of our service providers, or a deficiency in our cybersecurity or the cybersecurity of our service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• uncertainty regarding the development and growth of the market for alternative low-carbon energy technologies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential infringement, misappropriation or other violation, or alleged infringement of misappropriation or other violation of intellectual property and similar proprietary rights of third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to obtain, maintain, protect or enforce our intellectual property and similar proprietary rights, including trade secrets relating to our technology;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with climate change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• public support for nuclear power;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse events, cancellations of significant projects, delays in project timelines, adjustments in cost structures, and other negative developments announced by competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changing policies, regulations, mandates, and funding levels of governmental entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential involvement in litigation and other disputes, and governmental and regulatory investigations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in federal, state, and local government policies and priorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential nuclear liabilities, health and property risks associated with the use, transportation and disposal of toxic, hazardous and/or radioactive materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unfavorable changes in U.S. export control laws and regulations or U.S. government licensing policies and our ability to comply with these laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to manage our growth effectively;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developments relating to our competitors and our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• existing regulations and regulatory developments in the United States and other jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic, industry, and market conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to attract, hire, and retain our key personnel and additional qualified personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to remediate our material weaknesses in our internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our anticipated use of our existing cash and cash equivalents and the net proceeds from this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our estimates regarding expenses, future revenue, capital requirements and needs for additional financing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other risks and uncertainties, including those listed in the section titled "Risk Factors."

We caution you that the foregoing list may not contain all of the forward-looking statements made in this prospectus.

These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including those described in the section titled "*Risk Factors*." Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, the forward-looking events and circumstances discussed in this prospectus may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, performance or achievements. The forward-looking statements made in this prospectus are given only as of the date on which the statements are made. We undertake no obligation to update any of these forward-looking statements for any reason after the date of this prospectus or to conform these statements to actual results or to changes in our expectations, except as required by law.

In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this prospectus, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into or review of all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

You should read this prospectus and the documents that we reference in this prospectus and have filed with the SEC as exhibits to the registration statement of which this prospectus is a part with the understanding that our actual future results, levels of activity, performance, and events and circumstances may be materially different from what we expect.

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#### Use of Proceeds
We estimate that our net proceeds from the sale of the shares of Class A common stock that we are offering will be approximately $ million, based on an assumed initial public offering price of $ per share, which is the midpoint of the price range set forth on the cover page of this prospectus, after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. If the underwriters exercise their option to purchase additional shares of our Class A common stock, we estimate our net proceeds will be approximately $ million, after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us.

Each $1.00 increase or decrease in the assumed initial public offering price of $ per share, which is the midpoint of the price range set forth on the cover page of this prospectus, would increase or decrease, as applicable, the net proceeds to us by approximately $ million, assuming the number of shares offered by us, as set forth on the cover of this prospectus, remains the same and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. Each increase or decrease of 1,000,000 shares in the number of shares offered by us would increase or decrease, as applicable, the net proceeds to us by approximately $ million, assuming that the assumed initial public offering price, as set forth on the cover of this prospectus, remains the same and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us.

The principal purposes of this offering are to obtain additional capital, create a public market for our Class A common stock, facilitate our future access to the public equity markets, increase awareness of our company, improve our competitive position. We intend to use the net proceeds from this offering for working capital and other general corporate purposes, which may include sales and marketing activities, research and development, general and administrative matters and capital expenditures. We may also use a portion of the net proceeds for the acquisition of, or investment in, complementary companies, products, services, technologies or assets. However, we have no current understandings, commitments or agreements to enter into any such acquisitions or make any such investments.

We have not yet determined our anticipated expenditures and therefore cannot estimate the amounts to be used for each of the purposes discussed above. The amounts and timing of any expenditures will vary depending on the amount of cash generated by our operations, competitive and technological developments and the rate of growth, if any, of our business. Accordingly, our management will have significant discretion and flexibility in applying the net proceeds from this offering, and investors will be relying on the judgment of our management regarding the application of these net proceeds.

Pending the uses described above, we intend to invest the net proceeds from this offering in short-term, interest-bearing obligations, investment-grade instruments, certificates of deposit or direct or guaranteed obligations of the U.S. government.

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#### Dividend Policy
We have never declared or paid any cash dividends on our capital stock, and we do not currently intend to pay any cash dividends after the offering or for the foreseeable future. We expect to retain future earnings, if any, to fund the development and growth of our business. Any future determination to pay dividends on our common stock will be at the discretion of our board of directors and requirements under the DGCL and will depend upon, among other factors, our financial condition, operating results, current and anticipated cash needs, plans for expansion and other factors that our board of directors may deem relevant. Furthermore, we may, from time to time, enter into loan or credit agreements or similar borrowing arrangements that may further restrict our ability to declare or pay dividends on our Class A common stock and Class B common stock.

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#### Capitalization
The following table sets forth our cash, cash equivalents, and short-term investments and capitalization as of on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an actual basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a pro forma basis to reflect: (i) the Stock Split; (ii) the Preferred Conversion; (iii) the Class B Conversion; (iv) the Class B Stock Exchange and (v) the filing and effectiveness of our restated certificate of incorporation immediately prior to the closing of this offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a pro forma as adjusted basis to give effect to (i) the pro forma adjustments set forth above and (ii) the sale and issuance of shares of our Class A common stock by us in this offering, based upon the receipt by us of the estimated net proceeds from this offering at the assumed initial public offering price of $ per share, which is the midpoint of the price range set forth on the cover page of this prospectus, after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us.

The information below is illustrative only, and our capitalization following the completion of this offering will be adjusted based on the actual initial public offering price and other terms of the offering determined at the pricing of this offering. You should read this information together with our consolidated financial statements and related notes appearing elsewhere in this prospectus and the information set forth in "Summary Consolidated Financial Data" and "Management's Discussion and Analysis of Financial Condition and Results of Operations."

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Actual** | **Pro Forma** | **Pro Forma<br>as Adjusted<sup>(1)</sup>** |
|  | **(in thousands, except share and per share data)** | **(in thousands, except share and per share data)** | **(in thousands, except share and per share data)** |
|  Cash, cash equivalents and short-term investments | $| $| $|
|  Convertible preferred stock, $0.00001 par value per share, shares authorized, issued and outstanding, actual; no shares authorized, issued and outstanding, pro forma and pro forma adjusted | $| $| $|
|  Stockholders' equity (deficit): |  |  |  |
|  Class A common stock, $0.00001 par value per share, shares authorized, issued and outstanding, actual; shares authorized, shares issued and outstanding, pro forma; shares authorized, shares issued and outstanding, pro forma as adjusted |  |  |  |
|  Class B common stock, $0.00001 par value per share, shares authorized, issued and outstanding, actual; shares authorized, shares issued and outstanding pro forma and pro forma adjusted |  |  |  |
|  Preferred stock, $ par value per share; no shares authorized, issued and outstanding, actual; shares authorized, no shares issued and outstanding, pro forma and pro forma as adjusted |  |  |  |
|  Additional paid-in capital |  |  |  |
|  Accumulated other comprehensive loss |  |  |  |
|  Accumulated deficit |  |  |  |
| &nbsp;&nbsp;&nbsp; Total stockholders' equity (deficit) | $| $| $|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total capitalization | $| $| $|

---

__________

(1) Each $1.00 increase (decrease) in the assumed initial public offering price of $ per share, which is the midpoint of the price range set forth on the cover page of this prospectus, would increase (decrease) our cash, cash equivalents and short-term investments, total stockholders' equity and total capitalization by approximately $ million, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. Each increase (decrease) of 1,000,000 shares in the number of shares offered by us would increase (decrease) the amount of

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our cash, cash equivalents and short-term investments, total stockholders' equity and total capitalization by approximately $ million, assuming an initial public offering price of $ per share, which is the midpoint of the price range set forth on the cover page of this prospectus, after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. The pro forma as adjusted information discussed above is illustrative only and will adjust based on the actual initial price to the public and other terms of this offering determined at pricing.

The number of shares of our Class A common stock and Class B common stock to be outstanding upon the completion of this offering is based on shares of Class A common stock and shares of Class B common stock outstanding as of , and excludes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of our Class A common stock issuable upon the exercise of stock options outstanding as of , with a weighted-average exercise price of $ per share, granted under the 2025 Stock Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of our Class A common stock reserved for future issuance under the 2026 Plan and shares of Class A common stock reserved for future issuance under our ESPP, which plans will become effective in connection with this offering and contain provisions that will automatically increase their share reserves each year, as more fully described in "*Executive Compensation — Employee Benefit Plans*"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of our Class B common stock issuable to Mr. Hendrix pursuant to the Class B Equity Exchange Agreement.

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#### Dilution
If you invest in our Class A common stock in this offering, your interest will be diluted to the extent of the difference between the initial public offering price per share of our Class A common stock in this offering and the pro forma as adjusted net tangible book value per share of our common stock immediately after this offering.

As of , our pro forma net tangible book value was approximately $ million, or $ per share of common stock. Our pro forma net tangible book value per share represents the amount of our total tangible assets reduced by the amount of our total liabilities and divided by the total number of shares of our common stock outstanding as of , after giving effect to (i) the Stock Split; (ii) Preferred Conversion; (iii) the Class B Conversion; (iv) the Class B Stock Exchange; and (v) the filing and effectiveness of our restated certificate of incorporation immediately prior to the completion of this offering.

After giving further effect to the sale of shares of our Class A common stock in this offering, at the assumed initial public offering price of $ per share, which is the midpoint of the price range set forth on the cover page of this prospectus, after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us, our pro forma as adjusted net tangible book value as of would have been approximately $ million, or $ per share. This represents an immediate increase in pro forma as adjusted net tangible book value of $ per share to our existing stockholders and an immediate dilution of $ per share to investors purchasing shares in this offering. The following table illustrates this dilution:

---

| | | |
|:---|:---|:---|
|  Assumed initial public offering price per share | $ | $ |
|  Pro forma net tangible book value per share as of , | $ | $ |
|  Increase in pro forma net tangible book value per share attributable to new investors purchasing shares in this offering |  |  |
|  Pro forma as adjusted net tangible book value per share after this offering |  |  |
|  Dilution in pro forma net tangible book value per share to new investors in this offering | $ | $ |

---

A $1.00 increase (decrease) in the assumed initial public offering price of $ per share, which is the midpoint of the price range set forth on the cover page of this prospectus, would increase (decrease) our pro forma as adjusted net tangible book value by approximately $ per share and the dilution per share to investors in this offering by $ per share, assuming the number of shares of our Class A common stock offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

Similarly, a 1,000,000 increase (decrease) in the number of shares of our Class A common stock offered by us in this offering would increase (decrease) our pro forma as adjusted net tangible book value by approximately $ per share and the dilution per share to investors in this offering by $ per share, assuming the assumed initial public offering price remains the same and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. If the underwriters exercise their option to purchase additional shares in full, the pro forma as adjusted net tangible book value per share of our common stock would be $ per share, and the dilution in pro forma net tangible book value per share to investors purchasing shares in this offering would be $ per share.

The following table summarizes, on a pro forma as adjusted basis described above as of , the differences between existing stockholders and new investors with respect to the number of shares of common stock purchased from us, the total consideration paid to us, and the average price per share paid, before deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us:

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares Purchased** | **Total Consideration** | **Average Price<br>Per Share** |
|  | **Number** | **Percent** | **Average Price<br>Per Share** |
|  Existing stockholders% |  |  | $|
|  Investors purchasing shares in this offering% |  |  |  |
|  Total% |  |  | $|

---

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Except as otherwise indicated, the above discussion and tables assume no exercise of the underwriters' option to purchase additional shares. If the underwriters exercise their option to purchase additional shares of Class A common stock in full, our existing stockholders would own % and our new investors would own % of the total number of shares of our common stock outstanding upon the completion of this offering.

The number of shares of our Class A common stock and Class B common stock to be outstanding upon the completion of this offering is based on shares of Class A common stock and shares of Class B common stock outstanding as of , and excludes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of our Class A common stock issuable upon the exercise of stock options outstanding as of , with a weighted-average exercise price of $ per share, granted under the 2025 Stock Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of our Class A common stock reserved for future issuance under the 2026 Plan and shares of Class A common stock reserved for future issuance under our ESPP, which plans will become effective in connection with this offering and contain provisions that will automatically increase their share reserves each year, as more fully described in "*Executive Compensation — Employee Benefit Plans*"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of our Class B common stock issuable to Mr. Hendrix pursuant to the Class B Equity Exchange Agreement.

To the extent that any outstanding options to purchase shares of our common stock are exercised or new awards are granted under our equity compensation plans, there will be further dilution to investors participating in this offering.

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#### Management's Discussion and Analysis of Financial Condition and Results of Operations
*The following discussion and analysis of the financial condition and results of operations of Standard Nuclear, Inc. ("the Company" "we" "us" and "our") should be read together with the section(s) entitled "Business" and "Risk Factors" and our audited consolidated financial statements and unaudited interim condensed consolidated financial statements and the related notes thereto included elsewhere in this prospectus. It is also intended to provide you with information that will assist you in understanding our consolidated financial statements, the changes in key items in those consolidated financial statements from period to period, and the primary factors that accounted for those changes. To the extent that this discussion describes prior performance, the descriptions relate only to the periods listed, which may not be indicative of our future financial outcomes. In addition to historical financial information, the following discussion contains forward*-looking *statements that reflect future plans, estimates, beliefs and expected performance. The forward*-looking *statements are dependent upon events, risks and uncertainties that may be outside of the Company's control. Our actual results may differ significantly from those projected in the forward*-looking *statements. Factors that might cause future results to differ materially from those projected in the forward*-looking *statements include, but are not limited to, those discussed in the sections of this prospectus entitled "Risk Factors" and "Special Note Regarding Forward*-Looking *Statements." Unless otherwise indicated, the historical information presented in "Management's Discussion and Analysis of Financial Condition and Results of Operations" speaks only with respect the Company's operations for the periods after July 15, 2024, as there were no operations prior to the Company's inception.*

#### Overview
Standard Nuclear is a leading independent advanced nuclear fuel company and the only company in the United States with industrial-scale TRISO manufacturing facilities to date, based on our commercialized manufacturing capability supported by production-grade equipment, established processes, and facility infrastructure designed for sustained, high-throughput output and scalable expansion. We design, engineer, and manufacture advanced nuclear fuels with a primary focus on TRISO fuel that is utilized by Advanced Reactors, and we believe we are the only participant in the market that is currently positioned to be able to work with and develop fuel for any developer of an SMR, microreactor or other Advanced Reactor. As of the date of this prospectus, we operate the only dedicated, privately funded, industrial scale TRISO production line in the U.S. and are currently producing and shipping fuel for Advanced Reactor demonstrations scheduled for 2026, with additional TRISO production facilities expected to come online in mid- and late-2026.

Led by internationally recognized nuclear fuel expert Dr. Kurt Terrani, who serves as the Company's Chief Executive Officer, the Company's technical team leverages over 150 years of combined U.S. National Laboratory experience in the development, fabrication, and testing of advanced fuels, and many of the Company's technical team members have previously held critical leadership roles in the U.S. Department of Energy's advanced gas reactor program, which established the modern TRISO fuel standard currently accepted by the NRC. We believe our elite technical team, which is capable of integrating the latest advancements in manufacturing, monitoring, and characterization technologies, together with our ownership and operation of facilities licensed for the large-scale manufacturing of TRISO-based fuels, makes us a leading nuclear fuel company capable of delivering advanced nuclear fuel to the growing industry.

We were incorporated on July 15, 2024, as an advanced nuclear fuel company focused on converting enriched uranium feedstock into highly engineered nuclear fuel products. Prior to our formation, we had no assets or operations.

Our capabilities position us at the fuel manufacturing layer of the nuclear value chain, supporting Advanced Reactor developers and end customers with scalable domestic fuel supply solutions. Our disciplined, repeatable and reliable manufacturing process converts enriched uranium feedstock into finished fuel products in accordance with nuclear-grade safety, quality, and regulatory frameworks.

We do not design, own or operate nuclear reactors. Instead, our nuclear fuel products are engineered to be compatible with a broad range of Advanced Reactor designs which use TRISO fuel, and can be used by reactor owners and operators, utilities, hyperscale data center operators, and domestic and international government entities that own or operate such reactors. We believe we are well positioned to capture a meaningful share of this market given our current and planned industrial-scale operating capacity, technology platform, secured licenses, and cost advantages derived from modular manufacturing architecture.

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In addition, we do not directly procure or source uranium for the nuclear fuel we manufacture. Our customers are generally responsible for procuring enriched uranium feedstock, which we then convert into nuclear fuel for our customers to use in their reactors for their various commercial needs. Our business model is based on long-term fuel supply arrangements under which our customers deliver feedstock to us and purchase finished fuel products, typically priced on a kgU basis and adjusted for enrichment level, final fuel form, and other specified requirements. We expect long-term unit economics to improve through automation, yield optimization, and replication of standardized fuel manufacturing modules that we have developed. We do not take direct commercial exposure to uranium price volatility, focusing instead on fabrication and fuel engineering services within the nuclear fuel value chain.

Fuel specifications are typically defined early in the reactor development process and require close coordination with our customers, resulting in structured commercial arrangements that may include Fuel Development Agreements and Fuel Sales Agreements with related non-refundable customer deposit arrangements entered into up to 24 months in advance of fuel delivery. In addition to the customer deposit payments required upon order, our Fuel Sales Agreement structure includes milestone-based payments throughout the process and penalty payments should a customer choose to cancel early. These payments are intended to support our engineering, qualification and production planning activities and we believe this commercial structure supports disciplined capacity planning and reduces demand uncertainty.

In the quarter ended March 31, 2026, we primarily generated revenue from the conduct of our nuclear fuel manufacturing operations at our initial Oak Ridge facilities, consisting of work performed for our customers under fuel development agreements (which comprised 100% of our total revenue for the quarter). In the year ended December 31, 2025, we primarily generated revenue from the conduct of our nuclear fuel manufacturing operations at our initial Oak Ridge facilities, consisting of work performed for our customers under fuel development agreements (which comprised 65.2% of our total revenue for the year) and research and development projects performed for U.S. government agencies (which comprised 34.8% of our total revenue for the year). In the quarter ended March 31, 2026 and the year ended December 31, 2025, we also engaged in certain nuclear service support and consultation services, which did not generate any material revenue.

We are designated as a prime contractor to the DOE under the OTA, supporting advanced fuel development and availability of advanced fuel supply for Advanced Reactors. See "*Business — Government Regulation and Nuclear Materials Compliance — Nuclear Safety Regulation under the DOE*" for additional information.

We actively participate in federal HALEU supply-chain programs and maintain Qualified Supplier List ("QSL") status with various commercial entities, federally funded research and development centers ("FFRDCs") and other government-related agencies, enabling direct engagement on development, demonstration, and deployment programs. We also benefit from a broad network of strategic and financial investors.

*USNC Asset acquisition*

On November 21, 2024, we entered into an asset purchase agreement with USNC (such agreement, as amended, the "Asset Purchase Agreement") to acquire specific nuclear fuel-related assets (the "USNC Assets"). USNC had filed for Chapter 11 bankruptcy protection in October 2024, and the assets were acquired through a Section 363 auction process under the U.S. Bankruptcy Code.

Under an Asset Purchase Agreement, we purchased the USNC Assets on an as-is, where-is basis, free and clear of all liens, claims, and encumbrances, other than certain specified liabilities that we agreed to assume as described below. The purchase was approved by the United States Bankruptcy Court for the District of Delaware on December 19, 2024, and the acquisition closed on December 27, 2024.

The USNC Assets primarily consisted of advanced nuclear fuel-related intellectual property and know-how, design documentation and process technology applicable to the development of TRISO and related advanced fuels, certain contracts, records, and engineering data associated with USNC's fuel development activities, and specified equipment, inventory, and related materials necessary for future production activities. The acquired assets support our strategy to develop, manufacture, and commercialize advanced nuclear fuel in the United States.

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We only assumed limited and specific liabilities as a result of the acquisition of the USNC Assets, which was structured as an asset purchase and did not include the acquisition of, or assumption of the historical liabilities of, any entity. As a result, the only liabilities assumed by us as part of the asset acquisition were those that were specifically enumerated in the Asset Purchase Agreement and related schedules. The transaction was further structured to separate assets from obligations using two distinct contract categories:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Assignable Contracts*: We were under no obligation to take on any assignable contract and had the discretion to selectively assume only those contracts we deemed beneficial to benefit operation of the assets we purchased in the future. We chose to assume one contract related to the supply of industrial gases for our manufacturing operations, solely on a moving forward basis to support our manufacturing operations, which did not include the assumption of any material historical liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Designated Contracts*: The "Designated Contracts" described in the Asset Purchase Agreement were comprised of agreements determined by the parties to be of greater value in related to the purchased assets, consisting of those generating revenue, providing intellectual property rights, securing favorable partnerships, or securing critical feedstock. We pursued novation for the Designated Contracts that we selectively pursued for the benefit of our going-forward operation, which allowed us to establish new agreements for the Designated Contracts in our own name, without assuming any of USNC's prior obligations under such agreements. Further, any cure costs associated with the assignment or novation of the initial Designated Contracts were borne by the seller.

While the Assignable Contracts and Designated Contracts reflected agreements that, at the time, we believed could be useful to our future business, none of the Assignable Contracts or Designated Contracts assumed, entered into or novated by the Company is material to our ongoing business or included any assumed historical liabilities of USNC under the applicable agreements.

As part of the acquisition, we also assumed the asset retirement obligations for the assets we acquired, but we did not assume any liabilities associated with USNC's prepetition indebtedness, historical litigation, taxes, contracts other than Assignable Contracts or Designated Contracts (and then only to the extent described above), or employee expenses.

At the time of acquisition, there were no operations or development efforts related to the USNC Assets, which had been idle during the bankruptcy process. Prior to bankruptcy, USNC had only used the assets to conduct research and development activities with a goal to eventually produce fuel to the exact technical specifications of its own nuclear reactor. Following the acquisition, our research and development activities are focused on developing a different production process that aligns with our strategy. The USNC Assets were primarily comprised of in-process research and development assets used for the development of a specific TRISO fuel particle specification and fully ceramic microencapsulated fuel form, which were each specifically designed and engineered for application in the micro modular reactor that was under development by USNC prior to its insolvency. As we are not a nuclear reactor developer and did not acquire USNC Assets for the development of our micro modular reactor, the specific TRISO fuel form and related manufacturing process developed by USNC was not usable by us or for any of our target customers at the time. However, given our strategy as a reactor-agnostic nuclear fuel manufacturer that is able to produce TRISO fuel to meet any given customer's specific needs and application, following the acquisition of the USNC Assets, which were originally developing a process for production of a specific fuel for a specific reactor end use, we further developed, modified and refined both the equipment and manufacturing processes we initially acquired to enable the modular manufacturing capability that advances our strategy of being able to produce a variety of TRISO-based fuel forms and specifications for a range of advanced nuclear power applications and customers. In addition, as part of the USNC bankruptcy proceedings, USNC's assets relating to the development of modular reactor technologies were acquired by Nano Nuclear Energy Inc. ("Nano"), which continues to develop such reactor assets for use with TRISO based advanced fuels, and we have since entered into non-binding memorandum of understanding with Nano to consider arrangements pursuant to which we (including through our JV with Framatome) would become a supplier of TRISO fuel to Nano for use in its reactor platforms.

We acquired the USNC Assets for a total cash purchase price of $32.9 million, paid at closing.

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#### Recent Developments
*Commencement of operations and government support*

During February 2025, the Company issued 4,999,997 shares of Series Seed preferred stock at $2.00 per share for aggregate cash proceeds of $10.0 million. For additional information regarding the Series Seed financing and our other subsequent preferred stock financings, see "*Liquidity and Capital Resources*" below. We also began initial hiring and facility-commissioning activities to advance regulatory readiness and prepare the facilities acquired as part of the USNC Assets for future commercial fuel manufacturing.

In August 2025, we were selected as a supplier for the DOE Office of Nuclear Energy's previously announced Fuel Line Pilot Program, and we entered into the OTA as a prime contractor to the DOE in September 2025 to build, operate, and commission advanced fuel fabrication facilities at our Oak Ridge Facilities and Idaho Facility. Additionally, the fuel line pilot program directly supports DOE's Reactor Pilot Program, which aims to have at least three advanced reactor designs achieve criticality by July 4, 2026, and both pilot programs advance the implementation of executive orders designed to reform reactor testing and deploy nuclear technologies for national security.

In September 2025, we entered into the OTA with the DOE in an effort to bring privately funded advanced nuclear-fuel production infrastructure online in support of TRISO-fueled reactor demonstrations in 2026. Under the OTA, the Company transitioned key operational elements to be under DOE oversight, ensuring adherence to a rigorous regulatory framework. This enhanced oversight enabled a substantial increase in our TRISO fuel manufacturing throughput within our existing facilities.

In December 2025, we successfully received a shipment of HALEU feedstock at our facility in Oak Ridge, Tennessee. This shipment established us as the first company to both receive authorization by the DOE and to physically receive HALEU for production of advanced TRISO fuel, a key component for next-generation nuclear reactors. We believe the volume of material received is sufficient to position us to significantly contribute to the rapid deployment of new nuclear technology across the United States.

*Partnership with Framatome*

In September 2025, we established Standard Nuclear × Framatome LLC — a joint venture with Framatome that operates the Richland SN-F Facility. The Richland SN-F Facility benefits from our modular equipment while leveraging Framatome's decades of experience in light-water reactor fuel production. By utilizing Framatome's existing infrastructure and commercial relationships, Standard Nuclear × Framatome LLC can help integrate Standard Nuclear into an established global value chain. The joint venture plans to commence manufacturing in 2027 pending regulatory approvals by the NRC. The LAR for the Richland SN-F facility was submitted to the NRC in September 2024, has been accepted for review, and it targeted to be finalized in the summer of 2026, subject to the NRC's timeline for completion of its review.

#### Trends and Key Factors Affecting Our Performance
*Our results of operations, cash flows and capital requirements have been and are expected to continue to be affected by the timing of our facility commissioning and production ramp*-up*, the timing of customer program execution and revenue recognition, the availability of feedstock, the timing and level of government*-supported *program activity, and the pace at which we expand our manufacturing capabilities. Because we were incorporated in July 2024, acquired the USNC Assets in December 2024 and began initial revenue*-generating *activities in 2025, our historical results are not necessarily indicative of future performance.*

#### Facility commissioning and production ramp-up.
*Our near*-term *growth depends on our ability to commission, qualify and expand operations at our Oak Ridge facilities and our SN*-ID *facility and to bring additional manufacturing capacity online in accordance with our operating plan. The timing of facility readiness, throughput increases, process yields and workforce ramp*-up *will affect the timing of revenue generation, our operating costs and our margin profile. Delays in commissioning, lower*-than-expected *yields or slower*-than-expected *capacity expansion could defer revenue, increase costs and require additional capital.*

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#### DOE OTA and government-supported development.
In September 2025, we entered into the OTA with the DOE to build, operate and commission advanced fuel fabrication facilities at our Oak Ridge and Idaho facilities. The timing and amount of funding, milestone achievement, required expenditures and any company cost-share or other performance obligations under the OTA may materially affect our results of operations, liquidity and capital requirements. In addition, the OTA may be terminated by either party upon 30 days' written notice. Any modification, delay or termination of the OTA could adversely affect our operating plan and increase our liquidity needs, particularly to the extent we have incurred or committed expenditures in anticipation of program activity.

#### Regulatory approvals and facility readiness.
*Our business is subject to DOE and NRC regulatory requirements. The timing of regulatory approvals, license amendments and facility qualification activities, including those relating to our planned operations at the Richland SN*-F *facility, may affect when we are able to commence or expand revenue*-generating *activities. For example, currently, the primary constraint on our ability to further scale production operations is obtaining the regulatory authorizations required to commission and operate additional production facilities and install incremental modular processing equipment, together with completion of associated safety reviews and operational approvals. While our existing Oak Ridge SN*-0 *pilot facility is authorized to possess and process meaningful quantities of enriched uranium feedstock, future capacity expansion is expected to occur principally through our other facilities. Delays in any such approvals or activities could increase pre*-operating *and compliance costs, delay revenue and increase our capital requirements.* 

#### Feedstock availability.
*Our ability to perform under customer arrangements depends in part on the availability and timely receipt by our customers of enriched uranium feedstock, including HALEU where applicable. Although we received a shipment of HALEU feedstock in December 2025, future operations will continue to depend on customer procurement, supply availability, regulatory authorization and transportation of feedstock. Constraints or delays in feedstock availability could delay production, defer revenue recognition and reduce capacity utilization.* 

#### Customer programs, deposits and revenue timing.
*Our customer arrangements may include fuel development work and fuel supply commitments, each of which may include milestone*-based *payments, and non*-refundable *deposits related to customers' fuel supply commitments. As a result, the timing of cash receipts may differ from the timing of revenue recognition, and our period*-to-period *results may fluctuate based on program timing, milestone achievement and delivery schedules. Our future operating results will also depend on the mix of revenue derived from our fuel development work, commercial fuel sales, specialty material supply arrangements and government*-related *projects, which may have different margin and working capital characteristics.* 

#### Entry into new customer commitments and increased Total Contract Backlog
*We expect our results of operations to be impacted in future periods as we increase our development and production activities in connection with our existing and prospective new customer commitments. For example, subsequent to March 31, 2026, we entered into a binding purchase commitment with a customer for the delivery of TRISO fuel, which contained a customer purchase option for the purchase of additional fuel and, as of the date of this prospectus, we have up to $245 million in Total Contract Backlog, reflecting $65 million of Funded backlog, $157 million of Purchase Options under Executed Contracts and $23 million of contingent Unfunded backlog. As work commences under any such additional binding arrangements or we execute contracts relating to our contingent Unfunded backlog or qualified pipeline, we would expect to generate additional revenue, though the magnitude and timing of such revenue remains dependent on customer funding decisions, regulatory approvals and licensing for ourselves and our customers, and the availability nuclear material, including HALEU. We would also expect to experience increased cost of revenue in future periods as we commission additional production capacity at our existing and planned facilities. For definitions of our Total Contract Backlog, see "— Key Performance Indicators," and see also "Our Competitive Strengths — Strong Backlog Visibility.*

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#### Future expansion and manufacturing economics.
*We expect our future performance to depend on our ability to improve throughput, yield and capacity utilization and to scale manufacturing efficiently. Our results may also be affected by expenditures associated with future expansion activities, including our planned Tennessee, Idaho and Richland*-related *operations. If we are unable to achieve expected operating efficiencies or if expansion activities are delayed or more costly than expected, our margins, cash flows and capital requirements could be adversely affected.*

#### Components of Results of Operations
***Revenue*** No revenue was recorded in 2024. Commencing in 2025, we primarily generated revenue from the conduct of our nuclear fuel manufacturing operations at our initial Oak Ridge facility, consisting of work performed for our customers under fuel development agreements and research and development projects performed for U.S. government agencies.

**Cost of revenue** We incur costs related to the services we provide for our customers. These costs include labor and other employee related costs, materials and certain consulting costs in support of these services.

**General and administrative costs** General and administrative costs primarily consist of personnel-related costs, including salaries, benefits, and stock-based compensation costs, for executive leadership and employees in legal, finance, accounting, human resources, information technology, and other administrative functions. In addition, these expenses include allocated facility costs and costs of consultants and advisors. General and administrative costs are expensed as incurred.

***Asset retirement obligation accretion expense*** We recognize a liability for asset retirement obligation which represents the fair value of a legal obligation to perform asset retirement activities, including those that are conditional on a future event, when the amount can be reasonably estimated. The asset retirement obligation is initially measured at its fair value and recorded as a liability with an offsetting retirement cost that is capitalized as part of the related long-lived asset in the Consolidated Balance Sheets. Increases in the asset retirement obligations resulting from the passage of time are recorded as asset retirement obligation accretion expense.

***Research and development expense*** Research and development expense will largely represent personnel and materials costs. Ongoing research and development costs are expensed as incurred. Development costs are recognized as assets when we can demonstrate technical feasibility and that the asset will generate probable future economic benefits. During 2024, research and development expense was primarily attributed to indefinite-lived in-process research and development ("IPR&D") intangible assets related to our advanced nuclear fuel development efforts. Because the acquired technologies cannot be repurposed or used in alternative applications, the amount fully allocated to IPR&D assets was expensed immediately through research and development expense. There was no research and development expense in 2025.

***Change in fair value of SAFE Notes*** Our Simple Agreement for Future Equity ("SAFE") Notes are classified as a liability and are required to be marked to fair value at each reporting period. This represents the movement in the fair value for SAFE Notes at each balance sheet date. The SAFE Notes were all redeemed and rescinded according to their contractual provisions in 2025. See also Note 10 — Related Parties, in our Consolidated Financial Statements included elsewhere in this prospectus.

***Income tax benefit*** The provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year.

#### Results of Operations
We are a development-stage nuclear fuel company.

For the three months ended March 31, 2026, our activity was primarily focused on work performed for our customers under fuel development agreements and scaling to meet our customers' demands for TRISO fuel. Our expenditures for the three months ended March 31, 2026, included, but were not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• General and administrative costs equaling $3.8 million, primarily due to personnel costs, stock compensation expense depreciation expense, legal and professional fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cost of revenue of $5.0 million related to our services to our customers.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Share based compensation expense of $1.5 million, of which $0.5 million is classified as a cost of revenue.

For the three months ended March 31, 2025, we were scaling our operations to meet the requirements of our new contracts with customers and U.S. government agencies. Our expenditures for the three months ended March 31, 2025, included, but were not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• General and administrative costs equaling $0.7 million, primarily due to personnel costs, legal and professional fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cost of revenue of $1.1 million, primarily due to work performed on newly signed customer contracts.

For the fiscal year ended December 31, 2025, our activity was primarily focused on meeting the requirements of our contracts with customers and U.S. government agencies. Our expenditures for the period ending December 31, 2025, included, but were not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• General and administrative costs equaling $4.4 million, primarily due to personnel costs, depreciation expense, legal and professional fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cost of goods sold of $7.7 million, primarily due to work performed on newly signed customer contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock-based compensation expense of $1.7 million, of which $0.8 million is classified as a cost of goods sold.

For the period from July 15, 2024 (inception) to December 31, 2024, our activity was primarily focused on organizational activities, operations preparations, and asset acquisition. Our expenditures for the period ending December 31, 2024, included, but were not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• General and administrative costs equaling $0.7 million, primarily due to personnel costs, depreciation expense, legal and professional fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Research and development expense of $30.3 million related to the acquisition of the USNC Assets which was expensed as incurred, as it reflected the acquisition of IPR&D assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Change in fair value of SAFE Notes of $25.6 million.

The following table sets forth the components of our Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
|  | **Three Months <br>Ended <br>March 31, <br>2026** | **Three Months <br>Ended <br>March 31, <br>2025** |
|  Revenue | $593802 | $377926 |
|  Cost of Revenue | 5006006 | 1120504 |
|  **General and administrative costs** | **3832048** | **671213** |
|  Loss from operations | (8244252) | (1413791) |
| &nbsp;&nbsp;&nbsp; Other expense (income): |  |  |
| &nbsp;&nbsp;&nbsp; Increase in fair value of SAFE Notes |  | 7725000 |
| &nbsp;&nbsp;&nbsp; Gain on extinguishment of debt |  | (853000) |
|  **Interest income** | **(529301)** | **—** |
|  Loss before income tax benefit | (7714951) | (8285791) |
|  **Income tax benefit** |  |  |
|  **Net loss** | (7714951) | (8285791) |

---

#### Comparison of Three Months Ended March 31, 2026 to Three Months Ended March 31, 2025

#### Revenue
Revenue increased by $0.2 million, to $0.6 million for the three months ended March 31, 2026, compared to $0.4 million for the three months ended March 31, 2025. The increase in revenue primarily reflects the commencement of work under fuel development contracts. Revenue for the three months ended March 31, 2026,

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included $0.5 million of revenue recognized from fuel development contracts with three public-sector customers and revenue for the three months ended March 31, 2025, included $0.3 million of revenue recognized from a subcontract with a U.S government agency for services that were completed during 2025. See also Note 3 — *Revenue*, in our Audited Consolidated Financial Statements for additional discussion.

#### Cost of Revenue
Cost of revenue increased by $3.9 million, to $5.0 million for the three months ended March 31, 2026, compared to $1.1 million for the three months ended March 31, 2025. The increase principally reflects the growth of our production operations at our Oak Ridge SN-0 facility. The principal components of the approximately $3.9 million period-over-period increase were: (i) approximately $1.5 million of incremental direct production payroll and related employee costs, reflecting the addition of production-line technicians, engineers and operators dedicated to our manufacturing activities; (ii) approximately $0.9 million of incremental equipment, small-tools, and consumables period expense related to production-line growth; (iii) approximately $0.5 million of stock-based compensation expense allocated to cost of revenue, reflecting equity awards granted to production personnel; (iv) approximately $0.4 million of incremental third-party engineering, qualification and commissioning consulting fees related to our production line growth; and (v) approximately $0.6 million of facility-related and other incremental production costs, including depreciation, equipment rentals, and utilities.

#### General and Administrative Costs
General and administrative expense increased by $3.1 million, to $3.8 million for the three months ended March 31, 2026, compared to $0.7 million for the three months ended March 31, 2025. The principal components of the approximately $3.1 million period-over-period increase were: (i) approximately $1.1 million of incremental third-party consulting fees, primarily related to public company readiness, including financial reporting transformation and internal controls implementation and other professional services, offset by the deferral of certain costs being in contemplation of an equity financing transaction; (ii) approximately $1.0 million of stock-based compensation expense, reflecting equity awards granted to executive officers, non-employee directors and other administrative personnel; (iii) approximately $0.8 million of incremental payroll, payroll tax and employee benefit costs, reflecting expanded corporate headcount; and (iv) approximately $0.3 million of other costs, including incremental marketing, investor relations and business development costs; as headcount and operations were realigned for public company operations.

#### Income Tax Benefit
The Company recorded no income tax benefit or expense for the three months ended March 31, 2026 or the three months ended March 31, 2025.

The following table sets forth the components of our Consolidated Statements of Operations for the fiscal year ended December 31, 2025 and for the period from July 15, 2024 (inception) through December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **For the <br>fiscal year <br>ended <br>December 31, <br>2025** | **For the <br>period from <br>July 15, 2024 <br>(inception) <br>through <br>December 31, <br>2024** |
|  Revenue | $3140065 | $— |
|  Cost of goods sold | 7672905 |  |
|  General and administrative costs | 4420156 | 669774 |
|  Asset retirement obligation accretion expense | 79364 | 859 |
|  Research and development expense |  | 30297773 |
|  **Loss from operations** | **(9032360)** | **(30968406)** |

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---

| | | |
|:---|:---|:---|
|  | **For the <br>fiscal year <br>ended <br>December 31, <br>2025** | **For the <br>period from <br>July 15, 2024 <br>(inception) <br>through <br>December 31, <br>2024** |
|  Other expense: |  |  |
| &nbsp;&nbsp;&nbsp; Increase in fair value of SAFE Notes | 7725000 | 25628000 |
| &nbsp;&nbsp;&nbsp; Gain on extinguishment of debt | (853000) |  |
| &nbsp;&nbsp;&nbsp; Interest income | (363415) |  |
|  **Loss before income tax benefit** | **(15540945)** | **(56596406)** |
|  Income tax benefit |  |  |
|  **Net loss** | $**(15540945)** | $**(56596406)** |

---

#### Comparison of Fiscal year 2025 and the period ended December 31, 2024

#### Revenue
Revenue increased to $3.1 million for the fiscal year ended December 31, 2025, compared to $0.0 million of revenue for the period ended December 31, 2024. The increase in revenue was primarily driven by completed work on newly signed customer fuel development contracts and research and development projects performed for U.S. government agencies. See also Note 3 — *Revenue*, in our Consolidated Financial Statements included elsewhere in this prospectus for additional discussion.

#### Cost of goods sold
Cost of goods sold increased to $7.7 million for the fiscal year ended December 31, 2025, compared to $0.0 million for the period ended December 31, 2024. The increase in cost of goods sold was driven by increasing business operations in connection with our revenue generating activities and a full year of operations.

#### General and Administrative Costs
General and administrative expense increased by $3.7 million, to $4.4 million for the fiscal year ended December 31, 2025, compared to $0.7 million for the period ended December 31, 2024. The increase in general and administrative expenses was primarily driven by an increase in stock-based compensation expense, increasing business operations in connection with our revenue generating activities and a full year of operations.

#### Asset Retirement Obligation Accretion Expense
Asset retirement obligation accretion expense increased to $0.1 million for the fiscal year ended December 31, 2025, compared to $859 for the period ended December 31, 2024. The increase in asset retirement obligation accretion expense was primarily driven by a full year of operations.

#### Research and Development Expense
Research and development expense decreased by $30.3 million, to $0.0 million for the fiscal year ended December 31, 2025, compared to $30.3 million for the period ended December 31, 2024. The decrease in research and development expense was primarily driven by the Company moving past the research and development phase and into commercial operations, with our research and development expense for 2024 having related to the acquisition of the USNC Assets, which was completed in 2024 and immediately recognized as IPR&D.

#### Change in fair value of SAFE Notes
Change in fair value of SAFE Notes decreased by $17.9 million, to $7.7 million for the fiscal year ended December 31, 2025, compared to $25.6 million for the period ended December 31, 2024. The decrease in the fair value of SAFE Notes was primarily driven by the full redemption of the notes in February 2025 as a result of their contractual terms.

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#### Income Tax Benefit
We recorded no Income Tax Benefit or expense in either the fiscal year ended December 31, 2025 or the period ended December 31, 2024.

#### Key Performance Indicators
In managing our business, our management regularly reviews certain KPIs, to evaluate our operations, guide decision-making, and measure progress. We utilize a variety of operational metrics to understand growth and ultimately drive profitability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Total Contract Backlog:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Funded*. This metric represents contracted fuel sales under binding commitments or agreements with firm delivery obligations, which provides direct visibility into near-term revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Purchase Option under Executed Contracts.* This metric represents the dollar value of contractually granted but unexercised customer options to purchase additional fuel under existing agreements, including extension options, follow-on purchase rights, and volume options at predetermined or formula-based pricing. We use this metric to assess potential incremental demand from our existing customer base and to inform our capacity planning, though option exercise is at the sole discretion of the counterparty and there can be no assurance that any such option will be exercised or result in revenue. Option values are not reflected in our financial statements until exercised and converted to funded backlog.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Unfunded*. This metric represents the dollar value of intended fuel sales under memoranda of understanding, non-binding framework agreements or term sheets, and letters of intent. We use this metric as a distinction from contracted funded backlog to assess the breadth of prospective demand and to inform our capacity expansion planning, though these unfunded opportunities are not reflected in our financial statements and there can be no assurance that any such opportunity will result in a binding agreement or revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Fuel/TRISO production capacity**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Throughput capacity*. We report on both (i) Module Throughput Capacity and (ii) Building Throughput Capacity. Module Throughput Capacity represents the annualized TRISO fuel throughput production capacity (in MTU/yr) for which production lines are installed and available for commercial production at any of our nuclear fuel manufacturing facilities. We also report Building Throughput Capacity, which represents the maximum annualized TRISO fuel throughput production capacity (in MTU/yr) that our existing constructed facilities could accommodate if all available modular production line positions within such facilities were installed and operational, based on our current process yield.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Process yield %*. Process yield is measured and reported across our overall manufacturing process that comprises a series of batch process steps and reflects realizable throughput from each individual processing cycle for our TRISO fuel. Our manufacturing process is designed to recycle substantially all intermediate material that does not meet specification at any given stage of a processing cycle, to recover the input feedstock, which is then processed through additional cycles until it meets specification. As such, the feedstock enriched uranium input is expected to be substantially fully converted to finished TRISO fuel output over the course of the overall production cycle, with minimal material waste. Process yield is a key operating KPI for any TRISO production line and ultimately drives cost per kilogram of fuel produced and effective throughput production capacity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Regulatory Milestones:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Nuclear Facility License status*. Represents authorization status for each of our nuclear facilities that may be under DOE (10 CFR Part 830) or NRC (10 CFR Part 70) jurisdiction to possess and process special nuclear material (SNM) that will be low enriched uranium (< 20% U-235). These will include either application status (i.e., in preparation or in progress for each stage of the license) or authorization approved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Fuel Transportation Package License Status*. This metric represents the status of open matters and review schedules under each regulatory docket applicable to packaging and transportation of SNM. While our core business is processing enriched uranium feedstock into advanced fuel, transportation of the feedstock and finished fuel form to and away from our nuclear facilities is an essential process. We track docket status for this specific area in addition to the license status for our nuclear facilities to maintain visibility into regulatory friction, potential delays, and expected timeline for resolution of pending matters that could affect receipt of feedstock or delivery of fuel to customers.

The table below details our KPIs as of March 31, 2026:

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| | |
|:---|:---|
|  **($ in thousands)** | **Three Months <br>Ended <br>March 31, 2026** |
|  **Total Contract Backlog** – Funded | $8227 |
|  **Total Contract Backlog** – Unfunded | $83100 |
|  **Total Contract Backlog** – Purchase Option under Executed Contracts | $0 |
|  **Fuel/TRISO production capacity** – Module Throughput Capacity | 0.5 MTU/y<br><sup>(1)</sup> |
|  **Fuel/TRISO production capacity** – Building Throughput Capacity | 3.0 MTU/y<br><sup>(2)</sup> |
|  **Fuel/TRISO production capacity** – Process Yield % | 63.3% |

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____________

(1) Reflects the current authorized and operational throughput capacity of the Oak Ridge SN-0 facility, which is operational today under DOE authorization and supports the Company's current commercial fuel manufacturing activities.

(2) Reflects 0.5 MTU of throughput capacity at SN-0 (operational) plus 2.5 MTU of maximum throughput capacity at the Oak Ridge SN-TN facility, which is expected to commence operations in the second half of 2026. Building Throughput Capacity for any facility represents the total anticipated throughput capacity of the modular production lines the facility's physical footprint can accommodate, not lines currently installed.

#### Regulatory Milestones — Nuclear Facility License Status

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Project** | **Licensor** | **Licensee** | **License <br>Pathway** | **License status** | **Target <br>Approval** |
|  SN-0 | DOE | SN | 10CFR830 | Operational |  |
|  SN-TN | DOE | SN | 10CFR830 | In progress | Q3 2026 |
|  SN-ID | DOE | SN | 10CFR830 | In progress | Q3 2026 |
|  SN-F | NRC | Framatome | 10CFR70 (LAR) | In progress | Q3 2026 |
|  SN-TN Transition (DOE to NRC) | NRC | SN | 10CFR70 | Engagement Plan submitted |  |

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#### Regulatory Milestones — Fuel Transportation Package License Status

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Project** | **Licensor** | **Licensee** | **License <br>Pathway** | **Docket status** | **Target <br>Approval** |
|  SNFC (Standard Nuclear Fuel Container) | NRC | SN | 10CFR71 | In progress | Q3 2027 |
|  SFFC (Standard Fresh Fuel Container) | NRC | SN | 10CFR71 | In progress | Q1 2028 |

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#### Liquidity and Capital Resources
As of March 31, 2026 and December 31, 2025, we had cash and cash equivalents of $124.9 million and $63.1 million, respectively. Since inception, we have financed our operations primarily through equity financings, SAFE issuances, and customer payments under fuel development agreements and customer deposits relating to fuel sales arrangements, and, beginning in 2025, revenue-generating operating activities. Our principal uses of cash have been the acquisition of the USNC Assets, the build-out and commissioning of our Oak Ridge and Idaho facilities, personnel-related costs, professional fees and other general corporate expenditures.

We are in the early stages of commercializing our advanced nuclear fuel manufacturing platform, and our historical operating losses and cash flows are not necessarily indicative of future cash requirements. Our future liquidity needs will depend on, among other things, the pace of commissioning and scaling our Oak Ridge facilities, the timing and amount of expenditures for our Oak Ridge SN-TN and Idaho facilities under the DOE OTA, the timing of any capital contributions or other funding obligations associated with Standard Nuclear × Framatome LLC and the Richland SN-F Facility, the level and timing of customer deposits and milestone payments under fuel development and fuel sales agreements, the pace of hiring and related payroll costs, regulatory and compliance expenditures, capital expenditures for manufacturing equipment and facility improvements, and the timing of revenue generation from commercial and government programs.

#### Short-Term Liquidity
We believe that our existing cash and cash equivalents, together with expected cash receipts from customer deposits, milestone-based payments under existing commercial arrangements, revenue from operations, and other available sources of liquidity, will be sufficient to fund our planned operating expenses and capital expenditure requirements for at least the 12 months following the date of this prospectus. This assessment is based on our current operating plan, which includes continued commissioning and throughput expansion at our Oak Ridge facilities, ongoing hiring to support manufacturing, engineering, quality, regulatory and administrative functions, continued research and development activities, and expenditures associated with our obligations under the DOE OTA.

Our expected short-term material cash requirements primarily consist of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• operating expenditures required to support our existing Oak Ridge operations, including payroll and related personnel costs, materials, utilities, occupancy, insurance, and professional fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• capital expenditures for facility commissioning, manufacturing equipment, process modules and related infrastructure at our Oak Ridge facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expenditures to advance our Oak Ridge SN-TN and Idaho facilities under the DOE OTA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory, safety, quality assurance and compliance expenditures required to maintain and expand operations in regulated nuclear environments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payments associated with lease obligations, purchase commitments and other contractual arrangements, to the extent applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expenditures associated with customer program execution, including engineering, qualification, development and production planning activities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• working capital needs, including the timing of receivables, equipment, payables, customer deposits and milestone payments.

As of March 31, 2026, we did not have any committed revolving credit facilities or other committed third-party debt financing arrangements. We had no unused committed sources of liquidity as of March 31, 2026.

#### Long-Term Liquidity
Beyond the next 12 months, our liquidity requirements will depend largely on the timing and scale of our expansion activities and commercialization efforts. We expect to continue to incur significant expenditures as we expand annual TRISO production capacity, including investments in manufacturing modules and facility infrastructure, additional hiring, qualification and regulatory activities, and potential funding obligations related

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to the Richland SN-F Facility and our other planned facilities. We continue to explore opportunities to invest in research and development and process optimization to support customer programs and broader commercialization of our nuclear fuel products.

We may require additional capital to support our long-term growth strategy, including expansion of our Oak Ridge and Idaho operations, development of additional manufacturing capability, and support for future commercial fuel delivery obligations. Our ability to meet these longer-term liquidity needs will depend on our ability to generate cash from operations, continue to obtain customer deposits and milestone payments under commercial agreements, and, if needed, access the capital markets or other financing sources on acceptable terms. There can be no assurance that additional capital will be available when needed or on terms acceptable to us.

#### Material Cash Requirements
Our material cash requirements as of March 31, 2026 include both contractual and other obligations arising in the ordinary course of business and through the execution of our growth strategy. These requirements include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expenditures to commission, operate and expand our Oak Ridge facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expenditures to build, operate and commission the facilities contemplated by the DOE OTA, including our Oak Ridge SN-TN and Idaho facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential capital contributions, equipment commitments or other funding obligations associated with the SN Framatome JV and the Richland SN-F Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lease payments and other facility-related commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchase obligations for equipment, specialized materials, services and infrastructure necessary to support current and planned manufacturing capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payroll and related personnel costs associated with the expansion of our workforce;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory, quality assurance, environmental, health and safety and other compliance-related expenditures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obligations associated with our asset retirement obligation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• working capital requirements associated with the execution of fuel development agreements, fuel sales agreements and government-related projects.

#### Sources of Liquidity
Our primary internal sources of liquidity are cash on hand, cash generated from operating activities, customer deposits and milestone payments under our commercial agreements, and cash receipts generated from government and commercial project work. Our customer arrangements are structured to include deposits upon order, milestone-based payments during execution and, in some instances, penalty payments for early cancellation, which we believe support disciplined capacity planning and reduce demand uncertainty.

Our primary external sources of liquidity have been proceeds from the issuance of SAFEs and preferred stock financings. In 2024, we raised $33.5 million in gross proceeds through SAFE investments. In February 2025, we completed our Series Seed preferred stock financing, generating gross proceeds of approximately $10.0 million, and our outstanding SAFEs converted into Series Seed-1 preferred stock in connection with that financing. In August 2025, we completed our Series A preferred stock financing, generating gross proceeds of approximately $70.0 million. In January 2026, we completed our Series A-2 preferred stock financing, generating gross proceeds of approximately $70.0 million, which we intend to use to expand annual TRISO production.

As of March 31, 2026, we had no outstanding indebtedness other than ordinary-course obligations.

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#### Ability to Meet Capital Requirements
We believe our existing cash and cash equivalents, together with anticipated operating cash receipts, customer deposits and milestone payments, and the proceeds from our Series A-2 financing, will be sufficient to meet our expected operating and capital requirements for the foreseeable future, including at least the 12 months following the date of this prospectus. However, our operating plan may change as a result of many factors, including the timing of facility commissioning, progress under the DOE OTA, regulatory developments, the timing of NRC-related approvals affecting the Richland SN-F Facility, customer demand, the level of customer prepayments, and broader market and financing conditions. As a result, we may seek additional capital through equity financings, debt financings, or other strategic transactions.

*Common stock and SAFE issuance*

At inception, we issued 14,000,000 shares of common stock to various investors for net cash proceeds of $108.35. Additionally, in 2024, we raised $32.5 million in gross proceeds from various investors pursuant to SAFE investments. The terms of the SAFEs required that they automatically convert upon the next equity financing to shares with the same terms and conditions as investors of our next equity financing. The SAFEs automatically converted into a number of shares equal to the purchase amount divided by the conversion price, which means either (1) the SAFE price or (2) the discount price (lowest price per share sold in the equity financing multiplied by the discount rate), whichever results in a greater number of shares of capital stock. The SAFEs converted in connection with the Series Seed Preferred Stock Financing described below.

*Series Seed Preferred Stock Financing*

On February 13, 2025, we entered into a Series Seed Preferred Stock Purchase Agreement, pursuant to which we issued shares of Series Seed Preferred Stock at a purchase price of $2.00 per share. Under the agreement, investors purchased an aggregate of 4,999,997 shares of Series Seed Preferred Stock, resulting in total gross proceeds of approximately $10.0 million.

Further, on February 13, 2025, the SAFEs were settled through conversion into shares of newly issued Series Seed-1 Preferred Stock upon us entering into the Series Seed Preferred Stock Purchase Agreement, pursuant to which we issued Series Seed Preferred Stock at a fixed pre-money valuation to the holders of the SAFEs pursuant to the terms thereof. The SAFE instruments automatically converted into 32,500,000 shares of Series Seed-1 Preferred Stock at a conversion price of $1.00 per share. Additionally, one investor wished to rescind their $1.0 million investment, and we issued a lawful refund to the investor.

*Series A Preferred Stock Financing*

On August 14, 2025, we entered into a Series A Preferred Stock Purchase Agreement, pursuant to which we issued Series A Preferred Stock at a purchase price of $5.1951 per share. Under the agreement, investors purchased an aggregate of 13,474,232 shares of Series A Preferred Stock, resulting in total gross proceeds of approximately $70.0 million.

*Series A-2 Preferred Stock Financing*

On January 23, 2026, we entered into a Series A-2 Preferred Stock Purchase Agreement, pursuant to which we issued Series A-2 Preferred Stock at a purchase price of $9.8640 per share. Investors purchased an aggregate of 7,096,515 shares of Series A-2 Preferred Stock, resulting in total gross proceeds of approximately $70.0 million. The Company intends to use the proceeds from this financing to expand annual TRISO production.

*Ability to meet upcoming capital requirements*

Our ability to continue as a going concern is dependent upon our ability to generate sufficient liquidity from our operations and capital markets and financing transactions in order to meet our obligations and operating needs. If we require additional capital that we are not able to generate from our operations and are unsuccessful in raising that capital, we may not be able to continue our business operations and/or may be unable to advance growth initiatives, either of which could adversely impact our business and financial condition.

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We believe that our cash will be adequate to meet our liquidity requirements for at least the 12 months following the date of this prospectus. Our future capital requirements will depend on several factors, including our ability to generate positive cash flows from operations and our ability to raise additional capital. We could be required, or could elect, to seek additional financing through the sale and issuance of common or preferred stock, incurrence of debt or other capital-raising transactions; however, additional funds may not be available on terms acceptable to us, if at all.

#### Cash Flows
*Comparison of the three months ended March 31, 2026 and 2025*

The following table summarizes our cash flows and cash and cash equivalents, for the periods indicated:

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| | | | |
|:---|:---|:---|:---|
|  | **Three Months <br>Ended <br>March 31, <br>2026** | **Three Months <br>Ended <br>March 31, <br>2025** | **$ Change** |
|  Net cash flows provided by (used in) operating activities | $(4307490) | $(1477442) | $(2830048) |
|  Net cash provided by (used in) investing activities | $(3868868) | $(178789) | $(3690079) |
|  Net cash provided by (used in) financing activities | $70000020 | $7945686 | $62054334 |

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*Net Cash used in Operating Activities* — Net cash used in operating activities increased by $2.8 million, to $4.3 million for the three months ended March 31, 2026, primarily reflecting $8.8 million of costs of revenue and general and administrative costs, partially offset by cash collected from customers.

Net cash used in operating activities for the three months ended March 31, 2025 was $1.5 million, primarily reflecting incurred costs of revenue and general and administrative costs.

*Net Cash used in Investing Activities* — Net cash used in investing activities increased by $3.7 million, to $3.9 million for the three months ended March 31, 2026, resulting from an increase of $3.7 million of purchases of property, plant and equipment.

Net cash used in investing activities for the three months ended March 31, 2025 was $0.2 million, related to the purchase of property, plant and equipment.

*Net Cash provided by Financing Activities* — Net cash provided by financing activities increased by $62.1 million, to $70.0 million for the three months ended March 31, 2026, consisting of proceeds of $70.0 million from the issuance of our Series A-2 Preferred Stock.

Net cash provided by financing activities for the three months ended March 31, 2025 was $7.9 million, consisting of proceeds of $7.9 million from the issuance of our Series Seed Preferred Stock.

*Comparison of the year ended December 31, 2025 and the period from July 15, 2024 (inception) through December 31, 2024*

The following table summarizes our cash flows and cash and cash equivalents, for the periods indicated:

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| | | | |
|:---|:---|:---|:---|
|  | **For the <br>year ended <br>December 31, <br>2025** | **For the <br>period from <br>July 15, 2024 <br>(inception) <br>through <br>December 31, <br>2024** | **$ Change** |
|  Net cash flows provided by (used in) operating activities | $(6728118) | (381594) | (6346524) |
|  Net cash provided by (used in) investing activities | (9735670) | (32485510) | 22749840 |
|  Net cash provided by (used in) financing activities | 77945674 | 34486921 | 43458753 |

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*Net Cash used in Operating Activities* — Net cash used in operating activities increased by $6.3 million, to $6.7 million for the year ended December 31, 2025, primarily reflecting $7.7 million of costs of sales and general and administrative costs, partially offset by cash collected from customers.

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Net cash used in operating activities for the period ended December 31, 2024 was $0.4 million, primarily reflecting incurred general and administrative costs.

*Net Cash used in Investing Activities* — Net cash used in investing activities decreased by $22.7 million, to $9.7 million for the year ended December 31, 2025, resulting from an increase of $7.5 million of purchases of property, plant and equipment and investments in our joint venture with Framatome, as offset by the completion of the acquisition of the USNC Assets in the prior year.

Net cash used in investing activities for the period ended December 31, 2024 was $32.5 million, related to the acquisition of the USNC Assets for the purchase of IPR&D of $30.3 million and the purchase of property, plant and equipment of $2.2 million.

*Net Cash provided by Financing Activities* — Net cash provided by financing activities increased by $43.5 million, to $77.9 million for the year ended December 31, 2025, resulting from $77.9 million of proceeds received from the issuance of preferred stock.

Net cash provided by financing activities for the period ended December 31, 2024 was $34.5 million, primarily resulted from proceeds received from issuance of our SAFEs.

#### Quantitative and Qualitative Disclosures about Market Risk
We have operations within the United States and as such we are exposed to market risks in the ordinary course of our business, including the effects of credit risk. Information related to quantitative and qualitative disclosure about this market risk is set forth below.

*Credit Risk*

Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents held at financial institutions. Amounts on deposit may at times exceed federally insured limits. We have not experienced losses on these accounts and management believes the related credit risk is not significant. Our maximum exposure to credit risk was equal to the carrying value of our cash and cash equivalents of $124.9 million and $63.1 million as of March 31, 2026 and December 31, 2025, respectively.

#### Critical Accounting Policies and Estimates
Our financial statements are prepared in accordance with GAAP. The preparation of these financial statements requires us to make estimates and assumptions that affect the amounts reported in our financial statements and the accompanying notes. We consider an estimate to be critical if it requires us to make assumptions that are highly uncertain at the time the estimate is made and if changes in those assumptions are reasonably likely to have a material effect on our financial condition or results of operations.

Our significant accounting policies are described in Note 2 — *Significant Accounting Policies* to our audited financial statements included elsewhere in this prospectus. The following discussion addresses the estimates and judgments that we believe are most critical to understanding our financial statements and the uncertainties associated with those estimates.

#### Fair value of SAFE Notes
Prior to their conversion in February 2025, our SAFE Notes were classified as current liabilities and remeasured at fair value at each reporting date. Estimating the fair value of the SAFE Notes required significant judgment because the valuation incorporated unobservable inputs and company-specific assumptions. The most significant assumptions included the probability and expected timing of a qualifying financing event, the implied value of our equity, expected volatility and the discount rate used in the valuation model.

The valuation of the SAFE Notes was particularly sensitive to changes in our expected financing outcomes and related equity value assumptions. Increases in the probability of, or a shorter expected time to, a qualifying financing event generally increased the estimated fair value of the SAFE Notes, while decreases in those assumptions generally reduced the estimated fair value. Changes in these assumptions could have resulted in materially different fair values and corresponding non-cash gains or losses in our Consolidated Statements of Operations for the periods in which

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the SAFE Notes were outstanding. Because the SAFE Notes converted in connection with our Series Seed financing in February 2025, this estimate was most significant for the 2024 period and through the date of conversion in 2025 and is not expected to affect periods following conversion in the same manner.

#### Revenue Recognition
We recognize revenue in accordance with ASC 606, *Revenue from Contracts with Customers*. Revenue is recognized when control of the promised goods or services is transferred to customers in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. During the year ended December 31, 2025, we primarily derived revenue from fuel development and services agreements. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. We evaluate the products or services promised in each contract at inception to determine whether the contract should be accounted for as having one or more performance obligations. In cases where products and services in our contracts are not distinct from one another due to their complex relationships our contracts are typically accounted for as one performance obligation. In cases in which we perform activities that are not highly complex or interrelated, our contracts may have more than one distinct performance obligation. Judgment is required in determining performance obligations, and these decisions could change the amount of revenue and profit recorded in a given period.

Our contracts with customers may include variable consideration such as performance bonuses and incentives. We estimate variable consideration using the method that best predicts the amount of consideration expected to be received and include such amounts in the transaction price only to the extent that it is probable that a significant reversal of cumulative revenue recognized will not occur. Estimates of variable consideration are reassessed at each reporting date and updated as circumstances change.

*Fuel Development Agreements*

Fuel Development Agreements are typically structured as time and materials or fixed price with milestone-based invoicing arrangements. These services are accounted for as a single performance obligation in cases where the services are highly interrelated and are not separately identifiable within the context of the contract. Revenue is recognized over time as services are performed. Revenue is recognized based on the extent of progress towards completion of the performance obligation, generally using an input method based on a cost-to-cost measure of progress for our contracts. Under an input method based on a cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs to complete the performance obligation(s). For time-and-materials arrangements in which we have a right to consideration in an amount that corresponds directly with the value transferred to the customer, we apply the right-to-invoice practical expedient under ASC 606-10-55-18 and recognize revenue in the amount to which we have the right to invoice.

*Other Agreements* 

Other services agreements may include customer deposits or capacity reservation payments related to future fuel production and delivery. Amounts received under these arrangements are evaluated to determine whether they represent payment for completed performance obligations or advance payments for future performance. To the extent such amounts represent advance payments, they are recorded as contract liabilities (deferred revenue) and recognized as revenue when the related performance obligations are satisfied or when the amounts become nonrefundable in accordance with the contract terms.

#### Stock-based compensation
For granted stock options or other equity awards, stock-based compensation expense is based on the fair value of the awards on the grant date. Determining fair value requires judgment, particularly with respect to the fair value of our common stock prior to an initial public offering, as well as assumptions regarding expected volatility, expected term, risk-free interest rate and, where relevant, estimated forfeitures.

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The determination of the fair value of our common stock before there is an active public market involves significant judgment and considers several objective and subjective factors, including contemporaneous third-party valuations, the prices of preferred stock financings, our stage of development, operating and financial performance, market conditions and the likelihood and timing of a potential liquidity event. Changes in these assumptions could materially affect the amount of stock-based compensation expense recognized in future periods.

#### Recently Issued and Adopted Accounting Standards
Please refer to Note 2 — *Summary of Significant Accounting Policies*, in the Consolidated Financial Statements.

#### Emerging Growth Company Accounting Election
As an emerging growth company, we may take advantage of certain exceptions from reporting requirements applicable to public companies that are not emerging growth companies. These exemptions include, but are not limited to, relief from the auditor attestation requirements under Section 404 of the Sarbanes-Oxley Act of 2002, reduced executive — compensation disclosures obligations in periodic reports and proxy statements, and exemptions from holding non-binding advisory votes on executive compensation and from obtaining shareholder approval for golden-parachute arrangements not previously approved.

Section 102(b)(1) of the JOBS Act allows emerging growth companies to defer compliance with new or revised financial accounting standards until such standards are applicable to private companies — that is, companies that have not had a Securities Act registration statement declared effective and do not have a class of securities registered under the Exchange Act. The JOBS Act also permits an emerging growth company to irrevocably elect to opt out of this extended transition period and instead comply with the accounting standards applicable to non-emerging growth companies. We have elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, we, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make it difficult or impossible to compare our financial statements with those of another public company that is either an emerging growth or non-emerging growth company that has elected to opt out of the extended transition period.

We will remain an emerging growth company until the earliest to occur of: (i) the end of the first fiscal year in which our annual gross revenues are $1.235 billion or more; (ii) the end of the first fiscal year in which we are deemed to be a "large accelerated filer," as defined in the Exchange Act; (iii) the date on which we have, during the previous three-year period, issued more than $1.0 billion in non-convertible debt securities; and (iv) the end of the fiscal year during which the fifth anniversary of this listing occurs. We may choose to take advantage of some, but not all, of the available benefits under the JOBS Act. We are electing to use the extended transition periods available under the JOBS Act for complying with new or revised accounting standards, and we currently intend to take advantage of the other exemptions discussed above. Accordingly, the information contained herein may be different from the information you receive from other public companies in which you hold stock.

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#### Business
<u>**<u>Our Mission</u>**</u>

Our mission is to supply advanced nuclear fuels that enable safe, reliable and scalable nuclear power generation. We aim to support the re-emergence of the U.S.'s newbuild nuclear infrastructure, strengthen domestic energy security and meet the nation's growing demand for safe, reliable and clean baseload power.

<u>**<u>Company Overview</u>**</u>

Standard Nuclear is a leading independent advanced nuclear fuel company and the only company in the United States with industrial-scale TRISO manufacturing facilities to date, based on our commercialized manufacturing capability supported by production-grade equipment, established processes, and facility infrastructure designed for sustained, high-throughput output and scalable expansion. We design, engineer, and manufacture advanced nuclear fuels with a primary focus on TRISO fuel that is utilized by Advanced Reactors, and we believe we are the only participant in the market that is currently positioned to be able to work with and develop fuel for any developer of Advanced Reactors which use TRISO fuel. As of the date of this prospectus, we operate the only dedicated, privately funded, industrial scale TRISO production line in the United States and are currently producing and shipping fuel for Advanced Reactor demonstrations scheduled for 2026, with additional TRISO production facilities expected to come online in the second half of 2026.

Led by internationally recognized nuclear fuel expert Dr. Kurt Terrani, who serves as our Chief Executive Officer, our technical team leverages over 150 years of combined U.S. National Laboratory experience in the development, fabrication, and testing of advanced fuels, and many of our technical team members have previously held critical leadership roles in the DOE advanced gas reactor program, which established the modern TRISO fuel standard currently accepted by the NRC. We believe the qualifications exhibited by our elite technical team, together with our ownership and operation of facilities licensed for the large-scale manufacturing of TRISO-based fuels, makes us a leading nuclear fuel company capable of delivering advanced nuclear fuel to the growing industry.

![](timage_004.jpg)

Our capabilities position us at the fuel manufacturing layer of the nuclear value chain, supporting Advanced Reactor developers and end customers with scalable domestic fuel supply solutions. Our disciplined, repeatable and reliable manufacturing process converts enriched uranium feedstock into finished fuel products in accordance with nuclear-grade safety, quality, and regulatory frameworks.

We do not design, own or operate nuclear reactors. Instead, our nuclear fuel products are engineered to be compatible with a broad range of Advanced Reactor designs which use TRISO fuel, and can be used by reactor owners and operators, utilities, hyperscale data center operators, and domestic and international government entities that own or operate such reactors. We believe we are well positioned to capture a meaningful share of this market given our current and planned industrial-scale operating capacity, technology platform, secured licenses, and cost advantages derived from a modular manufacturing architecture.

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In addition, we do not directly procure or source uranium for the nuclear fuel we manufacture. Our customers are generally responsible for procuring enriched uranium feedstock, which we then convert into nuclear fuel for our customers to use in their reactors for their various commercial needs. Our business model is based on long-term fuel supply arrangements under which our customers deliver feedstock to us and purchase finished fuel products, typically priced on a kgU basis and adjusted for enrichment level, final fuel form, and other specified requirements. However, we have never sold our products at large-scale commercial levels, and the production of TRISO fuel is generally untested at industrial scale, and as a result, we have limited data regarding the full cycle economics of manufacturing, marketing, pricing and selling TRISO fuel, leaving us with limited visibility into the prices our customers are willing to pay for our products and the cost structures that are required to ensure positive profit margins. We also expect that long-term unit economics will improve through automation, yield optimization, and replication of standardized fuel manufacturing modules that we have developed. We do not take direct commercial exposure to uranium price volatility, focusing instead on fabrication and fuel engineering services within the nuclear fuel value chain. Given our focus to date on investing in R&D, facilities, and commercialization of our nuclear fuel manufacturing and products, we have historically incurred significant operating losses and negative cash flows. As of March 31, 2026, we had an accumulated deficit of $79.9 million, and negative operating cash flows of $4.3 million and, for the year ended December 31, 2025 and the period ended December 31, 2024, we had an accumulated deficit of $72.1 million and $56.6 million, respectively, and negative operating cash flows of $6.7 million and $0.4 million, respectively.

#### Industry and Market Opportunity
*Electricity Demand*

Based on data from the U.S. Energy Information Administration, U.S. electricity demand is expected to rise materially over the coming decades, reversing a prolonged period of relatively flat consumption. According to the Wood Mackenzie Report, total U.S. electricity demand is projected to increase from approximately 4,990 TWh in 2026 to more than 7,200 TWh by 2040, representing an increase of approximately 44%. This growth is driven not only by population and economic expansion, but also by structural changes in energy usage as industrial processes, transportation systems, and digital infrastructure become increasingly electrified. In particular, next-generation AI training clusters and large-scale inference deployments require sustained, high-density electricity supply. Hyperscale data center campuses can draw more than 500 megawatts of continuous load, often operating at utilization levels that place significant demands on existing generation and transmission infrastructure. According to the Wood Mackenzie Report, data center growth alone may increase overall U.S. electricity demand growth from approximately 1% per year to approximately 3% per year, supported by an estimated $700 billion of hyperscaler capital expenditure commitments in 2026. This pace of load growth significantly exceeds planned additions of firm, dispatchable generation capacity and is not expected to be met by intermittent resources alone.

*Overview of Advanced Nuclear Reactor Technologies*

Advanced Reactors are increasingly viewed as viable solutions for meeting long-term demand for reliable, low-carbon baseload electricity. These reactor designs differ from traditional light-water reactors in several respects, including higher operating temperatures, improved thermal efficiency, and the ability to achieve higher fuel burnup levels. Many Advanced Reactor designs also incorporate passive safety features that rely on natural physical processes rather than active systems or human intervention, which may enhance safety performance and expand potential siting options.

The operating characteristics of Advanced Reactors require fuel forms capable of withstanding significantly higher temperatures and more demanding operating conditions than conventional nuclear fuel. As a result, advanced reactor designs increasingly rely on specialized fuels, including TRISO particle fuel. TRISO fuel is engineered to encapsulate fissile material within multiple protective layers, allowing it to retain radioactive fission products at extremely high temperatures and providing a level of inherent safety not achievable with conventional fuel types.

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*Advanced Reactor Deployment Outlook*

The DOE has articulated a policy objective of expanding domestic nuclear generation capacity, which includes a target of deploying approximately 35 GW of additional nuclear capacity by 2035 and achieving a sustained deployment rate of approximately 15 GW of nuclear energy per year by 2040. These goals encompass deployment of traditional large reactors as well as SMRs and microreactors.

Advanced nuclear projects are already progressing through development and regulatory review. As of July 2025, more than 30 advanced reactor projects had been publicly announced to the NRC, with multiple demonstration projects expected to enter operation beginning in 2026. While commercialization timelines vary by technology and project, these initiatives indicate continued momentum toward deployment of Advanced Reactors in the United States.

*Advanced Reactor Adoption Curve — Microreactors*

Based on public sources and management's assessment of our current pipeline and customer order book, we believe that the near-term deployment of Advanced Reactor projects is going to be focused on microreactors. The DOE defines microreactors by three main features: factory fabricated, transportable and self-adjusting, and expects most microreactors to be able to produce 1 — 20Mw of thermal energy that can be used directly as heat or converted to electric power.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Factory fabricated:** All components of a microreactor would be fully assembled in a factory and shipped out to location. This eliminates difficulties associated with large-scale construction, reduces capital costs and would help get the reactor up and running quickly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Transportable:** Smaller unit designs will make microreactors very transportable. This would make it easy for vendors to ship the entire reactor by truck, shipping vessel, airplane or railcar.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Self**-adjusting**:** Simple and responsive design concepts will allow microreactors to self-adjust. They would not be expected to require a large number of specialized operators and would utilize passive safety systems that prevent any potential for overheating or reactor meltdown.

Given these attributes, and based on management's visible contract pipeline, we expect that the pipeline of nuclear reactor fuel requirements through 2030 is going to be largely driven by microreactor developers and project owners.

For example, the following is a list of selected microreactor-focused programs that have been publicly announced as of the date of this prospectus, as well as a DOE initiative supporting infrastructure and fuel qualification programs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Janus Program:** U.S. Army's next-generation energy initiative aimed at deploying commercial nuclear microreactors to provide secure, resilient power to defense installations with goals for operation by 2030.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Defense Innovation Unit — Advanced Nuclear Power for Installations (2024):** An initiative to evaluate and pilot commercial microreactors for U.S. Air Force installations, with potential deployments targeted around 2030. Joint Base San Antonio, Texas — Antares Nuclear, Inc.; Buckley Space Force Base, Colorado — Radiant Industries, Inc.; and Malmstrom Air Force Base, Montana — Westinghouse Government Services have been identified as potential site-developer pairings for proposed microreactor deployments under this initiative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **DOE Nuclear Reactor Pilot Program:** A DOE program targeting demonstrations of commercial nuclear reactors by July 4, 2026 and support to bridge demonstrations to commercial operations by 2030.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **DOE Demonstration of Microreactor Experiments ("DOME")** — A DOE-led initiative at Idaho National Laboratory designed to support accelerated testing and qualification of microreactor fuels and components. We are participating in the DOME program, including engaging in collaborations with reactor developers, to support fuel testing and qualification activities. We believe participation in such programs may influence the timing of fuel qualification and subsequent commercial supply opportunities.

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*Advanced Reactor Fuel Market Size and Demand*

Demand for Advanced Reactor fuel is directly linked to the deployment of Advanced Reactors and their ongoing refueling requirements. According to the Wood Mackenzie Report, approximately 20% of future United States nuclear generation capacity is expected to be served by Advanced Reactor technologies. Under this outlook, total installed advanced nuclear capacity is projected to exceed 58 GWe by 2040.

The amount of TRISO fuel required per GWe of electric power varies by reactor design, based on the physics and engineering characteristics of each reactor type. For example, larger SMRs produce more electric output per unit of fuel consumed, while smaller microreactors, though individually requiring less total fuel, consume more fuel relative to their electric output on a per-GWe basis. Based on publicly disclosed reactor designs and our discussions with current and prospective customers, annual TRISO fuel requirements are expected to range from approximately 12 MTU per GWe for larger-format SMRs to approximately 26 MTU per GWe for smaller microreactors. This range reflects the inherent differences in fuel consumption across reactor types. In addition, fuel demand timing also varies by reactor type. Microreactors typically require securing their fuel load approximately one year prior to commercial operation, while SMRs generally require it approximately two years prior to commercial operation.

For purposes of our analysis of prospective annual TRISO fuel demand, management assumes approximately 16 MTU of TRISO fuel per GWe, which represents management's calculation of the blended average fuel requirement across the mix of Advanced Reactor types management expects to be deployed in the future. This expectation reflects management's assessment based on discussions with reactor developers and project owners and publicly disclosed information, including announcements relating to anticipated reactor deployments, regarding the anticipated proportion of SMR and microreactor designs expected to comprise the deployed Advanced Reactor fleet over time.

Based on anticipated deployment schedules and refueling profiles, according to the Wood Mackenzie Report, annual TRISO fuel demand associated with Advanced Reactors could exceed the equivalent of 1.5 GWe and 7.0 GWe by 2030 and 2035, respectively, which, assuming 16 MTU per year per GWe, we believe could require approximately 26 and 116 MTU of TRISO fuel annually, respectively, based on the anticipated mix of reactor types expected to be deployed at such times.

At scale, deployment of Advanced Reactors implies recurring annual fuel demand measured in tens to hundreds of MTU, depending on the technology mix, operating cycles, and refueling intervals. By comparison, approximately 100 GWe of electric power in the United States is currently generated by nuclear power plants, which collectively consume an estimated 2,000 MTU of nuclear fuel annually. Consistent with the legacy nuclear fuel procurement dynamics for the operating U.S. nuclear reactor fleet, we expect project owners and operators will be the eventual long-term counterparties for fuel contracts.

*Long-Term Nuclear Power Growth and Emerging Demand Drivers*

Federal policy objectives further support expansion of nuclear power generation. In addition to target deployments of approximately 15 GWe per year by 2040, the DOE has previously stated a long-term goal of tripling U.S. nuclear power output by 2050, implying substantial growth in installed capacity and associated fuel demand over time.

In addition, growth in electricity consumption driven by data centers — particularly those supporting AI and high-performance computing workloads — has increased interest in nuclear power as a source of reliable, low-carbon baseload energy. Industry participants expect that a portion of incremental electricity demand from data centers and other energy-intensive applications may be met through nuclear generation, including Advanced Reactor deployments.

Assuming that 10 – 20% of future incremental nuclear capacity is supplied by TRISO-fueled reactors, industry-wide demand for TRISO fuel could reach hundreds of MTU per year over time.

*Regulatory and Policy Environment*

U.S. regulatory and policy frameworks increasingly support the development and deployment of advanced nuclear reactors and domestic nuclear fuel manufacturing capacity. Federal agencies have adopted measures intended to coordinate regulatory reviews, streamline licensing pathways, and facilitate transitions from DOE authorization to NRC licensing for Advanced Reactors and nuclear fuel cycle facilities.

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The NRC has also indicated its intent to streamline licensing reviews for advanced reactor and fuel cycle projects that have previously undergone technical review and authorization by the DOE, including through appropriate reliance on DOE technical assessments.

Federal policy support for nuclear fuel development accelerated following a series of executive actions and supply-chain directives beginning in 2021 that identified domestic nuclear fuel production as a national security priority. These initiatives provided the foundation for federal programs such as the DOE's ARDP and the HALEU Availability Program, both of which established direct demand signals for domestically manufactured advanced nuclear fuel.

Collectively, these technology trends, deployment objectives, demand drivers, and policy initiatives establish a framework intended to support domestic fuel manufacturing, facilitate advanced reactor commercialization, and sustain fuel demand over multi-decade operating lifetimes. For industry participants like us who are capable of meeting applicable regulatory, quality assurance, and security requirements, this environment offers the potential for long-term participation in the evolving advanced nuclear ecosystem.

*Industry Challenges* 

While we believe that the market opportunity for our nuclear fuel is significant, there are a number of factors that may cause demand not to develop to the extent, or as quickly, as anticipated, or may otherwise pose headwinds to scaling our business as we have planned.

For example, the Advanced Reactor technologies described above generally remain in varying early stages of development, demonstration, licensing and commercialization and, while we currently expect a number of Advanced Reactors to be demonstrated in 2026, none have been deployed at commercial scale as of the date of this prospectus, and a wide range of technical, regulatory, financial and operational factors could influence the ultimate deployment and commercialization timelines of Advanced Reactor companies.

In addition, even if Advanced Reactors develop at the pace and scale anticipated, TRISO fuel demand depends in part on the availability of enriched uranium, including HALEU, and on customers' ability to procure, transport and provide feedstock that meets reactor-specific specifications. However, supply of enriched uranium, and specifically HALEU, is currently limited and we do not know when, or if, supplies will increase. For example, for our customers that have reactors that require HALEU, there is presently no commercial supply of HALEU available in the United States and HALEU can only be sourced in limited quantities from the DOE. Despite U.S. government initiatives designed to ensure initial HALEU quantities, including the establishment of the HALEU Availability Program, which was established through the Energy Act of 2020, to ensure access to HALEU for civilian domestic research, development, demonstration, and commercial use, the HALEU program is still in its early stages, and significant progress is required to achieve reliable and scalable production

Further, recent interest in nuclear power in the United States has been driven, in part, by the rapid growth of AI development and the corresponding demand from hyperscale data center operators for reliable, low-carbon energy. This dynamic has been a meaningful catalyst for renewed investment, development activity, and public policy support across the nuclear energy sector, including for various Advanced Reactor designs. However, the trajectory of AI development and adoption, and the associated demand for data center capacity and energy, is inherently uncertain, and a contraction in that market could delay or reduce demand for new nuclear capacity and, in turn, demand for our nuclear fuel products. A slowdown in AI-driven demand for nuclear energy could also reduce the flow of public and private capital into the nuclear sector generally, which has so far benefited from heightened investor interest tied to AI and data center growth. Further, public opinion regarding nuclear energy has historically fluctuated and remains subject to change. Future shifts in public sentiment on nuclear power, whether driven by political, environmental, safety-related or other factors, or as to AI and the benefits of continuing to scale power generation and infrastructure needs in support of AI, could result in lessened support or increased opposition to nuclear power, which could adversely affect regulatory policies, licensing, operations and the overall demand for nuclear energy.

As a result, the timing and success of our customers' and potential customers' reactor programs and demand scaling in the industry generally are subject to significant uncertainty and forces outside of our control, and we have limited ability to influence the pace at which Advanced Reactors are developed, deployed and commercialized. If these or any of the other factors anticipated to drive energy demand described in the Wood Mackenzie Report do not materialize, either at all or to the extent currently expected, it could meaningfully reduce the demand opportunity for our TRISO nuclear fuel and adversely impact our anticipated results of operations.

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See also *"Risk Factors — Our future performance is dependent on the commercialization timelines of advanced reactor developers, which are subject to uncertainty and factors outside of our control," "Risk Factors — The market for alternative low*-carbon *energy generation technologies has not yet been established and may not achieve the potential we expect or may grow more slowly than expected,"* and *"Risk Factors — Our TRISO fuel production is dependent on our customers obtaining enriched uranium (including HALEU) from third*-party *suppliers and providing it to us for production, and any difficulty in our customers obtaining these materials and/or supplying them to us could adversely affect our business, financial condition, and results of operations."*

<u>**<u>The Role of TRISO Fuel</u>**</u>

Nuclear fuel that powers the existing U.S. fleet of light-water reactors consists of ceramic uranium dioxide (UO₂) pellets stacked inside long zirconium-alloy metal tubes (or cladding) that form fuel rods. Multiple fuel rods are bundled together to form fuel assemblies. The zirconium alloy cladding provides the primary barrier to fission product release, while water serves as both coolant and moderator and safety depends heavily on maintaining cladding integrity and active cooling.

TRISO fuel is a coated fuel particle architecture originally developed for HTGRs and is known as the "most robust nuclear fuel on earth" according to the DOE. TRISO is designed so that each particle functions as a self-contained containment system: multiple ceramic coating layers surround a fuel kernel and are intended to retain fission products during normal operation and under severe off-normal conditions.

The all-ceramic TRISO architecture enables Advanced Reactor designs to operate at higher temperatures and achieve higher burnup than conventional light-water reactors, which may reduce reliance on large-scale water cooling and high-pressure containment structures in certain reactor configurations. This can significantly reduce nuclear plant capital costs and simplify the engineering required for safe and reliable reactor operation.

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<u>**<u>Our Manufacturing Process</u>**</u>

By combining a proven TRISO architecture with an industrial, manufacturing-first approach, we are positioned to produce fuel products that meet reliability, quality and traceability requirements of commercial customers (including U.S. government-authorized exports to overseas markets) and government customers. Our strategy is focused on industrial-scale production with manufacturing systems designed to support near term fuel qualification (which is the process of demonstrating that a fuel design and specification meets the performance and safety requirements for that fuel form's specific application within a specific reactor system, as provided to us by the reactor owner/operator, after which we manufacture fuel in compliance with those specifications), and to drive longer-term cost reductions as production volumes increase.

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Our TRISO fuel manufacturing platform is designed as a modular, repeatable process built around (i) controlled production units, (ii) automated inspection and monitoring, (iii) data-driven quality controls and (iv) comprehensive documentation and traceability. This modular design is intended to support consistent product quality, scalability across facilities, and compliance with applicable regulatory, security, and safety frameworks. Our processes also incorporate an in-line scrap fuel recycling loop intended to recover and reintroduce usable uranium material, improving material utilization and reducing waste. Maximizing material yield is a core operating objective, and this closed-loop approach increases effective throughput per unit of feedstock and reduces input cost, contributing to a structural cost advantage relative to manufacturing processes with higher material loss or less integrated recovery capabilities.

As a result of our modular manufacturing platform and process, we are able to support industrial scale production at our facilities, which we define as having commercialized manufacturing capability, at our existing Oak Ridge SN-0 facility and, once completed, at our other facilities that is intended for, and capable of, bulk production of TRISO fuel to be delivered to our customers that seek to fuel their reactors. This is effected using established and repeatable manufacturing processes enabling us to commercialize our TRISO fuel production activities and deliver TRISO fuel to Advanced Reactors. Further, the existing manufacturing capacity at our Oak Ridge SN-0 facility is sufficient for us to fully service the nuclear fuel demands of certain existing and prospective customers, demonstrating our ability to operate at industrial scale today. This will be further supported by our additional production capacity expected to come online at our Oak Ridge SN-TN and Idaho SN-ID facilities in the second half of 2026, and additional production capacity we intend to construct and scale at the other facilities described below. In addition, given our modular facility design and approximately one-year build and commissioning timeline per standard facility, we believe we could quickly scale further through the construction of additional production facilities on land we own in Oak Ridge, Tennessee as customer demand warrants. See also "— *Expansion Strategy.*"

Currently, the primary constraint on our ability to further scale production operations is obtaining the regulatory authorizations required to commission and operate additional production facilities and install incremental modular processing equipment, together with completion of associated safety reviews and operational approvals. While our existing Oak Ridge SN-0 pilot facility is authorized to possess and process meaningful quantities of enriched uranium feedstock, future capacity expansion is expected to occur principally through our other facilities. See also "— *Regulatory Status of our Facilities*."

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Our manufacturing sequence begins with receipt of enriched uranium oxide feedstock (or deconversion of enriched uranium hexafluoride (UF₆) as needed into uranium oxide feedstock) to be used in subsequent fabrication steps and consists of the principal stages described below, each comprising a single module that is "design frozen" and can be replicated to scale, meaning that the core process flow, equipment configuration, and facility integration across these stages has been standardized following initial development, and are not expected to require material modification for subsequent deployments. This standardization is intended to support consistent product quality,

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streamline regulatory and engineering requirements, and enable repeatable, parallel deployment of additional modules across facilities. We believe this approach reduces engineering complexity, shortens deployment timelines, and lowers execution risk relative to bespoke, facility-specific designs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Kernel Formation** — Forming the uranium oxide feedstock into high-density spherical fuel kernels with controlled geometry and material properties tailored to specifications provided to us by our customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **TRISO Coating** — Applying successive coating layers (including carbon and silicon carbide layers) to the fuel kernels using high-temperature coating systems to create the structural and containment architectures of the TRISO particles. We monitor the coating thickness, uniformity, and defect rates to ensure conformance with customer specifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Fuel Form Fabrication** — Converting the coating particles into the customer-specified fuel form (e.g., compacts, pebbles or other geometries), including embedding particles in a matrix where required. We inspect the finished fuel forms using destructive and/or non-destructive methods, as appropriate and required by the final fuel form specification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Characterization and Certification** — Performing testing and analysis throughout the entire manufacturing process to verify that the fuel forms meet the intended specifications and to support quality documentation, traceability and regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Packaging and Shipment** — Packaging finished fuel forms in approved fissile material containers designed to meet applicable NRC, DOE, and/or other regulatory requirements and delivering these fuel forms to our customers.

<u>**<u>Our Facilities</u>**</u>

We launched our commercial journey by establishing operations at the historic K-25 Site in Oak Ridge, TN — the site of the world's first large-scale uranium enrichment. Our Oak Ridge SN-0 facility, which is operational today, is equipped with specialized infrastructure, a workforce experienced in regulated nuclear operations, and an operating environment with deep institutional familiarity with nuclear materials, safety, and compliance. Since beginning our operations, we are continuously looking to expand our manufacturing capabilities and facilities, and are currently completing construction and anticipate bringing our Oak Ridge SN-TN and Idaho SN-ID facilities online in the second half of 2026, both upon completion of a readiness review for each facility conducted in accordance with applicable DOE requirements. We also plan to operate an additional facility in Richland, Washington with our joint venture partner, Framatome. The joint venture plans to commence manufacturing at the Richland SN-F Facility in 2027, pending receipt of regulatory approvals by the NRC and final equipment installation. See "— *Our Strategic Partnerships — Framatome*." In addition, we own additional land in Oak Ridge, Tennessee that is located in proximity to other industry participants' sites in Tennessee and we believe could be used to construct further production facilities as demand warrants, in addition to SN-TN20. See also "*Business — Expansion Strategy.*"

Our Oak Ridge SN-0, Oak Ridge SN-TN and Idaho SN-ID facilities operate, or are anticipated to operate, under DOE authorization for the possession and processing of nuclear materials, and we intend to leverage an existing NRC license granted to our joint venture partner, Framatome, at the Richland SN-F Facility, pending regulatory approval to amend Framatome's existing NRC license to permit the manufacturing of our advanced fuel products, including TRISO, at that facility. Framatome, the 10 CFR Part 70 licensee for the Richland, Washington SN-F facility, submitted the NRC license amendment request (the "LAR") to the NRC in September 2024. The LAR has been accepted for review, and is targeted to be finalized in the summer of 2026, subject to the NRC's completion of its review.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Oak Ridge SN**-0 **Facility:** Located in Oak Ridge, Tennessee, our Oak Ridge SN-0 production facility is operational today and can produce 500 kgU of finished fuel per year, based on our current process yield.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Oak Ridge SN**-TN **Facility:** Located in Oak Ridge, Tennessee, our Oak Ridge SN-TN production facility is currently under construction and is anticipated to come online in the second half of 2026. While it is currently slated to produce 1 MTU of finished fuel per year, once operational, SN-TN's footprint is designed for seamless scaling, allowing for a potential throughput capacity of 2.5 MTU per year without requiring additional land.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Idaho SN**-ID **Facility:** Located in Idaho Falls, Idaho, SN-ID has been designed to be a carbon copy of our Oak Ridge SN-TN facility, mirroring the 1 MTU anticipated initial capacity at Oak Ridge SN-TN with the same 2.5 MTU peak throughput capacity potential based on our current process yield. We intend to operate our Idaho Facility on DOE land pursuant to a long-term lease, which allows us to plug directly into the DOE contracting complex and provide streamlined nuclear fuel support for the DOE, Department of War, NASA, and other critical government missions. The Idaho SN-ID production facility is currently under construction and we expect it to come online in the second half of 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Richland SN**-F **Facility:** We have formed Standard Nuclear × Framatome LLC, a joint venture with Framatome. The SN Framatome JV will establish a facility for the manufacture of TRISO fuel particles and other TRISO-based fuel forms, which will be located at Framatome's existing nuclear fuel manufacturing facility in Richland, Washington. We believe the Richland SN-F Facility will benefit from our modular equipment and would initially be scalable to up to 2.5 MTU, and can be enabled to establish up to a peak 20 MTU, of throughput capacity potential based on our current process yield, while leveraging Framatome's decades of experience in light-water reactor fuel production. In addition, by utilizing Framatome's existing infrastructure and commercial relationships, Standard Nuclear × Framatome LLC can help integrate Standard Nuclear into an established global value chain. The joint venture plans to commence manufacturing at the Richland SN-F Facility in 2027, pending receipt of regulatory approvals by the NRC and final equipment installation. Framatome, the 10 CFR Part 70 licensee for the Richland, Washington SN-F facility, submitted the LAR to the NRC in September 2024. The LAR has been accepted for review, and is targeted to be finalized in the summer of 2026, subject to the NRC's completion of its review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Oak Ridge SN**-TN20 **Facility:** We are also planning our additional Oak Ridge SN-TN20 facility in Oak Ridge, Tennessee, which we intend to enable with our modular equipment to establish an additional 20 MTU of production capacity. While construction has not yet begun, we have acquired the land on which we intend to build the SN-TN20 facility. Once construction is complete, we expect to install and commission production modules on a phased basis, progressively increasing the facility's output as additional modules come online, and reaching full operational capacity thereafter.

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#### Regulatory Status of Our Facilities
*Oak Ridge SN-0 Facility* 

Our Oak Ridge SN-0 facility is authorized by the DOE to possess HALEU and process it into advanced nuclear fuel under its existing safety basis. The Oak Ridge SN-0 facility is operational today and supports our current commercial fuel manufacturing activities, including work under existing customer agreements and the DOE Fuel Line Pilot Program. SN-0 is a less than Hazard Category III facility. Its authorized possession limits for enriched uranium feedstock vary based on enrichment level and operating configuration, and currently permit possession of quantities sufficient to support production of approximately 0.5 MTU of TRISO fuel per year, based on our current process yield. Rather than seeking expanded authorization at the Oak Ridge SN-0 facility, our scaling strategy is to commission additional production capacity at our Oak Ridge SN-TN, Idaho SN-ID, Oak Ridge SN-TN20 and Richland SN-F facilities, each of which is described below, and potential additional facilities in the future. We may seek future modifications to the Oak Ridge SN-0 facility's existing safety basis or other authorizations to support additional volumes or process configurations at that facility, but do not currently view any such modifications as necessary to execute our near-term operating plan.

*Oak Ridge SN-TN and Idaho SN-ID Facilities* 

Our planned Oak Ridge SN-TN and Idaho SN-ID facilities are each anticipated to operate under DOE regulatory authority pursuant to DOE-STD-1271-2025, "Authorization Pathway for Nuclear Facilities," which establishes the framework for the documented safety basis required to commence and sustain nuclear operations at DOE facilities. The principal milestones in this authorization process are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Nuclear Safety Design Agreement (NSDA).** We have received DOE approval of an NSDA for each of the Oak Ridge SN-TN and Idaho SN-ID facilities, establishing the regulatory framework, safety design objectives and the critical milestones required to obtain final authorization to commence operations at each facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Preliminary Documented Safety Analysis (PDSA).** We have submitted a PDSA (which is documentation prepared in connection with design and construction of a new facility, that provides a reasonable basis for the preliminary conclusion that the facility can be operated safely) for each of the Oak Ridge SN-TN and Idaho SN-ID facilities, have received initial positive feedback from the DOE, and anticipate DOE approval of each PDSA in the near term, subject to the DOE's review schedule and potential requests for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Documented Safety Analysis (DSA).** Following positive DOE feedback on our PDSA submissions, we are preparing the DSA (which is a formal documented analysis of how the nuclear facility can be operated safely with respect to workers, the public, and the environment, including a description of the conditions, safe boundaries, and hazard controls that provide the basis for ensuring safety) for each of the Oak Ridge SN-TN and Idaho SN-ID facilities for parallel submission to the DOE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Readiness Review and Authorization to Operate.** After DOE approval of the DSA, each facility must complete a DOE-led operational readiness review before receiving authorization to commence operations. We anticipate full DOE approval of the DSAs and completion of readiness reviews for both facilities in the second half of 2026, although the timing is subject to, among other things, the DOE's schedule, the satisfaction of the NSDA conditions and the readiness review process, as well as other factors described under "*Risk Factors*" elsewhere in this prospectus.

The Oak Ridge SN-TN and Idaho SN-ID facilities are each expected to be authorized as DOE Hazard Category II facilities. We expect to initially install sufficient equipment at each facility to support throughput production capacity of up to 1 MTU of TRISO fuel per year. As a DOE Hazard Category II facility, the primary constraint on future capacity expansions at these facilities is expected to be additional regulatory approvals associated with the installation and operation of incremental modular equipment and related safety reviews, rather than increases in authorized enriched uranium possession quantities. While we do have certain possession limits in place with respect to our facilities, such limits do not apply to TRISO fuel held on site in our storage containers, and we do not expect the possession limits to which our facilities are subject to be a meaningful impediment to our ability to scale our facilities and obtain appropriate authorizations to produce our target throughput of TRISO fuel concurrently with receiving authorization to expand our modular production capacity at any of our facilities.

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*Oak Ridge SN-TN20 Facility*

Our planned Oak Ridge SN-TN20 facility is expected to be located on the Oak Ridge Reservation in Tennessee. We expect to initiate the formal NSDA, PDSA, DSA and readiness review process once the Oak Ridge SN-TN facility achieves authorized operations and the design basis for the Oak Ridge SN-TN20 facility has been finalized. As of the date of this prospectus, we have not initiated the formal NSDA process for the Oak Ridge SN-TN20 facility, the regulatory schedule remains subject to development and we have not yet begun construction.

*Richland SN-F Facility*

Our Richland SN-F facility is operated by Standard Nuclear × Framatome LLC and is located within Framatome's existing NRC-licensed nuclear fuel cycle facility in Richland, Washington. Operations at the Richland SN-F facility are subject to NRC oversight under 10 CFR Part 70, in contrast to our DOE-jurisdictional sites.

To accommodate TRISO-based fuel production at the Richland SN-F facility, the joint venture directed Framatome to submit a license amendment request to the NRC to identify the new hazards associated with TRISO fuel production and establish corresponding safety controls. The LAR was submitted in September 2024 and was accepted for review in May 2025. We anticipate NRC approval of the LAR in the summer of 2026, subject to completion of NRC review, with operations at the Richland SN-F facility scheduled to commence in the first quarter of 2027 following equipment installation, qualification activities and final readiness reviews. Timing is subject to the NRC's review schedule, the resolution of any requests for additional information, and the satisfaction of any NRC-imposed conditions, as well as other factors described under "*Risk Factors*" elsewhere in this prospectus.

*DOE and NRC Memorandum of Understanding*

The DOE and NRC operate under a Memorandum of Understanding, currently based on Addendum No. 9 thereto, which provides a framework for coordinated oversight and streamlined transition of nuclear facilities from DOE authorization to NRC licensing if such a transition is pursued by a licensee. We may utilize this pathway in the future to transition certain DOE-jurisdictional operations to NRC oversight, including in connection with the long-term scaling of the Oak Ridge SN-TN or Oak Ridge SN-TN20 facilities. To support the potential future use of this pathway, we have engaged with the NRC for the NRC's observation of the DOE authorization process for our Oak Ridge SN-TN and Idaho SN-ID facilities. We have not made any binding commitment to pursue an NRC transition for any DOE-jurisdictional facility and any such transition would require a separate licensing process and approvals, however, we anticipate transitioning some or all of our DOE-jurisdiction facilities to NRC licensing and oversight in the future as we continue to scale and commercialize our business.

#### Expansion Strategy
Our expansion strategy, "Replicate, Don't Redesign," emphasizes repeatable, licensed, building blocks rather than bespoke scale-ups. This strategy is intended to increase throughput by deploying our existing standardized, reliable manufacturing modules at new and existing sites, reducing technical and licensing risk. Modules can operate on independent shift schedules while sharing centralized utilities, analytical lab support and waste-management systems, enabling incremental capacity additions within an established licensing and operating framework. This architecture is designed for sustained commercial production, not pilot-scale demonstration, and our plans for our Oak Ridge, Idaho Falls and Richland facilities are part of our broader scaling strategy to target up to 40 MTU of aggregate run-rate TRISO production capacity, which we expect to achieve no earlier than 2030, unless additional demand materializes earlier and results in an acceleration of our business plan.

Despite the industry challenges outlined above under "— *Industry Challenges*," we believe our path to our target of up to 40 MTU reflects a flexible approach to deploying additional capacity across our existing and planned sites. We currently expect the majority of expansion to be driven by our planned Oak Ridge SN-TN20 facility, which we expect to come online on a modular basis to up to 20 MTU of production capacity, together with continued modular expansion at the Richland SN-F Facility and build-out of other sites.

In particular, we own additional land in Oak Ridge, Tennessee that is located in proximity to other industry participants' sites in Tennessee, which we intend to use for the construction of additional production facilities as demand warrants to achieve our scaling goals. Given our modular facility design and approximately one-year build and commissioning timeline per standard facility, this additional land provides us with the optionality to determine

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how best to scale to our target of up to 40 MTU of production capacity and respond to increases in customer demand by either constructing new facilities or deploying additional standardized production modules at available sites that are not yet fully utilized.

We believe we have multiple, complementary pathways to achieve our target of up to 40 MTU of aggregate run-rate TRISO production capacity, which we expect to achieve no earlier than 2030, assuming we continue to construct production facilities and install production lines at such facilities as outlined below, and additional demand does not otherwise cause an acceleration to our business plan. These pathways are not mutually exclusive, and our modular manufacturing platform is specifically designed to allow us to pursue them in parallel or to sequence expansion accordingly depending on the timing and magnitude of anticipated customer demand. The following is a summary of the principal capacity expansion opportunities that are currently planned or that we believe are available to us to achieve our target installed production capacity of up to 40 MTU based on our current business plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Existing SN*-0 *Facility (0.5 MTU).* As of the date of this prospectus, our Oak Ridge SN-0 facility is capable of producing up to 0.5 MTU of throughput capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Near*-Term *Oak Ridge SN*-TN *and Idaho SN*-ID *Facilities (up to approximately 5.0 MTU).* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Oak Ridge SN*-TN *(up to 2.5 MTU).* Our Oak Ridge SN-TN facility, which we expect to come online in the second half of 2026, is expected to have initial throughput production capacity of approximately 1 MTU, which we intend to scale to up to approximately 2.5 MTU of throughput capacity per year through the installation of additional modular production lines at the facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Idaho SN*-ID *(up to 2.5 MTU).* Our Idaho SN-ID facility, which we expect to come online in the second half of 2026, is expected to have initial throughput production capacity of approximately 1 MTU, which we intend to scale to up to approximately 2.5 MTU of throughput capacity per year through the installation of additional modular production lines at the facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Richland SN*-F *Facility (up to 20 MTU).* We believe that the Richland SN-F Facility, which will be established by our SN Framatome JV, will initially have throughput production capacity of approximately 1 MTU, be scalable to up to 2.5 MTU, and can be enabled to establish up to a peak 20 MTU of throughput capacity potential through the installation of additional modular production lines at the facility. Our SN Framatome JV plans to commence manufacturing at the Richland SN-F Facility in 2027, pending receipt of regulatory approvals by the NRC and final equipment installation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Oak Ridge SN*-TN20 *Facility (up to 20 MTU).* We are planning our Oak Ridge SN-TN20 facility in Oak Ridge, Tennessee, which we intend to enable with our modular equipment to establish up to 20 MTU of throughput production capacity. Once construction is complete, we expect to install and commission production modules on a phased basis, progressively increasing the facility's output as additional modules come online.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *New Facility Construction in Oak Ridge.* As of the date of this prospectus, we own approximately 48 acres of land in Oak Ridge, Tennessee. The land we own in Oak Ridge is located in proximity to other industry participants' sites in Tennessee and we believe provides us with substantial optionality to construct new production facilities to supplement, or in place of, our anticipated capacity expansion at Oak Ridge SN-TN20 and Richland SN-F, based on the following assumptions derived from, among other things, our experience with the Oak Ridge SN-TN facility:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our manufacturing facilities are purpose-built nuclear fuel fabrication plants comprised of a defined set of production modules designed for industrial-scale manufacturing. Each of these modules is based on finalized designs that are already installed and operating at our Oak Ridge SN-0 facility and are expected to be replicated without material modification in new facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We believe a standard 12,000 square foot facility can accommodate modular production lines that support up to 2.5 MTU of throughput capacity per year. Taking into consideration our planned SN-TN20 facility, we believe we currently own land that has sufficient acreage to allow for the construction of additional TRISO fabrication facilities in Tennessee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We estimate an approximately one-year build and commissioning timeline per each standard facility, subject to the procurement and delivery of any long-lead-time equipment, particularly custom thermal processing systems (furnaces).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The construction of a new standard facility would follow a multi-phase development process: (i) site preparation, including grading, utility connections, and foundation work; (ii) pre-engineered metal building erection; (iii) mechanical, electrical, and plumbing installation, including power distribution, cooling water, ventilation, and process gas and chemical supply systems sized to support the full modular capacity of the facility; (iv) production equipment installation, including our standardized manufacturing modules; and (v) operational readiness activities, including regulatory review and commissioning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain phases of the process are executed concurrently, particularly long-lead equipment procurement and site development activities, in order to support overall schedule efficiency.

We believe this build cycle is replicable for future facilities we may elect to build on our additional Oak Ridge land or other land we may acquire in the future. We also expect that future facility build-outs will benefit from repeat vendor engagement and established supplier relationships developed during the construction of our SN-TN and SN-ID facilities, which we believe will reduce procurement risk and potentially shorten delivery timelines. See also *"— Assumptions Underlying Target Installed Production Capacity"* and *"— Modular Scaling of Capacity."*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Process Yield Improvements.* Our current production capacity targets are based on the anticipated throughput capacity at any given facility, which is based on the current process yield from our manufacturing processes, which was 63.3% as of March 31, 2026. See also "*Management's Discussion and Analysis of Financial Condition and Results of Operations — Key Performance Indicators*." If we are able to improve our process yield over time, it could also increase our effective throughput capacity at our planned and potential facilities beyond the levels assumed in our current capacity targets without requiring additional production lines or facility construction. While we do not assume any potential process yield improvements in our target of achieving up to 40 MTU of throughput capacity, any such improvements would be expected to provide incremental additional capacity and enhance our ability to meet customer demand.

Collectively, the capacity levers described above represent our anticipated path to up to 40 MTU of throughout production capacity, which we expect to achieve no earlier than 2030, assuming we continue to complete and/or expand current planned facilities or construct additional production facilities as outlined above, and additional demand does not otherwise cause an acceleration to our business plan. Our modular approach is designed to allow us to deploy capacity incrementally in response to customer demand and market conditions, and to select the combination of capacity expansion opportunities that we believe will be most effective and capital-efficient at any given time.

The target production capacity numbers described above reflect management's current expectations based on anticipated customer demand and projected deployment timelines. No assurance can be given that we will achieve this target production capacity in the manner described above or at all. This target is subject to change based on the timing, scale, and certainty of customer reactor deployments, contract execution, regulatory approvals, and other factors. We do not intend to construct or invest in additional production capacity unless and until it is supported by anticipated customer demand or contractual commitments. See "*Risk Factors — Risks Related to Our Business and Industry — The target production capacity figures and certain other figures included in this prospectus are based on a number of assumptions, and may not reflect our actual future performance*" for further information.

*Assumptions Underlying Target Installed Production Capacity* 

Our target installed production capacity forecast above is presented in MTU per year and reflects our anticipated production model, under which each production line within a given facility is expected to produce approximately 1 MTU of TRISO fuel per year, based on our current process yield. Each standard facility is expected to be able to accommodate approximately 2.5 production lines, representing approximately 2.5 MTU of annual throughput capacity per facility. In addition, we believe our modular facility and production design, under which production capacity can be expanded by adding incremental production lines within a given facility footprint, will allow us to establish

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additional facilities in the future, such as our planned Oak Ridge SN-TN20 facility, with targeted annual production capacity of up to 20 MTU, and to potentially scale our Richland SN-F facility to up to 20 MTU of peak throughput capacity potential based on our current process yield, or to quickly scale further through the construction of additional facilities on the land we own in Oak Ridge, Tennessee or otherwise.

We estimate an approximately one-year build and commissioning timeline per each standard facility, based on management's experience with the design and in-progress buildout of our Oak Ridge SN-TN and Idaho SN-ID facilities. For example, with respect to the Oak Ridge SN-TN facility, meaningful spending commenced in August 2025 and facility completion is targeted for the second half of 2026, encompassing site and design work, long-lead-time equipment procurement, site preparation, pre-engineered metal building erection, mechanical, electrical and plumbing installation, equipment installation, and operational readiness activities. Management expects long-lead-time production equipment, particularly furnaces, to be a key driver of the timeline for new capacity expansion, with lead times of approximately 9 to 12 months for larger furnace orders, while other major facility equipment, including HVAC, exhaust, cooling, power and monitoring systems, have historically had shorter procurement timelines. Management's expectations also assume that future facility build-outs will benefit from repeat facility design, repeat vendor engagement, and modular production-line replication, which management believes will reduce design uncertainty relative to FOAK construction.

We expect that we are currently fully funded to support the buildout of aggregate production capacity of up to approximately 8 MTU of throughput capacity per year across our SN-0, SN-TN, SN-ID and SN-F facilities. While construction has not yet begun, we have acquired the land on which we intend to build the SN-TN20 facility, with production capacity expected to scale and come online at the site on a modular basis once construction has commenced. We also own additional land in Oak Ridge, Tennessee, which provides us with the option to construct additional production facilities at our Tennessee headquarters as demand warrants. However, the pace at which we invest in and expand additional production capacity at our existing and future facilities will depend on, among other things, customer demand for TRISO fuel. While we believe demand for TRISO fuel will be robust, if demand does not grow at the rate anticipated, or if we do not expand our customer base or increase the amount of fuel purchased by our current customers, our modular production line design would allow us to pause or stagger our buildout over additional years as management feels may be appropriate to ensure we are meeting the needs of the market.

Our actual installed production capacity will depend on a number of variables including, among other things, the timing of customer demand, the timing and outcome of required regulatory approvals, our ability to commission and qualify production lines on schedule, and the availability of long-lead-time equipment, as well as other factors described under "*Risk Factors*." See also "— *Regulatory Status of Our Facilities*."

#### Modular Scaling of Capacity
*Historical Scaling of SN-TN*

Our approach to scaling the production of our Oak Ridge SN-TN facility is informed by our recent buildout of our Oak Ridge SN-TN facility, which serves as our reference point for construction costs, project timelines, supplier relationships, and execution considerations.

Our Oak Ridge SN-TN facility is under DOE authorization and comprises approximately 12,000 square feet and is designed to accommodate sufficient manufacturing modules to support up to 2.5 MTU of throughput capacity per year. Upon initial commissioning, our Oak Ridge SN-TN facility is equipped with manufacturing modules sufficient to produce approximately 1 MTU of throughput capacity per year. The facility has been constructed with auxiliary systems and utilities, including power distribution, cooling water, ventilation, and process gas and chemical supply, sized to support the installation of additional manufacturing modules in the future. Subject to regulatory approvals, capital availability, and operational considerations, this modular configuration is intended to allow us to expand throughput production capacity up to the facility's designed maximum of approximately 2.5 MTU per year based on our current process yield.

*Historical Cadence and Cost*

As of March 31, 2026, total anticipated capital expenditures for our Oak Ridge SN-TN facility were approximately $11.9 million, of which approximately $7.2 million had been paid since first spend in mid-2025. These committed expenditures relate to production equipment, facility systems, construction activities, regulatory licensing, and engineering services.

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Our Oak Ridge SN-TN facility is expected to commence operations in the second half of 2026, following the initiation of major procurement and construction activities in mid-2025. This schedule reflects a coordinated execution approach, including overlapping site preparation, building construction, and equipment procurement activities.

*Build Time and Supply Chain Dependencies*

The Oak Ridge SN-TN facility buildout reflects a multi-phase development process, including site preparation, building construction, mechanical, electrical and plumbing installation, and production equipment installation. Certain phases of the project are executed concurrently, particularly long-lead equipment procurement and site development activities, in order to support overall schedule efficiency.

We rely on a limited number of specialized suppliers for selected critical production and monitoring systems, including thermal processing equipment, automation and control systems, and radiation monitoring infrastructure. While these specialized systems may be sourced from more than one supplier, and we are not dependent on any single supplier for all such systems, these suppliers are integral to both the initial deployment of our Oak Ridge SN-TN facility and our ability to scale production capacity in the future.

*Long Lead-Time Items*

A significant portion of our Oak Ridge SN-TN facility build timeline is driven by the procurement and delivery of long-lead-time equipment, particularly custom manufacturing systems. For example, the primary furnace systems for our Oak Ridge SN-TN facility were ordered in July 2025 and had an estimated delivery lead time of under ten months from the order date. Deployment of a greater number of such furnace systems, including for production capacities exceeding the initial phase of our Oak Ridge SN-TN facility (for example, scaling up to an additional 20 MTU of production capacity at SN-TN20 beyond the first 2.5 MTU of throughput capacity at SN-TN), is expected to require additional lead time for manufacturing and delivery.

Other critical systems, including automation and control equipment and radiation monitoring systems, have estimated lead times ranging from approximately six to twelve months. As a result, procurement decisions for these systems must be made well in advance of facility completion, which may require us to commit capital significantly in advance of generating revenue from facility operations.

*Licensing and Capacity*

Our Oak Ridge SN-TN facility operates within a broader licensing and regulatory framework applicable to our operations at our Oak Ridge, Tennessee site. This framework includes technology licensing arrangements, nuclear and non-nuclear regulatory approvals, and site- and facility-specific permits. We have obtained the licenses and regulatory approvals we believe are necessary to support our planned near-term operations at the Oak Ridge site and are in the process of pursuing additional authorizations intended to support future increases in production capacity.

We expect that we are currently fully funded to support aggregate production capacity of up to approximately 8 MTU per year across our SN-0, SN-TN, SN-ID and SN-F facilities. The timing, scope, and ultimate attainment of this capacity expansion remain subject to applicable regulatory approval processes, including nuclear materials licensing and authorizations from the DOE with respect to our Oak Ridge SN-TN and Idaho SN-ID facilities, and approvals from the NRC with respect to our joint venture operations with Framatome, Inc. These regulatory processes may vary by site and facility and may involve additional review periods, conditions, or requirements that could extend development timelines or constrain our ability to expand production capacity as planned.

#### Our Business Model
Our business model is designed as a reactor-agnostic, pure-play manufacturing platform. This approach allows us to supply fuel across a broad range of next-generation reactor designs without exposure to the capital intensity, or technology-specific risks associated with owning or operating nuclear generation assets.

We believe our flexibility positions us as a critical supply-chain participant in the commercialization of advanced nuclear technologies. However, our business model remains subject to the same development-stage and supply-chain uncertainties that affect the broader Advanced Reactor ecosystem. Our customers' SMR and microreactor programs may not commercialize on the timelines we expect, if at all, and our ability to execute

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long-term fuel supply arrangements, and to obtain our anticipated pricing for such arrangements, depends on customers obtaining reactor approvals, finalizing fuel specifications, securing financing and obtaining and delivering enriched uranium feedstock, including HALEU, to us that meets applicable requirements. If these conditions are delayed or do not occur, our fuel demand, production utilization, unit economics, revenue timing and ability to expand capacity could be materially adversely affected. See also "— *Industry Challenges*."

*TRISO Fuel Pricing Expectations*

Based on the factors set forth below, we expect initial pricing of our TRISO fuel and our ability to generate revenue to reflect current market conditions, including limited supply availability, our anticipated initial market share of nuclear fuel manufacturing, and expectations regarding nuclear fuel's overall market share in the domestic fuel market.

While the ultimate price will depend on market conditions at the time our facilities come online, our current customer order book reflects assumed TRISO pricing of approximately $50.0 – 80.0 million per MTU. Management's analysis, informed by contracted customer agreements and those in negotiation, expected inputs and operating costs, and publicly available disclosures relating to anticipated TRISO-fueled projects from the DOE and other industry participants, is that TRISO pricing per MTU will compress as additional TRISO fabrication capacity comes online from other suppliers.

In establishing our TRISO fuel pricing assumptions, we took into account our existing customer agreements, as well as comparable competitors' pricing models.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Existing customer agreements.** Our expectations for future TRISO fuel pricing are informed, in part, by our negotiations with prospective customers and the commitments contained in customer agreements entered into as of the date of this prospectus, including in connection with our total contract backlog of up to $245 million and our pipeline of $416 million in potential additional prospective fuel order opportunities (that we expect to be available either directly to us or through our joint venture with Framatome), which provide us with visibility into potential per-MTU pricing terms that customers are prepared to accept for delivery between 2026 through 2030. See also "*Our Competitive Strengths – Strong Backlog Visibility"* and "*Management's Discussion and Analysis of Financial Condition and Results of Operations — Key Performance Indicators*."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Competitor and comparable program pricing.** Management has analyzed publicly disclosed contract awards associated with TRISO-related fuel development conducted through Idaho National Laboratory ("INL"), including an approximately $37 million award announced in June 2022 in connection with the Project Pele program. Based on management's estimate of a prototype core size on the order of approximately 200 kilograms of uranium (0.2 MTU), such contract value would imply a normalized cost on the order of approximately $185 million per MTU. Management has also considered total publicly disclosed program-level expenditures for Project Pele, of which the $37 million award forms a part, including an approximately $300 million cost-type contract awarded by the Department of Defense's Strategic Capabilities Office. When normalized over estimated prototype core fuel quantities, such total program-level expenditures would imply costs significantly in excess of our anticipated TRISO fuel pricing range; however, we believe such values reflect fully burdened FOAK system-level costs, including engineering, fabrication, testing and program management, and we do not believe they are representative of standalone fuel pricing. Management believes that such costs are likely to decline over time with scale, learning effects and repeat production, and therefore are not representative of expected pricing for subsequent cores or commercial-scale supply.

Our assumed pricing is also informed by the relationship between the estimated market sale price and the underlying cost structure required to fabricate TRISO fuel at scale, and in particular direct production costs and indirect operating costs, each of which is discussed further below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Direct Costs**. Direct costs represent ongoing, fixed expenses for TRISO production, including direct production labor, consumables, utilities, and facility overhead.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Indirect Costs**. Indirect costs represent indirect operating costs related to TRISO fabrication, including facilities, administrative expenses, licenses and other expenses.

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The estimates described above represent management's current judgment of the prospective initial market sale price for our TRISO fuel and our realized prices on any particular transaction may differ from this range, in some cases materially. Realized prices and our ability to achieve any sales at a particular price are subject to a number of factors including pricing pressure from customers, competitor entry, scaling and yield outcomes and regulatory developments, as well as other factors described under "Risk Factors" elsewhere in this prospectus.

<u>**<u>Our Customers</u>**</u>

Our existing customer base as of the date of this prospectus spans two principal categories:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Developers of Advanced Reactors designing SMRs and microreactors that require TRISO fuel. Engagements often begin with Fuel Development Agreements (e.g., consulting, testing, and sample production) and progress to Fuel Sales Agreements for metric tons of fuel. Our Fuel Sales Agreements typically include related non-refundable customer deposits made well in advance of fuel delivery, as well as milestone payment obligations for our customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Federal agencies pursuing HALEU-fueled demonstration reactors and mobile microreactor systems, including mission deployments (e.g., space power and forward operating deployments). These contracts often involve specialized fuel development and long-term production commitments.

Consistent with the legacy nuclear fuel procurement dynamics for the operating U.S. nuclear reactor fleet, we believe project owners and operators will be the eventual long-term counterparties for fuel contracts. This may include utilities, independent power producers, government agencies and other qualified independent reactor owner-operators.

<u>**<u>Our Competitive Strengths</u>**</u>

Our key competitive strengths include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. U.S.'s Only Industrial**-Scale **Advanced Nuclear Fuel Company**

We believe we are the only company in the United States with industrial-scale TRISO fuel fabrication capabilities to date. While certain of our competitors have existing TRISO manufacturing technology and operate facilities that are currently capable of receiving enriched uranium feedstock and manufacturing TRISO fuel, we believe we are the only company in the United States with industrial-scale TRISO fuel fabrication facilities, based on our existing installed TRISO fuel production capacity, as well as our modular, scalable manufacturing process, which provides us with the ability to, and through which we plan to, meaningfully scale our output capacity of TRISO fuel in the future. Our Oak Ridge SN-0 facility is operational today and our Oak Ridge SN-TN and Idaho SN-ID facilities, once operational, will operate under DOE authorization alongside our Oak Ridge SN-0 facility. In addition, the Richland SN-F Facility will operate under NRC authorization pursuant to our joint venture with Framatome, pending regulatory approvals. In contrast to facilities that are solely able to produce TRISO fuel for R&D or reactor demonstration purposes, the equipment at our existing Oak Ridge SN-0 facility and, once completed, at our other facilities, is intended for, and capable of, bulk production of TRISO fuel to be delivered to our customers that seek to fuel their reactors. This is effected using established and repeatable manufacturing processes enabling us to commercialize our TRISO fuel production activities and deliver TRISO fuel to Advanced Reactors. Once all of our initial facilities are operational, based on our assumptions that each TRISO production line is constructed, online, and operating at intended production capacity, we expect the combined initial run-rate annual throughput capacity of our SN-0, SN-TN, SN-ID and SN-F facilities will be 3.5 MTU of TRISO fuel (0.5 MTU, 1.0 MTU, 1.0 MTU and 1.0 MTU respectively), sufficient to support roughly 5,600 GWh of thermal energy output from Advanced Reactors, with capacity further scaling to up to 8 MTU upon the modular expansion of our SN-TN, SN-ID and SN-F facilities to up to 2.5 MTU of throughput production capacity each, and target scalability of up to 40 MTU of aggregate run-rate production capacity through our planned SN-TN20 facility, prospective continued modular expansion of capacity at SN-F and through the construction of other potential facilities as demand warrants. For example, we own land in Oak Ridge, Tennessee that is located in proximity to other industry participants' sites in Tennessee and we believe could be used to construct further production facilities, in addition to SN-TN20.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Technology**-Agnostic **Approach Driving Large and Growing TAM and SAM**

We operate a technology-agnostic advanced nuclear fuel manufacturing model that allows us to serve customers utilizing various reactor designs, rather than being vertically integrated with a single proprietary reactor design.

By decoupling fuel fabrication from reactor ownership, we can operate as an independent advanced fuel supplier, aligning commercial and operational incentives with reactor vendor and plant operator customers, avoiding the conflict of interest commonly associated with vertically integrated fuel-reactor models.

By serving multiple reactor developers across different designs and deployment timelines, we reduce reliance on any single reactor program and can benefit from a diversified customer portfolio, reducing customer concentration risk and smoothing demand.

In addition, through our experience and expertise with the nuclear fuel cycle, we believe additional opportunities may be available in the future for advanced nuclear fuel and feedstock processing, containers for fissile material transport, and shipping logistics, among other things.

We also estimate TAM of approximately 11.5 GWe per year of TRISO fuel for advanced reactor deployments by 2035. This estimate is informed by the Wood Mackenzie Report, which projects "mid-case" cumulative TRISO fuel demand of approximately 7.0 GWe by 2035 and "high case" cumulative TRISO fuel demand of approximately 27.5 GWe by 2035. The Wood Mackenzie "mid-case" assumes that (i) government initiatives effectively support HALEU supply and streamlined licensing, (ii) FOAK demonstrations and deployments are largely successful and drive NOAK learning curves, and (iii) supply chain and workforce capacity scale with demand. The Wood Mackenzie "high-case" assumes that (i) government initiatives have an even more accelerated effect on private sector adoption and unlock abundant HALEU supply, (ii) the first wave of reactor demonstrations and FOAK deployments are almost all successful and drive rapid NOAK learning curves, accelerating adoption even in cost sensitive and technologically conservative segments like utilities and industrials, and (iii) TRISO-based reactors begin to out-compete alternative platforms.

Our TAM estimate of 11.5 GWe reflects management's belief that demand for TRISO fuel in 2035 will exceed the Wood Mackenzie "mid-case" but remain significantly beneath Wood Mackenzie's "high-case" demand. Management's perspective is driven by, among other things, management's assessment of the likelihood of certain publicly disclosed reactor development programs reaching completion on the timelines projected by the reactor developers. In particular, based on management's industry expertise and discussions with a wide range of nuclear reactor developers and project owners, management placed a greater weighting on the likelihood of certain such publicly announced reactor projects achieving commercial deployment on a timely basis than the Wood Mackenzie "mid-case," which management estimates would result in higher anticipated aggregate TRISO fuel demand by 2035 than is reflected in the Wood Mackenzie mid-case assessment.

In contrast, in the period from the date of this prospectus through 2030, consistent with the Wood Mackenzie mid-case, we estimate annual TRISO fuel demand associated with Advanced Reactors will reach approximately 1.5 GWe, resulting in estimated cumulative demand of approximately 3.2 GWe over the period from 2026 through 2030 as reactors are phased onto the grid. Applying our assumption of TRISO fuel pricing at approximately $50 – $80 million per MTU and approximately 16 MTU of TRISO fuel per GWe, based on the blended average fuel requirement across the mix of Advanced Reactor types management expects to be deployed at that time, we believe our cumulative dollar-denominated TAM through 2030 will be over $4 billion.

Furthermore, we estimate our cumulative SAM opportunity to be approximately $3.2 billion, representing approximately three quarters of the estimated TAM through 2030. The SAM reflects management's assumptions as to the prospective market opportunity that may be available to us, taking into account our current and anticipated manufacturing capabilities, participation in key fuel qualification programs, and ongoing commercial engagement with reactor developers and project owners, as well as management's assessment that, in a near-term market with initially limited supply availability and limited competition from other industry participants able to deliver TRISO fuel at scale, we could have the opportunity to service a substantial portion of the total available market opportunity for TRISO fuel, as balanced by management's expectations relating to both our and prospective competitors' ability to scale during this period to pursue the TAM opportunity. The $3.2 billion SAM estimate includes the potential fuel orders and contract backlog described below and should not be viewed as incremental to those amounts. See also "*Industry and Market Opportunity*" for more information.

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The TAM and SAM estimates represent management's assessment of the market opportunity that may be available to our business and are not a forecast of revenue or a representation that we will achieve any particular level of market share. We are an early-stage company with limited historical revenue, and there can be no assurance that the Advanced Reactor market will develop at the pace or scale reflected in these estimates, or that we will be able to capture the share of addressable demand contemplated by our SAM analysis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Specialization in TRISO, a Highly Configurable Fuel That Can Enable the Nuclear Renaissance**

We are primarily focused on TRISO fuel due to its inherent robustness and fuel-level containment characteristics, which support simplified reactor designs, passive safety performance and predictable operation.

TRISO fuel incorporates multiple concentric containment layers, designed to retain fission product under high temperatures and a wide range of operating conditions. These fuel-level characteristics provide intrinsic performance and safety benefits that reduce or eliminate the need for reliance on complex and active safety systems at the reactor level, which are typically needed for conventional light-water reactors.

The DOE describes TRISO fuel as the "most robust nuclear fuel on Earth," noting that TRISO particles are more stable than traditional nuclear fuels and cannot melt under non-normal operating conditions.

These attributes are designed to translate to enhanced overall safety, lower capital intensity, reduced construction risk and improved schedule certainty relative to more system-dependent fuel technologies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Competitive Intellectual Property Moat Built for Scalability**

We retain ownership of our proprietary manufacturing processes, quality systems and operational know-how required to produce the TRISO-based fuels that meet our customers' unique specifications, including the final attributes and characteristics of the fuel products we deliver. Each step of our manufacturing process is protected by our intellectual property or other proprietary rights, which we believe gives us a competitive advantage over other companies that may rely on third-party input or licenses. While our customers define the specifications for the final fuel products they receive (the 'what'), we retain ownership of the underlying manufacturing methodologies, proprietary processes, and technical know-how (the 'how') utilized to arrive at those specifications.

This differentiation is based less on any one or more standalone patents and more on our process expertise, including equipment configuration, process control and monitoring parameters, quality assurance methodologies and manufacturing expertise accumulated over repeated production cycles.

Our competitive advantage is driven by our accumulated manufacturing experience, process control expertise and regulatory qualifications embedded in our platform, which we believe are hard to replicate and can improve with scale.

We expect this approach to reduce customer capital and execution risk while potentially creating high switching costs and durable differentiation as the nuclear industry evolves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Purpose**-Built**, Efficient Operational Facilities**

Our facilities are purpose-built for advanced nuclear fuel manufacturing, with an emphasis on centralized process control, regulatory rigor and scalable operations. We have invested in specialized equipment, integrated quality systems, and experienced operating teams to support repeatable production, continuous improvement and consistent performance as volume increases. We believe this disciplined, infrastructure-oriented approach positions our facilities at the leading edge of advanced nuclear fuel manufacturing and will support the market as it transitions into commercial deployments.

We have been deliberate about leaving the laboratory setting and operating at industrial scale, by leveraging our initial R&D activities to develop modular equipment and repeatable manufacturing processes that are intended to support consistent product quality and be scalable across facilities in compliance with applicable regulatory, security, and safety frameworks, allowing us to commercialize our manufacturing capability in a manner designed for sustained, high-throughput output and scalable expansion. This head start has also allowed us to internalize critical lessons and refine risk-mitigation strategies that only come from real-world, high-volume production operations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Strong Backlog Visibility**

We benefit from enhanced visibility into our customer pipeline due to long lead times and the technical specificity associated with our customers' fuel requests. This visibility is further enhanced by our value proposition as the only independent advanced fuel supplier that is currently able to operate at-scale, ensuring trust and alignment with our customers, and enables a head start on any future competition. Fuel specifications are typically defined early in the reactor development process and require close coordination, resulting in structured commercial arrangements that may include Fuel Development Agreements and Fuel Sales Agreements that are often entered into well in advance of fuel delivery.

Our Fuel Development Agreements are customer-funded development arrangements under which we collaborate with customers to define reactor-specific fuel requirements and perform development activities to enable production of fuel that meets a customer's fuel specifications. The arrangements may include consulting, testing, and production of surrogate fuel and typically run six to twelve months, establishing technical baselines and commercial terms for future production. These development efforts allow us to establish and validate the process parameters and key manufacturing inputs necessary to reliably meet the customer's specifications at scale.

Our Fuel Sales Agreement structure requires upfront customer deposit payments upon order, and milestone-based payments tied to production progress and payments for work performed to date, subject to minimum payment provisions, in the event of early termination. Under this structure, customers commit to provide deposits in advance of executing a definitive Fuel Sales Agreement and express intent to purchase specified quantities of fuel, with such deposits generally credited toward future fuel purchases. These deposits may become non-refundable upon achievement of agreed milestones and, in certain cases, may be retained by us if a customer elects not to proceed with a definitive Fuel Sales Agreement. However, delivery of fuel remains contingent upon execution of such definitive agreements. These payments provide visibility into customer demand and support production planning and capacity allocation. We believe this commercial structure supports disciplined capacity planning and reduces demand uncertainty.

As of the date of this prospectus, we are in the process of negotiating contracts for approximately $416 million in potential additional prospective fuel order opportunities, which we refer to as our "qualified pipeline." Our qualified pipeline represents vetted potential sales opportunities which are not yet subject to executed agreements, represent non-binding indications of interest and remain subject to negotiation of commercial terms and other conditions. This also includes vetted potential sales opportunities that would be serviced through our joint venture with Framatome, if definitive agreements are entered into. We make no assurance that any agreements with parties in our qualified pipeline will be entered into on the terms we anticipate or at all. See "*Risk Factors*."

Additionally, as of the date of this prospectus, we have up to $245 million total contract backlog, reflecting $65 million of funded backlog, $157 million of purchase options associated with executed contracts and $23 million of contingent unfunded backlog, each as described below. Collectively, our total contract backlog reflects amounts due under certain Fuel Development Agreements and Fuel Sales Agreements, together with our customers' aggregate minimum order commitments, contractually granted purchase options and intent-to-purchase amounts in connection with existing customer deposit arrangements.

Approximately $65 million of our contract backlog, which we refer to as our "funded" backlog, relates to executed Fuel Development Agreements and binding commitments for fuel delivery.

Approximately $157 million of our contract backlog, which we refer to as "purchase options under executed contracts," represents the dollar value of contractually granted but unexercised customer options to purchase additional fuel under existing agreements, including extension options, follow-on purchase rights, and volume options at predetermined or formula-based pricing. We use this metric to assess potential incremental demand from our existing customer base and to inform our capacity planning, though option exercise is at the sole discretion of the counterparty and there can be no assurance that any such option will be exercised or result in revenue. Option values are not reflected in our financial statements until exercised and converted to funded backlog.

The remaining $23 million of this backlog, which we refer to as our "unfunded" backlog, relates to arrangements that are contingent upon the execution of definitive Fuel Sales Agreements (or, in certain cases, definitive Fuel Development Agreements) and do not yet constitute binding commitments for fuel delivery. We

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use this metric as a distinction from contracted funded backlog to assess the breadth of prospective demand and to inform our capacity expansion planning, though these unfunded opportunities are not reflected in our financial statements and there can be no assurance that any such opportunity will result in a binding agreement or revenue. The contingent portion of the backlog primarily relates to offtake, capacity reservation or similar arrangements pursuant to which customers have made deposits or otherwise reserved or expressed an intent to purchase future TRISO fuel supply, but which remain subject to negotiation and execution of definitive agreements and are subject to various conditions, including customer performance and our ability to meet contractual and regulatory requirements, and therefore may not ultimately be realized as revenue.

Our approximately $416 million of qualified pipeline is not inclusive of our total contract backlog of up to $245 million.

Below is a table detailing our qualified pipeline and total contract backlog:

---

| | | |
|:---|:---|:---|
|  | **Value ($mm)** | **Description** |
|  **Qualified pipeline** | 416 | Potential fuel orders under negotiation either directly through Standard Nuclear or via our joint venture with Framatome. |
|  **Total Contract Backlog** | 245 | Represents funded backlog, purchase options under executed contracts and unfunded backlog, each as detailed below. |
| &nbsp;&nbsp;&nbsp; *Funded* | 65 | Represents contracted fuel sales under binding commitments or agreements with firm delivery obligations, which provides direct visibility into near-term revenue. |
| &nbsp;&nbsp;&nbsp; *Purchase Option under Executed Contracts* | 157 | Represents the dollar value of contractually granted but unexercised customer options to purchase additional fuel under existing agreements, including extension options, follow-on purchase rights, and volume options at predetermined or formula-based pricing.  |
| &nbsp;&nbsp;&nbsp; *Unfunded* | 23 | Represents the dollar value of intended fuel sales under memoranda of understanding, non-binding framework agreements or term sheets, and letters of intent.  |

---

See "*Management's Discussion and Analysis of Financial Condition and Results of Operations — Key Performance Indicators*" for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Significant Government Support**

We participate in U.S. government initiatives designed to strengthen the domestic advanced nuclear fuel supply chain. We were selected by the DOE as the first recipient of the Fuel Line Pilot Program contract to support the development and operation of TRISO fuel fabrication capabilities, and we have entered into the OTA as a prime contractor to the DOE. We believe participation in these programs reflects our alignment with U.S. domestic energy policy and security priorities and supports the development and operation of TRISO fuel fabrication capabilities, including scale up and readiness for commercial deployment.

Our customers also include other U.S. government agencies (e.g., NASA), other DOE prime contractors, and national defense programs, who we support through the development and supply of advanced nuclear fuels required to power critical infrastructure both on Earth and in space, informing the future of our energy independence and national security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. World**-Class **Management Team**

Our management team brings significant execution-oriented experience and extensive track record in advanced nuclear fuel and infrastructure development and manufacturing which helps us reduce technical and operational risk at scale. Our leadership and technical staff include engineers and operators with prior experience in nuclear fuel fabrication, materials science, manufacturing scale-up and engagement with U.S. government agencies and national laboratories.

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Unlike competitors where teams are focused on both reactor design and research, our workforce is oriented toward building, deploying and producing nuclear fuel cycle facilities and infrastructure at industrial scale.

<u>**<u>Our Strategic Partnerships</u>**</u>

#### Department of Energy Partnership
*Pilot Program*

In August 2025, the DOE announced Standard Nuclear as the first U.S. company selected under its newly established Fuel Line Pilot Program, marking the first pilot project for advanced nuclear fuel lines, and we entered into the OTA as a prime contractor to the DOE in September 2025 to build, operate, and commission advanced fuel fabrication facilities at our Oak Ridge Facilities and Idaho Facility. The DOE stated that this initiative was issued in accordance with President Trump's Executive Order Deploying Advanced Nuclear Reactors for National Security and is designed to strengthen domestic nuclear fuel supply chains and "help eliminate America's reliance on foreign sources of enriched uranium and critical materials," while enabling private-sector investment in U.S. nuclear energy development.

Additionally, the DOE fuel line pilot program directly supports DOE's Reactor Pilot Program, which aims to have at least three advanced reactor designs achieve criticality by July 4, 2026, and both pilot programs advance the implementation of executive orders designed to reform reactor testing and deploy nuclear technologies for national security.

In parallel, the DOE's Loan Programs Office has signaled support for domestic nuclear manufacturing under its Title XVII authority, reflecting a policy emphasis on rebuilding U.S. nuclear supply-chain infrastructure. The Department of War is also advancing microreactor demonstration and deployment programs, including initiatives at Idaho National Laboratory, further reinforcing demand for qualified advanced nuclear fuel.

*Surplus Plutonium Utilization Program*

In June 2026, we were selected by the DOE for advanced negotiations under the Surplus Plutonium Utilization Program, which was established in accordance with President Trump's Executive Order Reinvigorating the Nuclear Industrial Base. The program aims to demonstrate disposition through use by making designated surplus plutonium material available to industry participants and enabling the conversion of those materials into fuel for advanced nuclear reactors. Plutonium is an energy-dense feedstock that is expected to be well-suited for safe, productive consumption as advanced nuclear fuel. As the only participant in the Surplus Plutonium Utilization Program without a proprietary reactor program, we intend to fabricate plutonium-based TRISO fuel as an independent supplier to any advanced reactor developer seeking to utilize this material. As of the date of this prospectus, we have not yet commenced any activities under the Surplus Plutonium Utilization Program.

Our participation in the program does not obligate us to any operations relating to the program and there can be no assurance that our participation in the program will generate revenue.

#### Framatome Joint Venture
We have formed a joint venture with Framatome, organized as a Delaware limited liability company under the name "Standard Nuclear × Framatome LLC", the purpose of which is to manufacture and bring advanced fuel products, including TRISO fuel particles and other TRISO-based fuel forms, to market. The SN Framatome JV plans to utilize Framatome's existing Richland, Washington nuclear fuel manufacturing facility once the NRC 10 CFR Part 70 license for such facility has been amended and approved to allow the manufacture of TRISO fuel by the joint venture. The LAR for such license was submitted to the NRC in September 2024, accepted for review, and is anticipated to be finalized in the summer of 2026. Once approved, the Richland SN-F Facility will benefit from our modular equipment while leveraging Framatome's decades of experience in light-water reactor fuel production. By utilizing Framatome's existing infrastructure and commercial relationships, the SN Framatome JV can help integrate Standard Nuclear into an established global value chain.

Standard Nuclear holds a 66.667% percentage interest in the SN Framatome JV and Framatome holds a 33.333% percentage interest in the SN Framatome JV, with profits being distributed to us and Framatome proportionately based on such interests. The SN Framatome JV currently has no employees and is expected to

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operate through service agreements with both us and Framatome, pursuant to which each member will provide certain agreed services to the SN Framatome JV. Framatome's services are expected to cover, among other things, facility operations, environmental health and safety, regulatory compliance, manufacturing labor, and material storage at the Richland SN-F Facility. Standard Nuclear's services are expected to cover, among other things, process engineering, manufacturing equipment maintenance, product quality engineering, and procurement of specialized chemicals and materials for advanced fuel process manufacturing.

The business and affairs of the SN Framatome JV are managed by the JV Board, which is composed of three directors appointed by us and three directors appointed by Framatome. Actions to be taken by the six member JV Board typically require approval of a simple majority of directors. However, certain special matters require the approval of all directors then in office, including entry into loan agreements or similar borrowing arrangements, the admission of new members or changes in percentage interests, and the purchase or sale of real estate or assets necessary for the SN Framatome JV's purpose.

The SN Framatome JV is also subject to ongoing oversight by CFIUS pursuant to a NSA. Among other things, the NSA subjects Framatome, the Company and the SN Framatome JV to restrictions and oversight related to the receipt, storage, processing, and distribution of our proprietary information related to the design or fabrication of TRISO particles and TRISO-based fuel forms that is shared with the joint venture.

#### Oklo Partnership
On April 13, 2026, we entered into a non-binding memorandum of understanding with Oklo Inc., an advanced nuclear technology company, to explore commercial collaboration on nuclear fuel recycling and advanced fuel manufacturing. The MOU aligns with recent White House executive orders aimed at accelerating U.S. nuclear energy deployment and establishing domestic supplies of critical nuclear materials and fuel. Under the MOU, the collaboration would focus on the supply of reprocessed uranium and uranium-transuranic material streams from used nuclear fuel, which could serve as feedstock for our TRISO fuel manufacturing.

In addition, the MOU establishes a framework for the companies to collaboratively explore the responsible use of U.S. surplus plutonium for advanced reactor fuel, following both companies' selection by the DOE for advanced negotiations under the Surplus Plutonium Utilization Program. The companies intend to evaluate opportunities to collaborate on shared facilities, licensing, packaging, and transportation to support secure, cost-effective conversion of surplus plutonium into advanced reactor fuel for clean, baseload electricity.

The MOU is generally non-binding, other than certain customary provisions relating to confidentiality and fees and expenses, among other things, and does not create any obligation on either party to enter into any definitive agreement or to consummate any transaction. There can be no assurance that the collaboration contemplated by the MOU will result in definitive agreements or generate revenue.

<u>**<u>Our Acquisition of Ultra Safe Nuclear Assets</u>**</u>

USNC filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code on October 29, 2024 in the United States Bankruptcy Court for the District of Delaware. On November 21, 2024, we entered into an Asset Purchase Agreement with USNC to acquire specific nuclear fuel-related assets. Under the agreement, we purchased the USNC Assets for a total cash purchase price of $32.9 million, paid at closing. The purchase was approved by the United States Bankruptcy Court for the District of Delaware on December 19, 2024, and the acquisition closed on December 27, 2024.

<u>**<u>Our Technology and Workforce</u>**</u>

We are built upon the deep expertise of our skilled employees and key management members, rooted in the U.S. national laboratory ecosystem. Key members of our team transitioned from national laboratory environments to the private sector and bring 150+ years of combined experience across TRISO fuel manufacturing, testing, and modeling. Our production model is designed for continuous operations while maintaining nuclear safety, quality and security requirements.

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As of March 31, 2026, we employed 80 full-time employees, and as of the date of this prospectus, we employ 106 full-time employees across engineering, manufacturing, quality assurance, safety, facilities, and program management. A significant portion of the team holds advanced degrees, including 23 employees with PhDs and/or master's degrees in engineering, materials science, physics and related disciplines. This structure supports coordinated technical decision-making across manufacturing, qualification, and facility operations.

<u>**<u>Operating Efficiencies</u>**</u>

We believe we can scale manufacturing capacity by replicating reliable, industrial-scale modules and facility designs, rather than redesigning processes or increasing the size of individual pieces of equipment. Our fuel manufacturing technology is currently commercially operational, and we intend deployment of additional capacity to be a straightforward replication of existing designs using systems that are already installed, qualified, and operating today. Because the underlying system designs, equipment configurations, and operating procedures are already codified and demonstrated, we believe additional production lines can be deployed rapidly and consistently as demand increases. We also believe that operating more modules at larger facilities will result in additional efficiencies rising from lower operating costs (e.g., enabling us to negotiate better rates for power and feedstock chemicals and consumables for the larger use case).

<u>**<u>Customer Agreements</u>**</u>

We have a network of customers across the advanced nuclear energy sector that are invested in our growth and success. We enter into a variety of contractual arrangements with such customers, reflecting the diverse needs and development stages of our customers, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Fuel Development Agreements:** Customer-funded development arrangements under which we collaborate with customers to define reactor-specific fuel requirements and perform development activities to enable production of fuel that meets a customer's fuel specifications. Fuel Development Agreements may include consulting, testing, and production of surrogate fuel and typically run 6 to 12 months, establishing technical baselines and commercial terms for future production. Under these agreements, we generate revenue through milestone-based payments tied to the completion of defined development activities. These development efforts allow us to establish and validate the process parameters and key manufacturing inputs necessary to reliably meet the customer's specifications at scale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Fuel Sales Agreements:** Full-scale fabrication contracts for commercial quantities of TRISO fuel. Our Fuel Sales Agreement arrangements are structured to include customers providing a non-refundable deposit in advance of executing a definitive Fuel Sales Agreement, as well as milestone-based payments. In connection with the deposits, customers express intent to purchase specified quantities of fuel, with such deposits generally credited toward future fuel purchases. This allows customers priority access to our production queue. These deposits may become non-refundable upon achievement of agreed milestones and, in certain cases, may be retained by us if a customer elects not to proceed with a definitive Fuel Sales Agreement. However, delivery of fuel remains contingent upon execution of such definitive agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Government & Specialized Contracts:** Agreements with agencies such as the DOE, U.S. Department of War and NASA, for specialized fuel or advanced materials. These often involve unique specifications, long-term commitments and are on behalf of strategic programs (e.g., space power systems).

<u>**<u>Growth Opportunities</u>**</u>

We intend to grow our business by leveraging our competitive advantages in scalability, safety, reliability and cost. We have several avenues to achieve our growth objectives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Scaling of Advanced Reactor Ecosystem:** As Advanced Reactor developers move into commercial-scale deployment, we expect to sustain a leading share of the TRISO fuel market, supported by our belief that we are positioned as the only third-party TRISO manufacturer operating at-scale. Growth is expected to come from existing customers expanding their reactor fleets, new reactor developers entering the market, and long-term recurring demand from multi-cycle refueling needs.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Advanced Materials:** Includes development and manufacturing of specialty materials for nuclear and harsh environment applications. These include refractory ceramics, advanced moderators and neutron absorbers, and radioisotope heat sources for power applications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Fuel Logistics:** We intend to participate in the emerging transportation and logistics infrastructure required to safely and efficiently move advanced nuclear materials, including TRISO fuel, domestically and internationally. This encompasses various processes upstream and downstream of our core business (fuel manufacturing) spanning chemical processing of uranium feedstock materials, specialty transportation packages for nuclear fuel, and services for conveyance and delivery of nuclear fuel.

<u>**<u>Competition</u>**</u>

We expect to compete with alternative nuclear fuel suppliers, vertically integrated reactor developers, and other entities developing advanced fuel manufacturing capabilities. As of the date of this prospectus, our primary competitor is BWXT Technologies, which currently maintains TRISO fuel production capabilities but has historically served U.S. government customers with limited third-party commercial customers. In addition, while both BWXT and certain other prospective competitors have announced plans to establish dedicated TRISO fuel manufacturing facilities, such facilities are not yet operational and, based on such announcements, are generally expected to come online in 2030 or later.

While certain of our competitors have existing TRISO manufacturing technology and operate facilities that are currently capable of receiving enriched uranium feedstock and manufacturing TRISO fuel, we believe we are the only company in the United States with industrial-scale TRISO fuel fabrication, based on our existing installed TRISO fuel production capacity, as well as our modular, scalable manufacturing process, which provides us with the ability to, and through which we plan to, meaningfully scale our output capacity of TRISO fuel in the future. As a result, we view our current TRISO fuel production capabilities to be distinct from those of BWXT and other prospective competitors.

Our Oak Ridge SN-0 facility is operational today, and once operational, our Oak Ridge SN-TN Facility and Idaho SN-ID Facility will operate under DOE authorization alongside our Oak Ridge SN-0 facility. In addition, the Richland SN-F Facility will operate under NRC authorization pursuant to our joint venture with Framatome, pending regulatory approval. Once all facilities are operational and based on our assumptions that each TRISO production line is constructed, online, and operating at intended initial production capacity, we expect the combined run-rate annual capacity of our SN-0, SN-TN, SN-ID and SN-F facilities will be 3.5 MTU of TRISO fuel, sufficient to support roughly 5,600 GWh of thermal energy output from Advanced Reactors, with target scalability up to approximately 40 MTU of aggregate run-rate production capacity, which contemplates initial expansion of SN-TN and SN-ID to approximately 2.5 MTU each, the SN-TN20 facility being capable of producing up to 20 MTU and further scaling across the Richland SN-F Facility or through the construction of additional facilities, as demand warrants.

Key competitive factors include demonstrated manufacturing performance, a trained and proven workforce, the ability to meet specifications, regulatory authorizations, schedule reliability, quality assurance systems, capacity availability, and customer support during development and qualification.

#### Operating Licenses
We are designated as a prime contractor to the DOE under the OTA, supporting advanced fuel development to enable reliable fuel supply for Advanced Reactors. We actively participate in federal HALEU supply-chain programs and maintain QSL status with various commercial entities, FFRDCs and other government-related agencies, enabling direct engagement on development, demonstration, and deployment programs. In addition, we benefit from a network of strategic and financial investors that support our long-term growth and commercialization efforts.

#### Intellectual Property
Our intellectual property portfolio is a critical component of our competitive advantage and business strategy. We rely on, and expect to continue to rely on a combination of patents, trademarks, copyrights, trade secrets, license agreements, confidentiality agreements and invention assignment agreements.

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The majority of our core intellectual property consists of trade secrets, including proprietary manufacturing methodologies and operational know-how for the production of advanced nuclear fuel. The essential details of our manufacturing modules and processes are custom-designed and built to our specifications, and their design and operation are documented in proprietary materials that are not disclosed to third parties (except to the extent necessary or required), unless under nondisclosure agreements. However, we cannot assure you that we have entered into, or will be able to enter into, such agreements with each party that has or may have had access to our trade secrets, know-how, confidential or proprietary information or that has developed any intellectual property on our behalf, or that these agreements will provide meaningful protection for our intellectual property in the event of any unauthorized use, misappropriation or disclosure of our trade secrets, know-how or other proprietary information or ownership disputes with inventors of any intellectual property developed by them on our behalf.

Our issued patents and pending patent applications cover key aspects of our advanced nuclear fuel operations. As of March 31, 2026, we owned 17 issued U.S. utility patents and jointly owned one issued U.S. utility patent with UT-Battelle, LLC, owned two issued Canadian utility patents and owned two issued South Korean utility patents. In addition, as of March 31, 2026, we owned seven U.S. utility patent applications, two South Korean utility patent applications and one Patent Cooperation Treaty patent application. Such patents and patent applications cover core aspects of our TRISO fuel manufacturing processes, including kernel formation, coating technologies, fuel form fabrication, and related systems and methods. Our patents, and any patents that may issue from our pending patent applications, are expected to expire between 2030 and 2045.

In addition, as of March 31, 2026, we owned two registered trademarks in the United States, as well as four registered trademarks in Canada, European Union, China and Republic of Korea, and have one pending trademark application in South Africa.

We have also registered domain names for websites that we use in our business. We intend to pursue additional intellectual property protection to the extent we believe it would be beneficial and cost-effective. Despite our efforts to protect our intellectual property rights, they may not be respected in the future or may be invalidated, circumvented or challenged. See "*Risk Factors — Risks Related to Our Business and Industry — If we are unable to obtain, maintain, protect or enforce our intellectual property and similar proprietary rights, including trade secrets relating to our technology, the commercial value of our technology and our business, financial condition and results of operations may be adversely affected"* and *"Risk Factors — Risks Related to Our Acquisition of Assets Out of Bankruptcy — We may discover title defects, unreleased liens, real property restrictions, or breaks in intellectual property chain of title (including with respect to assets acquired from Ultra Safe) that require costly remediation and could constrain operations.*"

#### Government Regulation and Nuclear Materials Compliance
We are subject to numerous U.S. federal, state, and local, as well as foreign laws and regulations covering a wide variety of subjects relating to our operations, and the scope of this coverage continues to broaden with continuing new legal and regulatory developments in the U.S. and internationally. In particular, we must comply with a range of laws and regulations including those relating to nuclear energy, nuclear materials, the environment, export controls and other broad areas of law.

Like other companies in the nuclear industry, we deal with intense scrutiny from both U.S. and foreign governments with respect to our compliance with laws and regulations. Many of these laws and regulations are evolving and their applicability and scope, as interpreted by agencies or ultimately the courts, remain uncertain. Some of these laws and regulations require that certain aspects of our operations, facilities, and business model be licensed or approved by specific regulators.

*Atomic Energy Act of 1954 and Energy Reorganization Act of 1974*

The Atomic Energy Act ("AEA") is the foundation of nuclear regulation in the United States. It establishes the framework for civilian nuclear energy, including the development, licensing, and regulation of nuclear facilities and materials. The AEA originally vested regulatory authority over the commercial nuclear industry in the Atomic Energy Commission ("AEC"). The Energy Reorganization Act of 1974 separated the AEC's promotional and regulatory functions by abolishing the AEC and creating two new agencies: the NRC and the Energy Research and Development Administration ("ERDA"). The ERDA was later abolished in 1977, with its functions transferred to the newly formed DOE.

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*Nuclear Safety Regulation under the DOE*

Operating under DOE authorization means a nuclear facility is permitted to operate under the authority of the DOE rather than under a license issued by the NRC. This occurs when a facility is operated "for the account of" the federal government, typically because it is sponsored, owned, or directly contracted by DOE as part of a government research, demonstration, or national security mission. Authorization is granted through DOE's internal nuclear safety process, which includes review and approval of safety analyses, operating limits, and readiness determinations prior to startup. DOE authorization does not have a fixed license term; it remains in effect so long as DOE continues to sponsor the activity and the facility complies with DOE requirements, subject to DOE's authority to modify, suspend, or revoke approval. Ultimate approval authority resides within DOE through designated senior officials` responsible for nuclear safety and operations.

In connection with Executive Order 14301 (EO 14301) — *Reforming Nuclear Reactor Testing,* we entered into the OTA with the DOE in furtherance of the DOE's research and development mission to provide advanced nuclear fuel for Advanced Reactors authorized by DOE through the DOE reactor pilot program.

An "other transaction agreement" is a legally binding agreement that certain federal agencies may use to fund or support research, development, or prototype projects outside of traditional government procurement contracts or grants. An "other transaction agreement" is authorized and executed by the government pursuant to specific statutory authority and is designed to provide flexibility in structuring project scope, milestones, cost sharing, and intellectual property rights. "Other transaction agreements" are commonly used to accelerate innovative or FOAK projects where standard procurement mechanisms would be impractical or overly burdensome. An "other transaction agreement" does not itself provide regulatory authorization to operate a nuclear facility; rather, it governs the contractual relationship, authorization requirements and funding terms for a specific project. "Other transaction agreements" have defined periods of performance and expire or terminate in accordance with their contractual terms, with ultimate approval authority resting with the issuing agency and its delegated officials. Under this pilot program and the OTA with the DOE, we will leverage the DOE authorization process to build, operate, and commission advanced fuel fabrication facilities at our Oak Ridge Facilities and Idaho Facility.

As a condition to entering into the OTA, we were required to demonstrate, among other things, adequate financial resources and a mature supply chain to complete design, construction, commissioning, operation, and decommissioning of our facilities, as appropriate.

Under the OTA, the DOE's role is to exercise discretionary decision-making authority over the operation of our fuel production lines, including oversight of milestones and the authority to oversee and authorize design, construction, management, and operations. Our primary obligation under the OTA is to provide regular reports to the DOE documenting our progress toward a series of milestones related to the design, construction, licensing, and operation of our Oak Ridge and Idaho facilities. The milestones do not have specific deadlines.

The OTA is explicitly not a procurement contract, grant, cooperative agreement, or loan, and the DOE does not provide any funding to us under the agreement for the construction, operation or decommissioning of our facilities, but rather allows us to take advantage of the DOE Fuel Line Pilot Program's accelerated regulatory pathway. The DOE's role is limited to exercising regulatory authority and control. Under the OTA, we are responsible for the design, construction, commissioning, operation, and, if applicable, decommissioning of our facilities, as well as all design and construction costs, including procurement and installation of all fuel line materials, systems, and components, and the engagement of qualified staffing to support all project phases.

Pursuant to the OTA, we are also required to execute a lease agreement with the DOE for DOE-owned land in Idaho to host the SN-ID facility. All construction and operational costs on the leased land related to the SN-ID Idaho Facility are our responsibility, as are any construction and operation costs for our Oak Ridge Facilities.

Further, we are solely responsible for all decontamination and decommissioning costs relating to our facilities, and the OTA expressly provides that DOE shall not be responsible for, or have any obligation to us for, decontamination and decommissioning of any facilities or any costs incurred in connection thereto.

As part of the OTA, we must meet a series of milestones as described in the OTA itself and in DOE Standard "*Authorization Pathway for Nuclear Facilities*" DOE-STD-1271-2025 (the "DOE Authorization Standard"), which include, among other things, the transition of our existing Oak Ridge SN-0 facility to DOE jurisdiction (from Tennessee Department of Environment and Conservation jurisdiction), completion of requirements/preconditions

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for use of land at the Idaho Facility, and completion of all contracts/agreements necessary to obtain special nuclear material (LEU, HALEU or PU), the completion of design and safety analysis work for each facility, and ultimately the establishment of the fuel manufacturing lines and completion of orders. The DOE Authorization Standard identifies a streamlined regulatory pathway to implement Executive Order 14301.

For any of our facilities operating under the OTA with the DOE, including the SN-TN and SN-ID facilities, prior to commencing operations, we must complete the installation of all safety and operational fuel line equipment at the fabrication facility, complete the calibration and commissioning of such equipment, and successfully undergo a readiness review for the fuel production facility conducted in accordance with applicable DOE requirements. Upon satisfaction of these conditions, we are also required to demonstrate first fuel production to required specifications and throughput levels before being deemed to have achieved an established fuel line.

We must also comply with a wide range of DOE regulations and orders while operating at the Oak Ridge and Idaho facilities, including, but not limited to, regulations regarding nuclear safety management (10 CFR Part 830), radiation protection (10 CFR Part 835), and orders governing quality assurance, facility safety, personnel training and qualification, radioactive waste management, emergency preparedness, information security, protection of nuclear information, whistleblower protections, and nuclear material control and accountability. The DOE exercises direct oversight of our operations, including the authority to conduct inspections, audits, and site visits at any time to ensure compliance with the above. We are required to submit regular reports to the DOE, including technical progress updates and incident notifications.

Liabilities to third parties arising from nuclear incidents at our Oak Ridge and Idaho facilities are ultimately paid by the federal government pursuant to the Price-Anderson Act. Such Price-Anderson Act protections and DOE indemnification are documented in the OTA, pursuant to which the DOE has agreed to indemnify us against liability arising from nuclear incidents up to an available indemnification amount of approximately $16.5 billion.

*Nuclear Safety Regulation under the NRC*

The DOE in its sole discretion may determine whether we will be allowed to continue our relationship with the DOE to operate the subject fuel production lines under the OTA. In the event we do not operate the Oak Ridge and Idaho facilities under the OTA in the future, we instead will need to obtain licensing through the NRC. The NRC is working to streamline its licensing reviews for fuel-line projects that have already been authorized and reviewed by the DOE, enabling reliance on DOE technical reviews where appropriate, and the DOE authorization process reflected in the DOE Authorization Standard detailed above is intended to accommodate efficient and effective leveraging into an NRC license for the Oak Ridge and Idaho facilities to the extent necessary.

Operating under NRC authorization means a nuclear facility is licensed and regulated by the NRC, the independent federal agency responsible for civilian commercial nuclear regulation in the United States. Authorization is granted through a formal licensing process in which the NRC evaluates the facility's design, safety systems, environmental impacts, and operational plans and issues a legally binding license if regulatory standards are satisfied. NRC authorization entails ongoing inspection, enforcement, and compliance with detailed operational, security, and safety requirements. NRC licenses are issued for a defined term, generally up to 40 years, with the possibility of renewal subject to additional NRC review. The NRC, acting through its Commissioners and delegated staff, is the ultimate approving authority.

Existing NRC licensing frameworks were developed primarily for large light-water reactors. Several recent legislative and executive actions have directed the NRC to modernize its regulatory processes to better accommodate Advanced Reactors (and the fuel that will be utilized by such reactors), including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ADVANCE Act of 2024 — Directs the NRC to develop microreactor-specific and performance-based regulatory strategies addressing eight topical areas, including staffing, inspections, security, emergency preparedness, transportation, and risk-informed methods. It also updates the NRC's mission statement to explicitly recognize the national interest in enabling the deployment of nuclear energy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Executive Order 14300 (May 2025) — Requires the NRC to improve efficiency, transparency, and the scientific basis of its regulatory framework to establish more predictable licensing timelines.

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On September 30, 2025, we entered into a joint venture with Framatome, Standard Nuclear × Framatome LLC, enabling us to use Framatome's NRC-licensed Richland SN-F Facility. Framatome was required to submit an amendment to its facility license for the Richland SN-F Facility in order to allow the manufacture of TRISO fuel by the joint venture, and such LAR was submitted to the NRC in September 2024, accepted for review, and is anticipated to be finalized in the summer of 2026. Standard Nuclear × Framatome LLC intends to commence manufacturing in 2027, pending regulatory approvals by the NRC.

In connection with their review of the LAR, nuclear safety regulators from the NRC will consider how the proposed additional activities would alter existing safety and environmental analyses and decommissioning costs. The NRC will also need to make an environmental related finding of no significant impact (FONSI) prior to approval of the LAR.

Fuel fabrication facilities that are under NRC jurisdiction (including, the Richland SN-F Facility), and, through an omnibus clause, anyone who might have liability for a nuclear incident at the site or when nuclear material is in transit between covered sites, are covered by American Nuclear Insurers' "Facility Form" nuclear liability insurance, which is the same coverage available to commercial reactor operators and provides protection against third-party claims for bodily injury, property damage or covered environmental cleanup costs resulting from a nuclear incident.

*Export Controls*

Our business is subject to the U.S. nuclear export and import control regimes, and we are required to comply with stringent regulations administered by the DOE and the NRC. These regulations are designed to protect national security, advance foreign policy and nonproliferation objectives, and control the transfer of nuclear-related materials, technology, and services.

Under DOE regulations at 10 CFR Part 810, the export of certain nuclear-related technology and the provision of technical assistance by U.S. persons to foreign nuclear programs require prior authorization or reporting. These controls apply to a broad range of technical exchanges and commercial activities, including design, engineering, consulting, and training services. Appendix A to 10 CFR Part 810 provides a list of countries that are considered "Generally Authorized", meaning they are considered to be non-sensitive. Countries not on this list are required to be specifically authorized prior to sharing any nuclear technology.

The NRC regulates the physical export and import of nuclear materials and equipment under 10 CFR Part 110, including source and special nuclear material and related commodities. Exports may require specific licenses depending on the destination country and nature of the item and exports of major nuclear equipment and nuclear material from the U.S. also require there to be a bilateral nuclear cooperation agreement between the United States and the end-user country before the export license can be granted.

Further, the use of NRC-certified transportation packages under applicable federal rules and meeting the appropriate Department of Transportation regulatory requirements for radioactive materials is necessary for nuclear fuel shipments within the United States. Additionally, international shipping requirements which follow International Atomic Energy Agency (the "IAEA") regulations (and those of the recipient country) are applicable to any international transport of nuclear fuel.

The U.S. government agencies responsible for administering the nuclear export control regulations have a degree of discretion interpreting and enforcing these regulations. These agencies also have significant discretion in approving, denying, or instituting specific conditions regarding authorizations to engage in controlled activities. Such decisions are influenced by the U.S. government's commitments to multilateral export control regimes.

*Nuclear Consultation Services*

We currently provide nuclear service support and consultation services for the expanding and resurgent nuclear energy industry. Our consulting services include, among other things, regulatory advice, site assessment, roadmap development, and stakeholder engagement. Regulatory approval is not required to provide such services other than any applicable export control approvals.

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#### Environmental Regulation
Our operations and properties are subject to a wide variety of increasingly complex and stringent federal, foreign, state and local environmental laws and regulations, including those governing the handling, storage and disposal of mixed, solid and hazardous wastes, the remediation of soil and groundwater contaminated by hazardous substances and the health and safety of employees. Sanctions for non-compliance may include revocation of permits, corrective action orders, administrative or civil penalties and criminal prosecution. Some environmental laws provide for strict, joint and several liability for remediation of spills and other releases of hazardous substances, as well as damage to natural resources. In addition, companies may be subject to claims alleging personal injury or property damage as a result of alleged exposure to hazardous substances. Such laws and regulations may also expose us to liability for the conduct of or conditions caused by others or for our acts that were in compliance with all applicable laws at the time such acts were performed.

Below is a non-exhaustive discussion of the most notable federal environmental laws and how those laws could affect our operations.

*Comprehensive Environmental Response, Compensation, and Liability Act*

Certain aspects of our operations may be subject to CERCLA, which provides for the investigation, cleanup, and restoration of natural resources from releases of hazardous substances. Liability under CERCLA can be imposed on a joint and several basis and without regard to fault or the legality of the conduct giving rise to contamination.

*Clean Air Act*

Our operations are subject to the CAA and comparable state and local laws. Under the CAA, the EPA has the authority to control air pollution by issuing and enforcing regulations for entities that emit substances into the air. The EPA has promulgated regulations for major sources of air pollution and has delegated implementation of these regulations to state agencies. We are subject to ongoing emissions standards, requirements, and reporting obligations.

*Clean Water Act*

Our projects are subject to the CWA, which regulates discharges of pollutants into the waters of the United States, as well as analogous state and local laws. Under Section 401 of the CWA, a federal agency may not issue a permit for any activity that may result in any discharge into the waters of the United States unless the state where the discharge would originate either issues a water quality certification verifying compliance with existing water quality requirements or waives the certification requirement or waives this requirement.

*Resource Conservation and Recovery Act*

Under the RCRA, and comparable state hazardous waste laws, the EPA and authorized state agencies regulate the generation, transportation, treatment, storage, and disposal of hazardous waste. If hazardous wastes are generated or stored in connection with any of our facilities, we would be subject to the requirements of such laws.

*National Environmental Policy Act*

The issuance of requisite permits and authorizations for our projects may be subject to environmental review under the National Environmental Policy Act ("NEPA"). NEPA requires federal agencies such as the DOE to integrate environmental considerations into their decision-making processes by evaluating the potential environmental impacts of their proposed actions. While NEPA compliance is a federal agency responsibility and the agency is responsible for the accuracy, scope, and content of any environmental documents, we will be required to assist in the timely and effective completion of the NEPA process. As a result, we may be required to provide environmental data and documentation to DOE.

For additional information regarding certain risks related to government regulations, see also "*Risk Factors — Risks Related to Legal, Regulatory and Compliance Matters*."

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#### Properties
Our Oak Ridge SN-0 facility is operational today and is equipped with specialized infrastructure, a workforce experienced in regulated nuclear operations, and an operating environment with deep institutional familiarity with nuclear materials, safety, and compliance. The Oak Ridge SN-0 facility is 24,600 square feet and can produce 500 kgU of finished fuel per year.

We are currently in the process of building two sister facilities with identical technical specifications, one in Tennessee (the Oak Ridge SN-TN facility) and one in Idaho (SN-ID). Each facility is 12,500 square feet and is expected to be able to produce up to 2.5 MTU per year at maximum capacity based on our current process yield, though is only furnished with sufficient manufacturing modules to commence production at 1 MTU per year. A large portion of these facilities are expected to be left empty at inception, enabling future capacity expansion through the addition of parallel modules, without requiring changes to facility layout or equipment scale.

As a general matter, our manufacturing facilities are purpose-built nuclear fuel fabrication plants comprised of a defined set of production modules designed for industrial scale manufacturing, including solution-gelation kernel precursor formation, high-temperature kernel conversion furnaces, fluidized-bed chemical vapor deposition TRISO coating systems, final fuel-form (compact, pebble or pellet) fabrication equipment, and fuel product assortment and characterization equipment. Each of these modules is based on finalized designs that are already installed and operating at our Oak Ridge SN-0 facility and are expected to be replicated without material modification in our new facilities. New facilities are constructed to meet natural phenomena hazard regulations as required by nuclear facility licensing requirements. For production of approximately 1 MTU of fuel product per year, an area of roughly 5,000 – 9,000 square feet within a facility is needed, with the required area varying based on the final fuel form and whether it represents the initial capacity at a given facility or reflects additional capacity that benefits from already existing infrastructure at the relevant site.

Further, under the DOE's nuclear safety framework, DOE-authorized facilities such as the Oak Ridge SN-0 facility (and the Oak Ridge SN-TN and SN-ID facility, once operational) are assigned formal hazard categories — Hazard Category 1, 2, 3, or Less Than Hazard Category 3 — based on the type and quantity of nuclear material handled and the potential radiological consequences of credible accidents. Hazard Category 1 facilities present the potential for significant off-site consequences, Hazard Category 2 facilities present significant on-site hazards with limited off-site impact, Hazard Category 3 facilities involve more localized hazards generally confined to the facility itself, and Less Than Hazard Category 3 facilities involve only small quantities of radioactive material and present minimal radiological hazard, such that potential consequences of credible accidents are limited to localized, low-level impacts and are addressed through baseline industrial and radiological safety controls rather than the full suite of nuclear facility safety analysis requirements. As the hazard category increases, regulatory rigor rises materially, requiring more extensive safety analyses, engineered safety controls, formal operating limits, readiness reviews, and ongoing DOE oversight.

The SN-0 facility is a Less Than Hazard Category-3 facility. Our upcoming Oak Ridge facility, SN-TN, and upcoming Idaho facility, SN-ID, are Hazard Category 2 facilities. The equipment (i.e., the manufacturing modules) that are being installed at each of the SN-TN and SN-ID facilities are identical to those in use today at SN-0. The primary difference between these facilities and SN-0, which has a less than Hazard Category 3 designation, is that the facilities under a Hazard Category 2 designation will be able to possess and have in process a larger amount of enriched uranium at any one time compared to the SN-0 facility. As a result, the Hazard Category 2 designation supports the expected higher throughput for these facilities, in contrast to the existing SN-0 facility. Establishing a Hazard Category 2 or higher facility requires purpose-built nuclear infrastructure, detailed and approved safety documentation, specialized equipment, a trained nuclear workforce, and successful completion of multiple sequential DOE reviews before operations may begin. These requirements are capital-intensive, time-consuming, and difficult to replicate, creating high barriers to entry for new market participants.

Lastly, we also plan to operate out of the NRC-licensed Richland SN-F Facility pursuant to our joint venture with Framatome. Our NRC LAR for the Richland SN-F Facility was submitted to the NRC in September 2024 and has been accepted for review. The joint venture plans to commence manufacturing at the Richland SN-F Facility in 2027, pending receipt of regulatory approvals by the NRC and final equipment installation.

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We believe the locations of our facilities provide us with unique access to the NRC and the DOE and accommodate our current operating needs, and that suitable additional or alternative space will be available as needed to accommodate any growth to support new employees or new geographic markets.

#### Legal Proceedings
From time to time, we may be involved in various legal proceedings and subject to claims that arise in the ordinary course of business. Although the results of litigation and claims are inherently unpredictable and uncertain, we are not presently a party to any litigation the outcome of which, we believe, if determined adversely to us, would individually or taken together have a material adverse effect on our business, operating results, cash flows, or financial condition.

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#### Management

#### Executive Officers and Directors
The following table provides information regarding our executive officers and directors as of the date of this prospectus:

---

| | | |
|:---|:---|:---|
|  **Name** | **Age** | **Position(s)** |
|  ***Executive Officers and Employee Directors*** |  |  |
|  Kurt Terrani | 40 | Chief Executive Officer and Director |
|  Kevin Harrill | 49 | Chief Financial Officer |
|  Thomas Hendrix | 43 | Executive Chairman and Director, Chairman of the Board |
|  Keeley Marrocco | 29 | Chief Operating Officer |
|  Shahram Ghasemian | 59 | Chief Legal and Compliance Officer and Corporate Secretary |
|  ***Non-Employee Directors*** |  |  |
|  Alexander Matina | 49 | Director |
|  Andrew Price | 43 | Director |
|  A. Scott Miller | 65 | Director |

---

#### Executive Officers and Employee Directors
*Kurt Terrani*

Kurt Terrani has served as our Chief Executive Officer and as a member of our board of directors since January 2025. Prior to joining Standard Nuclear, Mr. Terrani worked at Ultra Safe Nuclear Corporation from February 2021 to January 2025, as an Executive Vice President, including as interim CEO from July 2024 to January 2025, where he led the division that was responsible for the development and delivery of nuclear fuel and core structural materials for Ultra Safe Nuclear Corporation's advanced energy systems. Prior to February 2021, Mr. Terrani spent over a decade at Oak Ridge National Laboratory, most recently as a Senior Staff Scientist, earning multiple awards for innovation and leadership in nuclear materials science. Mr. Terrani was previously a National Technical Director for the U.S. DOE Office of Nuclear Energy. Mr. Terrani received his Ph.D. in nuclear engineering from University of California, Berkeley in 2010. His research and technology development focus is on fundamental aspects of nuclear fuel and materials manufacturing, radiation effects, and behavior. Mr. Terrani also earned a Bachelor of Science in Engineering degree from Arizona State University. We believe that Mr. Terrani is qualified to serve on our board of directors due to his extensive industry experience, his educational background in nuclear engineering, and his leadership as our Chief Executive Officer.

*Kevin Harrill*

Kevin Harrill has served as our Chief Financial Officer since March 2026. Prior to joining Standard Nuclear, from November 2021 to August 2025, Mr. Harrill served in various roles at Centrus Energy Corp. (NYSE American: LEU), a publicly traded company operating in the nuclear fuel supply chain, most recently serving as Senior Vice President, Chief Financial Officer and Treasurer from August 2023 to August 2025. In that role, he led long-range capital planning, executed significant equity and debt transactions, managed balance sheet optimization and pension de-risking initiatives, and liability reduction. Prior to that, from November 2021 to August 2023, Mr. Harrill served as Chief Accounting Officer at Centrus Energy Corp., during which time he was responsible for financial reporting, technical accounting, SOX compliance, and internal controls. Prior to his time at Centrus Energy Corp., from 2015 to 2021, Mr. Harrill served as Vice President and Chief Accounting Officer at Blackboard Inc, an education technology company. Mr. Harrill earned a Bachelor of Sciences in Business Administration, with a concentration in Finance and Accounting from Georgetown University, McDonough School of Business, and a Master of Arts in National Security Studies from Georgetown University. Mr. Harrill is a Certified Public Accountant.

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*Thomas Hendrix*

Thomas Hendrix is the Founder of Standard Nuclear and has served as chairman of our board of directors since our incorporation in July 2024. Mr. Hendrix was appointed as our Executive Chairman in June 2026. Mr. Hendrix is the Managing Partner of venture capital firm Decisive Point Group and has been with the firm since 2018. Prior to founding Decisive Point, Mr. Hendrix began his career in the private sector at Blackstone. Mr. Hendrix is a former Green Beret with multiple combat deployments in support of the Global War on Terror and served in the U.S. Army for nearly 10 years as an Infantry and Special Forces Officer. He earned a Master of Business Administration from Columbia Business School, a Master of Studies in Law in Government Procurement Law from George Washington University Law School, and a Bachelor of Science in American Legal Systems from the United States Military Academy at West Point. We believe that Mr. Hendrix is qualified to serve on our board of directors given his role of founder of our Company and his industry expertise and experience.

*Keeley Marrocco*

Keeley Marrocco has served as our Chief Operating Officer and as a member of our board of directors since January 2025 prior to resigning from the board of directors in June 2026. Prior to joining Standard Nuclear, Ms. Marrocco led energy investing at venture capital firm Decisive Point Group from August 2021 to January 2025. From June 2019 to August 2021, Ms. Marrocco worked at Kraft Heinz where she was a financial analyst, serving in Revenue Management and Financial Planning & Analysis roles across multiple business units. Ms. Marrocco graduated from Harvard University in 2019 with a degree in Government.

*Shahram Ghasemian*

Shahram Ghasemian has served as our Chief Legal and Compliance Officer and Corporate Secretary since May 2026. Previously, Mr. Ghasemian served in a number of roles at Centrus Energy Corp, most recently as a consultant from November 2025 to May 2026, as Senior Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary from August 2023 to June 2025, and as Senior Assistant General Counsel & Director, Legal Affairs and Corporate Compliance from April 2020 to August 2023. Mr. Ghasemian also served as the Chief Legal Officer and Corporate Secretary of NuScale Power from June 2025 to October 2025 and has also served in various senior positions within the federal government, including the NRC, the DOE and on Capitol Hill since 2006. Prior to his government experience, Mr. Ghasemian worked for USEC Inc. for nearly a decade in positions of increasing responsibility, the latest as Assistant General Counsel, including serving as Chief Counsel at the Paducah Gaseous Diffusion Plant in Kentucky between 1999 and 2001.

#### Non-Employee Directors
*Alexander Matina*

Alexander Matina has served as a member of our board of directors since April 2025. Mr. Matina is currently the Chief Executive Officer of Nu Ride Inc., which is the post-bankruptcy public successor to Lordstown Motors, a position he has held since September 2025 and has served on the board of directors of Nu Ride since March 2024. Mr. Matina is currently the Managing Member of LANECR Consulting LLC, a consultant to family offices on investments and strategy, a position he has held since January 2024. From 2007 through 2023, Mr. Matina served in various leadership roles, including as Portfolio Manager, at MFP Investors LLC, investing across both public and private markets. He has served on the board of directors of Trinity Place Holdings Inc. since 2013, Range Capital Acquisition Corp, a special purpose acquisition company, since 2024, and Range Capital Acquisition II, a special purpose acquisition company. He is also a director of SIXGEN, a privately held cyber-security company. Mr. Matina previously served as a director of Crowheart Energy LLC, a private energy company, Madava Financial, a private energy-focused finance company, S&W Seed Company, a public agricultural company and Papa Murphy's, a public take-and-bake franchisor. Mr. Matina received a Bachelor of Science in Business Administration, with concentrations in finance and accounting, from Fordham University and a Master of Business Administration from Columbia Business School. We believe Mr. Matina is qualified to serve on our board of directors because of his extensive public company board experience and financial expertise.

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*Andrew Price*

Andrew Price has served as a member of our board of directors since February 2025. Mr. Price is the General Partner of Decisive Point Group, a venture capital firm he has been affiliated with since July 2020, where he leads the firm's business development and investor relations efforts. He is also a Co-Founder of Unite Us, a technology company that builds coordinated care networks connecting health and social service providers, and has been involved with the company since its founding in January 2012. In addition, Mr. Price has served as an investor and advisor to multiple early-stage dual-use companies that provide both commercial and government technology solutions. Mr. Price holds a Bachelor of Arts degree from the University of Oklahoma. We believe Mr. Price's industry expertise, combined with his experience in capital formation and investor relations, makes him a valuable member of our board of directors.

*A. Scott Miller*

Austin "Scott" Miller joined our board of directors in June 2026. Since August 2025, Mr. Miller has served as an independent director of The Scotts Miracle-Gro Company (NYSE: SMG), where he is a member of the Innovation & Technology Committee and the Nominating and Governance Committee. Mr. Miller was a Senior Advisor of Orbis Operations, LLC, a security services provider, from November 2021 to March 2026. He served as Executive Chairman of Prairie Fire Nevada from January 2023 through April 2025. From April 2022 through April 2025, he served as a senior advisor to SIG Sauer. From May 2022 to December 2025, Mr. Miller served as a director of Workhorse Group Inc. (Nasdaq: WKHS), a manufacturer of electric vehicles, where he also served on the Human Resource Management and Compensation Committee. Since September 2022, Mr. Miller has served as a Senior Fellow at the Combating Terrorism Center at the United States Military Academy at West Point. Prior to his civilian career, Mr. Miller served nearly 40 years in the United States Army, retiring in December 2021 at the rank of four-star General. From September 2018 to July 2021, he served as the commander of NATO's Resolute Support Mission and United States Forces — Afghanistan, making him the longest serving and final commander of the war in Afghanistan. From March 2016 to August 2018, he served as commanding general of the Joint Special Operations Command. Earlier in his career, Mr. Miller held numerous leadership positions as an Airborne-Ranger and Infantry officer, including commanding the Task Force Ranger assault force during Operation Gothic Serpent known as "Blackhawk Down" in Mogadishu, Somalia in 1993. Mr. Miller also has over two decades of experience in the deployment and tactical use of drones and global logistics planning and execution. Mr. Miller received a Bachelor of Science degree from the United States Military Academy at West Point in 1983 and a Master's degree in Military Strategic Studies from the Marine Corps War College in 2005. We believe Mr. Miller's extensive leadership experience commanding large, complex organizations in high-stakes environments, his expertise in strategic planning and operational decision-making, his service on other public company boards, and his deep understanding of national security, technology, and geopolitical risk qualify him to serve as a member of our board of directors.

#### Family Relationships
There are no family relationships among any of our directors or executive officers.

#### Composition of our Board of Directors
Our Fifth Amended and Restated Certificate of Incorporation, as amended (the "pre-IPO Charter"), provides that, subject to certain share thresholds: (i) the holders of record of the shares of our Class A common stock and Class B common stock, exclusively and as a separate class, shall be entitled to elect two directors of the Company (the "Common Directors"), (ii) the holders of record of the shares of the Company's Series Seed Preferred Stock, Series Seed-1 Preferred Stock, Series A Preferred Stock and Series A-2 Preferred Stock (collectively, the "convertible preferred stock"), exclusively and voting as a single class, shall be entitled to elect one director of the Company (the "Preferred Director"), (iii) the holders of record of the shares of the Class B Common Stock, exclusively and voting as a single class, shall be entitled to elect one director of the Company (the "Class B Director"), and (iv) the holders of record of the shares of Common Stock and of any other class or series of voting stock (including the Preferred Stock), exclusively and voting together as a single class on an as-converted to Common Stock basis, shall be entitled to elect the balance of the remaining directors (each, a "Mutual Director").

Pursuant to our amended and restated voting agreement (as defined herein), Andrew Price, Keeley Marrocco, Thomas Hendrix, Kurt Terrani, and Alexander Matina were designated to serve as members of our board of directors. In June 2026, Ms. Marrocco, who previously served as a Common Director, resigned from the board of directors, effective immediately. Effective upon Ms. Marrocco's resignation, A. Scott Miller was designated as a Common Director to fill the vacancy on the board of directors resulting from Ms. Marrocco's resignation.

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The amended and restated voting agreement, by which the directors are currently elected, will terminate immediately prior to this offering, and there will be no contractual obligations regarding the election of our directors, upon the completion of this offering.

Our restated certificate of incorporation and our restated bylaws will divide our board of directors into three classes, with staggered three-year terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class I directors, whose initial term will expire at the first annual meeting of stockholders following the completion of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class II directors, whose initial term will expire at the second annual meeting of stockholders following the completion of this offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class III directors, whose initial term will expire at the third annual meeting of stockholders following the completion of this offering.

At each annual meeting of stockholders after the initial classification, the successors to directors whose terms have expired will be elected to serve from the time of election and qualification until the third annual meeting following election. Upon the completion of this offering, the Class I director will be ; the Class II directors will consist of and ; and the Class III directors will consist of and . As a result, only one class of directors will be elected at each annual meeting of our stockholders, with the other classes continuing for the remainder of their respective three-year terms.

In addition, our restated certificate of incorporation and restated bylaws provide that only the board of directors may fill vacancies, including newly created seats, on the board of directors until the next annual meeting of stockholders, subject to limited exceptions. Any additional directorships resulting from an increase in the number of directors will be distributed among the three classes so that, as nearly as possible, each class will consist of one-third of the total number of directors.

This classification of our board of directors and the provisions described above may have the effect of delaying or preventing changes in our control or management. Our restated certificate of incorporation will further provide for the removal of a director only for cause and by the affirmative vote of the holders of two-thirds or more of the shares then entitled to vote at an election of our directors. See "*Description of Capital Stock — Anti*-takeover *Effects of Delaware Law and Our Certificate of Incorporation and Bylaws*."

#### Controlled Company Exemption
Upon the completion of this offering, Thomas Hendrix, our Founder and Executive Chairman, will beneficially own approximately % of the voting power of our outstanding capital stock (or approximately % if the underwriters exercise their option to purchase additional shares of our Class A common stock in full). As a result, we will be a "controlled company" as defined under the corporate governance rules of the NYSE and, therefore, will qualify for exemptions from certain corporate governance requirements of the . Accordingly, we have elected not to comply with the requirements that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a majority of our board of directors consists of independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we have a nominating and corporate governance committee that is composed entirely of independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we have a compensation committee that is composed entirely of independent directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we conduct an annual performance evaluation of the Nominating and Governance and Compensation committees.

The "controlled company" exemption does not modify the independence requirements for the Audit Committee, and we intend to comply with the applicable requirements of the Exchange Act, and the within the applicable transition periods. As a result, we expect that the Audit Committee will be composed of (1) at least one independent director upon the listing of our common stock, (2) a majority of independent directors within 90 days of listing and (3) exclusively independent directors within one year of listing. Upon the completion of this offering, we expect

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the Audit Committee will be composed exclusively of independent directors. See "*— Board Committees — Audit Committee*." In the event that we cease to be a "controlled company," we will be required to fully implement the corporate governance requirements of the within the applicable transition periods specified in the rules of the NYSE.

#### Board Independence
We have applied to list our common stock on the NYSE. The listing rules of this stock exchange generally require that a majority of the members of a listed company's board of directors be independent within specified periods following the completion of an initial public offering. In addition, the listing rules generally require that, subject to specified exceptions, including the "controlled company" exemption, described in more detail above, each member of a listed company's audit, compensation and governance committees be independent.

Audit committee members must also satisfy the independence criteria set forth in Rule 10A-3 under the Exchange Act. In order to be considered independent for purposes of Rule 10A-3, a member of an audit committee of a listed company may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee accept, directly or indirectly, any consulting, advisory, or other compensatory fee from the listed company or any of its subsidiaries, or be an affiliated person of the listed company or any of its subsidiaries. Compensation committee members must also satisfy the independence criteria as required by Rule 10C-1 under the Exchange Act.

Our board of directors has determined that and do not have a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director and that each of and are "independent" as that term is defined under the rules of the NYSE.

#### Board Committees
Our board of directors has established an audit committee and a compensation committee. The composition and responsibilities of each committee are described below. Following the completion of this offering, copies of the charters for each committee will be available on the investor relations portion of our website. Members serve on these committees until their resignations or until otherwise determined by our board of directors.

#### Audit Committee
Our audit committee is comprised of , who is the chair of the audit committee, and . As allowed under the applicable rules and regulations of the SEC and the NYSE, we intend to phase in compliance with the heightened audit committee independence requirements to have a fully independent audit committee prior to the end of the one-year transition period. Each member of our audit committee is financially literate. In addition, our board of directors has determined that is an audit committee financial expert within the meaning of Item 407(d) of Regulation S-K of the Securities Act.

All audit services to be provided to us and all permissible non-audit services to be provided to us by our independent registered public accounting firm will be approved in advance by our audit committee. Our audit committee recommended, and our board of directors adopted, a charter for our audit committee, which will be posted on our website. Our audit committee, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• selects a firm to serve as the independent registered public accounting firm to audit our financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• helps to ensure the independence of the independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discusses the scope and results of the audit with the independent registered public accounting firm, and reviews, with management and the independent accountants, our interim and year-end operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• develops procedures for employees to anonymously submit concerns about questionable accounting or audit matters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• considers the adequacy of our internal accounting controls and audit procedures.

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#### Compensation Committee
Our compensation committee is comprised of , who is the chair of the compensation committee, and . The composition of our compensation committee meets the requirements for independence under NYSE listing rules and SEC rules and regulations. At least two members of this committee are also non-employee directors, as defined pursuant to Rule 16b-3 promulgated under the Exchange Act. The purpose of our compensation committee is to discharge the ***responsibilities*** of our board of directors relating to compensation of our executive officers. Our compensation committee, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviews and determines the compensation of our executive officers and recommends to our board of directors the compensation for our directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• administers our stock and equity incentive plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviews and makes recommendations to our board of directors with respect to incentive compensation and equity plans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishes and reviews general policies relating to compensation and benefits of our employees.

#### Code of Ethics
In connection with this offering, our board of directors intends to adopt a code of ethics that applies to all of our employees, officers and directors. Following the completion of this offering, the full text of our code of ethics will be posted on the investor relations section of our website. We intend to disclose future amendments to certain provisions of our code of ethics or waivers of these provisions, on our website and/or in public filings.

#### Compensation Committee Interlocks and Insider Participation
Since , the following members or former members of our board of directors have at one time been members of our compensation committee: . None of them has at any time been one of our officers or employees. None of our executive officers serves or in the past has served as a member of the board of directors or compensation committee of any entity that has one or more of its executive officers serving on our board of directors or our compensation committee.

#### Director Compensation
Historically, we have neither had a formal compensation policy for our non-employee directors, nor have we had a formal policy of reimbursing expenses incurred by our non-employee directors in connection with their board service. However, we have reimbursed our non-employee directors for reasonable expenses incurred in connection with their attendance at board of directors or committee meetings and occasionally granted stock options.

Other than as described below, we did not provide our non-employee directors, in their capacities as such, with any cash, equity or other compensation in 2025. Neither Mr. Terrani nor Ms. Marrocco received any additional compensation for service as a director for 2025. The compensation of Mr. Terrani and Ms. Marrocco as named executive officers, is set forth below under "*Executive Compensation — Summary Compensation Table.*"

The following table sets forth certain information regarding the compensation of our non-employee directors for 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Name** | **Fees <br>Earned or <br>Paid in <br>Cash<sup>(1)</sup>** | **Stock <br>Awards** | **Option <br>Awards<sup>(2)(3)</sup>** | **All Other <br>Compensation** | **Total** |
|  Thomas Hendrix<sup>(4)</sup> |  |  |  |  |  |
|  Alexander Matina |  |  | $184000<br><sup>(</sup><sup>5</sup><sup>)</sup> |  | $184000 |
|  Andrew Price |  |  |  |  |  |

---

____________

(1) None of our non-employee directors received cash compensation from the Company during 2025.

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(2) The amounts reported in this column represent the aggregate grant date fair value of option awards granted under our 2025 Stock Plan in 2025 as computed in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 718. The assumptions used in calculating the dollar amount recognized for financial statement reporting purposes of the option awards reported in this column are set forth in Note 10 to our consolidated financial statements included elsewhere in this prospectus. Note that the amounts reported in this column reflect the accounting value for these option awards and may not correspond to the actual economic value that may be received by our non-employee directors from the option awards.

(3) The number of shares underlying outstanding stock options held by each non-employee director as of December 31, 2025, was as follows: Mr. Hendrix, 0; Mr. Matina, 100,000; and Mr. Price, 0.

(4) Mr. Hendrix served as a non-employee director of the Company during the 2025 fiscal year, prior to his appointment as Executive Chairman and an officer of the Company in June 2026.

(5) This represents the grant date fair value of an option to purchase 100,000 shares of common stock granted to Mr. Matina on June 11, 2025 with an exercise price of $0.42 per share. The option grant has a ten-year term and is subject to the following vesting schedule: 25% of the total shares subject to the option vested on January 13, 2026, and an additional 1/48<sup>th</sup> of the total shares subject to the option shall vest on each monthly anniversary thereafter, in each case, subject to continued service on each applicable vesting date.

*Non-Employee Director Compensation Policy*

In June 2026, our board of directors approved a non-employee director compensation policy that will become effective upon the completion of this offering. The non-employee director compensation program is intended to provide a total compensation package that enables us to attract and retain qualified and experienced individuals to serve as directors and to align our directors' interests with those of our stockholders.

Under the non-employee director compensation policy, we will pay our non-employee directors a cash retainer for service on our board of directors and an additional cash retainer for service on each committee on which the director is a member, which will be paid quarterly in arrears. The chairman of each committee will receive higher retainers for such service. The fees paid to non-employee directors for service on our board of directors and for service on each committee of our board of directors on which the director is a member are as follows:

---

| | | |
|:---|:---|:---|
|  | **Member <br>Annual Cash <br>Retainer** | **Committee <br>Chair<br> Annual Cash <br>Retainer** |
|  Board of Directors | $ | $ |
|  Audit Committee | $ | $ |
|  Compensation Committee | $ | $ |

---

In addition, each non-employee director elected to our board of directors following the completion of this offering will, upon the date of his or her initial election or appointment to be a non-employee director, be granted a restricted stock unit ("RSU") award covering a number of shares of common stock having a grant date fair value of $, pro-rated based on the number of days that are expected to lapse between the appointment to the board and the next annual stockholder meeting. 100% of the shares subject to such equity award will vest in full on the earlier of the one-year anniversary of the grant date and the next annual stockholder meeting, subject to the director providing service through the vesting date.

At the close of business on the date of each annual stockholder meeting following the initial public offering, each continuing non-employee director will be granted an additional RSU award covering a number of shares of common stock having a grant date fair value of $. 100% of the shares subject to such equity award will vest in full on the earlier of the one-year anniversary of the grant date and the next annual stockholder meeting, subject to the director providing service through the vesting date.

All equity awards to non-employee directors following the completion of this offering are expected to be made pursuant to the 2026 Plan. For each non-employee director who remains in continuous service as a member of the board until immediately prior to: (a) the non-employee director's death, (b) the non-employee director's disability, or (c) the closing of a "change in control" (as defined in the 2026 Plan), any unvested portion of any RSU award granted in consideration of such non-employee director's service as a member of the board shall vest in full immediately prior to, and contingent upon, the consummation of the change in control. For additional information, see "*Executive Compensation — Employee Benefit Plans — 2026 Equity Incentive Plan*."

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We will also continue to reimburse our non-employee directors for reasonable travel and out-of-pocket expenses incurred in connection with attending our board of director and committee meetings.

#### Director IPO Grants
In connection with this offering, our board of directors approved grants of RSUs to Mr. Hendrix, RSUs to Mr. Terrani, RSUs to Ms. Marrocco and RSUs to each of Messrs. Matina and Price in connection with their service on the Company's board of directors (and in the case of Ms. Marrocco, her prior service), pursuant to our 2026 Plan, subject to and contingent upon the 2026 Plan becoming effective and the filing of a Form S-8 to register the shares subject to our 2026 Plan (collectively, the "Director IPO Grants"). Subject to the closing of this offering, 1/12<sup>th</sup> the total number of RSUs subject to each Director IPO Grant shall vest on the corresponding day of each three-month period thereafter (and if there is no corresponding day, on the last day of the applicable month) for a three-year period, subject to the director's continued service with the Company through each vesting date. In the event that Mr. Hendrix's, Mr. Terrani's or Ms. Marrocco's service is terminated without cause or he/she resigns for good reason within 12 months following a "change in control" (as defined in the 2026 Plan), 100% of his then-unvested RSUs shall immediately vest. Further, in the event that Mr. Terrani's or Ms. Marrocco's service is terminated without cause or the executive resigns for good reason within 12 months following the closing of this offering, then 100% of the then-unvested RSUs which would have vested within 12 months after such termination will vest on an accelerated basis.

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#### Executive Compensation

#### Summary Compensation Table
The following table provides information concerning all plan and non-plan compensation awarded to, earned by or paid to our Chief Executive Officer and each of our two other most highly compensated officers, whom we collectively refer to as "named executive officers," during 2025.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Name and Principal Position** | **Fiscal<br> Year** | **Salary** | **Bonus<sup>(</sup><sup>1</sup><sup>)</sup>**  | **Stock<br> Awards<sup>(</sup><sup>2</sup><sup>)</sup>** | **Non-Equity<br>Incentive Plan<br>Compensation<sup>(3)</sup>** | **All Other<br> Compensation<sup>(</sup><sup>4</sup><sup>)</sup>** | **Total** |
|  Kurt Terrani | 2025 | $275000 | $41250 | $3322250 | $27500 | $10208 | $3676208  |
| &nbsp;&nbsp;&nbsp; *Chief Executive Officer* |  |  |  |  |  |  |  |
|  Keeley Marrocco | 2025 | $185000 |  | $2095200 | $30000 | $37692 | $2347892  |
| &nbsp;&nbsp;&nbsp; *Chief Operating Officer* |  |  |  |  |  |  |  |

---

____________

(1) The amount reported in this column represents a one-time guaranteed bonus paid to Mr. Terrani pursuant to his offer letter, as described below in "*Agreements with our Named Executive Officers — Offer Letters — Kurt Terrani*."

(2) The amounts reported in this column represent the aggregate grant date fair value of restricted stock awards granted under our 2025 Stock Plan to our named executive officers in 2025 as computed in accordance with FASB ASC Topic 718. The assumptions used in calculating the dollar amount recognized for financial statement reporting purposes of the equity awards reported in this column are set forth in Note 10 to our consolidated financial statements included elsewhere in this prospectus. Note that the amounts reported in this column reflect the accounting value for these equity awards and may not correspond to the actual economic value that may be received by our named executive officers from the equity awards.

(3) The amounts reported in this column represent the performance bonus payment earned by each of our named executive officers for 2025, as described below in "*Bonuses.*"

(4) The amounts reported in this column include: (i) for Mr. Terrani, $10,208 in connection with 401(k) company matching contributions; and (ii) for Ms. Marrocco, $6,442 in connection with 401(k) company matching contributions and $31,250 in relocation expenses incurred as a result of moving from Boston, Massachusetts to Oak Ridge, Tennessee.

#### Salaries
**During the year ended December 31, 2025, Mr. Terrani and Ms. Marrocco received an annual base salary of $275,000 and $185,000, respectively. Pursuant to their amended and restated offer letters entered into in June 2026, the annual base salary of each of Mr. Terrani and Ms. Marrocco was increased to $300,000 and $200,000, respectively. Effective upon the closing of this offering, the Company intends to change the annual base salaries of Mr. Terrani and Ms. Marrocco to $500,000 and $350,000, respectively.**

#### Bonuses
**Pursuant to their respective offer letters in place in 2025, each of Mr. Terrani and Ms. Marrocco were eligible to receive performance**-based **cash bonuses, payable in the sole discretion of our board of directors, which were designed to provide appropriate incentives to our executives to achieve defined performance goals and to reward our executives for individual achievement towards these goals. The performance bonus was subject to goals relating to the Company's financial results and each executive's individual performance. The corporate goals that our board of directors established for 2025 included the successful closing of our Series A financing and the achievement of 85% of our annual projected EBITDA. For Mr. Terrani, the individual performance goals that our board of directors established for 2025 related to financial health and revenue growth, operational execution, market position and growth, and organizational strength. For Ms. Marrocco, the individual performance goals that our board of directors established for 2025 related to operational excellence, process optimization, team performance and capacity building, and strategic execution. For 2025, Mr. Terrani's target bonus was 25% of his base salary (with a bonus of 15% of his base salary guaranteed in his first year of employment), and Ms. Marrocco's target bonus was 15% of her base salary. Following the end of the 2025 performance year, our board of directors determined that the performance goals for 2025 had been achieved. Accordingly, Mr. Terrani received a bonus equal to $68,750 and Ms. Marrocco received a bonus equal to $30,000.** 

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#### Equity Awards
***2025 Equity Grants***

**On June 14, 2025, Mr. Teranni received a restricted stock award covering 1,712,500 shares of our Class B common stock, and Ms. Marrocco received a restricted stock award covering 1,080,000 shares of our Class B common stock. 25% of the total shares pursuant to the restricted stock award vested on January 13, 2026, and an additional 1/48**<sup>th</sup> **of the total shares shall vest on each monthly anniversary thereafter, in each case, subject to continued service on each applicable vesting date. In the event of an involuntary termination of continued service other than for cause (as defined in the 2025 Stock Plan) in connection with or within 12 months following a change of control (as defined in the 2025 Stock Plan), 100% of the then**-unvested **shares shall vest on a double trigger basis. For additional information regarding the 2025 Plan pursuant to which the stock awards were granted, please see** "*— Employee Benefit Plans — 2025 Stock Plan***."**

*2026 Equity Grants* 

**On January 11, 2026, Mr. Terrani received a stock option covering 950,422 shares of our Class B common stock and Ms. Marrocco received a stock option covering 380,169 shares of our Class B common stock. 25% of the total shares pursuant to the stock option award will vest on January 1, 2027, and an additional 1/48**<sup>th</sup> **of the total shares shall vest on each monthly anniversary thereafter, in each case, subject to continued service on each applicable vesting date. 10% of the total number of shares subject to the option shall immediately vest and become exercisable on the closing of this offering, subject to the executive's continued service through such date; provided that such acceleration shall apply to the unvested portion of the option, and in the event the remaining number of unvested shares equals less than 10% of the total number of shares subject to the option, then all remaining unvested shares shall immediately vest and become exercisable as of such date. For additional information regarding the 2025 Plan pursuant to which the option awards were granted, please see** "*— Employee Benefit Plans — 2025 Stock Plan***".**

**In connection with this offering, our board of directors approved grants of RSUs to each of Mr. Terrani and Ms. Marrocco in connection with their service on our board of directors, as further described above in** "*Director Compensation — Director IPO Grants***."**

#### Outstanding Equity Awards at Year-end Table
The following table provides information regarding the outstanding stock options held by our named executive officers as of December 31, 2025.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Name** | **Option Awards** | **Option Awards** | **Option Awards** | **Option Awards** | **Stock Awards** | **Stock Awards** | **Stock Awards** |
|  **Name** | **<br>Number of Securities<br>Underlying Unexercised<br>Options** | **<br>Number of Securities<br>Underlying Unexercised<br>Options** | **Exercise<br> Price** | **Expiration<br> Date** | **Expiration<br> Date** | **Number of<br> Shares that<br> Have Not<br> Vested** | **Market<br> Value of<br> Shares that<br> Have Not<br> Vested<sup>(2)</sup>** |
|  **Name** | **Exercisable** | **Unexercisable** | **Exercise<br> Price** | **Expiration<br> Date** | **Expiration<br> Date** | **Number of<br> Shares that<br> Have Not<br> Vested** | **Market<br> Value of<br> Shares that<br> Have Not<br> Vested<sup>(2)</sup>** |
|  Kurt Terrani<br>6/14/2025<sup>(3)</sup> |  |  |  |  |  | 1712500 |  |
|  Keeley Marrocco<br>6/14/2025<sup>(3)</sup> |  |  |  |  |  | 1080000 |  |

---

____________

(1) All of the outstanding equity awards were granted under and subject to the terms of our 2025 Stock Plan.

(2) The market price for our Class B common stock is based on the assumed initial public offering price of our Class A common stock of $ per share, which is the midpoint of the price range on the cover of this prospectus.

(3) 25% of the total shares pursuant to the restricted stock award vested on January 13, 2026, and an additional 1/48<sup>th</sup> of the total shares shall vest on each monthly anniversary thereafter, in each case, subject to continued service on each applicable vesting date. In the event of an involuntary termination of continued service other than for cause (as defined in the 2025 Stock Plan) in connection with or within 12 months following a change of control (as defined in the 2025 Stock Plan), 100% of the then-unvested shares shall vest on a double trigger basis.

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#### Agreements with our Named Executive Officers

#### Offer Letters
We have entered into offer letters with each of our named executive officers. Each of these arrangements provide for at will employment and generally include the named executive officer's initial base salary and an initial grant of equity awards.

*Kurt Terrani*

In December 2024, we entered into an offer letter agreement with Mr. Terrani providing for his employment as our Chief Executive Officer. Pursuant to his offer letter, Mr. Terrani was entitled to receive a base salary of $275,000 per year, and was eligible for a target annual performance bonus equal to 25% of his base salary, payable based on his individual performance and our financial results, in the discretion of our board of directors. The offer letter provided that a portion of the performance bonus (in an amount equal to 15% of his base salary) would be guaranteed for Mr. Terrani's first year of employment. Additionally, Mr. Terrani's offer letter provides that he will be recommended for an equity incentive award grant.

In June 2026, Mr. Terrani's offer letter agreement was amended and restated to establish the terms of his employment as our Chief Executive Officer following the initial public offering. The amended and restated offer letter provides for an initial base salary of $300,000, which shall be increased to $500,000 effective upon the closing of this offering. The amended and restated offer letter further provides for a short-term incentive plan target bonus of 75% of his then-current base salary (the "STIP Bonus"), subject to his continued employment on the applicable payment date. For 2026, the STIP Bonus will be measured against role-specific performance milestones set by the board; following the initial public offering, the STIP Bonus will transition to a mix of company financial metrics and strategic objectives set by the compensation committee. The amended and restated offer letter further provides for a one-time cash bonus equal to $225,000, subject to his continued employment on the payment date.

The amended and restated offer letter provides that if the Company terminates Mr. Terrani's employment without "cause" or he resigns for "good reason" (each as defined in a separation agreement to be entered into between the executive and the Company), he will be entitled to: (i) continued payment of his then-current base salary for a period of 18 months; (ii) payment of his target bonus for such 18 month period, paid in accordance with the Company's standard payroll schedule; and (iii) subject to his timely election to continue benefits under the Consolidated Omnibus Business Reconciliation Act ("COBRA"), Company-paid COBRA continuation coverage until the earliest of (A) the 18-month anniversary of the termination date; (B) the date he is no longer eligible to receive COBRA coverage; and (C) the date on which he becomes eligible to receive substantially similar coverage from another employer. Receipt of severance benefits will be conditioned upon his execution of a general release of claims in a form acceptable to the Company. In the event that Mr. Terrani's employment is terminated without cause or he resigns for good reason within 12 months following a change in control, 100% of his then-unvested equity awards shall immediately vest and become exercisable (as applicable). If, within 12 months following the closing of this offering, Mr. Terrani's employment is terminated without cause or he resigns for good reason, he will receive 12 months of accelerated vesting on all then-unvested equity awards, in addition to the severance benefits described above. Upon any termination of employment other than by the Company for cause, Mr. Terrani will have 12 months following the date of termination to exercise any outstanding vested stock options, notwithstanding any shorter exercise period set forth in the applicable plan or any option agreement. In the event this offering does not close within 12 months of the anticipated offering date, as determined by the Board, any equity awards subject to an initial public offering-related vesting condition will automatically convert to time-based vesting on the same schedule, with the vesting commencement date adjusted to the original grant date.

*Keeley Marrocco*

In December 2024, we entered into an offer letter agreement with Ms. Marrocco providing for her employment as our Chief Operating Officer. Pursuant to her offer letter, Ms. Marrocco was entitled to receive a base salary of $185,000 per year, and was eligible for a target annual bonus equal to 15% of her base salary, payable based on her individual performance and our financial results, in the discretion of our board of directors. Additionally, Ms. Marrocco's offer letter provided that she would be recommended for an equity incentive award grant. Ms. Marrocco is eligible to participate in the standard benefit plans offered to our similarly situated employees from time to time, subject to plan terms and our generally applicable policies.

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In June 2026, Ms. Marrocco's offer letter agreement was amended and restated to establish the terms of her employment as our Chief Operating Officer following the initial public offering. The amended and restated offer letter provides for an initial base salary of $200,000, which shall be increased to $350,000 effective upon the closing of this offering. The amended and restated offer letter further provides for a STIP Bonus of 75% of her then-current base salary, subject to her continued employment on the applicable payment date. For 2026, the STIP Bonus will be measured against role-specific performance milestones set by the board; following the initial public offering, the STIP Bonus will transition to a mix of company financial metrics and operational objectives set by the compensation committee. The amended and restated offer letter further provides for a one-time cash bonus equal to $100,000, subject to her continued employment on the payment date.

The amended and restated offer letter provides that if the Company terminates Ms. Marrocco's employment without "cause" or she resigns for "good reason" (each as defined in a separation agreement to be entered into between the executive and the Company), she will be entitled to: (i) continued payment of her then-current base salary for a period of 12 months; (ii) payment of her target bonus for such 12 month period, paid in accordance with the Company's standard payroll schedule; and (iii) subject to her timely election to continue benefits under COBRA, Company-paid COBRA continuation coverage until the earliest of (A) the 12-month anniversary of the termination date; (B) the date she is no longer eligible to receive COBRA coverage; and (C) the date on which she becomes eligible to receive substantially similar coverage from another employer. Receipt of severance benefits will be conditioned upon her execution of a general release of claims in a form acceptable to the Company. In the event that Ms. Marrocco's employment is terminated without cause or she resigns for good reason within 12 months following a change in control, 100% of her then-unvested equity awards shall immediately vest and become exercisable (as applicable). If, within 12 months following the closing of this offering, Ms. Marrocco's employment is terminated without cause or she resigns for good reason, she will receive 12 months of accelerated vesting on all then-unvested equity awards, in addition to the severance benefits described above. Upon any termination of employment other than by the Company for cause, Ms. Marrocco will have 12 months following the date of termination to exercise any outstanding vested stock options, notwithstanding any shorter exercise period set forth in the applicable plan or any option agreement. In the event this offering does not close within 12 months of the anticipated offering date, as determined by the Board, any equity awards subject to an initial public offering-related vesting condition will automatically convert to time-based vesting on the same schedule, with the vesting commencement date adjusted to the original grant date.

#### Termination or Change in Control Agreements
As discussed above under "*Equity Awards*," the equity awards granted to Mr. Terrani and Ms. Marrocco contain certain acceleration provisions. In addition, as discussed above under "*Agreements with our Named Executive Officers — Offer Letters*," the amended and restated offer letter for each of Mr. Terrani and Ms. Marrocco provide severance benefits, including equity award acceleration, in connection with qualifying terminations of employment both related and not related to a change in control.

#### Other Elements of Compensation and Compensation Policies

#### Perquisites, Health, Welfare and Retirement Benefits
Our named executive officers are eligible to participate in our employee benefit plans, including our medical, dental, vision, group life, disability and accidental death and dismemberment insurance plans, in each case on the same basis as all of our other employees. We provide a 401(k) plan to our employees, including our current named executive officers, as discussed in the section below entitled "— 401(k) Plan."

We generally do not provide perquisites or personal benefits to our named executive officers, except in limited circumstances.

#### 401(k) Plan
We maintain a 401(k) plan that provides eligible employees with an opportunity to save for retirement on a tax advantaged basis. Eligible employees are able to defer eligible compensation subject to applicable annual Code limits. Employees are immediately and fully vested in their contributions. The 401(k) plan permits us to make matching contributions and profit sharing contributions to eligible participants up to 4% of an employee's salary. We intend for our 401(k) plan to qualify under Sections 401(a) and 501(a) of the Code so that contributions by employees to the 401(k) plan, and earnings on those contributions, are not taxable to employees until withdrawn from the 401(k) plan.

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#### Pension Benefits
None of our named executive officers participate in or have an account balance in any qualified or non-qualified defined benefit plan sponsored by us.

#### Nonqualified Deferred Compensation
We have not offered any nonqualified deferred compensation plans or arrangements or entered into any such arrangements with any of our named executive officers.

#### Clawback Policy
Effective upon the completion of this offering, we will adopt a compensation recoupment policy that complies with the SEC rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Clawback Policy"). The Clawback Policy will require us to recover certain cash or equity-based incentive compensation payments or awards made or granted to an executive officer in the event we are required to prepare an accounting restatement due to our material noncompliance with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period.

#### Equity Award Timing Policies and Practices
From time to time, we grant stock options to our named executive officers, our employees and our other service providers. Historically, we have granted new-hire option awards on or soon after a new-hire's employment start date and refresh, promotion or retention option grants when and as determined by our board of directors. We have no specific policy or practice regarding the timing of options or other equity grants in relation to our public disclosure of material nonpublic information.

#### Limitation of Liability and Indemnification of Directors and Officers
As permitted by the Delaware General Corporation Law, the Registrant's restated certificate of incorporation that will be in effect upon the completion of the offering contains provisions that eliminate the personal liability of its directors and officers for monetary damages for any breach of fiduciary duties as a director or officer, except liability for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any breach of the director's or officer's duty of loyalty to the Registrant or its stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with respect to directors, under Section 174 of the Delaware General Corporation Law (regarding unlawful dividends and stock purchases);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any transaction from which the director or officer derived an improper personal benefit; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with respect to officers, any action by or in the right of the Registrant.

Our restated bylaws will provide that we shall indemnify, to the fullest extent permitted by law, any person who is or was a party or is threatened to be made a party to any action, suit or proceeding, by reason of the fact that he or she is or was one of our directors or officers or is or was serving at our request as a director or officer of another corporation, partnership, joint venture, trust or other enterprise. Our restated bylaws will provide that we may indemnify our employees or agents. Our restated bylaws will also provide that we must advance expenses incurred by or on behalf of a director or officer in advance of the final disposition of any action or proceeding, subject to limited exceptions.

Prior to the completion of this offering, we intend to obtain insurance policies under which, subject to the limitations of the policies, coverage is provided to our directors and officers against loss arising from claims made by reason of breach of fiduciary duty or other wrongful acts as a director or officer, including claims relating to public securities matters, and to us with respect to payments that may be made by us to these officers and directors pursuant to our indemnification obligations or otherwise as a matter of law.

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Prior to completion of this offering, we also intend to enter into indemnification agreements with each of our directors and executive officers that may be broader than the specific indemnification provisions contained in the DGCL. These indemnification agreements may require us, among other things, to indemnify our directors and executive officers against liabilities that may arise by reason of their status or service. These indemnification agreements may also require us to advance all expenses incurred by the directors and executive officers in investigating or defending any such action, suit or proceeding. We believe that these agreements are necessary to attract and retain qualified individuals to serve as directors and executive officers.

At present, we are not aware of any pending litigation or proceeding involving any person who is or was one of our directors, officers, employees or other agents or is or was serving at our request as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, for which indemnification is sought, and we are not aware of any threatened litigation that may result in claims for indemnification.

The underwriting agreement provides for indemnification by the underwriters of us and our officers, directors and employees for certain liabilities arising under the Securities Act or otherwise.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling our company pursuant to the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

#### Employee Benefit Plans

#### 2025 Stock Plan
*General.* Our board of directors adopted our 2025 Stock Plan on May 9, 2025. The 2025 Stock Plan was last amended in June 2026. Our 2025 Stock Plan will be terminated effective upon the effectiveness of the registration statement of which this prospectus forms a part, and no new awards will be granted under our 2025 Stock Plan following this offering, but previously granted awards will continue to be subject to the terms and conditions of the 2025 Stock Plan and the stock award agreements pursuant to which such awards were granted.

*Share reserve.* Under our 2025 Stock Plan, we have reserved for issuance an aggregate of 11,059,500 shares. In general, if an award granted under our 2025 Stock Plan expires, terminated, is canceled or otherwise forfeited by a participant, or a share is withheld or received in satisfaction of the exercise price or tax withholding obligation associated with an award, then the number of shares underlying such award will again become available for awards under the 2025 Stock Plan. Following the effectiveness of our 2026 Plan, such shares will again become available for awards under the 2026 Plan.

*Plan administration.* Our board of directors has administered the 2025 Stock Plan before this offering. Our board of directors has delegated its authority to administer the 2025 Stock Plan to our compensation committee following this offering.

*Types of awards.* Our 2025 Stock Plan provides for incentive and nonstatutory stock options to purchase shares of our common stock, and restricted stock awards. As of the date of this prospectus, we have only issued stock options and restricted stock in connection with early-exercised stock options.

*Non*-transferability *of awards.* Unless the administrator provides otherwise, our 2025 Stock Plan generally does not allow for the transfer of awards other than by will or the laws of descent and distribution and only the recipient of an option right may exercise such an award during his or her lifetime. Notwithstanding the foregoing, a non-qualified stock option may be assigned in connection with a participant's estate plan or pursuant to a domestic relations order.

*Certain adjustments.* In the event of certain corporate events or changes in our capitalization, to prevent diminution or enlargement of the benefits or potential benefits available under the 2025 Stock Plan, the administrator will make adjustments to one or more of the number, kind and class of securities that may be delivered under the 2025 Stock Plan and/or the number, kind, class and price of securities covered by each outstanding award.

*Corporate transaction.* The 2025 Stock Plan provides that in the event of (i) a transfer of all or substantially all of our assets, (ii) a merger, consolidation or other capital reorganization or business combination transaction of us with or into another corporation, entity or person, or (iii) the consummation of a transaction, or series of related transactions, in which any "person" becomes the "beneficial owner", directly or indirectly, of more than 50% of our then outstanding capital stock (each, a "Corporate Transaction"), the administrator may, in its sole

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and absolute discretion and without the need for the consent of any participant, take one or more of the following actions contingent upon the occurrence of that Corporate Transaction with respect to outstanding stock options and restricted stock granted under the 2025 Stock Plan which provide for: (A) the continuation of such awards by us (if we are the surviving corporation); (B) the assumption of such awards by the surviving corporation or its parent; (C) the substitution by the surviving corporation or its parent of new options or equity awards for such awards; (D) the cancellation of such awards in exchange for a payment to the participants equal to the excess of (1) the fair market value of the shares subject to such awards as of the closing date of such Corporate Transaction over (2) the exercise price or purchase price paid or to be paid for the shares subject to the awards; or (E) the cancellation of any outstanding options or an outstanding right to purchase restricted stock, in either case, for no consideration.

*Amendment or termination.* Our board of directors may amend or terminate the 2025 Stock Plan at any time. If our board of directors amends a plan, it does not need to ask for stockholder approval of the amendment unless such amendment is required by applicable law. No further awards will be made under the 2025 Stock Plan after this offering.

#### 2026 Equity Incentive Plan
*General.*

Our 2026 Equity Incentive Plan (the "2026 Plan"), was adopted by our board of directors and approved by our stockholders on , 2026. The 2026 Plan will become effective immediately prior to the effectiveness of the registration statement of which this prospectus forms a part.

*Purpose.*

The 2026 Plan is intended to (i) attract and retain the best available personnel to ensure our success and accomplish our goals, (ii) incentivize employees, directors and independent contractors with long-term equity-based compensation to align their interests with our stockholders, and (iii) promote the success of our business.

*Types of Equity Awards.*

The 2026 Plan permits the grant of incentive stock options, nonstatutory stock options, stock appreciation rights ("SARs"), restricted stock, RSUs, and stock bonuses (all such types of awards, collectively, "equity awards").

*Share Reserve.*

<u>Number of Shares</u>

Subject to adjustments as set forth in the 2026 Plan, the maximum aggregate number of shares that may be issued under the 2026 Plan will not exceed new shares of our Class A common stock. The shares may be authorized, but unissued, or reacquired Class A common stock. Furthermore, subject to adjustments as set forth in the 2026 Plan, in no event will the maximum aggregate number of shares that may be issued under the 2026 Plan pursuant to incentive stock options exceed the number set forth above plus, to the extent allowable under Section 422 of the Internal Revenue Code of 1986, as amended (the "Code") and the regulations promulgated thereunder, any shares that again become available for issuance pursuant to the 2026 Plan.

The number of shares available for issuance under the 2026 Plan will be automatically increased on the first day of each fiscal year beginning with the fiscal year and ending on (and including) the first day of the fiscal year, in each case, in an amount equal to the lesser of (i) % of the outstanding shares of our common stock on the last day of the immediately preceding fiscal year (calculated on a fully-diluted and as-converted basis), (ii) the number of shares initially reserved for issuance under the 2026 plan, and (iii) such smaller number of shares determined by the board of directors.

<u>Lapsed Awards</u>

To the extent an award issued under the 2026 Plan or the 2025 Stock Plan should expire or be forfeited or become unexercisable for any reason without having been exercised in full, or is surrendered pursuant to an exchange program, the unissued shares that were subject thereto shall, unless the 2026 Plan shall have been terminated, continue to be available under the 2026 Plan for issuance pursuant to future awards. In addition, any shares which are retained by the Company upon exercise of an award issued under the 2026 Plan or the 2025 Stock Plan in order to satisfy the exercise or purchase price for such award or any withholding taxes due with respect to

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such sward shall be treated as not issued and shall continue to be available under the 2026 Plan for issuance pursuant to future awards. Shares issued under the 2026 Plan or the 2025 Stock Plan and later forfeited to the Company due to the failure to vest or repurchased by the Company at the original purchase price paid to the Company for the shares (including, without limitation, upon forfeiture to or repurchase by the Company in connection with a participant ceasing to be a service provider) shall again be available for future grant under the 2026 Plan. To the extent an award under the 2026 Plan or the 2025 Stock Plan is paid out in cash rather than shares, such cash payment will not result in reducing the number of shares available for issuance under the 2026 Plan.

*Assumption or Substitution of Awards by the Company.*

The Plan Administrator (as defined below), from time to time, may determine to substitute or assume outstanding awards granted by another company, whether in connection with an acquisition of such other company or otherwise, by either: (i) assuming such award under the 2026 Plan or (ii) granting an award under the 2026 Plan in substitution of such other company's award. Any awards that are assumed or substituted under the 2026 Plan will not reduce the number of shares authorized for grant under the 2026 Plan or authorized for grant to a participant in any fiscal year.

*Eligibility.*

Employees, directors and independent contractors of us or our affiliates are all eligible to participate in the 2026 Plan. Incentive stock options may only be granted to employees of ours or of our parents or subsidiaries.

*Administration*

The 2026 Plan will be administered by our board of directors or a committee thereof, which committee will be constituted to satisfy applicable laws (the "Plan Administrator").

Subject to the terms of the 2026 Plan, the Plan Administrator has the authority, in its discretion, to (i) determine the fair market value in accordance with the 2026 Plan; (ii) select the service providers to whom equity awards may be granted under the 2026 Plan; (iii) determine the number of shares to be covered by each equity award granted under the 2026 Plan; (iv) approve forms of equity award agreements for use under the 2026 Plan; (v) determine the terms and conditions, not inconsistent with the terms of the 2026 Plan, of any equity award granted thereunder; (vi) institute and determine the terms and conditions of an exchange program under the terms of the 2026 Plan (subject to stockholder approval); (vii) construe and interpret the terms of the 2026 Plan and equity awards granted pursuant to the 2026 Plan; (viii) correct any defect, supply any omission or reconcile any inconsistency in the 2026 Plan, any equity award or any equity award agreement; (ix) prescribe, amend and rescind rules and regulations relating to the 2026 Plan; (x) modify or amend each equity award (subject to the terms of the 2026 Plan); (xi) adjust performance goals applicable to a participant with respect to an equity award to take into account changes in applicable laws or in accounting or tax rules, or such other extraordinary events or circumstances; (xii) allow participants to satisfy tax withholding obligations in such manner as prescribed in the 2026 Plan; (xiii) authorize any person to execute on our behalf any instrument required to effect the grant of an equity award previously granted by the Plan Administrator; (xiv) allow a participant to defer the receipt of the payment of cash or the delivery of shares that would otherwise be due to such participant under an equity award; and (xv) make all other determinations deemed necessary or advisable for administering the 2026 Plan.

However, to the extent permitted by applicable law and listing requirements, our board of directors or a committee thereof may delegate to one or more of our directors or officers who may be (but are not required to be) an Insider (i.e. an officer or director of the Company whose transactions are subject to Section 16 of the Exchange Act), the authority to (a) designate employees who are not Insiders to be recipients of equity awards and determine the number of shares subject to equity awards granted to such designated employees, subject to certain restrictions that are set forth in the 2026 Plan and (b) take any and all actions on behalf of our board of directors or a committee thereof other than any actions that affect the amount or form of compensation of insiders or have material tax, accounting, financial, human resource or legal consequences to us or our affiliates.

Members of the Plan Administrator and its delegates are indemnified and held harmless by us from any costs that are imposed on or incurred by such persons in connection with claims due to actions or omissions under the 2026 Plan not attributable to willful misconduct.

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*Stock Options.*

Each stock option will be designated in the equity award agreement as either an incentive stock option (which is entitled to potentially favorable tax treatment) or a nonstatutory stock option. However, notwithstanding such designation, to the extent that the aggregate fair market value of the shares with respect to which incentive stock options are exercisable for the first time by the participant during any calendar year exceeds $, such stock options will be treated as nonstatutory stock options. Incentive stock options may only be granted to employees.

The term of each stock option will be stated in the equity award agreement. In the case of an incentive stock option, the term will be years from the date of grant or such shorter term as may be provided in the equity award agreement. Moreover, in the case of an incentive stock option granted to a participant who owns stock representing more than % of the total combined voting power of all classes of our stock or the stock of any of our affiliates, the term of the incentive stock option will be five years from the date of grant or such shorter term as may be provided in the equity award agreement.

The per share exercise price for the shares to be issued pursuant to exercise of a stock option will be determined by the Plan Administrator, subject to the following: in the case of an incentive stock option (i) granted to an employee who, at the time the incentive stock option is granted, owns stock representing more than 10% of the voting power of all classes of our stock or the stock of any of our affiliates, the per share exercise price will be no less than 110% of the fair market value per share on the date of grant; and (ii) granted to any other employee, the per share exercise price will be no less than 100% of the fair market value per share on the date of grant. In the case of a nonstatutory stock option, the per share exercise price will be no less than 100% of the fair market value per share on the date of grant. Notwithstanding the foregoing, stock options may be granted with a per share exercise price of less than 100% of the fair market value per share on the date of grant pursuant to a corporate reorganization, liquidation, etc., described in, and in a manner consistent with, Section 424(a) of the Code.

At the time a stock option is granted, the Plan Administrator will fix the period within which the stock option may be exercised and will determine any conditions that must be satisfied before the stock option may vest or be exercised. The Plan Administrator will also determine the acceptable form of consideration for exercising a stock option, including the method of payment. In the case of an incentive stock option, the Plan Administrator will determine the acceptable form of consideration at the time of grant.

If a participant ceases to be a service provider other than for "cause" (as defined in the 2026 Plan), the participant may exercise his or her stock option within such period of time as is specified in the equity award agreement to the extent that the stock option is vested on the date of termination (but in no event later than the expiration of the term of such stock option). In the absence of a specified time in the equity award agreement, to the extent vested as of a participant's termination, the stock option will remain exercisable for 12 months following a termination for death or disability, and three months following a termination for any other reason. Any outstanding stock option (including any vested portion thereof) held by a participant will immediately terminate in its entirety upon the participant being first notified of his or her termination for cause and the participant will be prohibited from exercising his or her stock option from and after the date of such notification.

*Stock Appreciation Rights (SARs).*

The Plan Administrator will determine the terms and conditions of each SAR, provided that the exercise price for each SAR will be no less than 100% of the fair market value of the underlying shares of Class A common stock on the date of grant. Upon exercise of a SAR, a participant will receive payment from us in an amount determined by multiplying the difference between the fair market value of a share on the date of exercise over the exercise price by the number of shares with respect to which the SAR is exercised. SARs may be paid in cash, in shares of equivalent value, or in some combination thereof, as determined by the Plan Administrator. SARs are exercisable at the times and on the terms established by the Plan Administrator.

*Restricted Stock and RSUs.*

Restricted stock awards are grants of shares of Class A common stock that are subject to various restrictions, including restrictions on transferability and forfeiture provisions. Shares of restricted stock will vest and the restrictions on such shares will lapse in accordance with terms and conditions established by the Plan Administrator. Each RSU is a bookkeeping entry representing an amount equal to the fair market value of one share of Class A common stock. Upon meeting the applicable vesting criteria, the participant will be entitled to receive a payout for his or her earned RSUs as determined by the Plan Administrator in the form of cash, shares, or a combination of both.

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In determining whether restricted stock or RSUs should be granted, and/or the vesting schedule for such an equity award, the Plan Administrator may impose whatever conditions on vesting and such other terms as it determines to be appropriate.

During the period of restriction, participants holding restricted stock may exercise full voting rights and will be entitled to receive all dividends and other distributions paid, in each case with respect to such shares unless the Plan Administrator determines otherwise. All such dividends or other distributions will be subject to the same terms, restrictions and risk of forfeiture as the shares of restricted stock with respect to which the dividends or other distributions accrue and shall not be paid or distributed unless and until such related shares have vested and been earned.

During the vesting period, participants holding RSUs will hold no voting rights by virtue of such RSUs. The Plan Administrator may, in its sole discretion, award dividend equivalents in connection with the grant of RSUs that may be settled in cash, in shares of equivalent value, or in some combination thereof. The Plan Administrator may provide that such dividend equivalents shall be paid or distributed when accrued or at a later specified date and, if distributed at a later date, may be deemed to have been reinvested in additional shares, awards, or other investment vehicles or accrued in a bookkeeping account without interest, and subject to such restrictions on transferability and risks of forfeiture, as the Plan Administrator may specify. Absent a contrary provision in an award agreement, such dividend equivalents shall be subject to the same terms, restrictions and risk of forfeiture as the restricted stock units with respect to which the dividends accrue and shall not be paid or settled unless and until the related restricted stock units have vested and been earned. To the extent applicable, any such dividend equivalents will comply with Section 409A of the Code or other similar applicable law.

*Stock Bonuses.*

A stock bonus is an award of shares to a participant without a purchase price that is not subject to any restrictions. The Plan Administrator will determine the number of shares to be awarded to the participant under a stock bonus and any other terms applicable to such stock bonus. A stock bonus may be paid in cash, whole shares, or a combination thereof, based on the fair market value of the shares subject to the stock bonus on the date of payment, as determined in the sole discretion of the Plan Administrator.

*Performance Awards.*

The Plan Administrator may grant stock options, SARs, restricted stock and RSUs that are subject to the satisfaction of specified performance criteria. The Plan Administrator determines the terms surrounding performance awards, including the required levels of performance with respect to specified business criteria (including any adjustment(s) thereto that will be applied in determining the achievement of such performance criteria), the corresponding amounts payable upon achievement of such levels of performance, and the termination and forfeiture provisions; provided that all performance criteria must be determined when the achievement of such criteria remains substantially uncertain.

The Plan Administrator in its discretion may make performance goals applicable to a participant with respect to an equity award. In the Plan Administrator's discretion, one or more of the following performance goals may apply: (1) sales or non-sales revenue; (2) return on revenue; (3) operating income; (4) income or earnings including operating income; (5) income or earnings before or after taxes, interest, depreciation and/or amortization; (6) income or earnings from continuing operations; (7) net income; (8) pre-tax income or after-tax income; (9) net income excluding amortization of intangible assets, depreciation and impairment of goodwill and intangible assets and/or excluding charges attributable to the adoption of new accounting pronouncements; (10) raising of financing or fundraising; (11) project financing; (12) revenue backlog; (13) gross margin; (14) operating margin or profit margin; (15) capital expenditures, cost targets, reductions and savings and expense management; (16) return on assets (gross or net), return on investment, return on capital, or return on stockholder equity; (17) cash flow, free cash flow, cash flow return on investment (discounted or otherwise), net cash provided by operations, or cash flow in excess of cost of capital; (18) performance warranty and/or guarantee claims; (19) stock price or total stockholder return; (20) earnings or book value per share (basic or diluted); (21) economic value created; (22) pre-tax profit or after-tax profit; (23) strategic business criteria, consisting of one or more objectives based on meeting specified market penetration or market share, completion of strategic agreements such as licenses, joint ventures, acquisitions, and the like, geographic business expansion, objective customer satisfaction or information technology goals, intellectual

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property asset metrics; (24) objective goals relating to divestitures, joint ventures, mergers, acquisitions and similar transactions; (25) objective goals relating to staff management, results from staff attitude and/or opinion surveys, staff satisfaction scores, compliance, headcount, performance management, completion of critical staff training initiatives; (26) objective goals relating to projects, including project completion, timing and/or achievement of milestones, project budget, technical progress against work plans; and (27) enterprise resource planning. Equity awards issued to participants may take into account other criteria (including subjective criteria).

Performance goals may differ from participant to participant, performance period to performance period and from equity award to equity award. Any criteria used may be measured, as applicable, (i) in absolute terms, (ii) in relative terms (including, but not limited to, any increase (or decrease) over the passage of time and/or any measurement against other companies or financial or business or stock index metrics particular to us), (iii) on a per share and/or share per capita basis, (iv) against the performance of us as a whole or against any of our affiliate(s), a particular segment(s), a business unit(s) or a product(s) of ours or an individual project company, (v) on a pre-tax or after-tax basis, (vi) on a GAAP or non-GAAP basis, and/or (vii) using an actual foreign exchange rate or on a foreign exchange neutral basis.

*Outside Director Limitations.*

Equity awards granted during a single fiscal year under the 2026 Plan or otherwise, taken together with any cash fees paid during such fiscal year for services on our board of directors, will not exceed $ in total value for any outside director, except with respect to the first year of service in which case any equity awards granted and cash fees paid will not exceed (a) $ in total value for any outside director serving in his or her first year of service as an outside director and (b) $ in total value for any other outside director (calculating the value of any such stock awards based on the grant date fair value of such stock awards for financial reporting purposes). Such applicable limit will include the value of any equity awards that are received in lieu of all or a portion of any annual committee cash retainers or other similar cash-based payments. Equity awards granted to an individual while he or she was serving in the capacity as an employee or while he or she was an independent contractor but not an outside director will not count for purposes of these limits.

*Leaves of Absence/Transfer Between Locations; Time Commitment Change.*

The Plan Administrator has the discretion to determine at any time whether and to what extent the vesting of equity awards will be suspended during any leave of absence; provided that in the absence of such determination, vesting of equity awards will continue during any paid leave and will be suspended during any unpaid leave (unless otherwise required by applicable laws). A participant will not cease to be an employee in the case of (i) any leave of absence approved by the participant's employer or (ii) transfers between our locations or between us and any of our affiliates. If an employee holds an incentive stock option and such leave exceeds three months then, for purposes of incentive stock option status only, such employee's service as an employee will be deemed terminated on the first day following such three month period and the incentive stock option will thereafter automatically be treated for tax purposes as a nonstatutory stock option in accordance with applicable laws, unless reemployment upon the expiration of such leave is guaranteed by contract or statute, or unless provided otherwise pursuant to a written company policy.

If a participant's regular level of time commitment in performing services to us or an affiliate of ours is reduced after an equity award is granted, the Plan Administrator has the discretion, subject to applicable laws, to (i) proportionately reduce the number of shares or cash amount subject to equity awards that vest or become payable after such change in time commitment, and (ii) in lieu of or in combination with such a reduction, extend the vesting schedule of the equity award. If the Plan Administrator makes such a reduction, the participant will no longer have any rights to the portion of the equity award that is so reduced.

*Nontransferability of Equity Awards.*

Unless determined otherwise by the Plan Administrator, an equity award may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will, by the laws of descent or distribution, or if we so permit, by beneficiary designation, and may be exercised, during the lifetime of the participant, only by the participant. If the Plan Administrator makes an equity award transferable, such equity award will contain such additional terms and conditions as the Plan Administrator deems appropriate provided, however, that in no event may any equity award be transferred for consideration to a third-party financial institution.

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*Clawback/Recovery.*

The Plan Administrator may specify in an equity award agreement that the participant's rights, payments, and/or benefits with respect to an equity award will be subject to reduction, cancellation, forfeiture, and/or recoupment upon the occurrence of certain specified events, in addition to any applicable vesting, performance or other conditions and restrictions of an equity award. Notwithstanding any provisions to the contrary under the 2026 Plan, an equity award granted under the 2026 Plan will be subject to any clawback policy as may be established and/or amended from time to time by us. The Plan Administrator may require a participant to forfeit or return to and/or reimburse us for all or a portion of the equity award and/or shares issued under the equity award, any amounts paid under the equity award, and any payments or proceeds paid or provided upon disposition of the shares issued under the equity award, pursuant to the terms of such company policy or as necessary or appropriate to comply with applicable laws.

*Adjustment.*

In the event of a stock split, reverse stock split, stock dividend, combination, consolidation, recapitalization or reclassification of the shares, subdivision of the shares, a rights offering, a reorganization, merger, spin-off, split-up, repurchase, or exchange of our common stock or other securities of us or other significant corporate transaction, or other change affecting our common stock occurs, the Plan Administrator, in order to prevent dilution, diminution or enlargement of the benefits or potential benefits intended to be made available under the 2026 Plan, will, in such manner as it may deem equitable, adjust the number, kind and class of securities that may be delivered under the 2026 Plan and/or the number, class, kind and price of securities covered by each outstanding equity award; provided that all such adjustments will be made in a manner that does not result in taxation under Section 409A of the Code.

*Dissolution or Liquidation.*

In the event of the proposed winding up, dissolution or liquidation of us, the Plan Administrator will notify each participant as soon as practicable prior to the effective date of such proposed transaction. To the extent it has not been previously exercised or settled, an equity award will terminate immediately prior to the consummation of such proposed action.

*Corporate Transaction.*

In the event of (i) a transfer of all or substantially all of our assets, (ii) a merger, consolidation or other capital reorganization or business combination transaction of us with or into another corporation, entity or person, (iii) the consummation of a transaction, or series of related transactions, in which any person becomes the beneficial owner directly or indirectly, of more than 50% of our then outstanding capital stock, or (iv) a "change in control" (as defined in the 2026 Plan) each outstanding equity award (vested or unvested) will be treated as the Plan Administrator determines, which determination may provide for one or more of the following: (a) the continuation of such outstanding equity awards (if we are the surviving corporation); (b) the assumption of such outstanding equity awards by the surviving corporation or its parent; (c) the substitution by the surviving corporation or its parent of new stock options or other equity awards for such equity awards; (d) the cancellation of such equity awards in exchange for a payment to the participants equal to the excess of (1) the fair market value of the shares subject to such equity awards as of the closing date of such corporate transaction over (2) the exercise price or purchase price paid or to be paid (if any) for the shares subject to the equity award; provided that such payment may be subject to the same conditions that apply to the consideration that will be paid to holders of shares in connection with the transaction, (subject to applicable laws); (e) the full or partial acceleration of exercisability or vesting and accelerated expiration of an outstanding equity award, lapse of our right to repurchase or re-acquire shares acquired under an equity award or lapse of forfeiture rights with respect to shares acquired under an equity award; (f) the opportunity for participants to exercise their stock options prior to the occurrence of the corporate transaction and the termination (for no consideration) upon the consummation of such corporate transaction of any stock options not exercised prior thereto for no consideration; or (g) the cancellation of such outstanding equity awards in exchange for no consideration.

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*Change in Control.*

An equity award may be subject to additional acceleration of vesting and exercisability upon or after a "change in control" (as defined in the 2026 Plan) as may be provided in the equity award agreement for such equity award or as may be provided in any other written agreement between us or any of our affiliates and the participant, but in the absence of such provision, no such acceleration will occur (unless otherwise determined by the Plan Administrator).

*Amendment, Termination and Duration of the 2026 Plan.*

The 2026 Plan will continue in effect for a term of ten (10) years measured from the earlier of the date our board of directors approves the 2026 Plan or the approval of the 2026 Plan by our stockholders, unless terminated earlier under the terms of the 2026 Plan. The Plan Administrator may at any time amend, alter, suspend or terminate the 2026 Plan. No awards may be granted under the 2026 Plan while the 2026 Plan is suspended or after it is terminated.

#### 2026 Employee Stock Purchase Plan
Our 2026 Employee Stock Purchase Plan ("ESPP") was adopted by our board of directors and approved by our stockholders on , 2026. Our ESPP will become effective immediately prior to the effectiveness of the registration statement of which this prospectus forms a part.

*Purpose.*

The ESPP provides a means by which eligible employees and/or eligible service providers of either our company or designated related corporations or affiliates ("Designated Companies") may be given an opportunity to purchase shares of Class A common stock. The ESPP permits us to grant a series of purchase rights to eligible employees and eligible service providers. By means of the ESPP, we seek to (i) retain and assist our related corporations and affiliates in retaining the services of such eligible employees and eligible service providers, (ii) secure and retain the services of new eligible employees and eligible service providers and (iii) provide incentives for such persons to exert maximum efforts for our success and that of our related corporations and affiliates.

*Qualified and Non-Qualified Offerings Permitted.*

The ESPP includes two components: a "423 Component" and a "Non-423 Component." We intend the 423 Component to qualify as an "employee stock purchase plan" pursuant to Section 423 of the Code. The provisions of the 423 Component will be construed in a manner that is consistent with the requirements of Section 423 of the Code, including without limitation, to extend and limit ESPP participation in a uniform and non-discriminating basis. In addition, the Employee Stock Purchase Plan authorizes grants of purchase rights under the Non-423 Component that do not meet the requirements of an "employee stock purchase plan" under Section 423 of the Code. Except as otherwise provided in the ESPP or determined by the ESPP Administrator (as defined below), the Non-423 Component will be operated and administered in the same manner as the 423 Component. Eligible employees will only be able to participate in the 423 Component or Non-423 Component of the ESPP. Eligible service providers will only be able to participate in the Non-423 Component of the ESPP.

*Administration.*

Our board of directors has the power to delegate administration of the ESPP to a committee composed of not fewer than one member of our board of directors. The ESPP will be administered by our board of directors or a committee thereof (the "ESPP Administrator"). The ESPP Administrator has the final power to construe and interpret both the ESPP and the rights granted under it. The ESPP Administrator has the power, subject to the provisions of the ESPP, to determine when and how rights to purchase Class A common stock will be granted, the provisions of each offering of such rights (which need not be identical), and whether any employee or other service provider will be eligible to participate in the 423 Component or Non-423 Component of the ESPP. Whether or not our board of directors has delegated administration of the ESPP to a committee, our board of directors will have the final power to determine all questions of policy and expediency that may arise in the administration of the ESPP.

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*Restart.*

Our board of directors will have the discretion to structure an offering so that if the fair market value of a share on the first trading day of a new purchase period within that offering is less than or equal to the fair market value of a share on the offering date for that offering, then (i) that offering will terminate immediately as of that first trading day and (ii) the participants in such terminated offering will be automatically enrolled in a new offering beginning on the first trading day of such new offering period and purchase period.

*Stock Subject to ESPP.*

Subject to adjustments as provided in the ESPP, the maximum number of shares of Class A common stock that may be issued under the ESPP will not exceed shares of common stock, plus the number of shares of common stock that are automatically added on the first day of each fiscal year beginning with the fiscal year and ending on (and including) the first day of the fiscal year, in an amount equal to the lesser of (i) % of the total number of shares of common stock outstanding on the last day of the calendar month prior to the date of such automatic increase (calculated on a fully-diluted and as-converted basis), and (ii) an amount equal to the initial share reserve, unless the ESPP Administrator determines prior to the first day of any fiscal year that there will be no increase in the share reserve for such fiscal year or that the increase in the share reserve for such fiscal year will be a lesser number of shares of Class A common stock. If any purchase right granted under the ESPP terminates without having been exercised in full, the shares of Class A common stock not purchased under such purchase right will again become available for issuance under the ESPP.

*Offerings.*

The ESPP is implemented by offerings of rights to all eligible employees and eligible service providers from time to time. Offerings may be comprised of one or more purchase periods. The maximum length for an offering under the ESPP is 27 months. The provisions of separate offerings need not be identical. When a participant elects to join an offering, he or she is granted a purchase right to acquire shares of Class A common stock on each purchase date within the offering, each corresponding to the end of a purchase period within such offering. On each purchase date, all payroll deductions collected from the participant during such purchase period are automatically applied to the purchase of Class A common stock, subject to certain limitations.

*Eligibility.*

Purchase rights may be granted only to our employees, employees of designated related corporations or, solely with respect to the Non-423 Component, employees of designated affiliates (other than a designated related corporation) or eligible service providers. The ESPP Administrator may provide that employees will not be eligible to be granted purchase rights under the 423 Component if, on the offering date, the employee (i) has not completed at least 2 years of service since the employee's last hire date (or such lesser period as the ESPP Administrator may determine), (ii) customarily works not more than 20 hours per week (or such lesser period as the ESPP Administrator may determine), (iii) customarily works not more than 5 months per calendar year (or such lesser period as the ESPP Administrator may determine), (iv) is a highly compensated employee within the meaning of the Code, or (v) has not satisfied such other criteria as the ESPP Administrator may determine consistent with Section 423 of the Code. Unless otherwise determined by the ESPP Administrator for any offering, an employee will not be eligible to be granted purchase rights unless, on the offering date, the employee customarily works more than 20 hours per week and more than 5 months per calendar year.

No employee will be eligible for the grant of any purchase rights under the 423 Component if, immediately thereafter, such employee owns stock possessing 5% or more of the total combined voting power or value of all classes of our stock or the stock of any related corporation. An eligible employee may be granted purchase rights under the 423 Component only if such purchase rights, together with any other rights granted under all our and any related corporations' employee stock purchase plans, do not permit such eligible employee's rights to purchase stock to accrue in excess of $25,000 worth of stock in any calendar year.

*Participation in the ESPP.*

On each offering date, each eligible employee or eligible service provider, pursuant to an offering made under the ESPP, will be granted a purchase right to purchase up to that number of shares of Class A common stock purchasable either with a percentage or with a maximum dollar amount, as designated by the ESPP Administrator;

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provided however, that in the case of eligible employees, such percentage or maximum dollar amount will in either case not exceed 15% of such employee's earnings during the period that begins on the offering date (or such later date as the ESPP Administrator determines for a particular offering) and ends on the date stated in the offering, which date will be no later than the end of the offering, unless otherwise provided for in an offering.

*Purchase Price.*

The purchase price of shares of Class A common stock acquired pursuant to purchase rights will be not less than the lesser of (i) 85% of the fair market value of the shares of Class A common stock on the offering date; or (ii) 85% of the fair market value of the shares of Class A common stock on the applicable purchase date (i.e. the last day of the applicable purchase period).

*Payment of Purchase Price; Payroll Deductions.*

The purchase price of the shares is accumulated by payroll deductions over the offering. To the extent permitted in the offering document, a participant may increase, reduce or terminate his or her payroll deductions. All payroll deductions made on behalf of a participant are credited to his or her account under the ESPP and deposited with our general funds. To the extent permitted in the offering document, a participant may make additional payments into such account. If required under applicable laws or regulations or if specifically provided in the offering, in addition to or instead of making contributions by payroll deductions, a participant may make contributions through a payment by cash, check, or wire transfer prior to a purchase date, in a manner we direct.

*Purchase of Stock.*

Our board of directors will establish one or more purchase dates during an offering on which purchase rights granted for that offering will be exercised and shares of Class A common stock will be purchased in accordance with such offering. In connection with each offering, the ESPP Administrator may specify a maximum number of shares of Class A common stock that may be purchased by any participant or all participants. If the aggregate purchase of shares of Class A common stock issuable on exercise of purchase rights granted under the offering would exceed any such maximum aggregate number, then, in the absence of any ESPP Administrator action otherwise, a pro rata (based on each participant's accumulated contributions) allocation of the shares of Class A common stock available will be made in as nearly a uniform manner as will be practicable and equitable.

*Withdrawal.*

During an offering, a participant may cease making contributions and withdraw from the offering by delivering to us or any third party designated by us a company provided withdrawal form. We may impose a deadline before a purchase date for withdrawing. On such withdrawal, such participant's purchase right in that offering will immediately terminate and we will distribute as soon as practicable to such participant all of his or her accumulated but unused contributions without interest. A participant's withdrawal from that offering will have no effect on his or her eligibility to participate in any other offerings under the ESPP, but such participant will be required to deliver a new enrollment form to participate in subsequent offerings.

*Termination of Eligibility.*

Purchase rights granted pursuant to any offering under the ESPP will terminate immediately if the participant either (i) is no longer an eligible employee or eligible service provider for any reason or for no reason, or (ii) is otherwise no longer eligible to participate. We will have the exclusive discretion to determine when a participant is no longer actively providing services and the date of the termination of employment or service for purposes of the ESPP. As soon as practicable, we will distribute to such individual all of his or her accumulated but unused contributions without interest.

*Leave of Absence.*

A participant will not be deemed to have terminated employment or failed to remain continuously employed by us or a Designated Company in the case of sick leave, military leave, or any other leave of absence approved by us; provided that such leave is for a period of not more than three months or reemployment upon the expiration of such leave is guaranteed by contract or statute. We will have sole discretion to determine whether a participant

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has terminated employment and the effective date on which the participant terminated employment, regardless of any notice period or garden leave required under local law. Where the period of leave exceeds three months and an employee's right to reemployment is not guaranteed either by statute or by contract, the employment relationship will be deemed to have terminated three months and one day following the commencement of such leave.

*Employment Transfers.*

Unless otherwise determined by the ESPP Administrator, a participant whose employment transfers or whose employment terminates with an immediate rehire with no break in service by or between us and a Designated Company or between Designated Companies will not be treated as having terminated employment for purposes of participating in the ESPP or an offering; however, if a participant transfers from an offering under the 423 Component to an offering under the Non-423 Component, the exercise of the participant's purchase right will be qualified under the 423 Component only to the extent such exercise complies with Section 423 of the Code. If a participant transfers from an offering under the Non-423 Component to an offering under the 423 Component, the exercise of the purchase right will remain non-qualified under the Non-423 Component. In the event that a participant's purchase right is terminated under the ESPP, we will distribute as soon as practicable to such individual all of his or her accumulated but unused contributions.

*Restrictions on Transfer.*

During a participant's lifetime, purchase rights will be exercisable only by such participant. Purchase rights are not transferable by a participant, except by will, by the laws of descent and distribution, or, if we so permit, by a beneficiary designation.

*Exercise of Purchase Rights.*

On each purchase date, each participant's accumulated contributions will be applied to the purchase of shares of Class A common stock, up to the maximum number of shares of Class A common stock permitted by the ESPP and the applicable offering, at the purchase price specified in the offering. Unless otherwise specified in the offering, no fractional shares will be issued and, if any amount of accumulated contributions remains in a participant's account after the purchase of shares of Class A common stock on the final purchase date in an offering, such remaining amount will roll over to the next offering.

No purchase rights may be exercised to any extent unless and until the shares of Class A common stock to be issued on such exercise under the ESPP are covered by an effective registration statement pursuant to the Securities Act, and the ESPP is in material compliance with all applicable U.S. federal and state, foreign and other securities, exchange control, and other laws applicable to the ESPP. If, on the purchase date, as delayed to the maximum extent permissible, the shares of Class A common stock are not registered and the ESPP is not in material compliance with all applicable laws or regulations, as determined by us in our sole discretion, no purchase rights will be exercised and all accumulated but unused contributions will be distributed as soon as practicable to the participants without interest.

*Capitalization Adjustments.*

In the event of a capitalization adjustment, the ESPP Administrator will appropriately and proportionately adjust: (i) the class(es) and maximum number of securities subject to the ESPP, (ii) the class(es) and number of securities subject to, and the purchase price applicable to outstanding offerings and purchase rights, and (iii) the class(es) and number of securities that are the subject of the purchase limits under each ongoing offering.

*Dissolution or Liquidation.*

In the event of our dissolution or liquidation, the ESPP Administrator will shorten any offering then in progress by setting a new purchase date prior to the consummation of such proposed dissolution or liquidation. The ESPP Administrator will notify each participant in writing, prior to the new purchase date that the purchase date for the participant's purchase rights has been changed to the new purchase date and that such purchase rights will be automatically exercised on the new purchase date, unless prior to such date the participant has withdrawn from the offering.

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*Effect of Certain Corporate Transactions.*

In the event of: a transfer of all or substantially all of our company's assets; a merger, consolidation or other capital reorganization or business combination transaction of our company with or into another corporation, entity or person; or the consummation of a transaction, or series of related transactions, in which any person becomes the beneficial owner, directly or indirectly, of more than 50% of our then outstanding capital stock, then: (i) any surviving corporation or acquiring corporation (or the surviving or acquiring corporation's parent company) may assume or continue outstanding purchase rights or may substitute similar rights for outstanding purchase rights, or (ii) if any surviving or acquiring corporation (or its parent company) does not assume or continue such purchase rights or does not substitute similar rights for such purchase rights, then the participants' accumulated contributions will be used to purchase shares of Class A common stock prior to the corporate transaction under the outstanding purchase rights, and the purchase rights will terminate immediately after such purchase. The ESPP Administrator will notify each participant in writing, prior to the new purchase date that the purchase date for the participant's purchase rights has been changed to the new purchase date and that such purchase rights will be automatically exercised on the new purchase date unless prior to such date the participant has withdrawn from the offering.

*Spin-Off.*

In the event of a spin-off or similar transaction involving us, the ESPP Administrator may take actions deemed necessary or appropriate in connection with an ongoing offering and subject to compliance with applicable laws (including the assumption of purchase rights under an ongoing offering by the spun-off company, or shortening an offering and scheduling a new purchase date prior to the closing of such transaction). In the absence of any such action by the ESPP Administrator, a participant in an ongoing offering whose employer ceases to qualify as a related corporation as of the closing of a spin-off or similar transaction will be treated in the same manner as if the participant had terminated employment.

*Amendment, Termination or Suspension of the ESPP.*

Our board of directors may amend the ESPP at any time in any respect the ESPP Administrator deems necessary or advisable. However, except with respect to capitalization adjustments described above, stockholder approval will be required for any amendment of the ESPP for which stockholder approval is required by applicable laws, regulations or listing requirements, including any amendment that either (i) increases the number of shares of Class A common stock available for issuance under the ESPP, (ii) expands the class of individuals eligible to become participants and receive purchase rights, (iii) materially increases the benefits accruing to participants under the ESPP or reduces the price at which shares of Class A common stock may be purchased under the ESPP, (iv) extends the term of the ESPP, or (v) expands the types of awards available for issuance under the ESPP, but in each case only to the extent stockholder approval is required by applicable laws.

The ESPP Administrator may suspend or terminate the ESPP at any time. No purchase rights may be granted under the ESPP while the ESPP is suspended or after it is terminated.

Any benefits, privileges, entitlements, and obligations under any outstanding purchase rights granted before an amendment, suspension, or termination of the ESPP will not be materially impaired by any such amendment, suspension, or termination except (i) with the consent of the person to whom such purchase rights were granted, (ii) as necessary to comply with any laws, listing requirements, or governmental regulations, or (iii) as necessary to obtain or maintain any special tax, listing, or regulatory treatment.

#### Executive Incentive Bonus Plan
Our Executive Incentive Bonus Plan ("Bonus Plan") was adopted by our board of directors and approved by our stockholders on , 2026. The Bonus Plan will become effective immediately prior to the effectiveness of the registration statement of which this prospectus forms a part.

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*General*

The purpose of the Bonus Plan is to motivate and reward eligible officers and employees of the Company, including the named executive officers, for their contributions toward the achievement of certain performance goals. The Bonus Plan is administered by our compensation committee, which shall have the discretionary authority to interpret the provisions of the Bonus Plan, including all decisions on eligibility to participate, the establishment of performance goals, the number of awards payable under the plan, and the payment of awards. The compensation committee, in its sole discretion and on such terms and conditions as it may provide, may delegate all or part of its authority and powers under the Bonus Plan to one or more directors and/or officers of the Company. The compensation committee may terminate the Bonus Plan at any time, provided such termination shall not affect the payment of any awards accrued under the Bonus Plan prior to the date of the termination. The compensation committee may, at any time, or from time to time, amend or suspend and, if suspended, reinstate, the Bonus Plan in whole or in part.

*Targets and Performance Criteria*

The compensation committee may establish (or previously established) cash bonus targets and corporate performance metrics for a specific performance period or fiscal year pursuant to the Bonus Plan. Corporate performance goals may be based on wide-ranging criteria and metrics described in the plan. However, awards issued to participants may also take into account other factors, including subjective factors. Performance goals may differ from participant to participant, performance period to performance period, and from award to award.

*Eligibility and Clawback*

Unless otherwise determined by the compensation committee, a participant must be actively employed and in good standing with us on the date the award is paid. The compensation committee may make exceptions to this requirement in the case of retirement, death or disability, an unqualified leave of absence or under other circumstances, as determined by the compensation committee in its sole discretion.

Awards granted under the Bonus Plan are subject to applicable laws and clawback policies requiring forfeiture or repayment of amounts paid under the plan. The compensation committee may require a participant to forfeit or return to and/or reimburse us for any amounts paid with respect to an award, pursuant to the terms of any Company clawback policy or as necessary or appropriate to comply with applicable laws.

*Amendment or Termination.*

The compensation committee may terminate the Bonus Plan at any time, provided such termination shall not affect the payment of any awards accrued under the Bonus Plan prior to the date of the termination. The compensation committee may, at any time, or from time to time, amend or suspend and, if suspended, reinstate, the Bonus Plan in whole or in part; provided, however, that any amendment of the Bonus Plan shall be subject to the approval of our stockholders to the extent required to comply with any applicable laws, regulations or rules.

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#### Certain Relationships and Related Party Transactions
In addition to the compensation arrangements, including employment, severance and change in control arrangements and indemnification arrangements described in "Executive Compensation" and the registration rights described in "Description of Capital Stock — Registration Rights," the following is a description of each transaction since January 1, 2023 and each currently proposed transaction in which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we have been or are to be a participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount involved exceeds $120,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any of our directors, executive officers or holders of more than 5% of any class of our capital stock, or any immediate family member of or person sharing the household with any of these individuals, had or will have a direct or indirect material interest.

#### Class B Exchange Agreement and Class B Equity Exchange Agreement
To facilitate the Class B Stock Exchange, we will enter into the Class B Exchange Agreement with Standard Nuclear Trust, an entity affiliated with Mr. Hendrix, pursuant to which, upon the Effective Time, shares of our outstanding Class A common stock beneficially owned by Standard Nuclear Trust as of the Effective Time will be automatically exchanged for an equivalent number of newly issued shares of our Class B common stock.

In addition, we will enter into the Class B Equity Exchange Agreement with Mr. Hendrix pursuant to which, following the completion of this offering, Mr. Hendrix shall have a right (but not an obligation), to require us to exchange any shares of Class A common stock received by Mr. Hendrix upon the exercise, vesting, and/or settlement of certain equity awards held by Mr. Hendrix for an equivalent number of shares of Class B common stock. As of the date of this prospectus, there were shares of our Class A common stock subject to equity awards held by Mr. Hendrix that may become exchangeable for an equivalent number of shares of our Class B common stock following this offering.

#### Convertible Preferred Stock Financings
In December 2024, we received approximately $32.5 million in gross proceeds from various investors, including entities affiliated with Decisive Point Group, LLC, entities affiliated with Welara Capital Partners, entities affiliated with Fundomo, and entities affiliated with Washington Harbour Partner (each of which are holders of more than 5% of a class of our capital stock), pursuant to SAFE investments. Pursuant to the terms of the SAFE investments, such investments were convertible into preferred stock in connection with our next equity financing at a price equal to the purchase amount divided by the conversion price, which means either: (1) the SAFE price or (2) the discount price (lowest price per share sold in the equity financing multiplied by the discount rate), whichever resulted in a greater number of shares of capital stock. As of the date of this prospectus, we have sold an aggregate of 65,322,744 shares of our convertible preferred stock as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 7,096,515 shares of Series A-2 preferred stock at a purchase price of $9.8640 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 13,474,232 shares of Series A preferred stock at a purchase price of $5.1951 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 32,500,000 shares of Series Seed-1 preferred stock issued upon conversion of SAFEs, as described further herein, at an issue price of $1.00 per share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 4,999,997 shares of Series Seed preferred stock at a purchase price of $2.00 per share; and

The purchasers of our convertible preferred stock are entitled to specified registration rights. For additional information, see "*Description of Capital Stock — Registration Rights*."

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The following tables summarize the convertible preferred stock purchased by our directors, executive officers, and beneficial owners of more than 5% of any class of our capital stock. The terms of these purchases were the same for all purchasers of a particular class of preferred stock.

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| | | |
|:---|:---|:---|
|  **Name of stockholder** | **Shares of <br> Series A-2<br> Preferred Stock** | **Total<br> Purchase Price** |
|  Entities affiliated with Decisive Point Group<sup>(1)</sup> | 506186 | $4993018.70 |
|  Entity affiliated with Welara Capital Partners<sup>(2)</sup> | 864038 | $8522870.83 |
|  Entity affiliated with Fundomo<sup>(3)</sup> | 1013788 | $10000004.83 |
|  Entity affiliated with Washington Harbour Partners<sup>(4)</sup> | 709651 | $6999997.46 |

---

____________

(1) Shares purchased by Decisive Point — Standard Nuclear IV and Decisive Point Ventures II Master Fund, L.P. Entities affiliated with Decisive Point Group, including Decisive Point — Standard Nuclear IV and Decisive Point Ventures II Master Fund, L.P, collectively hold more than 5% of our capital stock. Thomas Hendrix, a member of our board of directors, is the managing partner of Decisive Point Group.

(2) Shares purchased by Welara Capital Partners Series 3 LLC. Welara Capital Partners Series 3 LLC holds more than 5% of our Class A common stock.

(3) Shares purchased by ST-1014 Fund I, a series of Fundomo Syndicates, LP. Entities affiliated with Fundomo, including ST-1014 Fund I, a series of Fundomo Syndicates, LP, collectively hold more than 5% of our Class A common stock.

(4) Shares purchased by Washington Harbour Triso LLC. Entities affiliated with Washington Harbour, including Washington Harbour Triso LLC, collectively hold more than 5% of our Class A common stock.

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| | | |
|:---|:---|:---|
|  **Name of stockholder** | **Shares of <br>Series A <br>Preferred Stock** | **Total <br>Purchase Price** |
|  Larger Cross Partners I, LLC<sup>(1)</sup> | 192489 | $999999.61 |
|  Entities affiliated with Decisive Point Group<sup>(2)</sup> | 1698632 | $8824564.64 |
|  Entity affiliated with Welara Capital Partners<sup>(3)</sup> | 1757509 | $9130435.01 |
|  Entity affiliated with Fundomo<sup>(4)</sup> | 1924891 | $10000001.23 |
|  Entity affiliated with Washington Harbour Partners<sup>(5)</sup> | 1154934 | $5999997.62 |

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____________

(1) The AMP 2014 Protective Trust B, The JFP 2014 Protective Trust B and the JMP 2014 Protective Trust B control Larger Cross Partners I LLC and, consequently, such entities may be deemed the beneficial owner of the shares held by Larger Cross Partners I, LLC and have voting and dispositive control over such securities. Andrew Price, a member of our board of directors, is the authorized person for Larger Cross Partners I, LLC. See "*Principal Stockholders.*"

(2) Shares purchased by Decisive Point — Standard Nuclear III and Decisive Point Ventures II Master Fund, L.P. Entities affiliated with Decisive Point Group, including Decisive Point — Standard Nuclear III and Decisive Point Ventures II Master Fund, L.P, collectively hold more than 5% of our capital stock. Thomas Hendrix, our Founder and Executive Chairman, is the managing partner of Decisive Point Group.

(3) Shares purchased by Welara Capital Partners Series 3 LLC, who holds more than 5% of our Class A common stock.

(4) Shares purchased by Fundomo SN-001, LP. Entities affiliated with Fundomo, including Fundomo SN-001, LP, collectively hold more than 5% of our Class A common stock.

(5) Shares purchased by Washington Harbour Triso LLC. Entities affiliated with Washington Harbour, including Washington Harbour Triso LLC, collectively hold more than 5% of our Class A common stock.

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| | | |
|:---|:---|:---|
|  **Name of stockholder** | **Shares of <br>Series Seed <br>Preferred Stock** | **Total <br>Purchase Price** |
|  Entity affiliated with Decisive Point Group<sup>(1)</sup> | 1225839 | $2451679.00 |
|  Entity affiliated with Washington Harbour Partners<sup>(2)</sup> | 416500 | $833000 |
|  Standard Nuclear Trust<sup>(3)</sup> | 10154 | $20308 |

---

____________

(1) Shares purchased by Decisive Point — Standard Nuclear II. Entities affiliated with Decisive Point Group, including Decisive Point — Standard Nuclear II., collectively hold more than 5% of our capital stock. Thomas Hendrix, a member of our board of directors, is the managing partner of Decisive Point Group.

(2) Shares purchased by Washington Harbour Triso LLC. Entities affiliated with Washington Harbour, including Washington Harbour Triso LLC, collectively hold more than 5% of our Class A common stock.

(3) Standard Nuclear Trust is a grantor trust for the benefit of Mr. Hendrix's immediate family. Andrew Price, a member of our board of directors, is the trustee of Standard Nuclear Trust.

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| | | |
|:---|:---|:---|
|  **Name of stockholder** | **Shares of <br>Series Seed-1 <br>Preferred Stock** | **Total <br>Purchase Price** |
|  Entity affiliated with Decisive Point Group<sup>(1)</sup> | 4900000 | $0<br><sup>(2)</sup> |
|  Entity affiliated with Welara Capital Partners<sup>(3)</sup> | 7500000 | $0<br><sup>(2)</sup> |
|  Entity affiliated with Fundomo<sup>(4)</sup> | 7000000 | $0<br><sup>(2)</sup> |
|  Entity affiliated with Washington Harbour Partners<sup>(5)</sup> | 2000000 | $0<br><sup>(2)</sup> |
|  Standard Nuclear Trust<sup>(6)</sup> | 25000 | $0<br><sup>(2)</sup> |

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____________

(1) Shares held by Decisive Point — Standard Nuclear I and Decisive Point Ventures II Master Fund, L.P. Entities affiliated with Decisive Point Group, including Decisive Point — Standard Nuclear I and Decisive Point Ventures II Master Fund, L.P., collectively hold more than 5% of our capital stock. Thomas Hendrix, a member of our board of directors, is the managing partner of Decisive Point Group.

(2) Reflects shares of Series Seed-1 Preferred Stock issued upon conversion of the SAFE at an issue price of $1.00 per share.

(3) Shares held by Welara Capital Partners Series 3 LLC, who holds more than 5% of our Class A common stock.

(4) Shares held by ST-1014 Fund I, a series of Fundomo Syndicates, LP. Entities affiliated with Fundomo, including ST-1014 Fund I, a series of Fundomo Syndicates, LP, collectively hold more than 5% of our Class A common stock.

(5) Shares held by Washington Harbour Triso LLC. Entities affiliated with Washington Harbour, including Washington Harbour Triso LLC, collectively hold more than 5% of our Class A common stock.

(6) Standard Nuclear Trust is a grantor trust for the benefit of Mr. Hendrix's immediate family. Andrew Price, a member of our board of directors, is the trustee of Standard Nuclear Trust.

#### Common Stock Issuances
In October 2024, we sold an aggregate of 14,000,000 shares of common stock to members of our board of directors and their affiliated entities, including Thomas Hendrix, Keeley Marrocco and Andrew Price for net cash proceeds of $108.35.

In March 2025, we entered into Share Exchange Agreements (effective as of February 2025) with the holders of our common stock, pursuant to which certain holders exchanged their shares of common stock for an equal number of shares of Class A common stock and certain holders exchanged their shares of common stock for an equal number of shares of Class B common stock. In connection with this offering, certain of these holders of Class B common stock will have their shares converted to Class A common stock on a one-for-one basis pursuant to the Class B Conversion.

#### Reserved Share Program
At our request, the underwriters have reserved % of the shares of Class A common stock to be offered by us under this prospectus for sale, at the initial public offering price, to employees, executive officers, directors, and other related persons of the Company. See the section titled "*Underwriting — Reserved Share Program*" for additional information.

#### Other Transactions
In connection with the Series Seed Preferred Stock Financing, we received non-interest-bearing cash advances from Decisive Point — Standard Nuclear II. This short-term cash advance of $1,263,500 from Decisive Point — Standard Nuclear II, together with a separate non-related-party short-term cash advance of $1,231,333, was reclassified from liabilities to equity on February 13, 2025, in connection with the Series Seed Preferred Stock financing. The total reclassification of $2,494,833 was applied as additional consideration for Series Seed preferred equity. As of December 31, 2025, none of such cash advances remained outstanding.

#### Investors' Rights, Voting, and Right of First Refusal Agreements
In connection with our preferred stock financings, we entered into an Investors' Rights Agreement, dated as of January 23, 2026, by and among us and certain stockholders (the "amended and restated investors' rights agreement"), a Voting Agreement dated January 23, 2026 by and among us and certain stockholders (the "amended and restated voting agreement") and an amended and restated Right of First Refusal Agreement, dated as of January 23, 2026, by and among us and certain stockholders (the "amended and restated right of first refusal agreement"), pursuant to which we have granted such stockholders party to these agreements registration rights, voting rights, and rights of first refusal, among other things, with certain holders of our convertible preferred stock

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and certain holders of our common stock. The parties to these agreements include Kurt Terrani, our Chief Executive Officer, Thomas Hendrix, our Founder and Executive Chairman, Keeley Marrocco, our Chief Operating Officer, Decisive Point Group, LLC, of which Mr. Hendrix is the managing partner, entities affiliated with Decisive Point Group, LLC including Decisive Point — Standard Nuclear I, Decisive Point — Standard Nuclear II, Decisive Point Ventures II Master Fund, L.P. and Decisive Point — Standard Nuclear III, which collectively own more than 5% of our capital stock, Welara Capital Partners Series 3 LLC, which owns more than 5% of our Class A common stock, entities affiliated with Fundomo, including ST-1014 Fund I, a series of Fundomo Syndicates, LP and Fundomo SN-001, LP, which collectively own more than 5% of our Class A common stock, entities affiliated with Washington Harbour, including Washington Harbour Triso LLC, which collectively own more than 5% of our Class A common stock, and other entities affiliated with our directors, including Standard Nuclear Trust and Larger Cross Partners I, LLC. The amended and restated voting agreement and amended and restated right of first refusal agreement will terminate upon the completion of this offering, and the provisions of the amended and restated investors' rights agreement will terminate upon the completion of this offering except for the registration rights granted thereunder, as more fully described in "*Description of Capital Stock* — *Registration Rights*." See the section titled "*Principal Stockholders*" for additional information regarding beneficial ownership of our capital stock.

#### Promissory Notes
In June 2025, we issued Keeley Marrocco, our Chief Operating Officer, 1,080,000 shares of Class B common stock at a purchase price of $0.42 per share for a total purchase price of $453,600 pursuant to a Restricted Stock Purchase Agreement. We also concurrently issued Kurt Terrani, our Chief Executive Officer, 1,712,500 shares of Class B common stock at a purchase price of $0.42 per share for a total purchase price of $719,250. 100% of the shares of restricted stock issued to Ms. Marrocco and Mr. Terrani were initially subject to our ability under the 2025 Plan to repurchase such shares at the original purchase price thereof upon such employee's termination, subject to the vesting terms and certain other conditions (the "Repurchase Option"). The scheduled vesting provides that 25% of the shares were released from the Repurchase Option on January 13, 2026, with an additional 1/48<sup>th</sup> released monthly thereafter. In connection with the issuance of such restricted stock, Mr. Terrani and Ms. Marrocco granted an irrevocable proxy to Mr. Hendrix, giving Mr. Hendrix full power and substitution to vote such shares in any and all matters. Such proxies were terminated upon Mr. Terrani's and Ms. Marrocco's respective conversion of their Class B common stock to Class A common stock prior to the completion of this offering.

In connection with the purchase of the restricted stock discussed above, we loaned Ms. Marrocco and Mr. Terrani the full purchase prices of their shares of restricted stock ($453,600 and $719,250, respectively) under promissory notes bearing interest at 4.07% per annum, compounded annually. Each promissory note is secured by a pledge of the purchased shares. Each note is 50% recourse to the executives personally and 50% nonrecourse, secured solely by the shares. Each note is due in full on the ninth anniversary of issuance, or earlier upon the occurrence of certain events, including termination of employment, and the completion of this offering (in which case each note is due six months after the completion of this offering). In connection with the completion of this offering, the promissory notes will be paid off in full.

In May 2026, we issued Kevin Harrill, our Chief Financial Officer, 470,611 shares of Class B common stock at a purchase price of $3.27 per share for a total purchase price of $1,538,897.97 pursuant to Restricted Stock Purchase Agreements. 100% of the shares of restricted stock issued to Mr. Harrill were initially subject to the Repurchase Option. With respect to 438,841 of such shares, the scheduled vesting provides that 25% of the shares shall be released from the Repurchase Option on the 12-month anniversary of March 9, 2026, with an additional 3/48th released quarterly thereafter, subject to Mr. Harrill's continuous service through each vesting date. In the event that Mr. Harrill's service is terminated by the Company other than for "cause" or by Mr. Harrill for "good reason" within 12 months following a "change of control" of the Company, then 100% of the unvested shares will vest and be released from the Company repurchase option on an accelerated basis. In the event that Mr. Harrill's service is terminated by the Company other than for "cause" or by Mr. Harrill for "good reason" within 24 months following March 9, 2026, then 100% of the unvested shares which would have vested within 12 months after such termination will vest and be released from the Company repurchase option on an accelerated basis. With respect to the remaining 31,770 shares, 100% of such shares shall vest upon the consummation of this offering, subject to Mr. Harrill's continuous service through such date. In connection with the issuance of such restricted stock, Mr. Harrill granted an irrevocable proxy to Mr. Hendrix, giving Mr. Hendrix full power and substitution to vote such shares in any and all matters. Such proxy was terminated upon Mr. Harrill's conversion of his Class B common stock to Class A common stock prior to the completion of this offering.

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In connection with Mr. Harrill's purchase of the restricted stock discussed above, we loaned Mr. Harrill the full purchase price of his shares of restricted stock ($1,435,010.07 and $103,887.90, respectively) under promissory notes bearing interest at 4.08% per annum, compounded annually. Each promissory note is secured by a pledge of the purchased shares. Each note is 50% recourse to Mr. Harrill personally and 50% nonrecourse, secured solely by the shares. Each note is due in full on the ninth anniversary of issuance, or earlier upon the occurrence of certain events, including termination of employment, and the completion of this offering (in which case each note is due six months after the completion of this offering). In connection with the completion of this offering, the promissory notes will be paid off in full.

#### Neutroelectric, LLC
In September 2025, we entered into a Master Services Agreement with Neutroelectric, LLC ("Neutroelectric"), pursuant to which Neutroelectric provides specialized engineering and design services to us on a project basis under individually negotiated statements of work. Neutroelectric is owned and operated by Danielle Castley, the spouse of Kurt Terrani, our Chief Executive Officer. The Master Services Agreement has a two-year term and provides for Neutroelectric to furnish services to us as an independent contractor, with compensation determined on a per-project basis as set forth in each statement of work. As of the date of this prospectus, we have paid Neutroelectric approximately $240,000 in the aggregate under the Master Services Agreement and related statements of work.

#### Executive Compensation and Employment Arrangements
Please see "*Executive Compensation*" for information on compensation arrangements with our executive officers, including stock option grants and agreements with executive officers.

#### Indemnification of Directors and Officers
See "*Executive Compensation — Limitation of Liability and Indemnification of Directors and Officers*" for information on our indemnification arrangements with our directors and executive officers.

#### Review, Approval or Ratification of Transactions with Related Parties
We intend to adopt a written related person transactions policy that our executive officers, directors, nominees for election as a director, beneficial owners of more than 5% of any class of our capital stock and any members of the immediate family of and any entity affiliated with any of the foregoing persons are not permitted to enter into a material related person transaction with us without the review and approval of our audit committee or a committee composed solely of independent directors in the event it is inappropriate for our audit committee to review such transaction due to a conflict of interest. We expect the policy to provide that any request for us to enter into a transaction with an executive officer, director, nominee for election as a director, beneficial owner of more than 5% of any class of our capital stock or with any of their immediate family members or affiliates, in which the amount involved exceeds $120,000 will be presented to our audit committee for review, consideration and approval. In approving or rejecting any such proposal, we expect that our audit committee will consider the relevant facts and circumstances available and deemed relevant to the audit committee, including, but not limited to, whether the transaction is on terms no less favorable than terms generally available to an unaffiliated third party under the same or similar circumstances and the extent of the related person's interest in the transaction.

Although we have not had a written policy for the review and approval of transactions with related persons, our board of directors has historically reviewed and approved any transaction where a director or officer had a financial interest, including all of the transactions described above. Prior to approving such a transaction, the material facts as to a director's or officer's relationship or interest as to the agreement or transaction were disclosed to our board of directors. Our board of directors would take this information into account when evaluating the transaction and in determining whether such transaction was fair to our company and in the best interest of all of our stockholders.

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#### Principal Stockholders
The following table presents information as to the beneficial ownership of our common stock as of , 2026 and as adjusted to reflect our sale of common stock in this offering, by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each stockholder known by us to be the beneficial owner of more than 5% of our Class A common stock or Class B common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our named executive officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all of our directors and executive officers as a group.

Beneficial ownership is determined in accordance with the rules of the SEC and generally includes any shares over which a person exercises sole or shared voting or investment power. Unless otherwise indicated below, to our knowledge, the persons and entities named in the table have sole voting and sole investment power with respect to all shares beneficially owned by them, subject to community property laws where applicable. Shares of our common stock subject to stock options that are currently exercisable or exercisable within 60 days of , 2026 are deemed to be outstanding and to be beneficially owned by the person holding the stock options for the purpose of computing the percentage ownership of that person, but are not treated as outstanding for the purpose of computing the percentage ownership of any other person.

Percentage ownership of our common stock before the completion of this offering is based on shares of our common stock outstanding on , 2026, which includes shares of our Class A common stock and shares of our Class B common stock outstanding as of , 2026 (and assumes the Preferred Conversion, the Class B Stock Exchange and the Class B Conversion). Each share of our Class B common stock is entitled to 20 votes per share on all matters submitted to a vote of the stockholders, including the election of directors.

Percentage ownership of our common stock after the offering (assuming no exercise of the underwriters' option to purchase additional shares of our Class A common stock) also assumes the foregoing and assumes the sale of shares of Class A common stock in this offering. Unless otherwise indicated, the address of each of the individuals and entities named below is c/o Standard Nuclear, Inc., 200 Europia Ave., Oak Ridge, TN 37830.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Name of Beneficial Owner** | **Shares Beneficially Owned <br>Before the Offering** | **Shares Beneficially Owned <br>Before the Offering** | **Shares Beneficially Owned <br>Before the Offering** | **Shares Beneficially Owned <br>Before the Offering** | **Shares Beneficially Owned <br>Before the Offering** | **Shares Beneficially Owned <br>After the Offering** | **Shares Beneficially Owned <br>After the Offering** | **Shares Beneficially Owned <br>After the Offering** | **Shares Beneficially Owned <br>After the Offering** | **Shares Beneficially Owned <br>After the Offering** |
|  **Name of Beneficial Owner** | **Class A <br>Common Stock** | **Class A <br>Common Stock** | **Class B <br>Common Stock** | **Class B <br>Common Stock** | **% of Total <br>Voting <br>Power**  | **Class A <br>Common Stock** | **Class A <br>Common Stock** | **Class B <br>Common Stock** | **Class B <br>Common Stock** | **% of Total <br>Voting <br>Power**  |
|  **Name of Beneficial Owner** | **Shares** | **%** | **Shares** | **%** | **% of Total <br>Voting <br>Power**  | **Shares** | **%** | **Shares** | **%** | **% of Total <br>Voting <br>Power**  |
|  **5% or Greater Stockholders:**  |  |  |  |  |  |  |  |  |  |  |
|  Entities affiliated with Decisive Point Group<sup>(1)</sup> |  |  |  |  |  |  |  |  |  |  |
|  Larger Cross Partners I, LLC<sup>(2)</sup> |  |  |  |  |  |  |  |  |  |  |
|  Standard Nuclear Trust<sup>(3)</sup> |  |  |  |  |  |  |  |  |  |  |
|  Welara Capital Partners Series 3 LLC<sup>(4)</sup> |  |  |  |  |  |  |  |  |  |  |
|  Entities affiliated with Fundomo<sup>(5)</sup> |  |  |  |  |  |  |  |  |  |  |
|  Washington Harbour Triso LLC<sup>(6)</sup> |  |  |  |  |  |  |  |  |  |  |
|  **Named Executive Officers and Directors:** |  |  |  |  |  |  |  |  |  |  |
|  Kurt Terrani |  |  |  |  |  |  |  |  |  |  |
|  Keeley Marrocco |  |  |  |  |  |  |  |  |  |  |
|  Thomas Hendrix<sup>(3)</sup> |  |  |  |  |  |  |  |  |  |  |
|  Alexander Matina |  |  |  |  |  |  |  |  |  |  |
|  Andrew Price<sup>(2)</sup> |  |  |  |  |  |  |  |  |  |  |
|  A. Scott Miller |  |  |  |  |  |  |  |  |  |  |
|  **All executive officers and directors as a group (persons)** |  |  |  |  |  |  |  |  |  |  |

---

____________

\* Represents beneficial ownership of less than 1% of our outstanding shares of our Class A common stock or Class B common stock.

(1) Decisive Point Group, LLC, Decisive Point — Standard Nuclear I, Decisive Point — Standard Nuclear II, Decisive Point — Standard Nuclear III, Decisive Point — Standard Nuclear IV, LLC and Decisive Point Ventures II Master Fund, L.P. are the record holders of such shares (collectively, the "Decisive Point Shares"). Decisive Point Ventures Fund II GP,

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LLC is the manager (the "Manager") of Decisive Point Ventures II Master Fund, L.P., Decisive Point — Standard Nuclear I, Decisive Point — Standard Nuclear II, Decisive Point — Standard Nuclear III and Decisive Point — Standard Nuclear IV, LLC. Decisive Point Group, LLC is the parent of the Manager and may be deemed the beneficial owner of the Decisive Point Shares and have voting and dispositive control over such securities. Thomas Hendrix, our chairman, is the managing partner of Decisive Point Group. The address for the Decisive Point entities is 330 Railroad Avenue, Suite 201, Greenwich, CT 06830.

(2) Larger Cross Partners I, LLC is the record holder of such shares. The AMP 2014 Protective Trust B, The JFP 2014 Protective Trust B and the JMP 2014 Protective Trust B control Larger Cross Partners I LLC and, consequently, such entities may be deemed the beneficial owner of the shares held by Larger Cross Partners I, LLC and have voting and dispositive control over such securities. Andrew Price is the authorized person for Larger Cross Partners I, LLC. The address for Larger Cross Partners is 16192 Coastal Highway Lewes, DE 19958.

(3) Standard Nuclear Trust is a grantor trust for the benefit of Mr. Hendrix's immediate family and is the record holder of such shares. Andrew Price, a member of our board of directors, is the trustee of Standard Nuclear Trust. Pursuant to a voting agreement entered between Standard Nuclear Trust and Mr. Hendrix, Mr. Hendrix has sole voting and dispositive control over such securities. The address for Standard Nuclear Trust is 16192 Coastal Highway Lewes, DE 19958.

(4) Welara Capital Partners Series 3 LLC is the record holder of such shares. Welara Capital Partners LLC is the controlling entity of Welara Capital Partners Series 3 LLC. Colette K. Young is the managing member of Welara Capital Partners LLC and consequently may be deemed the beneficial owner of the shares held by Welara Capital Partners Series 3 LLC and have voting and dispositive control over such securities. The address of Welara Capital Partners Series 3 LLC is 200 Central Park South, New York, New York 10019.

(5) ST-1014 Fund I, a series of Fundomo Syndicates, LP, Fundomo SN-001, LP and Fundomo SN-002, LP are the record holders of such shares. Fund GP, LLC is the general partner of ST-1014 Fund I, Fundomo SN-001 GP, LLC is the general partner of Fundomo SN-001, LP and Fundomo SN-002 GP, LLC is the general partner of Fundomo SN-002, LP. Consequently, such entities may be deemed the beneficial owner of the shares held by ST-1014 Fund I (in the case of Fund GP, LLC), Fundomo SN-001, LP (in the case of Fundomo SN-001 GP, LLC) and Fundomo SN-002, LP (in the case of Fundomo SN-002 GP, LLC) and have voting and dispositive control over such securities. Joshua Cowdin is the authorized signatory for Fund GP, LLC, and Corey Nobile and Siranush Babakhanova are the managers of Fundomo SN-001 GP, LLC and Fundomo SN-002 GP, LLC. The address of ST-1014 Fund I is PO Box 3217, Seattle, WA 98114 and the address of Fundomo SN-001, LP and Fundomo SN-002, LP is 401 Park Ave S, 10<sup>th</sup> Floor New York, NY 10016.

(6) Washington Harbour Triso LLC is the record holder of such shares. Washington Harbour Partners, LP. is the investment manager of Washington Harbour Triso LLC. Mina Faltas controls Washington Harbour Partners, LP and consequently may be deemed the beneficial owner of the shares held by Washington Harbour Triso LLC and have voting and dispositive control over such securities. The address for Washington Harbour Triso LLC is 1201 Wilson Blvd, Suite 2210, Arlington, VA 22209.

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#### Description of Capital Stock
The following description summarizes the most important terms of our capital stock, as they will be in effect following the completion of this offering. Because it is only a summary, it does not contain all the information that may be important to you. We expect to adopt a restated certificate of incorporation and restated bylaws that will become effective immediately prior to the completion of this offering, and this description summarizes provisions that are expected to be included in these documents. For a complete description, you should refer to our restated certificate of incorporation, restated bylaws and amended and restated investors' rights agreement, which are included as exhibits to the registration statement of which this prospectus forms a part, and to the applicable provisions of Delaware law.

Our restated certificate of incorporation provides for two classes of common stock: Class A common stock and Class B common stock. Upon the completion of this offering, our authorized capital stock will consist of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of Class A common stock, $0.00001 par value per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of Class B common stock, $0.00001 par value per share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of undesignated preferred stock, $0.00001 par value per share.

Assuming the occurrence of the Class B Conversion, Class B Stock Exchange and the Preferred Conversion, which will all occur immediately prior to the completion of this offering, as of , there were shares of our Class A common stock and shares of Class B common stock outstanding, held by stockholders of record, and no shares of our preferred stock outstanding. Our board of directors is authorized, without stockholder approval except as required by the NYSE listing rules, to issue additional shares of our capital stock.

#### Class A Common Stock and Class B Common Stock
We have two classes of authorized common stock, Class A common stock and Class B common stock. Upon the effectiveness of the registration statement of which this prospectus forms a part, all outstanding shares of our convertible preferred stock will be converted into shares of our Class A common stock.

#### Dividend Rights
Subject to preferences that may apply to shares of convertible preferred stock outstanding at the time, the holders of outstanding shares of our common stock are entitled to receive dividends out of funds legally available at the times and in the amounts that our board of directors may determine.

#### Voting Rights
Holders of our Class A common stock is entitled to one vote per share, and holders of our Class B common stock are entitled to 20 votes per share, on all matters submitted to a vote of stockholders. Holders of our Class A common stock and Class B common stock will generally vote together as a single class on all matters submitted to a vote of our stockholders, unless otherwise required by Delaware law or our restated certificate of incorporation. Delaware law could require either holders of our Class A common stock or Class B common stock to vote separately as a single class in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if we were to seek to amend our restated certificate of incorporation to increase or decrease the par value of a class of our capital stock, then that class would be required to vote separately to approve the proposed amendment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if we were to seek to amend our restated certificate of incorporation in a manner that alters or changes the powers, preferences, or special rights of a class of our capital stock in a manner that affected its holders adversely, then that class would be required to vote separately to approve the proposed amendment.

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Our restated certificate of incorporation and restated bylaws establish a classified board of directors that is divided into three classes with staggered three-year terms. Only the directors in one class will be subject to election by a plurality of the votes cast at each annual meeting of our stockholders, with the directors in the other classes continuing for the remainder of their respective three-year terms. Our restated certificate of incorporation does not provide for cumulative voting for the election of directors.

#### Conversion
Each outstanding share of Class B common stock is convertible at any time at the option of the holder into one share of Class A common stock. In addition, each share of Class B common stock will convert automatically into one share of Class A common stock upon any transfer, whether or not for value, which occurs after the completion of this offering, except for certain permitted transfers, described in the paragraph that immediately follows this paragraph and further described in our restated certificate of incorporation. Once converted into Class A common stock, the Class B common stock will not be reissued. In addition, each share of Class B common stock will convert automatically into one share of Class A common stock upon the earlier of (i) twelve months following the death or disability of Mr. Hendrix, (ii) upon the first trading day on or after such date that the outstanding shares of Class B common stock represent less than 5% of the then-outstanding Class A and Class B common stock or (iii) upon the first trading day on or after such date that (A) Mr. Hendrix is no longer providing services to the Company as an officer, employee or consultant and (B) Mr. Hendrix is not a director of the Company as a result of a voluntary resignation by Mr. Hendrix from our board of directors or as a result of a written request or agreement by Mr. Hendrix not to be renominated as a director of the Company at an annual or special meeting of stockholders, which, in instances (i)-(iii) above, may be extended to 18 months upon affirmative approval of a majority of the independent directors.

A transfer of Class B common stock will not trigger an automatic conversion of such stock to Class A common stock if it is a permitted transfer, which is a transfer by a holder of Class B common stock to certain persons specified as a 'Permitted Transferee' in our restated certificate of incorporation, and from any such Permitted Transferee back to such holder of Class B common stock and/or any other Permitted Transferee established by or for such holder of Class B common stock.

#### No Preemptive or Similar Rights
Our Class A common stock and Class B common stock are not entitled to preemptive rights and are not subject to conversion or redemption.

#### Right to Receive Liquidation Distributions
Upon our liquidation, dissolution or winding-up, the assets legally available for distribution to our stockholders would be distributable ratably among the holders of our Class A common stock and Class B common stock and any participating preferred stock outstanding at that time, subject to prior satisfaction of all outstanding debt and liabilities and the preferential rights of and the payment of liquidation preferences, if any, on any outstanding shares of preferred stock.

#### Fully Paid and Non-assessable
All of the outstanding shares of our Class A common stock and Class B common stock are fully paid and non-assessable.

#### Preferred Stock
Immediately prior to the completion of this offering, all of our previously outstanding shares of convertible preferred stock will have been converted into shares of our Class A common stock, there will be no authorized shares of our convertible preferred stock and we will have no shares of convertible preferred stock outstanding. Under the terms of our restated certificate of incorporation, our board of directors has the authority, without further action by our stockholders, to issue up to shares of preferred stock in one or more series, to establish from time to time the number of shares to be included in each such series, to fix the dividend, voting, and other rights, preferences, and privileges of the shares of each series and any qualifications, limitations, or restrictions thereon, and to increase or decrease the number of shares of any such series, but not below the number of shares of such series then outstanding.

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Our board of directors may authorize the issuance of preferred stock with voting or conversion rights that could adversely affect the voting power or other rights of the holders of Class A common stock and Class B common stock. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could, among other things, have the effect of delaying, deferring, or preventing a change in control of our company and may adversely affect the market price of our Class A common stock and the voting and other rights of the holders of Class A and Class B common stock. We have no current plans to issue any shares of preferred stock.

#### Options
As of , we had outstanding options to purchase an aggregate of shares of our Class A common stock, with a weighted-average exercise price of $ per share under the 2025 Stock Plan.

#### Restricted Stock
As of , as part of a grant under the 2025 Stock Plan, we issued shares of our Class B common stock pursuant to Restricted Stock Purchase Agreements (the "Restricted Stock Awards"). Such shares of Class B common stock are subject to the Repurchase Option (as defined below).

#### Registration Rights
We are party to an amended and restated investors' rights agreement that provides that certain holders of our convertible preferred stock have certain registration rights as set forth below. The registration of shares of our common stock by the exercise of registration rights described below would enable the holders to sell these shares without restriction under the Securities Act when the applicable registration statement is declared effective. We will pay the registration expenses, other than underwriting discounts and commissions, of the shares registered by the demand, piggyback, and Form S-3 registrations described below.

The registration rights set forth in the amended and restated investors' rights agreement will expire five years following the date of this prospectus, or, with respect to any particular stockholder, when such stockholder is able to sell all of its shares pursuant to Rule 144(b)(1)(i) of the Securities Act or holds 1% or less of our common stock and is able to sell all of its Registrable Securities, as defined in the amended and restated investors' rights agreement, without registration pursuant to Rule 144 of the Securities Act during any three-month period. We will pay the registration expenses (other than underwriting discounts and selling commissions) of the holders of the shares registered pursuant to the registrations described below, including the reasonable fees of one counsel for the selling holders. In an underwritten offering, the underwriters have the right, subject to specified conditions, to limit the number of shares such holders may include, subject to certain conditions. Holders of substantially all of our shares with the registration rights described below have entered into agreements with the underwriters prohibiting the exercise of these registration rights for 180 days following the date of this prospectus. For a description of these agreements, see "*Underwriting*."

#### Demand Registration Rights
After the completion of this offering, the holders of a majority of the registrable securities under the amended and restated investors' rights agreement will be entitled to certain demand registration rights. At any time beginning the six months after the date of this prospectus, the holders of a majority of these shares may request that we register all or a portion of their shares. We are obligated to effect only one such registration. Such request for registration must cover shares with an anticipated aggregate offering price, net of underwriting discounts and commissions, of at least $20 million.

#### Piggyback Registration Rights
After the date of this prospectus, in the event that we propose to register any of our securities under the Securities Act, either for our own account or for the account of other security holders, the holders of registrable securities under the amended and restated investors' rights agreement will be entitled to certain piggyback registration rights allowing the holder to include their shares in such registration, subject to certain marketing and other limitations. As a result, whenever we propose to file a registration statement under the Securities Act, other than with respect to (1) a registration relating solely to the sale of securities to participants in our stock plan, (2) a

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registration relating to a transaction covered by Rule 145 under the Securities Act, (3) a registration in which the only stock being registered is common stock upon conversion of debt securities also being registered, or (4) any registration on any form which does not include substantially the same information as would be required to be included in a registration statement covering the sale of registrable securities, the holders of these shares are entitled to notice of the registration and have the right to include their shares in the registration, subject to limitations that the underwriters may impose on the number of shares included in the offering. For the avoidance of doubt, such piggyback registration rights shall not apply to this offering.

#### Form S-3 registration rights
After the date of this prospectus, the holders of registrable securities under the amended and restated investors' rights agreement will be entitled to certain Form S-3 registration rights. The holders of these shares can make a request that we register their shares on Form S-3 if we are qualified to file a registration statement on Form S-3 and if the reasonably anticipated aggregate gross proceeds of the shares offered, net of net of underwriting discounts and commissions would equal or exceed $5.0 million. We will not be required to effect more than two registrations on Form S-3 within any 12-month period.

#### Anti-takeover Effects of Delaware Law and Our Certificate of Incorporation and Bylaws
Some provisions of Delaware law, our restated certificate of incorporation, and restated bylaws contain or will contain provisions that could make the following transactions more difficult: an acquisition of us by means of a tender offer; an acquisition of us by means of a proxy contest or otherwise; or the removal of our incumbent officers and directors. It is possible that these provisions could make it more difficult to accomplish or could deter transactions that stockholders may otherwise consider to be in their best interest or in our best interests, including transactions which provide for payment of a premium over the market price for our shares.

These provisions, summarized below, are intended to discourage coercive takeover practices and inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of us to first negotiate with our board of directors. We believe that the benefits of the increased protection of our potential ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure us outweigh the disadvantages of discouraging these proposals because negotiation of these proposals could result in an improvement of their terms.

#### Dual Class Stock
So long as the outstanding shares of our Class B common stock represent a majority of the combined voting power of our then-outstanding Class A common stock and Class B common stock, Mr. Hendrix will effectively control all matters submitted to our stockholders for a vote, as well as the overall management and direction of the Company, which will have the effect of delaying, deferring or discouraging another person from acquiring control of our company.

#### Stockholder Meetings
Our restated certificate of incorporation will provide that a special meeting of stockholders may be called only by the chairperson of our board, chief executive officer, or by a resolution adopted by a majority of our board of directors.

#### Requirements for Advance Notification of Stockholder Nominations and Proposals
Our restated bylaws will establish advance notice procedures with respect to stockholder proposals to be brought before a stockholder meeting and the nomination of candidates for election as directors, other than nominations made by or at the direction of our board of directors or a committee of our board of directors.

#### Stockholder Action by Written Consent
Our amended and restated certificate of incorporation provides that, prior to the Voting Threshold Date, our stockholders will be able to take action by written consent. From and after the Voting Threshold Date, our stockholders will no longer be able to take action by written consent and will only be able to take action at an annual or special meeting of our stockholders.

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#### Staggered Board
Our board of directors will be divided into three classes. The directors in each class will serve for a three-year term, one class being elected each year by our stockholders. For more information on the classified board, see "*Management — Composition of Our Board of Directors.*" This system of electing and removing directors may tend to discourage a third-party from making a tender offer or otherwise attempting to obtain control of us, because it generally makes it more difficult for stockholders to replace a majority of the directors.

#### Removal of directors
Our restated certificate of incorporation will provide that no member of our board of directors may be removed from office by our stockholders except for cause and, in addition to any other vote required by law, upon the approval of not less than two-thirds of the total voting power of all of our outstanding voting stock then entitled to vote in the election of directors.

#### Stockholders Not Entitled to Cumulative Coting
Our restated certificate of incorporation will not permit stockholders to cumulate their votes in the election of directors. Accordingly, the holders of a majority of the outstanding shares of our common stock entitled to vote in any election of directors can elect all of the directors standing for election, if they choose, other than any directors that holders of our preferred stock may be entitled to elect.

#### Supermajority Approvals
Our amended and restated certificate of incorporation provides that, from and after the Voting Threshold Date, certain amendments to our amended and restated certificate of incorporation will require the approval of two-thirds of the combined voting power of our then-outstanding shares of Class A and Class B common stock, provided that, if such amendments are approved by two-thirds of the whole board of directors, they will only require the approval of a majority of the combined voting power of all the then-outstanding shares of Class A and Class B common stock. In addition, prior to the Voting Threshold Date, our amended and restated bylaws may be amended by the affirmative vote of a majority of the combined voting power of all the then-outstanding shares of Class A and Class B common stock, and after the Voting Threshold Date, the affirmative vote of at least two-thirds of the combined voting power of all the then-outstanding shares of Class A and Class B common stock. These provisions will have the effect of making it more difficult for our stockholders to amend our certificate of incorporation or amended and restated bylaws to remove or modify certain provisions.

#### Delaware Anti-takeover Statute
In general, Section 203 of the DGCL prohibits persons deemed to be "interested stockholders" from engaging in a "business combination" with a publicly held Delaware corporation for three years following the date these persons become interested stockholders unless the business combination is, or the transaction in which the person became an interested stockholder was, approved in a prescribed manner or another prescribed exception applies. Generally, an "interested stockholder" is a person who, together with affiliates and associates, owns, or within three years prior to the determination of interested stockholder status did own, 15% or more of a corporation's voting stock. Generally, a "business combination" includes a merger, asset, or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. We have expressly elected not to be governed by the "business combination" provisions of Section 203 of the DGCL, until after we are no longer a controlled company. At that time, such election shall be automatically withdrawn and we will thereafter be governed by the "business combination" provisions of Section 203 of the DGCL.

#### Choice of Forum
Our amended and restated certificate of incorporation will provide that the Court of Chancery of the State of Delaware will be the exclusive forum for the following types of actions or proceedings under Delaware statutory or common law: (1) any derivative action or proceeding brought on our behalf; (2) any action asserting a claim of breach of a fiduciary duty or other wrongdoing by any of our directors, officers, employees, or agents to us or our stockholders; (3) any action asserting a claim against us arising pursuant to any provision of the General Corporation Law of the State of Delaware or our certificate of incorporation or bylaws; (4) any action to interpret, apply, enforce,

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**While courts in Delaware and several other jurisdictions have determined that such choice of forum provisions are facially valid, a stockholder may nevertheless seek to bring a claim in a venue other than those designated in the exclusive forum provisions. In such instance, we would expect to vigorously assert the validity and enforceability of the exclusive forum provisions of our restated certificate of incorporation. This may require significant additional costs associated with resolving such action and there can be no assurance that the provisions will be enforced by a court.**

The provisions of Delaware law, our restated certificate of incorporation, and our restated bylaws could have the effect of discouraging others from attempting hostile takeovers and, as a consequence, they may also inhibit temporary fluctuations in the market price of our common stock that often result from actual or rumored hostile takeover attempts. These provisions may also have the effect of preventing changes in the composition of our board and management. It is possible that these provisions could make it more difficult to accomplish transactions that stockholders may otherwise deem to be in their best interests.

#### Stock Exchange Listing
We intend to apply for the listing of our Class A common stock on the under the symbol "STDN."

#### Transfer Agent and Registrar
The transfer agent and registrar for our common stock is . The transfer agent's address is , and its telephone number is .

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#### Shares Eligible for Future Sale
Prior to this offering, there has been no public market for our Class A common stock, and we cannot predict the effect, if any, that market sales of shares of our Class A common stock or the availability of shares of our Class A common stock for sale will have on the market price of our Class A common stock prevailing from time to time. Nevertheless, sales of substantial amounts of our Class A common stock, including shares issued upon exercise of outstanding options or settlement of outstanding RSUs, or upon conversion of Class B common stock, in the public market after this offering could adversely affect market prices prevailing from time to time and could impair our ability to raise capital through the sale of our equity securities.

Upon the completion of this offering, based on the number of shares of capital stock outstanding as of , and assuming (i) the issuance of shares of Class A common stock in this offering, (ii) the Class B Stock Exchange, (iii) the Class B Conversion; and (iv) the Preferred Conversion, we will have shares of Class A common stock and shares of Class B common stock outstanding. Of these outstanding shares, all of the shares of Class A common stock sold in this offering will be freely tradable, except (1) any shares purchased by our affiliates, as that term is defined in Rule 144 under the Securities Act, or Rule 144, which may only be sold in compliance with the limitations described below and (2) any shares subject to contractual restrictions, including under the lock-up agreements described below under "*— Lock*-up *Agreements and Market Standoff Provisions.*"

The remaining outstanding shares of our Class B common stock will be deemed restricted securities as defined under Rule 144. Restricted securities may be sold in the public market only if registered under the Securities Act or if they qualify for an exemption from registration under Rule 144 or Rule 701 promulgated under the Securities Act, or Rule 701, each of which is summarized below. In addition, all of our securityholders have entered into market standoff agreements with us or lock-up agreements with the underwriters under which they agreed, subject to specific exceptions, not to sell any of their stock for at least 180 days following the date of this prospectus.

#### Lock-up Agreements and Market Standoff Provisions
In connection with this offering, we, our directors, executive officers and our other existing security holders have entered into lock-up agreements or market standoff provisions in agreements with us that, for a period of 180 days after the date of this prospectus, and subject to certain exceptions, prohibit us and them from offering for sale, selling, contracting to sell, granting any option for the sale of, transferring or otherwise disposing of any shares of our Class A common stock or any securities convertible into or exercisable for shares of our Class A common stock (including our Class B common stock), without the prior written consent of the representatives.

Upon the expiration of the lock-up period, substantially all of the shares subject to such lock-up restrictions will become eligible for sale, subject to the limitations discussed in this prospectus. See "*Underwriting*" for additional information.

#### Rule 144
In general, under Rule 144 as currently in effect, beginning 90 days after the effective date of the registration statement of which this prospectus is a part, a person who is not deemed to have been one of our affiliates for purposes of the Securities Act at any time during the 90 days preceding a sale and who has beneficially owned the shares proposed to be sold for at least six months, including the holding period of any prior owner other than our affiliates, is entitled to sell those shares without complying with the manner of sale, volume limitation or notice provisions of Rule 144, subject to compliance with the public information requirements of Rule 144. If such a person has beneficially owned the shares proposed to be sold for at least one year, including the holding period of any prior owner other than our affiliates, then that person is entitled to sell those shares without complying with any of the requirements of Rule 144.

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In general, under Rule 144, as currently in effect, our affiliates or persons selling shares on behalf of our affiliates are entitled to sell upon expiration of the lock-up agreements and market stand-off provisions described above, within any three-month period beginning 90 days after the date of this prospectus, a number of shares that does not exceed the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1% of the number of shares of common stock then outstanding, which will equal approximately shares immediately after this offering; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the average weekly trading volume of the common stock during the four calendar weeks preceding the filing of a notice on Form 144 with respect to that sale.

Sales under Rule 144 by our affiliates or persons selling shares on behalf of our affiliates are also subject to certain manner of sale provisions and notice requirements and to the availability of current public information about us.

#### Rule 701
Rule 701 generally allows a stockholder who purchased shares of our common stock pursuant to a written compensatory plan or contract and who is not deemed to have been an affiliate of our company during the immediately preceding 90 days to sell these shares in reliance upon Rule 144, but without being required to comply with the public information and holding period requirements of Rule 144. Rule 701 also permits affiliates of our company to sell their Rule 701 shares under Rule 144 without complying with the holding period requirements of Rule 144. All holders of Rule 701 shares, however, are required to wait until 90 days after the date of this prospectus before selling those shares pursuant to Rule 701. Moreover, all Rule 701 shares are subject to lock-up agreements or market standoff provisions as described under "*— Lock*-up *Agreements and Market Standoff Provisions*" above and under the section titled "*Underwriting*" and will not become eligible for sale until the expiration of those agreements.

#### Registration Statement on Form S-8
We intend to file a registration statement on Form S-8 under the Securities Act to register all of the shares of our Class A common stock and Class B common stock issuable or reserved for issuance under our 2026 Plan and our ESPP. We expect to file this registration statement on, or as soon as practicable after, the effective date of this prospectus. However, the shares registered on Form S-8 will not be eligible for resale until expiration of the lock-up agreements and market standoff provisions to which they are subject.

#### Registration Rights
Pursuant to our amended and restated investors' rights agreement, certain holders of our common stock (including shares issuable upon the Preferred Conversion), or their transferees, will be entitled to certain rights with respect to the registration of the offer and sale of those shares under the Securities Act. See the section titled "*Description of Capital Stock — Registration Rights*" for a description of these registration rights. If the offer and sale of these shares is registered, the shares will be freely tradable without restriction under the Securities Act, and a large number of shares may be sold into the public market.

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#### Certain Material U.S. Federal Income Tax Consequences to Non-U .S. Holders of our Class A Common Stock
The following is a summary of certain material U.S. federal income tax consequences to "non-U.S. holders" (as defined below) relating to the ownership and taxable disposition of our Class A common stock, but does not purport to be a complete analysis of all the potential tax considerations relating thereto. This summary is based upon the provisions of the U.S. Internal Revenue Code of 1986, or the Code, as amended, Treasury regulations promulgated thereunder, administrative rulings and judicial decisions, all as in effect on the date hereof. These authorities may be changed, possibly retroactively, so as to result in U.S. federal income tax consequences different from those set forth below. We have not sought any ruling from the U.S. Internal Revenue Service, or the IRS, with respect to the statements made and the conclusions reached in the following summary, and there can be no assurance that the IRS or a court will agree with such statements and conclusions.

This discussion does not address the tax considerations arising under the alternative minimum tax, the net investment income tax, the laws of any state, local or non-U.S. jurisdiction, or under U.S. federal gift and estate tax laws. In addition, this discussion does not address tax considerations applicable to an investor's particular circumstances or to investors that may be subject to special tax rules, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• banks, insurance companies or other financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• partnerships or entities or arrangements treated as partnerships or other pass-through entities for U.S. federal income tax purposes (or investors in such entities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• corporations that accumulate earnings to avoid U.S. federal income tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt or governmental organizations or tax-qualified retirement plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• real estate investment trusts or regulated investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• controlled foreign corporations or passive foreign investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons who acquired our Class A common stock pursuant to the exercise of an employee stock option or otherwise as compensation for services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• brokers or dealers in securities or currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• traders in securities that elect to use a mark-to-market method of accounting for their securities holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that own, or are deemed to own, more than 5% of our Class A common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain former citizens or long-term residents of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons who hold our Class A common stock as a position in a hedging transaction, "straddle," "conversion transaction" or other risk reduction transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons required to accelerate the recognition of any item of gross income with respect to our Class A common stock as a result of such income being recognized on an applicable financial statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons who do not hold our Class A common stock as a capital asset within the meaning of Section 1221 of the Code (generally, for investment purposes); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons deemed to sell our Class A common stock under the constructive sale provisions of the Code.

In addition, if a partnership or entity classified as a partnership for U.S. federal income tax purposes is a beneficial owner of our Class A common stock, the tax treatment of a partner in the partnership or an owner of the entity will depend upon the status of the partner or owner and the activities of the partnership or entity. Accordingly, this discussion does not address U.S. federal income tax considerations applicable to partnerships that hold our Class A common stock, and partnerships and partners in such partnerships should consult their tax advisors.

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**You are urged to consult your tax advisor with respect to the application of the U.S. federal income tax laws to your particular situation, as well as any tax consequences of the purchase, ownership and taxable disposition of our Class A common stock arising under the U.S. federal estate or gift tax rules or under the laws of any state, local, non-U.S. or other taxing jurisdiction or under any applicable tax treaty.**

#### Non-U .S. Holder Defined
For purposes of this section, a "non-U.S. holder" is any beneficial owner of our Class A common stock, other than an entity taxable as a partnership for U.S. federal income tax purposes, that is not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual who is a citizen or resident of the United States for U.S. federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation, or other entity taxable as a corporation for U.S. federal income tax purposes, created or organized under the laws of the United States, any state therein or the District of Columbia or otherwise treated as such for U.S. federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust that (1) is subject to the primary supervision of a U.S. court and one or more U.S. persons (within the meaning of Section 7701(a)(30) of the Code) have authority to control all substantial decisions of the trust or (2) has a valid election in effect under applicable Treasury regulations to be treated as a U.S. person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate whose income is subject to U.S. federal income tax regardless of source.

#### Distributions
If we make a distribution of cash or other property (other than certain pro rata distributions of our common stock) in respect of our Class A common stock, the distribution will be treated as a dividend to the extent it is paid from our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). If the amount of a distribution exceeds our current and accumulated earnings and profits, such excess first will be treated as a tax-free return of capital to the extent of the non-U.S. holder's adjusted tax basis in our Class A common stock, and thereafter will be treated as capital gain. Distributions treated as dividends on our Class A common stock held by a non-U.S. holder generally will be subject to U.S. federal withholding tax at a rate of 30%, or at a lower rate if provided by an applicable income tax treaty and the non-U.S. holder has provided the documentation required to claim benefits under such treaty. Generally, to claim the benefits of an applicable tax treaty, a non-U.S. holder will be required to provide a properly executed IRS Form W-8BEN (or other applicable form).

If, however, a dividend is effectively connected with the conduct of a trade or business in the U.S. by the non-U.S. holder (and, if an applicable tax treaty so provides, is attributable to a permanent establishment or fixed base maintained by the non-U.S. holder in the U.S.), the dividend will not be subject to the 30% U.S. federal withholding tax (provided the non-U.S. holder has provided the appropriate documentation, generally an IRS Form W-8ECI, to the withholding agent), but the non-U.S. holder generally will be subject to U.S. federal income tax in respect of the dividend on a net income basis in substantially the same manner as a U.S. person. Dividends received by a non-U.S. holder that is a corporation for U.S. federal income tax purposes and which are effectively connected with the conduct of a U.S. trade or business may also be subject to a branch profits tax at the rate of 30% (or a lower rate if provided by an applicable tax treaty).

#### Sale of Class A common stock
Subject to the discussion below of FATCA and backup withholding, a non-U.S. holder generally will not be subject to U.S. federal income or withholding tax on any gain realized on the sale or other taxable disposition of our Class A common stock unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such non-U.S. holder is an individual who is present in the U.S. for 183 days or more in the taxable year of such sale or disposition, and certain other conditions are met;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such gain is effectively connected with the conduct by the non-U.S. holder of a trade or business in the U.S. (and, if an applicable tax treaty so provides, is attributable to a permanent establishment or a fixed base maintained by the non-U.S. holder in the U.S.); or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our Class A common stock constitutes a U.S. real property interest by reason of our status as a "United States real property holding corporation" for U.S. federal income tax purposes, or a USRPHC, at any time within the shorter of the five-year period preceding the disposition or the non-U.S. holder's holding period for our Class A common stock.

A non-U.S. holder that is an individual and who is present in the U.S. for 183 days or more in the taxable year of such sale or disposition, if certain other conditions are met, will be subject to tax at a gross rate of 30% on the amount by which such non-U.S. holder's taxable capital gains allocable to U.S. sources, including gain from the sale or other disposition of our Class A common stock, exceed capital losses allocable to U.S. sources, except as otherwise provided in an applicable tax treaty.

Gain realized by a non-U.S. holder that is effectively connected with such non-U.S. holder's conduct of a trade or business in the U.S. generally will be subject to U.S. federal income tax on a net income basis in substantially the same manner as a U.S. person (except as provided by an applicable tax treaty). In addition, if such non-U.S. holder is a corporation for U.S. federal income tax purposes, it may also be subject to a branch profits tax at the rate of 30% (or a lower rate if provided by an applicable tax treaty).

Generally, a corporation is a USRPHC if the fair market value of its U.S. real property interests equals or exceeds 50% of the sum of the fair market value of its worldwide real property interests and its other assets used or held for use in a trade or business (all as determined for U.S. federal income tax purposes). We do not believe that we currently are a USRPHC, however there can be no assurances that we are not now nor will become a USRPHC in the future. If, however, we were a USRPHC during the applicable testing period, as long as our Class A common stock is regularly traded on an established securities market, our Class A common stock will be treated as U.S. real property interests only for a non-U.S. holder who actually or constructively holds (at any time within the shorter of the five-year period preceding the disposition or the non-U.S. holder's holding period) more than 5% of such Class A common stock.

#### Backup Withholding and Information Reporting
Generally, we must report annually to the IRS the amount of dividends paid with respect to our Class A common stock to a non-U.S. holder and the amount of tax withheld, if any. A similar report is sent to the non-U.S. holder. Pursuant to applicable income tax treaties or other agreements, the IRS may make these reports available to tax authorities in the non-U.S. holder's country of residence.

Payments of dividends or of proceeds on the disposition with respect to our Class A common stock made to a non-U.S. holder may be subject to information reporting and backup withholding unless the non-U.S. holder establishes an exemption, for example by properly certifying the non-U.S. holder's status on a Form W-8BEN or another appropriate form. Notwithstanding the foregoing, backup withholding and information reporting may apply if either we or our paying agent has actual knowledge, or reason to know, that the non-U.S. holder is a U.S. person.

Backup withholding is not an additional tax; rather, the U.S. income tax liability of persons subject to backup withholding will be reduced by the amount of tax withheld. If withholding results in an overpayment of taxes, a refund or credit may generally be obtained from the IRS, provided that the required information is furnished to the IRS in a timely manner.

#### Foreign Account Tax Compliance Act, or FATCA
Sections 1471 through 1474 of the Code (such Sections commonly referred to as "FATCA"), impose U.S. federal withholding tax of 30% on certain types of U.S. source "withholdable payments" (including dividends and the gross proceeds from the sale, exchange or other taxable disposition of U.S. stock) to "foreign financial institutions," which are broadly defined for this purpose, and other non-U.S. entities in connection with the failure to comply with certain certification and information reporting requirements regarding U.S. account holders or owners of such institutions or entities. The obligation to withhold under FATCA applies to any dividends on our Class A common stock. While withholding under FATCA would have applied to gross proceeds from the sale, exchange or other taxable disposition of our Class A common stock and to certain "pass-thru" payments received with respect to instruments held through foreign financial institutions after the date on which applicable final Treasury regulations are issued, proposed Treasury regulations eliminate FATCA withholding on payments of gross proceeds entirely

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and limit FATCA withholding on these "pass-thru" payments to those payments made two years after the date on which applicable final Treasury regulations are issued. Taxpayers generally may rely on these proposed Treasury regulations until final Treasury regulations are issued. An intergovernmental agreement between the United States and an applicable foreign country may modify the requirements described in this paragraph. Non-U.S. holders should consult their own tax advisors regarding the possible implications of FATCA on their investment in our Class A common stock.

**The preceding discussion of U.S. federal income tax considerations is for general information only. It is not tax advice. Each prospective investor should consult its own tax advisor regarding the particular U.S. federal, state, local and non**-U**.S. tax consequences of the sale, exchange or other taxable disposition of our Class A common stock, including the consequences of any proposed change in applicable laws.**

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#### Underwriting
BofA Securities, Inc. and Goldman Sachs & Co. LLC are acting as representatives of each of the underwriters named below. Subject to the terms and conditions set forth in an underwriting agreement among us and the underwriters, we have agreed to sell to the underwriters, and each of the underwriters has agreed, severally and not jointly, to purchase from us, the number of shares of Class A common stock set forth opposite its name below.

---

| | |
|:---|:---|
|  **Underwriter** | **Number of<br> Shares** |
|  BofA Securities, Inc. |  |
|  Goldman Sachs & Co. LLC |  |
|  Barclays Capital Inc. |  |
|  UBS Securities LLC |  |
|  Evercore Group L.L.C. |  |
|  RBC Capital Markets, LLC |  |
|  William Blair & Company, L.L.C. |  |
|  Stifel, Nicolaus & Company, Incorporated |  |
| &nbsp;&nbsp;&nbsp; Total |  |

---

Subject to the terms and conditions set forth in the underwriting agreement, the underwriters have agreed, severally and not jointly, to purchase all of the shares of Class A common stock sold under the underwriting agreement if any of these shares of Class A common stock are purchased. If an underwriter defaults, the underwriting agreement provides that the purchase commitments of the non-defaulting underwriters may be increased or the underwriting agreement may be terminated.

We have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act, or to contribute to payments the underwriters may be required to make in respect of those liabilities.

The underwriters are offering the shares of Class A common stock, subject to prior sale, when, as and if issued to and accepted by them, subject to approval of legal matters by their counsel, including the validity of the shares of Class A common stock, and other conditions contained in the underwriting agreement, such as the receipt by the underwriters of officer's certificates and legal opinions. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.

#### Commissions and Discounts
The representatives have advised us that the underwriters propose initially to offer the shares of Class A common stock to the public at the public offering price set forth on the cover page of this prospectus and to dealers at that price less a concession not in excess of $ per share. After the initial offering, the public offering price, concession or any other term of the offering may be changed.

The following table shows the public offering price, underwriting discount and proceeds before expenses to us. The information assumes either no exercise or full exercise by the underwriters of their option to purchase additional shares of Class A common stock.

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Share** | **Without <br>Option** | **With <br>Option** |
|  Public offering price | $ | $ | $ |
|  Underwriting discount | $ | $ | $ |
|  Proceeds, before expenses, to us | $ | $ | $ |

---

The expenses of the offering, not including the underwriting discount, are estimated at $ and are payable by us. We have agreed to reimburse the underwriters for certain expenses and fees related to the review by FINRA, in an amount not to exceed $.

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#### Option to Purchase Additional Shares
We have granted an option to the underwriters, exercisable for 30 days after the date of this prospectus, to purchase up to additional shares of Class A common stock at the public offering price, less the underwriting discount. If the underwriters exercise this option, each will be obligated, subject to conditions contained in the underwriting agreement, to purchase a number of additional shares of Class A common stock proportionate to that underwriter's initial amount reflected in the above table.

#### No Sales of Similar Securities
We and our executive officers, directors and substantially all of our other existing security holders have agreed not to sell or transfer any common stock or securities convertible into, exchangeable for, exercisable for, or repayable with common stock, for 180 days after the date of this prospectus (the "restricted period") without first obtaining the written consent of the representatives. Specifically, we and these other persons have agreed, with certain limited exceptions, not to directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• offer, pledge, sell or contract to sell any common stock,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sell any option or contract to purchase any common stock,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchase any option or contract to sell any common stock,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• grant any option, right or warrant for the sale of any common stock,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lend or otherwise dispose of or transfer any common stock,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• request or demand that we file or make a confidential submission of a registration statement related to the common stock, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter into any swap or other agreement that transfers, in whole or in part, the economic consequence of ownership of any common stock whether any such swap or transaction is to be settled by delivery of shares or other securities, in cash or otherwise

This lock-up provision applies to common stock and to securities convertible into or exchangeable or exercisable for or repayable with common stock, and to common stock owned now or acquired later by the person executing the agreement or for which the person executing the agreement later acquires the power of disposition (the "lock-up securities").

Our agreement does not apply to (1) sales to the underwriters pursuant to the underwriting agreement, (2) any shares of common stock issued by us upon the exercise of an option or warrant, settlement of other equity awards or the conversion or exchange of a security outstanding on the date of the underwriting agreement and referred to this prospectus, including the Class B Conversion and the Class B Stock Exchange, (3) any shares of common stock issued or options to purchase common stock or other equity awards granted pursuant to our existing employee benefit or equity incentive plans described in this prospectus, (4) any shares of common stock issued pursuant to any non-employee director stock plan or dividend reinvestment plan described in this prospectus, (5) the establishment or amendment of a trading plan on behalf of a stockholder or our officer or director pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of common stock, *provided that* (i) such plan does not provide for the transfer of common stock during the restricted period and (ii) to the extent a public announcement or filing under the Exchange Act, if any, is required of us regarding the establishment of such plan, such announcement or filing shall include a statement to the effect that no transfer of common stock may be made under such plan during the restricted period, (6) the reacquisition or withholding of all or a portion of shares of common stock subject to an equity award to satisfy a tax withholding obligation in connection with the vesting, exercise or settlement of such equity award or to satisfy the purchase price or exercise price of such equity award, (7) the filing of a registration statement on Form S-8 or any successor form thereto with respect to the registration of securities to be offered under any of our employee benefit or equity incentive plans described in this prospectus, (8) the issuance of shares of common stock, restricted stock awards or securities convertible into or exercisable or exchangeable for shares of common stock in connection with (i) the acquisition of the securities, business, property or other assets of another person or pursuant to any employee benefit plan assumed in connection with any such acquisition, (ii) joint ventures, (iii) collaboration, licensing, or commercial relationships or (iv) other strategic transactions with a bona fide business purpose, *provided* 

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*that* the aggregate number of shares of common stock, restricted stock awards and shares of common stock issuable upon the conversion, exercise or exchange of securities (on an as converted or as exercised basis, as the case may be) issued pursuant to this clause (8) shall not exceed 10.0% of the total number of shares of common stock issued and outstanding immediately following the issuance and sale of the securities at the time and date of their payment and delivery pursuant to the underwriting agreement and *provided*, further, that in the case of clauses (2), (3), (4), and (8) we shall cause each recipient of such securities to execute and deliver to the representatives, on or prior to the issuance of such securities a lock-up agreement substantially in the form attached to the underwriting agreement for the remainder of the restricted period, which we agree will not waive or amend without the prior written consent of the representatives, or (9) the confidential submission by us of any registration statement with the SEC in respect of any shares of common stock, *provided that* (i) no public filing with the SEC or any other public announcement may be made during the restricted period in relation to such registration, (ii) the representatives must have received prior written notice from us of a confidential submission of a registration statement with the SEC during the restricted period at least five (5) business days prior to such submission and (iii) no securities of ours may be sold, distributed or exchanged during the restricted period.

The agreements of our executive officers, directors and substantially all of our other existing security holders, do not apply to lock-up securities that are transferred or otherwise disposed of (1) as a *bona fide* gift or gifts, including, without limitation, gifts to a trust, to a charitable organization or educational institution, or for *bona fide* estate planning purposes, (2) upon death or by will, testamentary document or intestate succession to the legal representative, heir, beneficiary or a member of the immediate family of such holder, (3) to any immediate family member or any trust, partnership, limited liability company or other entity for the direct or indirect benefit of such holder or one or more immediate family members of such holder, or if the holder is a trust, to a trustor or beneficiary of the trust or to the estate of a beneficiary of such trust, (4) to any corporation, partnership, limited liability company or other entity of which such holder or the immediate family of the holder are the legal and beneficial owner of all of the outstanding equity securities or similar interests, (5) by operation of law, such as pursuant to a qualified domestic order, divorce settlement, divorce decree or separation agreement or pursuant to an order of a court or regulatory agency having jurisdiction over such holder, (6) to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (1) through (5) above, (7) if such holder is a corporation, partnership, limited liability company, trust or other business entity, (i) to another corporation, partnership, limited liability company, trust or other business entity that is an affiliate (as defined in Rule 405 promulgated under the Securities Act) of such holder, or to any investment fund or other entity that is directly or indirectly controlling, controlled by, managing or managed by or under common control with such holder or affiliates of the holder (including, for the avoidance of doubt, where such holder is a partnership, to its general partner or a successor partnership or fund, or any other funds managed by such partnership), or (ii) as part of a distribution, transfer or disposition to current or former limited partners, limited liability company members, managers, equityholders or stockholders of such holder or holders of similar equity interests in the holder or to the estates of any such limited partners, limited liability company members, managers, equityholders or stockholders, (8) to us (i) upon such holder's death, disability or termination of employment or other service relationship with us; *provided that* such shares of lock-up securities were issued to the holder pursuant to an agreement or equity award granted pursuant to a stock incentive or other employee benefit plan, option, warrant or other right disclosed in this prospectus, or (ii) pursuant to agreements under which we have the option to repurchase shares, (9) to us pursuant to the vesting, settlement or exercise of restricted stock units, restricted stock, options, warrants or other rights to purchase common stock (including, in each case, by way of "net" or "cashless" exercise), including for the payment of exercise price and tax and remittance payments due as a result of the vesting, settlement or exercise of such restricted stock units, restricted stock, options, warrants or rights, provided that any such restricted stock units, restricted stock, options, warrants or rights are held by such holder pursuant to an agreement or equity award granted under a stock incentive plan or other employee benefit plan, each of which is disclosed in this prospectus, (10) in "sell to cover" or similar open market transactions to satisfy any exercise price or tax withholding obligations as a result of the exercise, vesting and/or settlement of our equity awards (including options) held by such holder and issued pursuant to a plan or arrangement described in this prospectus, *provided that*, any such shares of common stock retained by such holder after giving effect to this provision shall be subject to the terms of this agreement, and provided further, that no public disclosure or filing shall be made voluntarily during the restricted period nor shall be required within 30 days after the date of this prospectus, and after such 30<sup>th</sup> day, any filing under Section 16(a) of the Exchange Act during the restricted period shall clearly indicate in the footnotes thereto that the filing relates to the circumstances described in this clause (10), (11) if such holder is not one of our officers or directors, in

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connection with a sale of the holder's Class A common stock acquired (i) from the underwriters in the initial public offering or (ii) in open market transactions after the closing date of the initial public offering, (12) pursuant to a *bona fide* third party tender offer, merger, consolidation or other similar transaction, in one transaction or a series of related transactions, made to all holders of common stock that has been approved by our board of directors, which results in any person or group of persons becoming the beneficial owners (as defined in Rules 13d-3 and 13d-5 of the Exchange Act) of at least 50% of our outstanding voting securities (or the surviving entity); *provided that* in the event that the tender offer, merger, consolidation or other such transaction is not completed, the lock-up securities shall remain subject to the provisions of the lock-up agreement, or, in the case of Mr. Hendrix, (13) certain permitted transfers of Class B Common Stock or the conversion of Class B Common Stock into shares of Class A Common Stock pursuant to agreements with us as described in this prospectus, *provided that*, in each case, (i) such shares received upon conversion shall continue to be subject to the restrictions on transfer set forth in the lock-up agreement; and (ii) any filing required under Section 16(a) of the Exchange Act during the restricted period shall clearly indicate in the footnotes thereto that the filing relates to the circumstances described in this clause (13); *provided* that (A) in the case of clauses (1) to (7), the representatives receive a signed lock-up agreement in the form attached to the underwriting agreement for the balance of the restricted period from each donee, devisee, trustee, distributee, or transferee, as the case may be, (B) in the case of clauses (1) to (7), any such transfer shall not involve a disposition for value, (C) such transfers are not required to be reported during the restricted period with the SEC on Form 4 or Form 5 in accordance with Section 16(a) of the Exchange Act, or, in the case of clauses, in the case of clauses (1), (2), (3), (4), (5), (7) (8), (9), (10), (11) and (13) above, any such required filing shall clearly indicate in the footnotes thereto (a) the circumstances of such transfer or distribution and (b) in the case of a transfer or distribution pursuant to clauses (1)-(7), that the done, devisee, trustee, distribute, or transferee has agreed to be bound by a lock-up agreement in the form attached to the underwriting agreement, and (D) the lock-up party does not otherwise voluntarily effect any public filing or report regarding such transfers during the restricted period.

#### Reserved Share Program
At our request, the underwriters have reserved % of the shares of Class A common stock to be offered under this prospectus for sale, at the initial public offering price, to employees, executive officers, directors, and other related persons of the Company. The sales will be made at our direction by and its respective affiliates through a reserved share program. At this time, no indications of interest will be taken. Except for any shares acquired by our directors and officers, shares purchased pursuant to the reserved share program will not be subject to lock-up agreements with the underwriters. Future sales of such shares may cause the price of our common stock to be reduced or become more volatile. The number of shares of Class A common stock available for sale to the general public will be reduced to the extent these individuals purchase such reserved shares. Any reserved shares that are not so purchased will be offered by the underwriters to the general public on the same basis as the other shares offered by this prospectus.

Once the preliminary prospectus has been filed, an invitation package will be made available or sent to each person identified by management, which will include the preliminary prospectus and other reserved share program documentation. An invitation to participate in the reserved share program does not guarantee that the participant will receive an allocation of shares. Accordingly, we cannot provide any assurance that any category of participant set forth above will receive an invitation or an allocation in the reserved share program. If a potential participant is interested in participating, that participant will be required to complete the required documentation and will be required to return such documentation to the program administrator. The program administrator will not accept funds from any participant until after the registration statement for this offering is declared effective, this offering is priced, and the participants are notified of their final allocation and given an opportunity to confirm that they wish to purchase the shares allocated to them. After the registration statement has been declared effective and this offering is priced, we and the program administrator will prepare a final approved list of allocations. Allocations may be reduced below requested amounts if demand exceeds the reserved share program allotment. The program administrator will notify each participant who has been allocated shares of the number of shares that have been allocated and the total purchase price due upon confirmation of their participation. Thereafter, participants will be required to wire or transfer their funds to the program administrator.

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Other than the underwriting discount described on the front cover of this prospectus, the underwriters will not be entitled to any commission with respect to shares of Class A common stock sold pursuant to the reserved share program. The shares under the reserved share program will be allocated following pricing and settle in the same manner as the shares sold to the general public. We will agree to indemnify the underwriters against certain liabilities and expenses, including liabilities under the Securities Act, in connection with sales of the shares of Class A common stock reserved for the reserved share program.

#### Listing
We expect the shares of Class A common stock to be approved for listing on the under the symbol "STDN". In order to meet the requirements for listing on that exchange, the underwriters have undertaken to sell a minimum number of shares of Class A common stock to a minimum number of beneficial owners as required by that exchange.

Before this offering, there has been no public market for our common stock. The initial public offering price will be determined through negotiations between us and the representatives. In addition to prevailing market conditions, the factors to be considered in determining the initial public offering price are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the valuation multiples of publicly traded companies that the representatives believe to be comparable to us,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our financial information,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the history of, and the prospects for, our company and the industry in which we compete,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an assessment of our management, its past and present operations, and the prospects for, and timing of, our future revenues,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the present state of our development, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the above factors in relation to market values and various valuation measures of other companies engaged in activities similar to ours.

An active trading market for the shares of Class A common stock may not develop. It is also possible that after the offering the shares will not trade in the public market at or above the initial public offering price.

The underwriters do not expect to sell more than 5% of the shares of Class A common stock in the aggregate to accounts over which they exercise discretionary authority.

#### Price Stabilization, Short Positions and Penalty Bids
Until the distribution of the shares of Class A common stock is completed, SEC rules may limit underwriters and selling group members from bidding for and purchasing our common stock. However, the representatives may engage in transactions that stabilize the price of the common stock, such as bids or purchases to peg, fix or maintain that price.

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The underwriters may also impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting discount received by it because the representatives have repurchased shares of Class A common stock sold by or for the account of such underwriter in stabilizing or short covering transactions.

Similar to other purchase transactions, the underwriters' purchases to cover the syndicate short sales may have the effect of raising or maintaining the market price of our Class A common stock or preventing or retarding a decline in the market price of our common stock. As a result, the price of our Class A common stock may be higher than the price that might otherwise exist in the open market. The underwriters may conduct these transactions on the NYSE, in the over-the-counter market or otherwise.

Neither we nor any of the underwriters make any representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price of our common stock. In addition, neither we nor any of the underwriters make any representation that the representatives will engage in these transactions or that these transactions, once commenced, will not be discontinued without notice.

#### Electronic Distribution
In connection with the offering, certain of the underwriters or securities dealers may distribute prospectuses by electronic means, such as e-mail.

#### Other Relationships
The underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include sales and trading, commercial and investment banking, advisory, investment management, investment research, principal investment, hedging, market-making, brokerage and other financial and non-financial activities and services. Some of the underwriters and their affiliates have engaged in, and may in the future engage in, such activities and other commercial dealings in the ordinary course of business with us or our affiliates. They have received, or may in the future receive, customary fees and commissions for these transactions.

In addition, in the ordinary course of their business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers. Such investments and securities activities may involve securities and/or instruments of ours or our affiliates. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

#### Selling Restrictions
Other than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the shares of Class A common stock offered by this prospectus in any jurisdiction where action for that purpose is required. The shares of Class A common stock offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such shares of Class A common stock be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any shares of Class A common stock offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

#### European Economic Area
In relation to each Member State of the European Economic Area (each, a "Relevant Member State"), an offer to the public of any shares of Class A common stock may not be made in that Relevant Member State prior to the publication of a prospectus in relation to the shares of Class A common stock which has been approved by the competent authority in that Relevant Member State or, where appropriate, approved in another Relevant Member

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State and notified to the competent authority in that Relevant Member State, all in accordance with the Prospectus Regulation, except that an offer to the public in that Relevant Member State of any shares of Class A common stock may be made at any time under the following exemptions under the Prospectus Regulation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. to any legal entity which is a "qualified investor" as defined under the Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. to fewer than 150 natural or legal persons (other than "qualified investors" as defined under the Prospectus Regulation), subject to obtaining the prior consent of the underwriters for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. in any other circumstances falling within Article 1(4) of the Prospectus Regulation,

provided that no such offer of shares of Class A common stock shall result in a requirement for the company or any of the underwriters to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or a supplemental prospectus pursuant to Article 23 of the Prospectus Regulation and each person who initially acquires any shares of Class A common stock or to whom any offer is made will be deemed to have represented, warranted and agreed to and with each of the underwriters and the company that it is a qualified investor within the meaning of Article 2 of the Prospectus Regulation.

In the case of any shares of Class A common stock being offered to a financial intermediary as that term is used in Article 1(4) of the Prospectus Regulation, each financial intermediary will also be deemed to have represented, warranted and agreed that the shares of Class A common stock acquired by it in the offer have not been acquired on a non-discretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer of any shares of Class A common stock to the public, other than their offer or resale in a Relevant Member State to qualified investors as so defined or in circumstances in which the prior consent of the underwriters has been obtained to each such proposed offer or resale.

For the purposes of this provision, the expression an "offer to the public" in relation to any shares of Class A common stock in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and any shares of Class A common stock to be offered so as to enable an investor to decide to purchase or subscribe for any shares of Class A common stock, and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129.

#### Notice to Prospective Investors in the United Kingdom
This prospectus has been prepared on the basis that the offering of the shares of Class A common stock falls within one of the exceptions specified in Part 1 of Schedule 1 of the Public Offers and Admissions to Trading Regulations 2024 (the "POATRs") and, accordingly, there will not be a prospectus prepared or published for the purposes of the POATRs. This prospectus does not constitute a prospectus for the purposes of the POATRs.

Each underwriter has represented and agreed that it has not made and will not make an offer of shares of Class A common stock which are the subject of this prospectus to the public in the United Kingdom, except that it may make an offer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. at any time to any legal entity which is a qualified investor as defined in paragraph 15 of Schedule 1 to the POATRs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. at any time to fewer than 150 persons (other than qualified investors as defined in paragraph 15 of Schedule 1 to the POATRs) in the United Kingdom subject to obtaining the prior consent of the relevant underwriters nominated by us for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. at any time in any other circumstances falling within Part 1 of Schedule 1 to the POATRs.

For the purposes of this provision, the expression an "offer of shares of Class A common stock" to the public in relation to any shares of Class A common stock in the United Kingdom means the communication in any form and by any means of sufficient information on the terms of the offer and the shares of Class A common stock to be offered so as to enable an investor to decide to purchase or subscribe for the shares of Class A common stock.

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#### Notice to Prospective Investors in Switzerland
The shares of Class A common stock may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange ("SIX") or on any other stock exchange or regulated trading facility in Switzerland. This document has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material relating to the shares of Class A common stock or the offering may be publicly distributed or otherwise made publicly available in Switzerland.

Neither this document nor any other offering or marketing material relating to the offering, us or the shares have been or will be filed with or approved by any Swiss regulatory authority. In particular, this document will not be filed with, and the offer of shares of Class A common stock will not be supervised by, the Swiss Financial Market Supervisory Authority FINMA (FINMA), and the offer of shares of Class A common stock has not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes ("CISA"). The investor protection afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of shares of Class A common stock.

#### Notice to Prospective Investors in the Dubai International Financial Centre
This prospectus relates to an Exempt Offer in accordance with the Offered Securities Rules of the Dubai Financial Services Authority ("DFSA"). This prospectus is intended for distribution only to persons of a type specified in the Offered Securities Rules of the DFSA. It must not be delivered to, or relied on by, any other person. The DFSA has no responsibility for reviewing or verifying any documents in connection with Exempt Offers. The DFSA has not approved this prospectus nor taken steps to verify the information set forth herein and has no responsibility for the prospectus. The shares to which this prospectus relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the shares offered should conduct their own due diligence on the shares of Class A common stock. If you do not understand the contents of this prospectus you should consult an authorized financial advisor.

#### Notice to Prospective Investors in United Arab Emirates
The shares of Class A common stock have not been, and are not being, publicly offered, sold, promoted or advertised in the United Arab Emirates (including the Dubai International Financial Centre) other than in compliance with the laws of the United Arab Emirates (and the Dubai International Financial Centre) governing the issue, offering and sale of securities. Further, this prospectus does not constitute a public offer of shares of Class A common stock in the United Arab Emirates (including the Dubai International Financial Centre) and is not intended to be a public offer. This prospectus has not been approved by or filed with the Central Bank of the United Arab Emirates, the Securities and Commodities Authority, Financial Services Regulatory Authority (FSRA) or the Dubai Financial Services Authority.

*Notice to Prospective Investors in Brazil* 

The offer and sale of shares of Class A common stock have not been and will not be registered with the Brazilian Securities Commission (Comissão de Valores Mobiliários, or "CVM") and, therefore, will not be carried out by any means that would constitute a public offering in Brazil under CVM Resolution No. 160, dated 13 July 2022, as amended, or unauthorized distribution under Brazilian laws and regulations. The shares of Class A common stock may be authorized for trading on organized non-Brazilian securities markets and may only be offered to Brazilian Professional Investors (as defined by applicable CVM regulation), who may only acquire the securities through a non-Brazilian account, with settlement outside Brazil in non-Brazilian currency. The trading of these shares of Class A common stock on regulated securities markets in Brazil is prohibited.

#### Notice to Prospective Investors in Australia
No placement document, prospectus, product disclosure statement or other disclosure document has been lodged with the Australian Securities and Investments Commission ("ASIC"), in relation to the offering. This prospectus does not constitute a prospectus, product disclosure statement or other disclosure document under the Corporations Act 2001 (the "Corporations Act"), and does not purport to include the information required for a prospectus, product disclosure statement or other disclosure document under the Corporations Act.

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Any offer in Australia of the shares of Class A common stock may only be made to persons (the "Exempt Investors") who are "sophisticated investors" (within the meaning of section 708(8) of the Corporations Act), "professional investors" (within the meaning of section 708(11) of the Corporations Act) or otherwise pursuant to one or more exemptions contained in section 708 of the Corporations Act so that it is lawful to offer the shares of Class A common stock without disclosure to investors under Chapter 6D of the Corporations Act.

The shares of Class A common stock applied for by Exempt Investors in Australia must not be offered for sale in Australia in the period of 12 months after the date of allotment under the offering, except in circumstances where disclosure to investors under Chapter 6D of the Corporations Act would not be required pursuant to an exemption under section 708 of the Corporations Act or otherwise or where the offer is pursuant to a disclosure document which complies with Chapter 6D of the Corporations Act. Any person acquiring shares of Class A common stock must observe such Australian on-sale restrictions.

This prospectus contains general information only and does not take account of the investment objectives, financial situation or particular needs of any particular person. It does not contain any securities recommendations or financial product advice. Before making an investment decision, investors need to consider whether the information in this prospectus is appropriate to their needs, objectives and circumstances, and, if necessary, seek expert advice on those matters.

#### Notice to Prospective Investors in Hong Kong
The shares of Class A common stock have not been offered or sold and will not be offered or sold in Hong Kong, by means of any document, other than (a) to "professional investors" as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance; or (b) in other circumstances which do not result in the document being a "prospectus" as defined in the Companies Ordinance (Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning of that Ordinance. No advertisement, invitation or document relating to the Class A common stock has been or may be issued or has been or may be in the possession of any person for the purposes of issue, whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to Class A common stock which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" as defined in the Securities and Futures Ordinance and any rules made under that Ordinance.

#### Notice to Prospective Investors in Japan
The shares of Class A common stock have not been and will not be registered under the Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948, as amended) and, accordingly, will not be offered or sold, directly or indirectly, in Japan, or for the benefit of any Japanese Person or to others for re-offering or resale, directly or indirectly, in Japan or to any Japanese Person, except in compliance with all applicable laws, regulations and ministerial guidelines promulgated by relevant Japanese governmental or regulatory authorities in effect at the relevant time. For the purposes of this paragraph, "Japanese Person" shall mean any person resident in Japan, including any corporation or other entity organized under the laws of Japan.

#### Notice to Prospective Investors in Singapore
This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, the shares of Class A common stock were not offered or sold or caused to be made the subject of an invitation for subscription or purchase and will not be offered or sold or caused to be made the subject of an invitation for subscription or purchase, and this prospectus or any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the Class A common stock, has not been circulated or distributed, nor will it be circulated or distributed, whether directly or indirectly, to any person in Singapore other than (i) to an institutional investor (as defined in Section 4A of the Securities and Futures Act (Chapter 289) of Singapore, as modified or amended from time to time (the "SFA")) pursuant to Section 274 of the SFA, (ii) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

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Where the Class A common stock are subscribed or purchased under Section 275 of the SFA by a relevant person which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor,

securities or securities-based derivatives contracts (each term as defined in Section 2(1) of the SFA) of that corporation or the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the Class A common stock pursuant to an offer made under Section 275 of the SFA except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to an institutional investor or to a relevant person, or to any person arising from an offer referred to in Section 275(1A) or Section 276(4)(i)(B) of the SFA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where no consideration is or will be given for the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where the transfer is by operation of law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) as specified in Section 276(7) of the SFA.

#### Notice to Prospective Investors in Canada
The Class A common stock may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 *Prospectus Exemptions* or subsection 73.3(1) of the *Securities Act* (Ontario), and are permitted clients, as defined in National Instrument 31-103 *Registration Requirements, Exemptions and Ongoing Registrant Obligations*. Any resale of the Class A common stock must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor.

Pursuant to section 3A.3 (or, in the case of securities issued or guaranteed by the government of a non-Canadian jurisdiction, section 3A.4) of National Instrument 33-105 *Underwriting Conflicts* (**NI 33**-105), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.

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#### Legal Matters
Orrick, Herrington & Sutcliffe LLP, New York, New York will pass upon the validity of the issuance of the shares of Class A common stock offered by this prospectus. Davis Polk & Wardwell LLP, New York, New York is representing the underwriters in this offering.

#### Experts
The audited financial statements included in this prospectus and elsewhere in the registration statement have been so included in reliance upon the report of Grant Thornton LLP, independent registered public accountants, upon the authority of said firm as experts in accounting and auditing.

This prospectus contains certain information with respect to the TRISO fuel market that has been sourced from Wood Mackenzie. Wood Mackenzie has agreed to be named as an expert with respect to such information, as indicated in the consent of Wood Mackenzie filed as an exhibit to this registration statement on Form S-1 of which this prospectus forms a part.

#### Where You Can Find Additional Information
We have filed with the SEC a registration statement on Form S-1 under the Securities Act with respect to the shares of Class A common stock covered by this prospectus. This prospectus, which constitutes a part of the registration statement, does not contain all of the information set forth in the registration statement, some of which is contained in exhibits to the registration statement as permitted by the rules and regulations of the SEC. For further information with respect to us and our Class A common stock, we refer you to the registration statement, including the exhibits filed as a part of the registration statement. Statements contained in this prospectus concerning the contents of any contract or any other document are not necessarily complete. If a contract or document has been filed as an exhibit to the registration statement, please see the copy of the contract or document that has been filed. Each statement in this prospectus relating to a contract or document filed as an exhibit is qualified in all respects by the filed exhibit. The SEC maintains an Internet website that contains reports, proxy statements, and other information about issuers like us that file electronically with the SEC. The address of that website is *www.sec.gov*.

As a result of this offering, we will become subject to the information and reporting requirements of the Exchange Act and, in accordance with this law, will file periodic reports, proxy statements, and other information with the SEC. These periodic reports, proxy statements, and other information will be available for inspection and copying at the website of the SEC referred to above. We also maintain a website at *www.standardnuclear.com*. Upon the effectiveness of the registration statement of which this prospectus forms a part, you may access these materials free of charge as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. Information contained on our website is not a part of this prospectus and the inclusion of our website address in this prospectus is an inactive textual reference only.

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#### Standard Nuclear, Inc.

#### Index to Consolidated Financial Statements

---

| | |
|:---|:---|
|  | **Page** |
|  **Unaudited Consolidated Financial Statements** |  |
|  [Unaudited Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025](#T2001) | F-2 |
|  [Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025](#T2002) | F-3 |
|  [Unaudited Condensed Consolidated Statements of Changes in Stockholders' Deficit for the three months ended March 31, 2026 and 2025](#T2003) | F-4 |
|  [Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025](#T2004) | F-5 |
|  [Notes to the Unaudited Condensed Consolidated Financial Statements](#T2005) | F-6 |
|  **Audited Consolidated Financial Statements** |  |
|  [Report of Independent Registered Public Accounting Firm](#T1000) | F-18 |
|  [Consolidated Balance Sheets as of December 31, 2025 and 2024](#T1001) | F-19 |
|  [Consolidated Statements of Operations for the year ended December 31, 2025 and the period from July 15, 2024 (inception) through December 31, 2024](#T1002) | F-20 |
|  [Consolidated Statements of Changes in Stockholders' Deficit for the year ended December 31, 2025 and the period from July 15, 2024 (inception) through December 31, 2024](#T1003) | F-21 |
|  [Consolidated Statements of Cash Flows for the year ended December 31, 2025 and the period from July 15, 2024 (inception) through December 31, 2024](#T1004) | F-22 |
|  [Notes to the Consolidated Financial Statements](#T1005) | F-24 |

---

[**Table of Contents**](#TOC001)

#### Standard Nuclear, Inc.<br>Unaudited Condensed Consolidated Balance Sheets

---

| | | | |
|:---|:---|:---|:---|
|  |  | **March 31, <br>2026** | **December 31, <br>2025** |
|  **ASSETS** |  |  |  |
|  CURRENT ASSETS: |  |  |  |
|  Cash and cash equivalents |  | $124925366 | $63101704 |
|  Accounts receivable, net | **Note 2** | 1013248 | 2291671 |
|  Deferred transaction costs |  | 941269 |  |
|  Prepaid and other current assets |  | 69197 |  |
|  Total current assets |  | **126949080** | **65393374** |
|  Property and equipment, net | **Note 3** | 17969625 | 12627624 |
|  Investment in Joint Venture |  | 1130170 | 1130170 |
|  **TOTAL ASSETS** |  | $**146048875** | $**79151167** |
|  **LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS' DEFICIT** |  |  |  |
|  CURRENT LIABILITIES: |  |  |  |
|  Accounts payable |  | $4963277 | $2082547 |
|  Accrued and other liabilities |  | 406979 | 354601 |
|  Deferred revenue | **Note 2** | 1225768 | 1076531 |
|  **Total current liabilities** |  | $**6596024** | $**3513679** |
|  Asset retirement obligations |  | 774239 | 753223 |
|  **TOTAL LIABILITIES** |  | $**7370263** | $**4266902** |
|  Commitment and contingencies | **Note 6** |  |  |
|  **Mezzanine equity:** |  |  |  |
|  Redeemable preferred stock, 58,070,744 shares authorized, issued and outstanding at March 31, 2026 and 50,974, 2229 shares authorized, issued and outstanding at December 31, 2025; redemption value $214,999,997 and $144,999,977 at March 31, 2026 and December 31, 2025 | **Note 7** | $214999997 | $144999977 |
|  **Stockholders' Deficit:** |  |  |  |
|  Ordinary shares, $0.00001 par value; 0 shares authorized, issued and outstanding at March 31, 2026 and December 31, 2025 |  | $— | $— |
|  Class A Common Stock, $.00001 par value; 87,500,000 shares authorized at March 31, 2026 and December 31, 2025; 6,748,000 shares issued and outstanding at March 31, 2026 and December 31, 2025 | **Note 8** | 67 | 67 |
|  Class B Convertible Common Stock, $.00001 par value; 17,807,500 shares authorized at March 31, 2026 and December 31, 2025; 7,252,000 shares issued and outstanding at March 31, 2026 and December 31, 2025 | **Note 8** | 73 | 73 |
|  Additional paid-in capital |  | 3530778 | 2021499 |
|  Accumulated deficit |  | $(79852302) | $(72137351) |
|  **Total Stockholders' Deficit** |  | $**(76321384)** | $**(70115712)** |
|  **Total Liabilities, Mezzanine Equity, and Stockholders' Deficit** |  | $**146048875** | $**79151167** |

---

*The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.*

[**Table of Contents**](#TOC001)

#### Standard Nuclear, Inc.<br>Unaudited Condensed Consolidated Statements of Operations

---

| | | |
|:---|:---|:---|
|  | **Three Months <br>Ended<br> March 31,<br> 2026** | **Three Months <br>Ended<br> March 31,<br> 2025** |
|  **Revenue** |  |  |
|  Service Revenue | $593802 | $377926 |
|  **Total Revenue** | **593802** | **377926** |
|  **Cost of Revenue** |  |  |
|  Cost of Services | 5006006 | 1120504 |
|  **Total cost of revenue** | **5006006** | **1120504** |
|  **Gross Profit** | **(4412204)** | **(742578)** |
|  General and administrative costs | $3832048 | $671213 |
|  **Loss from operations** | $**(8244252)** | $**(1413791)** |
|  Other expense (income): |  |  |
| &nbsp;&nbsp;&nbsp; Increase in fair value of SAFE Notes |  | 7725000 |
| &nbsp;&nbsp;&nbsp; Gain on extinguishment of debt |  | (853000) |
| &nbsp;&nbsp;&nbsp; Interest income | (529301) |  |
|  **Loss before income tax benefit** | **(7714951)** | **(8285791)** |
|  Income tax benefit |  |  |
|  **Net loss** | $**(7714951)** | $**(8285791)** |
|  Weighted average ordinary shares outstanding – basic and diluted | 14000000 | 14000000 |
|  **Basic and diluted net loss per share** | $**(0.55)** | $**(0.59)** |

---

*The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.*

[**Table of Contents**](#TOC001)

#### Standard Nuclear, Inc.<br>Unaudited Condensed Consolidated Statements of Changes in Stockholders' Deficit

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A <br>Common Stock** | **Class A <br>Common Stock** | **Class B <br>Common Stock** | **Class B <br>Common Stock** | **Ordinary shares** | **Ordinary shares** | **Additional <br>Paid-in <br>Capital** | **Accumulated <br>Deficit** | **Total <br>Stockholders' <br>Deficit** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Additional <br>Paid-in <br>Capital** | **Accumulated <br>Deficit** | **Total <br>Stockholders' <br>Deficit** |
|  **Balances as of December 31, 2024** | **—** | $**—** | **—** | $**—** | **14000000** | $**140** | $**279860** | $**(56596406)** | $**(56316406)** |
|  Conversion of Ordinary Shares to Class A and Class B Common Stock | 6748000 | 67 | 7252000 | 73 | (14000000) | (140) |  |  |  |
|  Net loss |  | $— |  | $— |  | $— | $— | (8285791) | (8285791) |
|  **Balances as of March 31, <br>2025** | **6748000** | $**67** | **7252000** | $**73** | **—** | $**—** | $**279860** | $**(64882197)** | $**(64602197)** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A <br>Common Stock** | **Class A <br>Common Stock** | **Class B <br>Common Stock** | **Class B <br>Common Stock** | **Ordinary shares** | **Ordinary shares** | **Additional <br>Paid-in <br>Capital** | **Accumulated <br>Deficit** | **Total <br>Stockholders' <br>Deficit** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Additional <br>Paid-in <br>Capital** | **Accumulated <br>Deficit** | **Total <br>Stockholders' <br>Deficit** |
|  **Balances as of December 31, <br>2025** | **6748000** | $**67** | **7252000** | $**73** | **—** | $**—** | $**2021499** | $**(72137351)** | $**(70115712)** |
|  Share-based compensation |  |  |  |  |  |  | 1509279 |  | 1509279 |
|  Net loss |  | $— |  | $— |  | $— | $— | (7714951) | (7714951) |
|  **Balances as of March 31, <br>2026** | **6748000** | $**67** | **7252000** | $**73** | **—** | $**—** | $**3530778** | $**(79852302)** | $**(76321384)** |

---

*The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.*

[**Table of Contents**](#TOC001)

#### Standard Nuclear, Inc.<br>Unaudited Condensed Consolidated Statements of Cash Flows

---

| | | |
|:---|:---|:---|
|  | **Three Months <br>Ended<br> March 31,<br> 2026** | **Three Months <br>Ended<br> March 31,<br> 2025** |
|  **Cash flows from operating activities** |  |  |
|  Net loss | $(7714951) | $(8285791) |
|  Adjustments to reconcile net loss to net cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp; Share-based compensation expense | 1509279 |  |
| &nbsp;&nbsp;&nbsp; Non-cash discount on issuance of common stock |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation expense | 245617 | 26647 |
| &nbsp;&nbsp;&nbsp; Change in fair value of SAFE Notes liability |  | 7725000 |
| &nbsp;&nbsp;&nbsp; Gain on extinguishment of SAFE Notes |  | (853000) |
| &nbsp;&nbsp;&nbsp; Accretion expense on asset retirement obligation | 21016 |  |
|  Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Accounts receivable | 1278423 | (664254) |
| &nbsp;&nbsp;&nbsp; Deferred transaction costs | (941269) |  |
| &nbsp;&nbsp;&nbsp; Prepaid and other current assets | (69198) |  |
| &nbsp;&nbsp;&nbsp; Accounts payable | 1161978 | 171093 |
| &nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | $52378 | $2959 |
| &nbsp;&nbsp;&nbsp; Deferred revenue | 149237 | 399904 |
|  **Net cash used in operating activities** | $**(4307490)** | $**(1477442)** |
|  **Cash flows from investing activities** |  |  |
|  Purchases of property and equipment | $(3868868) | $(178789) |
|  **Net cash used in investing activities** | $**(3868868)** | $**(178789)** |
|  **Cash flows from financing activities** |  |  |
|  Proceeds from issuance of convertible redeemable preferred shares | 70000020 |  |
|  Proceeds from issuance of Series Seed preferred stock, net of issuance costs |  | 7945686 |
|  **Net cash provided by financing activities** | $**70000020** | $**7945686** |
|  Net increase in cash and cash equivalents | 61823662 | 6289455 |
|  Cash and cash equivalents at beginning of period | 63101704 | 1619817 |
|  **Cash and cash equivalents at end of period** | $**124925366** | $**7909272** |
|  **Supplemental disclosure of cash flow information** |  |  |
|  Cash paid for interest |  |  |
|  Cash paid for income taxes |  |  |
|  **Supplemental disclosure of non-cash investing and financing activities** |  |  |
|  Conversion of SAFE Notes into Series Seed-1 Preferred stock | $— | $32500000 |
|  Reclassification of SAFE Notes fair value adjustment to temporary equity upon conversion | $— | $32500000 |
|  Extinguishment of SAFE Notes (reduction of SAFE liability) | $— | $1000000 |
|  Reclassification of short-term cash advances to Series Seed-1 preferred stock | $— | $2494833 |
|  Property and equipment purchases included in accounts payable | $2560901 | $44406 |

---

*The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.*

[**Table of Contents**](#TOC001)

#### Standard Nuclear, Inc.<br>Notes to the Unaudited Condensed Consolidated Financial Statements
**1. Basis of Presentation and Principles of Consolidation**

The unaudited Condensed Consolidated Financial Statements of Standard Nuclear, Inc. (the "Company"), which include the accounts of the Company and its wholly-owned subsidiary, Standard Property Holdings I, LLC, as of March 31, 2026 and for the three months ended March 31, 2026 and 2025, have been prepared pursuant to the rules and regulations of the SEC. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with Article 10 of Regulation S-X and, therefore, do not include all information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. The unaudited Condensed Consolidated Balance Sheet as of December 31, 2025, was derived from audited Consolidated Financial Statements, but does not include all disclosures required by U.S. GAAP. All material intercompany transactions have been eliminated. The accompanying Consolidated Financial Statements have been prepared assuming that the Company will continue as a going concern. Historically, the Company has incurred significant losses from operations and negative operating cash flows. However, as of May 4, 2026, the date these unaudited Condensed Consolidated Financial Statements were available to be issued, management believes its current cash on hand is sufficient to meet its current obligations, which alleviates substantial doubt about the Company's ability to continue as a going concern.

Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. The unaudited Consolidated Financial Statements should be read in conjunction with the audited Condensed Consolidated Financial Statements for the year ended December 31, 2025.

*Significant Accounting Policies*

The accounting policies of the Company are set forth in Note 1, *Summary of Significant Accounting Policies*, of the Company's audited Condensed Consolidated Financial Statements for the year ended December 31, 2025. There has not been a material change to the Company's accounting policies since that report, except as noted below.

*Deferred Transaction Costs*

Deferred Transaction costs consist of specific incremental legal, accounting and other direct third-party costs directly attributable to the Company's proposed initial public offering. Deferred transaction costs were 0.9 million as of March 31, 2026. Deferred transaction costs as of December 31, 2025 were not significant. Upon completion of the offering, these costs will be recorded as a reduction of the gross proceeds of the offering in additional paid-in capital. If the offering is not completed, deferred transaction costs will be charged to expense.

*Accounting Pronouncements Recently Issued or Adopted*

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Updated ("ASU") 2024-03, *Disaggregation of Income Statement Expenses* ("ASU 2024-03"). ASU 2024-03 requires additional footnote disclosure of the details of certain income statement expense line items as well as additional disclosure about selling expenses. This standard is effective for fiscal years beginning after December 15, 2026, and early adoption is permitted. The guidance is to be applied prospectively, with the option for retrospective application. The Company is currently evaluating the impact the adoption of this standard will have on its disclosures.

**2. Revenue Recognition**

The Company recognizes revenue at a point in time or over time consistent with how it satisfies its performance obligations and transfers control to its customers. A receivable is recorded when the Company has an unconditional right to receive payment based on the satisfaction of performance obligations. The Company's unbilled

[**Table of Contents**](#TOC001)

**2. Revenue Recognition** (cont.)

contract assets are recorded when revenue has been recognized for performance obligations for which the Company does not yet have an unconditional right to payment because contractual billing conditions remain unsatisfied. Accounts receivable and unbilled contract assets consist of the following:

---

| | | |
|:---|:---|:---|
|  | **March 31, <br>2026** | **December 31, <br>2025** |
|  Accounts Receivable | $341749 | $2090089 |
|  Unbilled contract assets | 671499 | 201582 |
|  **Receivables, net** | $**1013248** | $**2291671** |

---

Deferred revenue was $1.2 million and $1.1 million at March 31, 2026 and December 31, 2025, respectively. Revenue recognized during 2026 that was included in deferred revenue at December 31, 2025, was not significant. The increase in unbilled contract assets was primarily due to additional amounts recognized in revenue in advance of billing. Deferred revenue increased due to advance billings and customer payments received under new and ongoing contracts.

The Company receives payments from customers based on billing schedules, as established in its contracts. Deferred revenue relates to payments received in advance of performance under the contract and is recognized as revenue as, or when, the related performance obligations are satisfied.

#### Disaggregated Revenue
The Company's revenues disaggregated by revenue type are as follows:

---

| | | |
|:---|:---|:---|
|  | **Three Months <br>Ended <br>March 31, <br>2026** | **Three Months <br>Ended <br>March 31, <br>2025** |
|  Fixed price contracts | $593802 | $70867 |
|  Time and materials contracts |  | 307059 |
| &nbsp;&nbsp;&nbsp; **Total** | $**593802** | $**377926** |

---

The Company's revenue disaggregated by geographic region are as follows:

---

| | | |
|:---|:---|:---|
|  | **Three Months <br>Ended <br>March 31, <br>2026** | **Three Months <br>Ended <br>March 31, <br>2025** |
|  United States | $476313 | $377926 |
|  Europe | 117489 |  |
| &nbsp;&nbsp;&nbsp; **Total** | $**593802** | $**377926** |

---

The Company has elected the practical expedient in ASC 606-10-50-14 that exempts it from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. The Company has also elected the practical expedient in ASC 606-10-55-18 that allows revenue to be recognized in the amount to which the Company has the right to invoice when that amount corresponds directly with the value transferred to the customer. Accordingly, the Company has not disclosed the value of remaining performance obligations for contracts qualifying for those practical expedients.

#### Significant Customers
For the three months ended March 31, 2026, the Company had three customers that each accounted for more than 10% of total revenue. Revenue from these customers was approximately $0.2 million, $0.2 million, and $0.1 million, respectively. For the three months ended March 31, 2025, the Company had one customer that accounted for more than 10% of total revenue. Revenue from this customer was approximately $0.3 million.

[**Table of Contents**](#TOC001)

#### Standard Nuclear, Inc.<br>Notes to the Unaudited Condensed Consolidated Financial Statements
**2. Revenue Recognition** (cont.)

#### Allowance for Credit Losses
The Company accounts for expected credit losses on financial assets in accordance with FASB Accounting Standard Codification ("ASC") 326, *Financial Statements — Credit Losses*. The Company's methodology for estimating expected credit losses is consistent with that described in the audited annual financial statements for the year ended December 31, 2025. In developing its estimate, the Company considers historical credit loss experience, the aging of receivables, customer-specific facts and circumstances, current economic conditions, and reasonable and supportable forecasts of future collectability.

As of March 31, 2026 and December 31, 2025, the Company concluded that expected credit losses were not material based on the composition of its customer base, historical collection experience, the short-term nature of the receivables, and the absence of significant collection issues. Accordingly, no allowance for credit losses was recorded as of March 31, 2026 and December 31, 2025.

**3. Property and Equipment, net**

Property and equipment, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **March 31, <br>2026** | **December 31, <br>2025** |
|  Machinery and equipment | $11757144 | $8030173 |
|  Land | 1267338 | 1267338 |
|  Building and improvements | 813967 | 814893 |
|  ARO Asset | 673000 | 673000 |
|  IT and office equipment | 253023 | 182556 |
|  Construction-in-progress | 3724193 | 1933086 |
|  **Total property and equipment, gross** | **18488665** | **12901047** |
|  Accumulated depreciation | (519040) | (273423) |
|  **Total property and equipment, net** | $**17969625** | $**12627624** |

---

Depreciation expense recognized for the three months ended March 31, 2026 and March 31, 2025 was $0.2 million and $0.0 million, respectively. Depreciation expense is included within cost of revenue in the Consolidated Statements of Operations. Construction-in-progress is primarily comprised of building and building improvement construction not yet placed-in-service.

**4. Equity Method Investment**

On September 16, 2025, the Company and Framatome, Inc. ("Framatome") formed Standard Nuclear x Framatome LLC (the "Venture"), a Delaware limited liability company, with the purpose of establishing a facility on Framatome's U.S. Nuclear Regulatory Commission — licensed site in Richland, Washington to manufacture and commercialize tristructural isotropic particle fuel ("TRISO"), Fully Ceramic Microencapsulated fuel ("FCM"), and other TRISO-based advanced fuel products.

Pursuant to the Venture's LLC Operating Agreement, the Company agreed to contribute cash of $66,667 in exchange for a 66.667% membership interest and Framatome agreed to contribute cash of $33,333 in exchange for a 33.333% membership interest. In addition to the initial capital contributions, the Company will provide intellectual property licensing related to advanced fuel product technology and manufacturing know-how and to lease specialized fuel-manufacturing equipment to the Venture. Framatome has agreed to provide access to its Richland site physical plant space and licensed nuclear infrastructure, to lease its specialty fuel building to the Venture, and to license its manufacturing and operational expertise.

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#### Standard Nuclear, Inc.<br>Notes to the Unaudited Condensed Consolidated Financial Statements
**4. Equity Method Investment** (cont.)

As of March 31, 2026 and December 31, 2025, the carrying amount of the Company's equity method investment in Standard Nuclear x Framatome LLC was $1.1 million. During the three months ended March 31, 2026, the Company made no additional material contributions to the Venture. The Company's share of the Venture net gain or loss was not material. The Venture remained in its pre-operational phase as of March 31, 2026 and had not commenced commercial production or generated revenue. The Company reevaluated its accounting conclusions related to the Venture during the three months ended March 31, 2026, and determined that the Venture continues to be accounted for under the equity method and continues to be a variable interest entity ("VIE") for which the Company is not the primary beneficiary. As of March 31, 2026, the Company's maximum exposure to loss was approximately $1.1 million, consisting of the carrying amount of its investment and any contractual funding commitments under the LLC Operating Agreement, and the Company has not provided any credit enhancements or other forms of financial support to the Venture beyond those described above.

**5. Fair Value Measurements**

The fair value of the Company's assets and liabilities, which qualify as financial instruments under the FASB "ASC" 820, *Fair Value Measurement,* approximates the carrying amounts represented in the Consolidated Balance Sheets, primarily due to their short-term nature.

Fair value is defined as the price that would be received for sale of an asset or paid for transfer of liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and consideration of factors specific to the asset or liability. Changes in assumptions or in market conditions could significantly affect the estimates. The Company determines whether transfers have occurred between levels in the fair value hierarchy by reassessing the inputs used in determining fair value at the end of each reporting period.

As of March 31, 2026 and December 31, 2025, the Company had no liabilities measured at fair value on a recurring basis. During the year ended December 31, 2025, the Company's Simple Agreement for Future Equity Notes ("SAFE Notes") were converted to temporary equity and, accordingly, no SAFE liability remained outstanding as of March 31, 2026. As a result, the Company recorded no fair value adjustment related to SAFE instruments during the three months ended March 31, 2026. There were no transfers between levels of the fair value hierarchy during the three months ended March 31, 2026.

[**Table of Contents**](#TOC001)

**5. Fair Value Measurements** (cont.)

The Company's SAFE Notes are classified within Level 3 of the fair value hierarchy as their valuation incorporates significant unobservable inputs and relies on Company-specific assumptions. Subsequent changes in fair value of the SAFE Notes represent the movement in the fair value for SAFE Notes at each balance sheet date and are reported in other expense on the Unaudited Consolidated Statements of Operations. During the three months ended March 31, 2026 and 2025, the Company reported a change in the fair value of SAFE Notes of $0 and $7.7 million.

---

| | |
|:---|:---|
|  | **Amount** |
|  **Level 3 Rollforward – SAFE Notes** |  |
|  **Ending balance, December 31, 2024** | $**57619980** |
|  Additional proceeds received | 1508020 |
|  Balance refunded | (1000000) |
|  Gain on extinguishment of debt | (853000) |
|  Fair value adjustment during the period | 7725000 |
|  Balance Reclassed to Mezzanine Equity during the period | (65000000) |
|  **Ending balance, March 31, 2025** | $**—** |

---

**6. Commitments and Contingencies**

#### Indemnification
In the ordinary course of business, the Company enters into contractual arrangements under which it may agree to indemnify the counterparties from any losses incurred relating to breach of representation, failure to perform, or claims and losses arising from certain events as outlined within the particular contract. The Company has also entered into indemnification agreements with certain of its officers and directors.

The Company's maximum exposure under such indemnities is unknown and has not been estimated, as this would involve future claims that may be made against the Company that have not occurred. To date, the Company has not made any payments related to these indemnities and believes the risk of material obligations under these indemnities to be remote. Accordingly, the Company has not accrued any liabilities related to such indemnification obligations in the Consolidated Financial Statements.

#### Legal Matters
From time to time, the Company may become involved in certain legal proceedings and claims incidental to the normal course of its business. As of March 31, 2026, and December 31, 2025, management was not aware of any pending or threatened litigation that could have a material adverse effect on the Consolidated Financial Statements.

**7. Redeemable Preferred Stock**

The Company has issued redeemable convertible preferred stock in four series: Series Seed, Series Seed-1, Series A, and Series A-2. Except as described below, there were no material changes during the three months ended March 31, 2026 to the rights, preferences, privileges, or liquidation provisions of the Company's redeemable convertible preferred stock from those disclosed in Note 8, *Redeemable Convertible Preferred Stock*, to the audited consolidated financial statements for the year ended December 31, 2025.

*Issuance of Series SEED Preferred Stock*

On February 13, 2025, the Company issued 4,999,997 shares of Series Seed preferred stock at a purchase price of $2.00 per share to certain investors for aggregate proceeds of $9,999,944. The proceeds included the application of $2.5 million previously recorded as Short-term Cash Advance and Short-term Cash Advance from Related Party on the Company's Consolidated Balance Sheet at December 31, 2024.

[**Table of Contents**](#TOC001)

#### Standard Nuclear, Inc.<br>Notes to the Unaudited Condensed Consolidated Financial Statements
**7. Redeemable Preferred Stock** (cont.)

*SAFE Settlement for Series Seed-1 Preferred Stock*

On February 13, 2025, the Company settled the SAFE instruments through conversion into shares of Series Seed-1 Preferred Stock. Pursuant to the financing, the Company issued and sold preferred stock at a fixed pre-money valuation to the SAFE investors. The SAFE instruments automatically converted into 32,500,000 shares of Series Seed-1 Preferred Stock at a purchase price of $1.00 per share. Additionally, one investor requested a rescission of their $1.0 million investment in the SAFE instruments, and the Company issued a refund to the investor in January 2025. Refer to Note 10, *SAFE Notes*, in the audited consolidated financial statements for the year ended December 31, 2025, for additional discussion.

*Series A Funding*

On August 14, 2025, the Company entered into a Series A Preferred Stock Purchase Agreement, pursuant to which it issued 13,474,232 shares of Series A Preferred Stock at a purchase price of $5.1951 per share, resulting in aggregate gross proceeds of approximately $70.0 million. The Company intends to use the proceeds from this financing to expand annual TRISO production.

*Series A-2 Preferred Stock Financing*

On January 23, 2026, the Company entered into a Series A-2 Preferred Stock Purchase Agreement pursuant to which it issued 7,096,515 shares of Series A-2 redeemable convertible preferred stock at a purchase price of $9.8640 per share for aggregate gross proceeds of approximately $70.0 million. The Company intends to use the proceeds primarily to expand annual TRISO production.

*Other Terms*

Except as provided by law or by the Company's certificate of incorporation, holders of redeemable convertible preferred stock are entitled to vote together with holders of common stock as a single class on an as-converted basis. Except as described above, the voting, dividend, conversion, liquidation, and protective provisions of the Company's redeemable convertible preferred stock were unchanged during the three months ended March 31, 2026, from those disclosed in the audited annual financial statements for the year ended December 31, 2025. No dividends were declared during the three months ended March 31, 2026. As of March 31, 2026, each share of redeemable convertible preferred stock was convertible into one share of Class A common stock, subject to customary anti-dilution adjustments.

*Classification*

The Company continues to classify its redeemable convertible preferred stock outside of permanent equity as mezzanine equity on the condensed consolidated balance sheets. Management evaluated the redeemable convertible preferred stock under ASC 480, ASC 815-40, and ASC 480-10-S99-3A and concluded that liability classification is not required. Because the redeemable convertible preferred stock includes liquidation and deemed liquidation features that may require settlement in circumstances not solely within the Company's control, the shares are presented in temporary equity. The Company will adjust the carrying amount of the redeemable convertible preferred stock to its redemption value when and if such adjustment becomes required under the applicable accounting guidance.

[**Table of Contents**](#TOC001)

**7. Redeemable Preferred Stock** (cont.)

A summary of the Company's preferred stock was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|  **Preferred Stock** | **Shares <br>Authorized** | **Shares <br>Issued and <br>Outstanding** | **Carrying <br>Amount** | **Aggregate <br>Liquidation <br>Preference** |
|  Series Seed | 4999997 | 4999997 | $9999994 | $9999994 |
|  Series Seed-1 | 32500000 | 32500000 | 65000000 | 65000000 |
|  Series A | 13474232 | 13474232 | 69999983 | 69999983 |
|  Series A-2 | 7096515 | 7096515 | 70000020 | 70000020 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  **Preferred Stock** | **<br>Shares <br>Authorized** | **Shares <br>Issued and <br>Outstanding** | **Carrying <br>Amount** | **Aggregate <br>Liquidation <br>Preference** |
|  Series Seed | 4999997 | 4999997 | $9999994 | $9999994 |
|  Series Seed-1 | 32500000 | 32500000 | 65000000 | 65000000 |
|  Series A | 13474232 | 13474232 | 69999983 | 69999983 |

---

**8. Stockholders' Equity**

The Company's authorized capital stock consists of Class A common stock, Class B common stock and preferred stock. As of March 31, 2026, the Company was authorized to issue 87,500,000 shares of Class A common stock, 17,807,500 shares of Class B common stock and 58,070,744 shares of preferred stock, each with a par value of $0.00001 per share. As of March 31, 2026, there were 6,748,000 shares of Class A common stock and 7,252,000 shares of Class B common stock issued and outstanding.

The rights, preferences and privileges of the Company's Class A common stock, Class B common stock and preferred stock are described in Note 9, *Stockholders' Equity*, to the audited consolidated financial statements for the year ended December 31, 2025. There were no material changes to the rights, preferences or privileges of the Company's capital stock during the three months ended March 31, 2026.

Subject to the rights of the holders of preferred stock, holders of Class A common stock and Class B common stock vote together as a single class on all matters submitted to a vote of stockholders, unless otherwise required by law or the Company's certificate of incorporation. Each holder of Class A common stock is entitled to one vote per share, and each holder of Class B common stock is entitled to ten votes per share.

Each share of Class B common stock is convertible at the option of the holder at any time into one share of Class A common stock. Each share of Class B common stock will also automatically convert into one share of Class A common stock upon (i) the approval of holders of a majority of the outstanding shares of Class B common stock or (ii) a non-permitted sale, assignment or transfer of such share.

Subject to the preferential rights of any outstanding series of preferred stock, holders of Class A common stock and Class B common stock are entitled to share equally, on a per-share basis, in any dividends declared by the Board of Directors from legally available funds. In the event of any liquidation, dissolution or winding up of the Company, after payment of all debts and subject to the preferential rights of any outstanding series of preferred stock, the holders of Class A common stock and Class B common stock are entitled to share ratably, on a per-share basis, in the remaining assets of the Company available for distribution. The common stock is not redeemable at the option of the holder.

During the three months ended March 31, 2026 and March 31, 2025, the Company did not issue any shares of common stock. The Company did not declare or pay any dividends during the three months ended March 31, 2026 and 2025.

[**Table of Contents**](#TOC001)

**9. Related Party Transactions**

#### SAFE Notes
During the fourth quarter of 2024, the Company received $33.5 million in funding commitments from various investors pursuant to SAFE Notes, including related parties through one Company executive who exerts significant influence over certain SAFE investors. The related party SAFE investors are entities affiliated with a member of the Company's Board of Directors who also serves as CEO Director. The SAFE Notes were classified as liabilities and remeasured to fair value at each reporting period.

On February 13, 2025, the Company completed its Series Seed Preferred Stock equity financing, which triggered the automatic conversion of all outstanding SAFE Notes. The related party SAFE Notes converted into shares of Series Seed-1 Preferred Stock on the same terms and conditions as all other SAFE investors, including the same valuation cap of $20.0 million and discount rate of 50%. The conversion was effected at a price of $1.00 per share, and the related-party SAFEs converted into an aggregate of 4,925,000 shares of Series Seed-1 Preferred Stock. Refer to Note 7 *— Redeemable Preferred Stock*, for further discussion of the conversion mechanics and the remeasurement of SAFE liabilities to fair value at the conversion date.

As of March 31, 2026 and December 31, 2025, no SAFE Notes remained outstanding to related parties or otherwise. The remeasurement gain recognized in the Consolidated Statements of Operations for the period from January 1, 2025, through the conversion date attributable to the related-party SAFE Notes was $853,000. This amount was recognized as a gain on debt extinguishment as a result of the rescission.

#### Advances from Related Parties
During 2024, the Company received non-interest-bearing cash advances from Decisive Point — Standard Nuclear II, a related party. As the advances were non-interest-bearing, the amount payable equaled the amount received.

The short-term cash advance of $1,263,500 from Decisive Point — Standard Nuclear II, together with a separate non-related-party short-term cash advance of $1,231,333, was reclassified from liabilities to equity on February 13, 2025, in connection with the Series Seed Preferred Stock financing. The total reclassification of $2,494,833 was applied as additional consideration for Series Seed preferred equity.

As of March 31, 2026 and December 31, 2025, no short-term cash advance liabilities remained outstanding.

#### Related-Party Participation in Equity Financings
In connection with the Series Seed Preferred Stock financing that closed on February 13, 2025, related-party SAFE investors received an aggregate of 4,925,000 shares of Series Seed-1 Preferred Stock upon automatic conversion of their SAFE Notes, as described above. The conversion terms were identical to those applicable to all other SAFE investors.

On August 14, 2025, the Company completed its Series A Preferred Stock financing, issuing 13,474,232 shares of Series A Preferred Stock at $5.1951 per share for aggregate gross proceeds of approximately $70.0 million. Two entities within the Decisive Point affiliated group participated in the Series A Preferred Stock Financing on the same terms and conditions as all unrelated investors.

The related-party Series A investment of approximately $8.8 million represents 12.6% of the total $70.0 million Series A round. Both entities purchased Series A Preferred Stock at the same price per share ($5.1951), with the same rights, preferences, privileges, and restrictions as all other Series A investors, as set forth in the Series A Preferred Stock Purchase Agreement dated August 14, 2025.

[**Table of Contents**](#TOC001)

#### Standard Nuclear, Inc.<br>Notes to the Unaudited Condensed Consolidated Financial Statements
**9. Related Party Transactions** (cont.)

On January 23, 2026, the Company completed its Series A-2 Preferred Stock financing, issuing 7,096,515 shares of Series A-2 Preferred Stock at $9.8640 per share for aggregate gross proceeds of approximately $70.0 million. Two entities within the Decisive Point affiliated group participated in the Series A-2 Preferred Stock Financing on the same terms and conditions as all unrelated investors.

The related-party Series A-2 investment of approximately $5.0 million represents 7.1% of the total Series A-2 Preferred Stock round. Both entities purchased Series A-2 Preferred Stock at the same price per share ($9.8640), with the same rights, preferences, privileges, and restrictions as all other Series A-2 investors, as set forth in the Series A-2 Preferred Stock Purchase Agreement dated January 23, 2026.

**10. Share-Based Compensation**

In May 2025, the Company adopted the 2025 Stock Plan (the "2025 Plan") which authorizes the issuance of incentive stock options, or non-statutory stock options, and restricted stock to employees and consultants.

Under the 2025 Plan, the Company has granted awards that are subject to annual, cliff-based vesting. The awards typically vest after four years of service. Share based awards are payable in common stock at the discretion of the Board of Directors. Share-based awards are accounted for as compensation costs and are amortized on a straight-line basis over the vesting period. Additional information regarding the Company share-based compensation is included in Note 11, *Share*-Based *Compensation,* in the Company's audited consolidated financial statements for the year ended December 31, 2025. Share-based awards are accounted for as compensation costs and are amortized on a straight-line basis over the vesting period. For the three months ended March 31, 2026, and 2025, total share-based compensation expense was $1.5 million and $0 million, respectively. For the three months ended March 31, 2026, Cost of Revenue and General and Administrative Costs in the Unaudited Consolidated Statements of Operations included share-based compensation costs of $0.5 million and $1.0 million, respectively.

The summary of awards under the Company's 2025 Plan as of March 31, 2026, and changes during the period then ended are presented as follows:

---

| | | |
|:---|:---|:---|
|  **Stock Options** | **Number of <br>Options** | **Weighted <br>Average <br>Exercise Price** |
|  Outstanding at the December 31, 2025 | 3229500 | $0.42 |
|  Granted | 2311091 | $1.20 |
|  Exercised |  | $— |
|  Forfeited/expired | 37500 | $0.42 |
|  Outstanding at March 31, 2026 | 5578091 | $0.74 |
|  Exercisable at March 31, 2026 | 920409 | $0.42 |

---

---

| | | |
|:---|:---|:---|
|  **Restricted Stock** | **Number of <br>Shares** | **Weighted <br>Average Grant <br>Date Fair Value** |
|  Outstanding at the December 31, 2025 | 2792500 | $1.89 |
|  Granted |  | $— |
|  Vested | 814479 | $1.89 |
|  Forfeited/expired |  | $— |
|  Outstanding at March 31, 2026 | 1978021 | $1.89 |

---

[**Table of Contents**](#TOC001)

**10. Share-Based Compensation** (cont.)

The weighted average unrecognized compensation cost at March 31, 2026, for stock options and restricted stock was as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount** | **Weighted <br>Average <br>Remaining <br>Recognition <br>Period (Years)** |
|  Stock options | $14234918 | 3.4 |
|  Restricted stock | $4207787 | 2.8 |
|  Total compensation cost | $18442705 |  |

---

Assumptions used in determining the fair value of stock options granted for the three months ended March 31, 2026 were as follows:

---

| | |
|:---|:---|
|  **Assumption** | **Three Months <br>Ended <br>March 31, <br>2026** |
|  Expected volatility | 110.0% |
|  Expected term (years) | 6.9 |
|  Risk-free interest rate | 4.30% |
|  Expected dividend yield | 0.0% |
|  Weighted Average Grant-Date Fair Value | $5.35 |

---

At March 31, 2026, the Company reserved 11,059,500 shares of common stock for future issuance under the 2025 Plan and had 2,688,909 shares of common stock available for issuance.

**11. Income Taxes**

The Company accounts for income taxes in interim periods under ASC 740-270, *Income Taxes — Interim Reporting*, which generally requires us to apply an estimated annual consolidated effective tax rate to consolidated pre-tax income. The estimated annual effective tax rates for the three months ended March 31, 2026 and 2025, was 0% and 0%, respectively. The difference between the Company's effective tax rate and the statutory rate is primarily driven by the valuation allowance established against U.S. federal and state deferred income tax assets. The Company recorded no income tax expense or benefit for three months ended March 31, 2026 and 2025.

The Company did not have income taxes paid in 2026 or for the period ended March 31, 2025.

**12. Net Loss per Share**

Net loss per share is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. In calculating diluted net income per share, the number of shares is increased by the weighted average number of potential common shares related to stock compensation awards including restricted stock and stock options, and the number of shares of common stock that would be issued upon conversion of the preferred stock units. For further details, refer to Note 10, *Share*-Based *Compensation*.

[**Table of Contents**](#TOC001)

**12. Net Loss per Share** (cont.)

The weighted-average number of common and common stock equivalent shares used in the calculation of basic and diluted computing basic and diluted net loss per shares were as follows:

---

| | | |
|:---|:---|:---|
|  | **Three Months <br>Ended <br>March 31, <br>2026** | **Three Months <br>Ended <br>March 31, <br>2025** |
|  Numerator: |  |  |
|  Net loss | $(7714951) | $(8285791) |
|  Denominator: |  |  |
|  Average common shares outstanding – basic\* | 14000000 | 14000000 |
|  Average common shares outstanding, – diluted | 14000000 | 14000000 |
|  **Net loss per common share – basic and diluted** | $(0.55) | $(0.59) |

---

____________

\* Weighted-average shares outstanding includes vested restricted stock awards from the date of vesting

The two-class method does not change the net loss per share calculation because Class A and Class B have identical economic rights.

Fully diluted average common stock outstanding for the three months ended March 31, 2026 excludes 58,070,744 shares of common stock that are issuable upon conversion of preferred stock and 8,370,591 shares of common stock issuable under the Company's 2025 Plan, as the Company reported a net loss for the period. Fully diluted average common stock outstanding for the three months ended March 31, 2025, excludes 37,499,997 shares of common stock that are issuable upon conversion of preferred stock and 0 shares of common stock issuable under the Company's 2025 Plan, as the Company reported a net loss for the period.

**13. Segment Information**

For the periods ended March 31, 2026 and 2025, the Company determined that it operates as a single operating and reportable segment, as it is engaged in a single business activity of TRISO production. The Consolidated Statements of Operations is presented to the Company's Chief Operating Decision Maker ("CODM") without further disaggregation. The Company's CODM is its Chief Executive Officer, who is responsible for making strategic operating decisions, allocating resources, and assessing financial performance. Specifically, the CODM uses revenue and net income at a consolidated level, as key financial metrics to make operating decisions and identify growth opportunities as management believes that such information is the most relevant in evaluating operating performance relative to other entities that operate within these industries.

All of the Company's revenue is service revenue. The significant expense categories and assets regularly provided to the CODM on a consolidated basis are consistent with the amounts presented in the Company's Consolidated Statements of Operations and Balance Sheets, respectively. In addition, all the Company's long-lived assets, consisting of property and equipment, are located in the United States.

[**Table of Contents**](#TOC001)

**14. Subsequent Events**

The Company evaluated subsequent events through May 4, 2026, the date that the Consolidated Financial Statements were available to be issued.

Subsequent to March 31, 2026, the Company approved equity awards under its 2025 Stock Plan, including restricted stock purchase rights to an officer to purchase 470,611 shares of Class B common stock at $3.27 per share and stock options to purchase an aggregate of 1,219,395 shares of Class B common stock, generally at an exercise price of $3.27 per share. The restricted stock awards generally vest over four years, subject to continued service. The stock options generally vest over four years, with certain awards subject to alternative vesting terms and/or certain acceleration provisions. The Company determined that these awards were nonrecognized subsequent events and no stock-based compensation expense related to these awards was recorded in the Q1 2026 financial statements.

Subsequent to March 31, 2026, the Company approved a professional services agreement with a related party, who is the spouse of a Company director and officer, to provide project and schedule management support services for the Company's manufacturing operations. The agreement has a performance period from April 1, 2026 through June 30, 2026 and provides for compensation of $13,600 per month, plus reimbursement of certain pre-approved expenses. No amounts related to this agreement were recognized in the Q1 2026 financial statements.

[**Table of Contents**](#TOC001)

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Board of Directors and Stockholders<br>Standard Nuclear, Inc.

#### Opinion on the financial statements
We have audited the accompanying consolidated balance sheets of Standard Nuclear, Inc. (a Delaware corporation) and subsidiary (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of operations, changes in stockholders' deficit, and cash flows for the year ended December 31, 2025 and for the period from July 15, 2024 (inception) through December 31, 2024, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for the year ended December 31, 2025 and for the period from July 15, 2024 (inception) through December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for opinion
These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ GRANT THORNTON LLP

We have served as the Company's auditor since 2026.

Philadelphia, Pennsylvania<br>April 9, 2026

[**Table of Contents**](#TOC001)

#### Standard Nuclear, Inc.

#### Consolidated Balance Sheets

---

| | | | |
|:---|:---|:---|:---|
|  |  | **December 31, <br>2025** | **December 31, <br>2024** |
|  **ASSETS** |  |  |  |
|  CURRENT ASSETS: |  |  |  |
|  Cash and cash equivalents | **Note 2** | $63101704 | $1619817 |
|  Accounts receivable, net | **Note 2** | 2291671 |  |
|  **Total current assets** |  | $**65393374** | $**1619817** |
|  Property and equipment, net | **Note 5** | $12627624 | $2860737 |
|  Investment in Joint Venture | **Note 6** | 1130170 |  |
|  **TOTAL ASSETS** |  | $**79151167** | $**4480554** |
|  **LIABILITIES, MEZZANINE EQUITY, AND SHAREHOLDERS' DEFICIT** |  |  |  |
|  CURRENT LIABILITIES: |  |  |  |
|  Accounts payable | **Note 11** | $2082547 | $122 |
|  Accrued and other liabilities |  | 354601 | 8166 |
|  Deferred revenue, current |  | 1076531 |  |
|  Short-term cash advance | **Note 2** |  | 1231333 |
|  Short-term cash advance from related parties | **Note 11** |  | 1263500 |
|  **Total current liabilities** |  | $**3513679** | $**2503121** |
|  Simple agreement for future equity (SAFE), net | **Note 12** |  | 48927355 |
|  Simple agreement for future equity (SAFE) from related parties | **Note 12** |  | 8692625 |
|  Asset retirement obligations | **Note 2** | 753223 | 673859 |
|  **TOTAL LIABILITIES** |  | $**4266902** | $**60796960** |
|  Commitment and contingencies | **Note 7** |  |  |
|  **Mezzanine equity:** |  |  |  |
|  Redeemable preferred stock, 50,974,232 shares and 0 shares authorized at December 31, 2025 and 2024, respectively; 50,974,232 shares issued and outstanding at December 31, 2025 and 2024, respectively; redemption value $112,499,977 and $0 at December 31, 2025 and 2024, respectively | **Note 8** | $144999977 | $— |
|  **Shareholders' Deficit:** |  |  |  |
|  Ordinary shares, $0.00001 par value; 0 shares and 20,000,000 shares authorized at December 31, 2025 and 2024, respectively; 0 shares and 14,000,000 shares issued and outstanding at December 31, 2025 and 2024, respectively | **Note 9** | $— | $140 |
|  Class A Common Stock, $.00001 par value; 80,000,000 shares and 0 shares authorized at December 31, 2025 and 2024, respectively; 6,748,000 shares and 0 shares issued and outstanding at December 31, 2025 and 2024, respectively |  | 67 |  |
|  Class B Convertible Common Stock, $.00001 par value; 17,807,500 shares and 0 shares authorized at December 31, 2025 and 2024, respectively; 7,252,000 shares and 0 shares issued and outstanding at December 31, 2025 and 2024, respectively |  | 73 |  |
|  Additional paid-in capital |  | 2021499  | 279860 |
|  Accumulated deficit |  | $(72137351) | $(56596406) |
|  **Total Shareholders' Deficit** |  | $**(70115712)** | $**(56316406)** |
|  **Total Liabilities and Shareholders' Deficit** |  | $**79151167** | $**4480554** |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

[**Table of Contents**](#TOC001)

***Standard Nuclear, Inc.***

***Consolidated Statements of Operations***

---

| | | |
|:---|:---|:---|
|  | **For the <br>year ended <br>December 31, <br>2025** | **For the <br>period from <br>July 15, <br>2024 <br>(inception) <br>through <br>December 31, <br>2024** |
|  **Revenue** |  |  |
|  Service Revenue | $3140065 | $— |
|  **Total Revenue** | **3140065** | **—** |
|  **Cost of Revenue** |  |  |
|  Cost of Services | 7672905 |  |
|  **Total cost of revenue** | **7672905** |  |
|  **Gross Profit** | **(4532840)** |  |
|  General and administrative costs | $4499520 | $670633 |
|  Research and development expense |  | 30297773 |
|  **Loss from operations** | $**(9032360)** | $**(30968406)** |
|  Other expense (income): |  |  |
| &nbsp;&nbsp;&nbsp; Increase in fair value of SAFE Notes | 7725000 | 25628000 |
| &nbsp;&nbsp;&nbsp; Gain on extinguishment of debt | (853000) |  |
| &nbsp;&nbsp;&nbsp; Interest income | (363415) |  |
|  **Loss before income tax benefit** | **(15540945)** | **(56596406)** |
|  Income tax benefit |  |  |
|  **Net loss** | $**(15540945)** | $**(56596406)** |
|  Weighted average ordinary shares outstanding – basic and diluted | 14000000 | 6258823 |
|  **Basic and diluted net loss per share** | $**(1.11)** | $**(9.04)** |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

[**Table of Contents**](#TOC001)

***Standard Nuclear, Inc.***

***Consolidated Statements of Changes in Stockholders' Deficit***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A <br>Common Stock** | **Class B <br>Common Stock** | **Ordinary shares** | **Ordinary shares** | **Additional <br>Paid-in <br>Capital** | **Total <br>Shareholders' <br>Deficit** |
|  | **Shares** | **Shares** | **Shares** | **Amount** | **Additional <br>Paid-in <br>Capital** | **Total <br>Shareholders' <br>Deficit** |
|  **Balances as of July 15, 2024 (inception)** |  | $| $— | $— | $— | $— |
|  Shares issued to Sponsor |  |  | 10835185 | 108 | 213953 | $214061 |
|  Shares issued to Management |  |  | 3164815 | 32 | 65907 | $65938 |
|  Net loss |  |  |  |  |  | $(56596406) |
|  **Balances as of December 31, 2024** | **—** | **—** | **14000000** | $**140** | $**279860** | $**(56316406)** |
|  Conversion of Ordinary Shares to Class A and Class B Common Stock | 6748000 | 7252000 | (14000000) | (140) |  |  |
|  Stock-based <br>compensation |  |  |  |  | 1741639 | 1741639 |
|  Net loss |  |  |  |  |  | (15540945) |
|  **Balances as of December 31, 2025** | **6748000** | **7252000** | **—** | $**—** | $**2021499** | $**(70115713)** |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

[**Table of Contents**](#TOC001)

#### Standard Nuclear, Inc.

#### Consolidated Statements of Cash Flows

---

| | | |
|:---|:---|:---|
|  | **For the <br>year ended <br>December 31, <br>2025** | **For the <br>period from <br>July 15, <br>2024 <br>(inception) <br>through <br>December 31, <br>2024** |
|  **Cash flows from operating activities** |  |  |
|  Net loss | $(15540945) | $(56596406) |
|  Adjustments to reconcile net loss to net cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp; Non-cash expensing of acquired IPR&D |  | 30296510 |
| &nbsp;&nbsp;&nbsp; Share-based compensation expense | 1741639 | 65939 |
| &nbsp;&nbsp;&nbsp; Discount on issuance of common stock |  | 213953 |
| &nbsp;&nbsp;&nbsp; Depreciation expense | 271791 | 1263 |
| &nbsp;&nbsp;&nbsp; Change in fair value of SAFE Notes | 7725000 | 25628000 |
| &nbsp;&nbsp;&nbsp; Gain on extinguishment of debt | (853000) |  |
| &nbsp;&nbsp;&nbsp; Asset retirement obligation accretion expense | 79364 |  |
|  Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Accounts receivable | (2224181) |  |
| &nbsp;&nbsp;&nbsp; Accounts payable | 975380 | 122 |
| &nbsp;&nbsp;&nbsp; Accounts payable – related parties |  |  |
| &nbsp;&nbsp;&nbsp; Accrued and other liabilities | $346435 | $8166 |
| &nbsp;&nbsp;&nbsp; Equity method investment | (326132) |  |
| &nbsp;&nbsp;&nbsp; Deferred revenue | 1076531 |  |
|  **Net cash used in operating activities** | $**(6728118)** | $**(382453)** |
|  **Cash flows from investing activities** |  |  |
|  Acquisition of property and equipment | $(8931632) | $(2188141) |
|  Acquisition in equity method investment | (804038) |  |
|  Acquisition of IPR&D |  | (30296510) |
|  **Net cash used in investing activities** | $**(9735670)** | $**(32484651)** |
|  **Cash flows from financing activities** |  |  |
|  Proceed from issuance of convertible redeemable preferred shares | 77945674 |  |
|  Proceeds from issuance of SAFE Notes |  | 27066980 |
|  Proceeds from issuance of SAFE Notes to related parties |  | 4925000 |
|  Proceeds from issuance of Series Seed preferred stock, net of issuance costs |  |  |
|  Proceeds from issuance of Series A preferred stock, net of issuance costs |  |  |
|  Proceeds from issuance of ordinary shares |  | 108 |
|  Short-term cash advance |  | 1231333 |
|  Short-term cash advance from related parties |  | 1263500 |
|  **Net cash provided by financing activities** | $**77945674** | $**34486921** |
|  Net increase in cash and cash equivalents | 61481887 | 1619817 |
|  Cash and cash equivalents at beginning of period | 1619817 |  |
|  **Cash and cash equivalents at end of period** | $**63101704** | $**1619817** |

---

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#### Standard Nuclear, Inc.

#### Consolidated Statements of Cash Flows — (Continued)

---

| | | |
|:---|:---|:---|
|  | **For the <br>year ended <br>December 31, <br>2025** | **For the <br>period from <br>July 15, <br>2024 <br>(inception) <br>through <br>December 31, <br>2024** |
|  **Supplemental disclosure of cash flow information** |  |  |
|  Cash paid for interest |  |  |
|  Cash paid for income taxes |  |  |
|  **Supplemental disclosure of non-cash investing and financing activities** |  |  |
|  Conversion of SAFE Notes into Series Seed-1 Preferred Stock | 32500000 |  |
|  Reclassification of SAFE Notes fair value adjustment to temporary equity upon conversion | 32500000 |  |
|  SAFE Notes extinguishment (reduction of SAFE liability) | 1000000 |  |
|  Reclassification of short-term cash advances to additional paid-in capital in connection with Series Seed financing | 2494833 |  |
|  Asset retirement obligation and related asset retirement cost recognized upon acquisition of USNC Assets |  | 673000 |
|  Property and equipment purchases included in accounts payable | 1107045 |  |

---

*The accompanying notes are an integral part of these Consolidated Financial Statements.*

[**Table of Contents**](#TOC001)

#### Standard Nuclear, Inc.<br>Notes to the Consolidated Financial Statements
**1. Description of Organization and Business Operations**

#### Nature of Operations
Standard Nuclear, Inc. (the "Company") was incorporated on July 15, 2024, as an advanced nuclear fuel company focused on converting uranium into highly engineered nuclear fuel products. The Company is focused exclusively on supporting the advanced nuclear fuel supply chain through scaled production of Tristructural Isotropic ("TRISO"), a critical and highly durable fuel for advanced nuclear reactors. The Company brings together technical expertise and operational readiness to accelerate the deployment of a domestic TRISO fuel supply while remaining committed to supporting the long-term development of advanced nuclear energy in the United States. The Company has selected December 31 as its fiscal year end.

The Company is a business whose planned principal operation is the production of TRISO fuel. The Company's activities are subject to risks and uncertainties, including failing to secure additional funding to operationalize the Company's current production capabilities. As of December 31, 2025, the Company remained in the development stage of its operations and had not commenced full commercial production. During 2025, the Company generated limited revenue; however, such revenue was not sufficient to fund operations or to support the full development and commercialization of the Company's planned advanced nuclear fuel production capabilities. The Company expects to continue to incur losses and negative cash flows from operations as it expands its commercial operations. Management evaluated these conditions and the Company's plans to mitigate them, including cash on hand, committed sources of capital, and planned operating expenditures. Based on that evaluation, management concluded that its plans are probable of being effectively implemented and probable of mitigating the relevant conditions and events for a period of at least one year after the date the financial statements are issued. Accordingly, while the Company will require additional capital to execute its longer-term business plan, management concluded that substantial doubt about the Company's ability to continue as a going concern has been alleviated.

#### Asset Acquisition
On November 21, 2024, Standard Property Holdings I, LLC, a wholly-owned subsidiary of Standard Nuclear, Inc., entered into an asset purchase agreement with Ultra Safe Nuclear Corporation ("USNC") to acquire specific nuclear fuel-related assets (the "USNC Assets"). The acquisition closed on December 27, 2024.

Refer to Note 4 for further disclosures related to the acquisition of the USNC Assets.

**2. Summary of Significant Accounting Policies**

#### Basis of Presentation
The Consolidated Financial Statements of the Company are presented in U.S. dollars and have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiary. All intercompany transactions have been eliminated. The accompanying Consolidated Financial Statements have been prepared assuming that the Company will continue as a going concern. Historically, the Company has incurred significant losses from operations and negative operating cash flow. However, as of April 9, 2026, the date that the Consolidated Financial Statements were available to be issued, management believes its currently available cash on hand and access to additional funding are sufficient to meet its current obligations, which alleviates doubt about the Company's ability to continue as a going concern.

#### Cash and Cash Equivalents
The Company considers all highly liquid instruments with original maturities of three months or less when acquired to be cash equivalents. The Company received $0.0 million and $2.5 million non-interest-bearing short-term cash advance from related and third parties for the year ended December 31, 2025, and in

[**Table of Contents**](#TOC001)

#### Standard Nuclear, Inc.<br>Notes to the Consolidated Financial Statements
**2. Summary of Significant Accounting Policies** (cont.)

December 2024, respectively. The Company's cash equivalents consisted of approximately $63.1 million and $1.6 million held as deposits and money market funds at a financial institution as of December 31, 2025, and December 31, 2024, respectively.

#### Concentrations of Credit Risk
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash accounts, which at times may exceed federally insured limits. The Company has not incurred any losses related to these accounts, and management believes that such accounts do not expose the Company to significant credit risk.

#### Financial Instruments
The fair value of the Company's assets and liabilities, which qualify as financial instruments under the Financial Accounting Standards Board ("FASB") Accounting Standard Codification ("ASC") 820, *Fair Value Measurement,* approximates the carrying amounts represented in the Consolidated Balance Sheets, primarily due to their short-term nature.

#### Fair Value Measurements
Fair value is defined as the price that would be received for sale of an asset or paid for transfer of liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and consideration of factors specific to the asset or liability. Changes in assumptions or in market conditions could significantly affect the estimates. The Company determines whether transfers have occurred between levels in the fair value hierarchy by reassessing the inputs used in determining fair value at the end of each reporting period.

The Company's Simple Agreement for Future Equity Notes ("SAFE Notes") are classified within Level 3 of the fair value hierarchy as their valuation incorporates significant unobservable inputs and relies on Company-specific assumptions. The Company modelled the payoff to holders of the SAFEs using a bond plus call framework, with the bond component capturing the minimum payoff and the call option capturing the upside above the valuation cap. Subsequent changes in fair value of the SAFE Notes represent the movement in the fair value for SAFE Notes at each balance sheet date and are reported in other expense on the Consolidated Statements of Operations. During the year ended December 31, 2025, and for the period from July 15, 2024 (inception) through December 31, 2024, the Company reported a change in the fair value of SAFE Notes of $7.7 million and $25.6 million, respectively, within other expense on the Consolidated Statements of Operations.

[**Table of Contents**](#TOC001)

#### Standard Nuclear, Inc.<br>Notes to the Consolidated Financial Statements
**2. Summary of Significant Accounting Policies** (cont.)

---

| | |
|:---|:---|
|  | **Amount** |
|  **Level 3 Rollforward – SAFE Notes** |  |
|  Beginning balance at inception, July 15, 2024 | $— |
|  Funds received during the period | 31991980 |
|  Fair value adjustment during the period | 25628000 |
|  **Ending balance, December 31, 2024** | $**57619980** |
|  Additional proceeds received | 1508020 |
|  Balance refunded | (1000000) |
|  Gain on extinguishment of debt | (853000) |
|  Fair value adjustment during the period | 7725000 |
|  Balance Reclassed to Temporary Equity during the period | (65000000) |
|  **Ending balance, December 31, 2025** | $**—** |

---

#### Allowance for Credit Losses
The Company accounts for expected credit losses for financial assets in accordance with ASC 326, Financial Instruments — Credit Losses. The Company's financial assets subjected to the allowance model consist of accounts receivable. The allowance for credit losses represents management's estimate of current expected credit losses over the contractual term of the Company's receivables and is recorded as a contra-asset to accounts receivable, with the related provision recorded in the Consolidated Statements of Operations. In developing the estimate, the Company considers historical credit loss experience, the aging of receivables, customer-specific facts and circumstances, current economic conditions, and reasonable and supportable forecasts of future collectability. Trade accounts receivable are written off when deemed uncollectible after collection efforts have been exhausted. Recoveries of amounts previously written off are recorded in the period received.

As of December 31, 2025 and 2024, the Company concluded that expected credit losses were not material based on the composition of its customer base, historical collection experience, the short-term nature of the receivables, and the absence of significant collection issues. Accordingly, no allowance for credit losses was recorded as of December 31, 2025. The Company did not have any trade receivables at December 31, 2024.

#### Preferred Stock
The Company accounts for preferred stock in accordance with ASC 480, *Distinguishing Liabilities from Equity*, and ASC 815-40, *Derivatives and Hedging — Contracts in an Entity's Own Equity*. At issuance, the Company evaluates the terms of each preferred stock instrument to determine whether it should be classified as a liability, temporary equity, or permanent equity. Preferred stock is classified as a liability if it embodies an unconditional obligation requiring the Company to redeem the instrument for cash or other assets or otherwise meets the definition of a mandatorily redeemable financial instrument under ASC 480. Preferred stock is also classified as a liability if it contains features that require or could require net cash settlement or otherwise fail the equity classification conditions under ASC 815-40. Preferred stock that does not meet liability classification criteria is classified as equity. The Company further evaluates whether such equity-classified instruments should be presented as temporary equity, outside of permanent equity, or within permanent equity. In performing this assessment, the Company considers all relevant contractual terms, including redemption rights, conversion features, dividend provisions, and settlement alternatives. The Company reassesses the classification of preferred stock upon the occurrence of events that may change the substance of the instrument or its settlement provisions.

The Company classifies its redeemable convertible preferred stock as temporary equity within mezzanine equity on the Consolidated Balance Sheets in accordance with ASC 480-10-S99-3A. Because the shares include liquidation and deemed liquidation features that are not solely within the Company's control, they are not classified within permanent stockholders' equity. The redeemable convertible preferred stock is not classified as a liability

[**Table of Contents**](#TOC001)

#### Standard Nuclear, Inc.<br>Notes to the Consolidated Financial Statements
**2. Summary of Significant Accounting Policies** (cont.)

because it does not embody an unconditional obligation requiring the Company to redeem the shares for cash or other assets, nor does it require settlement in a variable number of shares with a fixed monetary value. The Company adjusts the carrying amount of the redeemable convertible preferred stock to its redemption value in accordance with the applicable accounting guidance. Refer to Note 8 *— Redeemable Convertible Preferred Stock* for additional information.

#### Use of Estimates
The preparation of Consolidated Financial Statements in conformity with U.S. GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of expenses during the reporting period.

Making estimates requires management to exercise significant judgment. Accordingly, the actual results could differ significantly from those estimates.

#### Share Based Compensation
The Company estimates the fair value of stock options on the date of grant using the Black-Scholes option pricing model. This model requires the use of subjective assumptions, including the expected term of the award, expected stock price volatility, risk-free interest rate, and expected dividend yield. The expected term represents the period that the stock options are expected to be outstanding. As the Company does not have sufficient historical exercise data, it estimates the expected term using the simplified method, which is the midpoint between the vesting term and the contractual term of the option, in accordance with SEC Staff Accounting Bulletin No. 107 and No. 110. The expected stock price volatility is based on the historical volatility of a group of comparable publicly traded companies, as the Company does not have sufficient trading history for its own common stock. The risk-free interest rate is based on the yield of U.S. Treasury securities with maturities consistent with the expected term of the stock options. The expected dividend yield is assumed to be zero, as the Company has not historically paid dividends and does not currently expect to pay dividends in the foreseeable future.

The Company has elected to account for forfeitures as they occur. As a result, stock-based compensation expense is recognized for awards expected to vest, and adjustments are made in the period of forfeiture to reverse previously recognized expense for awards that do not vest.

#### Loss Per Share
The Company computes net loss per share attributable to common stockholders in accordance with ASC 260, Earnings Per Share. Net loss per share attributable to common stockholders is calculated by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period.

Net loss attributable to common stockholders is determined by adjusting net loss for dividends declared or accumulated on preferred stock and, if applicable, accretion or other adjustments to the carrying amount of redeemable convertible preferred stock that are treated as deemed dividends. Redeemable convertible preferred stock is excluded from basic net loss per share until converted. Diluted net income (loss) per share attributable to common stockholders gives effect to all potentially dilutive common shares outstanding during the period. Potentially dilutive securities include stock options, unvested restricted stock, and shares issuable upon conversion of redeemable convertible preferred stock. Stock options and other awards are included in diluted net income (loss) per share using the treasury stock method, and redeemable convertible preferred stock is included using the if-converted method. Under the if-converted method, preferred dividends and deemed dividends, if any, applicable to the redeemable convertible preferred stock are added back to the numerator and the weighted-average shares issuable upon conversion are included in the denominator, if dilutive. Potentially dilutive securities are excluded

[**Table of Contents**](#TOC001)

#### Standard Nuclear, Inc.<br>Notes to the Consolidated Financial Statements
**2. Summary of Significant Accounting Policies** (cont.)

from the computation of diluted net income (loss) per share if their effect would be anti-dilutive. During year ended December 31, 2025, and for the period from July 15, 2024 (inception) through December 31, 2024, diluted net loss per share is the same as basic net loss per share as the inclusion of potentially dilutive shares would have been anti-dilutive.

#### Income Taxes
Income taxes are accounted for under the asset and liability method. The provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Current and deferred income taxes are measured based on the tax laws that are enacted as of the balance sheet date of the relevant reporting period. Deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities and their respective tax bases using tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. A valuation allowance is established when it is more likely than not, based on available positive and negative evidence that some or all the Company's deferred tax assets will not be realized.

The Company recognizes the effect of a tax position when it is more likely than not, based on technical merits, that the position will be sustained upon examination by the appropriate taxing authorities. The amount of tax benefit recognized for an uncertain tax position is the largest amount of benefit with a greater than 50 percent likelihood of being realized. Unrecognized tax benefits are included within other liabilities if recognized and are charged to earnings in the period that such determination is made. The Company records interest and penalties related to tax uncertainties, if applicable, as a component of income tax expense.

#### Property and Equipment, Net
Property and equipment, net is stated at cost less accumulated depreciation. Expenditures on improvements are capitalized, while expenditures on routine maintenance and repairs are expensed as incurred. Acquisitions of net assets that do not constitute a business are accounted for by allocating the cost of the acquisition, including transaction costs, to individual assets acquired and liabilities assumed on a relative fair value basis. Depreciation expense is computed using the straight-line method over management's estimated useful lives of the related assets, as listed below:

---

| | |
|:---|:---|
|  **Assets** | **Years** |
|  Machinery and equipment | 7 to 20 |
|  Buildings and building improvements | 30 – 39 |
|  IT and office equipment | 5 |
|  ARO Asset | 20 |
|  Land | Not depreciated |

---

#### Property and Equipment Impairment
Property and equipment are evaluated for impairment whenever indicators of impairment exist. In accordance with ASC 360, *Property, Plant and Equipment,* the Company evaluates the realizability of these property and equipment as events occur that might indicate potential impairment. In doing so, the Company assesses whether the carrying amount of the related asset group is recoverable by estimating the sum of the future cash flows expected to result from the use of the asset group, undiscounted and without interest charges. If the carrying amount is more than the recoverable amount, an impairment charge is recognized based on the excess of the carrying value over the fair value of the asset group and allocated to the long-lived assets in the asset group on a relative carrying value basis.

[**Table of Contents**](#TOC001)

#### Standard Nuclear, Inc.<br>Notes to the Consolidated Financial Statements
**2. Summary of Significant Accounting Policies** (cont.)

#### Leases
The Company determines if an arrangement is or contains a lease at inception and classifies the lease as an operating or finance lease at the commencement date. An arrangement is or contains a lease where the Company has a right to control an identified asset. For leases with an initial term of greater than twelve months, the Company recognizes a right-of-use asset and a lease liability as of the lease commencement date. Right-of-use assets represent the Company's right to use the underlying assets for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease.

Lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term. Right-of-use assets are recognized as the initial measurement of the lease liabilities, plus any initial direct costs, any prepaid lease payments, and less incentives received, if any.

For any leases requiring capitalization, the Company expects it would use its incremental borrowing rate to determine the present value of lease payments, as the rate implicit in the lease may not be readily determinable. The Company's incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments and in economic environments where the leased asset is located. The Company recognizes lease expense for its operating leases on a straight-line basis over the lease term. Lease expense for finance leases is generally front-loaded as the finance lease right-of-use asset is depreciated on a straight-line basis, but interest expense on the liability is recognized utilizing the interest method that results in more expense during the early years of the lease. Accordingly, costs for finance leases are disaggregated and recognized as both an operating expense (for the amortization of the right-of-use asset) and interest expense (for interest on the lease liability).

The Company's operating and finance lease terms may include renewal or early termination options. The Company only includes renewal or termination options in the lease term when the options are reasonably certain of exercise. The assessment of whether such options are reasonably certain of exercise is based on facts and circumstances at lease commencement, including contract-based, asset-based, and entity-based factors.

As of December 31, 2025 and 2024, the Company did not have any Right-of-use assets or Lease liabilities.

#### Asset Retirement Obligations
The Company recognizes a liability for a legal obligation to perform asset retirement activities, including those that are conditional on a future event, when the obligating event has occurred and the amount of the obligation can be reasonably estimated. The asset retirement obligation is initially measured at its fair value and recorded as a liability with an offsetting retirement cost that is capitalized as part of the related long-lived asset in the Consolidated Balance Sheets. The estimated fair value is measured by reference to the expected future cash flows required to satisfy the obligation, discounted at the Company's credit-adjusted risk-free rate. Changes in the estimated obligation resulting from revisions to estimated timing or amount of future cash flows are recognized as a change in the asset retirement obligation and the related asset retirement cost.

The amounts capitalized as part of the related long-lived asset are depreciated and classified together with the depreciation of the underlying asset in the Consolidated Statements of Operations. Increases in the asset retirement obligations resulting from the passage of time are recorded as asset retirement obligation accretion expense in the Consolidated Statements of Operations. Actual expenditures incurred are charged against the accumulated asset retirement obligation.

In December 2024, the Company purchased machinery and equipment as part of the USNC Assets which the Company is obligated to decommission at the end of the related assets 20-year useful life. As of December 31, 2025, and December 31, 2024, the Company recorded an asset retirement obligation of $0.8 million and $0.7 million, respectively, for the present value of the decontamination costs estimated using the discounted cash flow method using an 11.65% discount rate and 2.59% escalation factor.

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#### Standard Nuclear, Inc.<br>Notes to the Consolidated Financial Statements
**2. Summary of Significant Accounting Policies** (cont.)

The accretion expense recognized during the year ended December 31, 2025, and for the period from July 15, 2024 (inception), through December 31, 2024, is $0.1 million and less than $0.1 million, respectively.

#### Revenue Recognition
The Company recognizes revenue in accordance with ASC 606, *Revenue from Contracts with Customers*. Revenue is recognized when control of the promised goods or services is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. During the year ended December 31, 2025, the Company primarily derives revenue from fuel development and services agreements. The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. The Company evaluates the products or services promised in each contract at inception to determine whether the contract should be accounted for as having one or more performance obligations. In cases where products and services in the Company's contracts are not distinct from one another due to their complex relationships the Company's contracts are typically accounted for as one performance obligation. In cases in which the Company performs activities that are not highly complex or interrelated, the Company contracts may have more than one distinct performance obligation. Judgment is required in determining performance obligations, and these decisions could change the amount of revenue and profit recorded in a given period.

The Company's contracts with customers may include variable consideration such as performance bonuses and incentives. The Company estimates variable consideration using the method that best predicts the amount of consideration expected to be received and includes such amounts in the transaction price only to the extent that it is probable that a significant reversal of cumulative revenue recognized will not occur. Estimates of variable consideration are reassessed at each reporting date and updated as circumstances change.

Fuel Development Agreements

Fuel development agreements are typically structured as time and materials or fixed price with milestone-based invoicing arrangements. These services are accounted for as a single performance obligation in cases where the services are highly interrelated and are not separately identifiable within the context of the contract. Revenue is recognized over time as services are performed. Revenue is recognized based on the extent of progress towards completion of the performance obligation, generally using an input method based on a cost-to-cost measure of progress for its contracts. Under an input method based on a cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs to complete the performance obligation(s). For time-and-materials arrangements in which the Company has a right to consideration in an amount that corresponds directly with the value transferred to the customer, the Company applies the right-to-invoice practical expedient under ASC 606-10-55-18 and recognizes revenue in the amount to which it has the right to invoice.

Other Agreements

Other services agreements may include customer deposits or capacity reservation payments related to future fuel production and delivery. Amounts received under these arrangements are evaluated to determine whether they represent payment for completed performance obligations or advance payments for future performance. To the extent such amounts represent advance payments, they are recorded as contract liabilities (deferred revenue) and recognized as revenue when the related performance obligations are satisfied or when the amounts become nonrefundable in accordance with the contract terms.

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#### Standard Nuclear, Inc.<br>Notes to the Consolidated Financial Statements
**2. Summary of Significant Accounting Policies** (cont.)

#### Unbilled contract assets
The Company's unbilled contract assets are recorded when revenue has been recognized for performance obligations for which the Company does not yet have an unconditional right to payment because contractual billing conditions remain unsatisfied. Unbilled contract assets are recorded at the net amount expected to be invoiced and collected and are included in Accounts Receivable, net on the Consolidated Balance Sheets.

#### Deferred Revenue
Deferred revenue consists primarily of customer billings and deposits received for goods or services that had not been delivered as of the balance sheet date. Deferred revenue is recognized as revenue when the related performance obligations are satisfied, and control of the goods or services is transferred to the customer. Deferred revenue is classified as a current liability on the Company's Consolidated Balance Sheets, based on the Company's contract operating cycle and reported on a contract-by-contract basis, net of revenue recognized, at the end of each reporting period.

#### Cost of Revenue
Cost of revenue consists of cost of services. Cost of services includes direct labor costs, including salaries and benefits of personnel performing fuel development services, materials and consumables used in performing those services, and depreciation of equipment utilized in service delivery. Cost of revenue is recognized in the period in which the related revenue is recognized.

#### General and Administrative
General and administrative expenses primarily consist of personnel-related costs, including salaries, benefits, and share-based compensation costs, for executive leadership and employees in legal, finance, accounting, human resources, information technology, and other administrative functions. In addition, these expenses include allocated facility costs and related costs of consultants and advisors. General and administrative costs are expensed as incurred.

#### Research and Development
Research and development ("R&D") expenses represent costs incurred for designing and engineering products, including the costs of developing design tools, as well as the costs to acquire technology and other assets from third parties. All research and development costs related to product development are expensed as incurred. There were no R&D expenses in 2025.

#### Related Party Transactions
A party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests is also a related party.

The Consolidated Financial Statements include disclosure of material related party transactions, such as compensation arrangements, expense allowances, and other similar items in the ordinary course of business.

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#### Standard Nuclear, Inc.<br>Notes to the Consolidated Financial Statements
**2. Summary of Significant Accounting Policies** (cont.)

#### Accounting Pronouncements Recently Issued or Adopted
In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* ("ASU 2023-09"). This ASU enhances the transparency of income tax disclosures related to rate reconciliation and income taxes. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The Company adopted ASU-2023-09 on December 31, 2025, on a retrospective basis. The adoption of this ASU did not have a material impact on the Company's respective Consolidated Financial Statements. See Note 12, *Income Taxes*, for additional disclosures related to effective tax rate reconciliation as well as jurisdictional disclosures.

In November 2024, the FASB issued ASU 2024-03, *Disaggregation of Income Statement Expenses.* ASU 2024-03 requires additional footnote disclosure of the details of certain income statement expense line items as well as additional disclosure about selling expenses. This standard is effective for the annual period of fiscal 2027, and early adoption is permitted. The guidance is to be applied prospectively, with the option for retrospective application. The Company is currently evaluating the impact the adoption of this standard will have on its disclosures.

**3. Revenue Recognition**

As described in Note 2 *— Summary of Operations and Significant Accounting Policies*, the Company recognizes revenue at a point in time or over time consistent with how it satisfies its performance obligations and transfers control to its customers. Revenue from point-in-time contracts was $0.1 million. Revenue from over-time contracts was $3.2 million for the year ended December 31, 2025. A receivable is recorded when the Company has an unconditional right to receive payment based on the satisfaction of performance obligations. Accounts receivable and unbilled contract assets consist of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2025** | **December 31, <br>2024** |
|  Accounts Receivable | $2090089 | $— |
|  Unbilled contract assets | 201582 |  |
|  **Receivables, net** | $**2291671** | $**—** |

---

Deferred revenue was $1.1 million and $0 at December 31, 2025 and 2024, respectively. Revenue recognized during 2025 that was included in deferred revenue at December 31, 2024, was $0. The change in unbilled contract assets and deferred revenue related to the commencement of revenue generating activities in 2025.

The Company receives payments from customers based on billing schedules, as established in its contracts. Billed accounts receivable are recorded when the right to consideration becomes unconditional. Unbilled contract assets are recorded as performance under the contract is completed. Deferred revenue relates to payments received in advance of performance under the contract. Deferred revenue is recognized as revenue as (or when) the related performance obligations are satisfied.

#### Disaggregated Revenue
The Company's revenues disaggregated by revenue type are as follows:

---

| | |
|:---|:---|
|  | **Year ended <br>December 31, <br>2025** |
|  Fixed price contracts | $2046383 |
|  Time and materials contracts | 1093682 |
|  | $**3140065** |

---

The Company did not record any revenue for the period from July 15, 2024 through December 31, 2024.

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#### Standard Nuclear, Inc.<br>Notes to the Consolidated Financial Statements
**3. Revenue Recognition** (cont.)

The Company has elected the practical expedient in ASC 606-10-50-14 that exempts it from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less, and the Company has elected the practical expedient in ASC 606-10-55-18 that allows it to recognize revenue in the amount to which it has the right to invoice.

#### Significant Customers
For the year ended December 31, 2025, the Company had three customers that each accounted for more than 10% of total revenue. Revenue from these customers was approximately $1.1 million, $0.9 million, and $0.6 million, respectively. All such revenue was generated in the Company's single reportable segment. No single customer accounted for more than 10% of total revenue for the period from July 15, 2024 (inception) through December 31, 2024, as the Company had not yet commenced revenue-generating activities.

**4. Asset Acquisition**

On November 21, 2024, Standard Property Holdings I, LLC, a wholly owned subsidiary of Standard Nuclear, Inc., entered into an asset purchase agreement with USNC to acquire the USNC Assets. USNC had filed for Chapter 11 bankruptcy protection in October 2024, and the assets were acquired through a Section 363 auction process under the U.S. Bankruptcy Code.

Under the agreement, the Company purchased the USNC Assets on an as-is, where-is basis, free and clear of all liens, claims, and encumbrances, other than certain specified liabilities that the Company agreed to assume, such as the related asset retirement obligations for certain assets. The purchase was approved by the United States Bankruptcy Court for the District of Delaware on December 19, 2024, and closed on December 27, 2024.

The USNC Assets primarily consisted of advanced nuclear fuel-related intellectual property and know-how, design documentation and process technology applicable to the development of TRISO and related advanced fuels, records, and engineering data associated with USNC's fuel development activities (collectively, in-process research and development), certain contracts, and specified equipment, and related materials necessary for future production activities. The acquired assets support the Company's strategy to develop, manufacture, and commercialize advanced nuclear fuel in the United States. The Company acquired the USNC Assets for a total cash purchase price, including transaction costs of $0.4 million, of $32.9 million, paid at closing. In addition, the Company assumed certain agreed-upon liabilities associated with the USNC Assets.

Allocation of the total consideration transferred is summarized as follows:

---

| | |
|:---|:---|
|  | **Fair Value** |
|  **Identified assets:** |  |
|  In-Process Research & Development (IPR&D) | $30678000 |
|  Machinery and equipment | 1397000 |
|  Land | 1040000 |
|  Building and building improvements | 425000 |
|  **Total fair value of gross identifiable assets acquired** | $**33540000** |
|  **Liabilities assumed:** |  |
|  Asset retirement obligation | (673000) |
|  **Total net identifiable assets acquired and liabilities assumed** | $**32867000** |
|  Cash consideration paid (including buyer transaction cost of $0.38 million) | $32867000 |

---

Acquisitions of net assets that do not constitute a business are accounted for by allocating the cost of the acquisition to individual assets acquired and liabilities assumed on a relative fair value basis and shall not give rise to goodwill, as prescribed in ASC 805. The fair value was primarily attributed to indefinite-lived in-process research

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#### Standard Nuclear, Inc.<br>Notes to the Consolidated Financial Statements
**4. Asset Acquisition** (cont.)

and development ("IPR&D") intangible assets related to the Company's advanced nuclear fuel development efforts. Because the acquired IPR&D cannot be repurposed or used in alternative applications, the full allocated carrying amount of $30.7 million allocated to IPR&D assets was expensed immediately on the transaction date.

The Company presents acquisitions of IPR&D as an investing activity in the Consolidated Statements of Cash Flows, even when immediately expensed, and a related reconciling item in operating cash flows.

**5. Property and Equipment, net**

Property and equipment, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2025** | **December 31, <br>2024** |
|  Machinery and equipment | $8030173 | $711657 |
|  Land | 1267338 | 1040000 |
|  Building and improvements | 814893 | 425927 |
|  ARO Asset | 673000 | 673000 |
|  IT and office equipment | 182556 | 12343 |
|  Construction-in-progress | 1933086 |  |
|  **Total property and equipment, gross** | **12901047** | **2862927** |
|  Accumulated depreciation | (273423) | (1263) |
|  **Total property and equipment, net** | $**12627624** | $**2860737** |

---

Total depreciation expense recognized for the year ended December 31, 2025, and for the period from July 15, 2024 (inception) through December 31, 2024, is $0.3 million and less than $0.1 million respectively. Depreciation expense is included within cost of revenue in the Consolidated Statements of Operations. Construction-in-progress is primarily comprised of building and building improvement construction not yet placed-in-service.

Upon the acquisition described in Note 4, the Company recognized $2.9 million as cost basis for acquired property and equipment, comprised of allocated cash consideration of $2.2 million and the non-cash attribution of $0.7 million of related asset retirement costs from initial recognition of the assumed asset retirement obligation. The cash consideration paid is reflected in investing activities in the Consolidated Statements of Cash Flows.

**6. Equity Method Investment**

On September 16, 2025, the Company and Framatome, Inc. ("Framatome") formed Standard Nuclear x Framatome LLC (the "Venture"), a Delaware limited liability company, with the purpose of establishing a facility on Framatome's U.S. Nuclear Regulatory Commission — licensed site in Richland, Washington to manufacture and commercialize tristructural isotropic particle fuel ("TRISO"), Fully Ceramic Microencapsulated fuel ("FCM"), and other TRISO-based advanced fuel products.

Pursuant to the Venture's LLC Operating Agreement, the Company agreed to contribute cash of $66,667 in exchange for a 66.667% membership interest and Framatome agreed to contribute cash of $33,333 in exchange for a 33.333% membership interest. In addition to the initial capital contributions, the Company will provide intellectual property licensing related to advanced fuel product technology and manufacturing know-how and to lease specialized fuel-manufacturing equipment to the Venture. Framatome has agreed to provide access to its Richland site physical plant space and licensed nuclear infrastructure, to lease its specialty fuel building to the Venture, and to license its manufacturing and operational expertise.

Although the Company holds a 66.667% membership interest in the Venture, the LLC Operating Agreement requires the joint approval of both members for all significant operating and financial decisions. Because neither member has the unilateral ability to direct the activities that most significantly affect the Venture's economic performance, the Company has concluded that it does not control the Venture and accounts for its investment under the equity method of accounting in accordance with ASC 323, Investments — Equity Method and Joint Ventures.

[**Table of Contents**](#TOC001)

**6. Equity Method Investment** (cont.)

The Company's investment in the Venture is initially recorded at cost, consisting of capital contributions made and committed, and is subsequently adjusted for the Company's proportionate share of the Venture's net income or loss and any additional contributions or distributions.

As of December 31, 2025, the Company had contributed approximately $1.1 million in cash and other contributions in kind to fund initial organizational and pre-operational activities. The carrying amount of the Company's equity method investment was $1.1 million as of December 31, 2025.

As of December 31, 2025, the Venture was in its pre-operational phase and had not commenced commercial production or generated revenue. The Venture's activities during the period from formation through December 31, 2025, consisted primarily of organizational activities, initial facility planning, and regulatory preparation. The Company's share of the Venture's net gain or loss for the year ended December 31, 2025, was not material.

#### Variable Interest Entity
The Company has determined that the Venture is a variable interest entity ("VIE") as defined in ASC 810, Consolidation, because the Venture's equity at risk is not sufficient to permit it to finance its activities without additional subordinated financial support from its members. The Company holds variable interests in the Venture through its equity investment, its intellectual property licensing arrangements, and its equipment leasing arrangements with the Venture.

The Company has concluded that it is not the primary beneficiary of the Venture because it does not have the power to unilaterally direct the activities that most significantly affect the Venture's economic performance. Under the LLC Operating Agreement, all significant operating and financial decisions — including approval of budgets, capital expenditure plans, commercial contracts, and changes to the scope of operations — require the joint approval of both members. Accordingly, power over the Venture's most significant activities is shared and neither member individually possesses the power criterion required to be the primary beneficiary. The Company will reassess whether it is the primary beneficiary of the Venture on an ongoing basis.

As of December 31, 2025, the Company's maximum exposure to loss as a result of its involvement with the Venture consisted of the carrying amount of its equity method investment of $1.1 million and any additional capital contributions that may be required under the LLC Operating Agreement. The Company's exposure to loss from the Venture is limited to its investment and contractual commitments; the Company has not provided any guarantees, credit enhancements, or other forms of financial support to the Venture beyond those described above.

The Venture plans to commence manufacturing operations in 2027, subject to receipt of a license amendment from the U.S. Nuclear Regulatory Commission for Framatome's Richland facility, which is currently under review.

**7. Commitments and Contingencies**

#### Indemnification
In the ordinary course of business, the Company enters into contractual arrangements under which it may agree to indemnify the counterparties from any losses incurred relating to breach of representation, failure to perform, or claims and losses arising from certain events as outlined within the particular contract. The Company has also entered into indemnification agreements with certain of its officers and directors.

The Company's maximum exposure under such indemnities is unknown and has not been estimated, as this would involve future claims that may be made against the Company that have not occurred. To date, the Company has not made any payments related to these indemnities and believes the risk of material obligations under these indemnities to be remote. Accordingly, the Company has not accrued any liabilities related to such indemnification obligations in the Consolidated Financial Statements.

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#### Standard Nuclear, Inc.<br>Notes to the Consolidated Financial Statements
**7. Commitments and Contingencies** (cont.)

#### Legal Matters
From time to time, the Company may become involved in certain legal proceedings and claims incidental to the normal course of its business. As of December 31, 2025, and December 31, 2024, management is not aware of any pending or threatened litigation that could have a material adverse effect on the Consolidated Financial Statements.

**8. Redeemable Preferred Stock**

As of December 31, 2025, the Company was authorized to issue 50,974,232 shares of preferred stock, each with a par value of $0.00001 per share. During the year ended December 31, 2025, the Company amended its certificate of incorporation to establish one class of preferred stock consisting of four separate series.

*Issuance of Series SEED Preferred Stock*

On February 13, 2025, the Company issued 4,999,997 shares of Series Seed preferred stock at a purchase price of $2.00 per share to certain investors for aggregate proceeds of $9,999,944. The proceeds include application of $2.5 million previously recorded as Short-term Cash Advance and Short-term Cash Advance from Related Party on the Company's Consolidated Balance Sheets at December 31, 2024.

*SAFE Settlement for Series Seed-1 Preferred Stock*

On February 13, 2025, the SAFE instruments were settled through conversion into shares of newly issued Series Seed-1 Preferred Stock upon the Company's entry into the Series Seed Preferred Stock equity financing. Pursuant to the financing, the Company issued and sold preferred stock at a fixed pre-money valuation to the SAFE investors. The SAFE instruments automatically converted into 32,500,000 shares of Series Seed-1 Preferred Stock at a purchase price of $1.00 per share. Additionally, one investor requested a rescission of their $1.0 million investment in the SAFE instruments, and the Company issued a refund to the investor in January 2025. Refer to Note 10, *SAFE Notes*, for additional discussion.

*Series A Funding*

On August 14, 2025, the Company entered into a Series A Preferred Stock Purchase Agreement, pursuant to which it issued 13,474,235 shares of Series A Preferred Stock at a purchase price of $5.1951 per share, resulting in aggregate gross proceeds of approximately $70.0 million. The Company intends to use the proceeds from this financing to expand annual TRISO production.

*Voting*

Except as provided by law or by the Company's certificate of incorporation, holders of redeemable convertible preferred stock are entitled to vote together with holders of common stock as a single class on an as-converted basis.

*Dividends*

Holders of redeemable convertible preferred stock are entitled to receive dividends only when, as, and if declared by the Company's Board of Directors (the "Board of Directors"). Such dividend rights are noncumulative, and no dividends accrue if not declared by the Board of Directors. No dividends have been declared since inception.

*Conversion*

Each share of redeemable convertible preferred stock is convertible at any time at the option of the holder into shares of Class A common stock. The conversion rate is determined by dividing the original issue price by the conversion price then in effect. The conversion price initially equals the original issue price and is subject to

[**Table of Contents**](#TOC001)

#### Standard Nuclear, Inc.<br>Notes to the Consolidated Financial Statements
**8. Redeemable Preferred Stock** (cont.)

customary anti-dilution adjustments for stock splits, stock dividends, and certain other corporate events. As of December 31, 2025, each share of redeemable convertible preferred stock was convertible into one share of Class A common stock.

Conversion becomes mandatory upon the earliest to occur of: (i) immediately prior to the closing of the sale of shares of common stock in an initial public offering that results in at least $50.0 million of gross proceeds and in connection with which the common stock is listed on the Nasdaq Stock Market, the New York Stock Exchange, or another recognized exchange or marketplace, or (ii) the election of the holders of a majority of the outstanding shares of preferred stock.

*Liquidation Preference*

In the event of any voluntary or involuntary liquidation, dissolution, or winding up of the Company, or a deemed liquidation event, including a merger or disposition of substantially all of the assets of the Company, holders of each series of redeemable convertible preferred stock then outstanding are entitled to receive, prior and in preference to any distribution to holders of common stock, an amount equal to the greater of: (i) the original issue price of such shares plus any declared but unpaid dividends, or (ii) the amount that such holders would have received had all outstanding shares of redeemable convertible preferred stock been converted into common stock immediately prior to such event.

*Protective Provisions*

The redeemable convertible preferred stock includes customary protective provisions requiring the approval of a majority of the holders of preferred stock for certain significant corporate actions, including amendments to the charter or bylaws that adversely affect preferred stock rights, the creation of senior securities, changes to authorized share counts, non-ordinary-course dividends or redemptions, mergers or reorganizations that materially alter preferred rights, and significant subsidiary or asset transactions. Certain additional actions, including incurring indebtedness above specified thresholds, adopting or amending equity compensation plans, and making certain loans or guarantees, also require approval of the Class B Director.

*Classification of Convertible Preferred Stock*

The Company classifies its redeemable convertible preferred stock outside of permanent equity on the Consolidated Balance Sheets as mezzanine equity (temporary equity). Management evaluated the terms of the redeemable convertible preferred stock under the applicable guidance in ASC 480, *Distinguishing Liabilities from Equity*, ASC 815-40, *Derivatives and Hedging — Contracts in Entity's Own Equity*, and ASC 480-10-S99-3A.

Based on this evaluation, the redeemable convertible preferred stock does not contain features that require liability classification, such as an unconditional obligation to redeem the shares for cash or other assets at a fixed or determinable date, an obligation to repurchase the shares, or a requirement to settle the instrument in cash or in a variable number of shares with a fixed monetary value. Accordingly, the instrument is not classified as a liability. The redeemable convertible preferred stock is convertible into shares of the Company's Class A common stock, and the Company has reserved sufficient authorized shares to settle conversions in shares. The rights, preferences, and privileges of the redeemable convertible preferred stock are governed by the Company's Amended and Restated Certificate of Incorporation.

However, the redeemable convertible preferred stock includes liquidation and deemed liquidation features that may require settlement in circumstances that are not solely within the Company's control. As a result, although the instrument is legal-form equity, it is not classified within permanent stockholders' equity. Instead, the Company presents the redeemable convertible preferred stock in temporary equity in accordance with ASC 480-10-S99-3A.

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**8. Redeemable Preferred Stock** (cont.)

The Company will adjust the carrying amount of the redeemable convertible preferred stock to its redemption value in accordance with the applicable accounting guidance, if and when such adjustment is required.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  **Preferred Stock** | **Shares <br>Authorized** | **Shares <br>Issued and <br>Outstanding** | **Carrying <br>Amount** | **Aggregate <br>Liquidation <br>Preference** |
|  Series Seed | 4999997 | 4999997 | $9999994 | $4999997 |
|  Series Seed I | 32500000 | 32500000 | 65000000 | 32500000 |
|  Series A | 13474235 | 13474235 | 69999983 | 13474235 |

---

**9. Stockholders' Equity**

The Company's stockholders' equity consists of Class A common stock and Class B common stock. During 2025, the Company amended its certificate of incorporation to establish separate classes of common stock and a class of preferred stock with multiple series, reflecting changes in its capital structure in connection with equity financings completed during the year. The following discussion summarizes the key rights, preferences, and significant transactions related to the Company's equity securities.

#### Common Stock
As of December 31, 2025, the Company was authorized to issue 80,000,000 shares of Class A common stock with a par value of $0.00001 per share and 17,807,500 shares of Class B common stock with a par value of $0.00001. As of December 31, 2024, the Company had one class of common stock and was authorized to issue 20,000,000 shares of common stock with a par value of $0.00001 per share. As of December 31, 2024, there were 14,000,000 ordinary shares issued and outstanding. During the year ended December 31, 2025, the Company amended its certificate of incorporation to designate separate Class A common stock and Class B common stock.

In October 2024, the Company issued 3,297,000 shares of ordinary common stock at par value to founding shareholders who were members of management and 10,703,000 shares of ordinary common stock at par value to other founding shareholders, or a total of 14,000,000 shares of ordinary common stock. All shares were fully vested at issuance. In February 2025, the Company entered into a share exchange agreement with each of the holders of ordinary common stock and reclassified the 14,000,000 shares of ordinary common stock into 6,748,000 shares of Class A common stock and 7,252,000 shares of Class B common stock.

*Voting*

The holders of Class A Common Stock and Class B Common Stock vote as one class on all matters submitted to a vote or for the consent of the stockholders. Each holder of Class A Common Stock is entitled to one vote for each share of Class A Common Stock held on all matters submitted to a vote of shareholders. Each holder of Class B Common Stock is entitled to ten votes for each share of Class B Common Stock held on all matters submitted to a vote of shareholders. Both holders of Class A common stock and holders of Class B common stock receive notice of stockholder meetings in accordance with the Company's bylaws.

*Conversio*n

Shares of Class B Common Stock are convertible into one share of Class A Common Stock at the option of the holders at any time upon written notice to the Company. Further, each share of Class B common stock will automatically convert into one share of Class A Common Stock upon the vote or written consent of Class B Common stockholders representing a majority of the outstanding shares of Class B Common Stock or upon the non-permitted sale, assignment or transfer shares of Class B Common Stock.

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#### Standard Nuclear, Inc.<br>Notes to the Consolidated Financial Statements
**9. Stockholders' Equity** (cont.)

*Dividend and Liquidation Rights*

Dividends may be declared at the discretion of the Board of Directors from funds legally available for distribution. The holders of Class A Common Stock and the holders of Class B Common Stock are entitled to share equally on a per share basis, in dividends and other distributions that may be declared by the Board of Directors, subject to the preferences applicable to any series or class of preferred stock. In the event of liquidation, dissolution, or winding up of the Company, whether voluntary or involuntary, the holders of Class A Common Stock and the holders of Class B common stock are entitled to share equally on a per share basis ratably in all assets available for distribution to the holders of common stock subject to the preferences applicable to any series or class of preferred stock. The common stock is not redeemable at the option of the holder.

**10. Related Party Transactions**

#### SAFE Notes
During the fourth quarter of 2024, the Company received $33.5 million in funding commitments from various investors pursuant to SAFE Notes, including related parties through one Company executive who exerts significant influence over certain SAFE investors. The related party SAFE investors are entities affiliated with a member of the Company's Board of Directors who also serves as CEO Director.

The proceeds received from the issuance of SAFE notes to related parties for the year ended December 31, 2025, and during the period from July 15, 2024 (inception) through December 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2025** | **December 31, <br>2024** |
|  Decisive Point – Standard Nuclear I, LLC | $— | $2900000 |
|  Decisive Point Ventures II Master Fund, L.P. |  | 2000000 |
|  Standard Nuclear Trust |  | 25000 |
|  **Total proceeds from issuance of SAFE notes to related parties** | $**—** | $**4925000** |

---

As discussed in Note 10, the SAFE Notes were classified as liabilities and remeasured to fair value at each reporting period. As of December 31, 2024, the fair value of SAFE Notes payable to related parties was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2025** | **December 31, <br>2024** |
|  Decisive Point – Standard Nuclear I, LLC | $— | $5118543 |
|  Decisive Point Ventures II Master Fund, L.P. |  | 3530030 |
|  Standard Nuclear Trust |  | 44125 |
|  **Total SAFE notes payable to related parties** | $**—** | $**8692699** |

---

On February 13, 2025, the Company completed its Series Seed Preferred Stock equity financing, which triggered the automatic conversion of all outstanding SAFE Notes. The related party SAFE Notes converted into shares of Series Seed-1 Preferred Stock on the same terms and conditions as all other SAFE investors, including the same valuation cap of $20.0 million and discount rate of 50%. The conversion was effected at a price of $1.00 per share, and the related-party SAFEs converted into an aggregate of 4,925,000 shares of Series Seed-1 Preferred Stock. Refer to Note 8 *— Redeemable Preferred Stock*, for further discussion of the conversion mechanics and the remeasurement of SAFE liabilities to fair value at the conversion date.

As of December 31, 2025, no SAFE Notes remained outstanding to related parties or otherwise. The remeasurement gain recognized in the Consolidated Statements of Operations for the period from January 1, 2025, through the conversion date attributable to the related-party SAFE Notes was $853,000. This amount was recognized as a gain on debt extinguishment as a result of the rescission.

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#### Standard Nuclear, Inc.<br>Notes to the Consolidated Financial Statements
**10. Related Party Transactions** (cont.)

#### Advances from Related Parties
During 2024, the Company received non-interest-bearing cash advances from Decisive Point — Standard Nuclear II, a related party. As the advances were non-interest-bearing, the amount payable as of December 31, 2024, equaled the amount received. The advances from related parties were as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2025** | **December 31, <br>2024** |
|  Decisive Point – Standard Nuclear II | $— | $1263500 |
|  **Total related party short-term cash advance liabilities** | $**—** | $**1263500** |

---

The short-term cash advance of $1,263,500 from Decisive Point — Standard Nuclear II, together with a separate non-related-party short-term cash advance of $1,231,333, was reclassified from liabilities to equity on February 13, 2025, in connection with the Series Seed Preferred Stock financing. The total reclassification of $2,494,833 was applied as additional consideration for Series Seed preferred equity.

As of December 31, 2025, no short-term cash advance liabilities remained outstanding.

#### Related-Party Participation in Equity Financings
In connection with the Series Seed Preferred Stock financing that closed on February 13, 2025, related-party SAFE investors received an aggregate of 4,925,000 shares of Series Seed-1 Preferred Stock upon automatic conversion of their SAFE Notes, as described above. The conversion terms were identical to those applicable to all other SAFE investors.

On August 14, 2025, the Company completed its Series A Preferred Stock financing, issuing 13,474,235 shares of Series A Preferred Stock at $5.1951 per share for aggregate gross proceeds of approximately $70.0 million. Two entities within the Decisive Point affiliated group participated in the Series A Preferred Stock Financing on the same terms and conditions as all unrelated investors:

The related-party Series A investment of approximately $8.8 million represents 12.6% of the total $70.0 million Series A round. Both entities purchased Series A Preferred Stock at the same price per share ($5.1951), with the same rights, preferences, privileges, and restrictions as all other Series A investors, as set forth in the Series A Preferred Stock Purchase Agreement dated August 14, 2025.

Decisive Point — Standard Nuclear III is a new entity that did not exist as of December 31, 2024. Its entire equity position in the Company consists of 1,121,165 shares of Series A Preferred Stock acquired in the August 2025 financing. The entity is affiliated with Mr. Hendrix and is part of the Decisive Point investment platform.

#### Amounts Due from Officer
During 2025, the Company advanced $31,250 to Ms. Marrocco, Chief Operating Officer, for relocation-related expenses including moving costs and temporary housing in connection with the officer's relocation to the Company's Oak Ridge, Tennessee headquarters. The advances were non-interest-bearing.

The full $31,250 was repaid or otherwise settled on October 31, 2025, and no balance remained outstanding as of December 31, 2025. The corresponding credit entries were funded through the Company's expense reimbursement process.

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#### Standard Nuclear, Inc.<br>Notes to the Consolidated Financial Statements
**11. Share Based Compensation**

In May 2025, the Company adopted the 2025 Stock Plan (the "2025 Plan") which authorizes the issuance of incentive stock options, or non-statutory stock Options, and restricted stock to employees and consultants.

Under the 2025 Plan, the Company has granted awards that are subject to annual, cliff-based vesting. The awards typically vest after four years of service. Share based awards are payable in common stock at the discretion of the Board of Directors. Share based awards are accounted for as compensation costs and are amortized on a straight-line basis over the vesting period. For the periods ended December 31, 2025, and 2024, total share-based compensation expense was $1.7 million and $0.1 million. For the year ended December 31, 2025, Cost of Sales and General and Administrative Costs on the Consolidated Statements of Operations includes share-based compensation costs of $0.6 million and $1.1 million, respectively. For the period ended December 31, 2024, Cost of Sales and General and Administrative Costs on the Consolidated Statements of Operations include share based compensation costs of $0.0 million and $0.1 million, respectively.

The summary of the Company's 2025 Plan as of December 31, 2025, and changes during the period then ended are presented as follows:

---

| | | |
|:---|:---|:---|
|  **Stock Options** | **Number of <br>Options** | **Weighted <br>Average <br>Exercise Price** |
|  Outstanding at the beginning of the year |  | $— |
|  Granted | 3229500 | $0.42 |
|  Exercised |  | $— |
|  Forfeited/expired |  | $— |
|  Outstanding at the end of the year | 3229500 | $0.42 |
|  Exercisable at the end of the year |  | $— |

---

---

| | | |
|:---|:---|:---|
|  **Restricted Stock** | **Number of <br>Shares** | **Weighted <br>Average Grant <br>Date Fair Value** |
|  Outstanding at the beginning of the year |  | $— |
|  Granted | 2792500 | $1.89 |
|  Vested |  | $— |
|  Forfeited/expired |  | $— |
|  Outstanding at the end of the year | 2792500 | $1.89 |

---

The weighted average unrecognized compensation cost at December 31, 2025 for stock options and restricted stock was as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount** | **Weighted <br>Average <br>Remaining <br>Recognition <br>Period (Years)** |
|  Stock options | $4898607 | 3.03 |
|  Restricted stock | $4469984 | 3.03 |
|  **Total compensation cost** | $**9368591** |  |

---

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**11. Share Based Compensation** (cont.)

Assumptions used in determining the fair value of stock options granted for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Assumption** | **Year Ended <br>December 31, <br>2025** |
|  Expected volatility | 110.0% |
|  Expected term (years) | 7.0 |
|  Risk-free interest rate | 4.17% |
|  Expected dividend yield | 0.0% |
|  Weighted Average Grant-Date Fair Value | $1.89 |

---

At December 31, 2025, the Company reserved 6,059,000 shares of common stock for future issuance under the 2025 Plan and had 37,000 shares of common stock available for issuance.

**12. Income Taxes**

The following table sets forth loss before taxes and the benefit for income taxes:

---

| | | |
|:---|:---|:---|
|  | **For the <br>year ended <br>December 31, <br>2025** | **Period from <br>July 15, 2024 <br>(inception) <br>through <br>December 31, <br>2024** |
|  **Loss before income taxes:** | $**(15540944)** | **(56596406)** |
|  Current income tax benefit: |  |  |
|  Deferred income tax benefit: | $— |  |
|  **Total income tax benefit:** | **—** | **—** |

---

The following table presents pretax income (loss) and income tax expense (benefit), disaggregated between domestic and foreign jurisdictions, for the year ended December 31, 2025 and for the period from July 15, 2024 (inception) through December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended <br>December 31, <br>2025** | **For the year ended <br>December 31, <br>2025** | **Period from <br>July 15, 2024 (inception) <br>through <br>December 31, 2024** | **Period from <br>July 15, 2024 (inception) <br>through <br>December 31, 2024** |
|  **Jurisdictional Disclosure** | **Domestic** | **Foreign** | **Domestic** | **Foreign** |
|  Pretax Income (Loss) | $(15540944) |  | (56596406) |  |
|  Income Tax Expense (Benefit) | $— |  |  |  |

---

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**12. Income Taxes** (cont.)

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax assets and liabilities are as follows:

---

| | | |
|:---|:---|:---|
|  | **For the <br>year ended <br>December 31, <br>2025** | **Period from <br>July 15, 2024 <br>(inception) <br>through <br>December 31, <br>2024** |
|  **Deferred tax assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Net operating loss carryforwards | $3359693 | 140653 |
| &nbsp;&nbsp;&nbsp; In-process research and development costs | 7390127 | 6362267 |
| &nbsp;&nbsp;&nbsp; Other | 234233 | 180 |
|  **Total deferred tax assets** | **10984053** | **6503100** |
| &nbsp;&nbsp;&nbsp; Valuation allowance | (10984053) | (6503100) |
| &nbsp;&nbsp;&nbsp; Net deferred tax assets |  |  |
|  **Deferred tax liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp; Other |  |  |
|  **Total deferred tax liabilities** | $**—** | **—** |
|  **Net deferred tax assets** | $**—** | **—** |

---

For the year ended December 31, 2025, and for the period from July 15, 2024 (inception) through December 31, 2024, the Company had no income tax expense. The difference between the Company's effective tax rate and the statutory rate is primarily driven by the valuation allowance established against U.S. federal and state deferred income tax assets.

ASC 740 requires that the tax benefit of net operating losses, temporary differences and credit carryforwards be recorded as an asset to the extent that management assesses that realization is more likely than not. Realization of the future tax benefits is dependent on the Company's ability to generate sufficient taxable income within the carryforward period. Because of the Company's recent history of operating losses, management believes that recognition of the deferred tax assets arising from the above-mentioned future tax benefits is currently not likely to be realized and, accordingly, has provided for a full net valuation allowance.

As of December 31, 2025, the Company had net operating loss carryforwards for U.S federal income tax purposes of $10.4 million, all of which have an indefinite carryforward period. Further, the Company has state net operating loss carryforwards of $9.8 million that expire starting in 2041. As of December 31, 2024, the Company had net operating loss carryforwards for U.S. federal income tax purposes of $0.1 million, all of which have an indefinite carryforward period.

[**Table of Contents**](#TOC001)

**12. Income Taxes** (cont.)

A reconciliation of income taxes calculated based on the federal statutory income tax rate and the effective tax rate follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the year ended <br>December 31, <br>2025** | **For the year ended <br>December 31, <br>2025** | **Period from <br>July 15, 2024 (inception) <br>through <br>December 31, 2024** | **Period from <br>July 15, 2024 (inception) <br>through <br>December 31, 2024** |
|  **ETR Reconciliation** | **Tax** | **Percentage** | **Tax** | **Percentage** |
|  U.S. federal statutory tax rate | $(3263598) | 21.0% | (11885245) | 21.00% |
|  Nontaxable or nondeductible items | $1450459 | -9.3% | 5381880 | -9.51% |
|  State and local income tax net of federal income tax effect\* | $(2667813) | 17.2% |  | 0.00% |
|  Other | $— | 0.0% | 265 | 0.00% |
|  Change in Valuation allowance | $4480953 | -28.8% | 6503100 | -11.49% |
|  **Reported income tax expense** | $**—** | **0.00%** | **—** | **0.00%** |

---

____________

*\* State taxes in Tennessee made up the majority (greater than 50 percent) of the tax effect in this category.*

The Company did not have income taxes paid in 2025 or for the period from July 15, 2024 (inception) through December 31, 2024.

**13. Net Loss per Share**

Net income(loss) per share is calculated by dividing income (loss) allocable to common stockholders by the weighted average number of shares of common stock outstanding during the period. In calculating diluted net income per share, the number of shares is increased by the weighted average number of potential common shares related to stock compensation awards including restricted stock and stock options, and the number of shares of common stock that would be issued upon conversion of the preferred stock units. For further details, refer to Note 9, Stockholders' Equity.

The weighted average number of common and common equivalent shares used in the calculation of basic and diluted income (loss) per common share are as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br>December 31, <br>2025** | **Period from <br>July 15, 2024 <br>(inception) <br>through <br>December 31, <br>2025** |
|  Numerator: |  |  |
|  Net loss | $(15540945) | $(56596406) |
|  Denominator: |  |  |
|  Average common shares outstanding – basic | 14000000 | 6258823 |
|  Average common shares outstanding, – diluted | 14000000 | 6258823 |
|  **Net loss per common share – basic and diluted** | $(1.11) | $(9.04) |

---

The two-class method does not change the net loss per share calculation because Class A and Class B have identical economic rights.

Fully diluted average common stock outstanding excludes 50,974,232 shares of common stock that are issuable upon conversion of preferred stock and 6,022,000 shares of common stock issuable under the Company's 2025 Plan, as the Company reported a net loss for the year ended December 31, 2025.

[**Table of Contents**](#TOC001)

**14. Segment Information**

For the year ended December 31, 2025 and for the period from July 15, 2024 (inception) through December 31, 2024, the Company has determined that it manages its operations and allocates resources as a single operating segment as it engages in a single business activity of TRISO production and the Consolidated Statements of Operations is presented to the Company's Chief Operating Decision Maker ("CODM") without further disaggregation. The Company's CODM is its Chief Executive Officer, who is responsible for making strategic operating decisions, allocating resources, and assessing financial performance. Specifically, the CODM uses revenue and net income at a consolidated level, as key financial metrics to make operating decisions and identify growth opportunities as management believes that such information is the most relevant in evaluating operating performance relative to other entities that operate within these industries.

The significant expense categories and assets regularly provided to the CODM on a consolidated basis are consistent with the amounts presented in the Company's Consolidated Statements of Operations and Balance Sheets, respectively. In addition, all the Company's long-lived assets, consisting of property and equipment, are in a single geographic area.

**15. Subsequent Events**

The Company evaluated subsequent events through April 9, 2026, the date that the Consolidated Financial Statements were available to be issued.

*Series A-2 Funding*

On January 23, 2026, the Company entered into the Series A-2 Preferred Stock Purchase Agreement, pursuant to which it issued 7,096,515, shares of Series A-2 Preferred Stock at a purchase price of $9.8640 per share, resulting in total gross proceeds of approximately $70.0 million. The Company will use the proceeds from this financing to expand annual TRISO production.

[**Table of Contents**](#TOC001)

#### Shares

#### Standard Nuclear, Inc.

#### ___________________________________

#### PRELIMINARY PROSPECTUS

#### , 2026

#### ___________________________________
***Book Running Managers***

---

| | | | |
|:---|:---|:---|:---|
|  **BofA Securities** | **BofA Securities** | **Goldman Sachs & Co. LLC** | **Goldman Sachs & Co. LLC** |
|  **Barclays** | **Barclays** | **UBS Investment Bank** | **UBS Investment Bank** |
|  **Evercore ISI** | **RBC Capital Markets** | **William Blair** | **Stifel** |

---

------

[**Table of Contents**](#TOC001)

#### Part II

#### Information Not Required in Prospectus

#### Item 13. Other Expenses of Issuance and Distribution.
The following table sets forth the costs and expenses to be paid by the Registrant in connection with the sale of the shares of Class A common stock being registered hereby. All amounts are estimates except for the SEC registration fee and the Financial Industry Regulatory Authority, or FINRA, filing fee and the listing fee.

---

| | |
|:---|:---|
|  SEC registration fee | $\* |
|  FINRA filing fee | \* |
|  Stock Exchage listing fee | \* |
|  Printing and engraving expenses | \* |
|  Legal fees and expenses | \* |
|  Accounting fees and expenses | \* |
|  Transfer agent and registrar fees and expenses | \* |
|  Road show expenses | \* |
|  Miscellaneous fees and expenses | \* |
|  Total | $\* |

---

____________

\* To be provided by amendment.

#### Item 14. Indemnification of Directors and Officers.
Section 145 of the DGCL authorizes a corporation to indemnify its directors and officers against liabilities arising out of actions, suits and proceedings to which they are made or threatened to be made a party by reason of the fact that they have served or are currently serving as a director or officer to a corporation. The indemnity may cover expenses (including attorneys' fees) judgments, fines, and amounts paid in settlement actually and reasonably incurred by the director or officer in connection with any such action, suit or proceeding. Section 145 permits corporations to pay expenses (including attorneys' fees) incurred by directors and officers in advance of the final disposition of such action, suit or proceeding. In addition, Section 145 provides that a corporation has the power to purchase and maintain insurance on behalf of its directors and officers against any liability asserted against them and incurred by them in their capacity as a director or officer, or arising out of their status as such, whether or not the corporation would have the power to indemnify the director or officer against such liability under Section 145.

As permitted by the Delaware General Corporation Law, the Registrant's restated certificate of incorporation that will be in effect upon the completion of the offering contains provisions that eliminate the personal liability of its directors and officers for monetary damages for any breach of fiduciary duties as a director or officer, except liability for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any breach of the director's or officer's duty of loyalty to the Registrant or its stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with respect to directors, under Section 174 of the Delaware General Corporation Law (regarding unlawful dividends and stock purchases);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any transaction from which the director or officer derived an improper personal benefit; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with respect to officers, any action by or in the right of the Registrant.

As permitted by the Delaware General Corporation Law, the Registrant's restated bylaws that will be in effect upon the completion of the offering provide that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Registrant is required to indemnify its directors and officers to the fullest extent permitted by the Delaware General Corporation Law, as it now exists or may in the future be amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Registrant may indemnify its other employees and agents as set forth in the Delaware General Corporation Law;

[**Table of Contents**](#TOC001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Registrant is required to advance expenses, as incurred, to its directors and officers in connection with a legal proceeding to the fullest extent permitted by the Delaware General Corporation Law, subject to limited exceptions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rights conferred in the bylaws are not exclusive.

The Registrant has entered, and intends to continue to enter into separate indemnification agreements with its current directors and executive officers to provide these directors and executive officers additional contractual assurances regarding the scope of the indemnification set forth in the Registrant's restated certificate of incorporation and restated bylaws and to provide additional procedural protections. The indemnification provisions in the Registrant's restated certificate of incorporation, restated bylaws and the indemnification agreements entered into or to be entered into between the Registrant and each of its directors and executive officers may be sufficiently broad to permit indemnification of the Registrant's directors and executive officers for liabilities arising under the Securities Act.

The Registrant has directors' and officers' liability insurance that covers certain liabilities of our directors and officers arising out of claims based on acts or omissions in their capacities as directors or officers.

The underwriting agreement filed as Exhibit 1.1 to this registration statement provides for indemnification of the Registrant and its directors and officers by the underwriters against certain liabilities under the Securities Act and the Exchange Act.

#### Item 15. Recent Sales of Unregistered Securities.
Set forth below is information regarding shares of capital stock issued by the Registrant within the past three years. Also included is the consideration received by the Registrant for such shares and information relating to the section of the Securities Act or SEC rule under which exemption from registration was claimed.

#### Common Stock Issuances
In October 2024, the Registrant sold an aggregate of 14,000,000 shares of common stock to various investors for net cash proceeds of $108.35.

In March 2025, we entered into Share Exchange Agreements (effective as of February 2025) with the holders of our common stock, including Thomas Hendrix, Keeley Marrocco and Andrew Price and their affiliated entities, pursuant to which holders exchanged their shares of common stock for an equal number of shares of Class A common stock and certain holders exchanged their shares of common stock for an equal number of shares of Class B common stock.

#### Convertible Preferred Stock Issuances
In December 2024, the Registrant received approximately $32.5 million in gross proceeds a number of investors pursuant to Simple Agreement for Future Equity ("SAFE") investments. Pursuant to the terms of the SAFE investments, such investments were convertible into preferred stock at a price equal to the purchase amount divided by the conversion price, which means either: (1) the SAFE price or (2) the discount price (lowest price per share sold in the equity financing multiplied by the discount rate), whichever resulted in a greater number of shares of capital stock. In February 2025, the Registrant sold 4,999,997 shares of its Series Seed convertible preferred stock to accredited investors at a purchase price of $2.00 per share, for an aggregate purchase price of $10,000,000. The Registrant concurrently issued 32,500,000 shares of its Series Seed-1 convertible preferred stock at an issue price of $1.00 per share, upon conversion of the SAFE investments. Additionally, one investor wished to rescind their $1.0 million investment, and we issued a lawful refund to the investor.

In August 2025, the Registrant sold an aggregate of 13,474,232 shares of its Series A convertible preferred to accredited investors at a purchase price of $5.1951 per share, for an aggregate purchase price of $69,999,983.

In January 2026, the Registrant sold an aggregate of 7,096,515 shares of its Series A-2 convertible preferred to accredited investors at a purchase price of $9.8640 per share, for an aggregate purchase price of $70,000,023.96.

[**Table of Contents**](#TOC001)

#### Option and Restricted Stock Issuances
From June 11, 2025 to the date of this registration statement, the Registrant granted stock options to purchase an aggregate of shares of its Class A common stock, with an exercise price of $ per share, under the 2025 Plan.

In June 2025, the Registrant issued 1,080,000 shares of Class B common stock to its Chief Operating Officer, at a purchase price of $0.42 per share, for an aggregate purchase price of $453,600, and 1,712,500 shares of Class B common stock to its Chief Executive Officer, at a purchase price of $0.42 per share, for an aggregate purchase price of $719,250, each pursuant to a Restricted Stock Purchase Agreement. Further, in May 2026, the Registrant issued its Chief Financial Officer 470,611 shares of Class B common stock. In connection with the issuance of such shares of Class B common stock, the holders thereof granted an irrevocable proxy to Mr. Hendrix giving Mr. Hendrix full power and substitution to vote such shares in any and all matters. Such proxies were terminated upon Mr. Terrani's, Mr. Harrill's and Ms. Marrocco's respective conversion of their Class B common stock to Class A common stock prior to the consummation of this offering.

None of the foregoing transactions involved any underwriters, underwriting discounts or commissions, or any public offering. The sales of the above securities were deemed to be exempt from registration under the Securities Act in reliance upon Section 4(a)(2) of the Securities Act (or Regulation D or Regulation S promulgated thereunder) or Rule 701 promulgated under Section 3(b) of the Securities Act as transactions by an issuer not involving any public offering or pursuant to benefit plans and contracts relating to compensation as provided under Rule 701. The recipients of the securities in each of these transactions represented their intentions to acquire the securities for investment only and not with a view to or for sale in connection with any distribution thereof, and appropriate legends were placed upon the stock certificates issued in these transactions.

#### Item 16. Exhibits and Financial Statement Schedules.
**(a) Exhibits.**

---

| | |
|:---|:---|
|  **Exhibit <br>Number** | **Exhibit Title** |
|  1.1\* | Form of Underwriting Agreement |
| 3.1 | [Fifth Amended and Restated Certificate of Incorporation of the Registrant, as currently in effect](ea027607109ex3-1.htm) |
| 3.2 | [Certificate of Amendment to the Fifth Amended and Restated Certificate of Incorporation of the Registrant](ea027607109ex3-2.htm) |
|  3.3\* | Form of Restated Certificate of Incorporation of the Registrant, to be effective upon the completion of this offering |
| 3.4 | [Bylaws of the Registrant, as currently in effect](ea027607109ex3-4.htm) |
|  3.5\* | Form of Restated Bylaws of the Registrant, to be effective upon the completion of this offering |
|  4.1\* | Form of Registrant's Class A Common Stock Certificate |
| 4.2 | [Form of Amended and Restated Investor Rights Agreement, dated as of January 23, 2026, by and among the Registrant and certain investors of the Registrant](ea027607109ex4-2.htm) |
|  5.1\* | Opinion of Orrick, Herrington & Sutcliffe LLP |
|  10.1\* | Form of Indemnification Agreement entered into between the Registrant and each of its directors and executive officers |
|  10.2\*+ | 2025 Stock Plan, as amended, and forms of agreement thereunder |
|  10.3\*+ | 2026 Equity Incentive Plan, and forms of agreement thereunder |
|  10.4\*+ | 2026 Employee Stock Purchase Plan |
|  10.5\*+ | Incentive Bonus Plan |
|  10.6\* | Other Transaction Agreement (OTA) for Fuel Production Line Authorization, dated as of September 26, 2025, between the United States Department of Energy and the Registrant. |
|  10.7\* | Form of Exchange Agreement between the Registrant and Standard Nuclear Trust |
|  10.8\* | Form of Equity Exchange Right Agreement between the Registrant and Thomas Hendrix |
| 10.9 | [LLC Operating Agreement of Standard Nuclear x Framatome LLC](ea027607109ex10-9.htm) |
|  10.10+ | [Amended and Restated Employment Offer Letter, by and between the Registrant and Kurt Terrani, dated as of June 17, 2026.](ea027607109ex10-10.htm) |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **Exhibit <br>Number** | **Exhibit Title** |
|  10.11+ | [Amended and Restated Employment Offer Letter, by and between the Registrant and Keeley Marrocco, dated as of June 17, 2026.](ea027607109ex10-11.htm) |
| 10.12 | [Asset Purchase Agreement, dated November 21, 2024, by and among Ultra Safe Nuclear Corporation, Ultra Safe Nuclear Corporation-Technologies, USNC Holdings LLC and Standard Nuclear, Inc.](ea027607109ex10-12.htm) |
| 10.13 | [Amendment No. 1 to the Asset Purchase Agreement, date December 18, 2024 by and among Ultra Safe Nuclear Corporation, Ultra Safe Nuclear Corporation-Technologies, USNC Holdings LLC and Standard Nuclear, Inc.](ea027607109ex10-13.htm) |
|  21.1\* | Subsidiaries of the Registrant |
|  23.1\* | Consent of Orrick, Herrington & Sutcliffe LLP (included in Exhibit 5.01) |
| 23.2 | [Consent of Independent Registered Public Accounting Firm](ea027607109ex23-2.htm) |
| 23.3 | [Consent of Wood Mackenzie, Inc.](ea027607109ex23-3.htm) |
| 24.1 | [Power of Attorney (included on the signature page to this Registration Statement)](#T8000) |
| 107 | [Filing Fee Table](ea027607109ex-fee.htm) |

---

____________

\* To be filed by amendment.

+ Indicates a management contract or compensatory plan or arrangement.

**(b) Financial Statement Schedules.**

All other financial statement schedules are omitted because they are not applicable or the information is included in the Registrant's consolidated financial statements or related notes.

#### Item 17. Undertakings.
The undersigned Registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to provisions described in Item 14 above, or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The undersigned Registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) for purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the Registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) for the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

[**Table of Contents**](#TOC001)

#### Signatures
Pursuant to the requirements of the Securities Act, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Oak Ridge, State of Tennessee, on June 18, 2026.

---

| | |
|:---|:---|
|  **Standard Nuclear, Inc.** | **Standard Nuclear, Inc.** |
|  By: | /s/ Kurt Terrani |
|  | Kurt Terrani |
|  | Chief Executive Officer |

---

KNOW ALL PERSONS BY THESE PRESENTS, that each individual whose signature appears below constitutes and appoints Kurt Terrani and Kevin Harrill, and each of them, such individual's true and lawful attorneys-in-fact and agents with full power of substitution, for such individual and in such individual's name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to sign any registration statement for the same offering covered by the Registration Statement that is to be effective upon filing pursuant to Rule 462(b) promulgated under the Securities Act, and all post-effective amendments thereto, and to file the same, with all exhibits thereto and all documents in connection therewith, with the SEC, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as such individual might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them or their substitute or substitutes, may lawfully do or cause to be done or by virtue hereof.

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated:

---

| | | |
|:---|:---|:---|
|  **Name** | **Title** | **Date** |
|  /s/ Kurt Terrani | Chief Executive Officer and Director | June 18, 2026 |
|  Kurt Terrani | *(principal executive officer)* |  |
|  /s/ Kevin Harrill | Chief Financial Officer | June 18, 2026 |
|  Kevin Harrill | *(principal financial and accounting officer)* |  |
|  /s/ Thomas Hendrix | Director | June 18, 2026 |
|  Thomas Hendrix |  |  |
|  /s/ A. Scott Miller | Director | June 18, 2026 |
|  A. Scott Miller |  |  |
|  /s/ Alexander Matina | Director | June 18, 2026 |
|  Alexander Matina |  |  |
|  /s/ Andrew Price | Director | June 18, 2026 |
|  Andrew Price |  |  |

---

## Exhibit 3.1

**Exhibit 3.1**

**FIFTH AMENDED AND RESTATED<br> CERTIFICATE OF INCORPORATION<br> OF<br> STANDARD NUCLEAR, INC.**

(Pursuant to Sections 242 and 245 of the<br> General Corporation Law of the State of Delaware)

Standard Nuclear, Inc., a corporation organized and existing under and by virtue of the provisions of the General Corporation Law of the State of Delaware (the "**General Corporation Law**"),

**DOES HEREBY CERTIFY:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** That the name of this corporation is Standard Nuclear, Inc.,
and that this corporation was originally incorporated pursuant to the General Corporation Law on July 15, 2024, under the name Standard
Nuclear, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** That the Board of Directors of this corporation (the "**Board of Directors**") duly adopted resolutions proposing to further amend and restate the Amended Certificate of Incorporation of
this corporation, declaring said amendment and restatement to be advisable and in the best interests of this corporation and its stockholders,
and authorizing the appropriate officers of this corporation to solicit the consent of the stockholders therefor, which resolution setting
forth the proposed amendment and restatement is as follows:

**RESOLVED**, that the Certificate of Incorporation of this corporation be amended and restated in its entirety to read as follows:

**First**: The name of this corporation is Standard Nuclear, Inc. (the "**Corporation**").

**Second**: The address of the registered office of the Corporation in the State of Delaware is 16192 Coastal Highway, in the City of Lewes, County of Sussex, DE 19958. The name of its registered agent at such address is Harvard Business Services, Inc.

**Third**: The nature of the business or purposes to be conducted or promoted is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law.

**Fourth**: The total number of shares of all classes of stock which the Corporation shall have the authority to issue is 163,378,244. The Corporation has two classes of stock, referred to as Common Stock and Preferred Stock. There are 105,307,500 shares of authorized Common Stock, $0.00001 par value per share ("**Common Stock**"), and 58,070,744 shares of authorized Preferred Stock, $0.00001 par value per share ("**Preferred Stock**"), out of which (i) 4,999,997 shares of the authorized Preferred Stock of the Corporation are hereby designated as "**Series Seed Preferred Stock**," (ii) 32,500,000 shares of the authorized Preferred Stock of the Corporation are hereby designated as "**Series Seed-1 Preferred Stock**," (iii) 13,474,232 shares of the authorized Preferred Stock of the Corporation are hereby designated as "**Series A Preferred Stock**," and (iv) 7,096,515 shares of the authorized Preferred Stock of the Corporation are hereby designated as "**Series A-2 Preferred Stock**." The class of Common Stock shall be subdivided into two series consisting of 87,500,000 shares designated as Class A Common Stock, (the "**Class A Common Stock**"), and 17,807,500 shares designated as Class B Common Stock (the "**Class B Common Stock**"). For the avoidance of doubt, the Class A Common Stock and the Class B Common Stock are separate series within the class of Common Stock, and not separate classes of stock.

The following is a statement of the designations and the powers, preferences and special rights, and the qualifications, limitations or restrictions thereof in respect of each class of capital stock of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. COMMON STOCK. The following is a statement of the designations
and the powers, privileges and rights, and the qualifications, limitations or restrictions thereof in respect of Common Stock of the
Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Voting Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Except as otherwise provided herein or by applicable law,
the holders of shares of Class A Common Stock and Class B Common Stock shall at all times vote together as one class on all matters (including
the election of directors) submitted to a vote or for the consent of the stockholders of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Each holder of shares of Class A Common Stock shall be entitled
to one (1) vote for each share of Class A Common Stock held as of the applicable record date on any matter that is submitted to a vote
or for the consent of the stockholders of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 Each holder of shares of Class B Common Stock shall be entitled
to ten (10) votes for each share of Class B Common Stock held as of the applicable record date on any matter that is submitted to a vote
or for the consent of the stockholders of the Corporation. For the avoidance of doubt, with respect to any vote of the holders of one
or more classes or series of capital stock that is determined on an "as-converted" basis as used in this Certificate of Incorporation
(the "**Certificate of Incorporation** "), each holder of shares of Class B Common Stock shall be entitled to ten (10)
votes for each share of Class B Common Stock held as of the applicable record date for any such matter regardless of the right of the
holders of Class B Common Stock to convert such shares into shares of Class A Common Stock, and "as-converted" shall only
apply to any class or series of capital stock other than the Class B Common Stock (including the Preferred Stock).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Dividends</u>. Subject to the preferences applicable to
any series or class of Preferred Stock, if any, outstanding at any time, the holders of Class A Common Stock and the holders of Class
B Common Stock shall be entitled to share equally, on a per share basis, in such dividends and other distributions of cash, property
or shares of stock of the Corporation as may be declared by the Board of Directors from time to time with respect to the Common Stock
out of assets or funds of the Corporation legally available therefor; provided, however, that in the event that such dividend is paid
in the form of shares of Common Stock or rights to acquire Common Stock, the holders of Class A Common Stock shall receive Class A Common
Stock or rights to acquire Class A Common Stock, as the case may be, and the holders of Class B Common Stock shall receive Class B Common
Stock or rights to acquire Class B Common Stock, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Liquidation</u>. Subject to the preferences applicable
to any series or class of Preferred Stock, if any outstanding at any time, in the event of the voluntary or involuntary liquidation,
dissolution, distribution of assets or winding up of the Corporation, the holders of Class A Common Stock and the holders of Class B
Common Stock shall be entitled to share equally, on a per share basis, all assets of the Corporation of whatever kind available for distribution
to the holders of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Subdivision or Combinations</u>. If the Corporation in
any manner subdivides or combines the outstanding shares of one class of Common Stock, the outstanding shares of the other class of Common
Stock will be subdivided or combined in the same manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Equal Status</u>. Except as expressly provided in this
Article FOURTH (including, without limitation, Sections A.1, A.9 and A.10), the Class A Common Stock and Class B Common Stock shall have
the same rights and privileges and rank equally, share ratably and be identical in all respects as to all matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Conversion</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Definitions</u>. As used in this Section 6, the following
terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1 "**Class B Stockholder**" shall mean any individual
or entity that is issued Class B Common Stock by the Corporation and any individual or entity that receives Class B Common Stock from
another Class B Stockholder in one or more transactions that do not constitute a Transfer (as defined herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2 "**Permitted Entity**" shall mean, with respect
to any Class B Stockholder, any trust, account, plan, corporation, partnership, or limited liability company specified in Section 8.C
established by or for such Class B Stockholder, so long as such entity meets the requirements set forth in Section 6.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.3 "**Transfer**" shall mean, with respect to a
share of Class B Common Stock, any sale, assignment, transfer, conveyance, hypothecation or other transfer or disposition of such share
or any legal or beneficial interest in such share, whether or not for value and whether voluntary or involuntary or by operation of law;
provided, however, that the following shall not be considered a "Transfer": (i) the grant of a proxy to officers or directors
of the Corporation; (ii) the pledge of shares of Class B Common Stock that creates a mere security interest in such shares pursuant to
a bona fide loan or indebtedness transaction, so long as the Class B Stockholder pledging such shares retains Voting Control with respect
to such shares, provided, however, that a foreclosure on such shares of Class B Common Stock or other similar action by the pledgee shall
constitute a "Transfer"; (iii) a transfer of shares of Class B Common Stock in connection with which an existing Class B
Stockholder or such other person or persons designated by the Board of Directors retains Voting Control over such shares pursuant to
an irrevocable proxy, voting agreement or similar arrangement; or (iv) any action where the Board of Directors has explicitly waived
the applicability of this definition of Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.4 "**Voting Control**" shall mean, with respect
to a share of Class B Common Stock, the power (whether exclusive or shared) to vote or direct the voting of such share of Class B Common
Stock by proxy, voting agreement or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Optional Conversion</u>. Each share of Class B Common Stock
shall be convertible into one (1) fully paid and nonassessable share of Class A Common Stock at the option of the holder thereof at any
time upon written notice to the secretary of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Automatic Conversion upon Transfer</u>. Each share of Class
B Common Stock shall automatically, without any further action, convert into one (1) fully paid and nonassessable share of Class A Common
Stock upon the Transfer of such share; provided, however, that a Transfer of Class B Common Stock by a Class B Stockholder or such Class
B Stockholder's Permitted Entities to another Class B Stockholder or such Class B Stockholder's Permitted Entities shall
not trigger such automatic conversion; and provided further, however, that a Transfer by a Class B Stockholder to any of the following
Permitted Entities, and from any of the following Permitted Entities back to such Class B Stockholder and/or any other Permitted Entity
by or for such Class B Stockholder shall not trigger such automatic conversion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.1 a trust for the benefit of such Class B Stockholder and for
the benefit of no other person, provided such Transfer does not involve any payment of cash, securities, property or other consideration
(other than an interest in such trust) to the Class B Stockholder and, provided, further, that in the event such Class B Stockholder
is no longer the exclusive beneficiary of such trust, each share of Class B Common Stock then held by such trust shall automatically
convert into one (1) fully paid and nonassessable share of Class A Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.2 a trust for the benefit of persons other than the Class B Stockholder
so long as the Class B Stockholder has sole dispositive power and exclusive Voting Control with respect to the shares of Class B Common
Stock held by such trust, provided such Transfer does not involve any payment of cash, securities, property or other consideration (other
than an interest in such trust) to the Class B Stockholder, and, provided, further, that in the event the Class B Stockholder no longer
has sole dispositive power and exclusive Voting Control with respect to the shares of Class B Common Stock held by such trust, each share
of Class B Common Stock then held by such trust shall automatically convert into one (1) fully paid and nonassessable share of Class
A Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.3 a trust under the terms of which such Class B Stockholder has
retained a "qualified interest" within the meaning of §2702(b)(1) of the Internal Revenue Code (the "Code")
and/or a reversionary interest so long as the Class B Stockholder has sole dispositive power and exclusive Voting Control with respect
to the shares of Class B Common Stock held by such trust; provided, however, that in the event the Class B Stockholder no longer has
sole dispositive power and exclusive Voting Control with respect to the shares of Class B Common Stock held by such trust, each share
of Class B Common Stock then held by such trust shall automatically convert into one (1) fully paid and nonassessable share of Class
A Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.4 an Individual Retirement Account, as defined in Section 408(a)
of the Code, or a pension, profit sharing, stock bonus or other type of plan or trust of which such Class B Stockholder is a participant
or beneficiary and which satisfies the requirements for qualification under Section 401 of the Code; provided that in each case such
Class B Stockholder has sole dispositive power and exclusive Voting Control with respect to the shares of Class B Common Stock held in
such account, plan or trust, and provided, further, that in the event the Class B Stockholder no longer has sole dispositive power and
exclusive Voting Control with respect to the shares of Class B Common Stock held by such account, plan or trust, each share of Class
B Common Stock then held by such trust shall automatically convert into one (1) fully paid and nonassessable share of Class A Common
Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.5 a corporation in which such Class B Stockholder directly, or
indirectly through one or more Permitted Entities, owns shares with sufficient Voting Control in the corporation, or otherwise has legally
enforceable rights, such that the Class B Stockholder retains sole dispositive power and exclusive Voting Control with respect to the
shares of Class B Common Stock held by such corporation; provided that in the event the Class B Stockholder no longer owns sufficient
shares or has sufficient legally enforceable rights to enable the Class B Stockholder to retain sole dispositive power and exclusive
Voting Control with respect to the shares of Class B Common Stock held by such corporation, each share of Class B Common Stock then held
by such corporation shall automatically convert into one (1) fully paid and nonassessable share of Class A Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.6 a partnership in which such Class B Stockholder directly, or
indirectly through one or more Permitted Entities, owns partnership interests with sufficient Voting Control in the partnership, or otherwise
has legally enforceable rights, such that the Class B Stockholder retains sole dispositive power and exclusive Voting Control with respect
to the shares of Class B Common Stock held by such partnership; provided that in the event the Class B Stockholder no longer owns sufficient
partnership interests or has sufficient legally enforceable rights to enable the Class B Stockholder to retain sole dispositive power and exclusive Voting Control
with respect to the shares of Class B Common Stock held by such partnership, each share of Class B Common Stock then held by such partnership
shall automatically convert into one (1) fully paid and nonassessable share of Class A Common Stock; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.7 a limited liability company in which such Class B Stockholder
directly, or indirectly through one or more Permitted Entities, owns membership interests with sufficient Voting Control in the limited
liability company, or otherwise has legally enforceable rights, such that the Class B Stockholder retains sole dispositive power and
exclusive Voting Control with respect to the shares of Class B Common Stock held by such limited liability company; provided that in
the event the Class B Stockholder no longer owns sufficient membership interests or has sufficient legally enforceable rights to enable
the Class B Stockholder to retain sole dispositive power and exclusive Voting Control with respect to the shares of Class B Common Stock
held by such limited liability company, each share of Class B Common Stock then held by such limited liability company shall automatically
convert into one (1) fully paid and nonassessable share of Class A Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Automatic Conversion Upon Vote of Holders of Class B Common Stock</u>. Each share of Class B Common Stock shall automatically, without any further action by the holder or the Corporation, be converted
into one (1) fully paid and nonassessable share of Class A Common Stock immediately upon the date, or upon the occurrence of an event,
specified by vote or written consent of the holders of shares of Class B Common Stock representing at least a majority of the then-outstanding
shares of Class B Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <u>Effect of Conversion</u>. In the event of a conversion
of shares of Class B Common Stock to shares of Class A Common Stock pursuant to this Section 6, such conversion shall be deemed to have
been made at the time that the Transfer of such shares occurred. Upon any conversion of Class B Common Stock to Class A Common Stock,
all rights of the holder of shares of Class B Common Stock shall cease and the person or persons in whose names or names the certificate
or certificates representing the shares of Class A Common Stock are to be issued shall be treated for all purposes as having become the
record holder or holders of such shares of Class A Common Stock. Shares of Class B Common Stock that are converted into shares of Class
A Common Stock as provided in this Section 7 shall be retired and may not be reissued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Administration</u>. The Corporation may, from time to
time, establish such policies and procedures relating to the conversion of the Class B Common Stock to Class A Common Stock and the general
administration of this dual class Common Stock structure, including the issuance of stock certificates with respect thereto, as it may
deem necessary or advisable, and may request that holders of shares of Class B Common Stock furnish affidavits or other proof to the
Corporation as it deems necessary to verify the ownership of Class B Common Stock and to confirm that a conversion to Class A Common
Stock has not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Reservation of Stock</u>. The Corporation shall at all
times reserve and keep available out of its authorized but unissued shares of Class A Common Stock, solely for the purpose of effecting
the conversion of the shares of Class B Common Stock, such number of its shares of Class A Common Stock as shall from time to time be
sufficient to effect the conversion of all outstanding shares of Class B Common Stock into shares of Class A Common Stock <u>.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Amendments and Changes</u>. As long as any shares of Class
B Common Stock shall be issued and outstanding, the Corporation shall not, without first obtaining the approval (by vote or written consent
as provided by law) of the holders of a majority of the outstanding shares of Class B Common Stock:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.1 amend, alter or repeal any provision of this Certificate
of Incorporation or Bylaws of the Corporation (including pursuant to a merger) if such action would adversely alter the rights, preferences,
privileges or powers of, or restrictions provided for the benefit of, the Class B Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.2 increase or decrease the authorized number of shares of Class
B Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.3 authorize or create (by reclassification, merger or otherwise)
or issue or obligate itself to issue any new class or series of equity security (including any security convertible into or exercisable
for any equity security) having rights, preferences or privileges with respect to dividends or payments upon liquidation senior to or
on a parity with the Class B Common Stock or having voting rights more favorable than those granted to the Class B Common Stock generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.4 liquidate, dissolve or wind-up the business and affairs of
the Corporation or effect any Deemed Liquidation Event (as defined below) or any other merger, consolidation, statutory conversion, transfer,
domestication or continuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.5 increase or decrease the size of the Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.6 declare or pay any dividend or other distribution to the
stockholders of the Corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.7 amend this Section A.9, Section A.10, Section B.3.2 or Section
B.3.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Board of Directors</u>. The holders of Class B Common
Stock shall be entitled to elect the Class B Director (as defined herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>General</u>. The voting, dividend and liquidation rights
of the holders of the Common Stock are subject to and qualified by the powers, preferences and special rights of the holders of the Preferred
Stock set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. PREFERRED STOCK

The shares of the Preferred Stock shall have the powers, preferences and special rights set forth in this Part B of this <u>Article Fourth</u>. Unless otherwise indicated, references to "sections" or "Sections" in this Part B of this <u>Article Fourth</u> refer to sections of Part B of this <u>Article Fourth</u>. References to "Preferred Stock" mean the Series Seed Preferred Stock, Series Seed-1 Preferred Stock, Series A Preferred Stock and Series A-2 Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Dividends</u>.

The holders of then outstanding shares of Preferred Stock shall be entitled to receive, only when, as and if declared by the Board of Directors, out of any funds and assets legally available therefor, dividends equal to the applicable Dividend Amount (as defined below) for each share of Preferred Stock, prior and in preference to any declaration or payment of any other dividend (other than dividends on shares of Common Stock payable in shares of Common Stock) during the same calendar year. The right to receive dividends on shares of Preferred Stock pursuant to the preceding sentence of this <u>Section 1</u> shall not be cumulative, and no right to dividends shall accrue to holders of Preferred Stock by reason of the fact that dividends on such shares are not declared or paid. Payment of any dividends to the holders of Preferred Stock shall be on a pro rata, *pari passu* basis in proportion to the applicable Dividend Amount for each series of Preferred Stock. Subject to the preferential rights described above, the Corporation shall not declare, pay or set aside any dividends on shares of any other class or series of capital stock of the Corporation (other than dividends on shares of Common Stock payable in shares of Common Stock) in any calendar year unless (in addition to the obtaining of any consents required elsewhere in this Certificate of Incorporation) the holders of the Preferred Stock then outstanding shall first receive, or simultaneously receive, in addition to the dividends payable pursuant to the first sentence of this <u>Section 1</u>, a dividend on each outstanding share of Preferred Stock in an amount at least equal to (i) in the case of a dividend on Common Stock, the product of (A) the dividend declared, paid or set aside on such Common Stock and (B) the number of shares of Common Stock issuable upon conversion of a share of such Preferred Stock; (ii) in the case of a dividend on a class or series of capital stock that is convertible into Common Stock, the product of (A) the dividend declared, paid or set aside per share of such class or series of capital stock and (B) the number of shares of Common Stock issuable upon conversion of a share of such Preferred Stock, <u>divided</u> by the number of shares of Common Stock issuable upon conversion of a share of such class or series of capital stock; or (iii) in the case of a dividend on any class or series that is not convertible into Common Stock, the product of (A) the amount of the dividend payable on each share of such class or series of capital stock <u>divided</u> by the original issuance price of such class or series of capital stock (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to such class or series) and (B) the applicable Original Issue Price (as defined below); <u>provided</u> that, if the Corporation declares, pays or sets aside, on the same date, a dividend on shares of more than one class or series of capital stock of the Corporation, the dividend payable to the holders of a series of Preferred Stock pursuant to this <u>Section 1</u> shall be calculated based upon the dividend on the class or series of capital stock that would result in the highest dividend for such series of Preferred Stock. The "**Original Issue Price**" shall mean, with respect to the Seed Preferred Stock, $2.0000 per share, with respect to the Series Seed-1 Preferred Stock, $1.0000 per share, with respect to the Series A Preferred Stock, $5.1951 per share, and with respect to the Series A-2 Preferred Stock, $9.8640 per share, in each case subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the applicable Preferred Stock. The "**Dividend Amount**" shall mean, with respect to any series of Preferred Stock, 8% of the Original Issue Price of such series of Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Liquidation, Dissolution or Winding Up; Certain Mergers, Consolidations and Asset Sales.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Preferential Payments to Holders of Preferred Stock</u>. In the event of (a) any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, the holders of shares of each series of Preferred Stock then outstanding shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders, and (b) a Deemed Liquidation Event (as defined below), the holders of shares of each series of Preferred Stock then outstanding shall be entitled to be paid out of the consideration payable to stockholders in such Deemed Liquidation Event or out of the Available Proceeds (as defined below), as applicable, on a *pari passu* basis based on their respective Liquidation Amounts (as defined below) and before any payment shall be made to the holders of Common Stock by reason of their ownership thereof, an amount per share of each such series of Preferred Stock equal to the greater of (i) one (1) times the applicable Original Issue Price, plus any dividends declared but unpaid thereon, or (ii) such amount per share as would have been payable had all shares of such series of Preferred Stock (and all shares of all other series of Preferred Stock that would receive a larger distribution per share if such series of Preferred Stock were converted into Common Stock) been converted into Common Stock pursuant to <u>Section</u> 4 immediately prior to such liquidation, dissolution, winding up or Deemed Liquidation Event (the amount payable pursuant to this sentence is hereinafter referred to, for each series of Preferred Stock, as applicable, as the "**Liquidation Amount**"). If upon any such liquidation, dissolution or winding up of the Corporation or Deemed Liquidation Event, the assets of the Corporation available for distribution to its stockholders shall be insufficient to pay the holders of shares of Preferred Stock the full amount to which they shall be entitled under this <u>Section 2.1</u>, the holders of shares of Preferred Stock shall share ratably in any distribution of the assets available for distribution in proportion to the respective amounts which would otherwise be payable in respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Payments to Holders of Common Stock</u>. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, after the payment in full of all Liquidation Amounts required to be paid to the holders of shares of Preferred Stock, the remaining assets of the Corporation available for distribution to its stockholders or, in the case of a Deemed Liquidation Event, the consideration not payable to the holders of shares of Preferred Stock pursuant to <u>Section 2.1</u> or the remaining Available Proceeds, as the case may be, shall be distributed among the holders of shares of Common Stock, pro rata based on the number of shares of Common Stock held by each such holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Deemed Liquidation Events</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.1 <u>Definition</u>. Each of the following events shall be considered a "**Deemed Liquidation Event**" unless the holders of at least a majority of the outstanding shares of Preferred Stock, voting together as a single class on an as-converted to Common Stock basis (the "**Requisite Holders**"), elect otherwise by written notice sent to the Corporation at least 10 days prior to the effective date of any such event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a merger, consolidation, statutory conversion, transfer, domestication, or continuance in which

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Corporation is a constituent party or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a subsidiary of the Corporation is a constituent party and the Corporation issues shares of its capital
stock pursuant to such merger, consolidation, statutory conversion, transfer, domestication, or continuance,

except any such merger, consolidation, statutory conversion, transfer, domestication, or continuance involving the Corporation or a subsidiary in which the shares of capital stock of the Corporation outstanding immediately prior to such merger, consolidation, statutory conversion, transfer, domestication, or continuance continue to represent, or are converted into or exchanged for shares of capital stock or other equity interests that represent, immediately following such merger, consolidation, statutory conversion, transfer, domestication, or continuance, a majority, by voting power, of the capital stock or other equity interests of (1) the surviving or resulting corporation or entity; or (2) if the surviving or resulting corporation or entity is a wholly owned subsidiary of another corporation or entity immediately following such merger, consolidation, statutory conversion, transfer, domestication, or continuance, the parent corporation or entity of such surviving or resulting corporation or entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) the sale, lease, transfer, exclusive license or other disposition , in a single transaction or series of related transactions, by the Corporation or any subsidiary of the Corporation of all or substantially all of the business or assets of the Corporation and its subsidiaries taken as a whole, or (ii) the sale, lease, transfer, exclusive license or other disposition (whether by merger, consolidation, statutory conversion, domestication, continuance or otherwise, and whether in a single transaction or a series of related transactions) of one or more subsidiaries of the Corporation if substantially all of the assets of the Corporation and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries, except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.2 <u>Effecting a Deemed Liquidation Event</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Corporation shall not have the power to effect a Deemed Liquidation Event referred to in <u>Section 2.3.1(a)(i)</u> unless the agreement or plan with respect to such transaction, or terms of such transaction (any such agreement, plan or terms, the "**Transaction Document**"), provide that the consideration payable to the stockholders of the Corporation in such Deemed Liquidation Event shall be allocated to the holders of capital stock of the Corporation in accordance with <u>Sections 2.1</u> and <u>2.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of a Deemed Liquidation Event referred to in <u>Section 2.3.1(a)(ii)</u> or <u>2.3.1(b)</u>, if the Corporation does not effect a dissolution of the Corporation under the General Corporation Law within 90 days after such Deemed Liquidation Event, then (i) the Corporation shall send a written notice to each holder of Preferred Stock no later than the 90th day after the Deemed Liquidation Event advising such holders of their right (and the requirements to be met to secure such right) pursuant to the terms of the following clause (ii) to require the redemption of such shares of Preferred Stock, and (ii) if the Requisite Holders so request in a written instrument delivered to the Corporation not later than 120 days after such Deemed Liquidation Event, the Corporation shall use the consideration received by the Corporation for such Deemed Liquidation Event (net of any retained liabilities associated with the assets sold or technology licensed, any other expenses reasonably related to such Deemed Liquidation Event or any other expenses incident to the dissolution of the Corporation as provided herein, in each case as determined in good faith by the Board of Directors), together with any other assets of the Corporation available for distribution to its stockholders, all to the extent permitted by Delaware law governing distributions to stockholders (the "**Available Proceeds**") on the 150th day after such Deemed Liquidation Event (the "**DLE Redemption Date**"), to redeem all outstanding shares of Preferred Stock at a price per share equal to the applicable Liquidation Amount; <u>provided</u>, that if the definitive agreements governing such Deemed Liquidation Event contain contingent indemnification obligations on the part of the Corporation and prohibit the Corporation from distributing all or a portion of the Available Proceeds while such indemnification obligations remain outstanding, then the DLE Redemption Date shall automatically be extended to the date that is ten business days following the date on which such prohibition expires. Notwithstanding the foregoing, in the event of a redemption pursuant to the preceding sentence, if the Available Proceeds are not sufficient to redeem all outstanding shares of Preferred Stock, the Corporation shall redeem a pro rata portion of each holder's shares of Preferred Stock to the fullest extent of such Available Proceeds, based on the respective amounts which would otherwise be payable in respect of the shares to be redeemed if the Available Proceeds were sufficient to redeem all such shares, and shall redeem the remaining shares as soon as it may lawfully do so under Delaware law governing distributions to stockholders. Prior to the distribution or redemption provided for in this <u>Section 2.3.2(b)</u>, the Corporation shall not expend or dissipate the Available Proceeds for any purpose, except to discharge expenses incurred in connection with such Deemed Liquidation Event. In connection with a distribution or redemption provided for in <u>Section 2.3.2</u>, the Corporation shall send written notice of the redemption (the "**Redemption Notice**") to each holder of record of Preferred Stock. Each Redemption Notice shall state:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the number of shares of Preferred Stock held by the holder that the Corporation shall redeem on the date
specified in the Redemption Notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the redemption date and the price per share at which the shares of Preferred Stock are being redeemed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) for holders of shares in certificated form, that the holder is to surrender to the Corporation,
in the manner and at the place designated, his, her or its certificate or certificates representing the shares of Preferred Stock to be
redeemed.

If the Redemption Notice shall have been duly given, and if payment is tendered or deposited with an independent payment agent so as to be available therefor in a timely manner, then notwithstanding that any certificates evidencing any of the shares of Preferred Stock so called for redemption shall not have been surrendered, all rights with respect to such shares shall forthwith after the date terminate, except only the right of the holders to receive the payment without interest upon surrender of any such certificate or certificates therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.3 <u>Amount Deemed Paid or Distributed</u>. The amount deemed paid or distributed to the holders of capital stock of the Corporation upon any such merger, consolidation, sale, transfer, exclusive license, other disposition or redemption shall be the cash or the value of the property, rights or securities to be paid or distributed to such holders pursuant to such Deemed Liquidation Event. The value of such property, rights or securities shall be determined in good faith by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.4 <u>Allocation of Escrow and Contingent Consideration</u>. In the event of a Deemed Liquidation Event pursuant to <u>Section 2.3.1(a)(i)</u>, if any portion of the consideration payable to the stockholders of the Corporation is payable only upon satisfaction of contingencies (the "**Additional Consideration**"), the Transaction Document shall provide that (a) the portion of such consideration that is not Additional Consideration (such portion, the "**Initial Consideration**") shall be allocated among the holders of capital stock of the Corporation in accordance with <u>Sections 2.1</u> and <u>2.2</u> as if the Initial Consideration were the only consideration payable in connection with such Deemed Liquidation Event; and (b) any Additional Consideration which becomes payable to the stockholders of the Corporation upon satisfaction of such contingencies shall be allocated among the holders of capital stock of the Corporation in accordance with <u>Sections 2.1</u> and <u>2.2</u> after taking into account the previous payment of the Initial Consideration as part of the same transaction. For the purposes of this <u>Section 2.3.4</u>, consideration placed into escrow or retained as a holdback to be available for satisfaction of indemnification or similar obligations in connection with such Deemed Liquidation Event shall be deemed to be Additional Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Voting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>General</u>. On any matter presented to the stockholders of the Corporation for their action or consideration at any meeting of stockholders of the Corporation (or by written consent of stockholders in lieu of a meeting), each holder of outstanding shares of Preferred Stock shall be entitled to cast the number of votes equal to the number of whole shares of Common Stock into which the shares of Preferred Stock held by such holder are convertible (as provided in <u>Section 4</u> below) as of the record date for determining stockholders entitled to vote on such matter. Except as provided by law or by the other provisions of this Certificate of Incorporation, holders of Preferred Stock shall vote together with the holders of Common Stock as a single class and on an as-converted to Common Stock basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Election of Directors</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) The holders of record of the shares of Preferred Stock, exclusively and voting together as a separate class on an as-converted to Common Stock basis, shall be entitled to elect one (1) director of the Corporation (the "**Preferred Director**"); (ii) the holders of record of the shares of Common Stock, exclusively and voting together as a separate class, shall be entitled to elect two (2) directors of the Corporation (the "**Common Directors**"); (iii) the holders of record of the shares of Class B Common Stock, exclusively and voting together as a separate class, shall be entitled to elect one (1) director of the Corporation (the "**Class B Director**"); and (iv) the holders of record of the shares of Common Stock and of any other class or series of voting stock (including the Preferred Stock), exclusively and voting together as a single class on an as-converted to Common Stock basis, shall be entitled to elect the balance of the total number of directors of the Corporation (each, a "**Mutual Director**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any director elected as provided in <u>Section 3.2(a)(i)</u> or <u>Section 3.2(a)(ii)</u> or appointed by the proviso of <u>Section 3.2(a)</u> may be removed without cause by, and only by, the affirmative vote of the holders of a majority of the shares of the class or series of capital stock entitled to elect such director or directors, given either at a special meeting of such stockholders duly called for that purpose or pursuant to a written consent of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the holders of shares of Preferred Stock or Common Stock, as the case may
be, fail to elect a sufficient number of directors to fill all directorships for which they are entitled to elect directors pursuant to <u>Section 3.2(a)</u> (and to the extent any of such directorships is not otherwise filled by a director appointed in accordance
with the proviso in <u>Section 3.2(a)</u>), then any directorship not so filled shall remain vacant until such time as the holders
of the Preferred Stock or Common Stock, as the case may be, fill such directorship in accordance with <u>Section 3.2(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A vacancy in any Mutual Director seat can be filled by either (A) the vote or written consent in lieu
of a meeting of the stockholders entitled to elect the Mutual Director, or (B) the vote or written consent in lieu of a meeting of a majority
of the remaining directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) At any meeting held for the purpose of electing a director, the presence in person or by proxy of the holders of a majority of the outstanding shares of the class or series of capital stock entitled to elect such director shall constitute a quorum for the purpose of electing such director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Preferred Stock Protective Provisions</u>. At any time when any shares of Preferred Stock (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Preferred Stock) are outstanding, the Corporation shall not, either directly or indirectly by amendment, merger, consolidation, domestication, transfer, continuance, reorganization, recapitalization, reclassification, waiver, statutory conversion, or otherwise, effect any of the following acts or transactions without (in addition to any other vote required by law or this Certificate of Incorporation) the written consent or affirmative vote of the Requisite Holders, and any such act or transaction that has not been approved by such consent or vote prior to such act or transaction being effected shall be null and void *ab initio*, and of no force or effect. As used herein, the "**Joint Venture Entity**" shall mean Standard Nuclear X Framatome LLC, a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.1 liquidate, dissolve or wind-up the business and affairs of the Corporation or effect any Deemed Liquidation Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2 amend, alter or repeal any provision of this Certificate of Incorporation or Bylaws of the Corporation in a manner that adversely affects the special rights, powers and preferences of the Preferred Stock (or any series thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.3 effect any merger, consolidation, reorganization, statutory conversion, transfer, domestication, or continuance pursuant to which the holders of the Corporation's Preferred Stock immediately prior to such transaction are issued securities in such transaction in lieu of such shares of Preferred Stock that have special rights, powers and preferences that are materially less favorable than the special rights, powers and preferences of such Preferred Stock immediately prior to such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.4 create any capital stock unless the same ranks junior to the Preferred Stock with respect to its special rights, powers and preferences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.5 increase the authorized number of shares of Class A Common Stock, Preferred Stock, or any series of Preferred Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.6 sell, issue, sponsor, create or distribute, or cause or permit any of its subsidiaries to sell, issue, sponsor, create or distribute, any digital tokens, cryptocurrency or other blockchain-based assets (collectively, "**Tokens**"), including through a pre-sale, initial coin offering, token distribution event or crowdfunding, or through the issuance of any instrument convertible into or exchangeable for Tokens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.7 purchase or redeem (or permit any subsidiary other than the Joint Venture Entity to purchase or redeem) or pay or declare any dividend or make any distribution on, any shares of capital stock of the Corporation other than (i) redemptions of or dividends or distributions on the Preferred Stock as expressly authorized herein, (ii) dividends or other distributions payable on the Common Stock solely in the form of additional shares of Common Stock, (iii) repurchases of stock from former employees, officers, directors, consultants or other persons who performed services for the Corporation or any subsidiary in connection with the cessation of such employment or service at no greater than the original purchase price thereof and (iv) redemptions, dividends or repurchases approved by the Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.8 create, or hold capital stock in, any subsidiary other than the Joint Venture Entity that is not wholly owned (either directly or through one or more other subsidiaries) by the Corporation (or substantially wholly owned other than de minimis holdings of a second holder required by non-U.S. law), or permit any subsidiary other than the Joint Venture Entity to create, or issue or obligate itself to issue, any shares of any class or series of capital stock, or sell, transfer or otherwise dispose of any capital stock of any direct or indirect subsidiary of the Corporation other than the Joint Venture Entity, or permit any direct or indirect subsidiary to sell, lease, transfer, exclusively license or otherwise dispose (in a single transaction or series of related transactions) of all or substantially all of the assets of such subsidiary (except a sale, lease, exclusive license or other disposition in which the Corporation or a wholly owned subsidiary of the Corporation is the receiving party); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.9 increase or decrease the authorized number of directors constituting the Board of Directors, or change the number of votes entitled to be cast by any director or directors on any matter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.10 enter into any interested party transaction (provided that transactions between the Corporation and the Joint Venture Entity shall not be considered interested party transactions for the purposes hereof, provided that no other interested third party is involved therein); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.11 unless otherwise approved by the Class B Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) unless the aggregate indebtedness of the Corporation and its subsidiaries for borrowed money following such action would not exceed $250,000 and other than equipment leases, bank lines of credit or trade payables incurred in the ordinary course of business, create, or issue, any debt security, create any lien or security interest (except for purchase money liens or statutory liens of landlords, mechanics, materialmen, workmen, warehousemen and other similar persons arising or incurred in the ordinary course of business), or incur other indebtedness for borrowed money, including but not limited to obligations and contingent obligations under guarantees, or permit any controlled subsidiary to take any such action with respect to any debt security lien, security interest or other indebtedness for borrowed money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) create or adopt any equity (or equity-linked) compensation plan; or (ii) amend any such plan to increase the number of shares authorized for issuance thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make, or permit any controlled subsidiary to make, any loan or advance to any entity or individual, including, without limitation, any employee or director of the Corporation or any subsidiary, except advances and similar expenditures in the ordinary course of business; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) guarantee, directly or indirectly, or permit any controlled subsidiary to guarantee, directly or indirectly, any indebtedness except for trade accounts of the Corporation or any subsidiary arising in the ordinary course of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Voting of Directors</u>. On all matters presented to the Board of Directors for approval at any meeting of the Board of Directors, or for action to be taken by written consent without a meeting, (i) the Class B Director shall be entitled to cast three (3) votes and (ii) each director then in office who is not the Class B Director shall be entitled to cast one (1) vote. Every reference in this Certificate of Incorporation and the Bylaws of the Corporation, in each case as the same may be amended or restated from time to time, to a majority or other proportion of the directors of the Corporation shall be deemed to refer to a majority or other proportion of the votes of the directors. The voting rules set forth in this section shall apply to any vote taken at any meeting of a committee or sub-committee of the Board of Directors, such that, at any meeting of a committee or sub-committee of the Board of Directors, each director shall be entitled to cast the number of votes he or she would be entitled to cast if the vote were being taken at a meeting of the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Optional Conversion</u>. The holders of the Preferred Stock shall have conversion rights as follows (the "**Conversion Rights**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Right to Convert</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1 <u>Conversion Ratio</u>. Each share of Preferred Stock shall be convertible, at the option of the holder thereof, at any time, and without the payment of additional consideration by the holder thereof, into such whole number of fully paid and non-assessable shares of Class A Common Stock (calculated as provided in <u>Section 4.2</u> below), as is determined by dividing the applicable Original Issue Price by the applicable Conversion Price (as defined below) in effect at the time of conversion. The "**Conversion Price**" for each series of Preferred Stock shall initially be equal to the applicable Original Issue Price for such series of Preferred Stock. Such initial Conversion Price for a series of Preferred Stock, and the rate at which shares of Preferred Stock may be converted into shares of Common Stock, shall be subject to adjustment as provided in this <u>Section 4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2 <u>Termination of Conversion Rights</u>. In the event of a notice of redemption of any shares of Preferred Stock pursuant to <u>Section 2.3.2(b)</u>, the Conversion Rights of the shares designated for redemption shall terminate at 5:00 p.m. Eastern time (the "**close of business**" for purposes hereof) on the last full day preceding the date fixed for redemption, unless the redemption price is not fully paid on such redemption date, in which case the Conversion Rights for such shares shall continue until such price is paid in full. In the event of a liquidation, dissolution or winding up of the Corporation or a Deemed Liquidation Event, the Conversion Rights shall terminate at the close of business on the last full day preceding the date fixed for the payment of any such amounts distributable on such event to the holders of Preferred Stock; provided that the foregoing termination of Conversion Rights shall not affect the amount(s) otherwise paid or payable in accordance with <u>Section 2.1</u> to the holders of Preferred Stock pursuant to such liquidation, dissolution or winding up of the Corporation or a Deemed Liquidation Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Number of Shares Issuable Upon Conversion</u>. The number of shares of Class A Common Stock issuable to a holder of Preferred Stock upon conversion of such Preferred Stock shall be the nearest whole share, after aggregating all fractional interests in shares of Class A Common Stock that would otherwise be issuable upon conversion of all shares of that same series of Preferred Stock being converted by such holder (with any fractional interests after such aggregation representing 0.5 or greater of a whole share being entitled to a whole share). For the avoidance of doubt, no fractional interests in shares of Class A Common Stock shall be created or issuable as a result of the conversion of the Preferred Stock pursuant to <u>Section 4.1.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Mechanics of Conversion</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.1 <u>Notice of Conversion</u>. In order for a holder of Preferred Stock to voluntarily convert shares of Preferred Stock into shares of Class A Common Stock, such holder shall (a) provide written notice to the Corporation's transfer agent at the office of the transfer agent for the Preferred Stock (or at the principal office of the Corporation if the Corporation serves as its own transfer agent) that such holder elects to convert all or any number of such holder's shares of Preferred Stock and, if applicable, any event on which such conversion is contingent and (b), if such holder's shares are certificated, surrender the certificate or certificates for such shares of Preferred Stock (or, if such registered holder alleges that such certificate has been lost, stolen or destroyed, a lost certificate affidavit and agreement reasonably acceptable to the Corporation to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of such certificate), at the office of the transfer agent for the Preferred Stock (or at the principal office of the Corporation if the Corporation serves as its own transfer agent). Such notice shall state such holder's name or the names of the nominees in which such holder wishes the shares of Class A Common Stock to be issued. If required by the Corporation, any certificates surrendered for conversion shall be endorsed or accompanied by a written instrument or instruments of transfer, in form satisfactory to the Corporation, duly executed by the registered holder or his, her or its attorney duly authorized in writing. Unless a later time and date is otherwise specified by the Corporation, the close of business on the date of receipt by the transfer agent (or by the Corporation if the Corporation serves as its own transfer agent) of such notice and, if applicable, certificates (or lost certificate affidavit and agreement) shall be the time of conversion (the "**Conversion Time**"), and the shares of Class A Common Stock issuable upon conversion of the specified shares shall be deemed to be outstanding of record as of such date. The Corporation shall, as soon as practicable after the Conversion Time (i) issue and deliver to such holder of Preferred Stock, or to such holder's nominees, a notice of issuance of uncertificated shares and may, upon written request, issue and deliver a certificate for the number of full shares of Class A Common Stock issuable upon such conversion in accordance with the provisions hereof and, may, if applicable and upon written request, issue and deliver a certificate for the number (if any) of the shares of Preferred Stock represented by any surrendered certificate that were not converted into Class A Common Stock, and (ii) pay all declared but unpaid dividends on the shares of Preferred Stock converted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.2 <u>Reservation of Shares</u>. The Corporation shall at all times when the Preferred Stock shall be outstanding, reserve and keep available out of its authorized but unissued capital stock, for the purpose of effecting the conversion of the Preferred Stock, such number of its duly authorized shares of Class A Common Stock as shall from time to time be sufficient to effect the conversion of all outstanding Preferred Stock; and if at any time the number of authorized but unissued shares of Class A Common Stock shall not be sufficient to effect the conversion of all then outstanding shares of the Preferred Stock, the Corporation shall take such corporate action as may be necessary to increase its authorized but unissued shares of Class A Common Stock to such number of shares as shall be sufficient for such purposes, including, without limitation, engaging in best efforts to obtain the requisite stockholder approval of any necessary amendment to this Certificate of Incorporation. Before taking any action that would cause an adjustment reducing the Conversion Price for any series of Preferred Stock below the then par value of the shares of Class A Common Stock issuable upon conversion of such series of Preferred Stock, the Corporation will take any corporate action which may, in the opinion of its counsel, be necessary in order that the Corporation may validly and legally issue fully paid and non-assessable shares of Class A Common Stock at such adjusted Conversion Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.3 <u>Effect of Conversion</u>. All shares of Preferred Stock which shall have been surrendered for conversion as herein provided shall no longer be deemed to be outstanding and all rights with respect to such shares shall immediately cease and terminate at the Conversion Time, except only the right of the holders thereof to receive shares of Class A Common Stock in exchange therefor and to receive payment of any dividends declared but unpaid thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.4 <u>No Further Adjustment</u>. Upon any such conversion, no adjustment to the Conversion Price <u>shall</u> be made for any declared but unpaid dividends on the Preferred Stock surrendered for conversion or on the Class A Common Stock delivered upon conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.5 <u>Taxes</u>. The Corporation shall pay any and all issue and other similar taxes that may be payable in respect of any issuance or delivery of shares of Class A Common Stock upon conversion of shares of Preferred Stock pursuant to this <u>Section 4</u>. The Corporation shall not, however, be required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of shares of Class A Common Stock in a name other than that in which the shares of Preferred Stock so converted were registered, and no such issuance or delivery shall be made unless and until the person or entity requesting such issuance has paid to the Corporation the amount of any such tax or has established, to the satisfaction of the Corporation, that such tax has been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Adjustments to Preferred Stock Conversion Price for Diluting Issues</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.1 <u>Special Definitions</u>. For purposes of this <u>Article Fourth</u>, the following definitions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Additional Shares of Common Stock**" means all shares of Common Stock issued (or, pursuant to <u>Section 4.4.3</u> below, deemed to be issued) by the Corporation after the Original Issue Date (as defined below), other than (1) the following shares of Common Stock and (2) shares of Common Stock deemed issued pursuant to the following Options and Convertible Securities (clauses (1) and (2), collectively, "**Exempted Securities**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as to any series of Preferred Stock, shares of Common Stock, Options or Convertible
Securities issued as a dividend or distribution on such series of Preferred Stock (including dividends payable in connection with dividends
on other classes or series of stock);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) shares of Common Stock, Options or Convertible Securities issued by reason of a dividend, stock split,
split-up or other distribution on shares of Common Stock that is covered by <u>Section 4.5</u>, <u>4.6</u>, <u>4.7</u> or <u>4.8</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) shares of Common Stock, Options or Convertible Securities issued to banks, equipment lessors or other
financial institutions, or to real property lessors, pursuant to a debt financing, equipment leasing or real property leasing transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) shares of Common Stock or Options issued to employees or directors of, or consultants or advisors to,
the Corporation or any of its subsidiaries pursuant to a plan, agreement or arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) shares of Common Stock or Convertible Securities actually issued upon the exercise of Options, or shares
of Class A Common Stock actually issued upon the conversion or exchange of Class B Common Stock or Convertible Securities, in each case
provided such issuance is pursuant to the terms of such Option, this certificate of incorporation, or Convertible Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) shares of Common Stock, Options or Convertible Securities issued to suppliers or third party service providers
in connection with the provision of goods or services pursuant to transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) shares of Common Stock, Options or Convertible Securities issued as acquisition consideration pursuant
to the acquisition of another corporation by the Corporation by merger, purchase of substantially all of the assets or other reorganization
or to a joint venture agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) shares of Common Stock issued in connection with a firmly underwritten public offering of the Corporation's
Common Stock pursuant to an effective registration statement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) shares of Common Stock, Options or Convertible Securities issued in connection with sponsored research,
collaboration, technology license, development, OEM, marketing or other similar agreements or strategic partnerships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Convertible Securities**" means any evidences of indebtedness, shares or other securities directly or indirectly convertible into or exchangeable for Common Stock, but excluding Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Option**" means any rights, options or warrants to subscribe for, purchase or otherwise acquire Common Stock or Convertible Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Original Issue Date**" means the date on which the first share of Series A-2 Preferred Stock is issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.2 <u>No Adjustment of Preferred Stock Conversion Price</u>. No adjustment in the Conversion Price of any series of Preferred Stock shall be made as the result of the issuance or deemed issuance of Additional Shares of Common Stock if the Corporation receives written notice from the Requisite Holders, agreeing that no such adjustment shall be made as the result of the issuance or deemed issuance of such Additional Shares of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.3 <u>Deemed Issue of Additional Shares of Common Stock</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Corporation at any time or from time to time after the Original Issue Date shall issue any Options or Convertible Securities (excluding Options or Convertible Securities which are themselves Exempted Securities) or shall fix a record date for the determination of holders of any class of securities entitled to receive any such Options or Convertible Securities, then the maximum number of shares of Common Stock (as set forth in the instrument relating thereto, assuming the satisfaction of any conditions to exercisability, convertibility or exchangeability but without regard to any provision contained therein for a subsequent adjustment of such number) issuable upon the exercise of such Options or, in the case of Convertible Securities and Options therefor, the conversion or exchange of such Convertible Securities, shall be deemed to be Additional Shares of Common Stock issued as of the time of such issue or, in case such a record date shall have been fixed, as of the close of business on such record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the terms of any Option or Convertible Security, the issuance of which resulted in an adjustment to the Conversion Price of any series of Preferred Stock pursuant to the terms of <u>Section 4.4.4</u>, are revised as a result of an amendment to such terms or any other adjustment pursuant to the provisions of such Option or Convertible Security (but excluding automatic adjustments to such terms pursuant to anti-dilution or similar provisions of such Option or Convertible Security) to provide for either (1) any increase or decrease in the number of shares of Common Stock issuable upon the exercise, conversion and/or exchange of any such Option or Convertible Security or (2) any increase or decrease in the consideration payable to the Corporation upon such exercise, conversion and/or exchange, then, effective upon such increase or decrease becoming effective, the Conversion Price of such series of Preferred Stock computed upon the original issue of such Option or Convertible Security (or upon the occurrence of a record date with respect thereto) shall be readjusted to such Conversion Price for such series of Preferred Stock as would have obtained had such revised terms been in effect upon the original date of issuance of such Option or Convertible Security. Notwithstanding the foregoing, no readjustment pursuant to this <u>Section 4.4.3(b)</u> shall have the effect of increasing the Conversion Price applicable to a series of Preferred Stock to an amount which exceeds the lower of (i) the Conversion Price for such series of Preferred Stock in effect immediately prior to the original adjustment made as a result of the issuance of such Option or Convertible Security, or (ii) the Conversion Price for such series of Preferred Stock that would have resulted from any issuances of Additional Shares of Common Stock (other than deemed issuances of Additional Shares of Common Stock as a result of the issuance of such Option or Convertible Security) between the original adjustment date and such readjustment date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the terms of any Option or Convertible Security (excluding Options or Convertible Securities which are themselves Exempted Securities), the issuance of which did not result in an adjustment to the Conversion Price of a series of Preferred Stock pursuant to the terms of <u>Section 4.4.4</u> (either because the consideration per share (determined pursuant to <u>Section 4.4.5</u>) of the Additional Shares of Common Stock subject thereto was equal to or greater than the applicable Conversion Price then in effect, or because such Option or Convertible Security was issued before the Original Issue Date), are revised after the Original Issue Date as a result of an amendment to such terms or any other adjustment pursuant to the provisions of such Option or Convertible Security (but excluding automatic adjustments to such terms pursuant to anti-dilution or similar provisions of such Option or Convertible Security) to provide for either (1) any increase in the number of shares of Common Stock issuable upon the exercise, conversion or exchange of any such Option or Convertible Security or (2) any decrease in the consideration payable to the Corporation upon such exercise, conversion or exchange, then such Option or Convertible Security, as so amended or adjusted, and the Additional Shares of Common Stock subject thereto determined in the manner provided in <u>Section 4.4.3(a)</u> shall be deemed to have been issued effective upon such increase or decrease becoming effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the expiration or termination of any unexercised Option or unconverted or unexchanged Convertible Security (or portion thereof) which resulted (either upon its original issuance or upon a revision of its terms) in an adjustment to the Conversion Price of any series of Preferred Stock pursuant to the terms of <u>Section 4.4.4</u>, the Conversion Price of such series of Preferred Stock shall be readjusted to such Conversion Price for such series of Preferred Stock as would have obtained had such Option or Convertible Security (or portion thereof) never been issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the number of shares of Common Stock issuable upon the exercise, conversion and/or exchange of any Option or Convertible Security, or the consideration payable to the Corporation upon such exercise, conversion and/or exchange, is calculable at the time such Option or Convertible Security is issued or amended but is potentially subject to adjustment based upon subsequent events, any adjustment to the Conversion Price of a series of Preferred Stock provided for in this <u>Section 4.4.3</u> shall be effected at the time of such issuance or amendment based on such number of shares or amount of consideration without regard to any provisions for subsequent adjustments (and any subsequent adjustments shall be treated as provided in <u>clauses (b)</u> and <u>(c)</u> of this <u>Section 4.4.3</u>). If the number of shares of Common Stock issuable upon the exercise, conversion and/or exchange of any Option or Convertible Security, or the consideration payable to the Corporation upon such exercise, conversion and/or exchange, cannot be calculated at all at the time such Option or Convertible Security is issued or amended, any adjustment to the Conversion Price of a series of Preferred Stock that would result under the terms of this <u>Section 4.4.3</u> at the time of such issuance or amendment shall instead be effected at the time such number of shares and/or amount of consideration is first calculable (even if subject to subsequent adjustments), assuming for purposes of calculating such adjustment to the Conversion Price for such series of Preferred Stock that such issuance or amendment took place at the time such calculation can first be made. In the event an Option or Convertible Security contains alternative conversion terms, such as a cap on the valuation of the Corporation at which such conversion will be effected, or circumstances where the Option or Convertible Security may be repaid in lieu of conversion, then the number of shares of Common Stock issuable upon the exercise, conversion and/or exchange of such Option or Convertible Security shall be deemed not calculable until such time as the applicable conversion terms are determined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.4 <u>Adjustment of Conversion Price Upon Issuance of Additional Shares of Common Stock</u>. In the event the Corporation shall at any time after the Original Issue Date issue Additional Shares of Common Stock (including Additional Shares of Common Stock deemed to be issued pursuant to <u>Section 4.4.3</u>), without consideration or for a consideration per share less than the Conversion Price of a series of Preferred Stock in effect immediately prior to such issuance or deemed issuance, then the Conversion Price for such series of Preferred Stock shall be reduced, concurrently with such issue, to a price (calculated to the nearest one-hundredth of a cent) determined in accordance with the following formula:

CP<sub>2</sub> = CP<sub>1</sub>\* (A + B) / (A + C).

For purposes of the foregoing formula, the following definitions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "CP<sub>2</sub>" shall mean the Conversion Price of such series of Preferred Stock in effect immediately after such issuance or deemed issuance of Additional Shares of Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "CP<sub>1</sub>" shall mean the Conversion Price of such series of Preferred Stock in effect immediately prior to such issuance or deemed issuance of Additional Shares of Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "A" shall mean the number of shares of Common Stock outstanding immediately prior to such issuance or deemed issuance of Additional Shares of Common Stock (treating for this purpose as outstanding all shares of Common Stock issuable upon exercise of Options outstanding immediately prior to such issuance or deemed issuance or upon conversion or exchange of Convertible Securities (including the Preferred Stock) outstanding (assuming exercise of any outstanding Options therefor) immediately prior to such issue);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "B" shall mean the number of shares of Common Stock that would have been issued if such Additional Shares of Common Stock had been issued or deemed issued at a price per share equal to CP<sub>1</sub> (determined by dividing the aggregate consideration received by the Corporation in respect of such issue by CP<sub>1</sub>); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "C" shall mean the number of such Additional Shares of Common Stock issued in such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.5 <u>Determination of Consideration</u>. For purposes of this <u>Section 4.4</u>, the consideration received by the Corporation for the issuance or deemed issuance of any Additional Shares of Common Stock shall be computed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Cash and Property</u>. Such consideration shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) insofar as it consists of cash, be computed at the aggregate amount of cash received by the Corporation,
excluding amounts paid or payable for accrued interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) insofar as it consists of property other than cash, be computed at the fair market value thereof at the
time of such issue, as determined in good faith by the Board of Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the event Additional Shares of Common Stock are issued together with other shares or securities
or other assets of the Corporation for consideration which covers both, be the proportion of such consideration so received, computed
as provided in <u>clauses (i)</u> and <u>(ii)</u> above, as determined in good faith by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Options and Convertible Securities</u>. The consideration per share received by the Corporation for Additional Shares of Common Stock deemed to have been issued pursuant to <u>Section 4.4.3</u>, relating to Options and Convertible Securities, shall be determined by dividing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The total amount, if any, received or receivable by the Corporation as consideration for the issue of
such Options or Convertible Securities, plus the minimum aggregate amount of additional consideration (as set forth in the instruments
relating thereto, without regard to any provision contained therein for a subsequent adjustment of such consideration) payable to the
Corporation upon the exercise of such Options or the conversion or exchange of such Convertible Securities, or in the case of Options
for Convertible Securities, the exercise of such Options for Convertible Securities and the conversion or exchange of such Convertible
Securities, by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the maximum number of shares of Common Stock (as set forth in the instruments relating thereto, without
regard to any provision contained therein for a subsequent adjustment of such number) issuable upon the exercise of such Options or the
conversion or exchange of such Convertible Securities, or in the case of Options for Convertible Securities, the exercise of such Options
for Convertible Securities and the conversion or exchange of such Convertible Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.6 <u>Multiple Closing Dates</u>. In the event the Corporation shall issue on more than one date Additional Shares of Common Stock that are a part of one transaction or a series of related transactions and that would result in an adjustment to the Conversion Price of a series of Preferred Stock pursuant to the terms of <u>Section 4.4.4</u>, and such issuance dates occur within a period of no more than 180 days from the first such issuance to the final such issuance, then, upon the final such issuance, the Conversion Price for such series of Preferred Stock shall be readjusted to give effect to all such issuances as if they occurred on the date of the first such issuance (and without giving effect to any additional adjustments as a result of any such subsequent issuances within such period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 <u>Adjustment for Stock Splits and Combinations</u>. If the Corporation shall at any time or from time to time after the Original Issue Date effect a subdivision of the outstanding Common Stock, the Conversion Price of each series of Preferred Stock in effect immediately before that subdivision shall be proportionately decreased so that the number of shares of Class A Common Stock issuable on conversion of each share of such series shall be increased in proportion to such increase in the aggregate number of shares of Common Stock outstanding. If the Corporation shall at any time or from time to time after the Original Issue Date combine the outstanding shares of Common Stock, the Conversion Price of each series of Preferred Stock in effect immediately before the combination shall be proportionately increased so that the number of shares of Class A Common Stock issuable on conversion of each share of such series shall be decreased in proportion to such decrease in the aggregate number of shares of Common Stock outstanding. Any adjustment under this <u>Section 4.5</u> shall become effective at the close of business on the date the subdivision or combination becomes effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 <u>Adjustment for Certain Dividends and Distributions</u>. If at any time or from time to time after the Original Issue Date the Corporation shall make or issue, or fix a record date for the determination of holders of Common Stock entitled to receive, a dividend or other distribution payable on the Common Stock in additional shares of Common Stock, then and in each such event the Conversion Price of each series of Preferred Stock in effect immediately before such event shall be decreased as of the time of such issuance or, if such a record date shall have been fixed, as of the close of business on such record date, by multiplying the Conversion Price of each such series of Preferred Stock then in effect by a fraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the numerator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the denominator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date plus the number of shares of Common Stock issuable in payment of such dividend or distribution.

Notwithstanding the foregoing, (a) if such record date shall have been fixed and such dividend is not fully paid or if such distribution is not fully made on the date fixed therefor, the Conversion Price of each series of Preferred Stock shall be recomputed accordingly as of the close of business on such record date and thereafter the Conversion Price of each series of Preferred Stock shall be adjusted pursuant to this <u>Section 4.6</u> as of the time of actual payment of such dividends or distributions; and (b) no such adjustment shall be made if the holders of such series of Preferred Stock simultaneously receive a dividend or other distribution of shares of Common Stock in a number equal to the number of shares of Common Stock as they would have received if all outstanding shares of such series of Preferred Stock had been converted into Common Stock on the date of such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 <u>Adjustments for Other Dividends and Distributions</u>. If at any time or from time to time after the Original Issue Date the Corporation shall make or issue, or fix a record date for the determination of holders of Common Stock entitled to receive, a dividend or other distribution payable in securities of the Corporation (other than a distribution of shares of Common Stock in respect of outstanding shares of Common Stock) or in other property and the provisions of <u>Section 1</u> do not apply to such dividend or distribution, then and in each such event the holders of Preferred Stock shall receive, simultaneously with the distribution to the holders of Common Stock, a dividend or other distribution of such securities or other property in an amount equal to the amount of such securities or other property as they would have received if all outstanding shares of Preferred Stock had been converted into Common Stock on the date of such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 <u>Adjustment for Merger or Reorganization, etc</u>. Subject to the provisions of <u>Section 2.3</u>, if there shall occur any reorganization, recapitalization, reclassification, consolidation or merger involving the Corporation in which the Common Stock (but not the Preferred Stock) is converted into or exchanged for securities, cash or other property (other than a transaction covered by <u>Sections 4.4</u>, <u>4.6</u> or <u>4.7</u>), then, following any such reorganization, recapitalization, reclassification, consolidation or merger, each share of Preferred Stock shall thereafter be convertible in lieu of the Common Stock into which it was convertible prior to such event into the kind and amount of securities, cash or other property which a holder of the number of shares of Class A Common Stock of the Corporation issuable upon conversion of one share of such Preferred Stock immediately prior to such reorganization, recapitalization, reclassification, consolidation or merger would have been entitled to receive pursuant to such transaction; and, in such case, appropriate adjustment (as determined in good faith by the Board of Directors) shall be made in the application of the provisions in this <u>Section 4</u> with respect to the rights and interests thereafter of the holders of the Preferred Stock, to the end that the provisions set forth in this <u>Section 4.8</u> (including provisions with respect to changes in and other adjustments of the Conversion Price of each series of Preferred Stock) shall thereafter be applicable, as nearly as reasonably may be, in relation to any securities or other property thereafter deliverable upon the conversion of the Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9 <u>Certificate as to Adjustments</u>. Upon the occurrence of each adjustment or readjustment of the Conversion Price of a series of Preferred Stock pursuant to this <u>Section 4</u>, the Corporation at its expense shall, as promptly as reasonably practicable but in any event not later than ten days thereafter, compute such adjustment or readjustment in accordance with the terms hereof and furnish to each holder of such series of Preferred Stock a certificate setting forth such adjustment or readjustment (including the kind and amount of securities, cash or other property into which such series of Preferred Stock is convertible) and showing in detail the facts upon which such adjustment or readjustment is based. The Corporation shall, as promptly as reasonably practicable after the written request at any time of any holder of Preferred Stock (but in any event not later than 10 days thereafter), furnish or cause to be furnished to such holder a certificate setting forth (i) the Conversion Price then in effect for each series of Preferred Stock held by such holder, and (ii) the number of shares of Class A Common Stock and the amount, if any, of other securities, cash or property which then would be received upon the conversion of each such series of Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 <u>Notice of Record Date</u>. In the event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Corporation shall take a record of the holders of its Common Stock (or other capital stock or securities at the time issuable upon conversion of the Preferred Stock) for the purpose of entitling or enabling them to receive any dividend or other distribution, or to receive any right to subscribe for or purchase any shares of capital stock of any class or series or any other securities, or to receive any other security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) of any capital reorganization of the Corporation, any reclassification of the Common Stock of the Corporation, or any Deemed Liquidation Event; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) of the voluntary or involuntary dissolution, liquidation or winding-up of the Corporation,

then, and in each such case, the Corporation will send or cause to be sent to the holders of the Preferred Stock a notice specifying, as the case may be, (i) the record date for such dividend, distribution or right, and the amount and character of such dividend, distribution or right, or (ii) the effective date on which such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up is proposed to take place, and the time, if any is to be fixed, as of which the holders of record of Common Stock (or such other capital stock or securities at the time issuable upon the conversion of the Preferred Stock) shall be entitled to exchange their shares of Common Stock (or such other capital stock or securities) for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up, and the amount per share and character of such exchange applicable to the Preferred Stock and the Common Stock. Such notice shall be sent at least 10 days prior to the record date or effective date for the event specified in such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Mandatory Conversion</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Trigger Events</u>. All outstanding shares of Preferred Stock shall automatically be converted into shares of Class A Common Stock, at the then effective conversion rate as calculated pursuant to <u>Sections 4.1.1</u> and <u>4.2</u>, upon the earliest to occur of (the time of such conversion is referred to herein as the "**Mandatory Conversion Time**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) immediately prior to the closing of the sale of shares of Common Stock to the public in a firm-commitment underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, resulting in at least $50 million of gross proceeds to the Corporation and in connection with such offering the shares of Common Stock are listed for trading on the Nasdaq Stock Market, the New York Stock Exchange or another exchange or marketplace (a "**Qualified IPO**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date and time, or upon the occurrence of an event, specified by vote or written consent of the Requisite Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Procedural Requirements</u>. All holders of record of shares of Preferred Stock (or the applicable series thereof) shall be sent written notice of the Mandatory Conversion Time and the place designated for mandatory conversion of all such shares of Preferred Stock pursuant to this <u>Section 5</u>. Such notice need not be sent in advance of the occurrence of the Mandatory Conversion Time. Upon receipt of such notice, each holder of shares of Preferred Stock being converted that holds such shares of Preferred Stock in certificated form shall surrender his, her or its certificate or certificates for all such shares (or, if such holder alleges that such certificate has been lost, stolen or destroyed, a lost certificate affidavit and agreement reasonably acceptable to the Corporation to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of such certificate) to the Corporation at the place designated in such notice. If so required by the Corporation, any certificates surrendered for conversion shall be endorsed or accompanied by written instrument or instruments of transfer, in form satisfactory to the Corporation, duly executed by the registered holder or by his, her or its attorney duly authorized in writing. All rights with respect to the Preferred Stock converted pursuant to <u>Section 5.1</u>, including the rights, if any, to receive notices and vote (other than as a holder of Common Stock), will terminate at the Mandatory Conversion Time (notwithstanding the failure of the holder or holders thereof to surrender any certificates at or prior to such time), except only the rights of the holders thereof, upon surrender of any certificate or certificates of such holders (or lost certificate affidavit and agreement) therefor, to receive the items provided for in the next sentence of this <u>Section 5.2</u>. As soon as practicable after the Mandatory Conversion Time and, if applicable, the surrender of any certificate or certificates (or lost certificate affidavit and agreement) for Preferred Stock, the Corporation shall (a) issue and deliver to such holder, or to his, her or its nominees, a certificate or certificates for the number of full shares of Class A Common Stock issuable on such conversion in accordance with the provisions hereof or issue and deliver to such holder, or to his, her or its nominees, a notice of issuance of uncertificated shares and may, upon written request, issue and deliver a certificate for the number of full shares of Class A Common Stock issuable upon such conversion in accordance with the provisions hereof; and (b) pay any declared but unpaid dividends on the shares of Preferred Stock converted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Redemption</u>. Other than as set forth in <u>Section 2.3.2(b)</u>, the Preferred Stock is not redeemable at the option of the holder or the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Redeemed or Otherwise Acquired Shares</u>. Unless approved by the Board of Directors and the Requisite Holders, any shares of Preferred Stock that are redeemed, converted or otherwise acquired by the Corporation or any of its subsidiaries shall be automatically and immediately cancelled and retired and shall not be reissued, sold or transferred. Neither the Corporation nor any of its subsidiaries may exercise any voting or other rights granted to the holders of Preferred Stock following redemption, conversion or acquisition. The Corporation may thereafter take such appropriate action (without the need for stockholder action) as may be necessary to reduce the authorized number of shares of Preferred Stock accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Waiver</u>. Except as otherwise set forth herein, (a) any of the rights, powers, preferences and other terms of the Preferred Stock set forth herein may be waived on behalf of all holders of Preferred Stock by the affirmative written consent or vote of the holders that would otherwise be required to amend such right, powers, preferences, and other terms and (b) at any time more than one series of Preferred Stock is issued and outstanding, any of the rights, powers, preferences and other terms of any series of Preferred Stock set forth herein may be waived on behalf of all holders of such series of Preferred Stock by the affirmative written consent or vote of the holders of such series that would otherwise be required to amend such right, power, preference, or other term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Notices</u>. Any notice required or permitted by the provisions of this <u>Article Fourth</u> to be given to a holder of shares of Preferred Stock shall be mailed, postage prepaid, to the post office address last shown on the records of the Corporation, or given by electronic transmission in compliance with the provisions of the General Corporation Law, and shall be deemed sent upon such mailing or electronic transmission.

**Fifth**: Subject to any additional vote required by this Certificate of Incorporation or the Bylaws of the Corporation, in furtherance and not in limitation of the powers conferred by statute, the Board of Directors is expressly authorized to make, repeal, alter, amend and rescind any or all of the Bylaws of the Corporation.

**Sixth**: Subject to any additional vote required by this Certificate of Incorporation, the number of directors of the Corporation shall be determined in the manner set forth in the Bylaws of the Corporation..

**Seventh**: Elections of directors need not be by written ballot unless the Bylaws of the Corporation shall so provide.

**Eighth**: Meetings of stockholders may be held within or outside of the State of Delaware, as the Bylaws of the Corporation may provide. The books of the Corporation may be kept (subject to any provision of applicable law) outside of the State of Delaware at such place or places or in such manner or manners as may be designated from time to time by the Board of Directors or in the Bylaws of the Corporation.

**Ninth**: To the fullest extent permitted by law, a director or officer of the Corporation shall not be personally liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director or officer. If the General Corporation Law or any other law of the State of Delaware is amended after approval by the stockholders of this <u>Article Ninth</u> to authorize corporate action further eliminating or limiting the personal liability of directors or officers, then the liability of a director or officer of the Corporation shall be eliminated or limited to the fullest extent permitted by the General Corporation Law as so amended.

Any amendment, repeal or elimination of the foregoing provisions of this <u>Article Ninth</u> by the stockholders of the Corporation shall not adversely affect any right or protection of a director or officer of the Corporation existing at the time of, or increase the liability of any director or officer of the Corporation with respect to any acts or omissions of such director or officer occurring prior to, such amendment, repeal or elimination.

**Tenth**: To the fullest extent permitted by applicable law, the Corporation is authorized to provide indemnification of (and advancement of expenses to) directors, officers and agents of the Corporation (and any other persons to which the General Corporation Law permits the Corporation to provide indemnification) through Bylaw provisions, agreements with such agents or other persons, vote of stockholders or disinterested directors or otherwise, in excess of the indemnification and advancement otherwise permitted by Section 145 of the General Corporation Law.

Any amendment, repeal, modification or elimination of the foregoing provisions of this <u>Article Tenth</u> shall not (a) adversely affect any right or protection of any director, officer or other agent of the Corporation existing at the time of such amendment, repeal, modification or elimination; or (b) increase the liability of any director, officer or agent of the Corporation with respect to any acts or omissions of such director, officer or agent occurring prior to such amendment, repeal, modification or elimination.

**Eleventh**: The Corporation renounces, to the fullest extent permitted by law, any interest or expectancy of the Corporation in, or in being offered an opportunity to participate in, any Excluded Opportunity. An "**Excluded Opportunity**" is any matter, transaction or interest that is presented to, or acquired, created or developed by, or which otherwise comes into the possession of (i) any director of the Corporation who is not an employee of the Corporation or any of its subsidiaries, or (ii) any holder of Preferred Stock or any partner, member, director, stockholder, employee, affiliate or agent of any such holder, other than someone who is an officer or employee of the Corporation or any of its subsidiaries (collectively, the persons referred to in <u>clauses (i)</u> and <u>(ii)</u> are "**Covered Persons**"), unless such matter, transaction or interest is presented to, or acquired, created or developed by, or otherwise comes into the possession of, a Covered Person expressly and solely in such Covered Person's capacity as a director of the Corporation while such Covered Person is performing services in such capacity. Any repeal or modification of this <u>Article Eleventh</u> will only be prospective and will not affect the rights under this <u>Article Eleventh</u> in effect at the time of the occurrence of any actions or omissions to act giving rise to liability. Notwithstanding anything to the contrary contained elsewhere in this Certificate of Incorporation, in addition to any other vote required by law or this Certificate of Incorporation, the affirmative vote of the Requisite Holders will be required to amend or repeal, or to adopt any provisions inconsistent with this <u>Article Eleventh</u>.

**Twelfth**: Unless the Corporation consents in writing to the selection of an alternative forum, the Court of Chancery in the State of Delaware shall be the sole and exclusive forum for any stockholder (including a beneficial owner) to bring (i) any derivative action or proceeding brought on behalf of the Corporation, (ii) any action asserting a claim of breach of fiduciary duty owed by any director, officer or other employee of the Corporation to the Corporation or the Corporation's stockholders, (iii) any action asserting a claim against the Corporation, its directors, officers or employees arising pursuant to any provision of the General Corporation Law or the Corporation's Certificate of Incorporation or Bylaws or (iv) any action asserting a claim against the Corporation, its directors, officers or employees governed by the internal affairs doctrine or that otherwise relates to the internal affairs of the Corporation, except for, as to each of (i) through (iv) above, any claim as to which the Court of Chancery determines that there is an indispensable party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does not consent to the personal jurisdiction of the Court of Chancery within 10 days following such determination), which is vested in the exclusive jurisdiction of a court or forum other than the Court of Chancery, or for which the Court of Chancery does not have subject matter jurisdiction.

**Thirteenth**: If any provision or provisions of this Certificate of Incorporation shall be held to be invalid, illegal or unenforceable as applied to any person or entity or circumstance for any reason whatsoever, then, to the fullest extent permitted by law, the validity, legality and enforceability of such provisions in any other circumstance and of the remaining provisions of this Certificate of Incorporation (including, without limitation, each portion of any sentence of this Certificate of Incorporation containing any such provision held to be invalid, illegal or unenforceable that is not itself held to be invalid, illegal or unenforceable) and the application of such provision to other persons or entities and circumstances shall not in any way be affected or impaired thereby.

\* \* \*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** That the foregoing amendment and restatement was approved by the holders of the requisite number of shares of this corporation in accordance with Section 228 of the General Corporation Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** That this Certificate of Incorporation, which restates and integrates and further amends the provisions of the Corporation's Certificate of Incorporation, has been duly adopted in accordance with Sections 242 and 245 of the General Corporation Law.

[Signature Page Follows]

**IN WITNESS WHEREOF**, this Fifth Amended and Restated Certificate of Incorporation has been executed by a duly authorized officer of this corporation on January 23, 2026.

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| | |
|:---|:---|
| By: | /s/ Kurt Terrani |
|  | Kurt Terrani, CEO |

---

**Standard Nuclear, Inc.<br> Amended and Restated Certificate of Incorporation**

## Exhibit 3.2

**Exhibit 3.2**

**CERTIFICATE OF AMENDMENT OF THE<br> FIFTH AMENDED AND RESTATED CERTIFICATE<br> OF INCORPORATION OF<br> STANDARD NUCLEAR, INC.**

Standard Nuclear, Inc., a corporation organized and existing under and by virtue of the General Corporation Law of the State of Delaware (the **"Corporation"), DOES HEREBY CERTIFY:**

**FIRST:** That the name of the Corporation is Standard Nuclear, Inc. and that the Corporation was originally incorporated pursuant to the General Corporation Law on July 15, 2024, under the name set forth above.

**SECOND**: That the Board of Directors of the Corporation duly adopted a resolution setting forth a proposed amendment to the Fifth Amended and Restated Certificate of Incorporation of the Corporation (the **"Restated Certificate"),** declaring said amendment to be advisable and in the best interests of the Corporation and its stockholders, and authorized the appropriate officers of the Corporation to solicit the consent of the stockholders therefor, which resolution setting forth the proposed amendment and restatement is as follows:

**RESOLVED,** that the Section 3.3 of Part B of Article Fourth is hereby amended and restated in its entirety to read as follows:

"3.3 <u>Preferred Stock Protective Provisions.</u> At any time when any shares of Preferred Stock (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Preferred Stock) are outstanding, the Corporation shall not, either directly or indirectly by amendment, merger, consolidation, domestication, transfer, continuance, reorganization, recapitalization, reclassification, waiver, statutory conversion, or otherwise, effect any of the following acts or transactions without (in addition to any other vote required by law or this Certificate of Incorporation) the written consent or affirmative vote of the Requisite Holders, and any such act or transaction that has not been approved by such consent or vote prior to such act or transaction being effected shall be null and void *ab initio,* and of no force or effect. As used herein, the **"Joint Venture Entity"** shall mean Standard Nuclear X Framatome LLC, a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.1 liquidate, dissolve or wind-up the business and affairs of the Corporation or effect any Deemed Liquidation Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2 amend, alter or repeal any provision of this Certificate of Incorporation or Bylaws of the Corporation in a manner that adversely affects the special rights, powers and preferences of the Preferred Stock (or any series thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.3 effect any merger, consolidation, reorganization, statutory conversion, transfer, domestication, or continuance pursuant to which the holders of the Corporation's Preferred Stock immediately prior to such transaction are issued securities in such transaction in lieu of such shares of Preferred Stock that have special rights, powers and preferences that are materially less favorable than the special rights, powers and preferences of such Preferred Stock immediately prior to such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.4 create any capital stock unless the same ranks junior to the Preferred Stock with respect to its special rights, powers and preferences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.3.5 increase the authorized number of shares of Class A Common Stock, Preferred Stock, or any series of Preferred Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.3.6 sell, issue, sponsor, create or distribute, or cause or permit any of its subsidiaries to sell, issue, sponsor, create or distribute, any digital tokens, cryptocurrency or other blockchain-based assets (collectively, **"Tokens"),** including through a pre-sale, initial coin offering, token distribution event or crowdfunding, or through the issuance of any instrument convertible into or exchangeable for Tokens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.3.7 purchase or redeem (or permit any subsidiary other than the Joint Venture Entity to purchase or redeem) or pay or declare any dividend or make any distribution on, any shares of capital stock of the Corporation other than (i) redemptions of or dividends or distributions on the Preferred Stock as expressly authorized herein, (ii) dividends or other distributions payable on the Common Stock solely in the form of additional shares of Common Stock, (iii) repurchases of stock from former employees, officers, directors, consultants or other persons who performed services for the Corporation or any subsidiary in connection with the cessation of such employment or service at no greater than the original purchase price thereof and (iv) redemptions, dividends or repurchases approved by the Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.3.8 create, or hold capital stock in, any subsidiary other than the Joint Venture Entity that is not wholly owned (either directly or through one or more other subsidiaries) by the Corporation (or substantially wholly owned other than de minimis holdings of a second holder required by non-U.S. law), or permit any subsidiary other than the Joint Venture Entity to create, or issue or obligate itself to issue, any shares of any class or series of capital stock, or sell, transfer or otherwise dispose of any capital stock of any direct or indirect subsidiary of the Corporation other than the Joint Venture Entity, or permit any direct or indirect subsidiary to sell, lease, transfer, exclusively license or otherwise dispose (in a single transaction or series of related transactions) of all or substantially all of the assets of such subsidiary (except a sale, lease, exclusive license or other disposition in which the Corporation or a wholly owned subsidiary of the Corporation is the receiving party); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.9 increase or decrease the authorized number of directors constituting the Board of Directors, or change the number of votes entitled to be cast by any director or directors on any matter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.10 enter into any material transaction with an officer, director, employee or greater than one-percent stockholder of the Corporation (an <u>"Interested Party"),</u> a member of such Interested Party's immediate family, or any entity in whom an Interested Party or any such immediate family member has a material financial interest (any such material transaction, an <u>"Interested Party Transaction"),</u> other than (a) employment agreements entered into in the ordinary course of business; (13) the grant or issuance of equity to employees, consultants, directors or service providers pursuant to an equity incentive plan approved by the Board of Directors; (c) standard employee benefits generally made available to all employees; (d) participation in equity financings of the Corporation which have been approved by the Board of Directors, on substantially similar terms as other participants therein; or (e) any transaction approved by the Board of Directors, including the approval of at least a majority of the disinterested directors; and *provided further* that transactions between the Corporation and the Joint Venture Entity shall not be considered interested party transactions for the purposes hereof, provided that no other interested third party is involved therein; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.11 unless otherwise approved by the Class B Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) unless the aggregate indebtedness of the Corporation and its subsidiaries for borrowed money following such action would not exceed $250,000 and other than equipment leases, bank lines of credit or trade payables incurred in the ordinary course of business, create, or issue, any debt security, create any lien or security interest (except for purchase money liens or statutory liens of landlords, mechanics, materialmen, workmen, warehousemen and other similar persons arising or incurred in the ordinary course of business), or incur other indebtedness for borrowed money, including but not limited to obligations and contingent obligations under guarantees, or permit any controlled subsidiary to take any such action with respect to any debt security lien, security interest or other indebtedness for borrowed money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) (i) create or adopt any equity (or equity-linked) compensation plan; or (ii) amend any such plan to increase the number of shares authorized for issuance thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) make, or permit any controlled subsidiary to make, any loan or advance to any entity or individual, including, without limitation, any employee or director of the Corporation or any subsidiary, except advances and similar expenditures in the ordinary course of business; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) guarantee, directly or indirectly, or permit any controlled subsidiary to guarantee, directly or indirectly, any indebtedness except for trade accounts of the Corporation or any subsidiary arising in the ordinary course of business."

**THIRD:** That thereafter said amendment was duly adopted in accordance with the provisions of Section 242 of the General Corporation Law of the State of Delaware by written consent of the stockholders holding the requisite number of shares required by statute given in accordance with and pursuant to Section 228 of the General Corporation Law of the State of Delaware.

 

*[Signature Page Follows]*

IN WITNESS WHEREOF, this Certificate of Amendment of the Fifth Amended and Restated Certificate of Incorporation has been executed by a duly authorized officer of this corporation on March 12, 2026.

---

| |
|:---|
| /s/ Kurt Terrani |
| Kurt Terrani, Chief Executive Officer |

---

## Exhibit 3.4

**Exhibit 3.4**

<u>BYLAWS OF STANDARD NUCLEAR, INC.</u>

(Adopted on July 20, 2024)

ARTICLE I.

MEETING OF STOCKHOLDERS

Section 1. <u>Annual Meeting</u>. The annual meeting of the stockholders of Standard Nuclear, Inc. (the "Corporation"), commencing in the year 2024, shall be held at such date and time as shall be designated from time to time by the Board of Directors (the "Board"). Business transacted at the annual meeting shall include the election of directors of the Corporation.

Section 2. <u>Special Meetings</u>. Special meetings of the stockholders shall be held when directed by the majority of the Board, or when requested in writing by the holders of not less than 10% of all the shares of "Common Stock" (as defined in the Certificate of Incorporation of the Corporation, hereinafter referred to as the "Certificate of Incorporation") entitled to vote at the meeting. A meeting requested by stockholders shall be called for a date not less than 10 nor more than 60 days after the request is made, unless the stockholders requesting the meeting designate a later date. The call for the meeting shall be issued by the Secretary, unless the Board or stockholders requesting the meeting shall designate another person to do so.

Section 3. <u>Place</u>. Meetings of stockholders shall be held at the principal place of business of the Corporation or at such other place, either within or without the State of Delaware (including by remote communications as authorized by Section 211(a)(2) of the General Corporation Law of the State of Delaware, as in effect from time to time (the "DGCL"), as may be designated by the Board from time to time.

Section 4. <u>Notice</u>. Written notice stating the place, day and hour of the meeting and the general nature of the business to be considered, shall be delivered not less than 10 nor more than 60 days before the meeting, either personally, or by email, or by first class mail, by or at the direction of the Secretary or the persons calling the meeting to each stockholder of record entitled to vote at such meeting. Without limiting the manner by which notice otherwise may be given effectively to stockholders, any notice to stockholders may be given by electronic mail or other electronic transmission, in the manner provided in Section 232 of the DGCL. If mailed, such notice shall be deemed to be delivered when deposited in the United States mail addressed to the stockholder at his or her address as it appears on the stock transfer books of the Corporation, with postage thereon prepaid. An affidavit of the secretary or an assistant secretary or of the transfer agent of the Corporation that the notice has been given shall, in the absence of fraud, be prima facie evidence of the facts stated therein. No business other than that stated in the notice shall be transacted at any meeting without the unanimous consent of all the stockholders entitled to vote thereat.

Section 5. <u>Notice of Adjourned Meeting</u>. When a meeting is adjourned to another time or place, it shall not be necessary to give any notice of the adjourned meeting if the time and place to which the meeting is adjourned are announced at the meeting at which the adjournment is taken, and at the adjourned meeting any business may be transacted that might have been transacted on the original date of the meeting. If, however, after the adjournment the Board fixes a new record date for the adjourned meeting, a notice of the adjourned meeting shall be given as provided in this Article to each stockholder of record on the new record date entitled to vote at such meeting.

Section 6. <u>Stockholder Quorum and Voting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise required by law, by the Certificate of Incorporation or by these Bylaws, the presence, in person or by proxy, of stockholders holding a majority of the stock of the Corporation entitled to vote shall constitute a quorum at all meetings of the stockholders. A share once represented for any purpose at a meeting is deemed present for quorum purposes for the remainder of the meeting and for any adjournment of that meeting unless (i) the stockholder attends solely to object to lack of notice, defective notice or the conduct of the meeting on other grounds and does not vote the shares or otherwise consent that they are to be deemed present, or (ii) in the case of an adjournment, a new record date is or shall be set for that adjourned meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In case a quorum shall not be present at any meeting, the chairman of the meeting or a majority in interest of the stockholders entitled to vote thereat, present in person or by proxy, shall have the power to adjourn the meeting from time to time, without notice other than announcement at the meeting, until the requisite amount of stock entitled to vote shall be present. At any such adjourned meeting at which the requisite amount of stock entitled to vote shall be represented, any business may be transacted which might have been transacted at the meeting as originally notified.

Section 7. <u>Voting of Shares</u>. Each outstanding share of Common Stock shall be entitled to one vote on each matter submitted to a vote at a meeting of stockholders. When a quorum is present at any meeting, the vote of the holders of a majority of the stock having voting power present in person or represented by proxy shall decide any question brought before such meeting, unless the question is one upon which by express provision of the DGCL or of the Certificate of Incorporation, a different vote is required, in which case such express provision shall govern and control the decision of such question.

Section 8. <u>Proxies</u>. A stockholder may vote either in person or by proxy executed in writing by the stockholder or his or her duly authorized attorney-in-fact. No proxy shall be valid after three years from the date thereof unless otherwise provided in the proxy.

Section 9. <u>List of Stockholders Entitled to Vote</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) After fixing a record date for a meeting of stockholders as provided in Article IV, Section 6 of these Bylaws, the officer of the Corporation who had charge of its stock ledger shall prepare an alphabetical list of the names of all its stockholders who are entitled to notice of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The list of stockholders shall be available for inspection by any stockholder for any purpose germane to the meeting for a period beginning 10 days prior to the meeting for which the list was prepared and continuing through the meeting: (i) during ordinary business hours, at the Corporation's principal office; or (ii) on a reasonably accessible electronic network, provided that the information required to gain access to such list is provided with the notice of the meeting. If the meeting is to be held at a place, then the list shall be produced and kept at the time and place of the meeting during the whole time there of and may be inspected by any stockholder who is present. If the meeting is to be held solely by means of remote communication, the list shall be made available on an electronic network and the information required to gain access to such list shall be provided with the notice of the meeting.

Section 10. <u>Action by Stockholders Without a Meeting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any action required by law, these Bylaws, or the Certificate of Incorporation to be taken at any annual or special meeting of stockholders, or any action which may be taken at any annual or special meeting of stockholders, may be taken without a meeting, without prior notice and without a vote, if a consent in writing, setting forth the action so taken, shall be signed by the holders of outstanding shares having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted, as is provided by law. Prompt notice of the taking of the corporate action taken pursuant to this Section shall be provided to the stockholders in accordance with Section 228 of the DGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No written consent shall be effective to take the corporate action referred to therein unless written consents signed by a sufficient number of holders to take action are delivered to the Corporation in the manner required by Section 228 of the DGCL within 60 days of the first date on which a written consent is so delivered to the Corporation. Any person executing a consent may provide, whether through instruction to an agent or otherwise, that such a consent will be effective at a future time (including a time determined upon the happening of an event), no later than 60 days after such instruction is given or such provision is made, if evidence of such instruction or provision is provided to the Corporation. Unless otherwise provided, any such consent shall be revocable prior to its becoming effective.

Section 11. <u>Meetings by Remote Communications</u>. Unless otherwise provided in the Certificate of Incorporation, if authorized by the directors, any annual or special meeting of stockholders, whether such meeting is to be held at a designated place or solely by means of remote communication, may be conducted in whole or in part by means of remote communication. Subject to such guidelines and procedures as the Board may adopt, stockholders and proxyholders not physically present at a meeting of stockholders may, by means of remote communications: (a) participate in a meeting of stockholders and (b) be deemed present in person and vote at a meeting of stockholders whether such meeting is to be held at a designated place or solely by means of remote communication, provided that: (1) the Corporation shall implement reasonable measures to verify that each person deemed present and permitted to vote at the meeting by means of remote communication is a stockholder or proxyholder; (2) the Corporation shall implement reasonable measures to provide such stockholders and proxyholders a reasonable opportunity to participate in the meeting and to vote on matters submitted to the stockholders, including an opportunity to read or hear the proceedings of the meeting substantially concurrently with such proceedings; and (3) if any stockholder or proxyholder votes or takes other action at the meeting by means of remote communication, a record of such vote or other action shall be maintained by the Corporation.

ARTICLE II.

DIRECTORS

Section 1. <u>Function</u>. All corporate powers shall be exercised by or under the authority of, and the business and affairs of the Corporation shall be managed by or under the direction of, the Board, except such corporate powers as are by law, or by the Certificate of Incorporation of the Corporation or by these Bylaws conferred upon or reserved to the stockholders.

Section 2. <u>Qualification</u>. Directors need not be residents of Delaware or stockholders of the Corporation.

Section 3. <u>Compensation</u>. Directors, as such, may receive, pursuant to resolution of the Board, fixed fees and other compensation for their services as directors, including, without limitation, their services as members of committees of the Board. No such payment shall preclude any director from serving the Corporation in any other capacity and receiving compensation therefor.

Section 4. <u>Number of Directors</u>. The number of directors that shall constitute the whole Board shall be determined by a resolution of the Board.

Section 5. <u>Election and Term</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The person named in the Action of Incorporator as the member(s) of the initial Board shall hold office until the first annual meeting of stockholders, and until each such director's successor or successors shall have been elected and qualified or until such director's earlier resignation, removal from office or death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as provided in these bylaws, and unless otherwise provided in the Certificate of Incorporation, at the first annual meeting of stockholders and at each annual meeting thereafter the stockholders shall elect directors to hold office until the next succeeding annual meeting. Each director shall hold office for a term for which he or she is elected and until his or her successor shall have been elected and qualified or until his or her earlier resignation, removal from office or death.

Section 6. <u>Vacancies</u>. If the office of any director, member of a committee or officer is or becomes vacant, the remaining directors in office, even if less than a quorum, by a majority vote, may appoint any qualified person to fill such vacancy, who shall hold office for the unexpired term and until his or her successor shall be duly chosen. If at any time, by reason of death or resignation or other cause, the Corporation should have no directors in office, then any officer or any stockholder or an executor, administrator, trustee or guardian of a stockholder, or other fiduciary entrusted with like responsibility for the person or estate of a stockholder, may call a special meeting of stockholders in accordance with the provisions of the certificate of incorporation or these bylaws, or may apply to the Court of Chancery for a decree summarily ordering an election as provided in Section 211 of the DGCL.

Section 7. <u>Removal of Directors</u>. Unless otherwise restricted by law, by the Certificate of Incorporation or by these Bylaws, any director or the entire Board may be removed, with or without cause, by the holders of a majority of the shares then entitled to vote at an election of directors.

Section 8. <u>Quorum and Voting</u>. A majority of the directors elected pursuant to these Bylaws shall constitute a quorum for the transaction of business, unless the Board shall consist of one or two directors, in which event one director shall constitute a quorum. If at any meeting of the board there shall be less than a quorum present, a majority of those present may adjourn the meeting from time to time until a quorum is obtained, and no further notice thereof need be given other than by announcement at the meeting which shall be so adjourned. All matters shall be determined by the vote of a majority of the directors present at a meeting at which there is a quorum, except as is required or provided by law, by the Certificate of Incorporation or by these Bylaws.

Section 9. <u>Committees</u>. The Board may, by resolution or resolutions passed by a majority of the whole board, designate committees, each committee to consist of one or more directors of the Corporation. Any such committee, to the extent provided in the resolution of the Board, or in these Bylaws, shall have and may exercise all the powers and authority of the Board in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers, but no committee shall pass a resolution which may require it (i) approving or adopting, or recommending to the stockholders, any action or matter expressly required by the DGCL to be submitted to stockholders for approval or (ii) adopting, amending or repealing any provision of these Bylaws. Any such committee shall keep written minutes of its meetings and report the same to the Board at the next regular meeting of the Board.

Section 10. <u>Time, Notice and Call of Meetings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Regular meetings of the Board shall be held at such times as the Board may determine. Written notice of the time and place of meetings of the Board, other than the regular annual meeting, shall be given to each director by either personal delivery, electronic mail or facsimile at least three (3) days before the meeting or by notice mailed to the director at least 10 days before the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notice of a meeting of the Board need not be given to any director who signs a waiver of notice either before or after the meeting or if all of the directors are present (unless provided otherwise by law). Attendance of a director at a meeting shall constitute a waiver of notice of such meeting and waiver of any and all objections to the place of the meeting, the time of the meeting, or the manner in which it has been called or convened, except when a director states, at the beginning of the meeting, any objection to the transaction of business because the meeting is not lawfully called or convened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the Board need be specified in the notice or waiver of notice of such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A majority of the directors present, whether or not a quorum exists, may adjourn any meeting of the Board to another time and place. Notice of any such adjourned meeting shall be given to the directors who were not present at the time of the adjournment and, unless the time and place of the adjourned meeting are announced at the time of the adjournment, to the other directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon the written request of any director, the Secretary shall call a special meeting of the Board.

Section 11. <u>Chairperson</u>. The Chairperson of the Board, if one be elected, shall preside at all meetings of the Board and he or she shall have and perform such other duties as from time to time may be assigned to him or her by the Board. Such Chairperson shall not be considered an officer of the Corporation.

Section 12. <u>Resignations</u>. Any director or member of a committee may resign at any time. Such resignation shall be made in writing or by electronic transmission, and shall take effect at the time specified therein, and if no time be specified, at the time of its receipt by the Secretary. The acceptance of a resignation shall not be necessary to make it effective.

Section 13. <u>Action Without a Meeting</u>. Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, any action required to be taken at a meeting of the Board, or any action which may be taken at a meeting of the Board or a committee thereof, may be taken without a meeting if a consent in writing, setting forth the action so to be taken, signed by all the directors, or all the members of the committee, as the case may be, is filed in the minutes of the proceedings of the board or of the committee. Such consent shall have the same effect as a unanimous vote.

Section 14. <u>Remote Meeting</u>. Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, members of the Board, or any committee designated by the Board, may participate in a meeting by means of conference telephone or other communications equipment in which all persons participating in the meeting can hear each other. Participation in a meeting by means of conference telephone or other communications equipment shall constitute the presence in person at such meeting.

Section 15. <u>Approval of Loans to Officers</u>. The Corporation may lend money to, or guarantee any obligation of, or otherwise assist any officer or other employee of the Corporation or of its subsidiary, including any officer or employee who is a director of the Corporation or its subsidiary, whenever, in the judgment of the directors, such loan, guaranty or assistance may reasonably be expected to benefit the corporation. The loan, guaranty or other assistance may be with or without interest and may be unsecured, or secured in such manner as the Board shall approve, including, without limitation, a pledge of shares of stock of the Corporation. Nothing in this section shall be deemed to deny, limit or restrict the powers of guaranty or warranty of the corporation at common law or under any statute.

ARTICLE III.

OFFICERS

Section 1. <u>Officers</u>. The Corporation shall have a Chief Executive Officer and a Secretary, and such other officers with such titles and duties as shall be stated in a resolution of the Board. Any number of offices may be held by the same person. A failure to elect officers shall not dissolve or otherwise affect the Corporation. None of the officers of the Corporation need be directors or stockholders. The Board shall have authority to fix the compensation of officers; an officer of the Corporation shall not be prevented from receiving compensation by reason of the fact that he or she is also a director of the Corporation.

Section 2. <u>Authority and Duties of Officers</u>. Except as otherwise provided in these bylaws, the officers of the Corporation shall have such powers and duties in the management of the Corporation as may be designated from time to time by the Board and, to the extent not so provided, as generally pertain to their respective offices, subject to the control of the Board.

Section 3. <u>Appointment of Officers</u>. The Board shall appoint the officers, except that the Board may empower the Chief Executive Officer to appoint such other officers and agents as they business of the Corporation may require. Each of such officers and agents shall hold office for such period, have such authority and perform such duties as are provided in these Bylaws or as the Board may from time to time determine.

Section 4. <u>Vacancies</u>. Any vacancy in any office of the Corporation by death, resignation, removal or otherwise, shall be filled for the unexpired portion of the term by the Board or as provided in Section 3.

Section 5. <u>Removal of Officers</u>. Any officer may be removed, either with or without cause, by an affirmative vote of the majority of the Board at any regular or special meeting of the Board or, except in the case of an officer chosen by the Board, by any officer upon whom such power of removal may be conferred by the Board.

Section 6. <u>Resignations</u>. Any officer may resign by delivering his or her written resignation to the Corporation at its principal office, and such resignation shall be effective upon receipt unless it is specified to be effective at some later time. If a resignation is made effective at a later date and the Corporation accepts the future effective date, the Board may fill the pending vacancy before the effective date if the Board provides that the successor shall not take office until the effective date. An officer's resignation shall not affect the Corporation's contract rights, if any, with the officer.

Section 7. <u>Voting of Securities</u>. Unless otherwise directed by the Board, the Chief Executive Officer or such other officer or agent as shall be authorized by the Board, shall have the power and authority, on behalf of the Corporation, to attend and to vote at any meeting of stockholders of any corporation, entity or organization in which the Corporation holds stock, securities or interests and may exercise, on behalf of the Corporation, any and all of the rights and powers incident to the ownership of such stock, securities or interests at any such meeting, including the authority to execute and deliver proxies and consents on behalf of the Corporation.

Section 8. <u>Execution of Instruments</u>. All deeds, leases, transfers, contracts, bonds, notes and other obligations to be entered into by the Corporation in the ordinary course of its business without director action, may be executed on behalf of the Corporation by the Chief Executive Officer.

Section 9. <u>Employment Contracts</u>. The Corporation may enter into employment contracts authorized by the Board (or, in the case of officers who are also directors, by the unaffiliated directors) extending beyond the terms of office of the officers. An employment contract shall be valid despite any inconsistent provision of these Bylaws relating to terms of officers and removal of officers with or without cause but shall not affect the authority of the Board to remove or fail to reappoint officers. Any removal or failure to reappoint an officer shall be without prejudice to the officer's contract rights, if any, with the Corporation.

Section 10. <u>Officers' Bonds or Other Security</u>. If required by the Board, any officer of the Corporation shall give a bond or other security for the faithful performance of his or her duties, in such amount and with such surety as the Board may require.

ARTICLE IV.

CAPITAL STOCK

Section 1. <u>Share Certificates and Notices; Uncertificated Stock; Partly Paid Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The shares of the Corporation may be certificated or uncertificated, as provided under DGCL, and shall be entered in the books of the Corporation and recorded as they are issued. Any or all of the signatures on any certificate may be a facsimile or electronic signature. In case any officer, transfer agent or registrar who has signed or whose facsimile or electronic signature has been placed upon a certificate has ceased to be such officer, transfer agent or registrar before such certificate is issued, it may be issued by the Corporation with the same effect as if he or she were such officer, transfer agent or registrar at the date of issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Within a reasonable time after the issuance or transfer of uncertificated stock and upon the request of a stockholder, the Corporation shall send to the record owner thereof a written notice that shall set forth the name of the Corporation, that the Corporation is organized under the laws of Delaware, the name of the stockholder, the number and class (and the designation of the series, if any) of the shares, and any restrictions on the transfer or registration of such shares of stock imposed by the Corporation's Certificate of Incorporation, these Bylaws, any agreement among stockholders or any agreement between stockholders and the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Corporation may issue the whole or any part of its shares as partly paid and subject to call for the remainder of the consideration to be paid therefor. Upon the face or back of each stock certificate (if any) issued to represent any such partly paid shares, or upon the books and records of the Corporation in the case of uncertificated partly paid shares, the total amount of the consideration to be paid therefor and the amount paid thereon shall be stated. Upon the declaration of any dividend on fully paid shares, the Corporation shall declare a dividend upon partly paid shares of the same class, but only upon the basis of the percentage of the consideration actually paid thereon.

Section 2. <u>Special Designation on Certificates and Notices of Issuance</u>. If the Corporation is authorized to issue more than one class of stock or more than one series of any class, then the powers, the designations, the preferences, and the relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights shall be set forth in full or summarized on the face or back of the certificate that the Corporation shall issue to represent such class or series of stock or the notice of issuance to the record owner of uncertificated stock; provided, however, that, except as otherwise provided in Section 202 of the DGCL, in lieu of the foregoing requirements there may be set forth on the face or back of the certificate that the Corporation shall issue to represent such class or series of stock or the notice of issuance to the record owner of uncertificated stock, or the purchase agreement for such stock a statement that the Corporation will furnish without charge to each stockholder who so requests the powers, the designations, the preferences, and the relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights.

Section 3. <u>Transfer of Stock</u>. Upon surrender to the Corporation or the transfer agent of the Corporation of a certificate for shares duly endorsed or accompanied by proper evidence of succession, assignation or authority to transfer, it shall be the duty of the Corporation to issue a new certificate or evidence of the issuance of uncertificated shares to the stockholder entitled thereto, cancel the old certificate and record the transaction upon the Corporation's books. Upon the receipt of proper transfer instructions from the registered owner of uncertificated shares, such uncertificated shares shall be cancelled, the issuance of new equivalent uncertificated shares or certificated shares shall be made to the stockholder entitled thereto and the transaction shall be recorded upon the books of the Corporation. Whenever any transfer of shares shall be made for collateral security, and not absolutely, it shall be so expressed in the entry of the transfer if, when the certificates are presented or transfer instructions are given with respect to uncertificated shares, both the transferor and transferee request the Corporation to do so. The Corporation shall have power to enter into and perform any agreement with any number of stockholders of any one or more classes of stock of the Corporation to restrict the transfer of shares of stock of the Corporation of any one or more classes owned by such stockholders in any manner not prohibited by the DGCL.

Section 4. <u>Restrictions on Transfer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No stockholder shall sell, assign, pledge, or in any manner transfer any of the shares of common stock of the Corporation (excluding shares of common stock issued upon the conversion of preferred stock of the Corporation) or any right or interest therein, whether voluntarily or by operation of law, or by gift or otherwise without the prior consent of the Corporation, upon duly authorized action of its Board. All shares sold, assigned, pledged or transferred with the Corporation's consent pursuant to this Section 4(a) shall continue to be subject to the provisions of this Section 4(a) in the same manner as before the sale, assignment, pledge or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Anything to the contrary contained herein notwithstanding, the following transactions shall be exempt from the provisions of Section 4(a):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) A stockholder's transfer of any or all shares held either during such stockholder's lifetime or on death by will or intestacy to such stockholder's immediate family or to any custodian or trustee for the account of such stockholder or such stockholder's immediate family or to any limited partnership of which the stockholder, members of such stockholder's immediate family or any trust for the account of such stockholder or such stockholder's immediate family will be the general of limited partner(s) of such partnership. "Immediate family" as used herein shall mean spouse, lineal descendant, father, mother, brother, or sister of the stockholder making such transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A stockholder's transfer of any or all of such stockholder's shares to the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) A corporate stockholder's transfer of any or all of its shares pursuant to and in accordance with the terms of any merger, consolidation, reclassification of shares or capital reorganization of the corporate stockholder, or pursuant to a sale of all or substantially all of the stock or assets of a corporate stockholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) A corporate stockholder's transfer of any or all of its shares to any or all of its stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) A transfer by a stockholder that is a limited or general partnership to any or all of its partners or former partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) A transfer by a stockholder that is a limited liability company to any or all of its members or former members.

In any such case, the transferee, assignee, or other recipient shall receive and hold such stock subject to the provisions of this Section 4, and there shall be no further transfer of such stock except in accordance with this Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The provisions of this Section 4 may be waived with respect to any transfer either by the Corporation, upon duly authorized action of its Board, or by the stockholders, upon the express written consent of the owners of a majority of the voting power of the Corporation (excluding the votes represented by those shares to be transferred by the transferring stockholder). This Section 4 may be amended or repealed either by a duly authorized action of the Board, or by the stockholders upon the express written consent of the owners of a majority of the voting power of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any sale or transfer, or purported sale or transfer, of securities of the Corporation shall be null and void unless the terms, conditions, and provisions of this Section 4 are strictly observed and followed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The foregoing restriction on transfer shall terminate immediately before a Deemed Liquidation Event (as defined in the Amended and Restated Certificate of Incorporation of the Corporation) or upon the date securities of the Corporation are first offered to the public pursuant to a registration statement filed with, and declared effective by, the United States Securities and Exchange Commission under the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The certificates representing shares of common stock of the Corporation shall bear on their back the following legends so long as the foregoing restriction on transfer remains in effect:

"THE SHARES REPRESENTED BY THIS CERTIFICATE MAY NOT BE TRANSFERRED WITHOUT THE CONSENT OF THE CORPORATION, AS PROVIDED IN THE BYLAWS OF THE CORPORATION."

Section 5. <u>Lost, Stolen, or Destroyed Certificates</u>. If the stockholder shall claim to have lost or destroyed a certificate of shares issued by the Corporation, a new certificate shall be issued, or evidence of uncertificated shares in the place of any certificate theretofore issued by the Corporation, in the place upon the making of an affidavit of that fact by the person claiming the certificate of stock to be lost, stolen or destroyed, and, at the discretion of the Board, upon the deposit of a bond or other indemnity in such amount and with such sureties, if any, as the Board may reasonably require.

Section 6. <u>Regulations</u>. The issue, transfer, conversion and registration of certificates of stock shall be governed by such other regulations as the Board may establish, in accordance with applicable law.

Section 7. <u>Stockholders Record Date</u>. In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, or to express consent to corporate action in writing without a meeting, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board may fix, in advance, a record date, which shall not be more than 60 nor less than 10 days before the date of such meeting, nor more than 60 days prior to any other action. If a record date for a specific action is not fixed by the Board, such record date shall be that specified by the section of the DGCL dealing with that action (or any successor provision thereof) or, if no such record date is specified, in accordance with Section 213 of the DGCL (or any successor provision thereto). A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the Board may fix a new record date for the adjourned meeting, which it shall do if the meeting is adjourned to a date more than 30 days after the date fixed for the original meeting.

Section 8. <u>Registered Stockholders</u>. The Corporation shall be entitled to recognize the exclusive right of a person registered on its books as the owner of shares to receive dividends and to vote as such owner and to hold liable for calls and assessments a person registered on its books as the owner of shares and shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise provided by the laws of Delaware.

ARTICLE V.

BOOKS AND RECORDS

Section 1. <u>Books, Records of Account and Minutes</u>. The Corporation shall keep correct and complete books and records of account and shall keep minutes of the proceedings of its stockholders, Board and committees of directors.

Section 2. <u>Stockholder Register</u>. The Corporation shall keep at its registered office or principal place of business a record of its stockholders, giving the names and addresses of all stockholders and the number of the shares held by each.

Section 3. <u>Form of Books, Records and Minutes</u>. Any books, records and minutes may be in written form or in any other form capable of being converted into written form within a reasonable time.

ARTICLE VI.

DIVIDENDS

Subject to the provisions of the Certificate of Incorporation, the Board may, out of funds legally available therefor at any regular or special meeting, declare dividends upon the capital stock of the Corporation as and when they deem expedient. Dividends may be paid in cash, in property, or in shares of the capital stock of the Corporation; and in the case of a dividend paid in shares of theretofore unissued capital stock of the Corporation, the Board shall, by resolution, direct that there be designated as capital in respect of such shares an amount not less than the aggregate par value of such shares and, in the case of shares without par value, such amount as shall be fixed by the Board. Before declaring any dividend, there may be set apart out of any funds of the Corporation available for dividends, such sum or sums as the Board from time to time in its discretion deems proper for working capital or as a reserve fund to meet contingencies or for such other purposes as the Board shall deem conducive to the interests of the Corporation.

ARTICLE VII.

CORPORATE SEAL

The Board may adopt a corporate seal having inscribed thereon the name of the Corporation. The seal may be used by causing it or a facsimile thereof to be impressed or affixed or otherwise reproduced.

ARTICLE VIII.

INDEMNIFICATION OF DIRECTORS, OFFICERS, EMPLOYEES<br> AND OTHER CORPORATE AGENTS

Section 1. <u>Indemnification of Directors and Officers in Third Party Proceedings</u>. Subject to the other provisions of this Article VIII, the Corporation shall indemnify, to the fullest extent permitted by the DGCL, as now or hereinafter in effect, any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (a "Proceeding") (other than an action by or in the right of the Corporation) by reason of the fact that such person is or was a director or officer of the Corporation, or is or was a director or officer of the Corporation serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such Proceeding if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe such person's conduct was unlawful. The termination of any Proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which such person reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that such person's conduct was unlawful.

Section 2. <u>Indemnification of Directors and Officers in Actions by or in the Right of the Corporation</u>. Subject to the other provisions of this Article VIII, the Corporation shall indemnify, to the fullest extent permitted by the DGCL, as now or hereinafter in effect, any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the Corporation to procure a judgment in its favor by reason of the fact that such person is or was a director or officer of the Corporation, or is or was a director or officer of the Corporation serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys' fees) actually and reasonably incurred by such person in connection with the defense or settlement of such action or suit if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the Corporation; except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the Corporation unless and only to the extent that the Court of Chancery or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court shall deem proper.

Section 3. <u>Successful Defense</u>. To the extent that a present or former director or officer of the Corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding described in Section 1 or Section 2, or in defense of any claim, issue or matter therein, such person shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by such person in connection therewith.

Section 4. <u>Indemnification of Others</u>. Subject to the other provisions of this Article VIII, the Corporation shall have power to indemnify its employees and agents to the extent not prohibited by the DGCL or other applicable law. The Board shall have the power to delegate to such person or persons the determination of whether employees or agents shall be indemnified.

Section 5. <u>Advanced Payment of Expenses</u>. Expenses (including attorneys' fees) actually and reasonably incurred by an officer or director of the Corporation in defending any Proceeding shall be paid by the Corporation in advance of the final disposition of such Proceeding upon receipt of a written request therefor (together with documentation reasonably evidencing such expenses) and an undertaking by or on behalf of the person to repay such amounts if it shall ultimately be determined that the person is not entitled to be indemnified under this Article VIII or the DGCL. Such expenses (including attorneys' fees) actually and reasonably incurred by former directors and officers or other employees and agents of the Corporation or by persons serving at the request of the Corporation as directors, officers, employees or agents of another corporation, partnership, joint venture, trust or other enterprise may be so paid upon such terms and conditions, if any, as the Corporation deems appropriate. The right to advancement of expenses shall not apply to any Proceeding (or any part of any Proceeding) for which indemnity is excluded pursuant to these bylaws, but shall apply to any Proceeding (or any part of any Proceeding) referenced in Section 6(ii) or 6(iii) prior to a determination that the person is not entitled to be indemnified by the Corporation.

Section 6. <u>Limitation on Indemnification</u>. Subject to the requirements in Section 3 and the DGCL, the Corporation shall not be obligated to indemnify any person pursuant to this Article VIII in connection with any Proceeding (or any part of any Proceeding):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for which payment has actually been made to or on behalf of such person under any statute, insurance policy, indemnity provision, vote or otherwise, except with respect to any excess beyond the amount paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for an accounting or disgorgement of profits pursuant to Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of federal, state or local statutory law or common law, if such person is held liable therefor (including pursuant to any settlement arrangements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) for any reimbursement of the Corporation by such person of any bonus or other incentive-based or equity-based compensation or of any profits realized by such person from the sale of securities of the Corporation, as required in each case under the Securities Exchange Act of 1934, as amended (including any such reimbursements that arise from an accounting restatement of the Corporation pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act"), or the payment to the Corporation of profits arising from the purchase and sale by such person of securities in violation of Section 306 of the Sarbanes-Oxley Act), if such person is held liable therefor (including pursuant to any settlement arrangements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) initiated by such person, including any Proceeding (or any part of any Proceeding) initiated by such person against the Corporation or its directors, officers, employees, agents or other indemnitees, unless (a) the Board authorized the Proceeding (or the relevant part of the Proceeding) prior to its initiation, (b) the Corporation provides the indemnification, in its sole discretion, pursuant to the powers vested in the Corporation under applicable law, (c) otherwise required to be made under Section 7 or (d) otherwise required by applicable law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if prohibited by applicable law.

Section 7. <u>Determination; Claim</u>. If a claim for indemnification or advancement of expenses under this Article VIII is not paid by the Corporation or on its behalf within 90 days after receipt by the Corporation of a written request therefor, the claimant shall be entitled to an adjudication by a court of competent jurisdiction of his or her entitlement to such indemnification or advancement of expenses. To the extent not prohibited by law, the Corporation shall indemnify such person against all expenses actually and reasonably incurred by such person in connection with any action for indemnification or advancement of expenses from the Corporation under this Article VIII, to the extent such person is successful in such action. In any such suit, the Corporation shall, to the fullest extent not prohibited by law, have the burden of proving that the claimant is not entitled to the requested indemnification or advancement of expenses.

Section 8. <u>Non-Exclusivity of Rights</u>. The indemnification and advancement of expenses provided by, or granted pursuant to, this Article VIII shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under the certificate of incorporation or any statute, bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in such person's official capacity and as to action in another capacity while holding such office. The Corporation is specifically authorized to enter into individual contracts with any or all of its directors, officers, employees or agents respecting indemnification and advancement of expenses, to the fullest extent not prohibited by the DGCL or other applicable law.

Section 9. <u>Insurance</u>. The Corporation may purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against such person and incurred by such person in any such capacity, or arising out of such person's status as such, whether or not the Corporation would have the power to indemnify such person against such liability under the provisions of the DGCL.

Section 10. <u>Survival</u>. The rights to indemnification and advancement of expenses conferred by this Article VIII shall continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.

Section 11. <u>Effect of Repeal or Modification</u>. A right to indemnification or to advancement of expenses arising under a provision of the certificate of incorporation or a bylaw shall not be eliminated or impaired by an amendment to the certificate of incorporation or these bylaws after the occurrence of the act or omission that is the subject of the civil, criminal, administrative or investigative action, suit or proceeding for which indemnification or advancement of expenses is sought, unless the provision in effect at the time of such act or omission explicitly authorizes such elimination or impairment after such action or omission has occurred.

Section 12. <u>Certain Definitions</u>. For purposes of this Article VIII, references to the "Corporation" shall include, in addition to the resulting corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, employees or agents, so that any person who is or was a director, officer, employee or agent of such constituent corporation, or is or was serving at the request of such constituent corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, shall stand in the same position under the provisions of this Article VIII with respect to the resulting or surviving corporation as such person would have with respect to such constituent corporation if its separate existence had continued. For purposes of this Article VIII, references to "other enterprises" shall include employee benefit plans; references to "fines" shall include any excise taxes assessed on a person with respect to an employee benefit plan; references to "serving at the request of the Corporation" shall include any service as a director, officer, employee or agent of the Corporation which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner such person reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner "not opposed to the best interests of the Corporation" as referred to in this Article VIII.

Section 13. <u>Savings Clause</u>. If this Article VIII, or any portion thereof, shall be invalidated on any ground by any court of competent jurisdiction, then the Corporation shall nevertheless indemnify each Agent as to expenses (including attorneys' fees), judgments, fines and amounts paid in settlement with respect to any action, suit, proceeding or investigation, whether civil, criminal or administrative, and whether internal or external, including a grand jury proceeding or any action or suit brought by or in the right of the Corporation, to the full extent permitted by any applicable portion of this Article VIII that shall not have been invalidated, or by any other applicable law.

ARTICLE IX.

MISCELLANEOUS

Section 1. <u>Fiscal Year</u>. The fiscal year of the Corporation shall end on such date as may be determined by the Board.

Section 2. <u>Notice and Waiver of Notice</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whenever any notice is required by these Bylaws to be given, personal notice is not meant unless expressly so stated, and any notice so required shall be deemed to be sufficient if given by depositing the same in the United States mail, postage prepaid, addressed to the person entitled thereto at his or her address as it appears on the records of the Corporation, and such notice shall be deemed to have been given on the day of such mailing. Stockholders not entitled to vote shall not be entitled to receive notice of any meetings except as otherwise provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Whenever notice is required to be given under any provision of the DGCL or of the certificate of incorporation or these Bylaws, a written waiver thereof, signed by the person entitled to notice, or waiver by electronic mail or other electronic transmission by such person, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the stockholders need be specified in any written waiver of notice, or any waiver of notice by electronic transmission, unless so required by the Certificate of Incorporation or these Bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as otherwise prohibited under the DGCL, without limiting the manner by which notice otherwise may be given effectively to stockholders, any notice to stockholders given by the Corporation under the provisions of the DGCL, the Certificate of Incorporation or these Bylaws shall be effective if given by a single written notice to stockholders who share an address if consented to by the stockholders at that address to whom such notice is given. Any such consent shall be revocable by the stockholder by written notice to the Corporation. Any stockholder who fails to object in writing to the Corporation, within 60 days of having been given written notice by the Corporation of its intention to send the single notice, shall be deemed to have consented to receiving such single written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Whenever notice is required to be given, under the DGCL, the Certificate of Incorporation or these Bylaws, to any person with whom communication is unlawful, the giving of such notice to such person shall not be required and there shall be no duty to apply to any governmental authority or agency for a license or permit to give such notice to such person. Any action or meeting which shall be taken or held without notice to any such person with whom communication is unlawful shall have the same force and effect as if such notice had been duly given. In the event that the action taken by the Corporation is such as to require the filing of a certificate under the DGCL, the certificate shall state, if such is the fact and if notice is required, that notice was given to all persons entitled to receive notice except such persons with whom communication is unlawful.

Section 3. <u>Electronic Notice; Effective Date; Form Thereof</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without limiting the manner by which notice otherwise may be given effectively to stockholders and directors, any notice to stockholders or directors given by the Corporation under any provision of the DGCL, the Certificate of Incorporation or these Bylaws shall be effective if given by a form of electronic transmission consented to by the stockholder or director to whom the notice is given. Any such consent shall be revocable by the stockholder or director by written notice to the Corporation. Any such consent shall be deemed revoked if (1) the corporation is unable to deliver by electronic transmission two consecutive notices given by the corporation in accordance with such consent and (2) such inability becomes known to the secretary or an assistant secretary of the corporation or to the transfer agent, or other person responsible for the giving of notice; provided, however, the inadvertent failure to treat such inability as a revocation shall not invalidate any meeting or other action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notice given pursuant to subsection (a) of this Section 3 shall be deemed given: (1) if by facsimile telecommunication, when directed to a number at which the stockholder or director has consented to receive notice; (2) if by electronic mail, when directed to an electronic mail address at which the stockholder or director has consented to receive notice; (3) if by a posting on an electronic network together with separate notice to the stockholder or director of such specific posting, upon the later of (i) such posting and (ii) the giving of such separate notice; and (4) if by any other form of electronic transmission, when directed to the stockholder or director. An affidavit of the secretary or an assistant secretary or of the transfer agent or other agent of the corporation that the notice has been given by a form of electronic transmission shall, in the absence of fraud, be prima facie evidence of the facts stated therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For purposes of these Bylaws, "electronic transmission" means any form of communication, not directly involving the physical transmission of paper, including the use of, or participation in, one or more electronic networks or databases (including one or more distributed electronic networks or databases), that creates a record that may be retained, retrieved and reviewed by a recipient thereof, and that may be directly reproduced in paper form by such a recipient through an automated process.

Section 4. <u>Conflicts with the Certificate of Incorporation</u>. In the event of any conflict between the provisions of the Corporation's Certificate of Incorporation and these Bylaws, the provisions of the Certificate of Incorporation shall govern.

Section 5. <u>Checks</u>. All checks or demands for money and notes of the Corporation shall be signed by such officer or officers or such other person or persons as the Board may from time to time designate.

Section 6. <u>Facsimile or Electronic Signature</u>. In addition to the provisions for use of facsimile or electronic signatures elsewhere specifically authorized in these Bylaws, facsimile or electronic signatures of any stockholder, director or officer of the Corporation may be used whenever and as authorized by the Board or a committee thereof.

ARTICLE X.

AMENDMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) These Bylaws may be altered, amended, repealed or added to by the vote of the Board of this Corporation at any regular or special meeting of the Board, if notice of such alteration, amendment, repeal or adoption of new Bylaws is contained in the notice of such special meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) These Bylaws, and any amendments thereto, and new Bylaws added by the Board, may be amended, altered or replaced by the holders of Common Stock at any annual or special meeting of the holders of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A bylaw amendment adopted by stockholders which specifies the votes that shall be necessary for the election of directors shall not be further amended or repealed by the Board.

\* \* \*

**CERTIFICATE OF INCORPORATOR**

This is to certify that the foregoing is a true and correct copy of the Bylaws of the Corporation named in the title thereto and that such Bylaws were duly adopted by the sole incorporator of the Corporation on the date set forth below.

Date: July 20, 2024

---

| | |
|:---|:---|
| <u>/s/ Thomas Hendrix</u> | <u>/s/ Thomas Hendrix</u> |
| Name: | Thomas Hendrix |
| Sole Incorporator | Sole Incorporator |

---

## Exhibit 4.2

**Exhibit 4.2**

**FORM OF AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

THIS AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT (this "<u>Agreement</u>"), is made as of January 23, 2026, by and among Standard Nuclear, Inc., a Delaware corporation (the "**Company**"), the Investors (as defined below) and the Key Holders (as defined below).

**RECITALS**

**WHEREAS**, certain of the Investors (the "**Existing Investors**") hold shares of Series Seed Preferred Stock, Series Seed-1 Preferred Stock, Series A Preferred Stock and/or shares of Common Stock issued upon conversion thereof, and possess registration rights, information rights, rights of first offer, and other rights pursuant to that certain Investors' Rights Agreement dated as of August 14, 2025, by and among the Company and such Existing Investors (the "**Prior Agreement**");

**WHEREAS**, the undersigned Existing Investors are holders of a sufficient number of the securities of the Company as are required to amend the Prior Agreement, and desire to amend and restate the Prior Agreement in its entirety and to accept the rights created pursuant to this Agreement in lieu of the rights granted to them under the Prior Agreement; and

**WHEREAS**, the Company and certain of the Investors are parties to that certain Series A-2 Preferred Stock Purchase Agreement of even date herewith by and among the Company and such Investors (the "**Purchase Agreement**"), under which certain of the Company's and such Investors' obligations are conditioned upon the execution and delivery of this Agreement by the undersigned parties.

**NOW, THEREFORE**, the parties agree as follows:

 ****

1. <u>Definitions</u>. For purposes of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 "**Affiliate**" means, with respect to any specified Person, any other Person who, directly or indirectly, controls, is controlled by, or is under common control with such Person, including, without limitation, any general partner, managing member, officer, director or trustee of such Person, or any venture capital fund or other investment fund now or hereafter existing that is controlled by one or more general partners, managing members or investment adviser of, or shares the same management company or investment adviser with, such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 "**Board of Directors**" means the board of directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 "**Common Stock**" means shares of the Company's Class A Common Stock, par value $0.00001 per share, and Class B Common Stock, par value $0.00001 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 "**Competitor**" means a Person engaged, directly or indirectly (including through any partnership, limited liability company, corporation, joint venture or similar arrangement (whether now existing or formed hereafter)), in the business of the Company as is currently conducted or currently contemplated to be conducted, but shall not include any financial investment firm or collective investment vehicle that, together with its Affiliates, holds less than 20% of the outstanding equity of any Competitor and does not, nor do any of its Affiliates, have a right to designate any members of the board of directors of any Competitor. Additionally, in no event shall Decisive Point Ventures II Master Fund, L.P. or its Affiliates ("**Decisive Point**") be a Competitor hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 "**Damages**" means any loss, damage, claim or liability (joint or several) to which a party hereto may become subject under the Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, claim or liability (or any action in respect thereof) arises out of or is based upon: (i) any untrue statement or alleged untrue statement of a material fact contained in any registration statement of the Company, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; (ii) an omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or (iii) any violation or alleged violation by the indemnifying party (or any of its agents or Affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any state securities law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 "**Deemed Liquidation Event**" has the meaning ascribed to it in the Restated Certificate (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 "**Derivative Securities**" means any securities or rights convertible into, or exercisable or exchangeable for (in each case, directly or indirectly), Common Stock, including options and warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 "**DGCL**" means the Delaware General Corporation law, as amended or superseded from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 "**DPA**" means Section 721 of the Defense Production Act, as amended, including all implementing regulations thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 "**DPA Triggering Rights**" means (i) "control" (as defined in the DPA); (ii) access to any "material non-public technical information" (as defined in the DPA) in the possession of the Company; (iii) membership or observer rights on the Board of Directors or equivalent governing body of the Company or the right to nominate an individual to a position on the Board of Directors or equivalent governing body of the Company; (iv) any involvement, other than through the voting of shares, in substantive decision-making of the Company regarding (x) the use, development, acquisition or release of any Company "critical technology" (as defined in the DPA); (y) the use, development, acquisition, safekeeping, or release of "sensitive personal data" (as defined in the DPA) of U.S. citizens maintained or collected by the Company, or (z) the management, operation, manufacture, or supply of "covered investment critical infrastructure" (as defined in the DPA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 "**Exchange Act**" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 "**Excluded Registration**" means (i) a registration relating to the sale or grant of securities to employees of the Company or a subsidiary pursuant to a stock option, stock purchase, equity incentive or similar plan; (ii) a registration relating to an SEC Rule 145 transaction; (iii) a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities; or (iv) a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 "**Export Control Laws**" means U.S. export control laws and regulations, including but not limited to the Export Control Reform Act of 2018, the Export Administration Regulations, the Arms Export Control Act, and the International Traffic in Arms Regulations, the regulations administered by the Office of Foreign Assets Control of the U.S. Treasury Department, the Nuclear Regulatory Commission regulations (10 CFR Part 110), the Department of Energy regulations (10 CFR Part 810), and the export control laws and regulations of any other applicable jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 "**FOIA Party**" means a Person that, in the reasonable determination of the Board of Directors, may be subject to, and thereby required to disclose non-public information furnished by or relating to the Company under, the Freedom of Information Act, 5 U.S.C. 552 ("**FOIA**"), any state public records access law, any state or other jurisdiction's laws similar in intent or effect to FOIA, or any other similar statutory or regulatory requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 "**Foreign Person**" means either (i) a Person or government that is a "foreign person" within the meaning of the DPA or (ii) a Person through whose investment a "foreign person" within the meaning of the DPA would obtain any DPA Triggering Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 "**Form S-1**" means such form under the Securities Act as in effect on the date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 "**Form S-3**" means such form under the Securities Act as in effect on the date hereof or any registration form under the Securities Act subsequently adopted by the SEC that permits forward incorporation of substantial information by reference to other documents filed by the Company with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 "**GAAP**" means generally accepted accounting principles in the United States as in effect from time to time (provided that, where financial statements are required to be prepared in accordance with GAAP pursuant to any provision of this Agreement, such financial statements may (i) be subject to normal year-end audit adjustments and (ii) not contain all notes thereto that may be required in accordance with GAAP).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 "**Holder**" means any holder of Registrable Securities who is a party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 "**Immediate Family Member**" means a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, life partner or similar statutorily-recognized domestic partner, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships of a natural person referred to herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 "**Initiating Holders**" means, collectively, Holders who properly initiate a registration request under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 "**Investors**" means the persons named on <u>Schedule A</u> hereto, each person to whom the rights of an Investor are assigned pursuant to <u>Section 6.1</u>, and each person who hereafter becomes a party to this Agreement pursuant to <u>Section 6.9</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 "**IPO**" means the Company's first underwritten public offering of its Common Stock under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 **"Key Holders**" means the persons named on <u>Schedule B</u> hereto and each person to whom the rights of a Key Holder are assigned pursuant to <u>Section 6.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 "**Key Holder Registrable Securities**" means (i) the shares of Common Stock held by the Key Holders as of the date of this Agreement, and (ii) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 "**Major Investor**" means any Investor that, individually or together with such Investor's Affiliates, holds at least 7,000,000 shares of Registrable Securities (as adjusted for any stock split, stock dividend, combination, or other recapitalization or reclassification effected after the date hereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 "**New Securities**" means, collectively, equity securities of the Company, whether or not currently authorized, as well as rights, options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may become, convertible or exchangeable into or exercisable for such equity securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 "**Person**" means any individual, corporation, partnership, trust, limited liability company, association, or other entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 "**Preferred Director**" means any director of the Company that the holders of record of the Preferred Stock or series thereof are entitled to elect, exclusively and as a separate class or series thereof, pursuant to the Restated Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 "**Preferred Stock**" means, collectively, shares of the Company's Series A-2 Preferred Stock, Series A Preferred Stock, Series Seed Preferred Stock and Series Seed-1 Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 "**Registrable Securities**" means (i) the Common Stock issuable or issued upon conversion of the Preferred Stock; (ii) any Common Stock, or any Common Stock issued or issuable (directly or indirectly) upon conversion and/or exercise of any other securities of the Company, held by the Investors from time to time; (iii) the Key Holder Registrable Securities, <u>provided</u>, <u>however</u>, the Key Holders shall not be deemed Holders for the purposes of <u>3.1</u>, <u>3.2</u>, <u>4.1</u> and the first sentence of <u>6.6</u>; and (iv) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the shares referenced in clauses (i) and (ii) above; excluding in all cases (other than the restrictions on transfer and legend requirements in <u>Section 2.12</u>), however, any Registrable Securities sold by a Person in a transaction in which the applicable rights under this Agreement are not assigned pursuant to <u>Section 6.1</u>, and excluding for purposes of <u>Section 2</u> any shares for which registration rights have terminated pursuant to <u>Section 2.13</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 "**Registrable Securities then outstanding**" means the number of shares determined by adding the number of shares of outstanding Common Stock that are Registrable Securities and the number of shares of Common Stock issuable (directly or indirectly) pursuant to then exercisable and/or convertible securities that are Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 "**Restated Certificate**" means the Company's Fifth Amended and Restated Certificate of Incorporation, as amended and/or restated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 "**Restricted Securities**" means the securities of the Company required to be notated with the legend set forth in <u>Section 2.12(b)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 "**Sanctioned Party**" means any Person: (i) organized under the laws of, ordinarily resident in, or located in a country or territory that is the subject of comprehensive Sanctions ("**Restricted Countries**")); (ii) 50% or more owned or controlled by the government of a Restricted Country; or (iii) (A) designated on a sanctioned parties list administered by the United States, European Union, or United Kingdom, including, without limitation, the U.S. Department of the Treasury's Office of Foreign Assets Control's Specially Designated Nationals and Blocked Persons List, Foreign Sanctions Evaders List, Sectoral Sanctions Identification List, the Consolidated List of Persons, Groups, and Entities Subject to EU Financial Sanctions, and the UK's Consolidated Sanctions List (collectively, "**Designated Parties**"); or (B) 50% or more owned or, where relevant under applicable Sanctions, controlled, individually or in the aggregate, by one or more Designated Party, in each case only to the extent that dealings with such Person is are prohibited pursuant to applicable Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 "**Sanctions**" means applicable laws and regulations pertaining to trade and economic sanctions administered by the United States, European Union, or United Kingdom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 "**SEC**" means the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 "**SEC Rule 144**" means Rule 144 promulgated by the SEC under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 "**SEC Rule 145**" means Rule 145 promulgated by the SEC under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 "**Securities Act**" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 "**Selling Expenses**" means all underwriting discounts, selling commissions, and stock transfer taxes applicable to the sale of Registrable Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel (as defined below) borne and paid by the Company as provided in <u>Section 2.6</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 "**Series A Preferred Stock**" means shares of the Company's Series A Preferred Stock, par value $0.00001 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 "**Series A-2 Preferred Stock**" means shares of the Company's Series A-2 Preferred Stock, par value $0.00001 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 "**Series Seed Preferred Stock**" means shares of the Company's Series Seed Preferred Stock, par value $0.00001 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 "**Series Seed-1 Preferred Stock**" means shares of the Company's Series Seed-1 Preferred Stock, par value $0.00001 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 "**Voting Agreement**" means the Voting Agreement of even date herewith, by and among the Company, the Investors and the other parties named therein, as may be amended, modified and/or restated from time to time.

2. <u>Registration Rights</u>. The Company covenants and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Demand Registration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Form S-1 Demand**. If at any time after the earlier of (i) five years after the date of this Agreement or (ii) 180 days after the effective date of the registration statement for the IPO, the Company receives a request from Holders of a majority of the Registrable Securities then outstanding that the Company file a Form S-1 registration statement with respect to a majority of the Registrable Securities then outstanding having an anticipated aggregate offering price, net of Selling Expenses, would exceed $20,000,000, then the Company shall: (x) within ten days after the date such request is given, give notice thereof (the "**Demand Notice**") to all Holders other than the Initiating Holders; and (y) as soon as practicable, and in any event within 60 days after the date such request is given by the Initiating Holders, file a Form S-1 registration statement under the Securities Act covering all Registrable Securities that the Initiating Holders requested to be registered and any additional Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within 20 days of the date the Demand Notice is given, and in each case, subject to the limitations of <u>Sections 2.1(c)</u> and <u>2.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Form S-3 Demand**. If at any time when it is eligible to use a Form S-3 registration statement, the Company receives a request from Holders of the Registrable Securities then outstanding that the Company file a Form S-3 registration statement with respect to outstanding Registrable Securities of such Holders having an anticipated aggregate offering price, net of Selling Expenses, of at least $5,000,000, then the Company shall (i) within ten days after the date such request is given, give a Demand Notice to all Holders other than the Initiating Holders; and (ii) as soon as practicable, and in any event within 45 days after the date such request is given by the Initiating Holders, file a Form S-3 registration statement under the Securities Act covering all Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within 20 days of the date the Demand Notice is given, and in each case, subject to the limitations of <u>Sections 2.1(c)</u> and <u>2.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Delay**. Notwithstanding the foregoing obligations, if the Company furnishes to Holders requesting a registration pursuant to this <u>Section 2.1</u> a certificate signed by the Company's chief executive officer stating that in the good faith judgment of the Board of Directors it would be materially detrimental to the Company for such registration statement to either become effective or remain effective for as long as such registration statement otherwise would be required to remain effective, because such action would (i) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such filing, and any time periods with respect to filing or effectiveness thereof shall be tolled correspondingly, for a period of not more than 90 days after the request of the Initiating Holders is given; <u>provided</u>, <u>however</u>, that the Company may not invoke this right more than once in any 12-month period; and <u>provided</u> <u>further</u> that the Company shall not register any securities for its own account or that of any other stockholder during such 90 day period other than an Excluded Registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Limitations**. The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to <u>Section 2.1(a)</u>, (i) during the period that is 60 days before the Company's good faith estimate of the date of filing of, and ending on a date that is 180 days after the effective date of, a Company-initiated registration, <u>provided</u> that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; (ii) after the Company has effected one registration pursuant to <u>Section 2.1(a)</u>; or (iii) if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form S-3 pursuant to a request made pursuant to <u>Section 2.1(b)</u>. The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to <u>Section 2.1(b)</u>, (i) during the period that is 30 days before the Company's good faith estimate of the date of filing of, and ending on a date that is 90 days after the effective date of, a Company-initiated registration, <u>provided</u> that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; or (ii) if the Company has effected two registrations pursuant to <u>Section 2.1(b)</u> within the 12-month period immediately preceding the date of such request. A registration shall not be counted as "effected" for purposes of this <u>Section 2.1(d)</u> until such time as the applicable registration statement has been declared effective by the SEC, unless the Initiating Holders withdraw their request for such registration, elect not to pay the registration expenses therefor, and forfeit their right to one demand registration statement pursuant to <u>Section 2.6</u>, in which case such withdrawn registration statement shall be counted as "effected" for purposes of this <u>Section 2.1(d)</u>; <u>provided</u>, that if such withdrawal is during a period the Company has deferred taking action pursuant to <u>Section 2.1(c)</u>, then the Initiating Holders may withdraw their request for registration and such registration will not be counted as "effected" for purposes of this <u>Section 2.1(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Company Registration</u>. If the Company proposes to register (including for this purpose a registration effected by the Company for stockholders other than the Holders) any of its Common Stock under the Securities Act in connection with the public offering of such securities solely for cash (other than in an Excluded Registration, the IPO or a registration pursuant to <u>Section 2.1</u>), the Company shall, at such time, promptly give each Holder notice of such registration. Upon the request of each Holder given within 20 days after such notice is given by the Company, the Company shall, subject to the provisions of <u>Section 2.3</u>, cause to be registered all of the Registrable Securities that each such Holder has requested to be included in such registration. The Company shall have the right to terminate or withdraw any registration initiated by it under this <u>Section 2.2</u> before the effective date of such registration, whether or not any Holder has elected to include Registrable Securities in such registration. The expenses (other than Selling Expenses) of such withdrawn registration shall be borne by the Company in accordance with <u>Section 2.6</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Underwriting Requirements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Inclusion**. If, pursuant to <u>Section 2.1</u>, the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to <u>Section 2.1</u>, and the Company shall include such information in the Demand Notice. The underwriter(s) will be selected by the Board of Directors and shall be reasonably acceptable to a majority in interest of the Initiating Holders. In such event, the right of any Holder to include such Holder's Registrable Securities in such registration shall be conditioned upon such Holder's participation in such underwriting and the inclusion of such Holder's Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall (together with the Company as provided in <u>Section 2.4(e)</u>) enter into an underwriting agreement in customary form with the underwriter(s) selected for such underwriting. Notwithstanding any other provision of this <u>Section 2.3</u>, if the managing underwriter(s) advise(s) the Initiating Holders in writing that marketing factors require a limitation on the number of shares to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities that otherwise would be underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be allocated among such Holders of Registrable Securities, including the Initiating Holders, in proportion (as nearly as practicable) to the number of Registrable Securities owned by each Holder or in such other proportion as shall mutually be agreed to by all such selling Holders; <u>provided</u>, <u>however</u>, that the number of Registrable Securities held by the Holders to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded from the underwriting. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest 100 shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Underwriter Cutback**. In connection with any offering involving an underwriting of shares of the Company's capital stock pursuant to <u>Section 2.2</u>, the Company shall not be required to include any of the Holders' Registrable Securities in such underwriting unless the Holders accept the terms of the underwriting as agreed upon between the Company and its underwriters, and then only in such quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Company. If the total number of securities, including Registrable Securities, requested by stockholders to be included in such offering exceeds the number of securities to be sold (other than by the Company) that the underwriters in their reasonable discretion determine is compatible with the success of the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, which the underwriters and the Company in their sole discretion determine will not jeopardize the success of the offering. If the underwriters determine that less than all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering shall be allocated among the selling Holders in proportion (as nearly as practicable to) the number of Registrable Securities owned by each selling Holder or in such other proportions as shall mutually be agreed to by all such selling Holders. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest 100 shares. Notwithstanding the foregoing, in no event shall (i) the number of Registrable Securities included in the offering be reduced unless all other securities (other than securities to be sold by the Company) are first entirely excluded from the offering, or (ii) the number of Registrable Securities included in the offering be reduced below 25% of the total number of securities included in such offering. For purposes of the provision in this <u>Section 2.3(b)</u> concerning apportionment, for any selling Holder that is a partnership, limited liability company, or corporation, the partners, members, retired partners, retired members, stockholders, and Affiliates of such Holder, or the estates and Immediate Family Members of any such partners, retired partners, members, and retired members and any trusts for the benefit of any of the foregoing Persons, shall be deemed to be a single "selling Holder," and any pro rata reduction with respect to such "selling Holder" shall be based upon the aggregate number of Registrable Securities owned by all Persons included in such "selling Holder," as defined in this sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Registration Not Effected**. For purposes of <u>Section 2.1</u>, a registration shall not be counted as "effected" if, as a result of an exercise of the underwriter's cutback provisions in <u>Section 2.3(a)</u>, fewer than 50% of the total number of Registrable Securities that Holders have requested to be included in such registration statement are actually included.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Obligations of the Company</u>. Whenever required under this <u>Section</u> 2 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its commercially reasonable efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a period of up to 120 days or, if earlier, until the distribution contemplated in the registration statement has been completed; <u>provided</u>, <u>however</u>, that (i) such 120-day period shall be extended for a period of time equal to the period the Holder refrains, at the request of an underwriter of Common Stock (or other securities) of the Company, from selling any securities included in such registration, and (ii) in the case of any registration of Registrable Securities on Form S-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with applicable SEC rules, such 120-day period shall be extended for up to an additional 90 days, if necessary, to keep the registration statement effective until all such Registrable Securities are sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) prepare and file with the SEC such amendments and supplements to such registration statement, and the prospectus used in connection with such registration statement, as may be necessary to comply with the Securities Act in order to enable the disposition of all securities covered by such registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) furnish to the selling Holders such numbers of copies of a prospectus, including a preliminary prospectus, as required by the Securities Act, and such other documents as the Holders may reasonably request in order to facilitate their disposition of their Registrable Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) use its commercially reasonable efforts to register and qualify the securities covered by such registration statement under such other securities or blue-sky laws of such jurisdictions as shall be reasonably requested by the selling Holders; <u>provided</u> that the Company shall not be required to qualify to do business or to file a general consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the underwriter(s) of such offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) use its commercially reasonable efforts to cause all such Registrable Securities covered by such registration statement to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities issued by the Company are then listed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and provide a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) promptly make available for inspection by the selling Holders, any managing underwriter(s) participating in any disposition pursuant to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling Holders, all financial and other records, pertinent corporate documents, and properties of the Company, and cause the Company's officers, directors, employees, and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) notify each selling Holder, promptly after the Company receives notice thereof, of the time when such registration statement has been declared effective or a supplement to any prospectus forming a part of such registration statement has been filed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) after such registration statement becomes effective, notify each selling Holder of any request by the SEC that the Company amend or supplement such registration statement or prospectus.

In addition, the Company shall ensure that, at all times after any registration statement covering a public offering of securities of the Company under the Securities Act shall have become effective, its insider trading policy shall provide that the Company's directors may implement a trading program under Rule 10b5-1 of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Furnish Information</u>. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this <u>Section 2</u> with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as is reasonably required to effect the registration of such Holder's Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Expenses of Registration</u>. All expenses (other than Selling Expenses) incurred in connection with registrations, filings, or qualifications pursuant to <u>Section 2</u>, including all registration, filing, and qualification fees; printers' and accounting fees; fees and disbursements of counsel for the Company; and the reasonable fees and disbursements, not to exceed $50,000, of one counsel for the selling Holders ("**Selling Holder Counsel**"), shall be borne and paid by the Company; <u>provided</u>, <u>however</u>, that the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to <u>Section 2.1</u> if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all selling Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless the Holders of a majority of the Registrable Securities agree to forfeit their right to one registration pursuant to <u>Sections 2.1(a)</u> or <u>2.1(b)</u>, as the case may be; <u>provided further</u> that if, at the time of such withdrawal, the Holders shall have learned of a material adverse change in the condition, business, or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness after learning of such information then the Holders shall not be required to pay any of such expenses and shall not forfeit their right to one registration pursuant to <u>Sections 2.1(a)</u> or <u>2.1(b)</u>. All Selling Expenses relating to Registrable Securities registered pursuant to this <u>Section 2</u> (other than fees and disbursements of counsel to any Holder, other than the Selling Holder Counsel, which shall be borne solely by the Holder engaging such counsel) shall be borne and paid by the Holders pro rata on the basis of the number of Registrable Securities registered on their behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Delay of Registration</u>. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this <u>Section 2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Indemnification</u>. If any Registrable Securities are included in a registration statement under this <u>Section 2</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Company Indemnification**. To the extent permitted by law, the Company will indemnify and hold harmless each selling Holder, and the partners, members, officers, directors, and stockholders of each such Holder; legal counsel and accountants for each such Holder; any underwriter (as defined in the Securities Act) for each such Holder; and each Person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any Damages, and the Company will pay to each such Holder, underwriter, controlling Person, or other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; <u>provided</u>, <u>however</u>, that the indemnity agreement contained in this <u>Section 2.8(a)</u> shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, nor shall the Company be liable for any Damages to the extent that they arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of any such Holder, underwriter, controlling Person, or other aforementioned Person expressly for use in connection with such registration except to the extent such information has been corrected in a subsequent writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Selling Holder Indemnification**. To the extent permitted by law, each selling Holder, severally and not jointly, will indemnify and hold harmless the Company, and each of its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the Company within the meaning of the Securities Act, legal counsel and accountants for the Company, any underwriter (as defined in the Securities Act), any other Holder selling securities in such registration statement, and any controlling Person of any such underwriter or other Holder, against any Damages, in each case only to the extent that such Damages arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of such selling Holder expressly for use in connection with such registration and that has not been corrected in a subsequent writing; and each such selling Holder will pay to the Company and each other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; <u>provided</u>, <u>however</u>, that the indemnity agreement contained in this <u>Section 2.8(b)</u> shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; and <u>provided</u> <u>further</u> that in no event shall the aggregate amounts payable by any Holder by way of indemnity or contribution under <u>Sections 2.8(b)</u> and <u>2.8(d</u>) exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Procedures**. Promptly after receipt by an indemnified party under this <u>Section 2.8</u> of notice of the commencement of any action (including any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this <u>Section 2.8</u>, give the indemnifying party notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the extent the indemnifying party so desires, participate jointly with any other indemnifying party to which notice has been given, and to assume the defense thereof with counsel mutually satisfactory to the parties; <u>provided</u>, <u>however</u>, that an indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such action. The failure to give notice to the indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of any liability to the indemnified party under this <u>Section 2.8</u>, only to the extent that such failure materially prejudices the indemnifying party's ability to defend such action. The failure to give notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this <u>Section 2.8</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Contribution**. To provide for just and equitable contribution to joint liability under the Securities Act in any case in which either: (i) any party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this <u>Section 2.8</u> but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding the fact that this <u>Section 2.8</u> provides for indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of any party hereto for which indemnification is provided under this <u>Section 2.8</u>, then, and in each such case, such parties will contribute to the aggregate losses, claims, damages, liabilities, or expenses to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each of the indemnifying party and the indemnified party in connection with the statements, omissions, or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a material fact, relates to information supplied by the indemnifying party or by the indemnified party and the parties' relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission; <u>provided</u>, <u>however</u>, that, in any such case (x) no Holder will be required to contribute any amount in excess of the public offering price of all such Registrable Securities offered and sold by such Holder pursuant to such registration statement, and (y) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation; and <u>provided further</u> that in no event shall a Holder's liability pursuant to this <u>Section 2.8(d)</u>, when combined with the amounts paid or payable by such Holder pursuant to <u>Section 2.8(b)</u>, exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of willful misconduct or fraud by such Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Underwriting Agreement Controls**. Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control; <u>provided</u>, <u>however</u>, that any matter expressly provided for or addressed by the provisions of this <u>Section 2.8</u> that is not expressly provided for or addressed by the underwriting agreement shall be controlled by the foregoing provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Survival**. Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the obligations of the Company and Holders under this <u>Section 2.8</u> shall survive the completion of any offering of Registrable Securities in a registration under this <u>Section 2</u>, and otherwise shall survive the termination of this Agreement or any provision(s) of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>Reports Under Exchange Act</u>. With a view to making available to the Holders the benefits of SEC Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) make and keep available adequate current public information, as those terms are understood and defined in SEC Rule 144, at all times after the effective date of the registration statement filed by the Company for the IPO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) use commercially reasonable efforts to file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) to the extent accurate, a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after 90 days after the effective date of the registration statement filed by the Company for the IPO), the Securities Act, and the Exchange Act (at any time after the Company has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after the Company so qualifies); and (ii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC that permits the selling of any such securities without registration (at any time after the Company has become subject to the reporting requirements under the Exchange Act) or pursuant to Form S-3 (at any time after the Company so qualifies to use such form).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <u>Limitations on Subsequent Registration Rights</u>. From and after the date of this Agreement, the Company shall not, without the prior written consent of the Holders of a majority of the Registrable Securities then outstanding, enter into any agreement with any holder or prospective holder of any securities of the Company that would (i) provide to such holder or prospective holder the right to include securities in any registration on other than either a pro rata basis with respect to the Registrable Securities or on a subordinate basis after all Holders have had the opportunity to include in the registration and offering all shares of Registrable Securities that they wish to so include; or (ii) allow such holder or prospective holder to initiate a demand for registration of any securities held by such holder or prospective holder; <u>provided</u> that this limitation shall not apply to Registrable Securities acquired by any additional Investor that becomes a party to this Agreement in accordance with <u>Section 6.9</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 <u>"Market Stand-off" Agreement</u>. Each Holder hereby agrees that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the registration by the Company for its own behalf of shares of its Common Stock or any other equity securities under the Securities Act on a registration statement (other than an Excluded Registration) on Form S-1, and ending on the date specified by the Company and the managing underwriter (such period not to exceed 180 days in the case of the IPO), (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Common Stock held immediately before the effective date of the registration statement for such offering or (ii) enter into any swap, hedging, or other transaction or arrangement that transfers, or is designed to transfer, to another, in whole or in part, any of the economic consequences of ownership, directly or indirectly, of such securities, whether or not any such transaction or arrangement described in <u>clause (i</u>) or (<u>ii</u>) above is to be settled by delivery of Common Stock or other securities, in cash, or otherwise. The foregoing provisions of this <u>Section 2.11</u> shall apply only to the IPO, shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement or to the establishment of a trading plan pursuant to Rule 10b5-1, <u>provided</u> that such plan does not permit transfers during the restricted period, or the transfer of any shares to any trust for the direct or indirect benefit of the Holder or one or more of the Holder's Immediate Family Members, <u>provided</u> that the trustee of the trust agrees to be bound in writing by the restrictions set forth herein, and <u>provided further</u> that any such transfer shall not involve a disposition for value, and shall be applicable to the Holders only if all officers and directors of the Company are subject to the same restrictions and the Company uses commercially reasonable efforts to obtain a similar agreement from all stockholders individually owning more than 1% of the Company's outstanding Common Stock (after giving effect to the conversion into Common Stock of all outstanding Preferred Stock). The underwriters in connection with such registration are intended third-party beneficiaries of this <u>Section 2.11</u> and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with such registration that are consistent with this <u>Section 2.11</u> or that are necessary to give further effect thereto. Any discretionary waiver or termination of the restrictions of any or all of such agreements by the Company or the underwriters shall apply pro rata to all Company stockholders that are subject to such agreements, based on the number of shares subject to such agreements. In order to enforce the covenants in this Section 2.11, the Company may impose stop-transfer instructions with respect to the Registrable Securities of each Holder (and the shares or securities of every other person subject to the foregoing restrictions) until the end of such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 <u>Restrictions on Transfer; Agreement Binding</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Preferred Stock and the Registrable Securities shall not be sold, pledged, or otherwise transferred, and the Company shall not recognize and shall issue stop-transfer instructions to its transfer agent with respect to any such sale, pledge, or transfer, except upon the conditions specified in this Agreement, which conditions are intended to ensure compliance with the provisions of the Securities Act and all other applicable U.S. laws and regulations. A transferring Holder will cause any proposed purchaser, pledgee, or transferee of the Preferred Stock and the Registrable Securities held by such Holder to agree to (i) take and hold such securities subject to the provisions and upon the conditions specified in this Agreement, (ii) be bound by this Agreement, as applicable, as if it were a "Foreign Investor", as the case may be, (iii) to make the representations and warranties contained in Section 3 of the Purchase Agreement, and (iv) to complete a customary due diligence questionnaire related to national security-related matters in the form provided by the Company. A Holder may not transfer any shares to a Competitor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each certificate, instrument, or book entry representing (i) the Preferred Stock, (ii) the Registrable Securities, and (iii) any other securities issued in respect of the securities referenced in clauses (i) and (ii), upon any stock split, stock dividend, recapitalization, merger, consolidation, or similar event, shall (unless otherwise permitted by the provisions of <u>Section 2.12(c)</u>) be notated with a legend substantially in the following form:

THE SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. SUCH SHARES MAY NOT BE SOLD, PLEDGED, OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT.

THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.

THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO A LOCK-UP PERIOD AFTER THE EFFECTIVE DATE OF THE ISSUER'S REGISTRATION STATEMENT FILED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AS SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE ORIGINAL HOLDER OF THESE SECURITIES, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.

The Holders consent to the Company making a notation in its records and giving instructions to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer set forth in this <u>Section 2.12</u>. The parties to this Agreement hereby agree that the failure to cause the certificates or instruments evidencing any shares of capital stock of the Company to bear the legend required by this Section 2.12(b) and/or the failure of the Company to supply, free of charge, a copy of this Agreement as provided hereunder shall not affect the validity or enforcement of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The holder of such Restricted Securities, by acceptance of ownership thereof, agrees to comply in all respects with the provisions of this <u>Section 2</u>. Before any proposed sale, pledge, or transfer of any Restricted Securities, unless there is in effect a registration statement under the Securities Act covering the proposed transaction or following the IPO, the transfer is made pursuant to SEC Rule 144, the Holder thereof shall give notice to the Company of such Holder's intention to effect such sale, pledge, or transfer. Each such notice shall describe the manner and circumstances of the proposed sale, pledge, or transfer in sufficient detail and, if reasonably requested by the Company, shall be accompanied at such Holder's expense by either (i) a written opinion of legal counsel who shall, and whose legal opinion shall, be reasonably satisfactory to the Company, addressed to the Company, to the effect that the proposed transaction may be effected without registration under the Securities Act; (ii) a "no action" letter from the SEC to the effect that the proposed sale, pledge, or transfer of such Restricted Securities without registration will not result in a recommendation by the staff of the SEC that action be taken with respect thereto; or (iii) any other evidence reasonably satisfactory to counsel to the Company to the effect that the proposed sale, pledge, or transfer of the Restricted Securities may be effected without registration under the Securities Act, whereupon the Holder of such Restricted Securities shall be entitled to sell, pledge, or transfer such Restricted Securities in accordance with the terms of the notice given by the Holder to the Company. The Company will not require such a notice, legal opinion or "no action" letter (x) in any transaction in compliance with SEC Rule 144; or (y) in any transaction in which such Holder distributes Restricted Securities to an Affiliate of such Holder for no consideration; <u>provided</u> that each transferee agrees in writing to be subject to the terms of this <u>Section 2.12</u>. Each certificate, instrument, or book entry representing the Restricted Securities transferred as above provided shall be notated with, except if such transfer is made pursuant to SEC Rule 144, the appropriate restrictive legend set forth in <u>Section 2.12(b)</u>, except that such certificate, instrument, or book entry shall not be notated with such restrictive legend if, in the opinion of counsel for such Holder and the Company, such legend is not required in order to establish compliance with any provisions of the Securities Act and the Company will use commercially reasonable efforts to cause any such legend to be removed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 <u>Termination and Suspension of Registration Rights</u>. The right of any Holder to request registration or inclusion of Registrable Securities in any registration pursuant to <u>Section 2.1</u> or <u>2.2</u> shall terminate, as to such Holder, upon the earliest to occur of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the closing of a Deemed Liquidation Event in which the consideration received by the Investors in such Deemed Liquidation Event is in the form of cash and/or publicly traded securities, or if the Investors receive registration rights from the acquiring company or other successor to the Company reasonably comparable to those set forth in this <u>Section 2</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such time after consummation of an IPO, when the Holder (i) together with together with its "affiliates" (as determined under SEC Rule 144) holds less than 1% of the outstanding capital stock of the Company and (ii) may immediately sell all of the Holder's Registrable Securities under SEC Rule 144 without volume limitation, or another similar exemption under the Securities Act is available for the sale of all of such Holder's shares without limitation, during a three-month period without registration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the fifth anniversary of the IPO, or such later date that is 180 days following the expiration of all deferrals of the Company's obligations pursuant to <u>Section 2</u> that remain in effect as of such anniversary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The right of any Holder to request registration or inclusion of Registrable Securities in any registration pursuant to <u>Section 2.1</u> or <u>2.2</u> shall be suspended during any time as such Holder is a Sanctioned Party.

3. <u>Information Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Delivery of Financial Statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall deliver to each Major Investor, <u>provided</u> that such Major Investor is not a Competitor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as soon as practicable, but in any event within 180 days after the end of each fiscal year of the Company (A) a balance sheet as of the end of such year, (B) statements of income and of cash flows for such year, and (C) a statement of stockholders' equity as of the end of such year, all such financial statements unaudited until such time as the Board of Directors determines such financial statements shall be audited and all such financial statements prepared in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as soon as practicable, but in any event within 45 days after the end of each quarter of each fiscal year of the Company, unaudited statements of income and cash flows for such fiscal quarter, and an unaudited balance sheet as of the end of such fiscal quarter, all prepared in accordance with GAAP (except that such financial statements may (A) be subject to normal year-end audit adjustments; and (B) not contain all notes thereto that may be required in accordance with GAAP); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) as soon as practicable, but in any event within 45 days after the end of each quarter of each fiscal year of the Company, a statement showing the number of shares of each class and series of capital stock and securities convertible into or exercisable for shares of capital stock outstanding at the end of the period, the Common Stock issuable upon conversion or exercise of any outstanding securities convertible or exercisable for Common Stock and the exchange ratio or exercise price applicable thereto, and the number of shares of issued stock options and stock options not yet issued but reserved for issuance, if any, all in sufficient detail as to permit the Major Investors to calculate their respective percentage equity ownership in the Company; provided, however, that for any period for which a Major Investor is granted access to substantially similar information on Carta or any other similar capitalization management platform used from time to time by the Company, the Company shall be deemed to be in compliance with this clause (iii) with respect to such Major Investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall, at least 30 days before the end of each fiscal year, prepare an annual budget and business plan for the next fiscal year, prepared on a monthly basis, including balance sheets, income statements, and statements of cash flow for such months (the "**Budget**"). The Company shall submit the Budget to the Board of Directors for approval and the Budget, as may be revised by the Board of Directors, shall be approved by the Board of Directors ("**Approved Annual Budget**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, for any period, the Company has any subsidiary whose accounts are consolidated with those of the Company, then in respect of such period the financial statements delivered pursuant to the foregoing sections shall be the consolidated and consolidating financial statements of the Company and all such consolidated subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything else in this <u>Section 3.1</u> to the contrary, the Company may cease providing the information set forth in this <u>Section 3.1</u> during the period starting with the date 45 days before the Company's good-faith estimate of the date of filing of a registration statement if it reasonably concludes it must do so to comply with the SEC rules applicable to such registration statement and related offering; provided that the Company's covenants under this <u>Section 3.1</u> shall be reinstated at such time as the Company is no longer actively employing its commercially reasonable efforts to cause such registration statement to become effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If reasonably requested by a Major Investor, the Company shall provide the information required by, or reasonably requested pursuant to, this <u>Section 3.1</u> to such Major Investor by uploading the information to a portfolio management platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Inspection</u>. The Company shall permit each Major Investor (<u>provided</u> that the Board of Directors has not reasonably determined that such Major Investor is a Competitor), at such Major Investor's expense, to visit and inspect the Company's properties; examine its books of account and records; and discuss the Company's affairs, finances, and accounts with its officers, during normal business hours of the Company as may be reasonably requested by the Major Investor; <u>provided</u>, <u>however</u>, that the Company shall not be obligated pursuant to this <u>Section 3.2</u> to provide access to any information that it reasonably and in good faith considers to be a trade secret or confidential information or the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Termination of Information Rights</u>. The covenants set forth in <u>Sections 3.1</u> and <u>3.2</u> shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO; (ii) with respect to any Investor that is or becomes a Sanctioned Party, for so long as such Investor is a Sanctioned Party; (iii) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act; or (iv) upon the closing of a Deemed Liquidation Event, whichever event occurs first; <u>provided</u>, that, with respect to clause (iv), the covenants set forth in <u>Section 3.1</u> shall only terminate if the consideration received by the Investors in such Deemed Liquidation Event is in the form of cash and/or publicly traded securities or if the Investors receive financial information from the acquiring company or other successor to the Company comparable to those set forth in <u>Section 3.1</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Confidentiality</u>. Each Investor agrees that such Investor will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor or make decisions with respect to its investment in the Company) any confidential information obtained from the Company (including notice of the Company's intention to file a registration statement), unless such confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this <u>Section 3.4</u> by such Investor), (b) is or has been independently developed or conceived by such Investor without use of the Company's confidential information, or (c) is or has been made known or disclosed to such Investor by a third party without a breach of any obligation of confidentiality such third party may have to the Company; <u>provided</u>, <u>however</u>, that an Investor may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals to the extent reasonably necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Registrable Securities from such Investor, if such prospective purchaser agrees to be bound by the provisions of this <u>Section 4</u> and is not competitive with the Company (as determined by the Board of Directors); (iii) to any existing or prospective Affiliate, partner, member, stockholder, or wholly owned subsidiary of such Investor in the ordinary course of business (each of the recipients set forth in clauses (i) through (iii), a "**Permitted Recipient**"), <u>provided</u> that (x) such Investor informs such Permitted Recipient that such information is confidential and directs such Permitted Recipient to maintain the confidentiality of such information and (y) such Investor shall be responsible for any breach of this <u>Section 3.4</u> by such Permitted Recipient; or (iv) as may otherwise be required by law, regulation, rule, court order or subpoena, <u>provided</u> that such Investor promptly notifies the Company of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Waiver of Statutory Information Rights.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Investor hereby acknowledges and agrees that until the consummation of the IPO, such Investor shall hereby be deemed to have unconditionally and irrevocably, to the fullest extent permitted by law, on behalf of such Investor and all beneficial owners of the shares of Common Stock or Preferred Stock owned by such Investor (a "**Beneficial Owner**"), waived, and does hereby so waive, any rights such Investor or a Beneficial Owner might otherwise have had under Section 220 of the Delaware General Corporation Law (or under similar rights under other applicable law) to inspect for any proper purpose and to make copies and extracts from the Company's stock ledger, a list of its stockholders and its other books and records or the books and records of any subsidiary. This waiver applies only in such Investor's capacity as a stockholder and does not affect any other information and inspection rights such Investor may expressly have pursuant to <u>Sections 3.1, 3.2</u>, or <u>3.5(b)</u> of this Agreement. Each Investor hereby further warrants and represents that such Investor has reviewed this waiver with its legal counsel, and that such Investor knowingly and voluntarily waives its rights as a stockholder otherwise provided by Section 220 of the Delaware General Corporation Law (or under similar rights under other applicable law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Within 15 days after request by any Investor that is not a Major Investor (but no more frequently than once per each quarter of each fiscal year of the Company), the Company shall deliver to such requesting Investor a statement showing the number of shares of each class and series of capital stock and securities convertible into or exercisable for shares of capital stock outstanding at the end of the period, the Common Stock issuable upon conversion or exercise of any outstanding securities convertible or exercisable for Common Stock and the exchange ratio or exercise price applicable thereto, and the number of shares of issued stock options and stock options not yet issued but reserved for issuance, if any, all in sufficient detail as to permit the relevant Investors to calculate its respective percentage equity ownership in the Company.

4. <u>Rights to Future Stock Issuances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Right of First Offer</u>. Subject to the terms and conditions of this <u>Section 4.1</u> and applicable securities laws, if the Company proposes to offer or sell any New Securities, the Company shall first offer such New Securities to each Major Investor. A Major Investor shall be entitled to apportion the right of first offer hereby granted to it in such proportions as it deems appropriate, among (i) itself and (ii) its Affiliates and (iii) its beneficial interest holders, such as limited partners, members or any other Person having "beneficial ownership," as such term is defined in Rule 13d-3 promulgated under the Exchange Act, of such Major Investor ("**Investor Beneficial Owners**"); <u>provided</u> that each such Affiliate or Investor Beneficial Owner (x) is not a Competitor, FOIA Party or Foreign Person, unless such party's purchase of New Securities is otherwise consented to by the Board of Directors, and (y) agrees to enter into this Agreement and the Voting Agreement as an "**Investor**" under each such agreement (<u>provided</u> that any Competitor or FOIA Party shall not be entitled to any rights as a Major Investor under <u>Sections 3.1</u>, <u>3.2</u> and <u>4.1</u> hereof) and <u>provided</u> that the Company shall not be obligated to offer or sell any New Securities to any person or entity that is a Sanctioned Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall give notice (the "**Offer Notice**") to each Major Investor, stating (i) its bona fide intention to offer such New Securities, (ii) the number of such New Securities to be offered, and (iii) the price and terms, if any, upon which it proposes to offer such New Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) By notification to the Company within 20 days after the Offer Notice is given, each Major Investor may elect to purchase or otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities which equals the proportion that the Common Stock then held by such Major Investor (including all shares of Common Stock then issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held by such Major Investor) bears to the total Common Stock of the Company then outstanding (assuming full conversion and/or exercise, as applicable, of all Preferred Stock and any other Derivative Securities then outstanding). At the expiration of such 20 day period, the Company shall promptly notify each Major Investor that elects to purchase or acquire all the shares available to it (each, a "**Fully Exercising Investor**") of any other Major Investor's failure to do likewise. During the ten-day period commencing after the Company has given such notice, each Fully Exercising Investor may, by giving notice to the Company, elect to purchase or acquire, in addition to the number of shares specified above, up to that portion of the New Securities for which Major Investors were entitled to subscribe but that were not subscribed for by the Major Investors which is equal to the proportion that the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of Preferred Stock and any other Derivative Securities then held, by such Fully Exercising Investor bears to the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held, by all Fully Exercising Investors who wish to purchase such unsubscribed shares. The closing of any sale pursuant to this <u>Section 4.1(b)</u> shall occur within the later of 120 days of the date that the Offer Notice is given and the date of initial sale of New Securities pursuant to <u>Section 4.1(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If all New Securities referred to in the Offer Notice are not elected to be purchased or acquired as provided in <u>Section 4.1(b)</u>, the Company may, during the 90 day period following the expiration of the periods provided in <u>Section 4.1(b)</u>, offer and sell the remaining unsubscribed portion of such New Securities to any Person or Persons at a price not less than, and upon terms no more favorable to the offeree than, those specified in the Offer Notice. If the Company does not enter into an agreement for the sale of the New Securities within such period, or if such agreement is not consummated within 30 days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall not be offered unless first reoffered to the Major Investors in accordance with this <u>Section 4.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The right of first offer in this <u>Section 4.1</u> shall not be applicable to (i) Exempted Securities (as defined in the Restated Certificate); (ii) shares of Common Stock issued in the IPO; and (iii) the issuance of shares of Preferred Stock pursuant to the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding any provision hereof to the contrary, in lieu of complying with the provisions of this <u>Section 4.1</u>, the Company may elect to give notice to the Major Investors within 30 days after the issuance of New Securities. Such notice shall describe the type, price, and terms of the New Securities. Each Major Investor shall have 20 days from the date notice is given to elect to purchase up to the number of New Securities that would, if purchased by such Major Investor, maintain such Major Investor's percentage ownership position, calculated as set forth in <u>Section 4.1(b)</u> before giving effect to the issuance of such New Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Termination</u>. The covenants set forth in <u>Section 4.1</u> shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO, or (ii) upon the closing of a Deemed Liquidation Event in which the consideration received by the Investors in such Deemed Liquidation Event is in the form of cash and/or publicly traded securities, or if the Investors receive participation rights from the acquiring company or other successor to the Company reasonably comparable to those set forth in this <u>Section 4,</u> whichever event occurs first.

5. <u>Additional Covenants</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Insurance</u>. The Company shall maintain from financially sound and reputable insurers, Directors and Officers liability insurance until such time as the Board of Directors determines that such insurance should be discontinued. The policy shall not be cancelable by the Company without prior approval by the Board of Directors, including the approval of the Preferred Director. Notwithstanding any other provision of this <u>Section 5.1</u> to the contrary, for so long as a Preferred Director is serving on the Board of Directors, the Company shall not cease to maintain a Directors and Officers liability insurance policy in an amount to be determined by the Board of Directors, including the approval of the Preferred Director, which insurance shall include such Preferred Director as an additional insured in such policy, and upon request, deliver to the Investors a certification that such a Directors and Officers liability insurance policy remains in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Employee Agreements</u>. Unless otherwise approved by the Board of Directors, the Company will cause each Person now or hereafter employed by it or by any subsidiary (or engaged by the Company or any subsidiary as a consultant/independent contractor) with access to confidential information and/or trade secrets to enter into a nondisclosure, proprietary rights assignment agreement and, to the extent legally permissible, non-competition and non-solicitation agreement. In addition, the Company shall not amend, modify, terminate, waive, or otherwise alter, in whole or in part, any of the above-referenced agreements or any restricted stock agreement between the Company and any employee, without the consent of the Board of Directors, including the approval of the Preferred Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Qualified Small Business Stock</u>. The Company shall use commercially reasonable efforts to refrain from taking any action that could reasonably be expected to cause the shares of Series Seed Preferred Stock and Series Seed-1 Preferred Stock originally issued by the Company to the Investors, as well as any shares into which such shares are converted, within the meaning of Section 1202(f) of the Internal Revenue Code (the "**Code**"), to fail to qualify as "qualified small business stock" as defined in Section 1202(c) of the Code; <u>provided</u>, <u>however</u>, that such requirement shall not be applicable if the Board of Directors determines, in its good-faith business judgment, that such qualification is inconsistent with the best interests of the Company. The Company shall submit to the Investors and to the Internal Revenue Service any reports that may be required under Section 1202(d)(1)(C) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Successor Indemnification</u>. If the Company or any of its successors or assignees consolidates with or merges into any other Person and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper provision shall be made so that the successors and assignees of the Company assume the obligations of the Company with respect to indemnification of members of the Board of Directors as in effect immediately before such transaction, whether such obligations are contained in the Company's Bylaws, the Restated Certificate, or elsewhere, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <u>Right to Conduct Activities</u>. The Company hereby agrees and acknowledges that Decisive Point (together with its respective Affiliates) (a "**Professional Investment Organization**") is a professional investment organization, and as such reviews the business plans and related proprietary information of many enterprises, some of which may compete directly or indirectly with the Company's business (as currently conducted or as currently propose to be conducted). Nothing in this Agreement shall preclude or in any way restrict the Professional Investment Organization from evaluating or purchasing securities, including publicly traded securities, of a particular enterprise, or investing or participating in any particular enterprise whether or not such enterprise has products or services that compete with those of the Company; and the Company hereby agrees that, to the extent permitted under applicable law, no Professional Investment Organization shall be liable to the Company for any claim arising out of, or based upon, (i) the investment by such Professional Investment Organization in any entity competitive with the Company, or (ii) actions taken by any partner, officer, employee or other representative of such Professional Investment Organization to assist any such competitive company, whether or not such action was taken as a member of the board of directors of such competitive company or otherwise, and whether or not such action has a detrimental effect on the Company; <u>provided</u>, <u>however</u>, that the foregoing shall not contravene the confidentiality obligations in <u>Section 3.4</u> or otherwise in this Agreement or relieve (x) any of the Investors from liability associated with the unauthorized disclosure of the Company's confidential information obtained pursuant to this Agreement, or (y) any director or officer of the Company from any liability associated with such person's fiduciary duties to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 <u>Indemnification Matters</u>. The Company hereby acknowledges that one of the directors affiliated with one of the Investors ("**Investor Director**") may have certain rights to indemnification, advancement of expenses and/or insurance provided by one of the Investors and certain of its Affiliates (collectively, the "**Investor Indemnitor**"). The Company hereby agrees (a) that it is the indemnitor of first resort (*i.e.*, its obligations to any such Investor Director are primary and any obligation of the Investor Indemnitor to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such Investor Director are secondary), (b) that it shall be required to advance the full amount of expenses incurred by such Investor Director and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement by or on behalf of any such Investor Director to the extent legally permitted and as required by the Restated Certificate or Bylaws of the Company (or any agreement between the Company and such Investor Director), without regard to any rights such Investor Director may have against the Investor Indemnitor, and, (c) that it irrevocably waives, relinquishes and releases the Investor Indemnitor from any and all claims against the Investor Indemnitor for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Investor Indemnitor on behalf of any such Investor Director with respect to any claim for which such Investor Director has sought indemnification from the Company shall affect the foregoing and the Investor Indemnitor shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of such Investor Director against the Company. The Investor Director and the Investor Indemnitor are intended third-party beneficiaries of this <u>Section 5.6</u> and shall have the right, power and authority to enforce the provisions of this <u>Section 5.6</u> as though they were a party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 <u>Real Property Holding Corporation</u>. Within a reasonable period following (and in any event within 20 days after receipt of) written request by an Investor, the Company shall provide such Investor with a written statement informing such Investor whether such Investor's interest in the Company constitutes a United States real property interest. The Company shall use commercially reasonable efforts to ensure its determination complies with the requirements of Treasury Regulation Section 1.897-2(h)(1) or any successor regulation, and the Company shall provide timely notice to the Internal Revenue Service, in accordance with and to the extent required by Treasury Regulation Section 1.897-2(h)(2) or any successor regulation, that such statement has been made. The Company's obligation to furnish such written statement shall continue notwithstanding the fact that a class of the Company's stock may be regularly traded on an established securities market or the fact that there is no Preferred Stock then outstanding; <u>provided</u>, such obligation shall terminate as to any particular Investor when the Investor no longer owns shares of Preferred Stock or any shares of Common Stock issued upon conversion of Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 <u>CFIUS and Foreign Person Limitations.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary herein, unless otherwise approved by the Board of Directors, the Company will not provide to any Foreign Person any DPA Triggering Rights. No Investor that is a Foreign Person shall be permitted to obtain any DPA Triggering Rights or a voting equity interest in the Company that exceeds 9.9% of the Company's total voting securities pursuant to the Purchase Agreement, <u>Section 4</u> of this Agreement, or otherwise, including by way of any secondary transaction(s), without the approval of the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Investor covenants that it will not, without the prior written consent of the Company, (i) transfer any Preferred Stock or Registrable Securities to any Foreign Person, directly or indirectly or (ii) permit any Foreign Person affiliated with Investor, whether affiliated as a limited partner or otherwise, to obtain through Investor any DPA Triggering Rights and that it will not knowingly accept any investment or engage in any activity that would cause it to become a Foreign Person without providing at least 30 days' prior written notice to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon Company's request in connection with its completion of a form SF-328 (Certificate Pertaining to Foreign Interests) for submission to the Defense Counterintelligence and Security Agency or other relevant government agency, each Investor covenants that it will inform the Company, to the extent it is aware, (i) the percentage of a Foreign Person's direct or indirect beneficial ownership of the outstanding shares of any class of the Company's equity securities as a result of such Foreign Person's direct or indirect beneficial ownership interest in such Investor, (ii) the total percentage ownership of all Foreign Person's direct or indirect beneficial ownership as a result of such Foreign Person's ownership interest in such Investor, including a breakdown of the total number and percentage ownership of Foreign Persons by country of residence, and (iii) such other information reasonably requested from time to time in connection with future modifications to form SF-328 or inquiries from the Defense Counterintelligence and Security Agency or other relevant government agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 <u>Company Repurchase Right; CFIUS Matters</u>. If at any time the Board of Directors determines, in consultation with counsel, that it is necessary or advisable (a) in order to comply with (i) the DPA and/or any laws, rules, regulations, directives, orders or special measures adopted or implemented by the Committee on Foreign Investment in the United States pursuant to the DPA, any Export Control Laws, and/or any government contracting laws, or (ii) the terms of any existing or prospective contract with any U.S. government agency or of any existing or prospective subcontract with a prime contractor to any U.S. government agency (or a higher-tier subcontract), or (b) in order to comply with the National Industrial Security Program Operating Manual or other U.S. industrial security requirements, or to obtain or maintain any facility clearance and/or access to classified information (the matters described in clauses (a) and (b) collectively, the "**National Security Requirements**"), at the Company's election and in its sole discretion, the Company may repurchase the Registrable Securities or any securities issued upon conversion of the Registrable Securities owned by any applicable Investor who is a Foreign Person (a "**Foreign Investor**") at a per share purchase price equal to the amount paid by such Investor to acquire such securities. Notwithstanding any provision in this Agreement or any other agreement between the Company and any Foreign Investor, each Foreign Investor acknowledges and agrees that the Company is authorized, without the consent of such Foreign Investor, to take any action it determines, in its reasonable and good faith discretion, to be necessary or advisable in connection with the National Security Requirements, including without limitation restricting such Foreign Investor's access to Company facilities, information and/or materials, including access to facilities, information and/or materials that the Company may otherwise be required to provide and/or limiting or eliminating any right to appoint a director to the Board of Directors or any Foreign Investor's right of first offer (to the extent applicable now or any time in the future).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 <u>Termination of Covenants</u>. The covenants set forth in this <u>Section 5</u>, except for <u>Sections 5.4</u> and <u>5.6</u>, shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO; or (ii) upon a Deemed Liquidation Event in which the consideration received by the Investors in such Deemed Liquidation Event is in the form of cash and/or publicly traded securities, or if the Investors receive participation rights from the acquiring company or other successor to the Company reasonably comparable to those set forth in this <u>Section 2</u>, whichever event occurs first.

6. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Successors and Assigns</u>. The rights under this Agreement may be assigned (but only with all related obligations) by a Holder to a transferee of Registrable Securities that (i) is an Affiliate of a Holder; (ii) is a Holder's Immediate Family Member or trust for the benefit of an individual Holder or one or more of such Holder's Immediate Family Members; or (iii) after such transfer, together with its Affiliates, would be a Major Investor (subject to appropriate adjustment for stock splits, stock dividends, combinations, and other recapitalizations; <u>provided</u>, <u>however</u>, that (x) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee and the Registrable Securities with respect to which such rights are being transferred; (y) such transferee agrees in a written instrument delivered to the Company to be bound by and subject to the terms and conditions of this Agreement, including the provisions of <u>Section 2.11</u>; and (z) such assignee is not a Sanctioned Party. For the purposes of determining the number of shares of Registrable Securities held by a transferee, the holdings of a transferee (1) that is an Affiliate or stockholder of a Holder; (2) who is a Holder's Immediate Family Member; or (3) that is a trust for the benefit of an individual Holder or such Holder's Immediate Family Member shall be aggregated together and with those of the transferring Holder; <u>provided further</u> that all transferees who would not qualify individually for assignment of rights shall, as a condition to the applicable transfer, establish a single attorney-in-fact for the purpose of exercising any rights, receiving notices, or taking any action under this Agreement. The terms and conditions of this Agreement inure to the benefit of and are binding upon the respective successors and permitted assignees of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assignees any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Governing Law</u>. This Agreement shall be governed by the internal law of the State of Delaware, without regard to conflict of law principles that would result in the application of any law other than the law of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Counterparts</u>. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, *e.g.*, www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Titles and Subtitles</u>. The titles and subtitles used in this Agreement are for convenience only and are not to be considered in construing or interpreting this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <u>Notices</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. All notices and other communications given or made pursuant to this Agreement shall be in writing (including electronic mail as permitted in this Agreement) and shall be deemed effectively given upon the earlier of actual receipt or (i) personal delivery to the party to be notified; (ii) when sent, if sent by electronic mail during the recipient's normal business hours, and if not sent during normal business hours, then on the recipient's next business day; (iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (iv) one (1) business day after the business day of deposit with a nationally recognized overnight courier, freight prepaid, specifying next-day delivery, with written verification of receipt. All communications shall be sent to the respective parties at their addresses as set forth on <u>Schedule A</u> hereto, or (as to the Company) to the address set forth on the signature page hereto, or in any case to such email address or address as subsequently modified by written notice given in accordance with this <u>Section 6.5</u>. If notice is given to the Company, a copy (which copy shall not constitute notice) shall also be sent to Orrick, Herrington & Sutcliffe LLP, attn: Montana Ware at 200 W. 6th St. Suite 2250, Austin, TX 78701, mware@orrick.com.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Consent to Electronic Notice</u>. Each party to this Agreement consents to the delivery of any stockholder notice pursuant to the DGCL, by electronic mail pursuant to Section 232 of the DGCL (or any successor thereto) at the electronic mail address set forth below such party's name on the Schedules hereto, as updated from time to time by notice to the Company, or as on the books of the Company. To the extent that any notice given by means of electronic mail is returned or undeliverable for any reason, the foregoing consent shall be deemed to have been revoked until a new or corrected electronic mail address has been provided, and such attempted electronic notice shall be ineffective and deemed to not have been given. Each party to this Agreement agrees to promptly notify the Company of any change in such stockholder's electronic mail address, and that failure to do so shall not affect the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 <u>Amendments and Waivers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any term of this Agreement may be amended, modified or terminated and the observance of any term of this Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of the Company and the holders of a majority of the Preferred Stock then outstanding; <u>provided</u> that the Company may in its sole discretion waive compliance with <u>Section 2.12(c)</u> (and the Company's failure to object promptly in writing after notification of a proposed assignment allegedly in violation of <u>Section 2.12(c)</u> shall be deemed to be a waiver); and <u>provided further</u> that any provision hereof may be waived by any waiving party on such party's own behalf, without the consent of any other party. For the avoidance of doubt, Registrable Securities do not include any shares held by a person or entity that is a Sanctioned Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, (i) this Agreement may not be amended, modified or terminated and the observance of any term hereof may not be waived with respect to any Investor without the written consent of such Investor, unless such amendment, modification, termination, or waiver applies to all Investors in the same fashion (it being agreed that a waiver of the provisions of <u>Section 4</u> with respect to a particular transaction shall be deemed to apply to all Investors in the same fashion if such waiver does so by its terms, notwithstanding the fact that certain Investors may nonetheless, by agreement with the Company, purchase securities in such transaction), (ii) <u>Sections 3.1</u>, <u>3.2</u>, and <u>4</u> and any other section of this Agreement applicable to the Major Investors (including this <u>clause (b</u>) of this <u>Section 6.6</u>) may be amended, modified, terminated or waived with only (and only with) the written consent of the Company and the holders of a majority of the Preferred Stock then outstanding and held by the Major Investors, (iii) this Agreement may not be amended, modified or terminated, and no provision hereof may be waived, in each case, in any way which would adversely affect the rights of the Key Holders hereunder in a manner disproportionate to any adverse effect such amendment, modification, termination or waiver would have on the rights of the Investors hereunder, without also the written consent of the holders of a majority of the Registrable Securities held by the Key Holders and (iv) <u>Sections 1.4</u> and <u>5.5</u>, as such sections pertain to Decisive Point, shall not be amended, modified, terminated or waived without the prior written consent of Decisive Point.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Further notwithstanding anything in this Agreement to the contrary, <u>Schedule A</u> hereto may be amended by the Company from time to time to add transferees of any Registrable Securities in compliance with the terms of this Agreement without the consent of the other parties; and Schedule A hereto may also be amended by the Company after the date of this Agreement without the consent of the other parties to add information regarding any additional Investor who becomes a party to this Agreement in accordance with Section 6.9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company shall give prompt written notice of any amendment, modification or termination hereof or waiver hereunder to any party hereto whose rights and/or obligations were affected by such amendment, modification, termination, or waiver and that did not consent in writing to such amendment, modification, termination, or waiver; provided that the failure to provide such notice shall not invalidate any amendment, modification, termination or waiver in accordance with this <u>Section 6.6</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any amendment, modification, termination, or waiver effected in accordance with this <u>Section 6.6</u> shall be binding on all parties hereto, regardless of whether any such party has consented thereto or received notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 <u>Severability</u>. In case any provision contained in this Agreement is for any reason held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such invalid, illegal, or unenforceable provision shall be reformed and construed so that it will be valid, legal, and enforceable to the maximum extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 <u>Aggregation of Stock; Apportionment</u>. All shares of Registrable Securities held or acquired by Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement and such Affiliates may apportion such rights as among themselves in any manner they deem appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 <u>Additional Investors</u>. Notwithstanding anything to the contrary contained herein, if the Company issues additional shares of Preferred Stock after the date hereof, pursuant to the Purchase Agreement, any purchaser of such shares of Preferred Stock may become a party to this Agreement by executing and delivering a counterpart signature page to this Agreement, and thereafter shall be deemed an "Investor" for all purposes hereunder. No action or consent by the Investors shall be required for such joinder to this Agreement by such additional Investor, so long as such additional Investor has agreed in writing to be bound by all of the obligations as an "Investor" hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 <u>Entire Agreement</u>. Upon the effectiveness of this Agreement, the Prior Agreement shall be deemed amended and restated and superseded and replaced in its entirety by this Agreement and shall be of no further force or effect. This Agreement (including the Exhibits and Schedules hereto) together with the other Transaction Agreements (as defined in the Purchase Agreement) constitute the full and entire understanding and agreement among the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between or among any of the parties are expressly canceled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 <u>Dispute Resolution</u>.

The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of Delaware and to the jurisdiction of the United States District Court for the District of Delaware for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in the state courts of Delaware or the United States District Court for the District of Delaware, and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court.

Each of the parties to this Agreement consents to personal jurisdiction for any equitable action sought in the U.S. District Court for the District of Delaware or any court of the State of Delaware having subject matter jurisdiction.

Waiver of Jury Trial: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, THE OTHER TRANSACTION AGREEMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 <u>Costs of Enforcement</u>. The prevailing party shall be entitled to reasonable attorney's fees, costs, and necessary disbursements in addition to any other relief to which such party may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13 <u>Delays or Omissions</u>. No delay or omission to exercise any right, power, or remedy accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of such nonbreaching or non-defaulting party, nor shall it be construed to be a waiver of or acquiescence to any such breach or default, or to any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. All remedies, whether under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14 <u>Manner of Voting</u>. Any reference to a "majority" or other portion of Registrable Securities of any one or more classes or series of Registrable Securities shall be deemed to refer to the underlying votes cast or to be cast by the holders of such Registrable Securities (or holders of any right to vote such Registrable Securities pursuant to a proxy or other voting agreement or arrangement).

[*Signature Page Follows*]

IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors' Rights Agreement as of the date first written above.

 ****

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| | |
|:---|:---|
| COMPANY: | COMPANY: |
| **STANDARD NUCLEAR, INC.** | **STANDARD NUCLEAR, INC.** |
| By: |  |
| Name: | Kurt Terrani |
| Title: | Chief Executive Officer |
| Address: |  |
| Email: |  |

---

IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors' Rights Agreement as of the date first written above.

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| | |
|:---|:---|
| INVESTORS: | INVESTORS: |
| By: |  |
| By: |  |
| Name: | [______] |
| Title: | [______] |

---

IN WITNESS WHEREOF, the parties have executed this Investors' Rights Agreement as of the date first written above.

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| |
|:---|
| KEY HOLDERS: |
| *[Insert Key Holder Name]* |
| Signature: |

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**<u>SCHEDULE A</u>**

**INVESTORS**

**<u>SCHEDULE B</u>**

**KEY HOLDERS**

Thomas Hendrix<br> 200 Europia Ave<br> Oak Ridge, TN 37830<br> tommy@standardnuclear.com

Keeley Marrocco<br> 200 Europia Ave<br> Oak Ridge, TN 37830<br> keeley@standardnuclear.com

Kurt Terrani<br> 200 Europia Ave<br> Oak Ridge, TN 37830<br> kterrani@standardnuclear.com

## Exhibit 10.9

**Exhibit 10.9**

**LLC OPERATING AGREEMENT**

**OF STANDARD NUCLEAR** **´ FRAMATOME LLC**

This **LLC OPERATING AGREEMENT** (is entered into by and between the following parties effective as of last date of execution of this Agreement (the "**Effective Date**"):

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **STANDARD NUCLEAR, INC.**, a corporation organized and existing under the laws of the State of Delaware, with its principal place of business
at 200 Europia Ave, Oak Ridge, Tennessee, 37830, United States ()"**Standard Nuclear** ");

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **FRAMATOME INC.**, a corporation organized and existing under the laws of the State of Delaware, with its principal place of business at 3315
Old Forest Road, Lynchburg, Virginia, 24501, United States ()"**Framatome** ").

**BACKGROUND**

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **WHEREAS** Standard Nuclear is seeking to bring to bear its internal expertise, capabilities, and intellectual property of Advanced Fuel Products
(as defined herein) to bring to market and capitalize on the external demand for Advanced Fuel Products;

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **WHEREAS** Framatome is seeking to capitalize on the strong promise and demand of Advanced Fuel Products and to generate return on investments
made into its existing fuel manufacturing plant in Richland, Washington;

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **WHEREAS** the limited liability company to be formed and operated pursuant to this Agreement (the "**Company**") will leverage
(1) Framatome's manufacturing experience, trained workforce, industrial capabilities, and existing licensed facilities and (2)
Standard Nuclear's manufacturing expertise, trained workforce, knowledge, and IP to facilitate commercial-scale manufacturing of
the Advanced Fuel Product; and

**IT IS HEREBY AGREED:**

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| | |
|:---|:---|
| **1** | **Defined Terms** |

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**1.1** **"Advanced Fuel Product(s)** means TRISO fuel particles,
FCM fuel, or other TRISO-based and coated fuel particle-based fuel forms.

**1.2** "**Affiliate Transaction**" has the meaning given
in Section 4.9.

**1.3** "**Agreement**" means this LLC Operating Agreement
as amended from time, including the appendices and any other attachments hereto and any documents expressly incorporated by reference.

**1.4** "**Annual Budget**" has the meaning given in
Section 7.1. **1.5** "**Board**" has the meaning given in Section 4.2

**1.6** "**Capital Account**" has the meaning given in
Section 6. **1.7** "**Capital Call**" has the meaning given in Section 6.5.1.

**1.8** "**Capital Contribution**" means with respect
to a Member, the amount of money and the initial Carrying Value of any property (other than money) contributed to the Company.

**1.9** "**Carrying Value**" means with respect to any
non-cash asset of the Company an amount determined and adjusted in accordance with the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The initial Carrying Value of any non-cash asset contributed
to the capital of the Company by any Member shall be its gross fair market value, as agreed to by the contributing Member and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The initial Carrying Value of any non-cash asset acquired
by the Company other than by contribution by a Member shall be its adjusted basis for federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The initial Carrying Values of all the Company's non-cash
assets, regardless of how those assets were acquired, shall be reduced by depreciation or amortization, as the case may be, determined
in accordance with the rules set forth in Treasury Regulations §1.704(b)(2)(iv)(f) and (g).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Carrying Values, as reduced by depreciation or amortization,
of all non-cash assets of the Company, regardless of how those assets were acquired, shall be adjusted from time to time to equal their
gross fair market values, as agreed to by the Members in writing, as of the following times:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the acquisition of an interest or an additional interest in
the Company by any new or existing Member in exchange for more than a de minimis Capital Contribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the distribution by the Company of more than a de minimis
amount of money or other property as consideration for all or part of an interest in the Company; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the termination of the Company for federal income tax purposes
pursuant to Code §708(b)(l)(B).

If, upon the occurrence of one of the events described in (i), (ii) or (iii) above, the Members do not agree in writing on the gross fair market values of the Company's assets, it shall be deemed that the fair market values of all the Company's assets equal their respective Carrying Values immediately prior to the occurrence of the event and thus no adjustment to those values shall be made as a result of such event.

**1.10** "**Chairperson**" has the meaning given in Section
4.3.2. **1.11** "**Committees**" has the meaning given in Section
4.7. **1.12** "**Company**" has the meaning given in the recitals
to this Agreement.

**1.13** "**Confidential Information**" has the meaning
given in the IP Annex.

**1.14** "**Control**" has the meaning given in Section
.

**1.15** "**Delaware LLC Act**" means the Delaware Limited
Liability Company Act, as amended from time to time.

**1.16** "**Deadlock**" has the meaning given in Section
4.13. 2

**1.17** "**Deadlock Procedures**" means the dispute resolution
procedures described in Section 4.13.

**1.18** "**DCC"** means a delayed Capital Contribution
calculated pursuant to Section

**1.19** "**Director(s)**" has the meaning given in Section
4.3. **1.20** "**DOE**" means the U.S. Department of Energy.

**1.21** "**DOFA**" means the delegation of financial
authority established by the Board pursuant to Section 4.14.

**1.22** "**Effective Date**" has the meaning given in
the first paragraph of this Agreement.

**1.23** "**FCM**" means Fully Ceramic Micro encapsulated fuel, for which Standard Nuclear
 possesses the manufacturing technology

**1.24** "**Fiscal Year**" means the calendar year or,
with respect to the year in which the Company is formed or dissolved/liquidated, the portion of the calendar year after formation or
prior to dissolution/liquidation.

**1.25** "**Framatome**" has the meaning given in the
first paragraph of this Agreement.

**1.26** "**GAAP**" has the meaning given in Section 7.3.

**1.27** "**Indemnified Person**" has the meaning given
in Section 5.3.1.

**1.28** "**Intellectual Property**" has the meaning given
in the IP Annex.

**1.29** "**IP Annex**" means the IP Annex attached as
Appendix E to this Agreement.

**1.30** "**Loss**" shall have the meaning given in Section
8.1. **1.31** "**Member**" means Standard Nuclear or Framatome,
individually, and "**Members**" means both of them, collectively.

**1.32** "**Minimum Percentage Interest**" has the meaning
given in Section 6.5.5.

**1.33** "**Officer(s)**" has the meaning given in Section
4.14. **1.34** "**Percentage Interest**" has the meaning given
in Section 3.6.

**1.35** "**Phase**" means each of the three phases in
which the Company will pursue the Purpose as set forth in Appendix A.

**1.36** "**Profit**" shall have the meaning given in
Section 8.1.

**1.37** "**Purchase Commitment**" shall have the meaning
given in Appendix B.

**1.38** "**Purpose**" has the meaning given in Section
2.2. **1.39** "**Regular Matters**" has the meaning given in
Section 4.10.

**1.40** "**Richland Site**" means Framatome's NRC-licensed
facility on Horn Rapids Road in Richland, Washington.

**1.41** "**Service Agreement**" has the meaning given
in Appendix B.

**1.42** "**Standard Nuclear**" has the meaning given
in the first paragraph of this Agreement.

**1.43** **"Tax Code**" means the Internal Revenue Code
of 1986, as amended.

**1.44** "**Tax Matters Representative**" has the meaning
given in Section 9.2.

**1.45** "**Term**" has the meaning given in Section 13.2.

**1.46** "**Treasury Regulations**" means the income tax
regulations, including temporary regulations, promulgated under the Tax Code, as such regulations may amended from time to time (including
corresponding provisions of succeeding regulations).

**1.47** "**TRISO**" means TRi-structural ISOtropic particle
fuel.

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| | |
|:---|:---|
| **2** | **Company Formation and General Provisions** |

---

**2.1** <u>Formation of the Company</u>. The Company will be formed
as a Delaware limited liability company pursuant to the filing of a certificate of formation with the Delaware Secretary of State. The
Board shall direct the appropriate Officers to take all actions and appropriately file all documents required by law to qualify the Company
to conduct business in the State of Washington or any other appropriate jurisdictions.

**2.2** <u>Purpose of the Company</u>. The Company is being formed to
establish a facility on the Richland Site to manufacture and bring Advanced Fuel Products to market (the "**Purpose** ").
The Members agree to pursue the Purpose using commercially reasonable efforts to maintain the initial schedule (attached as "Appendix
A" to this Agreement), subject to any changes to such schedule as are approved by the Board, and to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 establish a viable production capability for Advanced Fuel Products that leads to well-understood production and cost models; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2 maximize Company productivity, profitability, and sustainability under the provisions of its Service Agreements.

**2.3** <u>Business name.</u> The name of the Company will be "Standard Nuclear ´ Framatome"
LLC. All business of the Company shall be conducted in the name of the Company or a trade name selected by the Board and registered,
as needed, in each applicable jurisdiction.

**2.4** <u>Principal Office.</u> The principal office of the Company
will be located at the Richland Site or such other location as is determined by the Board.

**2.5** <u>Registered Office; Registered Agent</u>. The name and business
address of the registered agent for service of process on the Company and its registered office in the State of Delaware shall be Corporate
Creations Network Inc., 3411 Silverside Road, Tatnall Building Ste 104, Wilmington DE 19810, or such other qualified person and address
as the Board may designate from time to time. Should a registered agent be needed in any other jurisdiction, the Board may select any
qualified person.

**2.6** <u>No State Law Partnership</u>. Each Member hereby acknowledges
and agrees that, except as expressly provided herein, in performing its obligations or exercising its rights hereunder, it is acting
independently and is not acting in concert with, on behalf of, as agent for, or as joint venturer or partner of, the other Member. Other
than in respect of the formation of the Company as a Delaware LLC, nothing contained in this Agreement shall be construed as creating
a corporation, association, joint stock company, business trust, organized group of persons, whether incorporated or not, among or involving
either Member, and nothing in this Agreement shall be construed as creating or requiring any continuing relationship or commitment as
between such parties other than as specifically set forth herein. Nothing contained in this Agreement shall be construed as creating
any fiduciary relationship of any nature between the Members.

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| | |
|:---|:---|
| **3** | **Members and Percentage Interests** |

---

**3.1** <u>Members</u>. Upon formation of the Company pursuant to Section
2.1 and subject to the terms of this Agreement, the Members will be the "members" (as such term is used in the Delaware LLC
Act) of the Company. Any change in membership shall be subject to the provisions of Section 13.2 (Assignment and Transfer) and shall
be reflected in an amendment to this Agreement pursuant to Section 13.4 (Entire Agreement; Amendments).

**3.2** <u>No Liability of Members to Third Parties</u>. The debts and
obligations of the Company, whether arising in contract, tort or otherwise, shall be solely the debts and obligations of the Company,
and no Member shall be individually liable for the debts or obligations of the Company unless it has explicitly accepted the liability
in a signed writing.

**3.3** <u>Liability of Members to Company</u>. The Members shall not
be engaged in the day-to-day management of the Company, and shall not be liable to the Company for any loss or damage sustained by the
Company except for (i) any loss or damage resulting from intentional misconduct, negligence, or knowing violation of applicable law,
or (ii) liability for any breach of this Agreement or another Agreement between the Member and the Company.

**3.4** <u>Reliance on Information</u>. A Member shall be entitled to
rely on information, opinions, reports or statements, including but not limited to financial statements or other financial data, prepared
or presented by (i) the Board or Officers, provided that such Member reasonably believes it to be reliable and competent in the matters
presented, or (ii) any lawyer, certified public accountant, or other person, as to a matter which the Member reasonably believes to be
within such person's professional or expert competence.

**3.5** <u>Exclusion of Consequential Damages</u>. Other than with respect
to indemnified claims under Section 5.4 (Intellectual Property Indemnity) and breaches of confidentiality under Section (Confidentiality),
no Member shall be liable to the Company or another Member under this Agreement for loss of profit, loss of production, indirect or consequential
damages.

**3.6** <u>Percentage Interests</u>. After the initial contributions
are made pursuant to Section 6.3, Standard Nuclear's percentage interest in the Company shall be 66.667% and Framatome's
percentage interest will be 33.333%. The term "**Percentage Interest**" shall refer to this initial percentage interest
adjusted in accordance with Section 6.5.5 up to the current or applicable date.

**3.7** <u>Company Personnel.</u> Unless otherwise determined by the
Board, the Company shall have no employees and all personnel including Officers and Directors shall be seconded from the personnel of
each Member.

**3.8** <u>Recognition of costs</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8.1 Excluding costs incurred through or as a result of one or more Service Agreements or other agreements
between the Members that define cost structure and rates, which shall be accounted for as provided in those Service Agreements or other
agreements, the Company will recognize the costs of Members or the Members' personnel who work on the Company only when agreed upon
in advance by the Board ()"**Cost** s"). Costs shall reasonably represent each Member's actual costs and shall not
include any elements of general overhead or profit. Each Member shall provide the Company with reasonable calculations and documentation
showing the manner in which it has established its Costs. Costs shall be reimbursable only to the extent that they have been duly authorized
by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8.2 Costs incurred by a Member on behalf of the Company will be recognized if pre-approved by the Board and
within the approved operating budget or as otherwise unanimously agreed upon by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8.3 No part of a Member's office overhead or general and administrative expense, or Board time that
is not budgeted as billable, shall be recognized unless approved in writing in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8.4 Each Member is responsible for the costs it incurs unless otherwise specified in this Agreement or by
the Board.

**3.9** <u>Quality and Business Management System.</u> The Members intend,
subject to Board approval of implementation through Service Agreements, that (i) the Company will utilize Framatome's quality and
business management systems to align with existing site programs and practices, and (ii) the Company will engage Standard Nuclear to
provide technical documents, procedures, and guidance as to the implementation and management of quality assurance practices specific
to manufacture of Advanced Fuel Product.

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| | |
|:---|:---|
| **4** | **Management of the Company** |

---

**4.1** <u>Members are not Managers.</u> The Members shall not directly
participate in the management of the Company except as specified in this Agreement, including with respect to matters reserved for the
Members under Section 4.8.2 or pursuant to provisions of the Delaware LLC Act that either (i) do not conflict with any provision of this
Agreement or (ii) cannot be waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1 Notwithstanding any contrary provision of the Delaware LLC Act, to the extant waivable, no Member shall
be considered an agent of the Company solely by virtue of being a Member, and no Member shall have authority to act for or bind the Company
solely by virtue of being a Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2 Meetings of the Members shall not be required. Any action required or permitted to be taken by the Members
shall be taken by written consent.

**4.2** <u>Board of Directors</u>. Except as otherwise provided in this
Agreement or such portions of the Delaware LLC Act that either (i) do not conflict with any provision of this Agreement or (ii) cannot
be waived, all powers of the Company shall be exercised by or under the authority of and the affairs of the Company and shall be managed
under the direction of a board of directors (the "**Board** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1 Plenary authority. To the extent consistent with this Agreement and applicable law, the Board shall have
the authority to do all things it determines to be appropriate in the accomplishment of the Purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2 Certain facility matters require prior consent of Richland Site management pursuant to Section 4.11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.3 Notwithstanding any contrary provision of the Delaware LLC Act to the extant waivable, no individual Director,
solely by virtue of holding that position, shall have any authority to bind or act for, or assume any obligation or responsibility on
behalf of, the Company unless expressly authorized to do so by action taken by the Board in accordance with this Agreement.

**4.3** <u>Composition.</u> The Board shall initially be composed of
six (6) managers, three (3) appointed by each Party (the "**Directors** "). The Board may change the number of Directors
on thirty (30) days' notice to the Members, so long as each Member retains the right to appoint exactly one half of the Board.
Upon being notified of a change in the size of the Board, each Member will add or remove Directors from its delegation as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.1 Directors are identified below.

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| | |
|:---|:---|
| Standard Nuclear: | Framatome: |
| Kurt Terrani | Robert Freeman |
| Gus Gustavson | Elisa Calvo Tone |
| Thomas Hendrix | To be appointed |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.2 Chairperson. One Director shall be appointed as the chairperson of the Board at any given time (the "**Chairperson** "),
and the power to appoint such Chairperson shall alternate from year to year, on each anniversary of the Effective Date, between the Members.
The Chairperson shall preside at all meetings of the Board of Directors, if present, and shall have such powers as are from time to time
assigned by the Board of Directors. Each Chairperson shall remain in such office until removed as a Director or replaced. The power to
appoint the Chairperson shall initially reside with Framatome Inc. and the first Chairperson shall be Robert Freeman.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.3 Tenure. Each Director shall hold office until their successor
has been appointed, or until the earlier of their incapacity, death, disability, resignation, or removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.4 Removal. Each Director may be removed at any time, with or
without cause, only by the Member that appointed such Director, which Member shall promptly notify the remaining Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.5 Resignation. Any Director may resign at any time upon written
notice to the other Directors. Such resignation shall take effect at the time specified in the written notice, or, if no time is specified
therein, at the time of its receipt by the Members; provided, however, that the acceptance of a resignation will not be necessary to
make it effective, unless so specified in the resignation notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.6 Vacancies. Any vacancy on the Board may only be filled by
the Member that originally appointed the Director who is no longer serving in such capacity. The applicable Member shall promptly appoint
a replacement for any such Director who is no longer serving.

**4.4** <u>Regular Meetings.</u> Regular meetings of the Board shall
be held at least quarterly at such times and locations as may be designated from time to time by the Board. Directors may participate
in a meeting by means of a conference telephone, video conference platform, or similar communications medium. Participation in a meeting
by these means constitutes presence in person at a meeting so long as all Directors participating can effectively communicate with each
other.

**4.5** <u>Special Meetings.</u> Special meetings of the Board may be
held upon the written request of at least two Directors addressed to the remaining Directors at any time or place agreed upon by a number
of Directors sufficient to constitute a quorum.

**4.6** <u>Quorum; Action by Directors</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.1 A majority of the entire Board present (i.e., not including proxies), including at least one Director
appointed by each Member, shall constitute a quorum for the transaction of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.2 Except for Special Matters to be approved under Section 4.8, the action of a majority of the Directors
present in person or by proxy at a meeting at which a quorum is present is an action of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.3 Proxy shall be deemed to have been given by an absent Director to another Director nominated by the same
Member and who is present at the meeting, including where such absence is caused by vacancy. The intent of this provision is to ensure
that the Directors representing each Member have equal representation for purposes of any votes taken at a meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.4 In the absence of a quorum, the Directors present, by majority vote and without notice other than by announcement,
may adjourn the meeting until a quorum is established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.5 At any such reconvened meeting at which a quorum is established, any business may be transacted which
might have been transacted at the meeting as originally notified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.6 Any action required or permitted to be taken at a meeting of the Board may be taken without a meeting,
if a unanimous written consent which sets forth the action is signed by each Director. Any such consent shall be filed with the minutes
of proceedings of the Board.

**4.7** <u>Committees of the Board</u>. From time to time, the Board
may establish one or more committees with such composition, responsibilities and powers as the Board may determine ()"**Committees** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.1 Committees shall meet at such times as they establish, or the Board directs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.2 The recommendations of any Committee shall be subject to the ultimate approval of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.3 The Board shall establish rules governing the organization and actions of each Committee at the time of
establishment of the Committee.

**4.8** <u>Special Matters</u>. "**Special Matters** "
shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8.1 The following matters, which shall require the approval of all Directors then in office, other than any Directors who have recused
themselves due to a conflict of interest, directly and not by proxy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) capital calls, which shall additionally be subject to ratification by the Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) enter into any loan agreements, indentures or similar agreements relating to the borrowing of money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) admission of new members, which shall additionally be subject to amendment of this Agreement, and/or change in and/or transfer of Percentage Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) purchase and sale of real estate or shares in real estate by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) purchase of any equity stake in or lease of any enterprise or purchase of any organized portion of any enterprise, whether by equity stake or asset purchase, by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) sale of Company assets that are necessary for the Purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any elections or other decisions relating to allocations under Section 8.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8.2 The following matters, which shall require the written approval of the Members and shall be submitted
to the Members for such approval upon recommendation by a majority of the Board:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) amendments to the Company's certificate of formation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) amendments to this Agreement or of any matter that would require an amendment to this Agreement, including any material change to the Purpose or a change to the tax election specified in Section 9.1; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any merger, any transaction involving the creation a new entity (including any joint venture or partnership), any other significant transformation or reorganization, or any voluntary liquidation or dissolution of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any sale of Advanced Fuel Product for use in any country other than the United States of America, Canada, Japan, or a country that is a party to either (i) the Paris Convention of July 29, 1960, as amended by the Brussels Supplement of January 31, 1963, on Third Party Liability in the field of Nuclear Energy, or (ii) 1997 Vienna Convention on Civil Liability for Nuclear Damage and, in the case of countries that are parties to the aforesaid conventions, such convention is in force in such country through appropriate implementing legislation.

**4.9** <u>Affiliate Transactions.</u> The Company shall not transact
business with a Member or an Affiliate of any Member (an "**Affiliate Transaction**") except by approval of the Board
including a majority of Directors appointed by the other Member after advance disclosure of the Affiliate relationship. As used in this
Agreement, an "**Affiliate**" of a Member means any person or entity directly or indirectly controlling, controlled by
or under common control with the Member.

**4.10** <u>Regular Matters.</u> Approval of a simple majority of Directors
then in office, directly and indirectly by proxy, shall be required for decisions on matters not defined as Special Matters, Affiliate
Transaction or Facility Matters ()"**Regular Matters** "). The Board will attempt to reach unanimous decisions, but unanimity
is not required. Decisions of the Board shall be binding on the Members. In case of any conflict between a decision of a Committee and
the Board, the decision of the Board shall control.

**4.11** <u>Facility Matters</u>. The Company's use of a portion
of the Richland Site will be contingent upon (i) full compliance with Richland Site policies including those policies applicable to nuclear
materials, state and local regulations and safety and site security and (ii) the avoidance of any actions that could compromise Framatome's
compliance with the conditions of its facility license or other regulatory or legal requirements. As such, the Board will obtain the
prior consent of Richland Site management, prior to any decision or action that could result in a significant change in site utilization
or otherwise impact license/regulatory compliance; provided that upon request Framatome will give a written explanation for any refusal.

**4.12** <u>Service and Sales Agreements</u>. The Company will perform
work through Service Agreements and sell its products through Sales Agreements, each as approved by the Board based on the principles
set forth in Appendix B.

**4.13** <u>Deadlock Procedures.</u> If the Board is unable, despite
a good faith effort, to achieve the specified votes on a proposed resolution, the Company position on the matter shall remain unchanged.
However, in cases where, despite a failure of any particular resolution to achieve the required vote for passage, a majority of the Board
agrees that a decision between competing resolutions or other departure from the status quo is needed to ensure or promote progress in
respect of the Purpose (a "**Deadlock** "), the Directors shall together:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13.1 First, refer the matter to direct negotiations between senior executives of the Members. Upon request
by the Board, a meeting of one senior executive of each Member will be held within twenty-five (25) days, at a mutually agreed time and
place, with additional meetings scheduled as needed. Thereupon, the Members shall promptly prepare and exchange memoranda stating the
issues in dispute and their positions, summarizing the negotiations that have taken place, and attaching relevant documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13.2 Second, if the matter has not been resolved within sixty (60) days of the meeting of the senior executives
the Board may submit the matter for mediation by a neutral party reasonably agreed upon by the Board. The Directors will use all reasonable
efforts to reach a decision with the assistance of the neutral party within ninety (90) days of selection. The neutral party's recommendations
on the matter will not be binding on the Company or its Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13.3 Third, if mediation is unsuccessful, the Board, with the consent of the Members, may similarly initiate
binding arbitration in front of a neutral forum appropriate to the nature of the dispute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13.4 For technical disputes, the Members shall not unreasonably reject resolution by binding decision of an
agreed independent technical expert or a panel of three independent technical experts chosen by the Members on an ad hoc basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13.5 For budgetary/fiscal Deadlocks, the Company will continue operations while the Deadlock is being resolved
based on, to the extent feasible, the continuation and extrapolation of the agreed budget for the prior period and may make distributions
as specified in Section 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13.6 Procedures for resolving Deadlocks that are agreed at the Board level may only be used to resolve matters
that have not been reserved for the Members; by way of example, procedures for resolving Deadlocks over Capital Calls may also be agreed
but will not be binding on the Members absent their written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13.7 In the event of a Deadlock and as long as it remains unresolved, each Member undertakes to refrain from
taking, directly or indirectly, any steps or decisions concerning the matters which have given rise to the Deadlock and to take all necessary
steps to: (a) minimize any negative consequences of the Deadlock for the Company and ensure that the Deadlock does not affect the Company's
corporate governance; and (b) manage the Company's operations in good faith while safely maximizing the income earned by the Company.

**4.14** <u>Policies</u>. The Board will establish such policies as are
necessary to ensure proper governance and legal compliance (in some cases by adopting existing policies from a Member in full or part),
including with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14.1 *Protection of Company and Member Information and Export Control*. The Board will implement policies
to ensure that the Company will be structured to protect Company and Member proprietary information and ensure compliance with export
control laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14.2 *Delegation of Financial Authority*. The Board shall implement and the Company shall operate pursuant
to a written delegation of financial authority ()"**DOFA**") policy clearly defining who has approval authority over Company
activities and/or liabilities below and above certain amounts. Any DOFA shall be reviewed regularly by the Board.

**4.15** <u>Officers</u>: the Board may create and fill positions for
officers empowered to carry out the decisions made by the Board ()"**Officers** "). Officers will not be employees of the
Company but will be drawn as equally as possible from personnel of the Members. The officers of the Company will be selected by the Board
of Directors and, unless otherwise specified, will serve until death, resignation, or removal or until they cease to be employed (whether
as a statutory employee or contractor) by one of the Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15.1 <u>General</u>. The Board shall initially appoint as Officers a President, a Controller and Secretary,
to manage, subject to the direction and control of the Board, the day-to day affairs of the Company. The Board may appoint such other
officers as it deems desirable and provide them with such titles and powers as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15.2 <u>Powers and Duties</u>. The powers and duties of the President, the Controller and Secretary shall be
as set forth below, unless otherwise determined by the Board, and in each case subject to DOFA and other policies and decisions of the
Board:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>President</u>. The President shall be the chief executive officer of the Company and shall be selected each year from the personnel of the Member that did not provide the Chairperson. The President shall keep the Board fully advised of the Company's business and activities and its operating expenses and capital expenditures. Subject to and consistent with the DOFA and other Company policies and Board decisions, the President shall have general authority to act as the chief executive officer of the Company as necessary for the conduct of the business and the attainment of the Purpose, including (i) upon advance notice to the Board and unless otherwise instructed, representing the Company in meetings, public fora and other events, (ii) supervising the actions of the other officers, and (iii) executing contracts and other documents in the name and on behalf of the Company. The President shall attend meetings of the Board and shall preside over such meetings in the Chairperson's absence, but shall only have a vote if also serving as a Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>Chairperson</u>. In the absence of the President, the Chairperson shall have the authority to perform all of the duties and exercise the authority of the President.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> <u>Controller</u>. The Controller shall have the care and custody of all the funds and financial records of the Company and shall open and maintain financial accounts and receive and disburse funds, all in accordance with Section 7.6 and with the policies and decisions of the Board. The Controller shall keep a full and accurate record of all moneys received and paid on account of the Company and shall render a statement of accounts whenever the Board shall require. The Controller shall, within parameters established by the Board, prepare the annual budget for approval by the Board. The Controller shall have such other duties in relation to the Company's finances as are specified by the Board from time to time. The Controller shall ensure that financial records are available for inspection by the Directors or Members upon request, including those records specified in Section 7.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d)</u> <u>Secretary</u>.
 The Secretary shall have the care and custody of non-financial records including those specified in Section 7.4 and any other
 records the Board directs the Secretary to maintain. The Secretary shall ensure that these records
are available for inspection by the Directors upon request.

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|:---|:---|
| **5** | **Standards of Conduct, Waiver of Liability and Indemnification of Officers and Directors. 5.1** Standards of Conduct. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1 Each Officer and Director shall perform all assigned duties
(i) in good faith; (ii) in a manner the person reasonably believes to be in or not opposed to the best interests of the Company and (iii)
with such care as may be required by agreement or applicable law but at least as an ordinarily prudent person in a like position would
use under similar circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2 Notwithstanding the foregoing, (1) Directors may vote or
consent in accordance with the interest of the Member appointing them, and shall not be held liable to the Company or any Member for
a breach of any obligation to the Company or a Member when acting in accordance with any such interest and (2) Officers and Directors
shall not be liable to the Company or any Member for any action taken or omission in managing the business or affairs of the Company
if they have the reasonable belief that such act or omission is in or is not contrary to the best interests of the Company and is within
the scope of authority granted to them by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.3 In performing their duties, an Officer or Director shall
be entitled to rely on any information, opinion, report, or statement, including any financial statement or other financial data, prepared
or presented by (i) any Officer (in the case of a Director) or any other Officer (in the case of an Officer) whom the person reasonably
believes to be reliable and competent in the matters presented; (ii) a lawyer, certified public accountant, or other person, as to a
matter which the Officer or Director reasonably believes to be within such person's professional or expert competence, or (iii)
with respect to a Director, a Committee on which the Director does not serve, as to a matter within the Committee's designated
authority, if the Director reasonably believes the committee to merit confidence. However, a Director or Officer will not be acting in
good faith if such Director or Officer has any actual knowledge concerning the matter in question which would cause such reliance to
be unwarranted.

**5.2** <u>Waiver of Liability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1 Provided a Director or Officer has acted in accordance with
the standards set forth in Section 5.1t, such persons shall not be liable or accountable to the Company or to any Member in damages or
otherwise for any error of judgment, for any mistake of fact or of law, or for any other act or thing which it may do or refrain from
doing or suffer to be done in connection with the business and affairs of the Company. Notwithstanding anything in the foregoing to the
contrary, liability is not hereby waived for or in connection with (i) actions that constitute fraud, willful violation of this Agreement,
willful violation of applicable law, or other willful misconduct; or (ii) the intentional receipt by any such person of a financial benefit
to which it is not entitled pursuant to this Agreement

**5.3** <u>Indemnity of Officers and Directors</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.1 The Company shall indemnify any Officer or Director (collectively,
the "**Indemnified Persons**") who is a party or is threatened to be made a party to a threatened, pending or completed
action, suit or proceeding, whether civil, criminal, administrative, or investigative, and whether formal or informal
(other than an action by or in the right of the Company) by reason of the fact that such person is or was a Director or Officer against
expenses (including attorneys' fees), judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred
by such Indemnified Person in connection with the action, suit or proceeding, if the Indemnified Person acted in accordance with the standards
set forth in Section 5.1, and with respect to a criminal action or proceeding, if such person had no reasonable cause to believe such
Indemnified Person's conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.2 Procedure. Any indemnification permitted under this Section 5.2 (unless otherwise ordered by a court) shall be made by the Company only as authorized in the specific case upon a determination that the indemnification is proper under the circumstances because the Indemnified Person has met the applicable standard of conduct set forth in Section 5.1and upon an evaluation of the reasonableness of expenses and amount paid in settlement. Upon a determination that the standards of conduct have likely been met, expenses (including reasonable legal fees) incurred by an Indemnified Person in defending any claim, demand, action, suit or proceeding shall, from time to time, be advanced by the Company prior to the final disposition of such claim, demand, action, suit or proceeding upon receipt by the Company of an undertaking by or on behalf of the Indemnified Person to repay such amount if it is later determined that the standards for indemnification were not met. Determinations as to eligibility for indemnity or advances in respect of expenses shall be made by the Board (excluding any Directors who are or are likely to become Indemnified Persons in the matter), or if such disinterested Directors cannot form a quorum, by the Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.3 Notwithstanding anything in the foregoing to the contrary,
no indemnification shall be provided to any Indemnified Person for or in connection with (a) actions taken in violation of this Agreement,
(b) actions constituting fraud or willful misconduct, (c) the intentional receipt of a financial benefit to which such person is not
entitled, (d) intentionally voting for or assenting to a distribution to parties in violation of this Agreement or governing law, or
(e) a knowing violation of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.4 The foregoing rights of indemnification shall not be exclusive
of any other rights to which Indemnified Persons may be entitled.

**5.4** <u>Intellectual Property Indemnity</u>. If a Member breaches
the confidentiality requirements of Section 13.1 or a Member's intellectual property as licensed to or otherwise provided for the
use by the Company is alleged to infringe on that of a third party, the breaching or allegedly infringing Member shall indemnify, defend,
protect, save and hold harmless the Company and the other Member against any and all losses, liabilities, judgments, awards and costs
(including legal fees and out-of-pocket expenses reasonably incurred by the Company or such other Member) arising out of or related to
any claim in whole or in part based on such alleged intellectual property infringement or confidentiality breach .

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|:---|:---|
| **6** | **Capital Accounts; Capital Contributions; Capital Calls** |

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**6.1** <u>Capital Accounts</u>: A capital account shall be maintained
by the Company for each Member (each a "**Capital Account** "). No Member shall be entitled to withdraw any part of its
Capital Account, to receive any distribution, or to receive any interest on its Capital Contributions or with respect to its Capital
Account except, in each case, as provided in this Agreement. Each Member shall look solely to the assets of the Company for the return
of its Capital Contributions and, except as otherwise provided in this Agreement, shall have no interest in specific Company property
or any right or power to demand or receive property other than cash from the Company. No Member shall have priority over any other Member
as to the return of its Capital Contributions, distributions or allocations, except as provided in this Agreement.

**6.2** <u>Balance</u>. The balance of a Member's Capital Account
shall at any time equal that Member's:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.1 the sum of initial and additional Capital Contributions, the distributive share of Profits allocated to
such Member pursuant to Article 8, and other items of income or gain allocated to such Member pursuant Appendix D (Regulatory Allocations)
and the amount of any Company liabilities that are assumed by such Member or that are secured by Company property distributed to such
Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.2 less distributions to such Member, which shall be the Carrying Value for any non-cash distribution, any
Losses allocated to such Member pursuant to Article 8, items of loss or deduction allocated to such Member pursuant to Appendix D (Regulatory
Allocations), and the amount of any liabilities of such Member that are assumed by the Company or that are secured by any property contributed
by such Member to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.3 In the event any Member's interest in the Company is transferred in accordance with the terms of
this Agreement, the transferee shall succeed to the Capital Account of the transferor to the extent it relates to the transferred interest.
In the event the Carrying Values of the Company assets are adjusted pursuant to the definition of Carrying Value contained in this Agreement,
the Capital Accounts of all Members shall be adjusted simultaneously to reflect the aggregate adjustments, as if the Company recognized
gain or loss equal to the amount of such aggregate adjustment. The foregoing provisions and the other provisions of this Agreement relating
to the maintenance of Capital Accounts are intended to comply with Treasury Regulations §1.704-1(b) and shall be interpreted and
applied in a manner consistent with such regulations.

**6.3** <u>Capital Contributions in Cash</u>. Capital Contributions
shall be in cash unless otherwise approved in advance by unanimous decision of the Board.

**6.4** <u>Initial Capital Contributions</u>. The Members shall make
initial Capital Contributions in the following amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Standard Nuclear will make an initial Capital
Contribution of $66,667 USD, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Framatome will make an initial Capital Contribution of $33,333 USD.

The initial Capital Contributions must be paid within 200 days after the Effective Date.

**6.5** <u>Capital Calls and Non-Cash Capital Contributions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5.1 Prior to the initiation of each Phase, the Board will issue a request for additional capital, specifying
the total amount to be raised and each Member's allocation as determined by Percentage Interests, taking into account the value
of any non-cash Capital Contribution, as of the date of the request (a "**Capital Call**") to cover capital expenditures
associated with the execution of that Phase, subject to ratification by the Members. Once approved by the Members, the Members will provide
their Capital Contributions for that Phase in accordance with the Capital Call. The initial Capital Contributions for any Phase may be
paid as a lump sum upon initiation of the Phase or following a payment schedule (or in the case of non-cash contributions the date of
delivery or availability, as applicable), in either case as specified by the Board in the Capital Call, to cover the capital expenditures
of that Phase in a sufficient and timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5.2 The expectations of each Member with respect to Phase 1 initial Capital Contributions are set forth in
Appendix C, which also lists activities to be undertaken by each Member in support of Phase 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5.3 Phase 2 and 3 Initial Capital Contributions: The Board shall define scope, cost, and schedule needed for
the Phase 2 initial Capital Contribution 1 year prior to launch of Phase 2 and shall define scope, cost, and schedule needed for the Phase
3 Initial Capital Contribution at least 2 years prior to launch of Phase 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5.4 If the funds accumulated in the Company are not sufficient
to complete the tasks in accordance with the approved budgets, then the Board may issue an additional Capital Calls. Following the receipt
of a Capital Call, the Members shall either ratify the Capital Call or meet to consider other means to ensure financial liquidity and
a sufficient level of working capital. It is the intention of the Members that the Board issue Capital Calls no more frequently than
annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5.5 The Members may agree to contribute to a Capital Call in proportions that differ from their existing Percentage
Interest. In that case, a Company valuation should be carried out and Percentage Interests adjustments made based on the fractional ownership
of such valuation plus the new Capital Contribution. Standard Nuclear is expected to maintain a Percentage Interest no less than fifty-one
percent (51%) and Framatome is expected to maintain a Percentage Interest of no less than twenty percent (20%) ()"**Minimum Percentage Interests** "). In the event that one Member is expected to or does fall below its Minimum Percentage Interest, the Members will
meet to re-evaluate their respective roles in the LLC and consider such amendments to this Agreement as may be necessary to ensure the
continued commitment of both Members and the success of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5.6 Except as provided in Section 6.5.5, by ratifying a Capital Call, the Members agree to recapitalize the
Company consistent with the Percentage Interests of the Members on the date of the Capital Call.

**6.6** <u>Delay of Payments Arising from a Capital Call</u>. If one
Member does not dispute the need for the Capital Call, but wants to delay its respective payment, the other Member may provide funding
in the form of a loan to the Company on an interim basis. This loan, subject to the approval of the Board, may be in an amount equal
to all or a portion of the total required capital contribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.1 Should the Member that requested a delay in its Capital Contribution payment make a Capital Contribution
payment while the loan is outstanding, a Capital Contribution will be recorded on the same date for the lending Member in the amount necessary
to maintain the Percentage Interests (as of the date of the Capital Call) and the loan balance shall be reduced as of that same date by
that same amount. For the avoidance of doubt, to prevent dilution, the Member requesting a delay in payment will be required to make capital
contributions in an amount equal to the sum of (i) its original allocation of the total Capital Call amount, plus (ii) an amount equal
to the interest that would have accrued on that allocation from and after the date of the loan, or, the portion of that allocation outstanding
with respect to any amount remaining unpaid after a partial payment. Any amount of the loan whether principal or interest that remains
unpaid at a future date specified in the loan agreement shall be converted to a capital contribution, resulting in a dilution of the other
Member's Percentage Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.2 The loan agreement shall specify the date of the conversion. The new delayed Capital Contribution ()"**DCC** ")
is calculated by the following formula to account for interest:

DCC = CC (1+r /360)<sup>n</sup>

where "CC" represents the original Capital Contribution amount, "r" is equal to the 90-day average secured overnight financing rate (SOFR) published on the date of the Capital Call plus 400 basis points, and "n" is the number of days the Capital Contribution is delayed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.3 No Party shall delay a Capital Contribution longer than 18 months from the date specified for payment
in the Capital Call.

**6.7** <u>Failure to Provide Capital Contribution after Ratification.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7.1 If a Member fails to make payment when due as specified by the Board in the Capital Call:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) interest shall accrue on the unpaid portion after 90 days, at a rate equal to the ninety (90) day average SOFR published on the date of the Capital Call plus 400 basis points,;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Member failing to make payment may request from the other Member to provide payment in exchange for a reduction in their Percentage Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any distributions otherwise payable to a Party who has failed to make a required capital contribution will be withheld and applied to offset the amount owed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7.2 This Section 6.7 is not intended to limit the rights and remedies available to the Company or non-breaching
Member. Further, the non-breaching Member may institute enforcement proceedings on behalf of the Company as well as in its own name against
a Member that fails to make capital contributions when due.

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|:---|:---|
| **7** | **Company Finances; Books and Records** |

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**7.1** <u>Annual Budget</u>. The Company shall conduct its activities
in accordance with an annual budget based on anticipated funding needs of and expenses to be incurred by the Company (the "**Annual Budget** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1 The Annual Budget shall be prepared by the Controller based on information and forecasts provided by the
Board or a Committee designated by the Board between February and July of each year and shall be approved by the Board by September for
the following year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2 The initial Annual Budget shall be initiated within 60 days and submitted to the Board for review as soon
as practical thereafter.

**7.2** <u>Third Party Funding</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.1 The Members will assist the Company in seeking and securing favorable funding/financing, either from within
the United States or elsewhere as may be allowable under applicable law including from government sources, from utilities, or other third
parties so as to maximize profitability and long-term viability of the Company and its activities. Third party funds secured by the Company
will not alter the Percentage Interest of the Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.2 <u>Borrowings</u>. The Company may borrow sums for Company purposes from any source, provided that such
borrowing is not prohibited by any applicable law, regulation, or agreement and is approved by the board as a Special Matter pursuant
to Section 4.8.1 (b). Any Member may advance such sums to the Company pursuant to written agreement approved by the Board, which amounts
shall be repayable to the Member with interest and other terms and conditions as specified in such written agreement. Any amounts borrowed
from a Member shall not constitute a capital contribution to the Company but shall constitute a debt of the Company which shall be repaid
before any distributions to the Members.

**7.3** <u>Books of Account</u>. The Company shall keep true and complete
books of account and records of all Company transactions in accordance with International Financial Reporting Standards(" **IFRS** ").
The books of account and records shall be maintained by the Controller, and true and accurate copies will be made available to the Directors
or Members upon request. Such records shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.1 Copies of the Company's federal, state, local, and other official income tax returns and reports
for at least the seven (7) most recent years; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.2 Copies of the financial statements of the Company for at least the seven (7) most recent years.

**7.4** <u>Non-Financial Records</u>. The non-financial records of the
company that are relevant to governance or similar non-technical matters shall be maintained by the Secretary and true and accurate copies
will be made available to the Directors or Members upon request. Such records shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.1 The names and current notice information for each Member, Director and Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.2 Copies of this Agreement and any amendments to date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.3 Copies of all governance documents including Board resolutions, consents or decisions, policies, copies
of Board presentations and meeting minutes; Committee records, and actions of the Members.

**7.5** <u>Audits</u>. Annually, the Board will require an audit of
the Company's financial books and records to be completed within three months of the end of the Fiscal Year. Subject to any legal
requirements, the Board may have the annual audit performed by either (i) a Committee including at a minimum the Controller and a financial
expert provided by the Member who did not supply the Controller, or (ii) an outside audit firm selected by the Board, in which case such
firm shall produce a certified financial statement. Audit results will be shared with the Directors and Members. A Member may also conduct,
at its own expense, an audit of the Company's financial records using an independent audit firm reasonably acceptable to the Board.
Such audits are to occur no more often than twice a year, unless the Board approves otherwise and shall be timed to avoid interference
with the Company's annual audit.

**7.6** <u>Bank Accounts and Investments</u>. All funds of the Company
shall be deposited in its name by the Controller in such checking accounts, savings accounts, time deposits, or certificates of deposit
or shall be invested in such other manner, as shall be reasonably determined by the Board. The Company shall maintain separate books
of account for profits received and operating budgets, to accurately track and account for the financial activities of the Company. All
checks and withdrawals shall require one signature from the Controller and one signature from an officer who is from the other Member.
All persons authorized to draw funds shall be bonded in such amounts as the Board reasonably determines. Upon formation of the Company,
Framatome shall have custodial responsibilities for the Company accounts and financial records. This responsibility may be re-assigned
in the future, as determined by the Board. All financial accounts for the Company will be stand-alone and are not to be pooled with either
members' parent accounts for any financial gain and for transparency of financial activities of the Company

**7.7** <u>Accounting Decisions</u>. All decisions as to accounting
matters, except as this Agreement provides otherwise, shall be made by the Board in accordance with IFRS consistently applied. Such decisions
must be reasonably acceptable to any certified public accountants or outside audit firms retained by the Company, and the Board may reasonably
rely on their advice as to whether such decisions are in accordance with IFRS. It is anticipated that the Company shall maintain its
financial records on the percentage of completion capitalized cost method.

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|:---|:---|
| **8** | **Allocation of Profits and Losses.** |

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**8.1** <u>General</u>. Except as provided in Appendix D (Regulatory
Allocations), the Profits and Losses of the Company shall be allocated in accordance with the Percentage Interests at the time of allocation.
" **Profits**" and "**Losses**" mean, respectively, the Company's taxable income or loss for each
Fiscal Year or other period as determined in accordance with. Tax Code §703(a) (for this purpose, all items of income, gain, loss,
or deduction required to be stated separately pursuant to Tax Code §703(a)(1) shall be included in taxable income or loss), with
the following adjustments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.1 Any income of the Company that is exempt from federal income tax and not otherwise taken into account
in computing Profits and Losses shall be added to such taxable income or loss;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.2 Any expenditures of the Company described in Code §705(a)(2)(B) or treated as Code §705(a)(2)(B)
expenditures pursuant to Treasury Regulations §1.704-l(b)(2)(iv)(i), and not otherwise taken into account in computing Profits and
Losses, shall be subtracted from such taxable income or loss; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.3 Any gain or loss resulting from dispositions of Company assets shall be computed by reference to the Carrying
Value of the property disposed of, notwithstanding that the adjusted tax basis of such property differs from its Carrying Value.

**8.2** <u>Code Section 704(c) Tax Allocations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.1 Income, gain, loss, and deduction with respect to any property contributed to the capital of the Company
shall, solely for tax purposes, be allocated among the Members so as to take account of any variation between the adjusted basis of such
property to the Company for federal income tax purposes and its initial Carrying Value pursuant to any method allowable under Code §704(c)
and the Treasury Regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.2 In the event the Carrying Value of any Company asset is adjusted after its contribution to the Company,
subsequent allocations of income, gain, loss and deductions with respect to such asset shall take account of any variation between the
adjusted basis of such asset for federal income tax purposes and its Carrying Value pursuant to any method allowable under Code §704(c)
and the Treasury Regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.3 Any elections or other decisions relating to allocations under this Section shall be determined by the unanimous vote of the Board.
Absent such a vote by the Board, the remedial allocation method under Treasury Regulations §1.704-3(d) shall be used. Allocations
pursuant to this Section are solely for purposes of federal, state, and local taxes and shall not be taken into account in computing any
Member's Capital Account or share of Profits and Losses, distributions or other items pursuant to any provision of this Agreement.

**8.3** Miscellaneous.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3.1 <u>Allocations Attributable to Particular Periods</u>. For purposes of determining Profits and Losses
or any other items allocable to any period, such items shall be determined on a daily, monthly, or other basis, as determined by the Members
using any permissible method under Code §706 and the Treasury Regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3.2 <u>Other Items</u>. Except as otherwise provided in this Agreement, all items of Company income, gain,
loss, deduction, credit and any other allocations not otherwise provided for shall be divided among the Members in the same proportion
as they share Profits and Losses, as the case may be, for the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3.3 <u>Tax Consequences: Consistent Reporting</u>. The Members are aware of the income tax consequences of
the allocations made by this Article and by the provisions of Appendix D (Regulatory Allocations) and hereby agree to be bound by those
allocations as reflected on the information returns of the Company in reporting their shares of Company income and loss for income tax
purposes. Each Member agrees to report its distributive share of Company items of income, gain, loss, deduction and credit on its separate
return in a manner consistent with the reporting of such items to it by the Company. Any Member failing to report consistently, and who
notifies the Internal Revenue Service of the inconsistency as required by law, shall reimburse the Company for any legal and accounting
fees incurred by the Company in connection with any examination of the Company by federal or state taxing authorities with respect to
the year for which the Member failed to report consistently.

---

| | |
|:---|:---|
| **9** | **Tax Matters** |

---

**9.1** <u>Tax Treatment</u>. The Company shall elect to be taxed as
a partnership for United States federal, state, and local income tax purposes and shall be operated in a manner consistent with such
election. No Member shall take any action inconsistent with this election unless this Agreement is first amended to permit the change.

**9.2** <u>Tax Matters Representative</u>. Framatome shall be "partnership
representative" for the Company as such term is used in Section 6223 of the Tax Code (the "**Tax Matters Representative** ")
and, subject to the terms of this Agreement and any instructions given by the Board, shall have the full authority to act in that capacity
and, in that capacity, to engage with professional advisors approved by the Board on behalf of the Company. The Tax Matters Representative
shall have the authority to represent the Company in connection with state and local as well as federal tax matters and, but shall (i)
promptly notify the Board upon the commencement of any audit, investigation or any other tax-related proceeding concerning Company, (ii)
keep the Board informed of such proceedings, and (iii) not enter into any settlement binding on a Member without that Member's
consent. The Board and the Members shall provide the Tax Matters Partner with such information as is reasonably necessary for

**9.3** <u>Section 754 Election</u>. If requested by a Member and approved
by the Board, the Tax Matters Representative may make the election provided for under section 754 of the Tax Code. Any costs attributable
to making such election shall be borne by the requesting Member.

---

| | |
|:---|:---|
| **10** | **Distributions.** |

---

**10.1** Subject to Section 9.2, The Company shall distribute to the
Members from time to time sums as the Board determines is not required to provide for current or anticipated Company needs. The Board
may distribute such sums as may be required to cover the federal, state, local, or other income tax liabilities of the Members for income
earned by the Members. Except as otherwise provided in this Agreement, all distributions shall be made to each of the Members, in proportion
to their respective Percentage Interests on the date the Board approves the distribution, or such date as is specified by the Board.
Subject to the limitations in Articles 10.2 and 10.3, the Company will distribute profits from profit accounts no less than semi-annually
to ensure timely return on investment to its Members.

**10.2** No distributions shall be declared and paid unless, after the
distribution is made, the Company would be able to pay its debts as they become due in the usual course of business and the assets of
the Company are in excess of the Company's liabilities.

**10.3** The Company may withhold from amounts otherwise distributable
to a Member under this Article 10 the amount of any tax required to be withheld by the Company under U.S. federal, state or local law,
or foreign law, and such amounts shall be deemed to have been actually distributed to such Member for all purposes under this Agreement.

---

| | |
|:---|:---|
| **11** | **Insurance.** |

---

**11.1** The Company shall obtain such coverages as are determined to
be necessary by the Board prior to the start of operations and from time to time thereafter. Governing Law and Dispute Resolution.

**11.2** <u>Governing Law</u>. This Agreement shall be construed in accordance
with, and governed by, the laws of the State of Delaware without regard to conflict of laws principles

**11.3** <u>Dispute Resolution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.1 In the event of any bona fide dispute between the Members, both agree to use the Deadlock Procedures,
if applicable, and otherwise to use commercially reasonable efforts as described in this Section to resolve that dispute amicably prior
to initiating litigation or arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.2 If any issue cannot be resolved at the Board level in the ordinary course, either Member may request a
meeting, to be held within thirty (30) days of the request (in person or through a conference call or video-conference platform), between
each Member's CEO (or such person's designee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.3 If the dispute cannot be resolved at the CEO level, the Members may submit any dispute to non-binding
mediation or other alternate dispute resolution procedure as may be agreed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.4 Notwithstanding the foregoing, either Member may proceed
to litigation or arbitration (as applicable) directly if delay would prejudice its interests or, in any event, after thirty days form
the request for a meeting at the CEO level. Any claim, dispute or controversy arising out of this Agreement or relating to the breach
hereof hereunder shall be pursued in the Delaware Court of Chancery or, if such court lacks subject matter jurisdiction, binding arbitration
in Wilmington, Delaware under the rules of the American Arbitration Association by a panel of three (3) arbitrators. Each Member submits
to the personal jurisdiction of the Delaware Court of Chancery for any such claim, dispute or controversy and irrevocably waives any
objection to the laying of venue in such court and any claim that such court is an inconvenient forum

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.5 Under any form of dispute resolution,
Framatome waives any right to sovereign immunity.

---

| | |
|:---|:---|
| **12** | **Withdrawal, Term and Dissolution.** |

---

**12.1** <u>No Withdrawals</u>. No Member shall be entitled to be repaid
any portion of its capital contribution or resign its membership interest or withdraw from the Company without the consent of the other
Member. A Member who withdraws in violation of this Agreement shall not be entitled to receive the fair market value of its interest
after the withdrawal but shall only be entitled to distributions it otherwise would have received as a non-withdrawing Member.

**12.2** <u>Term</u>. The Term, initially, shall be twenty (20) years
commencing on the Effective Date, provided that the initial or previously extended Term will be extended automatically by one (1) year
unless either Member provides notice to the other Member sixty (60) days in advance of the end of the initial or extended Term stating
that it does not wish to extend the Term. At the expiration of the Term the Board will develop a plan for completing existing orders
and winding up the affairs of the Company. For the avoidance of doubt, this Agreement will not expire at the end of the Term but will
continue in force so long as necessary to dissolve the Company and wind up its affairs.

**12.3** <u>Grounds for Dissolution</u>. The Company shall be dissolved
upon the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3.1 The written consent of all Members to a plan of dissolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3.2 Dissolution pursuant to judicial decree under the Delaware LLC Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3.3 The expiration of the Term; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3.4 Production remains idle for longer than twelve (12) months due to lack of orders after the start of operations
or there is a failure to meet any of the following milestones for Phase 1 by the specified date in either case unless the Board of Directors
agrees otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) NRC approval of the license amendment necessary for Phase 1 activities at the Richland Site by 1 March 2027, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) receipt at the Richland Site of operable equipment to produce the Advanced Fuel Product in Phase 1 by 1 December of 2026,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company does not meet the Purchase Commitment by the Purchase Commitment Date (as such terms are defined in Section 6 of Appendix B); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) produce product that meets specification by 1 August 2028.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3.5 For the avoidance of doubt, neither Member shall be considered to be in breach or to have liability to
the other Member or the Company as a result of a failure to complete milestones by the dates indicated in this Section.

**12.4** <u>Distribution of Assets</u>. Upon the occurrence of one of
the events listed in Section 13.3, one or more persons selected by the Member(s) holding a majority of the Percentage Interest shall
conclude the affairs of the Company, as the liquidator, who shall wind up the company and distribute the assets pursuant to the provisions
of the Delaware LLC Act and this Agreement; provided that any amounts set aside for decommissioning or environmental liabilities shall
not be regarded as an asset of the company available for distribution but shall be held in trust for its designated purpose and be clearly
identified within the site decommissioning fund as that pertaining to the Company's activities.

---

| | |
|:---|:---|
| **13** | **Miscellaneous Provisions.** |

---

**13.1** <u>Confidentiality, Press Releases and Intellectual Property.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.1 Confidential Information belonging to the Company or exchanged by the Members acting under or pursuant
to this Agreement or in connection with the Purpose shall be kept confidential in accordance with the provisions of the IP Annex.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.2 The terms of this Agreement and all non-public activities of the Company shall be considered Confidential
Information of each of the Members and shall not be disclosed, nor shall any press release relating to the Agreement or non-public Company
activities be issued without prior written approval, by each of the Members, of the material to be released. Each Member agrees in advance
that news releases made by it which relate to the Company will give recognition of the participation and contribution of the other Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.3 All rights in Intellectual Property created or disclosed under or pursuant to this Agreement shall be
governed by the terms of the IP Annex.

**13.2** <u>Assignment and Transfer</u>. Except as otherwise provided
below, no Member may assign or transfer its interest in the Company and no purported assignee or transferee of either Member's
interest, or any other person or entity, shall become a Member or have any role in governance or representation on the Board without
the prior written consent of both of the Members. Notwithstanding the forgoing, unless otherwise agreed and without the need for Standard
Nuclear's consent, Framatome's interest in the Company shall be assigned to any successor as the NRC licensed operator of
the Richland Site and such successor shall have the right to become a Member in place of Framatome, so long as it is also the assignee
of any Service Agreements to which Framatome is a party.

Any permitted assignment shall be implemented through an amendment pursuant to Section 13.4 to reflect the addition of any new Member and such other changes as are agreed.

**13.3** <u>Change of Control</u>. If a Member is or is expected to be
brought under the Control of (i) a direct competitor of the other Member or (ii) an entity whose control of the Member is likely to create
a legal or regulatory challenge or restriction that would materially disrupt operation of the Company, the other Member may require reasonable
protections that may include, but do not have to be limited to, a grant of additional voting / control rights and/or the creation of
a firewall to prevent disclosure of proprietary information of the Company or the such other Member to the new owner of the Member undergoing
a change in Control. As used in this Section, "**Control**" means the possession, directly or indirectly, of the power
to direct or cause the direction of the management and policies of an entity, whether through the ownership of securities, by contract
or otherwise.

**13.4** <u>Entire Agreement; Amendments.</u> This Agreement constitutes
the entire agreement between the parties with respect to the formation and governance of the Company and the other transactions or matters
contemplated herein and supersedes any and all other prior agreements, oral or written, by and among the Members with respect to such
transactions or matters. Neither Member has entered this Agreement in reliance upon any representation or agreement not set forth in
this Agreement. This Agreement may only be amended or modified only as specified herein or by written agreement executed on behalf of
both Members.

**13.5** <u>Notices.</u> All notices or other communications required
or permitted under this Agreement shall be in writing and shall be deemed to have been duly given if delivered in person, by electronic
mail or other similar means or one (1) day after having been delivered by courier (such as Federal Express or other similar delivery
courier), with proof of delivery to the recipient received by the courier, addressed to the Member, Officer or Director at the address
kept on file for such person by the Secretary .

**13.6** <u>Third Party Beneficiaries</u>. None of the provisions of
this Agreement shall be for the benefit or enforceable by any third party, including, without limitation, any creditor of either the
Company or any Member. No such third party shall obtain any right under any provision of this Agreement, or shall by reason of any such
provision make any claim in respect of any debt, liability, or obligation or otherwise against the Company or any Member.

**13.7** <u>Severability.</u> The invalidity or unenforceability of any
provision of this Agreement in a particular respect shall not affect the validity and enforceability of any other provision of this Agreement
or of the same provision in any other respect.

**13.8** <u>Counterparts.</u> This Agreement may be executed in two or
more counterparts, each of which shall be deemed an original and all of which shall constitute one instrument.

**13.9** <u>Binding Effect.</u> This Agreement shall be binding upon
and shall inure to the benefit of the Members and their permitted successors and assigns.

**13.10** <u>Representations and Warranties.</u> Each Member represents
and warrants to the other Member as of the Effective Date that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10.1 It is duly incorporated, validly existing and in good standing under the laws of the State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10.2 It is duly qualified and authorized to do business, to own its assets and properties and to carry on its
business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10.3 The execution, delivery and performance by it of this Agreement have been duly authorized and this Agreement,
when executed and delivered by each of the Members, will be valid and binding on it and enforceable in accordance with its terms, and
will not contravene any provision of or constitute a default under the certificate of incorporation or by-laws or other organizational
document of such Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10.4 There are no actions, suits or proceedings pending or, to the knowledge of such Member, threatened against
such Member, in which an adverse decision could materially adversely affect the ability of such Member to perform its obligations under
this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10.5 Its interest in the Company has been acquired by it for its own account; it understands that ownership interests in the Company have
not been and will not be registered under the U.S. Securities Act of 1933; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10.6 It has the financial ability to bear the economic risk of its investment in the Company and understands that an interest in the Company
is an illiquid investment, that transfers of interests in the Company are restricted under the terms of this Agreement, and that no market
currently exists for the interests in the Company and none is expected to exist in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10.7 It has the capability, including financial resources, to perform its obligations under this Agreement.

In witness whereof, the Members have executed this Agreement as of the Effective Date set forth above.

---

| | | | |
|:---|:---|:---|:---|
|  | Framatome Inc. | Standard Nuclear, Inc. | Standard Nuclear, Inc. |
| By: | /s/ Ala Alzaben | By: | /s/ Kurt Terrani |
| Name: | Ala Alzaben | Name: | Kurt Terrani |
| Date: | 9/15/2025 | Date: | 9/16/2025 |

---

**APPENDIX A**

**Schedule**

**APPENDIX B**

**Sales and Service Agreement Principles**

**APPENDIX C**

**Phase 1 Capital Contributions / Expectations of the Members**

**APPENDIX D**

**Regulatory Allocations**

**APPENDIX E**

**Intellectual Property ("IP") Annex**

## Exhibit 10.10

**Exhibit 10.10**

![](ea027607109_ex10-10img1.jpg)

Mr. Kurt Terrani<br> Oak Ridge, Tennessee

June 17, 2026

**Subject: Amended and Restated Offer of Employment**

Dear Kurt,

Standard Nuclear, Inc. (the "<u>Company</u>") is pleased to provide this Amended and Restated Offer of Employment (this "<u>Letter</u>"), which supersedes and replaces in its entirety the offer letter dated December 20, 2024, between you and the Company, together with the Performance-Based Incentive Plan attached thereto as Attachment A (collectively, the "<u>Original Offer Letter</u>"). In anticipation of the Company's planned initial public offering (the "<u>IPO</u>"), the Company is updating and reaffirming the terms of your employment to reflect the current compensation framework and to establish the governance and protective provisions appropriate for a public-company Chief Executive Officer. All terms of the Original Offer Letter are hereby superseded by the terms set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Position</u>**. You will continue to serve in the position of Chief Executive Officer. You will perform duties and responsibilities that are reasonable and consistent with such position as may be assigned to you from time to time. You will continue to work at the Company's facility located in Oak Ridge, Tennessee. You will report directly to the Board of Directors of the Company (the "<u>Board</u>"). You agree to devote your full business time, attention, and best efforts to the performance of your duties and to the furtherance of the Company's interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Base Compensation</u>**. You will be paid an annual base salary at the rate of $300,000 per year (the "<u>Pre-IPO Base Salary</u>"), less payroll deductions and withholdings, paid semi-monthly in accordance with the Company's standard payroll schedule. Effective upon the closing of the IPO, your annual base salary shall be increased to $500,000 per year (the "<u>Post-IPO Base Salary</u>"). Such adjustment shall be automatic and shall not require further Board approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Short-Term Incentive Plan (STIP)</u>**. You will be eligible to participate in the Company's Short-Term Incentive Plan with a target bonus of seventy-five percent (75%) of your then-current annual base salary (the "<u>Target Bonus</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For fiscal year 2026, your STIP bonus will be measured against role-specific performance milestones established by the Board, tied to the Company's FY2026 execution priorities including, without limitation, IPO execution, revenue and bookings targets, TRISO fuel production milestones, regulatory and licensing achievements, and executive team development. The specific milestones and weightings shall be documented in a milestone schedule approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Following the completion of the IPO, the STIP will transition to a mix of fifty percent (50%) company financial metrics and fifty percent (50%) strategic objectives, as determined by the Compensation Committee of the Board (the "<u>Compensation Committee</u>"). The target bonus percentage shall remain at seventy-five percent (75%) of Post-IPO Base Salary unless otherwise adjusted by the Compensation Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Achievement and payment of STIP bonuses are subject to your continued employment with the Company through the applicable payment date.

![](ea027607109_ex10-10img1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>IPO Completion Bonus</u>**. Upon the successful closing of the IPO, you will receive a one-time cash bonus equal to 0.75x your Pre-IPO Base Salary ($225,000), payable within thirty (30) days following the IPO pricing date, subject to your continued employment through such date. This bonus is separate from and in addition to the STIP described in Section 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Existing Equity Awards</u>**. For the avoidance of doubt, all equity awards previously granted to you by the Company, including the initial equity grant of 1,712,500 shares of Common Stock referenced in the Performance-Based Incentive Plan attached to the Original Offer Letter, the option to purchase 950,422 shares of Common Stock granted pursuant to the Original Offer Letter, and any other equity awards granted to you prior to the date of this Letter, shall remain in full force and effect and shall continue to vest in accordance with their existing terms (with such share amounts as shall be appropriately adjusted to reflect any future stock split, stock dividend, combination, or other recapitalization or reclassification or other change in the shares). Nothing in this Letter is intended to modify, amend, or supersede the terms of any previously granted equity award, except that the Performance-Based Incentive Plan attached to the Original Offer Letter as Attachment A is hereby superseded in its entirety with respect to cash compensation, bonus targets, and KPI structures. The vesting terms of equity awards granted thereunder are not modified by this Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Pre-IPO Equity Award</u>**. Contingent upon and effective as of the closing of the IPO, and subject to the approval of the Board, you will be granted restricted stock units ("<u>RSUs</u>") covering a number of shares of the Company's Common Stock equal to two percent (2.00%) of the Post-IPO Capitalization, as shall be appropriately adjusted to reflect any future stock split, stock dividend, combination, or other recapitalization or reclassification or other change in the shares) (the "<u>IPO Equity Award</u>"). "P<u>ost-IPO Capitalization</u>" means, as of immediately following the effectiveness of the Company's IPO, the sum of (without double counting) the total number of shares of Class A Common Stock and Class B Common Stock of the Company issued and outstanding, the number of shares of Class A Common Stock issuable upon the exercise of then-outstanding options under the Company's 2025 Stock Plan, and the number of shares issuable upon the vesting of then-outstanding RSUs under the 2026 Equity Incentive Plan ("<u>2026 Plan</u>"), provided that the RSUs approved pursuant to Board's action by written consent in connection with the IPO shall be considered as "outstanding" for such purposes unless rescinded by the Board prior to the effectiveness of the IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Vesting.** The IPO Equity Award will vest over three (3) years beginning on the IPO closing date (the "<u>IPO Date</u>"), with one-twelfth (1/12th) of the total RSUs vesting on each quarterly anniversary of the IPO Date, subject to your continuous service with the Company through each vesting date. Upon vesting, each RSU will be settled in one share of the Company's Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Fully Diluted Share Count.** The grant percentage is expressed as a percentage of fully diluted shares immediately following the effective time of the IPO, such that the share count will be adjusted for changes to the fully diluted share count between the date of this Letter and the effective time of the IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **General Terms.** The IPO Equity Award will be subject to the terms and conditions set forth in the Company's 2026 Plan (the "<u>Plan</u>") and the Company's standard form of RSU agreement, which you will be required to sign.

![](ea027607109_ex10-10img1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Severance and Change in Control Protection</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Severance.** If the Company terminates your employment without Cause or you resign for Good Reason (each as defined in a separation agreement to be entered into between you and the Company), you will be entitled to: (i) continued payment of your then-current base salary for a period of eighteen (18) months; (ii) payment of your Target Bonus for such eighteen (18) month period, paid in accordance with the Company's standard payroll schedule; and (iii) subject to your timely election to continue benefits under the Consolidated Omnibus Business Reconciliation Act ("<u>COBRA</u>"), Company-paid COBRA continuation coverage until the earliest of (A) the eighteen (18)-month anniversary of your termination date; (B) the date you are no longer eligible to receive COBRA coverage; and (C) the date on which you become eligible to receive substantially similar coverage from another employer. Receipt of severance benefits will be conditioned upon your execution of a general release of claims in a form acceptable to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Change in Control.** In the event of a Change in Control (as defined in the 2026 Plan), if your employment is terminated without Cause or you resign for Good Reason within twelve (12) months following such Change in Control, one hundred percent (100%) of your then-unvested equity awards shall immediately vest and become exercisable (as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Post-IPO Termination Protection.** If, within twelve (12) months following the closing of the IPO, your employment is terminated without Cause or you resign for Good Reason, you will receive twelve (12) months of accelerated vesting on all then-unvested equity awards, in addition to the severance benefits described in Section 7(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Post-Termination Exercise Window.** Upon any termination of employment other than by the Company for Cause, you will have twelve (12) months following the date of termination to exercise any outstanding vested stock options, notwithstanding any shorter exercise period set forth in any plan or option agreement under which such option was granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Indemnification</u>**. The Company shall enter into a standard executive indemnification agreement with you, providing customary indemnification and advancement of expenses, and shall maintain directors' and officers' liability insurance coverage for your benefit, including a six (6) year tail policy in the event of a Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Post-IPO Long-Term Incentive Plan</u>**. Following the closing of the IPO, the Compensation Committee intends to establish an annual long-term incentive plan consisting of performance-based RSUs. While specific grant sizes, performance metrics, and payout structures will be determined by the Compensation Committee in coordination with an independent compensation consultant, you will be eligible to participate in such programs on terms no less favorable than those offered to other similarly situated executive officers of the Company.

![](ea027607109_ex10-10img1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **<u>Employee Benefits</u>**. You will continue to be eligible to participate in the standard benefits plans offered to similarly situated employees of the Company from time to time, subject to plan terms and generally applicable Company policies. You will continue to be entitled to twenty-five (25) business days of Paid Time Off (PTO) per calendar year under the terms previously established. The Company reserves the right to modify or terminate benefits from time to time as it deems necessary or appropriate in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **<u>Confidential Information and Invention Assignment Agreement</u>**. You acknowledge that you have previously executed the Company's standard Confidential Information and Inventions Assignment Agreement (the "<u>CIIAA</u>"), which remains in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **<u>No Conflicts</u>**. You represent and warrant to the Company that you are under no obligations or commitments, whether contractual or otherwise, that would prohibit or otherwise restrict you from performing your duties for the Company. You will not use or disclose in connection with your performance of duties for the Company any trade secrets or other proprietary information or intellectual property in which you or any other person has an interest, and you confirm that your continued employment with the Company will not infringe or otherwise violate any other person's rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **<u>Taxes, Withholding and Required Deductions</u>**. All forms of compensation referred to in this Letter are subject to all applicable taxes, withholding and any other deductions required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **<u>At-Will Employment</u>**. Your employment with the Company continues to be "at-will." You may terminate your employment with the Company at any time and for any reason simply by notifying the Company. Likewise, the Company may terminate your employment at any time, with or without cause or advance notice. Your at-will employment status can only be modified in a written agreement signed by you and by an authorized officer of the Company. Notwithstanding the foregoing, the severance and change in control protections set forth in Section 7 shall survive any termination of employment to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **<u>Governing Law</u>**. The interpretation, validity, enforceability, and performance of this Letter and all matters arising out of or relating to this Letter shall be governed by and construed in accordance with the laws of the State of Tennessee, without application of conflict of law rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **<u>Entire Agreement</u>**. This Letter, together with the CIIAA, the indemnification agreement referenced in Section 8, any equity award agreements entered into pursuant to Section 6, and any equity award agreements previously executed by you and the Company that remain in effect, sets forth the entire agreement and understanding of the parties relating to the subject matter herein. This Letter supersedes and replaces in its entirety the Original Offer Letter dated December 20, 2024, including all attachments thereto. All other prior or contemporaneous discussions, understandings, and agreements, whether oral or written, between the parties relating to the subject matter hereof are hereby superseded, except for equity award agreements previously executed which shall continue in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **<u>Severability</u>**. If any provision of this Letter becomes or is deemed invalid, illegal, or unenforceable in any applicable jurisdiction, such provision shall be deemed amended to the minimum extent necessary to conform to applicable law so as to be valid and enforceable, or if such provision cannot be so amended without materially altering the intention of the parties, then such provision shall be stricken and the remainder of this Letter shall continue in full force and effect.

![](ea027607109_ex10-10img1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **<u>No Assignment</u>**. This Letter and all of your rights and obligations hereunder are personal to you and may not be transferred or assigned by you at any time. The Company may assign its rights under this Letter freely without restriction, including to any entity that assumes the Company's obligations hereunder in connection with any sale or transfer of all or a substantial portion of the Company's assets to such entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. **<u>Counterparts</u>**. This Letter may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, and all of which together shall constitute one and the same agreement. Execution via electronic signature shall have the same force and effect as execution of an original.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. **<u>Electronic Delivery</u>**. The Company may, in its sole discretion, decide to deliver any documents or notices related to this Letter, securities of the Company or any of its affiliates or any other matter, including documents and/or notices required to be delivered to you by applicable securities law or any other law or the Company's Certificate of Incorporation or Bylaws by email or any other electronic means. You hereby consent to (i) conduct business electronically (ii) receive such documents and notices by such electronic delivery and (iii) sign documents electronically and agree to participate through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.

[Signature Page Follows]

![](ea027607109_ex10-10img1.jpg)

Please sign and date this Letter and return it to the undersigned. By signing below, you acknowledge that this Letter supersedes and replaces in its entirety the Original Offer Letter dated December 20, 2024, and all attachments thereto, and that you accept the terms set forth herein.

We look forward to our continued partnership as we prepare for this important milestone in the Company's history.

---

| |
|:---|
| Sincerely, |
| Standard Nuclear, Inc. |
| /s/ Thomas Hendrix |
| Thomas Hendrix, Chairman |
| Board of Directors |

---

**Acceptance of Amended and Restated Offer**

I have read and understand all the terms of the amended and restated offer of employment set forth in this Letter. I accept each of those terms. I understand and agree that this Letter supersedes and replaces in its entirety the Original Offer Letter dated December 20, 2024, including the Performance-Based Incentive Plan attached thereto, except that equity awards previously granted thereunder shall continue to vest in accordance with their existing terms. I understand and agree that my employment continues to be at-will and, with the exception of a subsequent written agreement signed by an authorized representative of Standard Nuclear, Inc., no statements or communications, whether oral or written, will modify my at-will employment status.

---

| |
|:---|
| /s/ Kurt Terrani |
| Kurt Terrani |
| June 17, 2026 |
| Date |

---

## Exhibit 10.11

**Exhibit 10.11**

![](ea027607109_ex10-11img1.jpg)

Keeley Marrocco<br> Oak Ridge, Tennessee

January 17, 2026

**Subject: Amended and Restated Offer of Employment**

Dear Keeley,

Standard Nuclear, Inc. (the "<u>Company</u>") is pleased to provide this Amended and Restated Offer of Employment (this "<u>Letter</u>"), which supersedes and replaces in its entirety the offer letter dated December 20, 2024, between you and the Company, together with the Performance-Based Incentive Plan attached thereto as Attachment A (collectively, the "<u>Original Offer Letter</u>"). In anticipation of the Company's planned initial public offering (the "<u>IPO</u>"), the Company is updating and reaffirming the terms of your employment to reflect the current compensation framework and to establish the governance and protective provisions appropriate for a public-company Chief Operating Officer. All terms of the Original Offer Letter are hereby superseded by the terms set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Position</u>**. You will continue to serve in the position of Chief Operating Officer. You will perform duties and responsibilities that are reasonable and consistent with such position as may be assigned to you from time to time. You will continue to work at the Company's facility located in Oak Ridge, Tennessee. You will report directly to the Company's Chief Executive Officer. You agree to devote your full business time, attention, and best efforts to the performance of your duties and to the furtherance of the Company's interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Base Compensation</u>**. You will be paid an annual base salary at the rate of $200,000 per year (the "<u>Pre-IPO Base Salary</u>"), less payroll deductions and withholdings, paid semi-monthly in accordance with the Company's standard payroll schedule. Effective upon the closing of the IPO, your annual base salary shall be increased to $350,000 per year (the "<u>Post-IPO Base Salary</u>"). Such adjustment shall be automatic and shall not require further approval by the Board of Directors of the Company (the "<u>Board</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Short-Term Incentive Plan (STIP)</u>**. You will be eligible to participate in the Company's Short-Term Incentive Plan with a target bonus of seventy-five percent (75%) of your then-current annual base salary (the "<u>Target Bonus</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For fiscal year 2026, your STIP bonus will be measured against role-specific performance milestones established by the Board tied to the Company's FY2026 execution priorities including, without limitation, workforce buildout and hiring plan execution, facility construction and K-25 campus expansion, operational scalability and systems implementation, SOX/internal controls readiness, and safety and regulatory compliance. The specific milestones and weightings shall be documented in a milestone schedule approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Following the completion of the IPO, the STIP will transition to a mix of fifty percent (50%) company financial metrics and fifty percent (50%) operational objectives, as determined by the Compensation Committee of the Board (the "<u>Compensation Committee</u>"). The target bonus percentage shall remain at seventy-five percent (75%) of Post-IPO Base Salary unless otherwise adjusted by the Compensation Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Achievement and payment of STIP bonuses are subject to your continued employment with the Company through the applicable payment date.

![](ea027607109_ex10-11img1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>IPO Completion Bonus</u>**. Upon the successful closing of the IPO, you will receive a one-time cash bonus equal to 0.50x your Pre-IPO Base Salary ($100,000), payable within thirty (30) days following the IPO pricing date, subject to your continued employment through such date. This bonus is separate from and in addition to the STIP described in Section 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Existing Equity Awards</u>**. For the avoidance of doubt, all equity awards previously granted to you by the Company, including the initial equity grant of 1,500,000 shares of Common Stock referenced in the Performance-Based Incentive Plan attached to the Original Offer Letter, the option to purchase 380,169 shares of Common Stock granted pursuant to the Original Offer Letter, and any other equity awards granted to you prior to the date of this Letter, shall remain in full force and effect and shall continue to vest in accordance with their existing terms (with such share amounts as shall be appropriately adjusted to reflect any future stock split, stock dividend, combination, or other recapitalization or reclassification or other change in the shares). Nothing in this Letter is intended to modify, amend, or supersede the terms of any previously granted equity award, except that the Performance-Based Incentive Plan attached to the Original Offer Letter as Attachment A is hereby superseded in its entirety with respect to cash compensation, bonus targets, and KPI structures. The vesting terms of equity awards granted thereunder are not modified by this Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>IPO Equity Award</u>**. Contingent upon and effective as of the closing of the IPO, and subject to the approval of the Board, you will be granted restricted stock units ("<u>RSUs</u>") covering a number of shares of the Company's Common Stock equal to twenty hundredths of one percent (0.20%) of the Post-IPO Capitalization, as shall be appropriately adjusted to reflect any future stock split, stock dividend, combination, or other recapitalization or reclassification or other change in the shares) (the "<u>IPO Equity Award</u>"). "P<u>ost-IPO Capitalization</u>" means, as of immediately following the effectiveness of the Company's IPO, the sum of (without double counting) the total number of shares of Class A Common Stock and Class B Common Stock of the Company issued and outstanding, the number of shares of Class A Common Stock issuable upon the exercise of then-outstanding options under the Company's 2025 Stock Plan, and the number of shares issuable upon the vesting of then-outstanding RSUs under the 2026 Equity Incentive Plan ("<u>2026 Plan</u>"), provided that the RSUs approved pursuant to Board's action by written consent in connection with the IPO shall be considered as "outstanding" for such purposes unless rescinded by the Board prior to the effectiveness of the IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Vesting.** The IPO Equity Award will vest over three (3) years beginning on the IPO closing date (the "<u>IPO Date</u>"), with one-twelfth (1/12th) of the total RSUs vesting on each quarterly anniversary of the IPO Date, subject to your continuous service with the Company through each vesting date. Upon vesting, each RSU will be settled in one share of the Company's Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Fully Diluted Share Count.** The grant percentage is expressed as a percentage of fully diluted shares immediately following the effective time of the IPO, such that the share count will be adjusted for changes to the fully diluted share count between the date of this Letter and the effective time of the IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **General Terms.** The IPO Equity Award will be subject to the terms and conditions set forth in the Company's 2026 Plan and the Company's standard form of RSU agreement, which you will be required to sign.

![](ea027607109_ex10-11img1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Severance and Change in Control Protection</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Severance.** If the Company terminates your employment without Cause or you resign for Good Reason (each as defined in a separation agreement to be entered into between you and the Company), you will be entitled to: (i) continued payment of your then-current base salary for a period of twelve (12) months; (ii) payment of your Target Bonus for such twelve (12) month period, paid in accordance with the Company's standard payroll schedule; and (iii) subject to your timely election to continue benefits under the Consolidated Omnibus Business Reconciliation Act ("<u>COBRA</u>"), Company-paid COBRA continuation coverage until the earliest of (A) the twelve (12)-month anniversary of your termination date; (B) the date you are no longer eligible to receive COBRA coverage; and (C) the date on which you become eligible to receive substantially similar coverage from another employer. Receipt of severance benefits will be conditioned upon your execution of a general release of claims in a form acceptable to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Change in Control.** In the event of a Change in Control (as defined in the 2026 Plan), if your employment is terminated without Cause or you resign for Good Reason within twelve (12) months following such Change in Control, one hundred percent (100%) of your then-unvested equity awards shall immediately vest and become exercisable (as applicable)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Post-IPO Termination Protection.** If, within twelve (12) months following the closing of the IPO, your employment is terminated without Cause or you resign for Good Reason, you will receive twelve (12) months of accelerated vesting on all then-unvested equity awards, in addition to the severance benefits described in Section 7(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Post-Termination Exercise Window.** Upon any termination of employment other than by the Company for Cause, you will have twelve (12) months following the date of termination to exercise any outstanding vested stock options, notwithstanding any shorter exercise period set forth in any plan or option agreement under which such option was granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Indemnification</u>**. The Company shall enter into a standard executive indemnification agreement with you, providing customary indemnification and advancement of expenses, and shall maintain directors' and officers' liability insurance coverage for your benefit, including a six (6) year tail policy in the event of a Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Post-IPO Long-Term Incentive Plan</u>**. Following the closing of the IPO, the Compensation Committee intends to establish an annual long-term incentive plan consisting of performance-based RSUs. While specific grant sizes, performance metrics, and payout structures will be determined by the Compensation Committee in coordination with an independent compensation consultant, you will be eligible to participate in such programs on terms no less favorable than those offered to other similarly situated executive officers of the Company.

![](ea027607109_ex10-11img1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **<u>Employee Benefits</u>**. You will continue to be eligible to participate in the standard benefits plans offered to similarly situated employees of the Company from time to time, subject to plan terms and generally applicable Company policies. You will continue to be entitled to twenty-five (25) business days of Paid Time Off (PTO) per calendar year under the terms previously established. The Company reserves the right to modify or terminate benefits from time to time as it deems necessary or appropriate in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **<u>Confidential Information and Invention Assignment Agreement</u>**. You acknowledge that you have previously executed the Company's standard Confidential Information and Inventions Assignment Agreement (the "<u>CIIAA</u>"), which remains in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **<u>No Conflicts</u>**. You represent and warrant to the Company that you are under no obligations or commitments, whether contractual or otherwise, that would prohibit or otherwise restrict you from performing your duties for the Company. You will not use or disclose in connection with your performance of duties for the Company any trade secrets or other proprietary information or intellectual property in which you or any other person has an interest, and you confirm that your continued employment with the Company will not infringe or otherwise violate any other person's rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **<u>Taxes, Withholding and Required Deductions</u>**. All forms of compensation referred to in this Letter are subject to all applicable taxes, withholding and any other deductions required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **<u>At-Will Employment</u>**. Your employment with the Company continues to be "at-will." You may terminate your employment with the Company at any time and for any reason simply by notifying the Company. Likewise, the Company may terminate your employment at any time, with or without cause or advance notice. Your at-will employment status can only be modified in a written agreement signed by you and by an authorized officer of the Company. Notwithstanding the foregoing, the severance and change in control protections set forth in Section 7 shall survive any termination of employment to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **<u>Governing Law</u>**. The interpretation, validity, enforceability, and performance of this Letter and all matters arising out of or relating to this Letter shall be governed by and construed in accordance with the laws of the State of Tennessee, without application of conflict of law rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **<u>Entire Agreement</u>**. This Letter, together with the CIIAA, the indemnification agreement referenced in Section 8, any equity award agreements entered into pursuant to Section 6, and any equity award agreements previously executed by you and the Company that remain in effect, sets forth the entire agreement and understanding of the parties relating to the subject matter herein. This Letter supersedes and replaces in its entirety the Original Offer Letter dated December 20, 2024, including all attachments thereto. All other prior or contemporaneous discussions, understandings, and agreements, whether oral or written, between the parties relating to the subject matter hereof are hereby superseded, except for equity award agreements previously executed which shall continue in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **<u>Severability</u>**. If any provision of this Letter becomes or is deemed invalid, illegal, or unenforceable in any applicable jurisdiction, such provision shall be deemed amended to the minimum extent necessary to conform to applicable law so as to be valid and enforceable, or if such provision cannot be so amended without materially altering the intention of the parties, then such provision shall be stricken and the remainder of this Letter shall continue in full force and effect.

![](ea027607109_ex10-11img1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **<u>No Assignment</u>**. This Letter and all of your rights and obligations hereunder are personal to you and may not be transferred or assigned by you at any time. The Company may assign its rights under this Letter freely without restriction, including to any entity that assumes the Company's obligations hereunder in connection with any sale or transfer of all or a substantial portion of the Company's assets to such entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. **<u>Counterparts</u>**. This Letter may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, and all of which together shall constitute one and the same agreement. Execution via electronic signature shall have the same force and effect as execution of an original.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. **<u>Electronic Delivery</u>**. The Company may, in its sole discretion, decide to deliver any documents or notices related to this Letter, securities of the Company or any of its affiliates or any other matter, including documents and/or notices required to be delivered to you by applicable securities law or any other law or the Company's Certificate of Incorporation or Bylaws by email or any other electronic means. You hereby consent to (i) conduct business electronically (ii) receive such documents and notices by such electronic delivery and (iii) sign documents electronically and agree to participate through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.

[Signature Page Follows]

![](ea027607109_ex10-11img1.jpg)

Please sign and date this Letter and return it to the undersigned. By signing below, you acknowledge that this Letter supersedes and replaces in its entirety the Original Offer Letter dated December 20, 2024, and all attachments thereto, and that you accept the terms set forth herein.

We look forward to our continued partnership as we prepare for this important milestone in the Company's history.

Sincerely,

---

| |
|:---|
| Standard Nuclear, Inc. |
| /s/ Kurt Terrani |
| Kurt Terrani, Chief Executive Officer |

---

**Acceptance of Amended and Restated Offer**

I have read and understand all the terms of the amended and restated offer of employment set forth in this Letter. I accept each of those terms. I understand and agree that this Letter supersedes and replaces in its entirety the Original Offer Letter dated December 20, 2024, including the Performance-Based Incentive Plan attached thereto, except that equity awards previously granted thereunder shall continue to vest in accordance with their existing terms. I understand and agree that my employment continues to be at-will and, with the exception of a subsequent written agreement signed by an authorized representative of Standard Nuclear, Inc., no statements or communications, whether oral or written, will modify my at-will employment status.

---

| |
|:---|
| /s/ Keeley Marrocco |
| Keeley Marrocco |
| June 17, 2026 |
| Date |

---

## Exhibit 10.12

**Exhibit 10.12**

***Execution Version***

**ASSET PURCHASE AGREEMENT**

**BY AND AMONG**

**ULTRA SAFE NUCLEAR CORPORATION,**<br> a Delaware corporation,

**ULTRA SAFE NUCLEAR CORPORATION - TECHNOLOGIES,**<br> a Washington Corporation,

**USNC HOLDINGS, LLC,**

a Washington limited liability company,

Collectively as Seller

**AND**

**STANDARD NUCLEAR, INC.,**

A DELAWARE CORPORATION, AS BUYER

**Dated as of** **: November 21, 2024**

**ASSET PURCHASE AGREEMENT**

This Asset Purchase Agreement (this "***Agreement***") is made and entered into as of November 21, 2024 (the "***Effective Date***"), by and among Ultra Safe Nuclear Corporation, a Delaware corporation, Ultra Safe Nuclear Corporation – Technologies, a Washington corporation, USNC Holdings, LLC, a Washington limited liability company (collectively, "***Seller***"), and Standard Nuclear, Inc., a Delaware corporation (including all designee(s), assignee(s), or nominee(s) of Buyer (if any), collectively, "***Buyer***"). Buyer and Seller may each, individually, be hereinafter referred to as a "***Party***" and, collectively, as the "***Parties***".

**RECITALS:**

**WHEREAS,** Seller is engaged in the business of developing and selling nuclear fuel energy projects (the "***Business***");

**WHEREAS,** on October 29, 2024 (the "***Petition Date***"), Seller will file voluntary petitions for relief (the "***Bankruptcy Case***") under Chapter 11, Title 11 of the United States Code, 11 U.S.C. §§ 101, *et seq.* (the "***Bankruptcy Code***") in the United States Bankruptcy Court for the District of Delaware (the "***Bankruptcy Court***"); and

**WHEREAS,** subject to approval of the Bankruptcy Court and on the terms and subject to the conditions set forth herein and pursuant to a Sale Order (as hereafter defined), the parties desire to enter into this Agreement pursuant to which, among other things, Seller shall sell to Buyer, and Buyer shall purchase from Seller all of Seller's right, title and interest in and to the Purchased Assets (as hereafter defined), and Buyer shall assume from Seller and thereafter pay, discharge and perform the Assumed Obligations (as hereafter defined).

**NOW, THEREFORE,** in consideration of the respective representations, warranties, covenants, and agreements of the Parties hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

**<u>SECTION 1</u><br> DEFINITIONS**

For purposes of this Agreement, the following capitalized terms have the meanings specified or referred to in this <u>Section 1</u>:

"***Action***" means any claim, action, cause of action, demand, lawsuit, arbitration, hearing, inquiry, audit, notice of violation, proceeding, litigation, citation, summons, subpoena, or investigation of any nature, civil, criminal, administrative, regulatory, or otherwise, whether at law or in equity.

"***Affiliate***" of a Person means any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such Person. The term "control" (including the terms "controlled by" and "under common control with") means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by Contract or otherwise.

"***Agreement***" has the meaning set forth in the Preamble.

"***Alternative Transaction***" has the meaning set forth in <u>Section 8.1(f)(i)</u>.

"***Assignable Contracts***" has the meaning set forth in <u>Section 2.2(a)</u>.

"***Assignment and Assumption Agreement***" means the Assignment and Assumption Agreement between Seller and Buyer, in the form attached hereto as <u>Exhibit C</u>, to be executed and delivered at the Closing.

"***Assumed Liabilities***" has the meaning set forth in <u>Section 3.1(a)</u>.

"***Auction***" has the meaning set forth in <u>Section 8.1(a)</u>.

"***Avoidance Action***" means any claim, right, or cause of action of Seller arising under Chapter 5 of the Bankruptcy Code and any analogous state law claims relating to the Purchased Assets or the Business.

"***Backup Bidder***" has the meaning set forth in the Bid Procedures.

"***Bankruptcy Case***" has the meaning set forth in the Recitals.

"***Bankruptcy Code***" has the meaning set forth in the Recitals.

"***Bankruptcy Court***" has the meaning set forth in the Recitals.

"***Bidding Procedures Order***" has the meaning set forth in <u>Section 8.1(b)(i)</u>.

"***Bidding Protections***" has the meaning set forth in <u>Section 8.1(f)(i)</u>.

"***Bid Procedures***" has the meaning set forth in <u>Section 8.1(f)(i)</u>.

"***Bill of Sale***" means the Bill of Sale from Seller, in the form attached hereto as <u>Exhibit D</u>, to be executed and delivered at the Closing.

"***Break-Up Fee***" has the meaning set forth in <u>Section 8.1(f)(i)</u>.

"***Business***" has the meaning set forth in the Recitals.

"***Business Day***" means any day except Saturday, Sunday or any other day on which commercial banks located in New York, New York, are authorized or required by Law to be closed for business.

"***Business Records***" has the meaning set forth in <u>Section 2.1(f)</u>.

"***Buyer***" has the meaning set forth in the Preamble.

"***Buyer's Closing Certificate***" has the meaning set forth in <u>Section 4.5(b)(iii)</u>.

"***Cash Consideration***" has the meaning set forth in <u>Section 4.6</u>.

"***Claim***" means a claim as defined in Section 101 of the Bankruptcy Code.

"***Closing***" has the meaning set forth in <u>Section 4.4</u>.

"***Closing Date***" has the meaning set forth in <u>Section 4.4</u>.

"***Code***" means the Internal Revenue Code of 1986, as amended.

"***Contracts***" means all contracts, leases, subleases, deeds, mortgages, licenses, instruments, notes, commitments, purchase orders, customer orders, undertakings, indentures, joint ventures, and all other agreements, commitments, and legally binding arrangements, whether written or oral, and with respect to any of the foregoing, all amendments, supplements, extensions, addenda, or restatements relating thereto.

"***Cure Costs***" means all monetary Liabilities that must be paid or otherwise satisfied in order to cure any monetary defaults required to be cured under section 365(b)(1) of the Bankruptcy Code or otherwise to effectuate, pursuant to the Bankruptcy Code, the assumption of the Designated Contracts.

"***Designated Contracts***" has the meaning set forth in <u>Section 2.2(a)</u>.

"***Designated Employees***" means those employees identified by Buyer as necessary to the post-closing operation of the Business, as listed collectively on <u>Schedule 4.2(c)</u> and <u>Schedule 4.2(d)</u> prepared and delivered by Buyer to Seller and the Committee (as defined in the Bidding Procedures Order) on or before December 4, 2024.

"***Disclosure Schedules***" collectively means the Disclosure Schedules delivered by Seller to Buyer concurrently with the execution and delivery of this Agreement, composed of the Schedules referenced throughout this Agreement.

"***Effective Date***" has the meaning set forth in the Preamble.

"***Employee Benefit Plans***" means (i) a bonus, deferred compensation, incentive compensation, stock purchase, stock option, profits interest, severance or termination pay, hospitalization or other medical, life or other insurance, fringe benefit, supplemental unemployment benefits, profit-sharing, 401(k) pension, or retirement plan, program, agreement, or arrangement; and (ii) each other employee benefit plan, program, agreement, or arrangement, sponsored, maintained, or contributed to or required to be contributed to by Seller or by any trade or business, whether or not incorporated, that together with Seller would be deemed a "single employer" within the meaning of Section 414 of the Code or Section 4001(b)(l) of ERISA (each, individually, an "***ERISA Affiliate***"), for the benefit of any employee or former employee of Seller, whether formal or informal, oral or written, and whether legally binding or not, or in connection with which Seller or any ERISA Affiliate has any Liability.

"***Employment Contract***" means each employment Contract entered into by Buyer and a Designated Employee effective upon the entry of the Sale Order; <u>provided</u>, <u>however</u>, each such Employment Contract shall provide each Designated Employee with: (i) base salary or hourly wages and target bonus opportunities that are individually no less favorable than each such employee's base salary or hourly wages and target bonus opportunities provided immediately prior to the Closing; and (ii) employee benefits that are generally offered by Buyer to its other employees.

"***Encumbrance***" means any charge, Lien, Claim, right, demand, mortgage, lease, debt, losses, damage, demand, fine, judgment, penalty, liability, obligation, commitment, assessment, cost, expense, loss, expenditure, charge, fee, penalty, fine, contribution, premium, sublease, hypothecation, deed of trust, pledge, security interest, option, right of use or possession, right of first offer or first refusal, rights of others, easement, restrictive covenant, right of way, preemptive right, conditional sale, servitude, conditional sale agreement, or restriction (whether on voting, sale, transfer, defenses, set-off or recoupment rights, disposition or otherwise), encroachment, encumbrance, third party interest, or other restriction or limitation of any kind, whether imposed by contract, Law, equity, or otherwise.

"***Escrow Account***" has the meaning set forth in <u>Section 4.7(a).</u> 

"***Escrow Agent***" has the meaning set forth in <u>Section 4.7(a)</u>.

"***Escrow Amount***" has the meaning set forth in <u>Section 4.7(a).</u> 

"***Excluded Liabilities***" has the meaning set forth in <u>Section 3.2</u>.

"***Expense Reimbursement***" has the meaning set forth in <u>Section 8.1(f)(i)</u>.

"***Final Order***" means an order or judgment of the Bankruptcy Court, the operation or effect of which has not been reversed, stayed, modified, or amended and which is in full force and effect, and as to which the time to appeal, petition for certiorari, or move for a new trial, reargument, or rehearing has expired and as to which no appeal, petition for certiorari, or other proceedings for a new trial, reargument, or rehearing shall then be pending.

"***Framatome***" means Framatome, Inc.

"***Governmental Authority***" means any federal, state, local, or foreign government or political subdivision thereof, or any agency or instrumentality of such government or political subdivision, or any self-regulated organization, or other non-governmental regulatory authority, or quasi-governmental authority (to the extent that the rules, regulations, or orders of such organization or authority have the force of Law), or any arbitrator, court, or tribunal of competent jurisdiction.

"***Initial Designated Contracts***" has the meaning set forth in <u>Section 2.2(a)</u>.

"***Intellectual Property Assignments***" has the meaning set forth in <u>Section 4.5(a)(v)</u>.

"***Intellectual Property***" means all copyrightable works, all registered and unregistered copyrights and applications therefor, registered and unregistered trademarks and applications therefor, registered and unregistered service marks and applications therefor, trade secrets, patent or invention disclosures, patent rights, inventions, research and development, ideas, discoveries, trade names and trade name rights used in connection with and/or otherwise relating to the Business and/or the Purchased Assets, trade dress, websites, including website code, content, functionality, graphics, domain names, URLs, e-mail addresses, computer software, and all related source code and object code, all architectural drawings, designs, templates, and sketches and related library resources available to Seller and any excel or software templates used by Seller in the Business, all goodwill of the Business as a going concern, including lists of customers, prospective customers, suppliers, correspondence, purchase orders, market surveys, marketing plans, marketing research, and marketing know-how; and all general intangibles of the Business, including techniques, processes, inventions, designs, logos, databases, including databases of historical designs, formulae, and know-how that pertain to the Business. Notwithstanding anything to the contrary contained herein, the term "Intellectual Property" shall not include any items constituting a Retained Asset.

"***Intellectual Property Licenses***" means any grant to Sellers of a right to use a third Person's Intellectual Property rights on a royalty-free basis, including, without limitation, any Intellectual Property Licenses for the use of Intellectual Property embedded or included in any Purchased Assets by the seller or manufacturer of such Purchased Assets.

"***Joint Venture***" means the entity governed by and pursuant to the JV Agreement, if any.

"***Joint Venture Conditions***" means, collectively: (i) Seller and Framatome shall have entered into a National Security Agreement in accordance with their application for approval from the Committee on Foreign Investment in the United States ("***CFIUS***"); (ii) on or prior to the bid deadline set forth in the Bidding Procedures Order, Buyer and Framatome, subject to the entry of the Sale Order by the Bankruptcy Court, shall have entered into a non-binding memorandum of understanding in a form and manner acceptable to Buyer; and (iii) in the event Seller and Framatome shall have entered into a written joint venture agreement (the "***JV Agreement***") before or upon the entry of the Sale Order, then Seller shall assign to Buyer, and Buyer shall assume from Seller, the JV Agreement and all right, title, and interest of Seller therein, thereto, and arising thereunder, together with the written authorization and assent of Framatome and all required approvals of Governmental Authorities and other Persons therefor (including, without limitation, CFIUS), all in a form and manner acceptable to Buyer.

"***Law***" means any statute, law, ordinance, regulation, rule, code, constitution, treaty, common law, Order, or other requirement or rule of law of any Governmental Authority.

"***Liabilities***" means liabilities, claims, obligations, or commitments of any nature whatsoever, asserted or unasserted, known or unknown, absolute or contingent, accrued or unaccrued, matured or unmatured, or otherwise.

"***Material Adverse Effect***" means any event, occurrence, fact, condition, prospect, or change that is, or could reasonably be expected to become, individually or in the aggregate, materially adverse to (a) the Business or Seller; (b) the value of any one or more of the Purchased Assets; or (c) the ability of Seller or any Affiliate(s) thereof to consummate the Transactions, or to fully perform, satisfy, and discharge all obligations, covenants, and agreements of Seller contemplated under this Agreement or any of the other Transaction Documents, on a timely basis; <u>provided</u>, <u>however</u>, the following shall not constitute a Material Adverse Effect and shall not be taken into account in determining whether or not there has been or would reasonably be expected to be a Material Adverse Effect: (i) changes in general economic conditions or securities or financial markets in general; (ii) any changes in law applicable to Seller or any of Seller's properties or assets or interpretations thereof by any Governmental Authority; (iii) any outbreak or escalation of hostilities or war (whether declared or not declared) or any act of terrorism; (iv) any changes to the extent resulting from the announcement or the existence of, or Seller's compliance with, this Agreement and the transactions contemplated hereby; (v) any changes in accounting practices or policies that Seller is required to adopt after the date of this Agreement; (vi) matters occurring in, or arising from the Bankruptcy Case, including any events, occurrences, or other actions required to be taken as a result thereof; and (vii) any event, circumstance, development, change, occurrence, or effect to the extent resulting from, arising out of, or relating to any epidemic, pandemic or disease outbreak; <u>provided further</u>, in the case of clauses (i), (ii), (iii), (v), and (vii) such effects shall be taken into account in determining whether a Material Adverse Effect has occurred to the extent that any such effects have a disproportionate adverse effect on Seller, the Business, the Purchased Assets, or the Assumed Liabilities as compared to other similarly situated businesses.

"***Occupancy Costs***" has the meaning set forth in <u>Section 7.8</u>.

"***Order***" means any order, injunction, judgment, decree, ruling, writ, temporary or permanent restraining order, assessment, stipulation, determination, or award of any Governmental Authority.

"***Organizational Documents***" means, individually or collectively (as applicable), with respect to any Person: (i) the certificate of formation or incorporation, articles of organization, or similar formation and charter documents; (ii) any and all joint venture, limited liability company agreement, operating agreement, and other similar documents adopted or filed in connection with the creation, formation, incorporation, governance, operations, management, and/or organization of such Person; and (iii) all side letters, side agreements, regulations, voting agreements, and similar documents, instruments, or agreements relating to the governance, operations, management, and/or organization of such Person, in each case, as amended, restated, supplemented, and/or otherwise modified.

"***Outside Date***" has the meaning set forth in <u>Section 4.2(a)</u>.

"***Party***" and "***Parties***" have the respective meanings set forth in the Preamble.

"***Permitted Encumbrances***" collectively means (i) the Encumbrances set forth on <u>Schedule 1</u>; (ii) Encumbrances for Taxes, assessments and similar charges related to the Purchased Assets that are not yet due or are being contested in good faith by appropriate proceedings and for which appropriate reserves have been established in accordance with GAAP; and (iii) that are mechanic's, materialman's, carrier's, supplier's, vendor's, repairer's, or other similar Encumbrances arising in the ordinary course of business and securing amounts that are not delinquent or are being contested in good faith.

"***Permits***" has the meaning set forth in <u>Section 5.8</u>.

"***Person***" means any individual, corporation, partnership, limited liability company, association, trust, joint stock company, unincorporated organization, labor union, collective bargaining unit, joint venture, Governmental Authority, or other similar entity, whether or not a legal entity.

"***Petition Date***" has the meaning set forth in the Recitals.

"***Proceeding***" means any pending Action or other pending of any kind involving any Governmental Authority or any other Person.

"***Purchased Assets***" has the meaning set forth in <u>Section 2.1</u>.

"***Purchase Price***" collectively means the amount of (i) the Cash Consideration, *minus* (ii) the aggregate amount of any adjustments made for Cure Costs actually incurred in respect of the Initial Designated Contracts.

"***Real Estate Transfer***" means the conveyance(s) required by the RPA.

"***Real Property***" means the real property and improvements thereon owned by Seller and located 200 Europia Avenue, Oak Ridge, Tennessee, that is more fully described in, and to be acquired in accordance with the terms of, the RPA.

"***Representative***" means, with respect to any Person, any director, manager, officer, agent, independent contractor, consultant, advisor, Affiliate, employee, or similar Person acting in a representative capacity for such Person.

"***Retained Assets***" has the meaning set forth in <u>Section 2.3</u>.

"***Retained Contracts***" has the meaning set forth in <u>Section 2.3(b)</u>.

"***Retained Records***" has the meaning set forth in <u>Section 2.3(c)</u>.

"***RPA***" means a real estate purchase and sale agreement between Buyer and Seller, dated as of even date herewith, conveying all right, title, and interest in and to the Real Property in the form attached hereto as <u>Exhibit E</u>, to be executed and delivered at the Closing.

"***Sale Motion***" has the meaning set forth in <u>Section 8.1(b)</u>.

"***Sale Order***" has the meaning set forth in <u>Section 8.1(b)(ii)</u>.

"***Seller***" has the meaning set forth in the Preamble.

"***Seller's Closing Certificate***" has the meaning set forth in <u>Section 4.5(a)(viii)</u>.

"***Seller's Knowledge***" or any other similar knowledge qualification in respect of Seller, means the actual knowledge of Kurt Terrani after reasonable inquiry.

"***Tax Return***" means any return, declaration, report, claim for refund, information return or statement, or other document relating to Taxes, including any schedule or attachment thereto, and including any amendment thereof.

"***Taxes***" means all federal, state, local, foreign, and other income, commercial activity, gross receipts, sales, use, production, ad valorem, transfer, franchise, registration, profits, license, lease, service, service use, withholding, payroll, employment, unemployment, estimated, excise, severance, environmental, stamp, occupation, premium, property (real or personal), real property gains, windfall profits, customs, duties, or other taxes, fees, assessments, or charges of any kind whatsoever, together with any interest, additions, or penalties with respect thereto, and any interest in respect of such additions or penalties.

"***Transfer Taxes***" means, to the extent not exempt under Section 1146(a) of the Bankruptcy Code in connection with the Bankruptcy Case, all excise, sales, use, value added, registration stamp, recording, documentary, conveyance, franchise, property, transfer, and similar Taxes, levies, charges and fees, including any interest and penalties incurred in connection with any of the Transactions.

"***Transaction Documents***" means this Agreement, the Assignment and Assumption Agreement, the Bill of Sale, the Bidding Procedures Order, the Sale Order, the Intellectual Property Assignments, all deliverables required to satisfy the Joint Venture Conditions in full, the Seller's Closing Certificate, the RPA, and all other agreements, instruments, certificates, and other documents required to be executed and/or delivered by Seller pursuant to any of the foregoing documents, or otherwise in connection with any of the contemplated Transactions.

"***Transactions***" means the transactions contemplated by the Transaction Documents.

**<u>SECTION 2</u>**

**TRANSFER OF ASSETS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 <u>Transfer of Assets</u>.** Subject to the terms and conditions hereof, at the Closing, Seller shall sell, assign, transfer, and deliver to Buyer, and Buyer shall purchase from Seller, all of Seller's right, title, and interest in and to the following assets, properties, and rights of Seller described under this <u>Section 2.1</u>, wherever located (collectively, the "***Purchased Assets***"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the prepaid expenses, prepaid deposits, retainers, customer deposits, security deposits, and utility deposits of Seller related to any of the Designated Contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the inventory, machinery, personal property, furniture, fixtures, assets, and equipment (i) located at the Real Property, (ii) located at Seller's facility located at 1930 North 2200 West, Suite #5, Salt Lake City, UT 84116, and/or (iii) otherwise primarily used in connection with and are material to the operations of the Business (as presently conducted), in each case, together with all transferable warranties and guaranties with respect to the foregoing, including those items listed on <u>Schedule 2.1(b)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all right, title, and interest of Seller in the Designated Contracts listed on <u>Schedule 2.2(a)-3</u> (as determined by Buyer in accordance with <u>Section 2.2</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to the extent assignable, all right, title, and interest of Seller in the Permits (as hereinafter defined);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Intellectual Property set forth on <u>Schedule 2.1(e)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the books, papers, records, advertising materials, studies, existing customer lists (including the names and addresses of current, past, and prospective customers related to the Purchased Assets and/or the operation of the Business in connection therewith, together with copies of all records, compilations, and files relating to such customers), price lists, supplier lists, drawings, designs, quality control specifications, cost analyses, flow sheets, equipment and parts lists, depreciation schedules, process sheets, instruction manuals, employee and accounting records, and other records of Seller relating to the Purchased Assets, the Assumed Liabilities, the Designated Contracts, or the operation of the Business, other than the Retained Records (collectively, the "***Business Records***");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the telephone, fax, and pager numbers and e-mail addresses assigned to Seller set forth on <u>Schedule 2.1(g)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all right, title and interest in and to the Real Property, pursuant to the Real Estate Transfer in accordance with the RPA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all deliverables, to the extent existing at closing, set forth in clauses (i) and (iii) of the definition of Joint Venture Conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** **<u>Assignable Contracts; Designated Contracts</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a) Schedule 2.2(a)-1</u> lists all assignable Contracts that are primarily related to the operation of the Business (as presently conducted), and/or the use, ownership, maintenance, and operation of any of the Purchased Assets (collectively, the "***Assignable Contracts***"), each of which Buyer may (but shall in no event be required to) elect to assume and have Seller assign to Buyer. Buyer shall have until that date that is one (1) Business Day prior to the deadline to submit bids in accordance with the Bid Procedures (such date being referred to herein as the "***Contract Designation Date***") to designate which of such Assignable Contracts Buyer wishes to assume and have Seller assign to Buyer at the Closing (collectively, the "***Designated Contracts***"). <u>Schedule 2.2(a)-2</u> sets forth a list of the initial Designated Contracts that Buyer has designated be assumed by and assigned to Buyer at Closing as of the date of this Agreement (collectively, the "***Initial Designated Contracts***"). <u>Schedule 2.2(a)-3</u> contains a list of all of the Designated Contracts, which shall be prepared by Buyer and delivered to Seller on or before the Contract Designation Date. In all cases, appropriate additions and deletions to <u>Schedule 2.2(a)-3</u> shall be made to reflect such elections made by Buyer with respect to the Designated Contracts. Any amendment to <u>Schedule 2.2(a)-3</u> pursuant to the foregoing provisions of this <u>Section 2.2(a)</u> shall be served by Seller on the parties to the Assignable Contracts that have been added to or deleted from <u>Schedule 2.2(a)-3</u>. For the avoidance of doubt, Buyer shall be responsible for all Cure Costs with respect to any Designated Contracts, other than Cure Costs in respect of Initial Designated Contracts which shall be and remain obligations of Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> Seller and Buyer shall continue to pursue, diligently and in good faith, the full satisfaction of the Joint Venture Conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> Subject to Buyer providing adequate assurance of future performance to the counterparty to each Designated Contract (to the extent required by the Bankruptcy Court), on the Closing Date Seller shall assign to Buyer (or cause the assignment to Buyer of, as applicable), and Buyer shall assume, the Designated Contracts, all pursuant to an Order of the Bankruptcy Court (which may be the Sale Order).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d)</u> The Sale Order shall provide that, as of the Closing, Seller (as applicable) shall assign to Buyer the Designated Contracts and the Designated Contracts shall be identified by (i) the name and date of the Designated Contracts (if available), (ii) the counterparty or counterparties to the Designated Contract, and (iii) the address of such party for notice purposes, all included on an exhibit attached to either the motion filed in connection with the Sale Order or a motion for authority to assume and assign such Designated Contracts or a notice filed pursuant to the Bidding Procedures Order. Such exhibit shall also (A) set forth the amounts necessary to cure any defaults under each of the Designated Contracts, as determined by the Bankruptcy Court, and (B) provide that Buyer is entitled to the benefit of and rights to any security deposits in the form of cash on deposit with the counterparty or counterparties to any Designated Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(e)</u> Notwithstanding anything contained in this Agreement to the contrary, this Agreement shall not constitute an agreement to assign or transfer any Designated Contract or any Permit, if, notwithstanding the provisions of Sections 363 and 365 of the Bankruptcy Code, an attempt at assignment or transfer thereof, without the consent or approval required or necessary for such assignment or transfer, would constitute a breach thereof or in any way adversely affect any of the rights of Buyer, as the assignee or transferee of such Designated Contract or Permit (as the case may be) thereunder. Notwithstanding the provisions of Sections 363 and 365 of the Bankruptcy Code and the commercially reasonable efforts of Seller, if such consent or approval is required but not obtained with respect to a Designated Contract or a Permit, Buyer may (in Buyer's sole and absolute discretion) but shall not be required to elect to proceed with the Closing, and in the event Buyer elects to proceed with the Closing then with respect to any Designated Contract or Permit for which consent or approval is required but not obtained, Seller shall cooperate diligently and in good faith, without further consideration, with Buyer in any commercially reasonable arrangement Buyer may request to provide Buyer with all of the benefits of, or under, the applicable Designated Contract or applicable Permit, including enforcement for the benefit of Buyer of any and all rights of Seller against any party to the applicable Designated Contract or applicable Permit arising out of the breach or cancellation thereof by such party; <u>provided further</u>, to the extent that any such arrangement has been made to provide Buyer with the benefits of, or under, the applicable Designated Contract or applicable Permit, from and after Closing, Buyer shall be responsible for, and shall promptly pay all payment and other Liabilities under such Designated Contract or Permit (all of which shall constitute, and shall be deemed to be, Assumed Liabilities hereunder) to the same extent as if such Designated Contract or such Permit had been assigned or transferred at Closing (excluding Cure Costs in respect of Initial Designated Contracts, which shall be and remain obligations of Seller); and <u>provided further</u> that with respect to contracts with the United States of America ("US Contracts") or any Permit which cannot be assigned as a matter of law, the failure of the Seller to assign such US Contract or Permit shall not constitute a breach of this Agreement or otherwise relieve the Buyer from its obligation to perform hereunder. Any assignment to Buyer of any Designated Contract or Permit that shall, notwithstanding the provisions of Sections 363 and 365 of the Bankruptcy Code, require the consent or approval of any Person for such assignment as aforesaid shall be made subject to such consent or approval being obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3** **<u>Retained Assets</u>.** Seller shall retain Seller's right, title, and interest in all assets, properties, and rights of Seller other than the Purchased Assets, including, without limitation, each of the following (collectively, the "***Retained Assets***"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all cash, cash equivalents, marketable securities, bank accounts, and other funds of Seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Contracts that are not specifically included in the Designated Contracts (collectively, the "***Retained Contracts***");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all corporate books and records that are solely and directly related to the Retained Assets, such as organizational and financial documents, minutes, stock ledgers, Tax Returns, all personnel and other records relating to Seller's employees who do not become employees of Buyer upon the Closing or that Seller is otherwise required by Law to retain, all records of Seller which specifically and exclusively pertain to the Retained Assets or Excluded Liabilities, and all attorney-client privileged materials, including those related to any of the contemplated Transactions (collectively, the "***Retained Records***");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any shares of capital stock or other equity interest in or issued by Seller or any securities convertible into, exchangeable, or exercisable for shares of capital stock or other equity interest in or issued by Seller or any records regarding same (including minute books or stock or membership interest certificates) and shares of capital stock or equity interest of Seller in any subsidiaries or Affiliates (other than those relating to the Joint Venture, if any);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the rights that accrue or will accrue to Seller under this Agreement or any of the other Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all Tax refunds due Seller in respect of any payment of Taxes made by, or on behalf of, Seller prior to the Closing Date, including, for the avoidance of doubt, all employee retention tax refunds or credits arising as a result of the pre-Closing operation of the Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all current and prior director and officer insurance policies of Seller and all rights of any nature with respect thereto, including all insurance recoveries thereunder and rights to assert claims with respect to any such insurance recoveries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any security deposits or pre-paid expenses paid prior to the Closing Date and not associated with the Purchased Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) prepaid insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) all insurance policies and binders, all claims, refunds, and credits from insurance claims, insurance policies, or binders due or to become due with respect to such policies or binders and all rights to proceeds thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) all Avoidance Actions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) all litigation claims, rights, or causes of action of Seller, including, but not limited to, commercial tort claims.

**<u>SECTION 3</u>**

**ASSUMPTION OF CERTAIN LIABILITIES OF SELLER**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **3.1 <u>Assumption of Certain Liabilities</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In consideration for the transfer of the Purchased Assets by Seller, Buyer shall assume only (i) those Liabilities of Seller relating solely to the Purchased Assets (other than the Cure Costs in respect of any Designated Contracts that are Initial Designated Contracts and the Transfer Taxes) which first arise and relate to, or become due and payable in the ordinary course of business at, any time after the Closing, (ii) any Cure Costs in respect of Designated Contracts that are not Initial Designated Contracts, and (iii) any Occupancy Costs as provided in <u>Section 7.8</u> (collectively, the "***Assumed Liabilities***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ANYTHING CONTAINED HEREIN TO THE CONTRARY NOTWITHSTANDING, EXCEPT FOR THE ASSUMED LIABILITIES SPECIFICALLY DESCRIBED IN <u>SECTION 3.1(a)</u> AND AS PROVIDED IN <u>SECTION 4.7(c)</u> AND <u>SECTION 7.6</u>, BUYER DOES NOT AND SHALL NOT ASSUME, AND BUYER EXPRESSLY DISCLAIMS THE ASSUMPTION OF, ANY AND ALL LIABILITIES, TAXES, OR OBLIGATIONS (FIXED OR CONTINGENT, KNOWN OR UNKNOWN, MATURED OR UNMATURED, OR OTHERWISE) OF SELLER OR ANY OTHER PERSON(S), WHETHER OR NOT ARISING OUT OF OR RELATING TO ANY OF THE PURCHASED ASSETS, THE BUSINESS, THE DESIGNATED CONTRACTS, OR ANY OTHER BUSINESS OF SELLER OR ANY OTHER PERSON(S), ALL OF WHICH LIABILITIES, TAXES, AND OBLIGATIONS SHALL, AT AND AFTER THE CLOSING, REMAIN THE EXCLUSIVE RESPONSIBILITY OF SELLER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **<u>Excluded Liabilities</u>.** All of the Excluded Liabilities will remain the sole responsibility of Seller. The term "***Excluded Liabilities***" collectively means each and every Liability of Seller and/or any Affiliate(s) of Seller (other than the Assumed Liabilities), including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Liabilities under any of the Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Liabilities for federal, state, local, or foreign Taxes, including Taxes incurred in respect of or measured by (i) the income of Seller earned on or realized prior to the Closing Date, or (ii) any gain and income from the sale of the Purchased Assets and any of the other Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all Liabilities under any Employee Benefit Plans or relating to payroll, vacation, sick leave, workers' compensation, unemployment benefits, pension benefits, employee stock option or profit-sharing plans, health care plans or benefits, or any other employee plans or benefits of any kind for Seller's employees, former employees, or both (including, without limitation, any of the Plant Employees);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all Liabilities to indemnify any Person by reason of the fact that such Person was an officer, employee, member, manager, or other Representative of Seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all Liabilities or other obligations resulting from any Proceeding relating to Seller, the Business, any of the Purchased Assets, and/or any of the Assumed Liabilities arising out of applicable Law, transactions, actions, or omissions occurring prior to the Closing (for the avoidance of doubt, any obligations to Governmental Authorities relating to the manufacture, distribution and sale of products by Seller prior to the Closing shall remain the sole responsibility of Seller and any obligations to Governmental Authorities relating to the manufacture, distribution and sale of products by Buyer after the Closing, shall be the sole responsibility of Buyer);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all Liabilities for the payment of the Cure Costs in respect of Initial Designated Contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all Liabilities for the payment of the Transfer Taxes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all other Liabilities not set forth in <u>Section 3.1(a)</u>.

**<u>SECTION 4</u>**

**PURCHASE PRICE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **4.1 <u>The Asset Purchase</u>.** Upon the terms and subject to the conditions set forth in this Agreement, at the Closing, Buyer hereby agrees to purchase from Seller all of the Purchased Assets and assume all of the Assumed Liabilities and Seller hereby agrees to sell to Buyer all of the Purchased Assets, free and clear of any and all Encumbrances other than Assumed Liabilities and Permitted Encumbrances, for the Purchase Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **4.2 <u>Conditions to Buyer's Obligations</u>.** Buyer's obligation to make the deliveries required of Buyer at the Closing and otherwise consummate the contemplated Transactions shall be subject to the satisfaction of each of the following conditions (unless such condition is waived by Buyer):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Sale Order shall become a Final Order on or before January 21, 2025 (the "***Outside Date***");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all of the representations and warranties of Seller contained herein shall continue to be true, correct, and complete when made and at the Closing (except to the extent expressly made with respect to another date or period, in which case it shall be true, correct, and complete as of such other date) in all material respects, and Seller shall have substantially performed or tendered performance of each and every covenant on Seller's part to be performed which, by its terms, is required to be performed at or before the Closing (including, without limitation, Seller's performance, in all respects, of its covenants hereunder to sell, assign, transfer, convey, and deliver to Buyer all of Seller's right, title, and interest in and to all Purchased Assets free and clear of all Encumbrances);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Buyer shall have entered into Employment Contracts with at least seventy-five percent (75.00%) of the Designated Employees listed on <u>Schedule 4.2(c)</u>, each in form and substance acceptable to Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Buyer shall have entered into Employment Contracts with at least seventy-five percent (75.00%) of the Designated Employees listed on <u>Schedule 4.2(d)</u>, each in form and substance acceptable to Buyer; <u>provided</u>, <u>however</u>, if prior to the Closing any Designated Employee listed on <u>Schedule 4.2(d)</u> ceases to be employed by Seller as a result of such Designated Employee's death or disability, then such Designated Employee shall be excluded from the determination of whether the seventy-five percent (75%) threshold has been satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Real Estate Transfer and all other transactions contemplated under and pursuant to the RPA shall have been consummated prior to or contemporaneously with the Closing of the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) subject to <u>Section 2.2(e)</u>, all of the Permits shall have been assigned or issued to Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Joint Venture Conditions shall have been satisfied in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Seller shall have tendered delivery of all items required to be delivered by Seller under <u>Section 4.5(a)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Critical Vendor Order shall have been entered by the Bankruptcy Court;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) subject to <u>Section 2.2(e)</u>, the Designated Contracts shall have been assigned to Buyer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) no Proceeding that is not stayed by the Bankruptcy Court shall be pending before any Governmental Authority seeking to restrain or prohibit the consummation of the contemplated Transactions, or seeking to obtain substantial damages in respect thereof, or involving a claim that consummation thereof would result in the violation of any Law of any Governmental Authority having appropriate jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **4.3** **<u>Conditions to Seller's Obligations</u>.** Seller's obligation to make the deliveries required of Seller at the Closing and otherwise consummate the contemplated Transactions shall be subject to the satisfaction of each of the following conditions (unless such condition is waived by Seller):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all of the representations and warranties of Buyer contained herein shall continue to be true, correct, and complete when made and at the Closing (except to the extent expressly made with respect to another date or period, in which case it shall be true, correct, and complete as of such other date) in all material respects, and Buyer shall have substantially performed or tendered performance of each and every covenant on Buyer's part to be performed which, by its terms, is required to be performed at or before the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no Proceeding that is not stayed by the Bankruptcy Court shall be pending before any Governmental Authority seeking or threatening to restrain or prohibit the consummation of the contemplated Transactions, or seeking to obtain substantial damages in respect thereof, or involving a claim that consummation thereof would result in the violation of any Law of any Governmental Authority having appropriate jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Buyer shall have tendered delivery of all items required to be delivered by Buyer under <u>Section 4.5(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **4.4** **<u>Closing</u>.** The closing of the Transactions (the "***Closing***") shall take place via the electronic exchange of documents upon the full satisfaction of the conditions set forth under <u>Section 4.2</u>, <u>Section 4.3</u> and <u>Section 4.5</u> (the date upon which the Closing actually occurs is herein referred to as the "***Closing Date***"), and the Closing shall be effective as of 12:01 a.m. Eastern Time on the Closing Date. Notwithstanding any other provision contained in this Agreement to the contrary, in the event the Closing does not occur on or before the Outside Date, Buyer shall have the right to elect to terminate this Agreement, which Buyer may exercise by delivering written notice of such election to Seller at any time after the Outside Date (but prior to the Closing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **4.5** **<u>Closing Deliveries</u>.** At the Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Seller will deliver to Buyer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Bill of Sale, duly executed by Seller, transferring the Purchased Assets to Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all deeds, instruments of transfer and any and all other documents required by the terms of the Real Estate Transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Assignment and Assumption Agreement, duly executed by Seller, effecting the assignment to and assumption by Buyer of the Designated Contracts and the Assumed Liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all deliverables required to satisfy the Joint Venture Conditions in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) one or more assignments, each in the form attached hereto as <u>Exhibit F</u> and duly executed by Seller, to effectuate and evidence the transfer of all of Seller's right, title, and interest in and to the Intellectual Property (including, without limitation, the trademark registrations and applications and domain name registrations included in the Intellectual Property) to Buyer (collectively, the "***Intellectual Property Assignments***");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) subject to <u>Section 2.2(e)</u>, all written consents required to be obtained or given by any Person in order to consummate any of the contemplated Transactions, and a waiver of any claims on the Business or the Purchased Assets, in such form and substance reasonably acceptable to Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a completed certification of non-foreign status pursuant to Section 1.1445-2(b)(2) of the Treasury Regulations, duly executed by Seller, and if applicable, any certificate, affidavit or other documentation required to establish that no Tax withholding is required under applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) a certificate from a duly-authorized and appointed manager or other officer of Seller, certifying that attached to such certificate are true, correct, and complete copies of (A) Seller's Organizational Documents (including, to the extent applicable, certified copies from each applicable Governmental Authority, and each dated as of a recent date reasonably acceptable to Buyer), (B) the duly and validly adopted resolutions of Seller's members and sole manager, being in full force and effect, authorizing the execution and delivery by Seller of all of the Transaction Documents to which it is a party, all of the contemplated Transactions, and the performance by Seller of its obligations under the Transaction Documents, and (C) a certificate of status, certificate of good standing, or similar certificate for Seller issued by each applicable Governmental Authority (each dated as of a recent date reasonably acceptable to Buyer) (the "***Seller's Closing Certificate***");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) all deliverables required to assign or issue the Permits to Buyer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) such other documents or instruments, in form and substance reasonably acceptable to Buyer, as Buyer may deem reasonably necessary, or as may be required to consummate any of the contemplated Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the Closing, Buyer shall deliver or cause to be delivered to Seller:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) evidence reasonably satisfactory to Seller that Buyer has made the Cash Consideration payment required by <u>Section 4.6</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Assignment and Assumption Agreement duly executed by Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a certificate from a duly-authorized and appointed manager or other officer of Buyer, certifying that attached to such certificate are true, correct, and complete copies of (A) Buyer's Organizational Documents (including, to the extent applicable, certified copies from each applicable Governmental Authority, and each dated as of a recent date reasonably acceptable to Seller), (B) the duly and validly adopted resolutions of Buyer's authorized governing body, being in full force and effect, authorizing the execution and delivery by Buyer of all of the Transaction Documents to which it is a party, all of the contemplated Transactions, and the performance by Buyer of its obligations under the Transaction Documents, and (C) a certificate of status, certificate of good standing, or similar certificate for Buyer issued by each applicable Governmental Authority (each dated as of a recent date reasonably acceptable to Seller) (the "***Buyer's Closing Certificate***"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such other documents or instruments, in form and substance reasonably acceptable to Buyer, as Buyer may deem reasonably necessary, or as may be required to consummate any of the contemplated Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **4.6** **<u>Purchase Price</u>.** The cash consideration payable at Closing by Buyer to Seller for the transfer of the Purchased Assets shall equal $28,000,000.00 (as adjusted pursuant to <u>Section 4.7</u>, the "***Cash Consideration***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **4.7** **<u>Payment of Purchase Price; Escrow Deposit</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Seller shall establish and maintain a separate escrow account (the "***Escrow Account***") with Stretto, Inc. (the "***Escrow Agent***"), pursuant to an escrow agreement in form and substance reasonably satisfactory to the Parties. Seller shall provide notice in writing to Buyer with the account information for such Escrow Account, and within ten (10) Business Days after receiving such notice, Buyer shall pay as a deposit a portion of the Cash Consideration in an amount equal to $2,800,000.00 (the "***Escrow Amount***") into the Escrow Account by wire transfer in immediately available funds. The Escrow Amount shall be held in escrow in the Escrow Account and shall be released as follows: (i) if the Closing occurs, the Escrow Amount and shall be applied towards the Cash Consideration payable by Buyer pursuant to <u>Section 4.6</u>; (ii) if the Closing does not occur due to the termination of this Agreement pursuant to <u>Section 8.4(c)(i)</u>, then Seller, upon notice to Buyer shall promptly submit written instructions to the Escrow Agent to release the Escrow Amount to Seller (and such Escrow Amount will be deemed fully earned by Seller as compensation and consideration for entering into this Agreement) and Escrow Agent shall be required to disburse the Deposit to Seller ten (10) days thereafter unless Buyer objects, in good faith, to such disbursement prior to the expiration of such ten-day period; or (iii) if the Closing does not occur due to the termination of this Agreement for any reason other than pursuant to <u>Section 8.4(c)(i)</u>, then Buyer, upon notice to Seller, shall submit written instructions to the Escrow Agent to release the Escrow Amount to Buyer and Escrow Agent shall be required to disburse the Deposit to Buyer ten (10) days thereafter unless Seller objects, in good faith, to such disbursement prior to the expiration of such ten-day period. The Escrow Amount shall only constitute property of Seller's bankruptcy estate in the event that the Deposit Amount is required to be released to Seller by the Escrow Agent in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the Closing, Buyer shall pay to Seller an amount equal to the difference of (x) the Cash Consideration *less* (y) the Escrow Amount, in immediately available funds in accordance with the wire instructions delivered by Seller to Buyer in writing prior to the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Taxes (other than Taxes imposed or assessed on income) shall be prorated between Seller and Buyer as of the Closing Date based upon the number of days elapsed in the applicable taxable period as of the Closing Date. All ad valorem property and personal taxes payable upon the Purchased Assets will be prorated between Seller and Buyer for the tax year in which the Closing is held, on the basis of the tax statements for such year; <u>provided</u>, <u>however</u>, if tax statements for the current year are not available as of the Closing Date, the tax proration between Seller and Buyer will be made on the basis of 106% of the taxes for the immediately prior tax year. Notwithstanding anything to the contrary, the tax proration made at Closing will be a final proration between Buyer and Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.8** **<u>Allocation of Purchase Price</u>.** Within ninety (90) days after the Closing Date, Buyer shall prepare and deliver to Seller a schedule showing the allocation of the Purchase Price and Assumed Liabilities (together with other items properly treated as purchase price for federal income Tax purposes, including Liabilities deemed to be assumed by Buyer) (the "***Allocation Schedule***"). Buyer shall provide to Seller a preliminary, non-binding Allocation Schedule based on Seller's balance sheet dated as of August 31, 2024 (a true, complete, and accurate copy of which is attached as <u>Schedule 4.8</u>) no later than three (3) days prior to Closing, and Buyer agrees to utilize the same methodologies and proportionate allocation in the final Allocation Schedule as it did in preparing the preliminary, non-binding Allocation Schedule. Seller shall promptly adopt such Allocation Schedule as reasonably proposed by Buyer, and both Parties shall utilize such allocations for all Tax reporting purposes and shall defend any examination or audit relating thereto in a manner consistent with such allocation. Such allocation shall be reflected, as well, on Form 8594 (Asset Acquisition Statement under Section 1060), which Seller and Buyer shall each file separately with the Internal Revenue Service pursuant to the requirements of Section 1060 of the Code. Any adjustment to the Purchase Price shall be allocated as provided by Treasury Regulation Section 1.1060-1(c).

**<u>SECTION 5</u>**

**REPRESENTATIONS AND WARRANTIES OF SELLER**

Seller hereby represents and warrants to Buyer that the following statements are correct and complete as of both the Effective Date and as of the Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **5.1 <u>Existence, Good Standing, and Enforceability</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Seller is a corporation duly formed, validly existing, and in good standing under the Law of the State of Delaware and has all requisite power and authority to own and operate the Purchased Assets and to conduct the Business as presently conducted. <u>Schedule 5.1</u> sets forth Seller's jurisdiction of organization, the other jurisdictions in which Seller is qualified to do business. Seller is duly licensed or qualified to do business as a foreign corporation, and is in good standing under the Law of each other jurisdiction under which such licensing or qualification is necessary pursuant to applicable Law, except where the failure to be so licensed, qualified or in good standing would not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Seller has the requisite corporate power and authority to execute and deliver this Agreement and the other Transaction Documents to which it is a party, to perform Seller's obligations hereunder and thereunder, and, subject to entry of the Sale Order, to consummate each of the Transactions. The execution and delivery of this Agreement and the other Transaction Documents to which Seller is a party, the performance by Seller of Seller's obligations hereunder and thereunder, and the consummation of each of the Transactions have been duly authorized by all requisite corporate action on the part of Seller, and, subject to entry of the Sale Order, no other authorization or proceedings on the part of Seller is required therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement has been, and each of the other Transaction Documents to which Seller is a party will be at or prior to the Closing, duly and validly executed and delivered by Seller and (assuming due authorization, execution, and delivery by Buyer and entry of the Sale Order) this Agreement constitutes, and each of the other Transaction Documents to which Seller is a party when so executed and delivered will constitute, legal, valid, and binding obligations of Seller, enforceable against Seller in accordance with their respective terms. The Person(s) signing this Agreement and the other Transaction Documents on behalf of Seller has been duly authorized to execute and deliver this Agreement and the other Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **5.2 <u>Capitalization; Subsidiaries</u>.** <u>Schedule 5.2-1</u> sets forth the capitalization of Seller, including a list of all officers and managers of Seller. Except as set forth on <u>Schedule 5.2-2</u>, Seller does not own or control any equity security or other interest of any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3 <u>No Conflict</u>.** The consummation of the Transactions contemplated by this Agreement and the other Transaction Documents, or compliance by Seller with any of the provisions thereof, after giving effect to the Sale Order, will not conflict with, or result in any violation or breach of, or default (with or without notice or lapse of time, or both) under, or give rise to a right of termination, cancellation, or acceleration of any obligation or to loss of a monetary, economic, or other material benefit under, or give rise to any obligation of Seller to make any payment under, or to the increased, additional, accelerated, or guaranteed rights or entitlements of any Person under, or result in the creation of any Liens upon any of the Purchased Assets under any provision of (a) the Organizational Documents of Seller, (b) any Contract or Permit, (c) any Order, or (d) any applicable Law, except, in each case, where such violation, breach or default would not reasonably be expected to result in a Material Adverse Effect. Except for entry of the Sale Order and as set forth on <u>Schedule 5.3</u>, no consent, waiver, approval, Order, Permit, or authorization of, or declaration or filing with, or notification to, any Governmental Authority or other Person is required on the part of Seller in connection with (i) the execution and delivery of this Agreement and the other Transaction Documents, the compliance by Seller with any of the provisions hereof and thereof, or the consummation of any of the Transactions, (ii) the transfer of the Purchased Assets, or (iii) the continuing validity and effectiveness, immediately following the Closing, of all Designated Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **5.4** **<u>Litigation</u>.** Except as set forth on <u>Schedule 5.4-1</u>, there has not been in the last three (3) years, and currently is no, Proceeding pending or threatened in writing against Seller or any of the Purchased Assets. To Seller's Knowledge, there are no existing facts or circumstances that would reasonably be expected to result in such a Proceeding. Except as set forth on <u>Schedule 5.4-2</u>, Seller is not subject to any outstanding Order. Seller does not hold or possess any commercial tort claims as of the Effective Date with respect to the Purchased Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **5.5** **<u>Title to Assets</u>.** Seller has good, valid, and marketable title to all the Purchased Assets, and at the Closing will deliver the Purchased Assets free and clear of all Encumbrances other than Permitted Encumbrances. The transfer of the Purchased Assets hereunder will convey to Buyer good, valid, and indefeasible title to the Purchased Assets, free and clear of all Encumbrances other than Permitted Encumbrances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **5.6** **<u>Brokers</u>.** Other than Intrepid Investment Bankers LLC ("***Intrepid***"), no broker, finder, investment banker, or other Person is entitled to any brokerage, finder's, or other fee or commission from Seller in connection with any of the contemplated Transactions. The obligations and Liabilities for the payment of all amounts due to Intrepid hereunder shall be borne solely by Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **5.7** **<u>[Intentionally Omitted]</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **5.8** **<u>Permits</u>.** All permits, approvals, licenses, franchises, and other authorizations from any Governmental Authority or other Persons maintained by Seller under applicable Law (i) to operate the Business, (ii) to use, own, maintain, and/or operate any of the Purchased Assets, and/or (iii) in connection with the Designated Contracts and the Assumed Liabilities are set forth on <u>Schedule 5.8</u> (collectively, the "***Permits***"). At all times from and after its formation, Seller has obtained and maintained in good standing all necessary Permits as required under applicable Law, except where the failure to maintain such Permits would not reasonably be expected to result in a Material Adverse Effect. Seller has not received any written notice regarding the pending, threatened, or anticipated suspension, revocation, impairment, forfeiture, cancellation, invalidation, termination, denial, or nonrenewal of any Permit and, to Seller's Knowledge there are no existing facts, events, or circumstances that would reasonably be expected to result in such any such actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **5.9** **<u>Customers, Vendors, and Suppliers</u>.** <u>Schedule 5.9</u> sets forth a list of each of (i) Seller's top ten (10) customers, and (ii) top ten (10) vendors and suppliers, in each case, as measured by total consideration received or paid for each of the last two (2) fiscal years and the eight (8) month period ending as of August 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **5.10** **<u>Compliance</u>.** Seller, for the immediately preceding three (3) years, (a) is and has been in compliance with all Laws, Permits, and Orders applicable to Seller, the Business, and the Purchased Assets (including, without limitation, with respect to its employees and independent contractors), except where any noncompliance by Seller would not reasonably be expected to result in a Material Adverse Effect, and (b) has not been charged with, received any notice of, or to Seller's Knowledge been under investigation or audit with respect to any alleged default under, breach or violation of, or nonconformity with any such applicable Laws, Permits, and Orders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **5.11 <u>Employees</u>.** Seller has delivered a true, accurate, and complete list of all persons presently employed by Seller at the facility located on the Real Property and/or who otherwise dedicate all or substantially all of their time to the operation of the Business and/or the use, operation, or maintenance of any of the Purchased Assets (including any such person who is absent from employment due to illness, vacation, injury, military service, or other authorized absence) (such persons, together with any additional employees hired by Seller in connection with the foregoing prior to the Closing, the "***Plant Employees***") indicating their: (i) employer; (ii) job title or position; (iii) principal place of employment; (iv) date of commencement of service and seniority or service date if different than the date of commencement of service; (v) status as full-time or part-time; (vi) status as exempt or non-exempt; (vii) base wages or salary; (viii) other remuneration, including any bonus received or earned by any of them during the present and immediately preceding calendar year and a description of all perquisites, bonuses, and benefits (including vacation, severance, and fringe benefits) they receive or are eligible to receive; (ix) benefit elections in effect; and (x) leave status if absent from active employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to the Plant Employees, except as set forth on <u>Schedule 5.11-2</u>: (i) all Plant Employees are retained "at will"; (ii) to Seller's Knowledge, no Plant Employees intends to terminate their employment with Seller and/or its Affiliates prior to the Closing, or not accept employment with Buyer at the Closing; (iii) to Seller's Knowledge, there is not in existence any pending or threatened strike, slowdown, work stoppage, picketing, interruption of work, lockout or any other similar dispute or controversy, labor-related organizational effort, formal claim or charge of unfair labor practice, other union- or labor-related action or other claim, or other employment dispute against Seller and/or any of its Affiliates; and (iv) none of the Plant Employees are subject to or covered by any collective bargaining agreement, arrangement, or understanding, work rules or practice, or arbitration award, or is represented by any labor organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to each Plant Employees, Seller has copies of such Plant Employee's Form I-9 (Employment Eligibility Verification Form) and all other records, documents, or other papers which are required to be retained with the Form I-9 by the employer pursuant to applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To Seller's Knowledge, all Plant Employees are properly treated as "exempt" or "non-exempt" from overtime requirements under applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **5.12 <u>Insurance</u>.** <u>Schedule 5.12</u> sets forth a true, accurate, and complete list of all current insurance policies maintained by Seller relating to the Real Property, the conduct of the Business thereupon, and/or any of the Purchased Assets or Assumed Liabilities. All such policies are in full force and effect (and all premiums due and payable thereon have been or will be paid in full on a timely basis), and no written notice of cancellation, termination, nonrenewal, or other notice that any such policy is no longer in full force or effect or that the issuer of any such policy is not willing or able to perform its obligations thereunder has been received by Seller.

**<u>DISCLAIMER; NO OTHER WARRANTIES</u>. EXCEPT FOR THE REPRESENTATIONS OF SELLER EXPRESSLY SET FORTH IN THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENTS TO WHICH SELLER IS PARTY, SELLER MAKES NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AT LAW OR IN EQUITY CONCERNING ANY OF THE PURCHASED ASSETS (INCLUDING WITH RESPECT TO MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE). EXCEPT AS EXPRESSLY SET FORTH IN THIS <u>SECTION 5</u>, THE PURCHASED ASSETS ARE PROVIDED "AS IS," "WHERE IS," AND IN "WITH ALL FAULTS" CONDITION.**

**<u>SECTION 6</u>**

**REPRESENTATIONS AND WARRANTIES OF BUYER**

Buyer hereby represents and warrants to Seller that the following statements are correct and complete as of the Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **6.1 <u>Organization; Authority</u>.** Buyer is a corporation duly organized, validly existing, and in good standing under the Law of the State of Delaware, and has all requisite power and authority to acquire the Purchased Assets, to enter into this Agreement and the other Transaction Documents, and to perform its obligations hereunder and thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **6.2 <u>Enforceability</u>.** The execution and delivery of this Agreement and the other Transaction Documents by Buyer, and the performance of its obligations hereunder and thereunder, have been duly authorized by Buyer. Assuming due authorization, execution, and delivery by Seller and entry of the Sale Order, this Agreement and the other Transaction Documents constitute the valid and binding obligations of Buyer enforceable in accordance with their terms. The Person(s) signing this Agreement and the other Transaction Documents on behalf of Buyer has been duly authorized to execute and deliver this Agreement and the other Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **6.3 <u>Acknowledgement by Buyer</u>.** BUYER HEREBY ACKNOWLEDGES AND AGREES THAT, EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS AGREEMENT OR IN THE RPA, SELLER MAKES NO REPRESENTATIONS OR WARRANTIES WHATSOEVER, EXPRESS OR IMPLIED, WITH RESPECT TO ANY MATTER RELATING TO THE PURCHASED ASSETS INCLUDING EXPENSES TO BE INCURRED IN CONNECTION WITH THE PURCHASED ASSETS, THE PHYSICAL CONDITION OF ANY PERSONAL PROPERTY COMPRISING A PART OF THE PURCHASED ASSETS, THE ENVIRONMENTAL CONDITION OR OTHER MATTER RELATING TO THE PHYSICAL CONDITION OF THE REAL PROPERTY OR IMPROVEMENTS THEREUPON, THE ZONING OF THE REAL PROPERTY OR IMPROVEMENTS THEREUPON, THE VALUE OF THE PURCHASED ASSETS (OR ANY PORTION THEREOF), THE TERMS, AMOUNT, VALIDITY OR ENFORCEABILITY OF ANY ASSUMED LIABILITIES, THE MERCHANTABILITY OR FITNESS OF THE PERSONAL PROPERTY OR ANY OTHER PORTION OF THE PURCHASED ASSETS FOR ANY PARTICULAR PURPOSE, OR ANY OTHER MATTER OR THING RELATING TO THE PURCHASED ASSETS OR ANY PORTION THEREOF. EXCEPT TO THE EXTENT OTHERWISE PROVIDED IN THIS AGREEMENT AND/OR IN THE RPA, BUYER WILL ACCEPT THE PURCHASED ASSETS AT THE CLOSING "AS IS," "WHERE IS," AND "WITH ALL FAULTS."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **6.4 <u>Brokers</u>.** No broker, finder, or investment banker is entitled to any brokerage, finder's, or other fee or commission in connection with the transactions contemplated by this Agreement or any Transaction Document based upon arrangements made by or on behalf of Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **6.5 <u>Legal Proceedings</u>.** There are no Actions pending or, to Buyer's Knowledge, threatened against or by Buyer or any Affiliate of Buyer that challenge or seek to prevent, enjoin, or otherwise delay the transactions contemplated by this Agreement. No event has occurred or circumstances exist that may give rise or serve as a basis for any such Action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **6.6 <u>Sufficiency of Funds</u>.** Buyer has or will have sufficient cash on hand or other sources of immediately available funds to enable it to make payment of the Cash Consideration and consummate the Transactions.

**<u>SECTION 7</u><br> COVENANTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **7.1 <u>Purchased Assets</u>.** Seller will promptly (but in no event later than five (5) Business Days after its receipt thereof) deliver to Buyer the original of any mail or other communication received by Seller that relates to any of the Purchased Assets or any of the Assumed Liabilities. Seller will promptly (but in no event later than seven (7) Business Days after its receipt thereof) remit to Buyer any payment relating any of the Purchased Assets that Seller, any Affiliate of Seller, or any Representative of Seller receives or is entitled to receive, together with current, accurate, and complete records relating to such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **7.2 <u>Litigation Support</u>.** If any Party is evaluating, pursuing, contesting, or defending against any Proceeding in connection with (a) any of the Transactions or (b) any fact, situation, circumstance, status, condition, activity, practice, plan, occurrence, event, incident, action, failure to act, or transaction involving any of the Purchased Assets and/or any of the Assumed Liabilities, each other Party will reasonably cooperate with such Party and such Party's counsel in the evaluation, pursuit, contest, or defense, make available its personnel, and provide such testimony and access to its books and records as may be necessary in connection therewith. Each Party will bear its own costs and expenses related to such cooperation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **7.3 <u>Change and Use of Name</u>.** Within sixty (60) days after the Closing Date, Seller will cease to use, and will not grant any license to use, any name containing (a) the term "Ultra Safe Nuclear" or any variation, abbreviation, diminutive form, or derivation thereof; and/or (b) any name, slogan, logo, or trademark that is (i) a variation, abbreviation, diminutive form, or derivation of the term "Ultra Safe Nuclear", (ii) similar to any of the trademarks acquired by Buyer pursuant to this Agreement, or (iii) similar to any name, slogan, logo, or trademark formerly used by Seller prior to the Closing Date. Seller will take such actions as Buyer may from time to time reasonably request to enable Buyer and its Affiliates to use such name, slogan, logo, or trademark.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **7.4 <u>Further Action</u>.** Seller shall, upon the request of Buyer made from time to time and at any time (whether on or after the Closing Date), and without further consideration (a) execute, file, deliver, and/or record (as applicable) such certifications, certificates, deeds, assignments, transfers, assumptions, conveyances, powers of attorney, receipts, acknowledgments, acceptances, assurances, and other agreements, instruments, and documents as may be reasonably necessary to satisfy and perform the obligations of either Party hereunder; (b) reasonably cooperate in evaluating, pursuing, contesting, or defending any Proceeding in connection with the Purchased Assets and/or the Assumed Liabilities; (c) forward any communication and payments related to the Assumed Liabilities and/or the Purchased Assets; and (d) take any such other actions as may be reasonably necessary for Buyer to receive its full benefits under this Agreement and the other Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **7.5 <u>Access to Records</u>.** On and after the Closing Date, Seller, on one hand, and Buyer on the other hand, will each afford promptly to the other Party and such Party's agents reasonable access to such other Party's books of account, financial, and other records (including, without limitation, accountant's work papers), information, employees, and auditors to the extent necessary or useful for the other Party in connection with any audit, investigation, dispute, or litigation, or any other reasonable business purpose relating to the Purchased Assets, including, without limitation, Seller's administration of the Bankruptcy Case; <u>provided</u>, <u>however</u>, that any such access shall not unreasonably interfere with the conduct of the business of any Party. Each Party shall bear such Party's own out-of-pocket costs and expenses reasonably incurred in connection with the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.6 <u>Tax Matters</u>.** Seller and Buyer shall comply with all post-Closing Tax filings as may be required to be filed following the Closing under applicable Law. Buyer shall pay all applicable federal and state sales Taxes, goods and services Taxes, excise Taxes, and all other Taxes, duties, and other like charges properly payable upon and in connection with the sale of the Purchased Assets. Buyer and Seller agree to furnish or cause to be furnished to each other, upon request, as promptly as practicable, such information and assistance relating to the Business, the Purchased Assets, and/or the Assumed Liabilities (including access to books and records, Tax Returns, and tax workpapers of Seller) as is reasonably necessary for the preparation and filing of all Tax Returns, the making of any election relating to Taxes, the preparation for any audit by any Governmental Authority, and the prosecution or defense of any Proceeding relating to any Tax. Buyer and Seller shall cooperate with each other in good faith in the conduct of any audit or other Proceeding relating to Taxes involving the Business, the Purchased Assets, and/or the Assumed Liabilities. Buyer and Seller will consult and cooperate on a reasonable basis in preparing and timely filing all Tax Returns with respect to any Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **7.7 <u>Conduct of Business</u>.** At all times from and after the Effective Date through the Closing, Seller covenants and agrees to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject to any limitations arising as result of Seller's operation as a debtor-in-possession, maintain the operation of the Business and conduct the Business in the ordinary course and in accordance with past business practices, including without limitation using commercially reasonable efforts to maintain all employee staffing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to any limitations arising as result of Seller's operation as a debtor-in-possession, maintain all the tangible Purchased Assets in accordance with industry-standard or otherwise commercially reasonable practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) comply with all applicable Laws, Orders, Permits, and Assignable Contracts in all material respects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) allow Buyer and its Representatives reasonable access to the Purchased Assets and the Plant Employees (as mutually agreed upon by the Parties), provided that Seller shall be allowed to have its Representative(s) present at any such meeting and such access shall not unreasonably interfere with Seller's operation of the Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **7.8 <u>Removal of Purchased Assets</u>.** Buyer shall cause all tangible Purchased Assets located at any location other than the Real Property to be removed from such location on or before the date that is ninety (90) days after the Closing Date, <u>provided</u>, <u>however</u>, if all such Purchased Assets are not removed by such date, then Buyer shall be responsible for and shall reimburse Seller or directly pay to the party entitled to receive such amounts all reasonable and documented out-of-pocket costs of occupancy of such premises, including, without limitation, any monthly rent, costs of utilities, security costs, maintenance, and any other costs related to the occupancy of such location (collectively, "***Occupancy Costs***").

**<u>SECTION 8</u>**

**MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **8.1 <u>Bankruptcy Matters; Bidding Process</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Seller and Buyer acknowledge that this Agreement and the sale of the Purchased Assets is subject to Bankruptcy Court approval. Seller and Buyer acknowledge that (i) to obtain such approval, Seller must demonstrate that they have taken reasonable steps to obtain the highest or otherwise best offer possible for the Purchased Assets, including giving notice of the contemplated Transactions to creditors and certain other interested parties as ordered by the Bankruptcy Court, and conducting an auction in respect of the Purchased Assets (the "***Auction***"), (ii) Seller must pay the Cure Costs in respect of the Initial Designated Contracts, and (iii) to the extent required by the Bankruptcy Court, Buyer shall provide adequate assurance of future performance to the counterparty to each Designated Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Seller will promptly file with the Bankruptcy Court a motion (the "***Sale Motion***"), notices, and proposed Orders, to the extent amended as of the Effective Date, each in form and substance reasonably satisfactory to Buyer, seeking the Bankruptcy Court's issuance of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the bidding procedures Order attached hereto as <u>Exhibit A</u> (the "***Bidding Procedures Order***"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Sale Order attached hereto as <u>Exhibit B</u> (the "***Sale Order***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Seller shall serve a copy of the Sale Motion on: (i) all entities known to assert any interest in or Lien upon any of the Purchased Assets; (ii) all parties to any of the Designated Contracts; (iii) all parties that are entitled to notice under Bankruptcy Rule 2002; (iv) the attorneys general of all states in which the Purchased Assets are located; (v) the Office of the United States Trustee; (vi) the Securities and Exchange Commission; (vii) the Internal Revenue Service and any other Governmental Authority that has filed a claim against Seller and/or any of the Purchased Assets; (viii) all Persons that expressed to Seller an interest in purchasing the Purchased Assets; (ix) any party appearing in the Bankruptcy Case and claiming a secured interest in the Purchased Assets; (x) any party known to Seller and claiming a secured interest in the Purchased Assets; and (xi) any and all other parties directed by the Bankruptcy Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Seller shall deliver to Buyer copies of all motions, applications, and supporting papers prepared by or on behalf of Seller (including forms of orders and notices to interested parties) directly or indirectly relating to the Purchased Assets, the Assumed Liabilities, any of the Transaction Documents, and/or any of the Transactions at least two (2) Business Days prior to the filing thereof in the Bankruptcy Case, so as to allow Buyer to provide reasonable comments for incorporation into the same, except with respect to pleadings (other than the Sale Motion) where circumstances prevent such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If there is an Auction and Buyer is not the successful bidder at the conclusion of such Auction but is designated as the Backup Bidder, then Buyer shall keep Buyer's bid to consummate the Transactions upon the terms and conditions set forth in the Bidding Procedures Order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Break-Up Fee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In consideration for Buyer serving as the stalking-horse bidder, and this Agreement being subject to termination in the event Seller receives and accepts a higher and better bid consistent with the bid procedures (collectively, the "***Bid Procedures***") set forth in the Bidding Procedures Order (an "***Alternative Transaction***"), then, so long as this Agreement is not terminated prior to the Closing due to Buyer's uncured material breach or the failure to satisfy the conditions in <u>Section 4.2(c)</u> and <u>(d)</u> hereof, and regardless of whether Buyer makes any matching or competing bids, Seller shall pay to Buyer a stalking-horse bidder fee in an amount equal to $840,000.00 (the "***Break-Up Fee***") and an expense reimbursement of up to $300,000.00 (the "***Expense Reimbursement***" and collectively with the Break-Up Fee, the "***Bidding Protections***") upon the date an Alternative Transaction is consummated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Parties intend that the Bidding Protections shall be treated as an administrative expense in the Bankruptcy Case, senior to all unsecured claims; <u>provided</u>, <u>however</u>, in no event will the Bidding Protections be paid in the absence of the entry of a sale order approving an Alternative Transaction and consummation of such Alternative Transaction. Seller hereby acknowledges and agrees that: (A) the approval of the Bidding Protections are an integral part of the Transactions contemplated by the Transaction Documents; (B) in the absence of Seller's obligation to pay the Bidding Protections, Buyer would not have entered into this Agreement or any of the other Transaction Documents; (C) the entry of Buyer into this Agreement and the other Transaction Documents are necessary for preservation of the estate of Seller, and is beneficial to Seller because, in Seller's business judgment, it will enhance Seller's ability to maximize the value of its assets for the benefit of its creditors; (D) the Bidding Protections are reasonable in relation to Buyer's costs and efforts and to the magnitude of the contemplated Transactions, and to Buyer's lost opportunities resulting from the time spent pursuing the contemplated Transactions; and (E) time is of the essence with respect to the entry of the Bidding Procedures Order by the Bankruptcy Court, approving, among other things, the process by which bids may be solicited for the Purchased Assets. Seller's agreement to pay the Bidding Protections are subject to the Bankruptcy Court's entry of the Bidding Procedures Order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding anything to the contrary contained in this Agreement, Seller's obligations under this <u>Section 8.1(f)</u> shall survive the expiration or earlier termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Debtor in Possession</u>. During the pendency of the Bankruptcy Case, Seller shall continue to operate its business as a debtor in possession pursuant to the Bankruptcy Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Bankruptcy Pleadings</u>. Seller shall file the Bid Procedures motion and Sale Order on or within two (2) Business Days following the Petition Date, requesting, among other things, approval of the Bid Procedures and entry of the Bidding Procedures Order no later than twenty-five (25) days following the Petition Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>The Bidding Procedures and Sale Order</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Bidding Procedures Order, including the Bid Procedures and the Sale Order, each shall not be amended, modified, or supplemented from the forms attached hereto without Buyer's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Seller agrees not to challenge Buyer's standing with respect to any motion, hearing, or other matter related to this Agreement, any of the other Transaction Documents, or any Qualified Bid (as defined in the Bid Procedures), or other sale of any of the Purchased Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Bid Procedures may be modified by Seller as required by the terms of the Bidding Procedures Order, including pursuant to any further order entered by the Bankruptcy Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Bankruptcy Efforts</u>. Buyer and Seller shall use their commercially reasonable efforts to cause the Bankruptcy Court to enter (a) the Bidding Procedures Order within twenty-five (25) days following the Petition Date, and (b) the Sale Order within fifty-five (55) days after the Petition Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Public Announcements</u>. Other than the Parties' mutually-agreed upon press releases and other materials to be issued upon the announcement of this Agreement and the Transactions, with respect to which the Parties shall cooperate in good faith to jointly prepare or communicate consistent with the joint communication policy of the Parties, from and after the Effective Date, neither Party shall make any public announcement or public comment regarding this Agreement or the contemplated Transactions without the prior written consent of the other Party (which consent shall not be unreasonably withheld, delayed, or conditioned), unless and only to the extent that (i) to the extent required by Order of the Bankruptcy Court, the Bankruptcy Code and the applicable rules; (ii) the furnishing or use of information is required in making any filing or obtaining any authorization of any Governmental Authority required for the consummation of the contemplated Transactions (including any creditor or counterparty approval); or (iii) the furnishing or use of such information as required by applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>The Critical Vendor Motion</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Seller shall file, within five (5) days after the Petition Date, a motion seeking authority from the Bankruptcy Court to, in Seller's discretion, pay certain critical vendors (the "***Critical Vendor Motion***") and seeking the entry of an Order allowing that relief (the "***Critical Vendor Order***"). After entry of the Critical Vendor Order and prior to the Closing, Seller shall provide Buyer with periodic reports of all payments made in accordance with the Critical Vendor Order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Seller agrees to provide Buyer a draft of the Critical Vendor Motion at least two (2) days prior to filing and a schedule of anticipated payments (the "***Critical Vendor Payments***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **8.2** **<u>Efforts to Close</u>.** Upon the terms and subject to the conditions of this Agreement, each of the Parties shall use its commercially reasonable efforts to take, or cause to be taken, all actions, and to do, or cause to be done, all things necessary, proper, or advisable consistent with applicable Law to consummate and make effective, in the most expeditious manner practicable, each of the Transactions. Without limiting the foregoing provisions of this <u>Section 8.2</u>, Seller shall not voluntarily dismiss the Bankruptcy Case and shall use Seller's commercially reasonable efforts to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) obtain the Bidding Procedures Order on or before November 22, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) obtain the Sale Order on or prior to December 24, 2024 and, upon entry, cause it not to be (i) vacated, stayed, or reversed, or (ii) amended, supplemented, or otherwise modified, except (A) with the express written consent of Buyer or (B) as would not be adverse to Buyer in any material respect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject to the fiduciary duties of the trustee appointed by the Bankruptcy Court with respect to the Bankruptcy Case, prevent the dismissal of the Bankruptcy Case.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **8.3** **<u>Bidding Procedures Order</u>.** Seller agrees to comply (and to cause its Representatives to comply) with each of the procedures, terms, conditions, and provisions set forth in the Bidding Procedures Order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **8.4** **<u>Termination</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a) Termination by Mutual Consent</u>. This Agreement may be terminated at any time prior to the Closing Date by mutual written agreement of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b) Termination by Either Buyer or Seller</u>. This Agreement may be terminated at any time prior to the Closing Date by either Buyer or Seller if any Governmental Authority shall have issued an Order permanently restraining, enjoining, or otherwise prohibiting the consummation of the Transactions and either (i) thirty (30) days shall have elapsed from the issuance of such Order and such Order has not been removed or vacated, or (ii) such Order shall have become final and non-appealable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c) Termination by Seller</u>. This Agreement may be terminated with no further liability hereunder at any time prior to the Closing Date by Seller as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if there has been a material breach of this Agreement by Buyer, which breach Buyer has failed to cure within fourteen (14) days following its receipt of written notice thereof from Seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if any condition precedent of Seller specified in <u>Section 4.3</u> shall not have been satisfied or waived and shall have become impossible to satisfy, unless the failure of such condition to have been satisfied was caused primarily by a material breach by Seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the Closing Date shall not have occurred on or before 5:00 p.m. Eastern Standard Time on the Outside Date, but only to the extent the Closing has not occurred as of the Outside Date for reasons other than Seller's failure to meet its obligations hereunder, including, without limitation, using all diligent and commercially reasonable efforts to obtain approval of the Sale Order by the dates set forth herein; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if at the conclusion of any auction for the Purchased Assets, Buyer is not determined (in accordance with the Bidding Procedures Order) to be either (A) the successful bidder or (B) Backup Bidder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Termination by Buyer</u>. This Agreement may be terminated at any time prior to the Closing Date by Buyer as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Sale Order does not become a Final Order by the Outside Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if there has been a material breach of this Agreement by Seller, which breach Seller has failed to cure within fourteen (14) days following its receipt of written notice thereof from Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if any condition precedent of Buyer specified in <u>Section 4.2</u> shall not have been satisfied or waived or, in the reasonable judgment of Buyer, shall have become reasonably unlikely to be satisfied, unless the failure of such condition to have been satisfied was caused primarily by a material breach by Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if the Bankruptcy Court enters any Order approving any Alternative Transaction and Buyer has not been designated as a Backup Bidder in accordance with the Bidding Procedures Order or confirming any chapter 11 plan involving any Alternative Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if at the conclusion of any auction for the Purchased Assets, Buyer is not determined (in accordance with the Bidding Procedures Order) to be either (A) the successful bidder or (B) Backup Bidder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if the Closing Date shall not have occurred on or before 5:00 p.m. Eastern Standard Time on the Outside Date, but only to the extent the Closing has not occurred as of the Outside Date for reasons other than Buyer's failure to meet its obligations hereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) if the Bankruptcy Case shall be dismissed or converted to a case under Chapter 7 of the Bankruptcy Code, or a Chapter 11 trustee has been appointed, and, with respect to any of the foregoing, the trustee or Seller (as applicable) does not timely indicate his/her willingness to fulfill the obligations in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Effect of Termination</u>. In the event of termination by either Party of this Agreement pursuant to this <u>Section 8.4</u>, written notice thereof shall as promptly as practicable be given to the other Party and thereupon this Agreement shall terminate and the Transactions shall be abandoned without further action by the Parties hereto. Upon termination of this Agreement, (i) except as otherwise provided in this Agreement, this Agreement shall cease to have any force or effect, (ii) the Parties shall not have any liability to each other, except for fraud occurring on or before the date of such termination; <u>provided</u>, <u>however</u>, that if this Agreement is terminated by reason of (x) any material breach hereof by the non-terminating Party, or (y) any material non-compliance by the non-terminating Party with its obligations under this Agreement, which non-compliance shall have been the cause of the failure of one or more of the conditions to the terminating Party's obligations to effect the Transactions to have been satisfied, the terminating Party's right to pursue any available remedies at law will survive such termination unimpaired, and (c) the Parties under this Agreement shall cease to have any further obligations under this Agreement except pursuant to this <u>Section 8.4</u> through <u>Section 8.16</u> inclusive (as such obligations are affected by any defined terms contained herein relating thereto), and (d) all filings, applications and other submissions made pursuant to the Transactions shall, to the extent practicable, be withdrawn from the Government Authority or Person to which made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Notification of Certain Events</u>. Seller shall give notice to Buyer promptly upon becoming aware of any occurrence or failure to occur, of any event, which occurrence or failure to occur has caused or could reasonably be expected to cause any condition to the obligations of Buyer to affect the Transactions not to be satisfied. If Seller gives Buyer a notice pursuant to this <u>Section 8.4(f)</u>, then Buyer is permitted to terminate this Agreement pursuant to <u>Section 8.4(d)(iii)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **8.5** **<u>Further Assurances</u>.** The Parties agree, upon receipt of any reasonable request from the other Party and without expense to the other Party, to furnish such further information and to do such further acts and things, all as the other Party may reasonably request for the purpose of carrying out the intent of this Agreement, the other Transaction Documents, and the contemplated Transactions. Seller and Buyer shall cooperate and make available to each other, as reasonably requested, all information, records, and documents necessary to prepare or review any Tax Returns, financial statements, reports, or any calculations required pursuant to this Agreement or any of the other Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **8.6** **<u>Expenses of the Transactions</u>.** Each of the Parties shall bear its own fees and expenses incident to this Agreement, the other Transaction Documents, and all of the contemplated Transactions. Seller and Buyer each agree that neither Party will assume any Liability to pay fees and expenses of the other in connection with the Transactions, except as specifically set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **8.7** **<u>Remedies Cumulative</u>.** Each right, power, and remedy of a Party provided in this Agreement or now or hereafter existing, whether legal or equitable, and whether provided by statute, Contract, or otherwise, shall be cumulative and concurrent and shall be in addition to every other right, power, or remedy of such Party, and the exercise of any one or more of such rights, powers, or remedies shall not preclude the simultaneous or later exercise of any or all such other rights, powers, or remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **8.8** **<u>Waiver</u>.** Any term or condition of this Agreement may be waived in writing at any time by a Party entitled to the benefit thereof, and any such term or condition may be modified at any time, only by an agreement in writing executed by a duly authorized officer of each of the Parties. No delay or failure on the part of any Party in exercising any rights hereunder, and no partial or single exercise thereof, shall constitute a waiver of such rights or of any other rights hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **8.9** **<u>Severability</u>.** If any provision of this Agreement shall be held unenforceable, invalid, or void to any extent for any reason, such provision shall remain in full force and effect to the maximum extent allowable, if any, and the enforceability or validity of the remaining provisions of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.10** **<u>Entire Agreement; Amendment</u>.** Except to the extent expressly set forth otherwise herein, in any other Transaction Document, or in any other written instrument signed by each party to be bound thereby which makes reference to this Agreement, this Agreement and all Exhibits and Schedules attached hereto and referenced herein, together with all of the other Transaction Documents, embodies the entire agreement in relation to the subject matter hereof, and no representations, warranties, covenants, understandings, agreements, or otherwise in relation thereto exist between or among the Parties. This Agreement may not be amended or modified except by a written instrument signed by all Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **8.11** **<u>Binding Effect</u>.** This Agreement shall be binding upon and inure to the benefit of the Parties and their respective heirs, executors, personal Representatives, successors, and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **8.12** **<u>Notices</u>.** All notices and other communications required or permitted under this Agreement shall be in writing and shall be deemed given upon: (i) personal delivery, (ii) on the date sent by e-mail transmission of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours of the recipient, (iii) confirmed delivery by a standard overnight courier service, or when delivered by hand, or (iv) the date of receipt when mailed in the United States by certified or registered mail, postage prepaid, in each case addressed as respectively set forth in this <u>Section 8.12</u>, or to such other address as any Party shall have previously designated by such a notice in accordance with the foregoing provisions of this <u>Section 8.12</u>.

<u>If to Seller</u>:

c/o Ultra Safe Nuclear Corporation<br> 200 Europia Avenue

Oak Ridge, TN 37830

Attention: Mr. Kurt Terrani

Steven Cuevas, Esq.

Email: kurt.terrani@usnc.com<br> s.cuevas@usnc.com

 

*<u>With a mandatory copy (which shall not constitute notice to Seller) to</u>:*

Young Conaway Stargatt & Taylor, LLP

Rodney Square

1000 North King Street

Wilmington, DE 19801

Attention: Matthew B. Lunn, Esq.

Craig D. Grear, Esq.

Email: mlunn@ycst.com <br> cgrear@ycst.com

<u>If to Buyer</u>:

Standard Nuclear, Inc.

100 Park Avenue, Suite 3505

New York, NY 10017

Attention: Thomas Hendrix <br> Email: tommy@standardnuclear.com

 

*<u>With a mandatory copy (which shall not constitute notice to Buyer) to</u>:*

Nelson Mullins Riley & Scarborough LLP

330 Madison Avenue \| 27th Floor

New York, NY 10017

Attention: Arina Shulga <br> Email: arina.shulga@nelsonmullins.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **8.13** **<u>Counterparts</u>.** This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which shall constitute the same agreement, and the execution of a counterpart of the signature page to this Agreement shall be deemed the execution of a counterpart of this Agreement. This Agreement may also be executed through the use of electronic signature, which each Party acknowledges and agrees is a lawful means of obtaining signatures in the United States. The delivery of this Agreement and the Parties' executed counterpart signature pages hereto may be made by e-mail transmission of a PDF document, and such signatures shall be treated as original signatures for all applicable purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **8.14** **<u>Interpretation</u>.** The Parties have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any of the provisions of this Agreement. Accordingly, any applicable Law that would require interpretation of any ambiguities in this Agreement against the Party that has drafted it, is of no application and is hereby expressly waived. The Section titles and headings contained herein are for convenience only and shall not affect the construction hereof. The Recitals set forth herein are by this reference fully incorporated into this Agreement. Except to the extent specifically provided otherwise herein, or to the extent the context of the relevant provision(s) of this Agreement clearly indicate(s) or require(s) otherwise, as used in this Agreement: (a) the singular shall be deemed to include the plural and vice versa; (b) words of any gender (including the neuter form) shall be held to include all genders (including the neuter form); (c) the terms "herein," "hereof," "hereunder," or other similar terms, refer to this Agreement as a whole and not only to the particular sentence, subsection, or section in which any such term may be employed; and (d) the word "including" shall be deemed to be for purposes of identifying only one or more of the possible alternatives, and the entire provision in which such word appears shall be read as if the phrase "including, without limitation" were actually used in the text.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **8.15** **<u>Governing Law; Venue; Jury Waiver</u>.** This Agreement shall be governed by and construed in accordance with the Law of the State of Delaware, without giving effect to principles of conflict of laws. In the event any Proceeding is commenced related to or arising from, under, or connection with the terms of this Agreement, the Parties agree that venue shall lie exclusively in the Bankruptcy Court or, to the extent the Bankruptcy Court does not have jurisdiction, a court of competent jurisdiction located in the State of Delaware. The Parties hereby irrevocably waive, to the fullest extent permitted by applicable Law, any objection that they may now or hereafter have to the laying of venue of any such dispute brought in such courts or any defense of inconvenient forum for the maintenance of such dispute. Each of the Parties agrees that a judgment in any such dispute may be enforced in other jurisdictions in any manner provided by applicable Law. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT OR THE OTHER DOCUMENTS REFERRED TO HEREIN IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS, OR THE CONTEMPLATED TRANSACTIONS. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE OF ANY PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A PROCEEDING, (B) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 8.15</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.16** **<u>Survival</u>.** The (a) representations and warranties of the Parties and (b) covenants and agreements of the Parties that by their terms are to be performed at or prior to the Closing, contained in this Agreement or in any certificate or other writing delivered in connection herewith shall not survive the Closing. The covenants and agreements contained herein that by their terms are to be performed after the Closing shall survive the Closing indefinitely except the covenants, agreements, representations and warranties contained in <u>Section 4.8</u> and <u>Section 7.6</u> shall survive until expiration of the statute of limitations applicable to the matters covered thereby (giving effect to any waiver, mitigation or extension thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **8.17** **<u>Disclosure Schedules</u>.** Each exception set forth in the Disclosure Schedules shall qualify the specific representations and warranties which are referenced in the applicable section of such Disclosure Schedules as well as any other section of such Disclosure Schedules to the extent that it is reasonably apparent from the face of such exception that such exception is applicable to such other section. The inclusion of any matter on any Schedule will not be deemed an admission by any Party that such listed matter is material. Matters reflected in the Disclosure Schedules are not necessarily limited to matters required by this Agreement to be reflected in such Disclosure Schedules, and any such additional matters are set forth for informational purposes only and do not necessarily include other matters of a similar nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **8.18** **<u>Bulk Sales Laws</u>.** Buyer hereby waives compliance by Seller, and Seller hereby waives compliance by Buyer, with the provisions of the "bulk sales", "bulk transfer" or similar Laws of any jurisdiction, other than any Laws that would exempt any of the transactions contemplated by this Agreement from any Tax liability that would be imposed but for such compliance.

**[SIGNATURE PAGE FOLLOWS]**

**IN WITNESS WHEREOF,** the Parties have each duly executed this Agreement as of the Effective Date hereof.

---

| | |
|:---|:---|
| **SELLER:** | **SELLER:** |
| **ULTRA SAFE NUCLEAR CORPORATION,** <br> a Delaware corporation | **ULTRA SAFE NUCLEAR CORPORATION,** <br> a Delaware corporation |
| By: | /s/ Kurt Terrani |
| Name: | Kurt Terrani |
| Title: | Interim CEO |
| **ULTRA SAFE NUCLEAR CORPORATION** **–** **TECHNOLOGIES,** | **ULTRA SAFE NUCLEAR CORPORATION** **–** **TECHNOLOGIES,** |
| a Washington corporation | a Washington corporation |
| By: | /s/ Steven J Cuevas |
| Name: | Steven J Cuevas |
| Title: | Director |
| **USNC HOLDINGS, LLC,** | **USNC HOLDINGS, LLC,** |
| a Washington limited liability company | a Washington limited liability company |
| By: | /s/ Kurt Terrani |
| Name: | Kurt Terrani |
| Title: | Interim CEO |
| **BUYER:** | **BUYER:** |
| **STANDARD NUCLEAR, INC.,** a Delaware corporation | **STANDARD NUCLEAR, INC.,** a Delaware corporation |
| By: | /s/ Thomas Hendrix |
| Name: | Thomas Hendrix |
| Title: | CEO |

---

**<u>EXHIBIT A</u>**

**BIDDING PROCEDURES ORDER**

**<u>EXHIBIT B</u>**

**SALE ORDER**

**<u>EXHIBIT C</u>**

**FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT**

**<u>EXHIBIT D</u>**

**FORM OF BILL OF SALE**

**<u>EXHIBIT E</u>**

**FORM OF RPA**

**<u>EXHIBIT F</u>**

**FORM OF INTELLECTUAL PROPERTY ASSIGNMENT**

## Exhibit 10.13

**Exhibit 10.13**

**FIRST AMENDMENT TO ASSET PURCHASE AGREEMENT**

THIS FIRST AMENDMENT TO ASSET PURCHASE AGREEMENT (this *"Amendment"),* dated as of December <u>18,</u> 2024 by and among Standard Nuclear, Inc., a Delaware corporation (including all designee(s), assignee(s), or nominee(s) of Buyer (if any), collectively, *"Buyer"),* Ultra Safe Nuclear Corporation, a Delaware corporation, Ultra Safe Nuclear Corporation — Technologies, a Washington corporation, and USNC Holdings, LLC, a Washington limited liability company (collectively, *"Seller").* Buyer and Seller may each, individually, be hereinafter referred to as a *"Party"* and, collectively, as the *"Parties".*

RECITALS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** The Parties entered into that certain Asset Purchase Agreement, dated as of November 21, 2024 (the *"Purchase Agreement").*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** The Auction was held on December 12, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** At the Auction, Buyer submitted a bid that increased the Purchase Price and Buyer was designated as the successful bidder at the conclusion of the Auction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** The Parties have agreed to amend the Purchase Agreement on the terms set forth herein to reflect the results of the Auction and to make other minor modifications to the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** Capitalized terms used herein but not defined shall have the meaning ascribed to them in the Purchase Agreement.

NOW THEREFORE, in consideration of the premises and of the mutual agreements contained in this Amendment and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally bound, hereby amend the Purchase Agreement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.<u> </u>**<u>Cash Consideration. Section 4.6</u> of the Purchase Agreement is hereby amended in its entirety to read as follows:

The cash consideration payable at Closing by Buyer to Seller for the transfer of the Purchased Assets shall equal $32,500,000.00 (as adjusted pursuant to <u>Section 4.7,</u> the *"Cash Consideration").*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** <u>Escrow Agent. Section 4.7(a)</u> of the Purchase Agreement is hereby amended to replace Stretto, Inc. with Western Alliance Bank as Escrow Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** <u>Designated Contracts. Schedule 2.2(a)-2</u> of the Schedules to the Purchase Agreement is hereby amended to remove and delete the following agreements from <u>Schedule 2.2(a)-2,</u> so that the following agreements are no longer Designated Contracts:

Limited Exclusive Commercial Field of Use Patent License Agreement, dated December 31, 2014, by and between UT-Battelle, LLC and Ultra Safe Nuclear Corporation.

Limited Exclusive and NonExclusive Commercial Patent License Agreement, dated February 9, 2021, by and between UT-Battelle, LLC and Ultra Safe Nuclear Corporation.

Limited Exclusive and NonExclusive Commercial Patent License Agreement, dated June 21, 2021, by and between UT-Battelle, LLC and Ultra Safe Nuclear Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.<u> </u>**<u>Jurisdiction of Formation.</u> The first sentence of <u>Section 5.1(a)</u> of the Purchase Agreement is hereby amended in its entirety to read as follows:

Each Seller is a corporation duly formed, validly existing, and in good standing under the Law of the jurisdiction of such Seller's incorporation or formation and has all requisite power and authority to own and operate the Purchased Assets and to conduct the Business as presently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.<u> </u>**<u>License Agreement.</u> A new <u>Section 7.9</u> of the Purchase Agreement is hereby inserted to read as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 <u>License Agreement.</u> At or after the Closing, (i) Buyer shall enter into a Non-Exclusive License Agreement with UT-Battelle, LLC, in a form mutually acceptable to Buyer and UT-Battelle, LLC, that shall be subject to approval of Buyer by the United States Department of Energy (the *"New UT-Battelle License")* and (ii) Seller shall terminate any existing licenses from UT-Battelle, LLC *("Old UT-Battelle License")* upon the effectiveness of the New UT-Battelle License; <u>provided, however,</u> that failure to execute the New UT-Battelle License at the Closing shall not prevent the Closing. In the event the New UT-Battelle License does not become effective on or before the date that is thirty (30) days after the Closing, Seller shall seek approval from the Bankruptcy Court to assume and assign the Old UT-Battelle License to Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** <u>Additional Patents. Schedule 2.1(e)</u> to the Purchase Agreement is hereby deleted and <u>Schedule 2.1(e)</u> attached to this Amendment is hereby inserted as <u>Schedule 2.1(e)</u> of the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** <u>Full Force and Effect.</u> Except as specifically amended herein, all of the terms, covenants, conditions, and stipulations contained in the Purchase Agreement are hereby ratified and confirmed in all respects and shall continue to apply with full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.<u> </u>**<u>Governing Law.</u> The laws of the State of Delaware, without giving effect to its principles of conflicts of law, shall govern this Amendment and all adversarial proceedings arising out of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Counterparts.</u> This Amendment may be executed in one or more counterparts, each one of which shall be deemed an original, but all of which together shall constitute one and the same instrument. In the event that any signature is delivered by facsimile transmission or by an e-mail which contains a portable document format (.pdf) file of an executed signature page, such signature page shall create a valid and binding obligation of the Party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

*[Signature Page to Follow]*

IN WITNESS WHEREOF, the Parties have caused this Amendment to be executed as of the date first above written.

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| | |
|:---|:---|
| <u>SELLER</u>: | <u>SELLER</u>: |
| ULTRA SAFE NUCLEAR CORPORATION, | ULTRA SAFE NUCLEAR CORPORATION, |
| a Delaware corporation | a Delaware corporation |
| By: | /s/ Kurt Terrani |
| Name: | Kurt Terrani |
| Title: | Interim CEO |
| ULTRA SAFE NUCLEAR CORPORATION – TECHNOLOGIES, | ULTRA SAFE NUCLEAR CORPORATION – TECHNOLOGIES, |
| a Washington corporation | a Washington corporation |
| By: | /s/ Steven J. Cuevas |
| Name: | Steven J. Cuevas |
| Title: | Director |
| USNC HOLDINGS, LLC, | USNC HOLDINGS, LLC, |
| a Washington limited liability company | a Washington limited liability company |
| By: | /s/ Kurt Terrani |
| Name: | Kurt Terrani |
| Title: | Interim CEO |
| <u>BUYER</u>: | <u>BUYER</u>: |
| STANDARD NUCLEAR, INC., <br> a Delaware corporation | STANDARD NUCLEAR, INC., <br> a Delaware corporation |
| By: | /s/ Thomas Hendrix |
| Name: | Thomas Hendrix |
| Title: | CEO |

---

[*Signature Page to First Amendment to Asset Purchase Agreement*]

<u>Schedule 2.1(e)</u>

Intellectual Property

## Exhibit 23.2

**Exhibit 23.2**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We have issued our report dated April 9, 2026, with respect to the consolidated financial statements of Standard Nuclear, Inc. contained in the Registration Statement and Prospectus. We consent to the use of the aforementioned report in the Registration Statement and Prospectus, and to the use of our name as it appears under the caption "Experts."

/s/ GRANT THORNTON LLP

Philadelphia, Pennsylvania<br> June 18, 2026

## Exhibit 23.3

**Exhibit 23.3**

**CONSENT OF WOOD MACKENZIE, INC.**

We hereby consent to (i) the use of our firm's name, Wood Mackenzie, Inc. ("Wood Mackenzie"), in the Registration Statement on Form S-1 to be filed with the U.S. Securities and Exchange Commission by Standard Nuclear, Inc. and any amendments thereto, including the prospectus contained therein (the "Registration Statement"), including the use of our firm's name under the heading "Experts" in the Registration Statement, and (ii) the inclusion of information relating to the nuclear industry (the "Information") in the Registration Statement that was supplied by Wood Mackenzie and references to Wood Mackenzie as the source of such Information.

We further wish to advise you that Wood Mackenzie was not employed on a contingent basis and that at the time of the preparation of the Information, as well as at the date hereof, neither Wood Mackenzie nor any of its employees had or now has a substantial interest in Standard Nuclear, Inc. or any of its affiliates or subsidiaries.

---

| | |
|:---|:---|
| By: | /s/ Kara McNutt |
|  | Kara McNutt |
|  | Vice President, Consulting |
|  | For and on behalf of Wood Mackenzie, Inc. |

---

Date: June 18, 2026

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**S-1**

**Standard Nuclear, Inc.**

**Table 1: Newly Registered and Carry Forward Securities**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Class A common stock, par value $0.00001 per share | (1) | 457(o) |  | $| $100000000.00 | 0.0001381 | $13810.00 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $100000000.00 |  | 13810.00 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  | 0.00 |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $13810.00 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended. Includes the aggregate offering price of additional shares of Class A common stock that the underwriters have the option to purchase.