Document:

Exhibit 10.1

 

NUSCALE POWER CORPORATION

 

INDEMNITY AGREEMENT

 

This Indemnity Agreement (this
 “Agreement”), dated as of ___________ ___, 202__ is made by and between NuScale Power Corporation, a Delaware
corporation (the “Company”), and ___________________, a director, officer or key employee of the Company or
one of the Company’s subsidiaries or other service provider who satisfies the definition of Indemnifiable Person set forth below
(“Indemnitee”).

 

RECITALS

 

A.            The
Company is aware that competent and experienced persons are increasingly reluctant to serve as representatives of corporations unless
they are protected by comprehensive liability insurance and indemnification, due to increased exposure to litigation costs and risks resulting
from their service to such corporations, and due to the fact that the exposure frequently bears no relationship to the compensation of
such representatives;

 

B.            The
members of the Board of Directors of the Company (the “Board”) have concluded that in order to retain and attract
talented and experienced individuals to serve as representatives of the Company and its Subsidiaries and Affiliates and to encourage such
individuals to take the business risks necessary for the success of the Company and its Subsidiaries and Affiliates, it is necessary for
the Company to contractually indemnify certain of its representatives and the representatives of its Subsidiaries and Affiliates, and
to assume for itself maximum liability for Expenses and Other Liabilities in connection with claims against such representatives in connection
with their service to the Company and its Subsidiaries and Affiliates;

 

C.            Section 145
of the Delaware General Corporation Law (“Section 145”), empowers the Company to indemnify by agreement
its officers, directors, employees and agents, and persons who serve, at the request of the Company, as directors, officers, employees
or agents of other corporations, partnerships, joint ventures, trusts or other enterprises, and expressly provides that the indemnification
provided thereby is not exclusive; and

 

D.            The
Company desires and has requested Indemnitee to serve or continue to serve as a representative of the Company and/or the
Subsidiaries or Affiliates of the Company free from undue concern about inappropriate claims for damages arising out of or related
to such services to the Company and/or the Subsidiaries or Affiliates of the Company.

 

E.            The
Indemnitee may have certain rights to indemnification and/or insurance which are intended to be secondary to the primary obligation of
the Company to indemnify Indemnitee as provided herein, with the Company’s acknowledgment and agreement to the foregoing being a
material condition to Indemnitee’s willingness to serve on the Company’s Board of Directors.

 

     

     

    

 

AGREEMENT

 

NOW, THEREFORE, the parties
hereto, intending to be legally bound, hereby agree as follows:

 

1.             Definitions.

 

(a)           Affiliate.
For purposes of this Agreement, “Affiliate” of the Company means any corporation, partnership, limited liability
company, joint venture, trust or other enterprise in respect of which Indemnitee is or was or will be serving as a director, officer,
trustee, manager, member, partner, employee, agent, attorney, consultant, member of the entity’s governing body (whether constituted
as a board of directors, board of managers, general partner or otherwise), fiduciary, or in any other similar capacity at the request,
election or direction of the Company, and including, but not limited to, any employee benefit plan of the Company or a Subsidiary or Affiliate
of the Company.

 

(b)           Change
in Control. For purposes of this Agreement, “Change in Control” means any event or circumstance where
(i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of
1934, as amended (the “Exchange Act”)), other than a Subsidiary or a trustee or other fiduciary holding
securities under an employee benefit plan of the Company or Subsidiary, is or becomes the “Beneficial Owner” (as defined
in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the
total voting power represented by the Company’s then outstanding capital stock, (ii) during any period of two consecutive
years, individuals who at the beginning of such period constitute the Board and any new director whose election by the Board or
nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors
then still in office who either were directors at the beginning of the period or whose election or nomination for election was
previously so approved, cease for any reason to constitute a majority thereof, (iii) the stockholders of the Company approve a
merger or consolidation of the Company with any other corporation or other entity, other than a merger or consolidation that would
result in the outstanding capital stock of the Company outstanding immediately prior thereto continuing to represent (either by
remaining outstanding or by being converted into capital stock or other equity interests of the surviving entity) at least 50% of
the total voting power represented by the capital stock or other equity interests of the Company or such surviving entity
outstanding immediately after such merger or consolidation, or (iv) the stockholders of the Company approve a plan of complete
liquidation of the Company or an agreement for the sale or disposition by the Company (in one transaction or a series of
transactions) of all or substantially all of the Company’s assets.

 

(c)           Expenses.
For purposes of this Agreement, “Expenses” means all reasonable and documented direct and indirect costs of
any type or nature whatsoever (including, without limitation, all attorneys’ fees and related disbursements, and other out-of-pocket
costs), paid or incurred by Indemnitee in connection with either the investigation, settlement, defense or appeal of, or being a witness
or otherwise involved in, a Proceeding (as defined below), or establishing or enforcing a right to indemnification under this Agreement,
Section 145 or otherwise; provided, however, that Expenses shall not include any judgments, fines or taxes (including ERISA or other
benefit plan related excise taxes or penalties) actually levied against Indemnitee or amounts paid in settlement of a Proceeding by or
on behalf of Indemnitee.

 

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(d)           Indemnifiable
Event. For purposes of this Agreement, “Indemnifiable Event” means any event or occurrence related to Indemnitee’s
service for the Company or any Subsidiary or Affiliate as an Indemnifiable Person (as defined below), or by reason of anything done or
not done, or any act or omission, by Indemnitee in any such capacity.

 

(e)           Indemnifiable
Person. For the purposes of this Agreement, “Indemnifiable Person” means any person who is or was a director,
officer, trustee, manager, member, partner, employee, attorney, consultant, member of an entity’s governing body (whether constituted
as a board of directors, board of managers, general partner or otherwise) or other agent or fiduciary of the Company or a Subsidiary or
Affiliate of the Company.

 

(f)            Independent
Counsel. For purposes of this Agreement, “Independent Counsel” means legal counsel that has not performed
services for the Company or Indemnitee in the five years preceding the time in question and that would not, under applicable standards
of professional conduct, have a conflict of interest in representing either the Company or Indemnitee.

 

(g)           Independent
Director. For purposes of this Agreement, “Independent Director” means a member of the Board who is not
a party to the Proceeding for which a claim is made under this Agreement.

 

(h)           Other
Liabilities. For purposes of this Agreement, “Other Liabilities” means any and all liabilities of any type
whatsoever (including, but not limited to, judgments, fines, penalties, taxes (including ERISA or other benefit plan related excise taxes
or penalties), and amounts paid in settlement and all interest, taxes, assessments and other charges paid or payable in connection with
or in respect of any such judgments, fines, ERISA (or other benefit plan related) excise taxes or penalties, or amounts paid in settlement).

 

(i)            Proceeding.
For the purposes of this Agreement, “Proceeding” means any threatened, pending, or completed action, suit or
other proceeding, whether civil, criminal, administrative, investigative, legislative or any other type whatsoever, preliminary, informal
or formal, including any arbitration or other alternative dispute resolution and including any appeal of any of the foregoing.

 

(j)            Subsidiary.
For purposes of this Agreement, “Subsidiary” means any entity of which more than 50% of the outstanding voting
securities is owned directly or indirectly by the Company.

 

2.             Agreement
to Serve. The Indemnitee agrees to serve and/or continue to serve as an Indemnifiable Person in the capacity or capacities in which
Indemnitee currently serves the Company as an Indemnifiable Person, and any additional capacity in which Indemnitee may agree to serve,
until such time as Indemnitee’s service in a particular capacity shall end according to the terms of an agreement, the Company’s
Certificate of Incorporation or Bylaws, governing law, or otherwise. Nothing contained in this Agreement is intended to create any right
to continued employment or other form of service for the Company or a Subsidiary or Affiliate of the Company by Indemnitee.

 

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3.             Mandatory
Indemnification.

 

(a)           Agreement
to Indemnify. In the event Indemnitee is a person who was or is a party to, a witness in or otherwise involved in or is threatened
to be made a party to or a witness in or to become otherwise involved in any Proceeding by reason of an Indemnifiable Event, the Company
shall indemnify Indemnitee from and against any and all Expenses and Other Liabilities incurred by Indemnitee in connection with (including
in preparation for) such Proceeding to the fullest extent not prohibited by the provisions of the Company’s Certificate of Incorporation,
Bylaws and the Delaware General Corporation Law (“DGCL”), as the same may be amended from time to time (but
only to the extent that such amendment permits the Company to provide broader indemnification rights than the Certificate of Incorporation,
Bylaws or the DGCL permitted prior to the adoption of such amendment).

 

(b)           Exception
for Amounts Covered by Insurance and Other Sources. Notwithstanding the foregoing, the Company shall not be obligated to indemnify
Indemnitee for Expenses or Other Liabilities of any type whatsoever (including, but not limited to judgments, fines, penalties, ERISA
excise taxes or penalties and amounts paid in settlement) to the extent such have been paid directly to Indemnitee (or paid directly to
a third party on Indemnitee’s behalf) by any directors and officers, or other type of, insurance maintained by the Company; provided, however,
that payment made to Indemnitee pursuant to an insurance policy purchased and maintained by Indemnitee at his or her own expense of any
amounts otherwise indemnifiable or obligated to be made pursuant to this Agreement shall not reduce the Company’s obligations to
Indemnitee pursuant to this Agreement.

 

(c)           Company
Obligations Primary. The Company hereby acknowledges that Indemnitee may have rights to indemnification for Expenses and Other Liabilities
provided by another sponsoring organization (“Other Indemnitor”). The Company agrees with Indemnitee that the
Company is the indemnitor of first resort of Indemnitee with respect to matters for which indemnification is provided under this Agreement
and that the Company will be obligated to make all payments due to or for the benefit of Indemnitee under this Agreement without regard
to any rights that Indemnitee may have against the Other Indemnitor. The Company hereby waives any equitable rights to contribution or
indemnification from the Other Indemnitor in respect of any amounts paid to Indemnitee hereunder. The Company further agrees that no reimbursement
of Other Liabilities or payment of Expenses by the Other Indemnitor to or for the benefit of Indemnitee shall affect the obligations of
the Company hereunder, and that the Company shall be obligated to repay the Other Indemnitor for all amounts so paid or reimbursed to
the extent that the Company has an obligation to indemnify Indemnitee for such Expenses or Other Liabilities hereunder.

 

4.             Partial
Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion
of any Expenses or Other Liabilities but not entitled, however, to indemnification for the total amount of such Expenses or Other Liabilities,
the Company shall nevertheless indemnify Indemnitee for such total amount except as to the portion thereof for which indemnification is
prohibited by the provisions of the Company’s Certificate of Incorporation, Bylaws or the DGCL. In any review or Proceeding to determine
the extent of indemnification, the Company shall bear the burden to establish, by clear and convincing evidence, the lack of a successful
resolution of a particular claim, issue or matter and which amounts sought in indemnity are allocable to claims, issues or matters which
were not successfully resolved.

 

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5.             Liability
Insurance. So long as Indemnitee shall continue to serve the Company or a Subsidiary or Affiliate of the Company as an Indemnifiable
Person and thereafter so long as Indemnitee shall be subject to any possible claim or threatened, pending or completed Proceeding as a
result of an Indemnifiable Event, the Company shall use reasonable efforts to maintain in full force and effect for the benefit of Indemnitee
as an insured (i) liability insurance issued by one or more reputable insurers and having the policy amount and deductible deemed
appropriate by the Board and providing in all respects coverage at least comparable to and in the same amount as that provided to the
Chairman of the Board or the Chief Executive Officer of the Company and (ii) any replacement or substitute policies issued by one
or more reputable insurers providing in all respects coverage at least comparable to and in the same amount as that being provided to
the Chairman of the Board or the Chief Executive Officer of the Company. The purchase, establishment and maintenance of any such insurance
or other arrangements shall not in any way limit or affect the rights and obligations of the Company or of Indemnitee under this Agreement
except as expressly provided herein, and the execution and delivery of this Agreement by the Company and Indemnitee shall not in any way
limit or affect the rights and obligations of the Company or the other party or parties thereto under any such insurance or other arrangement.
In the event of a Change in Control subsequent to the date of this Agreement, or the Company’s becoming insolvent, including being
placed into receivership or entering the federal bankruptcy process, the Company shall use reasonable efforts to maintain in force any
and all insurance policies then maintained by the Company in providing insurance—directors’ and officers’ liability,
fiduciary, employment practices or otherwise—in respect of the individual directors and officers of the Company, for a fixed period
of six years thereafter. Such coverage shall be non-cancelable and shall be placed and serviced by the Company’s incumbent
insurance broker or a broker selected by a majority of the Independent Directors.

 

6.             Mandatory
Advancement of Expenses. If requested by Indemnitee, the Company shall advance prior to the final disposition of the Proceeding all
Expenses incurred by Indemnitee in connection with (including in preparation for) a Proceeding related to an Indemnifiable Event within
20 days after the receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances from time to
time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses
incurred by Indemnitee. The right to advances under this section shall in all events continue until final disposition of any Proceeding,
including any appeal therein. Indemnitee hereby undertakes to repay such amounts advanced if, and only if and to the extent that, it shall
ultimately be determined that Indemnitee is not entitled to be indemnified by the Company under the provisions of this Agreement, the
Company’s Certificate of Incorporation or Bylaws or the DGCL, and no additional form of undertaking with respect to such obligation
to repay shall be required. Indemnitee’s undertaking to repay any Expenses advanced to Indemnitee hereunder shall be unsecured and
shall not be subject to the accrual or payment of any interest thereon. In the event that Indemnitee’s request for the advancement
of expenses shall be accompanied by an affidavit of counsel to Indemnitee to the effect that such counsel has reviewed such Expenses and
that such Expenses are reasonable in such counsel’s view, then such expenses shall be deemed reasonable in the absence of clear
and convincing evidence to the contrary.

 

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7.             Notice
and Other Indemnification Procedures.

 

(a)           Notification.
Promptly after receipt by Indemnitee of notice of the commencement of or the threat of commencement of any Proceeding, unless the Company
is a named co-defendant with Indemnitee, Indemnitee shall, if Indemnitee believes that indemnification or advancement of Expenses
with respect thereto may be sought from the Company under this Agreement, notify the Company of the commencement or threat of commencement
thereof. However, a failure so to notify the Company promptly following Indemnitee’s receipt of such notice shall not relieve the
Company from any liability that it may have to Indemnitee except to the extent that the Company is materially prejudiced in its defense
of such Proceeding as a result of such failure, provided, however, that the Company shall have the burden to prove the existence of such
material prejudice by clear and convincing evidence.

 

(b)           Insurance
and Other Matters. If, at the time of the receipt of a notice of the commencement of a Proceeding pursuant to
Section 7(a) above, the Company has director and officer liability insurance in effect, the Company shall give prompt
notice of the commencement of such Proceeding to the insurers in accordance with the procedures set forth in the respective
policies. The Company shall thereafter take all reasonable action to cause such insurers to pay, on behalf of Indemnitee, all
amounts payable as a result of such Proceeding in accordance with the terms of such insurance policies. In addition, the Company
will instruct the insurers and the Company’s insurance broker that they may communicate directly with Indemnitee regarding
such claim.

 

(c)           Assumption
of Defense. In the event the Company shall be obligated to advance the Expenses for any Proceeding against Indemnitee, the Company,
if deemed appropriate by the Company, shall be entitled to assume the defense of such Proceeding as provided herein. Such defense by the
Company may include the representation of two or more parties by one attorney or law firm as permitted under the ethical rules and
legal requirements related to joint representations. Following delivery of written notice to Indemnitee of the Company’s election
to assume the defense of such Proceeding, the approval by Indemnitee (which approval shall not be unreasonably withheld) of counsel designated
by the Company and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for
any fees and expenses of counsel subsequently incurred by Indemnitee with respect to the same Proceeding. If (A) the employment of
counsel by Indemnitee has been previously authorized by the Company, (B) Indemnitee shall have notified the Board in writing that
Indemnitee has reasonably concluded that there may be a conflict of interest between the Company and Indemnitee in the conduct of any
such defense, (C) the Company fails to employ counsel to assume the defense of such Proceeding within 60 days, or (D) after
a Change in Control, the employment of counsel by Indemnitee has been approved by the Independent Counsel, the Expenses related to work
conducted by Indemnitee’s counsel shall be subject to indemnification and/or advancement pursuant to the terms of this Agreement.
Nothing herein shall prevent Indemnitee from employing counsel for any such Proceeding at Indemnitee’s expense. Indemnitee agrees
that any such separate counsel retained by Indemnitee will be a member of any approved list of panel counsel under the Company’s
applicable directors’ and officers’ insurance policy, should the applicable policy provide for a panel of approved counsel.

 

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(d)           Settlement.
The Company shall not be liable to indemnify Indemnitee under this Agreement or otherwise for any amounts paid in settlement of any Proceeding
effected without the Company’s written consent; provided, however, that if a Change in Control has occurred subsequent to the date
of this Agreement, the Company shall be liable for indemnification of Indemnitee for amounts paid in settlement if the Independent Counsel
has approved the settlement. Neither the Company nor any Subsidiary or Affiliate shall enter into a settlement of any Proceeding that
might result in the imposition of any Expense, Other Liability, penalty, limitation or detriment on or would directly or indirectly constitute
or impose any admission or acknowledgment of fault or culpability with respect to Indemnitee, whether indemnifiable under this Agreement
or otherwise, without Indemnitee’s written consent. Neither the Company nor Indemnitee shall unreasonably withhold consent from
any settlement of any Proceeding. The Company shall promptly notify Indemnitee upon the Company’s receipt of an offer to settle,
or if the Company makes an offer to settle, any Proceeding, and provide Indemnitee with a reasonable amount of time to consider such
settlement, in the case of any such settlement for which the consent of Indemnitee would be required hereunder. The Company shall not,
on its own behalf, settle any part of any Proceeding to which Indemnitee is a party with respect to other parties (including the Company)
without the written consent of Indemnitee if any portion of the settlement is to be funded from insurance proceeds unless approved by
a majority of the Independent Directors, provided that this sentence shall cease to be of any force and effect if it has been determined
in accordance with this Agreement that Indemnitee is not entitled to indemnification hereunder with respect to such Proceeding or if
the Company’s obligations hereunder to Indemnitee with respect to such Proceeding have been fully discharged.

 

8.             Determination
of Right to Indemnification.

 

(a)           Success
on the Merits or Otherwise. To the extent that Indemnitee has been successful on the merits or otherwise in defense of any Proceeding
referred to in Section 3(a) above or in the defense of any claim, issue or matter described therein, the Company shall indemnify
Indemnitee against Expenses actually and reasonably incurred in connection therewith.

 

(b)           Indemnification
in Other Situations. In the event that Section 8(a) is inapplicable, the Company shall also indemnify Indemnitee if Indemnitee
has not failed to meet the applicable standard of conduct for indemnification.

 

(c)           Forum.
Indemnitee shall be entitled to select the forum in which determination of whether or not Indemnitee has met the applicable standard of
conduct shall be decided, and such election will be made from among the following:

 

(i)            Those
members of the Board who are Independent Directors even though less than a quorum;

 

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(ii)           A
committee of Independent Directors designated by a majority vote of Independent Directors, even though less than a quorum; or

  

(iii)          Independent
Counsel selected by Indemnitee and approved by the Board, which approval may not be unreasonably withheld, which counsel shall make such
determination in a written opinion.

 

If Indemnitee is an officer
or a director of the Company at the time that Indemnitee is selecting the forum, then Indemnitee shall not select Independent Counsel
as such forum unless there are no Independent Directors or unless the Independent Directors agree to the selection of Independent Counsel
as the forum.

 

The selected forum shall be
referred to herein as the “Reviewing Party”. Notwithstanding the foregoing, following any Change in Control subsequent to
the date of this Agreement, the Reviewing Party shall be Independent Counsel selected in the manner provided in clause (iii) above.

 

(d)           Decision
Timing and Expenses. As soon as practicable, and in no event later than 30 days after receipt by the Company of written notice of
Indemnitee’s choice of forum pursuant to Section 8(c) above, the Company and Indemnitee shall each submit to the Reviewing
Party such information as they believe is appropriate for the Reviewing Party to consider. The Reviewing Party shall arrive at its decision
within a reasonable period of time following the receipt of all such information from the Company and Indemnitee, but in no event later
than 30 days following the receipt of all such information, provided that the time by which the Reviewing Party must reach a decision
may be extended by mutual agreement of the Company and Indemnitee. All Expenses associated with the process set forth in this Section 8(d),
including but not limited to the Expenses of the Reviewing Party, shall be paid by the Company.

 

(e)           Delaware
Court of Chancery. Notwithstanding a final determination by any Reviewing Party that Indemnitee is not entitled to indemnification
with respect to a specific Proceeding, Indemnitee shall have the right to apply to the Court of Chancery, for the purpose of enforcing
Indemnitee’s right to indemnification pursuant to this Agreement.

 

(f)            Expenses.
The Company shall indemnify Indemnitee against all Expenses incurred by Indemnitee in connection with any hearing or Proceeding
under this Section 8 involving Indemnitee and against all Expenses and Other Liabilities incurred by Indemnitee in connection
with any other Proceeding between the Company and Indemnitee involving the interpretation or enforcement of the rights of Indemnitee
under this Agreement unless a court of competent jurisdiction finds that each of the material claims of Indemnitee in any such
Proceeding was frivolous or made in bad faith.

 

(g)           Determination
of “Good Faith”. For purposes of any determination of whether Indemnitee acted in “good faith” or acted in
 “bad faith”, Indemnitee shall be deemed to have acted in good faith or not acted in bad faith if in taking or failing
to take the action in question Indemnitee relied on the records or books of account of the Company or a Subsidiary or Affiliate, including
financial statements, or on information, opinions, reports or statements provided to Indemnitee by the officers or other employees of
the Company or a Subsidiary or Affiliate in the course of their duties, or on the advice of legal counsel for the Company or a Subsidiary
or Affiliate, or on information or records given or reports made to the Company or a Subsidiary or Affiliate by an independent certified
public accountant or by an appraiser or other expert selected by the Company or a Subsidiary or Affiliate, or by any other person (including
legal counsel, accountants and financial advisors) as to matters Indemnitee reasonably believes are within such other person’s professional
or expert competence and who has been selected with reasonable care by or on behalf of the Company or a Subsidiary or Affiliate. In connection
with any determination as to whether Indemnitee is entitled to be indemnified hereunder, or to advancement of Expenses, the Reviewing
Party or court shall presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification or advancement
of Expenses, as the case may be, and the burden of proof shall be on the Company to establish, by clear and convincing evidence, that
Indemnitee is not so entitled. The provisions of this Section 8(g) shall not be deemed to be exclusive or to limit in any way
the other circumstances in which Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement.
In addition, the knowledge and/or actions, or failures to act, of any other person serving the Company or a Subsidiary or Affiliate as
an Indemnifiable Person shall not be imputed to Indemnitee for purposes of determining the right to indemnification hereunder.

 

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9.             Exceptions.
Any other provision herein to the contrary notwithstanding,

 

(a)           Claims
Initiated by Indemnitee. The Company shall not be obligated pursuant to the terms of this Agreement to indemnify or advance
Expenses to Indemnitee with respect to Proceedings or claims initiated or brought voluntarily by Indemnitee and not by way of
defense, except (1) with respect to Proceedings brought to establish or enforce a right to indemnification under this
Agreement, any other statute or law, as permitted under Section 145, or otherwise, (2) where the Board has consented to
the initiation of such Proceeding, or (3) with respect to Proceedings brought to discharge Indemnitee’s fiduciary
responsibilities, whether under ERISA or otherwise, but such indemnification or advancement of Expenses may be provided by the
Company in specific cases if the Board finds it to be appropriate; or

 

(b)           Actions
Based on Federal Statutes Regarding Profit Recovery and Return of Bonus Payments. The Company shall not be obligated pursuant to the
terms of this Agreement to indemnify Indemnitee on account of (i) any suit in which judgment is rendered against Indemnitee by a
court of competent jurisdiction in a final adjudication not subject to further appeal for an accounting of profits made from the purchase
or sale by Indemnitee of securities of the Company pursuant to the provisions of Section 16(b) of the Exchange Act or similar
provisions of any federal, state or local statutory law, or (ii) any reimbursement of the Company by the Indemnitee of any bonus
or other incentive-based or equity-based compensation or of any profits realized by the Indemnitee from the sale of securities of the
Company, as required in each case under the Exchange Act (including any such reimbursements that arise from an accounting restatement
of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or
the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306
of the Sarbanes-Oxley Act); or

 

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(c)           Unlawful
Indemnification. The Company shall not be obligated pursuant to the terms of this Agreement to indemnify Indemnitee for Other Liabilities
if such indemnification is prohibited by law as determined by a court of competent jurisdiction in a final adjudication not subject to
further appeal.

 

10.           Non-exclusivity.
The provisions for indemnification and advancement of Expenses set forth in this Agreement shall not be deemed exclusive of any other
rights which Indemnitee may have under any provision of law, the Company’s Certificate of Incorporation or Bylaws, the vote of the
Company’s stockholders or disinterested directors, other agreements, or otherwise, both as to acts or omissions in his or her official
capacity and to acts or omissions in another capacity while serving the Company or a Subsidiary or Affiliate as an Indemnifiable Person
and Indemnitee’s rights hereunder shall continue after Indemnitee has ceased serving the Company or a Subsidiary or Affiliate as
an Indemnifiable Person and shall inure to the benefit of the heirs, executors and administrators of Indemnitee.

 

11.           Severability.
If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever,
(i) the validity, legality and enforceability of the remaining provisions of the Agreement (including, without limitation, all
portions of any paragraphs of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that are
not themselves invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby, and (ii) to the fullest
extent possible, the provisions of this Agreement (including, without limitation, all portions of any paragraphs of this Agreement
containing any such provision held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or
unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or
unenforceable.

 

12.           Supersession,
Modification and Waiver. This Agreement supersedes any prior indemnification agreement between the Indemnitee and the Company, its
Subsidiaries or its Affiliates. If the Company and Indemnitee have previously entered into an indemnification agreement providing for
the indemnification of Indemnitee by the Company, parties entry into this Agreement shall be deemed to amend and restate such prior agreement
to read in its entirety as, and be superseded by, this Agreement. No supplement, modification or amendment of this Agreement shall be
binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed
or shall constitute a waiver of any other provision hereof (whether or not similar) and except as expressly provided herein, no such waiver
shall constitute a continuing waiver.

 

13.           Successors
and Assigns. The terms of this Agreement shall bind, and shall inure to the benefit of, and be enforceable by the parties hereto and
their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially
all of the business and/or assets of the Company), assigns, spouses, heirs and personal and legal representatives. In addition, the Company
shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially
all, or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee,
expressly to assume and agree to perform this Agreement and indemnify Indemnitee to the fullest extent permitted by law.

 

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14.           Notice.
All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed duly given
(i) if delivered by hand and a receipt is provided by the party to whom such communication is delivered, (ii) if mailed by
certified or registered mail with postage prepaid, return receipt requested, on the signing by the recipient of an acknowledgement
of receipt form accompanying delivery through the U.S. mail, (iii) if delivered by personal service by a process server,
(iv) if sent by email with a confirmation of receipt by the party to whom such email is sent; or (v) by delivery to the
recipient’s address by overnight delivery (e.g., FedEx, UPS or DHL) or other commercial delivery service. Addresses (including
email addresses) for notice to either party are as shown on the signature page of this Agreement, or as subsequently modified
by written notice complying with the provisions of this Section 14. Delivery of communications to the Company with respect to
this Agreement shall be sent to the attention of the Company’s General Counsel.

 

15.           No
Presumptions. For purposes of this Agreement, the termination of any Proceeding, by judgment, order, settlement (whether with or without
court approval) or conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that Indemnitee
did not meet any particular standard of conduct or have any particular belief or that a court has determined that indemnification is not
permitted by applicable law or otherwise. In addition, neither the failure of the Company or a Reviewing Party to have made a determination
as to whether Indemnitee has met any particular standard of conduct or had any particular belief, nor an actual determination by the Company
or a Reviewing Party that Indemnitee has not met such standard of conduct or did not have such belief, prior to the commencement of Proceedings
by Indemnitee to secure a judicial determination by exercising Indemnitee’s rights under Section 8(e) of this Agreement
shall be a defense to Indemnitee’s claim or create a presumption that Indemnitee has failed to meet any particular standard of conduct
or did not have any particular belief or is not entitled to indemnification under applicable law or otherwise. Additionally, any admission
of liability by the Company in connection with any settlement by the Company with a regulatory agency shall not, of itself, create a presumption
that Indemnitee did not meet any particular standard of conduct or have any particular belief or that a court has determined that indemnification
is not permitted by applicable law or otherwise.

 

16.           Survival
of Rights. The rights conferred on Indemnitee by this Agreement shall continue after Indemnitee has ceased to serve the Company or
a Subsidiary or Affiliate of the Company as an Indemnifiable Person and shall inure to the benefit of Indemnitee’s heirs, executors
and administrators.

 

17.           Subrogation
and Contribution. (a) Except as otherwise expressly provided in this Agreement, in the event of payment under this Agreement,
the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all documents
required and shall do all acts that may be necessary to secure such rights and to enable the Company effectively to bring suit to enforce
such rights.

 

(a)           To
the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to
Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by or
on behalf of Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for
Expenses, in connection with any claim relating to an Indemnifiable Event under this Agreement, in such proportion as is deemed fair
and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received
by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or
(ii) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with
such event(s) and/or transaction(s).

 

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18.           Specific
Performance, Etc. The parties recognize that if any provision of this Agreement is violated by the Company, Indemnitee may be
without an adequate remedy at law. Accordingly, in the event of any such violation, Indemnitee shall be entitled, if Indemnitee so
elects, to institute Proceedings, either in law or at equity, to obtain damages, to enforce specific performance, to enjoin such violation,
or to obtain any relief or any combination of the foregoing as Indemnitee may elect to pursue.

 

19.           Counterparts.
This Agreement may be executed in counterparts, each of which shall for all purposes be deemed to be an original but all of which together
shall constitute one and the same agreement. Only one such counterpart signed by the party against whom enforceability is sought needs
to be produced to evidence the existence of this Agreement.

 

20.           Headings.
The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute
part of this Agreement or to affect the construction or interpretation thereof.

 

21.           Governing
Law. This Agreement shall be governed exclusively by and construed according to the laws of the State of Delaware, as applied to contracts
between Delaware residents entered into and to be performed entirely with Delaware.

 

22.           Consent
to Jurisdiction. The Company and Indemnitee each hereby irrevocably consent to the jurisdiction of the courts of the State of Delaware
for all purposes in connection with any Proceeding which arises out of or relates to this Agreement.

 

[Signature Page Follows]

 

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The parties hereto have entered
into this Indemnity Agreement effective as of the date first above written.

 

	NUSCALE POWER CORPORATION 	 	INDEMNITEE
	 	 	 
	By	 	 	Signature	 
	Name	             	 	 
	Title	 	 	Print Name	    
	 	 	 
	Address:	 	Address:
	 	 	 
	6650 SW Redwood Lane, Suite 201	 	 
	Portland, OR 97224  	 	 
	 	 	 
	Email:	 	 	Email:  	 

 

[Signature Page to Indemnity Agreement]Exhibit 10.10

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement
(the “Agreement”) is made and entered into effective as of November 1, 2021 (the “Effective Date”),
by and between John Hopkins (the “Employee”) and NuScale Power, LLC (the “Company”).

 

WHEREAS, the Company
desires to employ the Employee as Chairman and Chief Executive Officer, under the terms of this Agreement; and

 

WHEREAS, any and
all payments hereunder are intended to satisfy the “short-term deferral” exemption under Treas. Reg. §1.409-1(b)(4) and/or
the “separation pay” exemption under Treas. Reg. §1.409-1(b)(9) such that no payment hereunder shall be deemed “deferred
compensation” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (“Code”);

 

NOW, THEREFORE, in
consideration of the mutual covenants contained herein, the continuing employment of the Employee by the Company, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

		1.	Definitions. For purposes of this Agreement, the following terms have the meanings attributed to them:

 

		a.	Board: means the senior-level governing body for the Company (or its successor) in the form of a Board of Managers or Board
of Directors of the Company, as applicable.

 

		b.	Cause: as determined in the reasonable judgment of the Company, means the Employee’s (i) commission of any felony or
any crime involving moral turpitude or dishonesty; (ii) participation in a fraud against the Company; (iii) willful and material breach
of Employee’s duties that has not been cured within thirty (30) days after written notice from the Company of such breach; (iv)
intentional and material damage to the Company’s property; (v) material violation of Company policy or (vi) material breach by Employee
of his/her Employee Proprietary Information and Inventions Assignment.

 

		c.	Change in Control: has the meaning set forth in Exhibit B, the NuScale Power, LLC Change in Control Plan.

 

		d.	Good Reason: means the Employee terminates his or her employment with the Company because, within the six (6) month period
preceding the Employee’s termination, one or more of the following conditions arose and the Employee notified the Company of such
condition within 90 days of its occurrence and the Company did not remedy such condition within 30 days:

 

(i)       a
material diminution in the Employee’s base salary as in effect on the date hereof or as the same may be increased from time to time;

 

(ii)      a
material diminution in the Employee’s authority, duties, or responsibilities;

 

(iii)     any
other action or inaction that constitutes a material breach by the Employer of this Agreement.

 

		e.	Release: means a separation and non-competition agreement and release of claims, in substantially similar form to that attached
hereto as Exhibit A.

 

		f.	Termination Date: means the date of Employee’s termination with the Company (or its successor).

 

		2.	Duties and Scope of Employment. The Company shall employ Employee in the position of President and Chief Executive Officer.
Employee shall render such business and professional services in the performance of his/her duties, consistent with Employee’s position
within the Company, as shall reasonably be assigned to him by the Board of Directors (“Board”).

 

     

     

    

 

		3.	Obligations. While employed hereunder, Employee shall perform his/her duties faithfully and to the best of his/her ability.
Employee shall not actively engage in any other employment, occupation or consulting activity for any direct or indirect remuneration
without the prior approval of the Board, provided, however, that Employee may engage in non-competitive business or charitable
activities so long as such activities do not materially interfere with Employee’s responsibilities to the Company. Outside board
seats shall be subject to the prior approval of the Board.

 

		4.	Employment Term. Employee’s employment with the Company pursuant to this Agreement shall commence on the Effective Date
and shall continue on an “at-will” basis until terminated pursuant to Section 6 of this Agreement, and subject to the severance
provisions therein.

 

		5.	Compensation and Benefits.

 

		a.	Base Salary. The Company shall pay Employee as compensation for Employee’s services hereunder an annual base salary of
$600,000.00. Such salary shall be subject to applicable tax withholding and shall be paid periodically in accordance with normal Company
payroll practices.

 

		b.	Annual Incentive Bonus. Employee shall be eligible to be paid, but is not guaranteed, an annual performance bonus for each
calendar year in which Employee is employed, commencing with calendar year 2021, based on the achievement of certain Company performance
goals, as determined by the Board. The Company has not currently established, but reserves the right to establish, individual Employee
performance goals consistent with Employee’s position, though not inconsistent with the Company performance goals, that may also
affect the payout of any Employee annual incentive bonus. The target percentage of base pay of said annual incentive bonus shall be 75%
of Employee’s Base Salary. The amount to be determined shall be based upon review of the Company’s performance relative to
the Company performance goals established by the Board each calendar year. Each subsequent Annual Incentive Bonus shall be paid in the
immediately following calendar year, no later than March 15th of such year.

 

		c.	Benefits. Employee shall be eligible to participate in the employee benefit plans which are available or which become available
to other employees of the Company, with the adoption or maintenance of such plans to be in the discretion of the Company, subject in each
case to the generally applicable terms and conditions of the plan or program in question and to the determination of any committee administering
such plan or program. Employee shall also be entitled to paid vacation of four (4) weeks per year, with the timing and duration of specific
vacations mutually and reasonably agreed to by the parties hereto. The Company reserves the right to change or terminate its employee
benefit plans and programs at any time, not including incentive bonuses established pursuant to this Section 5, severance or death benefits
established pursuant to Section 6 of this Agreement, any other bonus or severance arrangements to which Employee might otherwise be entitled,
or any outstanding equity rights or awards granted to Employee.

 

		d.	Expenses. The Company shall reimburse Employee for reasonable business expenses incurred by Employee in the furtherance of
or in connection with the performance of Employee’s duties hereunder, in accordance with the Company’s expense reimbursement
policy as in effect from time to time.

 

		6.	Payments Upon Termination of Employment.

 

		a.	Termination by Company for Cause; Voluntary Termination by Employee. In the event
                                                                Employee’s employment with the Company is terminated for Cause by the Company or voluntarily by Employee without Good Reason
                                                                (i) the Company shall pay Employee any earned but unpaid Base Salary due for periods prior to the Termination Date; (ii) the Company
                                                                shall pay Employee all of Employee’s accrued and unused vacation through the Termination Date; and (iii) following submission
                                                                of proper expense reports by Employee, the Company shall reimburse Employee for all expenses reasonably and necessarily incurred by
                                                                Employee in connection with the business of the Company prior to the Termination
Date. These payments shall be made promptly upon termination and within the period of time mandated by applicable law and in no event
later than March 15th of the year following the Termination Date.

 

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		b.	Termination by Company without Cause or by Employee for Good Reason. The Company may terminate Employee’s employment
without Cause at any time. If the Company terminates Employee’s employment with the Company without Cause or the Employee terminates
for Good Reason, and in either event Employee signs and does not revoke a Release, then Employee shall be entitled to:

 

		i.	Receive continuing payments of severance pay (less applicable withholding taxes) at a rate equal to one times his annual Base Salary
and one hundred percent (100%) of any earned, pro-rated bonus, then in effect, for a period of twelve (12) months from the Termination
Date, to be paid periodically in accordance with the Company’s normal payroll policies.

 

		ii.	Receive a monthly cash payment (less applicable withholding taxes) in an amount equal to 100% of the applicable premium, less the
2% administrative charge, for family COBRA continuation coverage under the Company’s group health plan, determined as of the Termination
Date, until the earliest of (a) the eighteen-month anniversary of the Termination Date, (b) the date Employee is no longer eligible to
receive COBRA continuation coverage, and (c) the date on which the Employee becomes eligible to receive substantially similar coverage
from another employer. Notwithstanding the foregoing, if, in the Company’s discretion, payments would violate the nondiscrimination
rules or result in the imposition of penalties under the Affordable Care Act and the related regulations and guidance promulgated thereunder
or any other applicable law, the Company shall cease to have an obligation for this payment.

 

		c.	Death. In the event of Employee’s death while employed hereunder, Employee’s beneficiary (or such other person(s)
specified by will, Employee estate planning documents, or applicable laws of descent and distribution) shall receive a lump sum payment
within forty-five (45) days of Employee’s death equal to (i) any earned and unpaid Base Salary, (ii) Employee’s accrued and
unused vacation, and (iii) Employee’s Annual Incentive Bonus to which Employee would have been entitled, prorated to the date of
Employee’s death. In addition, the Company shall pay 100% of the COBRA premium for up to 18 months of continuation coverage under
the Company’s group health plan for the Employee’s surviving spouse and any dependent children, provided they were covered
under the Company’s group health plan on the date of Employee’s death and timely elect COBRA continuation coverage. Notwithstanding
the foregoing, the COBRA subsidy shall terminate and the Company shall have no further obligation upon the earlier of (i) the date COBRA
coverage terminates, and (ii) the date such subsidy may, in the Company’s discretion, violate the nondiscrimination rules of or
result in the imposition of penalties under the Affordable Care Act and the regulations and guidance promulgated thereunder or any other
applicable law. Notwithstanding the provision in Section 11.e, any options granted to Employee pursuant to an Equity Incentive Plan shall,
in the event of Employee’s death while employed, be transferred to Employee’s beneficiary (or such other person(s) specified
by will, Employee estate planning documents, or applicable laws of descent and distribution). The Equity Incentive Plan then in effect
will control when and whether such options have vested and whether and how they may be exercised.

 

		d.	Non-Compete, Solicitation and Confidentiality. None of the benefits and compensation specified in this Section 6 shall be
                                                                provided if it is determined by arbitration as set forth below that the Employee has breached Employee’s non-compete agreement
                                                                at any point during the term of Employee’s employment. Further, the payment of any benefits or compensation specified in this Section 6 shall immediately cease
and be forfeit if the Company determines that the Employee has breached his/her non-compete agreement at any point after the Termination
Date.

 

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		e.	Change in Control. An Employee is a participant in NuScale Power, LLC Change in Control Plan (the “Plan”) if Employee
has been so-designated in Appendix A of the Plan and a copy of the Plan (excluding Appendix A) is attached hereto as Exhibit B. If the
Employee is a participant in the Plan, in the event of a Change of Control the terms of the Plan shall control. Benefits specified in
the Plan are not intended to be duplicative of payment obligations in this Employment Agreement. If Employee is not a Plan Participant,
then Exhibit B to this Employment Agreement is intentionally blank.

 

		7.	No Impediment to Agreement. Employee hereby represents to the Company that Employee is not, as of the date hereof, and shall
not be during Employee’s employment with the Company, employed under contract, oral or written, by any other person, firm or entity,
and is not and shall not be bound by the provisions of any restrictive covenant or confidentiality agreement which would constitute an
impediment to, or restriction upon, Employee’s ability to enter this Agreement and to perform the duties of Employee’s employment.

 

		8.	Dispute Resolution.

 

		a.	Mediation. In the event of any dispute or claim arising out of, in connection with, or related to this Agreement, the parties
shall first meet and confer in good faith to fairly and equitably resolve the dispute. Such meeting shall occur within seven days of the
date of notice implementing this dispute resolution process. If the parties cannot resolve the issue within 10 days following such meeting,
then they shall mediate the matter within 30 days after their meeting, under the auspices of Arbitration Service of Portland (“ASP”),
or if that entity fails or declines to serve, such other similar service or organization as agreed by the parties to this Agreement.

 

		b.	Arbitration. Should the parties be unable to resolve any such dispute through such mediation, they agree that binding arbitration
shall be the exclusive remedy for any such claim or dispute. Any arbitration shall be conducted through ASP in Portland, Oregon, using
a single arbitrator agreed upon by the parties, or if the parties are unable to agree on an arbitrator, selected by the parties alternatively
striking names off a list of seven arbitrators provided by ASP. Such arbitration shall be conducted under the employment arbitration rules
of ASP. Advance costs of the arbitration shall be divided equally between the parties. If the arbitrator finds, based on all the facts
and circumstances, that the conduct of or the claims made by a party were unreasonable or substantially without merit, the prevailing
party shall be entitled to recover its reasonable attorney’s fees and expenses (including expert witness fees) incurred in connection
with the arbitration and any subsequent litigation, together with the costs of the arbitration, from the party asserting unreasonable
or meritless claims, in addition to all other remedies provided in law or in equity. Judgment on the arbitration award may be entered
by any court of competent jurisdiction. Should any party to this Agreement institute any legal action or administrative proceeding against
the other with respect to any Claim or arbitrable dispute related to this Agreement without first engaging in binding arbitration as provided
herein, the responding party shall be entitled to recover from the initiating party all damages, costs, expenses, and attorney’s
fees incurred as a result of that breach.

 

		9.	Successors; Personal Services. The services and duties to be performed by the Employee hereunder are personal and may not be
assigned or delegated. This Agreement shall be binding upon and inure to the benefit of the Company, its successors and assigns, and the
Employee, the Employee’s heirs and representatives.

 

		10.	Notice. Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have
been duly given when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid.
In the case of the Employee, mailed notices shall be addressed to Employee
at the home address, which Employee most recently communicated to the Company in writing. In the case of the Company, mailed notices shall
be addressed to its corporate headquarters, and all notices shall be directed to the attention of Employer’s Chief Legal Counsel.

 

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		11.	Miscellaneous Provisions.

 

		a.	Waiver. No provision of this Agreement shall be modified, waived or discharged unless the modification, waiver or discharge
is agreed to in writing and signed by the Employee and by an authorized officer of the Company (other than the Employee). No waiver by
either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be considered
a waiver of any other condition or provision or of the same condition or provision at another time.

 

		b.	Entire Agreement; Modifications. This Agreement shall supersede and replace all prior agreements or understandings relating
to the subject matter hereof, and no agreement, representations or understandings (whether oral or written or whether express or implied)
which are not expressly set forth in this Agreement have been made or entered into by either party with respect to the relevant matter
hereof. This Agreement may not be modified, amended, or supplemented, nor any provision hereof waived, except by an instrument in writing
and executed by the duly authorized representatives of the Company and the Employee.

 

		c.	Choice of Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the internal
substantive laws of the State of Oregon without reference to any choice of law rules.

 

		d.	Severability. The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity
or enforceability of any other provision hereof, which shall remain in full force and effect.

 

		e.	No Assignment of Benefits. The rights of any person to payments or benefits under this Agreement shall not be made subject
to option or assignment, either by voluntary or involuntary assignment or by operation of law, including (without limitation) bankruptcy,
garnishment, attachment or other creditor’s process, and any action in violation of this subsection shall be void.

 

		f.	No Duty to Mitigate. Employee shall not be required to mitigate the amount of any payment contemplated by this Agreement, nor
shall any such payment be reduced by any earnings that Employee may receive from any other source.

 

		g.	Employment Taxes. All payments made pursuant to this Agreement shall be subject to withholding of all applicable income, health
insurance and employment taxes.

 

		h.	Assignment by Company. The Company may assign its rights under this Agreement to an affiliate (as defined under the Securities
Exchange Act of 1934), and an affiliate may assign its rights under this Agreement to another affiliate of the Company or to the Company.
In the case of any such assignment, the term “Company” when used in a section of this Agreement shall mean the corporation
that actually employs the Employee.

 

		i.	Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument.

 

		j.	No Changes to Other Agreements. The terms of this Agreement do not in any way alter the terms and conditions of the NuScale
Power, LLC Option Agreement, the Operating Agreement of NuScale Power, LLC, or the Unit Option Agreement, which in the event of a conflict,
shall take precedence over this Agreement.

 

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		k.	Section 409A. Any payments made under this Agreement that may be excluded from Section 409A either as separation pay due to
an involuntary separation from service or as a short term deferral shall be excluded from Section 409A to the maximum extent possible.
Any payments to be made under this Agreement upon a termination of employment shall only be made upon a “separation from service”
as defined under Section 409A. If the time period for considering and revoking a Release starts in one taxable year and ends in the next
taxable year, applicable payments shall be made in the second taxable year.

 

REMAINDER OF PAGE LEFT
INTENTIONALLY BLANK

 

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IN WITNESS WHEREOF, each
of the parties has executed this Agreement, in the case of the Company by its duly authorized officer, as of the day and year first above
written.

 

	FOR NUSCALE POWER:	November 14, 2021
	 	Date
	 	 
	 	
	 	By
	 	 
	 	 	General Counsel & Board Secretary
	 	Title
	 	 
	EMPLOYEE:	 
	 	 
	 	November 14, 2021
	 	Date

 

SIGNATURE PAGE TO EMPLOYMENT
AGREEMENT

 

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EXHIBIT A

FORM OF SEPARATION
AND NON-COMPETITION

AGREEMENT AND RELEASE
OF CLAIMS

 

The following is a form of separation and
non-competition agreement and release of claims (the “Release”). This template is subject to being updated at the sole discretion
of NuScale Power, LLC (“NuScale”) to comply with applicable law at the time of separation, to provide for the parties, to
add any recitals appropriate to the release at the time that it is executed, such as to provide specific reference to the consideration
associated with the Release, and to make similar changes. All consideration for executing the Release in its final form is described in
the Agreement.

 

1.       General
Release. In exchange for the promises, covenants and consideration described in this Release, [Executive Name] releases and forever discharges
NuScale from any and all claims, demands, actions, suits, causes of action, debts, accounts or controversies of any nature whatsoever,
whether known or unknown, whether asserted or unasserted, that [Executive Name] had or may have had against NuScale through the date of
this Release. This release includes, without limitation, all claims that [Executive Name] may assert against NuScale arising out of, or
in any way related to, [Executive Name]’s employment by, and separation of, employment with NuScale, and all claims that were asserted
or could have been asserted by [Executive Name] against NuScale, and any and all actions or omissions by NuScale up to and including the
date of this Release. This release also includes, without limitation, any and all claims under any state, federal or local law or other
authority, including, but not limited to, any claim for additional compensation in any form and any claim arising under any statutes or
regulations pertaining to wages, conditions of employment or discrimination in employment, including, without limitation, Title VII of
the Civil Rights Act of 1964; the Family and Medical Leave Act; the Post Civil War Civil Rights Acts (42 USC §§ 1981-1988);
the Civil Rights Act of 1991; the Equal Pay Act; the Age Discrimination in Employment Act (“ADEA”) including the Older Workers
Benefit Protection Act of 1990 (“OWBPA”); the Equal Pay Act of 1963; the Fair Labor Standards Act; the Occupational Safety
and Health Act; the Rehabilitation Act of 1973; §§ 503 and 504 of the Vocational Rehabilitation Act; the Americans with Disabilities
Act and amendments thereto; the Uniform Services Employment and Reemployment Rights Act; the Davis-Bacon Act; the Walsh-Healey Act; the
Employee Retirement Income Security Act; the Contract Work Hours and Safety Standards Act; Executive Order 11246; from any and all claims
arising under federal, state, or local laws prohibiting employment discrimination or retaliation based on [PLAINTIFF’S] race, color,
religion, sex, pregnancy, sexual orientation, national origin, marital status, age, expunged juvenile records, whistleblowing activity,
disability, handicap, veteran status, invocation of the workers’ compensation system, service in a uniformed service, membership
in an organized militia of the state, initiation of aid in administrative, criminal, or civil proceedings, invocation of the Oregon Family
Leave Act, the Oregon Military Family Leave Act; Chapter 659A of the Oregon Revised Statutes, or claims arising out of any legal restrictions
on an employer’s right to terminate an employee; and any regulations under or amendments of such authorities. This release also
extends to all claims of any kind under any constitutional, contract, tort or other legal, equitable or statutory theories. Claims not
covered by the release provisions of this Release are (i) claims for unemployment insurance benefits, (ii) claims for workers’ compensation
benefits, and (iii) any other rights that may not be legally released by private agreement as a matter of public policy.

 

     

     

    

 

2.       Acknowledgement
of Rights and Waiver and Release of Claims Under the Age Discrimination in Employment Act. [Executive Name] further acknowledges
that this Release includes a release of all claims under the ADEA and is subject to the terms of the OWBPA, which provides that an
individual cannot waive a right or claim under the ADEA unless such waiver is knowing and voluntary. Pursuant to the requirements of
the ADEA and OWBPA, [Executive Name] acknowledges that she has been advised: (a) that this Release includes, but is not limited to,
all rights or claims arising under the ADEA up to and including the date of execution of this Release; (b) that she has the right to
consult with an attorney or other advisor of [Executive Name]’s choosing concerning her rights and obligations under this
Release; (c) that she has the right to fully consider the release before executing it and that [Executive Name] has been afforded
ample time and opportunity, at least twenty-one (21) days, to do so; and (d) that her release of claims under the ADEA shall become
effective and enforceable on the eighth (8th) day after [Executive Name] signs and delivers this Release to NuScale, provided she
has not revoked her ADEA/OWBPA release by delivering written notification within seven (7) days after delivery of the signed Release
to NuScale’s General Counsel, 6650 SW Redwood Ln., Suite 210, Portland, OR 97224. If [Executive Name] revokes her ADEA/OWBPA
release within the seven (7) day period, her release of all other claims in this Release shall remain in full force and effect as of
the date of his/her signature.

 

3.       Covenant
Not to Sue; No Right of Recovery in Administrative Action. [Executive Name] covenants that she will not initiate any legal action of any
kind against NuScale for any action or omission by NuScale through the date of this Release. This does not preclude [Executive Name] from
filing a charge or complaint or from cooperating with the Equal Employment Opportunity Commission or any other federal, state or local
administrative body or government agency. [Executive Name] agrees, however, that she shall not be entitled to receive any benefit from
or obtain any relief through any such charge or complaint, whether filed by [Executive Name] or on [Executive Name]’s behalf, based
upon claims arising from or attributable in any way to her employment by or separation of employment with NuScale.

 

4.       Release
Effective Despite Discovery of New Facts. This Release shall operate as a full and complete general release of NuScale, notwithstanding
the discovery of any different or additional facts.

 

5.       Restrictive
Covenants.

 

		a.	Non-Solicitation Covenant. For one (1) year after my employment with NuScale terminates, regardless of the reason for termination,
I will not (a) directly or indirectly solicit business related to small modular reactor development or deployment from any person or entity
which then is or was a NuScale customer, client or prospect during the twelve (12) months prior to termination; (b) induce any such person
or entity to cease or reduce their business relationship with NuScale; (c) induce any person to leave the employment of NuScale; or (
d) directly or indirectly hire or use the services of any NuScale employee unless I obtain NuScale’s written consent. I will not
aid others in doing anything I am prohibited from doing myself under this paragraph, whether as an employee, officer, director, shareholder,
partner, consultant or otherwise . For purposes of this paragraph, the term “solicit” includes (i) responding to requests
for proposals and invitations for bids for small modular reactors ; (ii) initiating contacts with customers, clients, or prospects of
NuScale for the purpose of advising them that I no longer am employed by NuScale and am available for work which is competitive with the
services offered by NuScale for the development and deployment of small modular reactors; and (iii) participating in joint ventures or
acting as a consultant or subcontractor or employee of others who directly solicit business prohibited by this Release. The term “NuScale
employee” includes any then current employee of NuScale or any person who has left the employ of NuScale within the then previous
six (6) months. The terms “NuScale client” and “NuScale customer” include any parent corporation, subsidiary corporation,
affiliate corporation or partner or joint venture of a client or customer. “NuScale prospect” means any person or entity to
which NuScale has submitted disclosed information protected by a Non-disclosure agreement (NDA) for the purposes of soliciting their interest
in acquiring a NuScale Plant, including
but not limited to any potential customer for whom the NuScale has submitted a bid or proposal within the then immediately preceding six
(6) months. For purposes of this Section 7 only, the term “development” means making application to the NRC for design certification
of a small modular reactor or the preparation of engineering designs, drawings, technical specifications, calculations or diagrams for
a small modular reactor, or raising the financing for any of the proceeding. The term “deployment” means to manufacture, assemble
and deliver a small modular reactor, or the financing thereof.

 

    9

     

    

 

		b.	Noncompetition Covenant. For one (1) year following termination of my employment for any reason, I will not directly or indirectly
Compete ( defined below) with NuScale anywhere NuScale is doing or planning to do business, nor will I engage in any other activity which
would conflict with the NuScale’s business, or interfere with my obligations to the NuScale. “Compete” means directly
or indirectly: (i) have any financial interest in; (ii) join, operate, control or participate in, or be connected as an officer, employee,
agent, independent contractor, partner, principal or shareholder with ( except as holder of not more than five percent (5%) of the outstanding
stock of any class of a corporation, the stock of which is actively publicly traded); (iii) provide services in any capacity to those
participating in the ownership, management, operation or control of; and/or (iv) act as a consultant or subcontractor to, a Competitive
Business (defined below). “Competitive Business” means any corporation, proprietorship, association or other entity or person
engaged in the sale, production and/or development of products or the rendering of services of a kind similar to or competitive with that
sold, produced, developed or rendered by NuScale for small modular reactor development or deployment as of the date my employment terminates,
unless I obtain the NuScale’s written consent. Any electric utility or business that sells, produces or develops products or renders
services for large scale nuclear reactors or related to fossil fuels, in each case so long as the electric utility or business does not
sell, produce or develop products or render services for small scale nuclear reactor development or deployment, shall not constitute a
 “Competitive Business” for purposes of this Release.

 

NuScale agrees at its sole discretion
to release me from my obligations under this Section 5.b. in the event NuScale ceases to do business or makes a filing under the U.S.
Bankruptcy Code. Such release will not be unreasonably withheld, delayed or conditioned.

 

I acknowledge that NuScale informed
me of my non-compete obligations in a written employment offer received by me at least two weeks before the first day of my employment,
that a noncompetition agreement is required as a condition of employment. NuScale reserves, at NuScale’s sole discretion, all of
the options under ORS 653.295 for enforcement of this noncompetition agreement for up to one (1) year from the date of this Release.

 

6.       Non-disparagement.
[Executive Name] agrees to refrain from any defamation, libel or slander of NuScale and from making any negative or derogatory comments
concerning NuScale, and to refrain from interfering in any way with the business relationships of NuScale. This paragraph in no way limits
[Executive Name]’s ability to testify truthfully if required by law or lawful order to do so, regardless of whether the testimony
may be perceived as negative or derogatory.

 

7.       No
Admission. This Release is made and entered into for the purpose of settling and compromising any disputes between the Parties. This Release
is not, and shall not be construed as, an admission of any sort by NuScale. NuScale expressly denies any liability to [Executive Name]
and enters into this Release solely to avoid the expense and inconvenience of litigating, arbitrating and/or defending any potential claims
or counterclaims.

 

    10

     

    

 

8.       Confidential
Release. [Executive Name] agrees and represents that she will keep strictly confidential each of the terms of this Release and the existence
of this Release and its negotiation, and any actions taken in accordance with this Release, including, without limitation, the amount
of the Payment referenced in Paragraph 8 above. [Executive Name] may only disclose the terms of this Release to the following persons:
(a) her immediate family; (b) her tax preparer or accountant, who she has retained and is compensating; (c) governmental taxing authorities;
(d) her attorneys; (e) her treating physician and/or mental health counselor; or (f) as otherwise required by law. In the event of such
disclosure, [Executive Name] will take reasonable steps to ensure that confidentiality is maintained. Except as set forth above, [Executive
Name] represents that she has not disclosed any of the terms of this Release prior to the execution of this Release. If suit is necessary
to enforce this term, the prevailing party shall be entitled to receive its costs and attorney fees so incurred. NuScale will similarly
treat this Release as confidential, treating it in accordance with its business procedures for proprietary and confidential information.
NuScale will not disclose any terms of this Release to any employee who does not need to know, other than disclosure to employees of the
terms necessary to enforce the terms of this Release.

 

9.       Disputes
and Attorney Fees. Any Disputes arising out of this Release shall be resolved as provided for in the Agreement. In any proceeding arising
out of or relating to this Agreement, the prevailing party shall be entitled to recover its attorney fees and all other fees, costs and
expenses actually incurred and reasonably necessary in connection therewith.

 

10.     Survival
of Terms. If one or more of the provisions contained in this Release shall for any reason be invalid or unenforceable, such provision
or provisions may be modified by an arbitrator or appropriate judicial body so that they are valid and/or enforceable. If any provision
is stricken, the remaining provisions of this Release shall remain valid and enforceable.

 

11.     Integrated
Agreement. This Release contains the entire agreement and understanding between the Parties and supersedes and replaces all prior negotiations
and proposed agreements, written or oral. No amendments, modifications or supplements to this Release may be made other than by a writing
signed by the Parties. The terms of this Release are contractual and not a mere recital.

 

12.     Counterparts.
This Release may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together constitute
one and the same instrument binding on all Parties. Furthermore, signatures delivered by fax or electronically transmitted by email shall
have the same force, validity and effect as the originals.

 

    11

     

    

 

IN WITNESS WHEREOF, each
of the parties has executed this Agreement, in the case of the NuScale by its duly authorized officer, as of the day and year first above
written.

 

	FOR:	[Executive]	 	FOR:	NUSCALE POWER BOARD OF DIRECTORS
	 	 	 	 	 	 	 	 
	By:	 	 	 	By:	 
	 	 	(Signature)	 	 	 	(Authorized Signature)
	Name:	 	 	 	Name:	 
	 	 	 	 	 	Title:	 
	 	 	 	 	 	 	 	 
	Date:	 	 	 	 	Date:	 
	 	 	 	 	 	 	 	 

 

    12

     

    

 

EXHIBIT B 

 

NUSCALE POWER, LLC
CHANGE IN CONTROL PLAN

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