Document:

Exhibit 10.11

 

TAX RECEIVABLE AGREEMENT

 

dated as of

 

May 2, 2022

 

     

     

    

 

TABLE OF CONTENTS

Page

 

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

 

    i

     

    

 

TABLE OF CONTENTS

(continued)

 

Page

 

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

 

    ii

     

    

 

TAX RECEIVABLE AGREEMENT

 

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

 

RECITALS

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

Article
I

DETERMINATION OF REALIZED TAX BENEFIT

 

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

 

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

 

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

 

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

 

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

 

    - 2 -

     

    

 

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

 

Section 1.03       
Procedures Relating to Calculation of Tax Benefits.

 

(a)              
Preparation and Delivery of Schedules.

 

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

 

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

 

    - 3 -

     

    

 

 

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

 

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

 

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

 

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

 

    - 4 -

    

    

 

Article
II

TAX
BENEFIT PAYMENTS, THE CONSOLIDATED GROUP, AND TRANSFERS OF

CORPORATE
ASSETS

 

Section 2.01           Payments.

 

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

 

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

 

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

 

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

 

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

 

    - 5 -

    

    

 

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

 

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

 

Article
III

EARLY
TERMINATIONS

 

Section 3.01          
Early Termination Events.

 

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

 

(b)           Deemed
Early Termination.

 

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

 

    - 6 -

    

    

 

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

 

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

 

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

 

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

 

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

 

Section 3.02          
Early Termination Notice and Early Termination Schedule.

 

(a)            Notice;
Schedule.

 

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

 

    - 7 -

    

    

 

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

 

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

 

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

 

Section 3.03          
Early Termination Payment.

 

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

 

    - 8 -

    

    

 

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

 

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

 

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

 

(b)           Transfers
of Assets by Corporation.

 

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

 

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

 

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

 

    - 9 -

    

    

 

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

 

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

 

Article
IV

SUBORDINATION AND LATE PAYMENTS

 

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

 

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

 

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

 

Article
V

PREPARATION OF TAX RETURNS; COVENANTS

 

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

 

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

 

    - 10 -

    

    

 

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

 

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

 

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

 

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

 

    - 11 -

    

    

 

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

 

Article
VI

MISCELLANEOUS

 

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

 

if to the Corporation, to:

 

NuScale Power Corp.

6650 SW Redwood Lane

Suite 210

Portland, OR 97224

Attention: General Counsel

E-mail: generalcounsel@nuscalepower.com

 

with a copy to:

 

Gibson, Dunn & Crutcher LLP

200 Park Avenue

New York, NY 10166-0193

Phone: +1.212.351.2340

Fax: +1.212.351.5220

Attention: Pamela Lawrence Endreny

E-mail: PEndreny@gibsondunn.com

 

Stoel Rives LLP

760 SW Ninth Ave, Suite 3000

Portland, OR 97205

Phone: +1.503.224.3380

Attention: Kevin Pearson

E-mail: kevin.pearson@stoel.com

 

    - 12 -

    

    

 

if to the Company, to:

 

NuScale Power, LLC

6650 SW Redwood Lane

Suite 210

Portland, OR 97224

Attn: General Counsel

E-mail: generalcounsel@nuscalepower.com

 

with a copy to:

 

Gibson, Dunn & Crutcher LLP

200 Park Avenue

New York, NY 10166-0193

Phone: +1.212.351.2340

Fax: +1.212.351.5220

Attention: Pamela Lawrence Endreny

E-mail: PEndreny@gibsondunn.com

 

Stoel Rives LLP

760 SW Ninth Ave, Suite 3000

Portland, OR 97205

Phone: +1.503.224.3380

Attention: Kevin Pearson

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

 

if to the TRA Representative, to:

 

Fluor Enterprises, Inc.

6700 Las Colinas Blvd.

Irving, TX 75039

Attention: Chief Legal Officer

Email: John.reynolds@fluor.com

 

if to the TRA Holder(s), to:

 

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

 

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

 

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

 

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

 

    - 13 -

    

    

 

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

 

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

 

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

 

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

 

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

 

    - 14 -

    

    

 

(b)           
Amendments.

 

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

 

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

 

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

 

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

 

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

 

    - 15 -

    

    

 

Section 6.09          
Dispute Resolution.

 

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

 

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

 

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

 

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

 

    - 16 -

    

    

 

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

 

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

 

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

 

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

 

    - 17 -

    

    

 

Section 6.12          
Confidentiality.

 

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

 

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

 

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

 

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

 

    - 18 -

    

    

 

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

 

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

 

Article
VII

DEFINITIONS

 

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

 

“Actual Tax Liability”
is defined in Section 1.02.

 

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

 

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

 

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

 

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

 

“Agreed Rate” means
LIBOR plus 300 basis points.

 

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

 

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

 

    - 19 -

    

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    - 20 -

    

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    - 21 -

    

    

 

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

 

“day” means a calendar
day.

 

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

 

“Default Rate” means
LIBOR plus 500 basis points.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Exchange Date” is the
date of any Exchange.

 

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

 

    - 22 -

    

    

 

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

 

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

 

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

 

“Material Objection Notice”
is defined in Section 3.02.

 

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

 

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

 

    - 23 -

    

    

 

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

 

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

 

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

 

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

 

“Merger Date” means
the date of the Merger.

 

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

 

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

 

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

 

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

 

“Realized Tax Benefit”
is defined in Section 1.01

 

“Realized Tax Detriment”
is defined in Section 1.01.

 

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

 

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

 

“Tax Benefit Items”
means

 

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

 

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

 

    - 24 -

    

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    - 25 -

    

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

[Signature page follows]

 

    - 26 -

    

    

 

 

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

 

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

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

	 	TRA HOLDERS:

 

	 	FLUOR ENTERPRISES, INC.

 

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

 

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

 

[Signature
Page to Tax Receivable Agreement]

 

     

     

    

 

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

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

	 	TRA REPRESENTATIVE:

 

	 	FLUOR ENTERPRISES, INC.

 

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

 

[Signature Page to Tax Receivable Agreement]Exhibit 10.12 

 

 

 

SIXTH AMENDED AND RESTATED

 

LIMITED LIABILITY COMPANY AGREEMENT

 

OF

 

NUSCALE POWER, LLC

 

An Oregon limited liability company

 

dated as of May 2, 2022

 

 

 

THE LIMITED LIABILITY COMPANY INTERESTS IN NUSCALE
POWER, LLC HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, THE SECURITIES LAWS OF ANY STATE, OR ANY OTHER
APPLICABLE SECURITIES LAWS, AND HAVE BEEN OR ARE BEING ISSUED IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND SUCH LAWS. SUCH INTERESTS MUST BE ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE OFFERED FOR SALE, PLEDGED, HYPOTHECATED, SOLD,
ASSIGNED OR TRANSFERRED AT ANY TIME EXCEPT IN COMPLIANCE WITH (I) THE SECURITIES ACT, ANY APPLICABLE SECURITIES LAWS OF ANY STATE
AND ANY OTHER APPLICABLE SECURITIES LAWS; (II) THE TERMS AND CONDITIONS OF THIS SIXTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY
AGREEMENT; AND (III) ANY OTHER TERMS AND CONDITIONS AGREED TO IN WRITING BETWEEN THE COMPANY AND THE APPLICABLE MEMBER. THE LIMITED
LIABILITY COMPANY INTERESTS MAY NOT BE TRANSFERRED OF RECORD EXCEPT IN COMPLIANCE WITH SUCH LAWS, THIS SIXTH AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT, AND ANY OTHER TERMS AND CONDITIONS AGREED TO IN WRITING BY THE COMPANY AND THE APPLICABLE MEMBER.
THEREFORE, PURCHASERS AND OTHER TRANSFEREES OF SUCH LIMITED LIABILITY COMPANY INTERESTS WILL BE REQUIRED TO BEAR THE RISK OF THEIR INVESTMENT
OR ACQUISITION FOR AN INDEFINITE PERIOD OF TIME.

 

    

     

    

 

TABLE
OF CONTENTS

 

Page

 

	Article I GENERAL PROVISIONS	1
	 	 	 
	Section 1.1	Organization	1
	Section 1.2	Name	1
	Section 1.3	Principal Place of Business; Other Places of Business	2
	Section 1.4	Designated Agent for Service of Process	2
	Section 1.5	Term	2
	Section 1.6	No State Law Partnership	2
	Section 1.7	Business Purpose	2
	Section 1.8	Powers	2
	Section 1.9	Certificates; Filings	2
	Section 1.10	Representations and Warranties by the Members	3
	 	 	 
	Article II UNITS; CAPITAL CONTRIBUTIONS	4
	 	 	 
	Section 2.1	Units	4
	Section 2.2	Capital Contributions of the Members; No Deficit Restoration Obligation	5
	Section 2.3	No Interest; No Return	5
	Section 2.4	Issuances of Additional Units	6
	Section 2.5	Additional Funds and Additional Capital Contributions	6
	 	 	 
	Article III DISTRIBUTIONS	8
	 	 	 
	Section 3.1	Distributions Generally	8
	Section 3.2	Tax Distributions	8
	Section 3.3	Distributions in Kind	10
	Section 3.4	Distributions to Reflect Additional Units	10
	Section 3.5	Other Distribution Rules	10

 

    i

     

    

 

TABLE OF CONTENTS 

(continued)

 

	 	 	Page
	 	 	 
	Article IV Management and OPERATIONS	11
	 	 	 
	Section 4.1	Management	11
	Section 4.2	Tax Actions	14
	Section 4.3	Compensation and Reimbursement of Manager	14
	Section 4.4	Outside Activities	15
	Section 4.5	Transactions with Affiliates	16
	Section 4.6	Limitation on Liability	16
	Section 4.7	Indemnification	17
	 	 	 
	Article V BOOKS AND RECORDS	17
	 	 	 
	Section 5.1	Books and Records	17
	Section 5.2	Financial Accounts	18
	Section 5.3	Inspection; Confidentiality	18
	Section 5.4	Information to Be Provided by Manager to Members	18
	 	 	 
	Article VI Tax Matters, ACCOUNTING, AND REPORTING	18
	 	 	 
	Section 6.1	Tax Matters	18
	Section 6.2	Accounting and Fiscal Year	19
	 	 	 
	Article VII UNIT TRANSFERS AND member WITHDRAWALS	19
	 	 	 
	Section 7.1	Transfer Generally Prohibited	19
	Section 7.2	Conditions Generally Applicable to All Transfers	19
	Section 7.3	Substituted Members	21
	Section 7.4	Drag-Along Rights	21
	Section 7.5	Company Right to Call Units	22
	Section 7.6	Withdrawal	23
	Section 7.7	Restrictions on Termination Transactions	23
	Section 7.8	Incapacity	24
	Section 7.9	Legend	24
	 	 	 
	Article VIII ADMISSION OF ADDITIONAL MEMBERS	25
	 	 	 
	Section 8.1	Admission of Additional Members	25
	Section 8.2	Limit on Number of Members	25
	 	 	 
	Article IX DISSOLUTION, LIQUIDATION AND TERMINATION	25
	 	 	 
	Section 9.1	Dissolution Generally	25
	Section 9.2	Events Causing Dissolution	26
	Section 9.3	Distribution upon Dissolution	26
	Section 9.4	Rights of Members	27
	Section 9.5	Termination	27

 

    ii

     

    

 

TABLE
OF CONTENTS 

(continued)

	 	 	Page
	 	 	 
	Article X PROCEDURES FOR ACTIONS AND CONSENTS OF MEMBERS; MEETINGS	28
	 	 	 
	Section 10.1	Actions and Consents of Members	28
	Section 10.2	Procedures for Meetings and Actions of the Members	28
	 	 	 
	Article XI EXCHANGE RIGHTS	29
	 	 	 
	Section 11.1	Elective and Mandatory Exchanges	29
	Section 11.2	Additional Terms Applying to Exchanges	30
	Section 11.3	Exchange Consideration; Settlement	31
	Section 11.4	Adjustment	32
	Section 11.5	Class A Common Stock to Be Issued in Connection with an Exchange	32
	Section 11.6	Withholding	33
	Section 11.7	Tax Treatment	33
	Section 11.8	Contribution by Manager	33
	Section 11.9	Apportionment of Distributions	33
	 	 	 
	Article XII MISCELLANEOUS	34
	 	 	 
	Section 12.1	Conclusive Nature of Determinations	34
	Section 12.2	Company Counsel	34
	Section 12.3	Appointment of Manager as Attorney-in-Fact	34
	Section 12.4	Entire Agreement	35
	Section 12.5	Further Assurances	35
	Section 12.6	Notices	35
	Section 12.7	Governing Law	37
	Section 12.8	Jurisdiction and Venue	37
	Section 12.9	Equitable Remedies	37
	Section 12.10	Construction	37
	Section 12.11	Counterparts	38
	Section 12.12	Third-Party Beneficiaries	38
	Section 12.13	Binding Effect	38
	Section 12.14	Severability	38
	Section 12.15	Survival	38
	Section 12.16	Effect on Other Obligations of Members or the Company	38
	Section 12.17	Confidentiality	39
	 	 	 
	Article XIII DEFINED TERMS	39
	 	 	 
	Section 13.1	Definitions	39
	Section 13.2	Interpretation	48
	 	 	 

 

    iii

     

    

 

SIXTH AMENDED AND RESTATED

 

LIMITED LIABILITY COMPANY AGREEMENT

 

OF NUSCALE POWER, LLC

 

THIS SIXTH AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT (this “Agreement”) of NUSCALE POWER, LLC, an Oregon limited liability company
(the “Company”), dated as of May 2, 2022, is entered into by and among the Members that are party hereto,
NUSCALE POWER CORP., a Delaware corporation (the “Manager”), and each other Person as may become a Member from
time to time, pursuant to the provisions of this Agreement.

 

WHEREAS, the Company’s
current operating agreement is the Fifth Amended and Restated Operating Agreement, dated April 1, 2021 (the “Fifth Operating
Agreement”);

 

WHEREAS,
as set forth in the Agreement and Plan of Merger, by and among the Company, the Manager, and Spring Valley Merger Sub, LLC, dated December 13,
2021 (as further amended or modified in whole or in part from time to time in accordance with such agreement, the “Merger
Agreement”), in the Merger (as defined in this Agreement), the Fifth Operating Agreement is amended and restated in its
entirety by this Agreement, with this Agreement superseding and replacing the Fifth Operating Agreement in its entirety; and

 

WHEREAS,
immediately upon the effectiveness of this Agreement and without any action required on part of the Company or any Member, the Recapitalization
(as defined in this Agreement) occurs.

 

NOW, THEREFORE, in consideration
of the mutual covenants and agreements contained herein and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties to this Agreement, intending to be legally bound, agree as follows:

 

Article I

 

GENERAL
PROVISIONS

 

Section 1.1     Organization.
The Company has been organized as an Oregon limited liability company by the filing of the Articles of Conversion and the Articles of
Organization, pursuant to the OBCA and the Act on September 30, 2011.

 

Section 1.2     Name.
The name of the Company is “NuScale Power, LLC.” The Company may also conduct business at the same time under
one or more fictitious names if the Manager determines that such is in the best interests of the Company. The Company may change its
name, from time to time, in accordance with Law.

 

    1

     

    

 

Section 1.3     Principal
Place of Business; Other Places of Business. The principal business office of the Company shall be in Portland, Oregon or such other
location as may be designated by the Manager from time to time. The Company may maintain offices and places of business at such other
place or places within or outside the State of Oregon as the Manager deems advisable.

 

Section 1.4     Designated
Agent for Service of Process. So long as required by the Act, the Company shall continuously maintain a registered office and a designated
and duly qualified agent for service of process on the Company in the State of Oregon. The address of the registered office of the Company
in the State of Oregon is 8130 SW Beaverton-Hillsdale Hwy., Portland, Oregon 97225. The Company’s registered agent for service
of process at such address is Registered Agent Solutions, Inc.

 

Section 1.5     Term.
The term of the Company shall be perpetual unless and until the Company is dissolved in accordance with the Act or this Agreement. Notwithstanding
the dissolution of the Company, the existence of the Company shall continue until its termination pursuant to this Agreement or as otherwise
provided in the Act.

 

Section 1.6     No
State Law Partnership. The Members intend that the Company shall not be a partnership (including a limited partnership) or joint
venture, and that no Member shall be an agent, partner or joint venturer of any other Member, for any purposes other than for U.S. federal,
state, and local tax purposes, and this Agreement shall not be construed to suggest otherwise. Each Member hereby acknowledges and agrees
that, except as expressly provided herein, in performing its obligations or exercising its rights under this Agreement, it is acting
independently and is not acting in concert with, on behalf of, as agent for, or as joint venturer of, any other Member. Other than in
respect of the Company, nothing contained in this Agreement shall be construed as creating a corporation, association, joint stock company,
business trust, or organized group of Persons, whether incorporated or not, among or involving any Member or its Affiliates, 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 in this Agreement.

 

Section 1.7     Business
Purpose. The purpose of the Company is to carry on any and all lawful businesses and activities permitted from time to time under
the Act. On the terms and subject to the conditions of this Agreement, the Company is authorized to enter into, make and perform all
contracts and other undertakings, and engage in all other activities and transactions as the Manager may deem necessary, advisable or
convenient for carrying out the purposes of the Company.

 

Section 1.8     Powers.
Subject to the limitations set forth in this Agreement, the Company will possess and may exercise all of the powers and privileges granted
to it by the Act, any other Law, or this Agreement, together with all powers incidental thereto, so far as such powers are necessary
or convenient to the conduct, promotion or attainment of the purposes of the Company set forth in ‎Section 1.7.

 

Section 1.9     Certificates;
Filings. The Articles of Conversion and Articles of Organization were previously filed on behalf of the Company in the office of
the Secretary of State of the State of Oregon as required by the OBCA and the Act. The Manager shall take any and all other actions reasonably
necessary to maintain the status of the Company under the Laws of the State of Oregon or any other state in which the Company shall do
business. If requested by the Manager, the Members shall promptly execute all certificates and other documents consistent with the terms
of this Agreement necessary for the Manager to accomplish all filing, recording, publishing, and other acts as may be appropriate to
comply with all requirements for (a) the formation and operation of a limited liability company under the Laws of the State of Oregon,
(b) if the Manager deems it advisable, the operation of the Company as a limited liability company, in all jurisdictions in which
the Company proposes to operate, and (c) all other filings required (or determined by the Manager to be necessary or appropriate)
to be made by the Company.

 

    2

     

    

 

Section 1.10     Representations
and Warranties by the Members.

 

(a)            Individual-Member-Specific
Representations. Each Member (including each Additional Member or Substituted Member as a condition to becoming an Additional Member
or a Substituted Member) that is an individual represents and warrants to, and covenants with, each other Member that (i) the execution
of this Agreement and the consummation of the transactions contemplated by this Agreement to be performed by such Member will not result
in a breach or violation of, or a default under, any material agreement by which such Member or any of such Member’s property is
bound, or any statute, regulation, order or other Law to which such Member is subject and (ii) this Agreement is binding upon, and
enforceable against, such Member in accordance with its terms, except (A) to the extent that enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or other Laws affecting the enforcement of creditors’ rights generally and (B) that
the availability of equitable remedies, including specific performance, is subject to the discretion of the court before which any proceeding
thereof may be brought.

 

(b)            Non-Individual-Member-Specific
Representations. Each Member (including each Additional Member or Substituted Member as a condition to becoming an Additional Member
or a Substituted Member) that is not an individual represents and warrants to, and covenants with, each other Member that (i) the
execution of this Agreement and all transactions contemplated by this Agreement to be performed by it have been duly authorized by all
necessary action, including that of its general partner(s), managing member(s), committee(s), trustee(s), beneficiaries, directors and/or
stockholder(s) (as the case may be) as required, (ii) the execution of this Agreement and consummation of such transactions
will not result in a breach or violation of, or a default under, its partnership or operating agreement, trust agreement, charter or
bylaws (as the case may be), any material agreement by which such Member or any of such Member’s properties or any of its partners,
members, beneficiaries, trustees or stockholders (as the case may be) is or are bound, or any statute, regulation, order or other Law
to which such Member or any of its partners, members, trustees, beneficiaries or stockholders (as the case may be) is or are subject,
and (iii) this Agreement is binding upon, and enforceable against, such Member in accordance with its terms, except (A) to
the extent that enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other Laws affecting
the enforcement of creditors’ rights generally and (B) that the availability of equitable remedies, including specific performance,
is subject to the discretion of the court before which any proceeding thereof may be brought.

 

    3

     

    

 

(c)           Securities
Laws. Each Member (including each Additional Member or Substituted Member as a condition to becoming an Additional Member or Substituted
Member) represents and warrants that it has acquired and continues to hold its interest in the Company for its own account for investment
purposes only and not for the purpose of, or with a view toward, the resale or distribution of all or any part thereof, and not with
a view toward selling or otherwise distributing such interest or any part thereof at any particular time or under any predetermined circumstances.
Each Member further represents and warrants that it is a sophisticated investor, able and accustomed to handling sophisticated financial
matters for itself, and that it has a sufficiently high net worth that it does not anticipate a need for the funds that it has invested
in the Company in what it understands to be a speculative and illiquid investment.

 

(d)           Survival
of Representations and Warranties. The representations and warranties contained in Sections ‎1.10(a), ‎1.10(b),
and ‎1.10(c) shall survive the execution and delivery of this Agreement by each Member (and, in the case of an Additional
Member or a Substituted Member, the admission of such Additional Member or Substituted Member as a Member in the Company), and the dissolution,
liquidation, and termination of the Company.

 

(e)           No
Representations as to Performance. Each Member (including each Additional Member or Substituted Member as a condition to becoming
an Additional Member or Substituted Member) hereby acknowledges that no representations as to potential profit, cash flows, funds from
operations or yield, if any, in respect of the Company or the Manager have been made by the Company or any Member or any employee or
representative or Affiliate of the Company or any Member, and that projections and any other information, including financial and descriptive
information and documentation, that may have been in any manner submitted to such Member shall not constitute any representation or warranty
of any kind or nature, express or implied.

 

(f)            Modification
of Representations and Warranties. The Manager may permit the modification of any of the representations and warranties contained
in Sections ‎1.10(a), ‎1.10(b), and ‎1.10(c), as applicable, to any Member (including any
Additional Member or Substituted Member or any transferee of either); provided, that such representations and warranties, as modified,
shall be set forth in either (i) a Unit Designation applicable to the Units held by such Member or (ii) a separate writing
addressed to the Company.

 

Article II

 

UNITS;
CAPITAL CONTRIBUTIONS

 

Section 2.1     Units.

 

(a)           Generally.
The interests of the Members in the Company are divided into, and represented by, the Units, each having the rights and obligations specified
in this Agreement.

 

    4

     

    

 

(b)           Classes.
The Units are initially divided into:

 

(i)            “Class A
Units,” which are issuable solely to the Manager and such other persons as the Manager shall determine;

 

(ii)           “Class B
Units,” which are issuable to the Members as set forth on the Register and as otherwise provided in this Agreement; and

 

(iii)          Other
Classes of Units. The Company may issue additional Units or create additional classes, series, subclasses, or sub-series of Units
in accordance with this Agreement.

 

(c)            Recapitalization.
Immediately upon the effectiveness of this Agreement and without any action required on the part of the Company or any Member, (i) each
Series A Preferred Unit, Series A-1 Preferred Unit, Series A-2 Preferred Unit, Series A-3 Preferred Unit, Series A-4
Preferred Unit, Series A-5 Preferred Unit and Common Unit (each, as defined in the Fifth Operating Agreement) of the Company issued
and outstanding immediately prior to the effective time of this Agreement shall be re-classified into 1.5818, 1.5818, 1.5636, 1.5576,
1.5818, 1.6303, and 1.00, Common Units of the Company, respectively, and immediately after such re-classification (ii) each Common
Unit issued and outstanding immediately prior to the Effective Time (including each Common Unit issued pursuant to the immediately preceding
clause (i)) shall be re-classified into a number of Class B Units equal to the Exchange Ratio (as defined in the Merger Agreement)
(collectively, the “Recapitalization”).

 

Section 2.2     Capital
Contributions of the Members; No Deficit Restoration Obligation.

 

(a)           Capital
Contributions. The Members made, shall be treated as having made, or have agreed to make, Capital Contributions to the Company and
were issued the Units indicated on the Register. Except as provided by Law or in this Agreement, the Members shall have no obligation
or, except as otherwise provided in this Agreement or with the prior written consent of the Manager, right to make any other Capital
Contributions or any loans to the Company.

 

(b)           No
Deficit Restoration Obligation. No Member shall have an obligation to make any contribution to the capital of the Company as the
result of a deficit balance in its Capital Account, and any such deficit shall not be considered a Debt owed to the Company or to any
other Person for any purpose whatsoever.

 

Section 2.3     No
Interest; No Return. No Member shall be entitled to interest on its Capital Contribution or on such Member’s Capital Account
balance. Except as provided by this Agreement, any Unit Designation, or by Law, no Member shall have any right to demand or receive a
withdrawal or the return of its Capital Contribution from the Company. Except to the extent provided in this Agreement or in any Unit
Designation, no Member shall have priority over any other Member as to distributions or the return of Capital Contributions.

 

    5

     

    

 

Section 2.4     Issuances
of Additional Units. Subject to the rights of any Member set forth in a Unit Designation:

 

(a)            General.
The Company may issue additional Units for any Company purpose at any time or from time to time to the Members (including, subject to
‎Section 2.4(b), the Manager) or any other Person and may admit any such Person as an Additional Member for such consideration
and on such terms and conditions as shall be established by the Company. Any additional Units may be issued in one or more classes or
one or more series of any of such classes with such designations, preferences, conversion or other rights, voting powers, restrictions,
rights to distributions, qualifications and terms and conditions of redemption (including rights that may be senior or otherwise entitled
to preference over existing Units) as shall be determined by the Company (each, a “Unit Designation”). Upon
the issuance of any additional Unit, the Manager shall amend the Register and the books and records of the Company as appropriate to
reflect such issuance. Except to the extent specifically set forth in any Unit Designation, a Unit of any class or series other than
a Common Unit shall not entitle the holder thereof to vote on, or consent to, any matter.

 

(b)           Issuances
to the Manager. No additional Units shall be issued to the Manager unless at least one of the following conditions is satisfied:

 

(i)            The
additional Units are issued to all Members holding Common Units in proportion to their respective Percentage Interests in the Common
Units;

 

(ii)           The
additional Units are (x) Class A Units issued in connection with an issuance of Class A Common Stock or issued with appropriate
adjustments to the Exchange Rate in accordance with ‎Section 11.4, or (y) Equivalent Units (other
than Common Units) issued in connection with an issuance of Preferred Stock, New Securities, or other interests in the Manager (other
than Common Stock), and, in each case, the Manager contributes to the Company the net proceeds received in connection with the issuance
of such Class A Common Stock, Preferred Stock, New Securities, or other interests in the Manager;

 

(iii)          There
is a recapitalization of the Capital Stock of the Manager, including any stock split, stock dividend, reclassification or similar transaction;

 

(iv)          The
additional Units are issued upon the conversion, redemption or exchange of Debt, Units or other securities issued by the Company and
held by the Manager; or

 

(v)           The
additional Units are issued in accordance with the express terms of ‎Section 2.5(g) or any
of the other provisions of this ‎Article II (other than ‎Section 2.4(a)).

 

(c)           Issuances
of Class B Units. No additional Class B Units shall be issued except in the event of a recapitalization of the Capital
Stock of the Manager, including any stock split, stock dividend, reclassification or similar transaction.

 

(d)           No
Preemptive Rights. Except as expressly provided in this Agreement or in any Unit Designation, no Person shall have any preemptive,
preferential, participation or similar right or rights to subscribe for or acquire any Unit.

 

Section 2.5     Additional
Funds and Additional Capital Contributions

 

(a)            General.
The Company may, at any time and from time to time, determine that it requires additional funds (“Additional Funds”)
for the acquisition or development of additional Assets, for the redemption of Units, or for such other purposes as the Company may determine.
Additional Funds may be obtained by the Company in any manner provided in, and in accordance with, the terms of this ‎Section 2.5
without the approval of any Member or any other Person.

 

    6

     

    

 

(b)           Additional
Capital Contributions. The Company may obtain any Additional Funds by accepting Capital Contributions from any Members or other Persons.
In connection with any such Capital Contribution, the Company is hereby authorized from time to time to issue additional Units (as set
forth in ‎Section 2.4) in consideration for such Capital Contribution.

 

(c)           Loans
by Third Parties. The Company may obtain any Additional Funds by incurring Debt payable to any Person upon such terms as the Company
determines appropriate, including making such Debt convertible, redeemable, or exchangeable for Units; provided, however,
that the Company shall not incur any such Debt if any Member would be personally liable for the repayment of all or any portion of such
Debt unless that Member otherwise agrees in writing.

 

(d)           Issuance
of Securities by the Manager.

 

(i)            Unless
otherwise agreed to by the Members, after the completion of the SPAC Transaction, except in the case of a Liquidity Offering for purposes
of a Cash Settlement, the Manager shall not issue any additional Capital Stock or New Securities unless the Manager contributes the net
proceeds received from the issuance of such additional Capital Stock or New Securities (as the case may be) and from the exercise of
the rights contained in any such additional Capital Stock or New Securities to the Company in exchange for (i) in the case of an
issuance of Class A Common Stock, Class A Units, (ii) in the case of an issuance of Class B Common Stock, Class B
Units, or (iii) in the case of an issuance of Preferred Stock or New Securities, Equivalent Units. If at any time any Preferred
Stock or New Securities are issued that are convertible into or exercisable for Class A Common Stock or another security of the
Manager, then upon any such conversion or exercise, the corresponding Equivalent Unit shall be similarly converted or exercised, as applicable,
and an equal number of Class A Units or other Equivalent Units shall be issued to the Manager. It is the intent of the parties that
the Manager will always own Units equivalent in number and rights to its outstanding Capital Stock (other than Class B Units, which
shall be equivalent in number, but not rights, to its outstanding Class B Common Stock), except as provided pursuant to ‎Section 11.4,
and the parties hereby acknowledge that the Manager may make reasonable adjustments to its own capitalization, subject to applicable
Law and the terms of any such outstanding Capital Stock, in order to effect such parity.

 

(ii)           New
Securities that are derivative securities issued under any Incentive Compensation Plan of the Manager shall not require issuance of Equivalent
Units by the Company until such time as such derivative securities are exercised for Capital Stock of the Manager.

 

(e)           Reimbursement
of Issuance Expenses. If the Manager issues additional Capital Stock or New Securities and contributes the net proceeds (after deduction
of any underwriters’ discounts and commissions) received from such issuance to the Company pursuant to ‎Section 2.5(d),
the Company shall reimburse or assume (on an after-tax basis) the Manager’s expenses associated with such issuance.

 

    7

     

    

 

(f)            Repurchase
or Redemption of Capital Stock. If any shares of Capital Stock, or New Securities are repurchased, redeemed or otherwise retired
(whether by exercise of a put or call, automatically or by means of another arrangement) by the Manager, then the Manager shall cause
the Company, immediately before such repurchase, redemption or retirement of such Capital Stock or New Securities, to redeem, repurchase
or otherwise retire a corresponding number of Class A Units, Class B Units, or Equivalent Units held by the Manager, upon the
same terms and for the same consideration as the Capital Stock or New Securities to be repurchased, redeemed, or retired.

 

(g)           Reinvestment
of Excess Tax Distributions. Notwithstanding anything to the contrary in this Agreement, if the Manager (i) receives Tax Distributions
in an amount in excess of the amount necessary to enable the Manager to meet or pay its U.S. federal, state and local Tax obligations,
its obligations under the Tax Receivable Agreement, and any other operating expenses or (ii) holds any other excess cash amount,
the Manager may, in its sole discretion, (A) distribute such excess cash amount to its shareholders or (B) contribute such
excess cash amount to the Company in exchange for a number of Units or other equity securities of the Company determined in its sole
discretion based on the Fair Market Value of such Units or securities, and in such case, the Manager may distribute to the holders of
Class A Common Stock an amount of shares of Class A Common Stock (if the Company issues Units to the Manager) or such other
equity securities of the Manager (if the Company issues equity securities of the Company other than Units) corresponding to the Class A
Common Stock or equity securities issued by the Company and with substantially the same rights to dividends and distributions (including
distributions upon liquidation) and other economic rights as those of such Class A Common Stock or equity securities of the Company
that were issued to the Manager.

 

Article III

 

DISTRIBUTIONS

 

Section 3.1     Distributions
Generally.

 

(a)            Except
as otherwise provided in this ‎Article III and subject to the terms of any Unit Designation, the Company
shall distribute an amount of Available Cash if, when, and as determined by the Manager to the Members pro rata in accordance with the
number of their Units.

 

Section 3.2     Tax
Distributions.

 

(a)            Generally.
If the amount distributed to a Member pursuant to ‎Section 3.1 in respect of a Fiscal Year is less than that Member’s
Assumed Tax Liability, the Company shall distribute an amount of Available Cash to the Members such that each Member receives distributions
of Available Cash in respect of each Fiscal Year in an amount at least equal to the Member’s Assumed Tax Liability for such Fiscal
Year (each such distribution, a “Tax Distribution”). Any Tax Distribution made to a Member shall reduce future
amounts otherwise distributable to such Member under Section 3.1 or Section 9.3(a). Except as provided in ‎Section 3.2(d) and
subject to any Unit Designation, all Tax Distributions shall be made pro rata in accordance with Units.

 

    8

     

    

 

(b)           Calculation
of Assumed Tax Liability. For purposes of calculating the amount of each Member’s Tax Distributions under ‎Section 3.2(a),
a Member’s “Assumed Tax Liability” means an amount equal to the product of:

 

(i)            the
sum of (A) the net taxable income and gain allocated to that Member from the Company for U.S. federal income tax purposes in the
Fiscal Year and (B) to the extent (x) determined by the Company in its sole discretion and (y) attributable to the Company,
the amount the Member is required to include in income by reason of Code sections 707(c) (but not including guaranteed payments
for services within the meaning of Code section 707(c)), 951(a), and 951A(a); multiplied by

 

(ii)           unless
otherwise determined by the Company, the highest combined effective U.S. federal, state, and local marginal rate of tax applicable to
an individual resident in Portland, Oregon, San Francisco, California or New York, New York (whichever results in the application of
the highest state and local tax rate for a given type of income) for the Fiscal Year (such tax rate, the “Assumed Tax Rate”).

 

The
calculation required by this ‎Section 3.2(b) shall be made by (i) taking into account
(x) the character of the income or gain and (y) any limitations on the use of deductions or credits allocable with respect
to the Fiscal Year and (ii) disregarding the effect of any special basis adjustments resulting from any election under Section 754
of the Code, including adjustments under Code section 732, 734(b) or 743(b). In addition, the Company shall adjust a Member’s
Assumed Tax Liability to the extent the Company reasonably determines is necessary or appropriate as a result of any differences between
U.S. federal income tax law and the tax laws of other jurisdictions in which the Company has a taxable presence. The Company shall calculate
the amount of any increase described in the preceding sentence by applying the principles of ‎Section 3.2(b)(i) and
‎(ii) replacing the words “U.S. federal” with a reference to the applicable
jurisdiction.

 

(c)           Timing
of Tax Distributions. If reasonably practicable, the Company shall make distributions of the estimated Tax Distributions in respect
of a Fiscal Year on a quarterly basis to facilitate the payment of quarterly estimated income taxes, taking into account amounts previously
distributed by reason of this ‎Section 3.2. Not later than sixty (60) Business Days after the end of the Fiscal Year,
the Company shall make a final Tax Distribution in an amount sufficient to fulfill the Company’s obligations under ‎Section 3.2(a).

 

(d)           Impact
of Insufficient Available Cash. If the amount of estimated or final Tax Distributions to be made exceeds the amount of the Available
Cash, the Tax Distribution to which each Member is entitled shall be reduced in accordance with the provisions of this ‎Section 3.2(d) (the
amount of the reduction in each Member’s share, the “Tax Distribution Shortfall Amount”), and Available
Cash shall be distributed in the following order of priority:

 

(i)            First,
to the Manager in an amount equal to the full amount of its Tax Distribution, but calculated by substituting the words “a corporation
doing business” for “an individual resident” in the definition of “Assumed Tax Rate”;

 

    9

     

    

 

(ii)           Second,
to the Members other than the Manager pro rata in accordance with their Units in an amount such that each such Member has received
distributions pursuant to this ‎Section 3.2(d)(ii) that is not less than their Assumed Tax
Liability (calculated by substituting the words “a corporation doing business” for “an individual resident” in
the definition of “Assumed Tax Rate”); and

 

(iii)          Third,
to the Members (including the Manager) pro rata in accordance with their Units until each Member has received the full amount
of its Tax Distribution calculated in accordance with ‎Section 3.2(b).

 

Any
Tax Distribution Shortfall Amounts will be carried forward to subsequent Fiscal Years and will be distributed when and to the extent
that the Company has sufficient Available Cash. The distribution of any Tax Distribution Shortfall Amounts to a Member shall for all
purposes of this Agreement be a Tax Distribution and shall reduce future amounts otherwise distributable to such Member under ‎Section 3.1
or ‎Section 9.3(a).

 

(e)            No
Tax Distributions on Liquidation. No Tax Distributions shall be made in connection with a Liquidating Event or the liquidation of
a Member’s Units in the Company.

 

Section 3.3     Distributions
in Kind. No Member may demand to receive property other than cash as provided in this Agreement. The Company may make a distribution
in kind of Assets to the Members, and if a distribution is made both in cash and in kind, such distribution shall be made so that, to
the fullest extent practical, the percentage of the cash and any other Assets distributed to each Member entitled to such distribution
is identical.

 

Section 3.4     Distributions
to Reflect Additional Units. If the Company issues additional Units pursuant to the provisions of ‎Article II,
subject to the provisions of any Unit Designation, the Manager is authorized to make such revisions to this ‎Article III
and to ‎Annex C as it determines are reasonably necessary or desirable to reflect the issuance of such additional Units,
including making preferential distributions to certain classes of Units.

 

Section 3.5     Other
Distribution Rules.

 

(a)           Transfers.
From and after the Transfer of a Unit, for purposes of determining the rights to distributions (including Tax Distributions) under this
Agreement, distributions (including Tax Distributions) made to the transferor Member, along with any withholding or deduction in respect
of any such distribution, shall be treated as having been made to the transferee unless otherwise determined by the Company.

 

(b)           Record
Date for Distributions. The Company may designate a Record Date for purposes of calculating and giving effect to distributions. All
distributions shall be made to the holders of record as of the applicable Record Date.

 

(c)           Over-Distributions.
If the amount of any distribution to a Member under the Agreement exceeds the amount to which the Member in entitled (e.g., by reason
of an accounting error), the Member shall, upon written notice of the over-distribution delivered to the Member within one year of the
over-distribution, promptly return the amount of such over-distribution to the Company.

 

    10

     

    

 

(d)           Reimbursements
of Preformation Capital Expenditures. To the extent a distribution (or deemed distribution resulting from a reduction in a Member’s
share of Company liabilities for federal tax purposes) otherwise would be treated as proceeds in a sale under Code section 707(a)(2)(B),
the Members intend such actual or deemed distribution to reimburse preformation capital expenditures under Treas. Reg. § 1.707-4(d) to
the maximum extent permitted by Law.

 

(e)           Limitation
on Distributions. Notwithstanding any provision of this Agreement to the contrary, the Company shall not make a distribution to any
Member to the extent such distribution would violate the Act or other Law or would result in the Company or any of its Subsidiaries being
in default under any material agreement.

 

Article IV

 

Management
and OPERATIONS

 

Section 4.1     Management.

 

(a)           Authority
of Manager.

 

(i)            Except
as otherwise provided in this Agreement, the Manager shall have full, exclusive, and complete discretion to manage and control the business
and affairs of the Company, to make all decisions affecting the business and affairs of the Company and to do or cause to be done any
and all acts, at the expense of the Company, as the Manager deems necessary or appropriate to accomplish the purposes and direct the
affairs of the Company. Without limiting the generality of the preceding sentence and subject to ‎Section 4.1,
the Manager may cause the Company, without the consent or approval of any other Member, to enter into any of the following in one or
a series of related transactions: (i) any merger, (ii) any acquisition, (iii) any consolidation, (iv) any sale, lease
or other transfer or conveyance of Assets, (v) any recapitalization or reorganization of outstanding securities, (vi) any merger,
sale, lease, spin-off, exchange, transfer or other disposition of a Subsidiary, division or other business, (vii) any issuance of
Debt or equity securities (subject to any limitations expressly provided for in this Agreement), or (viii) any incurrence of Debt.

 

(ii)           The
Manager shall have the exclusive power and authority to bind the Company and shall be an agent of the Company’s business. The actions
of the Manager taken in such capacity and in accordance with this Agreement shall bind the Company. Except to the extent expressly delegated
in writing by the Manager, no Member or Person other than the Manager shall be an agent for the Company or have any right, power or authority
to transact any business in the name of the Company or act for or on behalf of or to bind the Company.

 

(iii)          Subject
to the rights of any Member set forth in ‎Section 4.1(f), any determinations to be made by the
Company pursuant to this Agreement shall be made by the Manager, and such determinations shall be final, conclusive and binding upon
the Company and every Member.

 

    11

     

    

 

(iv)          The
Manager shall constitute a “manager” (as that term is defined in the Act) of the Company.

 

(v)           The
Manager may not be removed by the Members, with or without cause, except with the consent of the Manager.

 

(b)           Appointment
of Officers. The Manager may, from time to time, appoint such officers and establish such management and/or advisory boards or committees
of the Company as the Manager deems necessary or advisable, each of which shall have such powers, authority, and responsibilities as
are delegated in writing by the Manager from time to time. Each such officer and/or board or committee member shall serve at the pleasure
of the Manager. The initial Officers of the Company are set forth on ‎Annex D attached to this Agreement.

 

(c)           No
Participation by Members. Except as otherwise expressly provided in this Agreement or required by any non-waivable provision of the
Act or other Law and subject to ‎Section 4.1, no Member (acting in such capacity) shall (x) have any right to
vote on or consent to any other matter, act, decision or document involving the Company or its business or any other matter, or (y) take
part in the day-to-day management, or the operation or control, of the business and affairs of the Company. No Member, as such, shall
have the power to bind the Company.

 

(d)           Bankruptcy.
Only the Manager may commence a voluntary case on behalf of, or an involuntary case against, the Company under a chapter of Title 11
U.S.C. by the filing of a “petition” (as defined in 11 U.S.C. 101(42)) with the United States Bankruptcy Court. Any such
petition filed by any other Member, to the fullest extent permitted by Law, shall be deemed an unauthorized and bad faith filing, and
all parties to this Agreement shall use their best efforts to cause such petition to be dismissed.

 

(e)           Amendment
of Agreement. All amendments to this Agreement must be approved by the Manager. Subject to the rights of any Member set forth in
a Unit Designation and ‎‎Section 4.1(f) and ‎‎Section 4.1(g), the Manager shall
have the power, without the consent or approval of any Member, to amend this Agreement as may be required to facilitate or implement
any of the following purposes:

 

(i)            To
add to the obligations of the Manager or surrender any right or power granted to the Manager or any Affiliate of the Manager for the
benefit of the Members;

 

(ii)           To
reflect a change that is of an inconsequential nature or does not adversely affect the Members in any material respect, or to cure any
ambiguity, correct or supplement any provision in this Agreement not inconsistent with Law or with other provisions, or make other changes
with respect to matters arising under this Agreement that will not be inconsistent with Law or with the provisions of this Agreement;

 

    12

     

    

 

(iii)          To
satisfy any requirements, conditions, or guidelines contained in any order, directive, opinion, ruling or regulation of a federal or
state agency, or in federal or state Law;

 

(iv)          To
reflect the admission, substitution, or withdrawal of Members, the Transfer of any Units, the issuance of additional Units, or the termination
of the Company in accordance with this Agreement, and to amend the Register in connection with such admission, substitution, withdrawal,
or Transfer;

 

(v)           To
set forth or amend the designations, preferences, conversion or other rights, voting powers, restrictions, limitations as to distributions,
qualifications or terms or conditions of redemption of any additional Units issued pursuant to ‎Article II;

 

(vi)          If
the Company is the Surviving Company in any Termination Transaction, to modify ‎Section 11.1 or
any related definitions to provide the holders of interests in the Surviving Company rights that are consistent with ‎Section 7.7(b)(iii);
and

 

(vii)         To
reflect any other modification to this Agreement as is reasonably necessary or appropriate for the business or operations of the Company
or the Manager and that does not violate a Unit Designation, ‎‎‎Section 4.1(f), or
‎‎Section 4.1(g).

 

(f)            Certain
Amendments and Actions Requiring Member Consent.

 

(i)            Notwithstanding
anything in ‎Section 4.1(e) or ‎Article X to the contrary,
this Agreement shall not be amended, and no action may be taken by the Manager or the Company without the consent of any Member holding
Common Units that would be adversely affected by such amendment or action. Without limiting the generality of the preceding sentence,
for purposes of this ‎Section 4.1(f)(i), the Members holding Common Units will be deemed to be
adversely affected by an amendment or action that would (A) adversely alter the rights of any Member to receive the distributions
to which such Member is entitled pursuant to ‎Article III or ‎Section 9.3(a)(iii),
(B) convert the Company into a corporation or cause the Company to be classified as a corporation for federal income tax purposes
(other than in connection with a Termination Transaction), or (C) amend this ‎Section 4.1(f)(i).
Notwithstanding the provisions of the preceding two sentences of this ‎Section 4.1(f)(i), but
subject to ‎Section 4.1(f)(ii), the consent of any Member holding Common Units that would be adversely
affected by an amendment or action shall not be required for any such amendment or action that affects all Members holding the same class
or series of Units on a uniform or pro rata basis if such amendment or action is approved by a Majority-in-Interest of the Members
of such class or series. If some, but not all, of the Members consent to such an amendment or action, the Company may, in its discretion,
make such amendment or action effective only as to the Members that consented to it, to the extent it is practicable to do so.

 

(ii)           This
Agreement shall not be amended, and no action may be taken by the Manager without the consent of any Member holding Common Units that
would be adversely affected by such amendment or action if such amendment or action would (A) modify the limited liability of a
Member or increase the obligation of a Member to make a Capital Contribution to the Company or (B) amend this ‎Section 4.1(f)(ii).

 

    13

     

    

 

(g)           Implementation
of Amendments. Upon obtaining any Consent required under this ‎Section 4.1 or otherwise required
by this Agreement, and without further action or execution by any other Person, including any Member, (i) any amendment to this
Agreement may be implemented and reflected in a writing executed solely by the Manager, and (ii) the Members shall be deemed a party
to and bound by that amendment of this Agreement.

 

Section 4.2     Tax
Actions. All tax-related actions, decisions, or determinations (or failure to take any available tax-related action, decision, or
determination) by or with respect to the Company or any Subsidiary of the Company not expressly reserved for the Members shall be made,
taken, or determined by the Manager.

 

Section 4.3     Compensation
and Reimbursement of Manager.

 

(a)            General.
The Manager shall not receive any fees from the Company for its services in administering the Company, except as otherwise provided in
this Agreement.

 

(b)           Reimbursement
of Manager. The Company shall be liable for, and shall reimburse the Manager on an after-tax basis at such intervals as the Manager
may determine, all:

 

(i)            overhead,
administrative expenses, insurance and reasonable legal, accounting and other professional fees and expenses of the Manager;

 

(ii)           expenses
of the Manager incidental to being a public reporting company;

 

(iii)          reasonable
fees and expenses related to the SPAC Transactions or any subsequent public offering of equity securities of the Manager (without duplicating
any provisions of ‎Section 2.5(e)) or private placement of equity securities of the Manager (including
any reasonable fees and expenses related to the registration for resale of any such securities), whether or not consummated;

 

(iv)          franchise
and similar taxes of the Manager and other fees and expenses in connection with the maintenance of the existence of the Manager;

 

(v)           customary
compensation and benefits payable by the Manager, and indemnities provided by the Manager on behalf of, the officers, directors, and
employees of the Manager; and

 

(vi)          reasonable
expenses paid by the Manager on behalf of the Company; provided, however, that the amount of any reimbursement shall be
reduced by any interest earned by the Manager with respect to bank accounts or other instruments or accounts held by it on behalf of
the Company as permitted pursuant to ‎Section 4.4. Such reimbursements shall be in addition to
any reimbursement of the Manager as a result of indemnification pursuant to ‎Section 4.7.

 

    14

     

    

 

Section 4.4     Outside
Activities.

 

(a)            Limitation
on Outside Activities of Manager. The Manager shall not directly or indirectly enter into or conduct any business, other than in
connection with (i) the ownership, acquisition, and disposition of Units, (ii) maintaining its legal existence (including the
ability to incur and pay, as applicable, fees, costs, expenses and taxes relating to that maintenance), (iii) the management of
the business of the Company and its Subsidiaries, (iv) its operation as a reporting company with a class (or classes) of securities
registered under the Exchange Act, (v) the offering, sale, syndication, private placement, or public offering of stock, bonds, securities,
or other interests of the Manager, (vi) the financing or refinancing of any type related to the Company or its Assets or activities,
(vii) receiving and paying dividends and distributions or making contributions to the capital of its Subsidiaries, (viii) filing
tax reports and tax returns and paying taxes and other customary obligations in the ordinary course (and contesting any taxes), (ix) participating
in tax, accounting, and other administrative matters with respect to its Subsidiaries and providing administrative and advisory services
(including treasury and insurance services, including maintaining directors’ and officers’ insurance on its behalf and on
behalf of its Subsidiaries) to its Subsidiaries, (x) holding any cash or property (but not operating any property), (xi) indemnifying
officers, directors, members of management, managers, employees, consultants, or independent contractors of the Manager, the Company
or their respective Subsidiaries, (xii) entering into any Termination Transaction or similar transaction in accordance with this
Agreement, (xiii) preparing reports to governmental authorities and to its shareholders, (xiv) holding director and shareholder
meetings, preparing organizational records, and other organizational activities required to maintain its separate organizational structure,
(xv) complying with applicable Law, (xvi) engaging in activities relating to any management equity plan, stock option plan
or any other management or employee benefit plan of the Manager, the Company or their respective Subsidiaries, and (xvii) engaging
in activities that are incidental to clauses (i) through (xvi). The provisions of this ‎Section 4.4 shall restrict
only the Manager and its Subsidiaries (other than the Company and its Subsidiaries) and shall not restrict the other Members or any Affiliate
of the other Members (other than the Manager).

 

(b)           Outside
Activities of Members.

 

(i)            Subject
to (x) Article XI of the Certificate of Incorporation of the Manager, (y) any agreements entered into pursuant to ‎Section 4.5,
and (z) any other agreements (including any employment agreement) entered into by a Member or any of its Affiliates with the Manager,
the Company or a Subsidiary, any Member (but, with respect to the Manager, subject to ‎Section 4.4(a)),
or any officer, director, employee, agent, trustee, Affiliate, member or stockholder of any Member shall be entitled to and may have
business interests and engage in business activities in addition to those relating to the Company, including business interests and activities
that are in direct or indirect competition with the Company or that are enhanced by the activities of the Company, and, in any such case,
need not (A) first offer the Company or any of its Subsidiaries an opportunity to participate in such business interests or activities
or (B) account to the Company or any of its Subsidiaries with respect to such business interests or activities.

 

(ii)           None
of the Members, the Company or any other Person shall have any rights by virtue of this Agreement or the relationship established hereby
in any business ventures of any other Member or Person. Subject to any other agreements entered into by a Member or its Affiliates with
the Manager, the Company or a Subsidiary, no Member (other than the Manager) or any such other Person shall have any obligation pursuant
to this Agreement to offer any interest in any such business ventures to the Company, any Member, or any such other Person.

 

    15

     

    

 

Section 4.5     Transactions
with Affiliates. Subject to the provisions of ‎Section 4.1(f) and ‎Section 4.4, the Company
may enter into any transaction or arrangement with the Manager or Subsidiaries of the Company or other Persons in which the Company has
an equity investment on terms and conditions determined by the Manager. Without limiting the foregoing, but subject to ‎Section 4.4,
(a) the Company may (i) lend funds to, or borrow funds from, the Manager or to Subsidiaries of the Company or other Persons
in which the Company has an equity investment and (ii) transfer Assets to joint ventures, limited liability companies, partnerships,
corporations, business trusts or other business entities in which the Company or any of its Subsidiaries is or thereby becomes a participant,
and (b) the Manager may (i) propose and adopt on behalf of the employee benefit plans funded by the Company for the benefit
of employees of the Manager, the Company, Subsidiaries of the Company or any Affiliate of any of them in respect of services performed,
directly or indirectly, to or for the benefit of the Manager, the Company or any of the Company’s Subsidiaries and (ii) sell,
transfer or convey any property to the Company, directly or indirectly.

 

Section 4.6     Limitation
on Liability.

 

(a)           General.
To the fullest extent permitted by Law, including by ORS 63.160 of the Act, no Indemnitee, in such capacity, shall be liable to the Company,
any Member or any of their respective Affiliates, for any losses sustained or liabilities incurred as a result of any act or omission
of such Person if (i) either (A) the Indemnitee, at the time of such act or omission, determined in good faith that its, his
or her course of conduct was in, or not opposed to, the best interests of the Company or (B) in the case of omission by the Indemnitee,
the Indemnitee did not intend its, his or her inaction to be harmful or opposed to the best interests of the Company and (ii) the
act or omission did not constitute fraud or intentional misconduct by the Indemnitee.

 

(b)           Action
in Good Faith. An Indemnitee acting under this Agreement shall not be liable to the Company for its, his, or her good faith reliance
on the provisions of this Agreement. The provisions of this Agreement, to the extent that they expand, restrict, or eliminate the duties
and liabilities of such Persons otherwise existing at Law or in equity, are agreed by the Members to replace fully and completely such
other duties and liabilities of such Persons. Whenever the Manager or the Company is permitted or required to make a decision or take
an action under this Agreement (i) in making such decisions, such Person shall be entitled to take into account its own interests
as well as the interests of the Members as a whole or (ii) in its “good faith” or under another expressed standard,
such Person shall act under such express standard and shall not be subject to any other or different standards.

 

(c)           Outside
Counsel. The Manager may consult with legal counsel, accountants and financial or other advisors, and any act or omission suffered
or taken by the Manager on behalf of the Company or in furtherance of the interests of the Company in good faith in reliance upon and
in accordance with the advice of such counsel, accountants or financial or other advisors will be full justification for any such act
or omission, and the Manager will be fully protected in so acting or omitting to act so long as such counsel or accountants or financial
or other advisors were selected with reasonable care.

 

    16

     

    

 

(d)           Duties
of Members. Other than obligations of Members explicitly set forth in this Agreement, no Member (other than the Manager in its capacity
as a manager), including any Member who may be deemed to be a controlling Member under applicable Law (other than the Manager in its
capacity as a manager), shall owe any duty (of loyalty, care or otherwise) to the Company or to any other Member solely by reason of
being a Member. With respect to each matter requiring approval of a Majority-in-Interest of the Members, each Member having voting rights
may grant or withhold such Member’s vote under this Agreement, in such Member’s sole judgment, as directed or otherwise determined
by such Member, without regard to the interests of any other Member or of the Company, and no Member shall have any duty to represent
or act in the best interests of the Company or any other Member.

 

Section 4.7     Indemnification.

 

(a)            General.
The Company shall indemnify and hold harmless each Indemnitee (and such Person’s heirs, successors, assigns, executors or administrators)
to the full extent permitted by Law and to the same extent and in the same manner provided by the provisions of Article VI of the
Bylaws of the Manager applicable to officers and directors as if such provisions were set forth herein, mutatis mutandis, and
applied to each such Indemnitee.

 

(b)           Non-Exclusivity
of Rights. The rights to indemnification and to the advancement of expenses conferred in this ‎Section 4.7
shall not be exclusive of any other right that any Person may have or hereafter acquire under any law, agreement, vote of stockholders
or disinterested directors, provisions of a certificate of incorporation or bylaws, or otherwise.

 

(c)           Nature
of Rights. The rights conferred upon Indemnitees in this ‎Section 4.7 shall be contract rights and shall continue
as to an Indemnitee who has ceased to be the Manager, an Affiliate of the Manager, the Tax Representative, the Designated Individual,
or an officer or director of the Manager, the Company, or their respective Affiliates. Any amendment, alteration or repeal of this ‎Section 4.7
or of Article VI of the Bylaws of the Manager that would adversely affect any right of an Indemnitee or its successors shall
apply prospectively only and shall not limit or eliminate any such right with respect to any proceeding involving any occurrence or alleged
occurrence of any action or omission to act that took place before such amendment, alteration or repeal.

 

Article V

 

BOOKS
AND RECORDS

 

Section 5.1     Books
and Records.

 

(a)            General.
The Company shall maintain in its principal business office, or any other place as may be determined by the Company, the books and records
of the Company.

 

    17

     

    

 

(b)            Specific
Records. In particular, the Company shall maintain:

 

(i)            A
register containing the name, address, and number and class of Units (including Equivalent Units) of each Member, and such other information
as the Manager may deem necessary or desirable and attached to this Agreement as ‎Annex A (as may be amended
or updated from time to time, the “Register”). The Manager shall from time to time update the Register as necessary
to ensure the Register is accurate, including as a result of any sales, exchanges, or other Transfers, or any redemptions, issuances,
or similar events involving Units. Except as required by Law, no Member shall be entitled to receive a copy of the Register or of the
information set forth in the Register relating to any Member other than itself.

 

(ii)            A
copy of the Articles of Conversion, Articles of Organization and this Agreement and all amendments thereto.

 

Section 5.2     Financial
Accounts. At all times during the continuance of the Company, the Company shall prepare and maintain separate books of account for
the Company for financial reporting purposes, on an accrual basis, in accordance with United States generally accepted accounting principles,
consistently applied.

 

Section 5.3     Inspection;
Confidentiality. The Manager may keep confidential from the Members (or any of them) for such period of time as the Manager determines
to be reasonable, any information (a) that the Manager believes to be in the nature of trade secrets, (b) the disclosure of
which the Manager in good faith believes is not in the best interests of the Company or the Manager, or (c) that the Company or
the Manager is required by Law, agreement, or customary commercial practice to keep confidential. Subject to the provisions of the previous
sentence, the Members (personally or through an authorized representative) may, for purposes reasonably related to their respective interests
in the Company, examine and copy (at their own cost and expense) the books and records of the Company at all reasonable business hours
upon reasonable prior notice.

 

Section 5.4     Information
to Be Provided by Manager to Members. The Company shall deliver (or otherwise make accessible) to each Member a copy of any information
mailed or delivered electronically to all of the common stockholders of the Manager as soon as practicable after such mailing or electronic
delivery.

 

Article VI

 

Tax
Matters, ACCOUNTING, AND REPORTING

 

Section 6.1     Tax
Matters.

 

(a)            Tax
Returns. The Company shall use reasonable best efforts to cause to be prepared and timely filed (taking into account available extensions)
all federal, state, and local, and non-U.S. tax returns of the Company for each year for which such returns are required to be filed
and shall determine the appropriate treatment of each tax item of the Company and make all other determinations with respect to such
tax returns.

 

(b)           Other
Tax Matters. Each of the provisions of ‎Annex C, which address various tax matters, is incorporated into and shall constitute
a part of this Agreement.

 

    18

     

    

 

Section 6.2     Accounting
and Fiscal Year. Unless otherwise determined by the Company or required by Code section 706, the fiscal year of the Company (the
 “Fiscal Year”) shall be the calendar year ending December 31st, or, in the case of the last Fiscal Year
of the Company, the fraction thereof ending on the date on which the winding up of the Company is completed.

 

Article VII

 

UNIT
TRANSFERS AND member WITHDRAWALS

 

Section 7.1     Transfer
Generally Prohibited. No Units shall be Transferred, in whole or in part, except in accordance with the terms and conditions set
forth in this ‎Article VII and ‎Article XI. Any Transfer or purported Transfer of a Unit not made
in accordance with this ‎Article VII or ‎Article XI shall be null and void ab initio. Units
shall not be subject to the claims of any creditor, spouse for alimony or support, or legal process and may not be voluntarily or involuntarily
alienated or encumbered except as may be specifically provided for in this Agreement.

 

Section 7.2     Conditions
Generally Applicable to All Transfers. All Transfers are subject to the satisfaction of the following conditions:

 

(a)           Transfers
by Members Other than the Manager.

 

(i)            Consent
of Manager. No Member other than the Manager shall Transfer any portion of its Units to any transferee without the prior written
consent of the Manager unless the Transfer is a Related-Party Transfer.

 

(ii)           Assumption
of Obligations; No Relief from Obligations. Any transferee of all or a portion of a Unit (whether or not admitted as a Substituted
Member) shall take subject to and assume, by operation of Law or express agreement, all of the obligations of the transferor Member under
this Agreement with respect to such Transferred Unit. No Transfer (other than pursuant to a statutory merger or consolidation pursuant
to which all obligations and liabilities of the transferor Member are assumed by a successor corporation by operation of Law) shall relieve
the transferor Member of its obligations under this Agreement without the approval of the Manager.

 

(iii)          No
Rights as Member. No transferee, whether by a voluntary Transfer, by operation of Law or otherwise, shall have any rights under this
Agreement unless admitted as a Substituted Member.

 

(b)           Transfers
by the Manager.

 

(i)            Consent
of Members. The Manager may not Transfer any of its Units without the consent of a Majority-in-Interest of the Members, except in
connection with an Applicable Sale or Termination Transaction or to a wholly owned subsidiary in accordance with ‎Section 7.2(b)(ii).

 

    19

     

    

 

(ii)           Transfer
to Subsidiary. Subject to compliance with the other provisions of this ‎Article VII, the Manager may Transfer all
of its Units at any time to any Person that is, at the time of such Transfer, a direct or indirect wholly owned Subsidiary of the Manager
without the consent of any Member and may designate the transferee to become the new Manager for all purposes of this Agreement.

 

(c)           Withholding
with Respect to a Transfer of Units. A Member making a Transfer permitted by this Agreement shall comply with ‎Section 4.10(b) of
‎Annex C.

 

(d)            Other
Restrictions on Transfer. In addition to any other restrictions on Transfer in this Agreement, no Member may Transfer a Unit (including
by way of acquisition of Units by the Manager or any other acquisition of Units by the Company) if the Company determines:

 

(i)            Such
Transfer would create a material risk of the Company being classified as an association taxable as a corporation for U.S. federal, state,
or local income tax purposes;

 

(ii)           That
the Transfer would be to any Person or entity that lacks the legal right, power or capacity to own a Unit;

 

(iii)          That
the Transfer would be in violation of Law;

 

(iv)          That
the Transfer would be of any fractional or component portion of a Unit or rights to distributions, separate and apart from all other
components of a Unit;

 

(v)           That
the Transfer would create a material risk that the Company would become, with respect to any employee benefit plan subject to Title I
of ERISA, a “party-in-interest” (as defined in ERISA Section 3(14)) or a “disqualified Person” (as defined
in Code section 4975(c));

 

(vi)          That
the Transfer would create a material risk that any portion of the Assets would constitute assets of any employee benefit plan pursuant
to Department of Labor Reg. § 2510.2-101;

 

(vii)         That
the Transfer would require the registration of such Unit pursuant to any applicable federal or state securities Laws;

 

(viii)        That
such Transfer would create a material risk that the Company would become a reporting company under the Exchange Act; or

 

(ix)          That
the Transfer would subject the Company to regulation under the Investment Company Act of 1940, the Investment Advisors Act of 1940 or
ERISA, each as amended.

 

    20

     

    

 

Section 7.3     Substituted
Members.

 

(a)            Admission
as Member. A transferee of Units of a Member, other than a Related-Party Transferee, may be admitted as a Substituted Member only
with the consent of the Company. A Related-Party Transferee shall be admitted as a Substituted Member without the consent of the Company,
subject to compliance with ‎Section 7.3(b). The failure or refusal by the Company to permit a transferee of Units to
become a Substituted Member shall not give rise to any cause of action against the Company or the Manager. A transferee who has been
admitted as a Substituted Member in accordance with this ‎Article VII shall have all the rights and powers and be subject
to all the restrictions and liabilities of a Member under this Agreement.

 

(b)           Documents
to Be Provided by Transferee. No transferee shall be admitted as a Substituted Member until and unless it furnishes to the Manager
(i) evidence of acceptance, in form and substance satisfactory to the Manager, of all the terms, conditions and applicable obligations
of this Agreement, (ii) a counterpart signature page to this Agreement executed by such transferee and (iii) such other
documents and instruments as the Manager may require to effect such transferee’s admission as a Substituted Member, including a
certification from the transferee or an opinion of counsel reasonably acceptable to the Company in respect of any of the restrictions
on transfer set forth in Section 7.2(d) (which certification or opinion may be waived, in whole or in part, in the sole discretion
of the Company).

 

(c)            Amendment
of Books and Records. In connection with, and as evidence of, the admission of a Substituted Member, the Manager or Company shall
amend the Register and the books and records of the Company to reflect the name, address and number of Units of such Substituted Member
and to eliminate or adjust, if necessary, the name, address and number of Units of the predecessor of such Substituted Member.

 

Section 7.4     Drag-Along
Rights.

 

(a)            If
at any time the Manager and/or its Affiliates (excluding, for purposes of this ‎Section 7.4, the Company
and its Subsidiaries) desire to Transfer in one or more transactions a sufficient portion of its and/or their Units (or any beneficial
interest therein) to constitute a Change of Control to a bona fide third party that is not an Affiliate of the Manager (an “Applicable
Sale”), the Manager may require each other Member either (i) to sell the same ratable share of its Units as is being
sold by the Manager and such Affiliates (based upon the total Units held by the Manager and its Affiliates at such time) on the same
terms and conditions and/or (ii) to exchange its Units pursuant to ‎Section 11.1(b) (each, a “Drag-Along
Right”). The Manager may in its sole discretion elect to cause the Manager and/or the Company to structure the Applicable
Sale as a merger or consolidation or as a sale of the Company’s Assets.(b) No Member shall have
any dissenters’ rights, appraisal rights or similar rights in connection with any Applicable Sale, and no Member may object to
any subsequent liquidation or other distribution of the proceeds from an Applicable Sale that is a sale of Assets. Each Member agrees
to consent to, and raise no objections against, an Applicable Sale. In the event of the exercise by the Manager of its Drag-Along Right
pursuant to this ‎Section 7.4, each Member shall take all reasonably necessary and desirable actions
approved by the Manager in connection with the consummation of the Applicable Sale, including the execution of such agreements and such
instruments and other actions reasonably necessary to provide customary and reasonable representations, warranties, indemnities, covenants,
conditions and other agreements relating to such Applicable Sale and to otherwise effect the transaction; provided, however,
that (A) such Members shall not be required to give disproportionately greater or more onerous representations, warranties, indemnities,
or covenants than the Manager or its Affiliates, (B) such Members shall not be obligated to bear any share of the out-of-pocket
expenses, costs, or fees (including attorneys’ fees) incurred by the Company or its Affiliates in connection with such Applicable
Sale unless and to the extent that such expenses, costs, and fees were incurred for the benefit of the Company or all of its Members,
(C) such Members shall not be obligated or otherwise responsible for more than their proportionate shares of any indemnities or
other liabilities incurred by the Company and the Members as sellers in respect of such Applicable Sale, (D) any indemnities or
other liabilities approved by the Manager shall be limited, in respect of each Member, to such Member’s share of the proceeds from
the Applicable Sale, and (E) such Members shall not be required to enter into any non-compete agreement in connection with such
Applicable Sale.

 

    21

     

    

 

(c)            At
least five (5) Business Days before consummation of an Applicable Sale, the Manager shall (i) provide the Members written notice
(the “Applicable Sale Notice”) of the Applicable Sale, which notice shall contain (A) the name and address
of the third-party purchaser, (B) the proposed purchase price, terms of payment, and other material terms and conditions of the
purchaser’s offer, together with a copy of any binding agreement with respect to the Applicable Sale and (C) notification
of whether the Manager has elected to exercise its Drag-Along Right and (ii) promptly notify the Members of all proposed changes
to the material terms and keep the Members reasonably informed as to all material terms relating to the Applicable Sale or contribution,
and promptly deliver to the Members copies of all final material agreements relating to the Applicable Sale not already provided in accordance
with this ‎Section 7.4(c) or otherwise. The Manager shall provide the Members written notice of
the termination of an Applicable Sale within five (5) Business Days following such termination, which notice shall state that the
Applicable Sale Notice served with respect to such Applicable Sale is rescinded.

 

Section 7.5     Company
Right to Call Units. Beginning on the date on which the aggregate Percentage Interests of the Members (other than the Manager and
its Subsidiaries) are less than fifteen (15) percent, the Company shall have the right, but not the obligation, from time to time and
at any time to redeem all (but not less than all) outstanding Exchangeable Units by treating each Member as an Exchangeable Unit Member
who has delivered an Elective Exchange Notice pursuant to the Policy Regarding Exchanges in respect of all of such Exchangeable Unit
Member’s Exchangeable Units. The Company shall exercise this right by giving notice to an Exchangeable Unit Member stating that
the Company has elected to exercise its rights under this ‎Section 7.5. The notice given by the Company to an Exchangeable
Unit Member pursuant to this ‎Section 7.5 shall be treated as if it were an Elective Exchange Notice delivered to the
Company by such Exchangeable Unit Member. For purposes of this ‎Section 7.5, the provisions of ‎Annex C shall
apply except to the extent otherwise determined by the Company.

 

    22

     

    

 

Section 7.6     Withdrawal.

 

(a)           Permissible
Withdrawals. Subject to any Unit Designation, no Member may withdraw from the Company other than:

 

(i)            As
a result of a Transfer of all of such Member’s Units in accordance with this ‎Article VII
or ‎Article XI with respect to which the transferee becomes a Substituted Member;

 

(ii)           Pursuant
to an acquisition by the Manager or Subsidiary of the Manager of all of its Units; or

 

(iii)          With
the prior written consent of the Company.

 

(b)           Consequences
of Withdrawal. Any Member who Transfers all of its Units in a Transfer (i) permitted pursuant to this ‎Article VII
where such transferee was admitted as a Substituted Member or (ii) to the Manager, whether or not pursuant to ‎Section 11.1,
shall cease to be a Member but shall continue to have the obligations of a former Member that are expressly set forth in this Agreement.

 

Section 7.7     Restrictions
on Termination Transactions.

 

(a)           General.
Except as provided in ‎Section 7.7(b), neither the Company nor the Manager shall engage in, or cause or permit, a Termination
Transaction.

 

(b)           Consent.
The Company or Manager may engage in, cause, or permit a Termination Transaction only if at least one of the following conditions is
satisfied:

 

(i)            A
Majority-in-Interest of the Members give Consent;

 

(ii)           In
connection with any such Termination Transaction, each holder of Common Units (other than the Manager and its wholly owned Subsidiaries)
will receive, or will have the right to elect to receive, for each Common Unit an amount of cash, securities or other property equal
to the greatest amount of cash, securities or other property that the holder of Common Units would have received had it exercised its
right to Exchange pursuant to ‎Article XI and received Class A Common Stock in exchange for
its Common Units immediately before such Termination Transaction; or

 

(iii)          All
of the following conditions are met: (1) substantially all of the Assets directly or indirectly owned by the Company before the
announcement of the Termination Transaction are, immediately after the Termination Transaction, owned directly or indirectly by the Company
or another limited partnership or limited liability company that is the survivor of a merger, consolidation or combination of assets
with the Company (in each case, the “Surviving Company”); (2) the Surviving Company is classified as a
partnership for U.S. federal income tax purposes and each of its Subsidiaries has the same classification for U.S. federal, state, and
local tax purposes immediately after the Termination Transaction that each Subsidiary had immediately before the Termination Transaction;
(3) the rights of such Members with respect to the Surviving Company (including pursuant to a Tax Receivable Agreement) are at least
as favorable as those of Members holding Units immediately before the consummation of such Termination Transaction (except to the extent
that any such rights are consistent with clause (4) of this ‎Section 7.7(b)(iii)) and as
those applicable to any other limited partners or non-managing members of the Surviving Company; and (4) such rights include the
right to cause their interests in the Surviving Company to be redeemed at any time or times for cash in an amount equal to the Fair Market
Value of such interest at the time of redemption, as determined at least once every calendar quarter by an independent appraisal firm
of recognized national standing retained by the Surviving Company.

 

    23

     

    

 

Section 7.8     Incapacity.
If a Member is subject to Incapacity, the executor, administrator, trustee, committee, guardian, conservator, or receiver of such Member’s
estate (a “Member Representative”) shall have the same rights as the Incapacitated Member possessed to Transfer
its Units. The Incapacity of a Member, in and of itself, shall not dissolve or terminate the Company. Unless a Member or Member Representative
informs the Company in writing of the Member’s Incapacity, the Company shall have the right to assume each Member is not Incapacitated.
The Company shall have no obligation to determine whether or not a Member is Incapacitated.

 

Section 7.9     Legend.
Each certificate representing a Unit, if any, will be stamped or otherwise imprinted with a legend in substantially the following form:

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933.

 

THESE
SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SUCH ACT.

 

THE
TRANSFER AND VOTING OF THESE SECURITIES IS SUBJECT TO THE CONDITIONS SPECIFIED IN THE SIXTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY
AGREEMENT OF NUSCALE POWER, LLC DATED AS OF MAY 2, 2022, AMONG THE MEMBERS LISTED THEREIN, AS IT MAY BE AMENDED, SUPPLEMENTED
AND/OR RESTATED FROM TIME TO TIME, AND NO TRANSFER OF THESE SECURITIES WILL BE VALID OR EFFECTIVE UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED.
COPIES OF SUCH AGREEMENT MAY BE OBTAINED AT NO COST BY WRITTEN REQUEST MADE BY THE HOLDER OF RECORD OF THIS CERTIFICATE TO THE SECRETARY
OF THE ISSUER OF SUCH SECURITIES.”

 

    24

     

    

 

 

Article VIII

 

ADMISSION
OF ADDITIONAL MEMBERS

 

Section 8.1     Admission
of Additional Members.

 

(a)            Requirements
for Admission. A Person (other than a then-existing Member) who makes a Capital Contribution to the Company in exchange for Units
and in accordance with this Agreement shall be admitted to the Company as an Additional Member only upon furnishing to the Manager (i) evidence
of acceptance, in form and substance satisfactory to the Manager, of all of the terms and conditions of this Agreement, including the
power of attorney granted in ‎Section 12.1,
(ii) a counterpart signature page to this Agreement executed by such Person, and (iii) such other documents or instruments
as may be required by the Manager in order to effect such Person’s admission as an Additional Member. In connection with, and as
evidence of, the admission of an Additional Member, the Manager shall amend the Register and the books and records of the Company to
reflect the name, address, number and type of Units of such Additional Member.

 

(b)            Consent
of Company Required. Notwithstanding anything to the contrary in this ‎Section 8.1,
no Person shall be admitted as an Additional Member without the consent of the Company. The admission of any Person as an Additional
Member shall become effective on the date determined by the Company (but in no case earlier than the satisfaction of all the conditions
set forth in ‎Section 8.1(a)).

 

Section 8.2     Limit
on Number of Members. Unless otherwise permitted by the Manager, no Person shall be admitted to the Company after the date of this
Agreement as an Additional Member if the effect of such admission would be to cause the Company to have a number of Members (including
as Members for this purpose those Persons indirectly owning an interest in the Company through another partnership, a limited liability
company, a subchapter S corporation or a grantor trust) that would cause the Company to become a reporting company under the Exchange
Act.

 

Article IX

 

DISSOLUTION,
LIQUIDATION AND TERMINATION

 

Section 9.1     Dissolution
Generally.

 

(a)       Dissolution
Only in Accordance with This Agreement. The Company shall not be dissolved by the substitution of Members or the admission of Additional
Members in accordance with the terms of this Agreement. The Company may be dissolved, liquidated and terminated only pursuant to the
provisions of this ‎Article IX,
and the Members hereby irrevocably waive any and all other rights they may have to cause a dissolution of the Company or a sale or partition
of any or all of the Company’s Assets.

 

(b)       Termination
of Members. The death, retirement, resignation, expulsion, Bankruptcy, insolvency or dissolution of a Member or the occurrence of
any other event that terminates the continued membership of a Member in the Company shall not in and of itself cause dissolution of the
Company.

 

    25

     

    

 

Section 9.2     Events
Causing Dissolution.

 

(a)            Actions
by Members. No Member shall take any action to dissolve, terminate or liquidate the Company, or require apportionment, appraisal
or partition of the Company or any of its Assets, or file a bill for an accounting, except as specifically provided in this Agreement,
and each Member, to the fullest extent permitted by Law, waives any rights to take any such actions under Law, including any right to
petition a court for judicial dissolution under ORS 63.661 of the Act.

 

(b)            Liquidating
Events. The Company shall be dissolved and its affairs shall be wound up upon the occurrence of any of the following events (each,
a “Liquidating Event”):

 

(i)            an
election to dissolve the Company made by the Manager, with the Consent of a Majority-in-Interest of the Members;

 

(ii)            the
expiration of forty-five (45) days after the sale or other disposition of all or substantially all Assets; or

 

(iii)            any
other event that results in a mandatory dissolution under the Act.

 

Section 9.3     Distribution
upon Dissolution.

 

(a)            Order
of Distributions. Upon the dissolution of the Company pursuant to ‎Section 9.2,
the Manager (or, in the event that the Manager has dissolved, become Bankrupt or ceased to operate, any Person elected by a Majority-in-Interest
of the Members (the Manager or such other Person, the “Liquidator”)) shall be responsible for overseeing the
winding up and dissolution of the Company and shall take full account of the Company’s Assets and liabilities, and the Company’s
Assets shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom (which may,
to the extent determined by the Manager, include shares of stock in the Manager) shall be applied and distributed in the following order:

 

(i)            First,
to the satisfaction of all of the Company’s Debts and liabilities to creditors, including Members who are creditors (other than
with respect to liabilities owed to Members in satisfaction of liabilities for previously declared distributions), whether by payment
or the making of reasonable provision for payment thereof;

 

(ii)            Second,
to the satisfaction of all of the Company’s liabilities to the Members in satisfaction of liabilities for previously declared distributions,
whether by payment or the making of reasonable provision for payment thereof; and

 

(iii)            The
balance, if any, to the Members, in the same order of priorities provided for in ‎Article III.

 

    26

     

    

 

(b)            Discretion
of Liquidator and Manager.

 

(i)            Notwithstanding
the provisions of ‎Section 9.3(a) that require liquidation of the Assets, but subject to
the order of priorities set forth therein, if before or upon dissolution of the Company, the Liquidator determines that an immediate
sale of part or all of the Company’s Assets would be impractical or would cause undue loss to the Members, the Liquidator may,
in its sole discretion, defer for a reasonable time the liquidation of any Assets except those necessary to satisfy liabilities of the
Company (including to those Members as creditors) and/or distribute to the Members, in lieu of cash, as tenants-in-common and in accordance
with the provisions of ‎Section 9.3(a), undivided interests in such Company Assets as the Liquidator
deems not suitable for liquidation. Any such distributions in kind shall be subject to such conditions relating to the disposition and
management of such properties as the Liquidator deems reasonable and equitable and any agreements governing the operation of such properties
at such time. The Liquidator shall determine the Fair Market Value of any property distributed in kind using such reasonable method of
valuation as it may adopt.

 

(ii)            In
the sole discretion of the Manager, a pro rata portion of the distributions that would otherwise be made to the Members pursuant
to this ‎Article IX may be:

 

A)            Distributed
to a trust established for the benefit of the Manager and the Members for the purpose of liquidating Company Assets, collecting amounts
owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company or of the Manager arising out
of or in connection with the Company and/or Company activities. The assets of any such trust shall be distributed to the Members, from
time to time, in the reasonable discretion of the Manager, in the same proportions and amounts as would otherwise have been distributed
to the Members pursuant to this Agreement; or

 

B)            Withheld
or escrowed to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of
any installment obligations owed to the Company, provided, that such withheld or escrowed amounts shall be distributed to the
Members in the manner and order of priority set forth in ‎Section 9.3(a) as soon as practicable.

 

Section 9.4     Rights
of Members. Except as otherwise provided in this Agreement and subject to the rights of any Member set forth in a Unit Designation,
(a) each Member shall look solely to the Assets for the return of its Capital Contribution, (b) no Member shall have the right
or power to demand or receive property other than cash from the Company, and (c) no Member shall have priority over any other Member
as to the return of its Capital Contributions or distributions.

 

Section 9.5     Termination.
The Company shall terminate when all of the Assets, after payment of or due provision for all Debts, liabilities, and obligations of
the Company, have been distributed to the Members in the manner provided for in this ‎Article IX
and the Articles of Organization shall have been cancelled in the manner required by the Act.

 

    27

     

    

 

Article X

 

PROCEDURES
FOR ACTIONS AND CONSENTS

OF MEMBERS; MEETINGS

 

Section 10.1     Actions
and Consents of Members. The actions requiring Consent of any Member pursuant to this Agreement or otherwise pursuant to Law are
subject to the procedures set forth in this ‎Article X.

 

Section 10.2     Procedures
for Meetings and Actions of the Members.

 

(a)            Time;
Quorum; Consent. Meetings of the Members may be called only by the Manager and shall state the nature of the business to be transacted.
Notice of any such meeting shall be given to all Members entitled to act at the meeting not less than two (2) days nor more than
ninety (90) days before the date of such meeting. Members may vote in Person or by proxy at such meeting. Unless approval by a different
number or proportion of the Members is required by this Agreement or any Unit Designation, the affirmative vote of a Majority-in-Interest
of the Members shall be sufficient to approve such proposal at a meeting of the Members. Whenever the Consent of any Members is permitted
or required under this Agreement, such Consent may be given at a meeting of Members or in accordance with the procedure prescribed in
‎Section 10.2(b).

 

(b)            Written
Consents. Any action requiring the Consent of any Member or a group of Members pursuant to this Agreement or that is required or
permitted to be taken at a meeting of the Members may be taken without a meeting if a Consent in writing or by electronic transmission
and filed with the Manager setting forth the action so taken or consented to is given by Members whose affirmative vote would be sufficient
to approve such action or provide such Consent at a meeting of the Members. Such Consent may be in one or several instruments and shall
have the same force and effect as the affirmative vote of such Members at a meeting of the Members. An action so taken shall be deemed
to have been taken at a meeting held on the effective date so certified. For purposes of obtaining a Consent in writing or by electronic
transmission, the Manager may require a response within a reasonable specified time, and failure to respond in such time period shall
constitute a Consent that is consistent with the Manager’s recommendation with respect to the proposal.

 

(c)            Proxy.
Each Member entitled to act at a meeting of Members may authorize any Person or Persons to act for it by proxy on all matters in which
a Member is entitled to participate, including waiving notice of any meeting, or voting or participating at a meeting. Each proxy must
be signed by the Member or its attorney-in-fact. No proxy shall be valid after the expiration of eleven (11) months from the date thereof
unless otherwise provided in the proxy (or there is receipt of a proxy authorizing a later date). Every proxy shall be revocable at the
pleasure of the Member executing it, such revocation to be effective upon the Company’s receipt of written notice of such revocation
from the Member executing such proxy, unless such proxy states that it is irrevocable and is coupled with an interest.

 

    28

     

    

 

(d)            Record
Date for Meetings and Other Purposes.

 

(i)            The
Manager may set, in advance, a Record Date (x) for the purpose of determining the identities of the Members entitled to Consent
to any action or entitled to receive notice of or vote at any meeting of the Members or (y) to make a determination of Members for
any other proper purpose. Any such date shall not be before the close of business on the day the Record Date is fixed and shall be not
more than ninety (90) days and, in the case of a meeting of the Members, not less than two (2) days, before the date on which the
meeting is to be held.

 

(ii)            If
no Record Date is set, the Record Date for the determination of Members entitled to notice of or vote at a meeting of the Members shall
be at the close of business on the day on which the notice of the meeting is sent, and the Record Date for any other determination of
Members shall be the effective date of such Member action, distribution or other event. When a determination of the Members entitled
to vote at any meeting of the Members has been made as provided in this ‎Section 10.2(d), such
determination shall apply to any adjournment thereof.

 

(e)            Conduct
of Meetings. Each meeting of Members shall be conducted by the Manager or such other Person as the Manager may appoint pursuant to
such rules for the conduct of the meeting as the Manager or such other Person deems appropriate.

 

(f)            Waivers.
Any time period for notice with respect to meetings or consents of the Members may be waived by a Member as to such Member.

 

Article XI

 

EXCHANGE RIGHTS

 

Section 11.1     Elective
and Mandatory Exchanges.

 

(a)            Elective
Exchanges. Subject to the Policy Regarding Exchanges set forth in Annex E, as amended from time to time by the Company (the
 “Policy Regarding Exchanges”), an Exchangeable Unit Member shall have the right, from time to time, to surrender
Exchangeable Units, along with an equal number of shares of Class B Common Stock, (free and clear of all liens, encumbrances, rights
of first refusal and similar restrictions, except for those arising under this Agreement) to the Company or the Manager and to thereby
cause the Company or the Manager to deliver to such Exchangeable Unit Member (or its designee) the Exchange Consideration as set forth
in ‎Section 11.3
(an “Elective Exchange”).

 

(b)            Mandatory
Exchange Events. Units are subject to Mandatory Exchange in each of the following circumstances:

 

(i)            pursuant
to ‎Section 7.4, if an Applicable Sale is determined to be a Mandatory Exchange event in the sole
discretion of the Manager;

 

(ii)            pursuant
to ‎Section 7.5; or

 

    29

     

    

 

(iii)            in
the discretion of the Manager, with the consent of Members whose Class B Units represent fifty percent (50%) of the Class B
Units of all Members in the aggregate, all Members will be required to exchange all Exchangeable Units then held by the Members.

 

(c)            Mandatory
Exchange Notices and Dates. Upon the occurrence of any of the circumstances set out in ‎Section 11.1(b),
the Manager may exercise its right to cause a mandatory exchange of a Member’s Exchangeable Units and an equal number of shares
of Class B Common Stock (a “Mandatory Exchange”) by delivering to each Member a written notice pursuant
to the notice provisions in ‎Section 12.6
(a “Mandatory Exchange Notice”). A Mandatory Exchange Notice will
specify the basis for the Mandatory Exchange, the Exchangeable Units of the Company to which the Mandatory Exchange applies, the Exchange
Consideration and the effective date of such Mandatory Exchange (the “Mandatory Exchange Date”), which shall
be no earlier than ten (10) Business Days after delivery of the Mandatory Exchange Notice. The Member receiving the Mandatory Exchange
Notice shall use its reasonable best efforts to deliver the Certificates, as applicable, representing the applicable Exchangeable Units
and corresponding shares of Class B Common Stock (free and clear of all liens, encumbrances, rights of first refusal and similar
restrictions, except for those arising under this Agreement) no later than one (1) Business Day before the Mandatory Exchange Date.
Upon the Mandatory Exchange Date, the Company will affect the Mandatory Exchange.

 

Section 11.2     Additional
Terms Applying to Exchanges.

 

(a)            Rights
of Exchangeable Unit Member. On an Exchange Date, all rights of the Exchangeable Unit Member as a holder of the Exchangeable Units
and, if the applicable Exchangeable Units are Class B Units, shares of Class B Common Stock held by the holder of the Class B
Units that are subject to the Exchange, shall cease, and, unless the Company or Manager, as applicable, has elected Cash Settlement as
to all Exchangeable Units tendered, the Manager shall use commercially reasonable efforts to cause the transfer agent or registrar of
the Manager to update the stock register of the Manager such that such Exchangeable Unit Member (or its designee) becomes the record
holder of the shares of Class A Common Stock to be received by the Exchangeable Unit Member in respect of such Exchange.

 

(b)            Right
of Manager to Acquire Exchangeable Units. With respect to Units surrendered in an Elective Exchange or subject to a Mandatory Exchange,
the Manager shall have the right but not the obligation to have the Manager (in lieu of the Company) acquire Exchangeable Units and,
if the applicable Exchangeable Units are Class B Units, an equal number of shares of Class B Common Stock held by the holder
of those Class B Units, directly from an Exchangeable Unit Member for the elected Exchange Consideration. If the Manager acquires
Exchangeable Units as described in the preceding sentence, those Exchangeable Units shall be automatically recapitalized into the same
number of Class A Units as the Exchangeable Units.

 

(c)            Expenses.
Except as otherwise agreed by the Company, the Manager and an Exchangeable Unit Member, the Company, the Manager, and each Exchangeable
Unit Member shall bear their own expenses in connection with the consummation of any Exchange, whether or not any such Exchange is ultimately
consummated. Notwithstanding the foregoing sentence, the Manager (or the Company, at the Manager’s direction) shall bear any transfer
taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, any Exchange; provided, however,
that if any shares of Class A Common Stock are to be delivered pursuant to an Elective Exchange in a name other than that of the
Exchangeable Unit Member that requested the Exchange (or The Depository Trust Company or its nominee for the account of a participant
of The Depository Trust Company that will hold the shares for the account of such Exchangeable Unit Member) or the Cash Settlement
is to be paid to a Person other than the Exchangeable Unit Member that requested the Exchange, then such Exchangeable Unit Member
or the Person in whose name such shares are to be delivered or to whom the Cash Settlement is to be paid shall pay to the Manager (or
the Company, at the Manager’s direction) the amount of any transfer taxes, stamp taxes or duties, or other similar taxes in connection
with, or arising by reason of, such Exchange or shall establish to the reasonable satisfaction of the Manager that such tax has been
paid or is not payable.

 

    30

     

    

 

(d)            Concurrent
Delivery of Class B Common Stock. No Exchange of Class B Units may be made without a concurrent delivery of an equal number
of shares of Class B Common Stock. Any shares of Class B Common Stock surrendered in an Exchange shall automatically be deemed
retired without any action on the part of any Person, including the Manager. Any such retired shares of Class B Common Stock shall
no longer be outstanding, all rights with respect to such shares shall automatically cease and terminate, and such shares shall return
to the status of authorized but unissued shares of the Manager.

 

Section 11.3     Exchange
Consideration; Settlement.

 

(a)            Generally.
The Manager shall have the right, in its sole discretion, to elect the form of Exchange Consideration with respect to any Exchange. On
an Exchange Date, provided the Exchangeable Unit Member has satisfied its obligations under the Policy Regarding Exchanges and not validly
retracted such proposed Exchange, the Manager shall deliver or cause to be delivered the Exchange Consideration to such Exchangeable
Unit Member (or its designee), at the address set forth on the applicable Exchange Notice. If the Manager elects a Cash Settlement, the
Manager shall only be obligated to contribute to the Company (or, if the Manager elects to settle directly pursuant to ‎Section 11.2(b),
settle directly for an amount equal to) an amount in respect of such Cash Settlement equal to the net proceeds (after deduction of any
underwriters’ discounts and commissions) from the sale by the Manager of a number of shares of Class A Common Stock equal
to the number of Exchangeable Units being Exchanged for such Cash Settlement. Except as otherwise required by Law, the Manager shall,
for U.S. federal income tax purposes, be treated as paying an appropriate portion of the selling expenses described in the previous sentence
as agent for and on behalf of the Exchangeable Unit Member. Except as otherwise determined by the Manager, if (i) the Manager determines
that some or all of the Exchange Consideration with respect to an Exchange will be Class A Common Stock and (ii) such Exchange
would, but for this ‎Section 11.3(a),
result in the Exchangeable Unit Member’s receipt of a fractional share of Class A Common Stock, then the number of shares
of Class A Common Stock to be received by the Exchangeable Unit Member shall be rounded down to the nearest whole number of shares
and the amount of the reduction shall be paid as a Cash Settlement.

 

(b)            Restriction
on Cash Settlement of Class B Units. Except in connection with a payment in respect of a fractional share (as described in the
final sentence of Section 11.3(a)), the Manager may elect Cash Settlement with respect to an Exchange of Exchangeable Units
that are Class B Units only to the extent the Cash Settlement is funded by the proceeds (net of underwriting discounts and commissions)
of a Liquidity Offering with respect to that Exchange.

 

    31

     

    

 

(c)            Notice
of Intended Exchange Consideration. At least two (2) Business Days before the Exchange Date, the Manager shall give written
notice to the Company (with a copy to the Exchangeable Unit Member) of its intended Exchange Consideration. If the Manager does not timely
deliver such written notice, the Manager shall be deemed to have elected to settle the Exchange with shares of Class A Common Stock.

 

(d)            Settlement
through Depository Trust Company. To the extent the Class A Common Stock is settled through the facilities of The Depository
Trust Company, the Manager or the Company will, upon

the written instruction of an Exchangeable Unit
Member, deliver the shares of Class A Common Stock deliverable to such Exchangeable Unit Member through the facilities of The Depository
Trust Company to the account of the participant of The Depository Trust Company designated by such Exchangeable Unit Member in the Exchange
Notice.

 

(e)            Obligations
of Manager and Company. Upon any Exchange, the Manager or the Company, as applicable, shall take such actions as (A) may be
required to ensure that such Exchangeable Unit Member receives the shares of Class A Common Stock and/or the Cash Settlement that
such Exchangeable Unit Member is entitled to receive in connection with such Exchange pursuant to ‎Section 11.3(a),
and (B) may be reasonably within its control that would cause such Exchange to be treated as a direct exchange between the Manager
and the Member for U.S. federal and applicable state and local income tax purposes.

 

Section 11.4     Adjustment.
To the extent not reflected in an adjustment to the Exchange Rate, if there is any reclassification, reorganization, recapitalization
or other similar transaction in which the Class A Common Stock is converted or changed or exchanged into or for another security,
securities or other property, then, upon any subsequent Exchange, an Exchangeable Unit Member shall be entitled to receive the amount
of such security, securities or other property that such Exchangeable Unit Member would have received if such Exchange had occurred immediately
before the effective date of such reclassification, reorganization, recapitalization or other similar transaction, taking into account
any adjustment as a result of any subdivision (by any split, distribution or dividend, reclassification, reorganization, recapitalization
or otherwise) or combination (by reverse split, reclassification, recapitalization or otherwise) of such security, securities or other
property that occurs after the effective time of such reclassification, reorganization, recapitalization or other similar transaction.
For the avoidance of doubt, if there is any reclassification, reorganization, recapitalization or other similar transaction in which
the Class A Common Stock is converted or changed or exchanged into or for another security, securities or other property, this ‎Section 11.4
shall continue to be applicable, mutatis mutandis, with respect to such security or other
property.

 

Section 11.5     Class A
Common Stock to Be Issued in Connection with an Exchange.

 

(a)            Class A
Common Stock Reserve. The Manager shall at all times reserve and keep available out of its authorized but unissued Class A Common
Stock, solely for the purpose of issuance upon an Exchange, such number of shares of Class A Common Stock as shall be deliverable
under this Agreement upon all such Exchanges; provided, however, that the Manager may satisfy its obligations in respect
of any such Exchange by delivery of unencumbered purchased shares of Class A Common Stock (which may or may not be held in the treasury
of the Manager or any subsidiary thereof). The preceding sentence shall not affect the Manager’s right to elect a Cash Settlement.

 

    32

     

    

 

(b)            Rule 16(b) Exemption.
The Manager has taken and will take all such steps as may be required to cause to qualify for exemption under Rule 16b-3(d) or
(e), as applicable, under the Exchange Act, and be exempt for purposes of Section 16(b) under the Exchange Act, any acquisitions
or dispositions of equity securities of the Manager (including derivative securities with respect thereto) and any securities that may
be deemed to be equity securities or derivative securities of the Manager for such purposes that result from the transactions contemplated
by this Agreement, by each director or officer of the Manager (including directors-by-deputization) who may reasonably be expected to
be subject to the reporting requirements of Section 16(a) of the Exchange Act with respect to the Manager upon the registration
of any class of equity security of the Manager pursuant to Section 12 of the Exchange Act.

 

(c)            Validity
of Class A Common Stock. The Manager covenants that all shares of Class A Common Stock issued upon an Exchange will, upon
issuance, be validly issued, fully paid and non-assessable and not subject to any preemptive right of stockholders of the Manager or
any right of first refusal or other right in favor of any Person.

 

Section 11.6     Withholding.
Each Member acknowledges and agrees that the Company may be required by Law to deduct and withhold any amounts by reason of any federal,
state, local, or non-U.S. tax laws or regulations in respect of any Exchange, as provided in ‎Section 4.10(c) of
‎Annex C.

 

Section 11.7     Tax
Treatment. Unless otherwise agreed to in writing by the Exchangeable Unit Member and the Manager, it is intended that, for U.S.
federal and applicable state and local income tax purposes, each Exchange be treated as direct exchange between the Manager and the
Exchangeable Unit Member that is a taxable transaction to the Exchangeable Unit Member. All applicable parties shall treat each
Exchange consistently with the intended treatment for all U.S. federal and applicable state and local tax purposes unless otherwise
required by a “determination” within the meaning of Code section 1313(a) or a change in Law.

 

Section 11.8     Contribution
by Manager. On the Exchange Date (i) the Manager shall contribute to the Company the shares of Class A Common Stock and/or
Cash Settlement that the Manager has elected to deliver and that the Exchangeable Unit Member is entitled to receive in the applicable
Exchange and (ii) the Company shall issue to the Manager a number of Class A Units equal to the number of Exchangeable Units
(and corresponding number of Class B Shares) surrendered by the Exchangeable Unit Member.

 

Section 11.9     Apportionment
of Distributions. Distributions with a Record Date on or before the Exchange Date shall be made to the Exchangeable Unit Member.

 

    33

     

    

 

Article XII

 

MISCELLANEOUS

 

Section 12.1     Conclusive
Nature of Determinations. All determinations, interpretations, calculations, adjustments and other actions of the Manager, the Company,
the Board of Directors (or a committee to which the Board of Directors has delegated such authority), or a designee of any of the foregoing
that are within such Person’s authority under this Agreement shall be binding and conclusive on a Member absent manifest error.
In connection with any such determination, interpretation, calculation, adjustment, or other action, the Manager, the Company, the Board
of Directors (or a committee to which the Board of Directors has delegated such authority), or the designee of any of the foregoing shall
be entitled to resolve any ambiguity with respect to the manner in which such determination, interpretation, calculation, adjustment
or other action is to be made or taken, and shall be entitled to interpret the provisions of this Agreement in such a manner as such
Person determines to be fair and equitable, and such resolution or interpretation shall be binding and conclusive on a Member absent
manifest error.

 

Section 12.2     Company
Counsel. THE COMPANY, THE MANAGER AND AFFILIATED ENTITIES MAY BE REPRESENTED BY THE SAME COUNSEL. THE ATTORNEYS, ACCOUNTANTS
AND OTHER EXPERTS WHO PERFORM SERVICES FOR THE COMPANY MAY ALSO PERFORM SERVICES FOR THE MANAGER AND AFFILIATES THEREOF.
THE MANAGER MAY, WITHOUT THE CONSENT OF THE MEMBERS, EXECUTE ON BEHALF OF THE COMPANY ANY CONSENT TO THE REPRESENTATION OF THE COMPANY
THAT COUNSEL MAY REQUEST PURSUANT TO THE NEW YORK RULES OF PROFESSIONAL CONDUCT OR SIMILAR RULES IN ANY OTHER JURISDICTION. THE
COMPANY HAS INITIALLY SELECTED GIBSON, DUNN & CRUTCHER LLP AND STOEL RIVES LLP (EACH, “COMPANY COUNSEL”)
AS LEGAL COUNSEL TO THE COMPANY. EACH MEMBER ACKNOWLEDGES THAT COMPANY COUNSEL DOES NOT REPRESENT ANY MEMBER IN ITS CAPACITY AS SUCH
IN THE ABSENCE OF A CLEAR AND EXPLICIT WRITTEN AGREEMENT TO SUCH EFFECT BETWEEN SUCH MEMBER AND COMPANY COUNSEL (AND THEN ONLY TO THE
EXTENT SPECIALLY SET FORTH IN SUCH AGREEMENT), AND THAT IN THE ABSENCE OF ANY SUCH AGREEMENT COMPANY COUNSEL SHALL OWE NO DUTIES TO ANY
MEMBER. EACH MEMBER FURTHER ACKNOWLEDGES THAT, WHETHER OR NOT COMPANY COUNSEL HAS IN THE PAST REPRESENTED OR IS CURRENTLY REPRESENTING
SUCH MEMBER WITH RESPECT TO OTHER MATTERS, UNLESS OTHERWISE EXPRESSLY AGREED BY COMPANY COUNSEL, COMPANY COUNSEL HAS NOT REPRESENTED
THE INTERESTS OF ANY MEMBER IN THE PREPARATION AND/OR NEGOTIATION OF THIS AGREEMENT.

 

Section 12.3     Appointment
of Manager as Attorney-in-Fact.

 

(a)            Execution
of Documents. Each Member, including each Additional Member and Substituted Member that is a Member, irrevocably makes, constitutes
and appoints the Manager, any Liquidator, and authorized officers and attorneys-in-fact of each, and each of those acting singly, in
each case with full power of substitution, as its true and lawful attorney-in-fact with full power and authority in its name, place and
stead to execute, acknowledge, deliver, swear to, file and record at the appropriate public offices such documents as may be necessary
or appropriate to carry out the provisions of this Agreement, including:

 

    34

     

    

 

(i)            All
certificates and other instruments (including counterparts of this Agreement), and all amendments thereto, that the Manager deems appropriate
to form, qualify, continue or otherwise operate the Company as a limited liability company (or other entity in which the Members will
have limited liability comparable to that provided in the Act) in the jurisdictions in which the Company may conduct business or in which
such formation, qualification or continuation is, in the opinion of the Manager, necessary or desirable to protect the limited liability
of the Members.

 

(ii)            All
amendments to this Agreement adopted in accordance with the terms of this Agreement, and all instruments that the Manager deems appropriate
in accordance with the terms of this Agreement.

 

(iii)            All
conveyances of Company Assets and other instruments that the Manager reasonably deems necessary in order to complete a dissolution and
termination of the Company pursuant to this Agreement.

 

(b)            Power
and Interest. The appointment by all Members of the Manager as attorney-in-fact shall be deemed to be a power coupled with an interest
in recognition of the fact that each of the Members under this Agreement will be relying upon the power of the Manager to act as contemplated
by this Agreement in any filing and other action by it on behalf of the Company, shall survive the Incapacity of any Person hereby giving
such power and the Transfer of all or any portion of such Person’s Units, and shall not be affected by the subsequent Incapacity
of the Person.

 

Section 12.4     Entire
Agreement. This Agreement, together with the Tax Receivable Agreement, the Registration Rights Agreement, and the certificate of
incorporation of the Manager, in each case, as amended, supplemented or restated in accordance with its terms, and the other documents
contemplated hereby and thereby, constitute the entire agreement between the parties hereto pertaining to the subject matter hereof and
fully supersede any and all prior or contemporaneous agreements or understandings between the parties to this Agreement pertaining to
the subject matter hereof, including the Fifth Operating Agreement.

 

Section 12.5     Further
Assurances. Each of the parties to this Agreement does hereby covenant and agree on behalf of itself, its successors, and its assigns,
without further consideration, to prepare, execute, acknowledge, file, record, publish, and deliver such other instruments, documents
and statements, and to take such other action as may be required by Law or reasonably necessary to effectively carry out the intent and
purposes of this Agreement.

 

Section 12.6     Notices.
Any notice, consent, payment, demand, or communication required or permitted to be given by any provision of this Agreement shall be
in writing and shall be (a) delivered personally to the Person or an officer of the Person to whom the same is directed, (b) sent
by facsimile, overnight mail or registered or certified mail, return receipt requested, postage prepaid, or (c) (except with respect
to notice to the Company or the Manager) sent by email, with electronic, written or oral confirmation of receipt, in each case addressed
as follows:

 

    35

     

    

 

	 	(i)	if to the Company or the Manager:
	 	 	 
	 	 	c/o NuScale Power Corp.
	 	 	6650 SW Redwood Lane
	 	 	Suite 210
	 	 	Portland, OR 97224
	 	 	Attn: General Counsel
	 	 	E-mail:	generalcounsel@nuscalepower.com
	 	 	 
	 	 	with copies (which shall not constitute notice) to:
	 	 	 
	 	 	Fluor Enterprises,Inc.
	 	 	6700 Las Colinas Blvd.
	 	 	Irving, TX 75039
	 	 	Attention: Chief Legal Officer
	 	 	 
	 	 	and to:
	 	 	 
	 	 	Gibson, Dunn& Crutcher LLP
	 	 	3161 Michelson Drive
	 	 	Irvine, CA 92612
	 	 	Attn:	David C. Lee
	 	 	 	John M. Williams III
	 	 	 	Evan M. D’Amico
	 	 	E-mail:	DLee@GibsonDunn.com
	 	 	 	JWilliams@GibsonDunn.com
	 	 	 	EDAmico@GibsonDunn.com
	 	 	 
	 	 	and to:
	 	 	 
	 	 	Stoel Rives LLP
	 	 	760 SW Ninth Avenue, Suite 3000
	 	 	Portland, OR 97205
	 	 	Attn:	Jason M. Brauser
	 	 	E-mail:	jason.brauser@stoel.com
	 	 	 
	 	 	or to such other address as the Company may from time to time specify by notice to the Members;

 

    36

     

    

 

	 	(ii)	 if to any Member, to:
	 	 	 
	  	the address, email, or facsimile number of such Member set forth in the records of the Company.

 

Any such notice shall be deemed to be delivered,
given and received for all purposes as of: (A) the date so delivered, if delivered personally, (B) upon receipt, if sent by
facsimile or email, or (C) on the date of receipt or refusal indicated on the return receipt, if sent by registered or certified
mail, return receipt requested, postage and charges prepaid and properly addressed.

 

Section 12.7     Governing
Law. This Agreement, including its existence, validity, construction, and operating effect, and the rights of each of the parties
to this Agreement, shall be governed by and construed in accordance with the Laws of the State of Oregon without regard to otherwise
governing principles of conflicts of Law.

 

Section 12.8     Jurisdiction
and Venue. The parties to this Agreement agree that any suit, action or proceeding seeking to enforce any provision of, or based
on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby (whether brought by any
party or any of its Affiliates or against any party or any of its Affiliates) shall be brought in the state courts of the State of
Oregon, or, if such court shall not have jurisdiction, any federal court located in the State of Oregon (the “Selected
Courts”), and each of the parties hereby irrevocably consents to the jurisdiction of the Selected Courts (and of the
appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent
permitted by Law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding
in any such court or that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.
Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the
jurisdiction of any Selected Court. Without limiting the foregoing, each party agrees that service of process on such party in the
manner provided for notice in ‎Section 12.6 shall
be deemed effective service of process on such party.

 

Section 12.9     Equitable
Remedies. The parties to this Agreement agree that irreparable damage would occur in the event that any of the provisions of this
Agreement were not performed in accordance with its specific terms or was otherwise breached. It is accordingly agreed that the parties
to this Agreement shall be entitled to an injunction or injunctions and other equitable remedies to prevent breaches of this Agreement
and to enforce specifically the terms and provisions hereof in any of the Selected Courts, this being in addition to any other remedy
to which they are entitled at Law or in equity. Any requirements for the securing or posting of any bond with respect to such remedy
are hereby waived by each of the parties to this Agreement. Each party further agrees that, in the event of any action for an injunction
or other equitable remedy in respect of such breach or enforcement of specific performance, it will not assert the defense that a remedy
at Law would be adequate.

 

Section 12.10     Construction.
This Agreement shall be construed as if all parties to this Agreement prepared this Agreement.

 

    37

     

    

 

Section 12.11     Counterparts.
This Agreement may be executed in any number of counterparts, and each such counterpart shall for all purposes be deemed an original,
and all such counterparts shall together constitute but one and the same agreement.

 

Section 12.12     Third-Party
Beneficiaries. Except as provided in ‎Section 4.7,
nothing in this Agreement, express or implied, is intended or shall be construed to give any Person other than the parties to this Agreement
(or their respective legal representatives, successors, heirs and distributees) any legal or equitable right, remedy or claim under or
in respect of any agreement or provision contained herein, it being the intention of the parties to this Agreement that this Agreement
is for the sole and exclusive benefit of such parties (or such legal representatives, successors, heirs and distributees) and for the
benefit of no other Person.

 

Section 12.13     Binding
Effect. Except as otherwise expressly provided herein, all of the terms and provisions of this Agreement shall be binding on, shall
inure to the benefit of and shall be enforceable by the Members, their heirs, executors, administrators, successors and all other Persons
hereafter holding, having or receiving an interest in the Company, whether as Substituted Members or otherwise.

 

Section 12.14     Severability.
If any provision of this Agreement as applied to any party or any circumstance shall be adjudged by a court to be void, unenforceable
or inoperative as a matter of Law, then the same shall in no way affect any other provision in this Agreement, the application of such
provision in any other circumstance or with respect to any other party, or the validity or enforceability of the Agreement as a whole.

 

Section 12.15     Survival.
The provisions of ‎Section 4.6
(Limitation on Liability), ‎Section 4.7
(Indemnification), ‎Section 12.1
(Conclusive Nature of Determinations), ‎Section 12.3
(Appointment of Manager as Attorney-in-Fact), ‎Section 12.4
(Entire Agreement), ‎Section 12.5
(Further Assurances), ‎Section 12.6
(Notices), ‎Section 12.7
(Governing Law), ‎Section 12.8
(Jurisdiction and Venue), ‎Section 4.8
(Survival of Obligations) of ‎Annex
C, and this ‎Section 12.15
(Survival) (and any other provisions of this Agreement necessary for the effectiveness
of the enumerated sections) shall survive the termination of the Company and/or the termination of this Agreement.

 

Section 12.16     Effect
on Other Obligations of Members or the Company. Nothing in this Agreement shall modify, amend, terminate or supersede any obligations
or rights of any Member or the Company under any agreement between or among Member(s) and/or the Company (other than the Fifth Operating
Agreement) that is in effect as of the date hereof.

 

    38

     

    

 

Section 12.17     Confidentiality.
Each Member recognizes and acknowledges that it has and may in the future receive certain confidential and proprietary information
and trade secrets of the Company (including its predecessors), including confidential information of the Company (and its
predecessors) regarding identifiable, specific and discrete business opportunities being pursued by the Company (the
 “Confidential Information”). Except as otherwise consented to by the Manager in writing, each Member
(other than the Manager), on behalf of itself and, to the extent that such Member would be responsible for the acts of the following
Persons under principles of agency Law, its managers, directors, officers, shareholders, partners, members, employees,
representatives and agents) agrees that, during the term of this Agreement, whether directly or indirectly through an Affiliate or
otherwise, it (a) will use the same degree of care as it uses to protect its own confidential information to keep confidential
any Confidential Information furnished to such Member; (b) will not intentionally use any of the Confidential Information for
any purpose other than monitoring its investment in the Company; and (c) will not disclose such Confidential Information to any
third party for any reason or purpose whatsoever, except that each Member may disclose such information (i) to authorized
directors, officers, employees, representatives and agents of the Company or the Manager and as otherwise may be proper in the
course of performing such Member’s obligations or enforcing its rights under this Agreement and the agreements expressly
contemplated hereby; (ii) to such Member’s (or any of its Affiliates’) Affiliates, auditors, accountants, attorneys
or other agents who are informed of the Member’s obligations hereunder; (iii) to any bona fide prospective purchaser of
the equity or assets of such Member or its Affiliates or the Units held by such Member, or prospective merger partner of such Member
or its Affiliates, provided that such purchaser or merger partner agrees to be bound by the provisions of this Section 12.17
or other confidentiality agreement approved by the Manager; or (iv) as is required to be disclosed by any Law, by any
governmental authority or stock exchange or by any listing or trading agreement concerning a Member or its Affiliates; provided that
the Member required to make such disclosure pursuant to clause (iv) above shall provide to the Company prompt notice of such
disclosure to enable the Company to seek an appropriate protective order or confidential treatment. It is acknowledged and agreed
that a Member’s review of Confidential Information will inevitably enhance its knowledge and understanding of the
Company’s industry in a way that cannot be separated from its other knowledge, and it shall not be a violation of Section 12.17(b) if
such Member’s overall knowledge and understanding are used for purposes other than monitoring its investment in the Company.
For purposes of this Section 12.17, the term “Confidential Information” shall not include any information
which (x) such Person learns from a source other than the Company or the Manager, or any of their respective representatives,
employees, agents or other service providers, and in each case who is not bound by a confidentiality obligation, (y) is
disclosed in a prospectus, in other documents or in any other manner for dissemination to the public (in each case, not in violation
of this Section 12.17), or (z) is independently developed by the disclosing Member without violating any
requirement hereunder. Nothing in this Section 12.17 shall in any way limit or otherwise modify any confidentiality
covenants entered into by any Member pursuant to any other agreement entered into with the Company or the Manager.

 

Article XIII

 

DEFINED
TERMS

 

Section 13.1     Definitions.
Unless otherwise indicated to the contrary, the following definitions shall be applied to the terms used in this Agreement:

 

“Act”
means the Oregon Limited Liability Company Act (as it may be amended from time to time), and any successor to such statute.

 

    39

     

    

 

“Additional
Funds” is defined in ‎Section 2.5(a).

 

“Additional
Member” means a Person who is admitted to the Company as a Member pursuant to the Act and ‎Section 8.1,
who is shown as such on the books and records of the Company, and who has not ceased to be a Member pursuant to the Act and this Agreement.

 

“Affiliate”
means, with respect to a specified Person, any other Person that directly, or indirectly through one or more intermediaries, controls,
is controlled by, or is under common control with, such specified Person; provided, however, that (i) none of the
Members or their parent companies or Affiliates shall be deemed to be an Affiliate of any other Member or its parent company or Affiliates
and (ii) none of the Members or their parent companies or Affiliates shall be deemed to be an Affiliate of the Company or any of
its Affiliates. With respect to any Person who is an individual, “Affiliate” shall also include, without limitation,
any Family Member of such Person.

 

“Applicable
Sale” is defined in ‎Section 7.4(a).

 

“Applicable
Sale Notice” is defined in ‎Section 7.4(c).

 

“Articles of Conversion”
means the articles of conversion delivered by NuScale Power Inc. (the Company’s predecessor) to the office of the Secretary of
State of the State of Oregon in accordance with the OBCA and the Act for filing, which articles became effective on September 30,
2011.

 

“Articles of Organization”
means the articles of organization delivered by NuScale Power Inc. (the Company’s predecessor) to the office of the Secretary of
State of the State of Oregon in accordance with the Act for filing, which articles became effective on September 30, 2011, as amended
in connection with the Merger, and as such articles may be amended from time to time in accordance with the Act.

 

“Asset Value”
is defined in Annex C.

 

“Assets”
means any assets and property of the Company.

 

“Assumed
Tax Liability” is defined in ‎Section 3.2(b).

 

“Assumed
Tax Rate” is defined in ‎Section 3.2(b)(ii).

 

“Available Cash”
means, after taking into account amounts determined by the Manager to be reasonably necessary or advisable to be retained by the Company
to meet actual or anticipated, direct or indirect, expenses, capital investments, working capital needs or liabilities (actual, contingent
or otherwise) of the Company, including the payment of any Imputed Underpayment or for the operation of the business of the Company,
or to create reasonable reserves for any of the foregoing, cash (in United States dollars) of the Company that the Manager determines
is available for distribution to the Members.

 

    40

     

    

 

“Bankruptcy”
means, with respect to any Person, the occurrence of any event specified in ORS 63.001(3) of the Act with respect to such Person,
and the term “Bankrupt” has a correlative meaning.

 

“Board of Directors”
means the Board of Directors of the Manager.

 

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

 

“Capital
Account” is defined in ‎Annex
C.

 

“Capital Contribution”
means, with respect to any Member, the aggregate amount of money and the initial Asset Value of property (other than money) in such form
as may be permitted by the Act that the Member contributes (or is treated as contributing) to the Company.

 

“Capital Stock”
means a share of any class or series of stock of the Manager now or hereafter authorized.

 

“Cash Settlement”
means immediately available funds in U.S. dollars in an amount equal to the product of (x) the number of shares of Class A
Common Stock that would otherwise be delivered to a Member in an Exchange, multiplied by (y) the price per share of Class A
Common Stock. For purposes of the preceding sentence, in an Exchange of Class B Units, the price per share of Class A Common
Stock shall only be determined by an underwritten offering undertaken by the Manager in anticipation of the Exchange (a “Liquidity
Offering”). For purposes of this definition, the price per share of Class A Common Stock shall be determined net of
any underwriting discounts and commissions and shall be subject to appropriate and equitable adjustment for any stock splits, reverse
splits, stock dividends or similar events affecting the Class A Common Stock. For purposes of determining Cash Settlement to be
paid in settlement of a fractional share of Class A Common Stock, the price per share of Class A Common Stock shall be determined
as the arithmetic average of the volume-weighted average prices for a share of Class A Common Stock on the principal U.S. securities
exchange or automated or electronic quotation system on which the Class A Common Stock trades, as reported by The Wall Street Journal
or its successor, for each of the three (3) consecutive full Business Days ending on and including the last full Business Day immediately
before the Exchange Date, in each case subject to appropriate and equitable adjustment for any stock splits, reverse splits, stock dividends
or similar events affecting the Class A Common Stock. If, at the time of determination, the Class A Common Stock no
longer trades on a securities exchange or automated or electronic quotation system, then the price per share of Class A Common Stock
shall be determined in good faith by a committee of the Board of Directors composed of a majority of the directors of the Manager that
do not have an interest in the Exchangeable Units.

 

“Certificates”
means (A) if certificated, any certificates representing Exchangeable Units, (B) if certificated, any stock certificates
representing the shares of Class B Common Stock required to be surrendered in connection with an Exchange of Class B
Units, and (C) such other information, documents or instruments as either the Manager (or the Manager’s transfer agent)
or the Company may reasonably require in connection with an Exchange. If any certificate or other document referenced in the
immediately preceding sentence is alleged to be lost, stolen or destroyed, the Exchangeable Unit Member shall cooperate with and
respond to the reasonable requests of the Manager (or the Manager’s transfer agent) and the Company and, if required by the
Manager or the Company, furnish an affidavit of loss and/or an indemnity against any claim that may be made against the Manager or
the Company on account of the alleged loss, theft or destruction of such certificate or other document.

 

    41

     

    

 

“Change of Control”
means, as of any date of determination, in one transaction or a series of related transactions, the Transfer of Units (or any beneficial
interest therein) of the Company representing more than fifty (50) percent of the outstanding Common Units as of such date of determination.

 

“Class A Common
Stock” means the Class A common stock of the Manager, $0.0001 par value per share.

 

“Class A
Unit” is defined in ‎Section 2.1(b)(i).

 

“Class B Common
Stock” means a non-economic voting share in the Manager, with each share having non-economic rights equivalent to one share
of Class A Common Stock.

 

“Class B
Unit” is defined in ‎Section 2.1(b)(ii).

 

“Code”
means the Internal Revenue Code of 1986, as amended. All references in this Agreement to sections of the Code shall include any corresponding
provision or provisions of succeeding Law.

 

“Common Stock”
means the Class A Common Stock or the Class B Common Stock (and shall not include any additional series or class of the Manager’s
common stock created after the date of this Agreement).

 

“Common Unit”
means a Class A Unit, a Class B Unit, and any other Unit designated as a Common Unit by the Company.

 

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

 

“Company
Counsel” is defined in ‎Section 12.2.

 

“Consent”
means the consent to, approval of, or vote in favor of a proposed action by a Member given in accordance with ‎Article X.

 

“control,”
including the terms “controlled by” and “under common control with,” means with respect to any
Person, the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person,
whether through the ownership of voting securities, as trustee or executor, as general partner or managing member, by contract or otherwise,
including the ownership, directly or indirectly, of securities having the power to elect a majority of the Board of Directors or similar
body governing the affairs of such Person.

 

    42

     

    

 

“de minimis”
shall mean an amount small enough as to make not accounting for it commercially reasonable or accounting for it administratively impractical,
in each case as determined by the Manager.

 

“Debt”
means, as to any Person, as of any date of determination, (i) all indebtedness of such Person for borrowed money or the deferred
purchase price of property or services; (ii) all amounts owed by such Person to banks or other Persons in respect of reimbursement
obligations under letters of credit, surety bonds and other similar instruments guaranteeing payment or other performance of obligations
by such Person; and (iii) obligations of such Person as lessee under capital leases.

 

“Drag-Along Right”
is defined in Section 7.4(a).

 

“Elective
Exchange” is defined in ‎Section 11.1(a).

 

“Elective Exchange
Date” means the effective date of an Elective Exchange.

 

“Elective Exchange
Notice” is defined in Annex B.

 

“Equivalent Units”
means Units with preferences, conversion and other rights (other than voting rights), restrictions, limitations as to dividends and other
distributions, qualifications, terms and conditions of redemption (the “Terms”) that are (a) relative
to the Common Units and the other classes and series of Units that correspond to classes and series of Capital Stock, and (b) substantially
the same as (or corresponding to) the Terms that any new Capital Stock or New Securities have relative to the Common Stock and other
classes and series of Capital Stock or New Securities. The foregoing shall not apply to matters such as voting for members of the Board
of Directors that are not applicable to the Company. In comparing the economic rights of any Preferred Stock with the economic rights
of any Units, the effect of taxes may be taken into account.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended.

 

“Exchange”
means any Elective Exchange or Mandatory Exchange.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and any successor statute thereto, and the rules and regulations of the SEC
promulgated thereunder.

 

“Exchange Consideration”
shall mean, in the case of any Exchange, (x) the number of shares of Class A Common Stock that is equal to the product of the
number of Exchangeable Units surrendered in the Exchange multiplied by the Exchange Rate (the “Stock Consideration”),
(y) the Cash Settlement, plus, in the case of an Exchange of Class B Units under either subclause (x) or (y), an amount
that is equal to $0.0001 multiplied by the number of shares of Class B Common Stock included in the Exchange, or (z) a combination
of the Stock Consideration and the Cash Settlement.

 

“Exchange Date”
means an Elective Exchange Date or Mandatory Exchange Date.

 

    43

     

    

 

“Exchange
Rate” means, in respect of any Exchange, subject to ‎Section 11.4, a ratio, expressed as
a fraction, the numerator of which shall be the number of shares of Class A Common Stock outstanding immediately before the Exchange
and the denominator of which shall be the number of Class A Units owned by the Manager immediately before the Exchange. On the date
of this Agreement, the Exchange Rate shall be 1.

 

“Exchangeable Unit”
means each Class B Unit and any other Unit designated as an Exchangeable Unit by the Company.

 

“Exchangeable
Unit Member” means (i) each Member, other than the Manager and any of its wholly owned Subsidiaries, that holds an
Exchangeable Unit or (ii) each holder of an interest in a Member that holds an Exchangeable Unit pursuant to ‎Article XI.

 

“Fair Market Value”
of Units or other property, means the cash price that a third party would pay to acquire all of such Units (computed on a fully diluted
basis after giving effect to the exercise of any and all outstanding conversion rights, exchange rights, warrants and options) or other
property, as the case may be, in an arm’s-length transaction. Unless otherwise determined by the Company, the following assumptions
will be made when determining the Fair Market Value of Units:

 

(a)  that the Company was
being sold in a manner reasonably designed to solicit all possible participants and permit all interested Persons an opportunity to participate
and achieve the best value reasonably available to the Members at the time; and

 

(b) that all existing circumstances
are taken into account, including the terms and conditions of all agreements (including this Agreement) to which the Company is then
a party or by which it is otherwise benefited or affected, determined.

 

“Family Members”
means, as to a Person that is an individual, such Person’s spouse, ancestors (whether by blood or by adoption), descendants (whether
by blood or by adoption), brothers and sisters (whether by blood or by adoption) and inter vivos or testamentary trusts of which
only such Person and his spouse, ancestors (whether by blood or by adoption), descendants (whether by blood or by adoption), brothers
and sisters (whether by blood or adoption) are beneficiaries.

 

“Fiscal
Year” is defined in ‎Section 6.2.

 

“Incapacity”
or “Incapacitated” means, (i) as to any Member who is an individual, death, total physical disability
or entry by a court of competent jurisdiction adjudicating such Member incompetent to manage his or her Person or his or her estate;
(ii) as to any Member that is a corporation or limited liability company, the filing of a certificate of dissolution, or its
equivalent, for the corporation or the revocation of its charter; (iii) as to any Member that is a partnership, the dissolution
and commencement of the winding up of the partnership; (iv) as to any Member that is an estate, the distribution by the
fiduciary of the estate’s entire interest in the Company; (v) as to any trustee of a trust that is a Member, the
termination of the trust (but not the substitution of a new trustee); or (vi) as to any Member, the Bankruptcy of such
Member.

 

    44

     

    

 

“Incentive Compensation
Plan” means any plan, agreement or other arrangement that provides for the grant or issuance of equity or equity-based
awards and that is now in effect or is hereafter adopted by the Company or the Manager for the benefit of any of their respective employees
or other service providers (including directors, advisers and consultants), or the employees or other services providers (including directors,
advisers and consultants) of any of their respective Affiliates or Subsidiaries.

 

“Indemnitee”
means the Manager, each Affiliate of the Manager, the Tax Representative, the Designated Individual and each officer or director of the
Manager, the Company or their respective Affiliates, in all cases in such capacity.

 

“IRS”
means the United States Internal Revenue Service, or, if applicable, a state or local taxing agency.

 

“Law”
means any applicable statute, law, ordinance, regulation, rule, code, executive order, injunction, judgment, decree or order of any governmental
authority. The term “Lawful” has a correlative meaning.

 

“Liquidating
Event” is defined in ‎Section 9.2(b).

 

“Liquidator”
is defined in ‎Section 9.3(a).

 

“Liquidity Offering”
is defined in the definition of Cash Settlement.

 

“Majority-in-Interest
of the Members” means Members (excluding the Manager in its capacity as a Member) entitled to vote on or consent to any
matter holding more than fifty percent (50%) of all outstanding Common Units held by all Members (excluding the Manager in its capacity
as a Member) entitled to vote on or consent to such matter.

 

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

 

“Mandatory
Exchange” is defined in ‎Section 11.1(c).

 

“Mandatory
Exchange Date” is defined in ‎Section 11.1(c).

 

“Mandatory
Exchange Notice” is defined in ‎Section 11.1(c).

 

“Member”
means any Person named as a member of the Company on the Register of this Agreement (as amended from time to time) and any Person admitted
as an Additional Member of the Company or a Substituted Member of the Company, in each case, in such Person’s capacity as a member
of the Company, until such time as such Person has ceased to be a Member.

 

“Member
Representative” is defined in ‎Section 7.8.

 

“Merger”
means the merger of Spring Valley Merger Sub, LLC with and into the Company, pursuant to the Agreement and Plan of Merger, by and among
the Company, the Manager, and Spring Valley Merger Sub, LLC, dated December 13, 2021.

 

    45

     

    

 

“New Securities”
means any equity security as defined in Rule 3a11-1 under the Securities Exchange Act of 1934, as amended, excluding grants under
the Incentive Compensation Plans, including (i) rights, options, warrants, or convertible or exchangeable securities that entitle
the holder thereof to subscribe for or purchase, convert such securities into, or exchange such securities for, Common Stock or Preferred
Stock and (ii) any Debt issued by the Manager that provides any of the rights described in clause (i).

 

“OBCA”
means the Oregon Business Corporation Act, as amended from time to time.

 

“Percentage Interest”
means, with respect to each Member, as to any class or series of relevant Units, the fraction, expressed as a percentage, the numerator
of which is the aggregate number of Units of such class or series held by such Member and the denominator of which is the total number
of Units of such class or series held by all Members, in each case determined as of the date of determination. If not otherwise specified,
 “Percentage Interest” shall be deemed to refer to Common Units.

 

“Person”
means an individual, corporation, partnership, limited liability company, limited liability partnership, joint venture, syndicate, person,
trust, association, organization or other entity, including any governmental authority, and including any successor, by merger or otherwise,
of any of the foregoing.

 

“Policy
Regarding Exchanges” is defined in ‎Section 11.1(a).

 

“Preferred Stock”
means shares of preferred stock of the Manager now or hereafter authorized or reclassified that has dividend rights, or rights upon liquidation,
winding up and dissolution, that are superior or prior to the Common Stock.

 

“Recapitalization”
is defined in ‎Section 2.1(c).

 

“Record Date”
means the record date established by the Company for the purpose of determining the Members entitled to notice of or vote at any meeting
of Members or to consent to any matter, or to receive any distribution or the allotment of any other rights, or in order to make a determination
of Members for any other proper purpose, which, in the case of a record date fixed for the determination of Members entitled to receive
any distribution, shall (unless otherwise determined by the Company) generally be the same as the record date established by the Manager
for a distribution to the Members of its Capital Stock of some or all of its portion of such distribution.

 

“Register”
is defined in ‎Section 5.1(b)(i).

 

“Registration Rights
Agreement” means the Registration Rights Agreement, effective on or about the date hereof, among the Manager and the other
Persons party thereto, as the same may be amended, modified, supplemented or restated from time to time.

 

“Regulations”
means the income tax regulations, including temporary regulations and, to the extent taxpayers are permitted to rely on them, proposed
regulations, promulgated under the Code, as such regulations may be amended from time to time (including corresponding provisions of
succeeding regulations). References to “Treas. Reg. §” are to the sections of the Regulations.

 

    46

     

    

 

“Related-Party Transfer”
means a Transfer by a Member of all or part of its Units to any Related-Party Transferee.

 

“Related-Party Transferee”
means, with respect to a Member, (i) any Family Member of that Member, (ii) any direct or indirect member or equityholder of
that Member or any Affiliate of that Member, (iii) any Family Member of any direct or indirect member or equityholder described
in (ii), or (iv) the Manager or any Subsidiary of the Manager.

 

“SEC”
means the Securities and Exchange Commission.

 

“Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder.

 

“Selected
Courts” is defined in ‎Section 12.8.

 

“SPAC Transactions”
means the series of transactions effectuated pursuant to the Agreement and Plan of Merger, by and among the Company, the Manager, and
Spring Valley Merger Sub, LLC, dated December 13, 2021.

 

“Subsidiary”
means, with respect to any Person, any corporation or other entity if a majority of (i) the voting power of the voting equity securities
or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person.

 

“Substituted
Member” means a Person who is admitted as a Member to the Company pursuant to ‎Section 7.3.

 

“Surviving Company”
is defined in Section 7.7(b)(iii).

 

“Tax
Distribution” is defined in ‎Section 3.2(a).

 

“Tax
Distribution Shortfall Amount” is defined in ‎Section 3.2(d).

 

“Tax Receivable
Agreement” means the Tax Receivable Agreement, dated as of May 2, 2022, entered into by and among the Manager, the
Company, each of the parties thereto identified as a “TRA Holder” or the “TRA Representative”
and each of the successors and assigns thereto, and any other similar tax receivable (or comparable) agreements entered after the date
of this Agreement.

 

“Termination Transaction”
means any direct or indirect Transfer of all or any portion of the Manager’s Units in connection with, or the other occurrence
of, (a) a merger, consolidation or other combination involving the Manager, on the one hand, and any other Person, on the other,
(b) a sale, lease, exchange or other transfer of all or substantially all of the assets of the Manager not in the ordinary course
of its business, whether in a single transaction or a series of related transactions, (c) a reclassification, recapitalization or
change of the outstanding Class A Common Stock (other than a change in par value, or from par value to no par value, or as a result
of a stock split or reverse stock split, stock dividend or similar subdivision), (d) the adoption of any plan of liquidation or
dissolution of the Manager, or (e) a Transfer of all or any portion of the Manager’s Units (other than to a wholly owned Affiliate).

 

    47

     

    

 

“Terms”
is defined in the definition of “Equivalent Units.”

 

“Transfer”
means, in respect of any Units, property or other assets, any sale, assignment, hypothecation, lien, encumbrance, transfer, distribution
or other disposition thereof or of a participation therein, or other conveyance of legal or beneficial interest therein, including rights
to vote and receive dividends or other income with respect thereto, or any short position in a security or any other action or position
otherwise reducing risk related to ownership through hedging or other derivative instruments, whether voluntarily or by operation of
Law, or any agreement or commitment to do any of the foregoing. An Exchange shall not constitute a Transfer under this Agreement.

 

“Unit”
means a fractional share of the limited liability company interest in the Company, which may be a Class A Unit or Class B Unit
and shall be deemed to include any equity security received in connection with any recapitalization, merger, consolidation, or other
reorganization, or by way of any distribution in respect of Units, in any such case, after the date of this Agreement.

 

“Unit
Designation” is defined in ‎Section 2.4(a).

 

Section 13.2     Interpretation.
In this Agreement and in the exhibits to this Agreement, except to the extent that the context otherwise requires:

 

(a)            the
headings are for convenience of reference only and shall not affect the interpretation of this Agreement;

 

(b)            defined
terms include the plural as well as the singular and vice versa;

 

(c)            words
importing gender include all genders;

 

(d)            a
reference to any statute or statutory provision shall be construed as a reference to the same as it may have been or may from time to
time be amended, extended, re-enacted or consolidated and all statutory instruments or orders made under it;

 

(e)            any
reference to a “day” or “Business Day” means the whole of such day, being the period of 24 hours
running from midnight to midnight;

 

(f)            references
to Articles, Sections, subsections, clauses and Exhibits are references to Articles, Sections, subsections, clauses and Exhibits to this
Agreement;

 

(g)            the
words “including” and “include” and other words of similar import shall be deemed to be followed by the phrase
 “without limitation”; and

 

(h)            unless
otherwise specified, references to any party to this Agreement or any other document or agreement shall include its successors and permitted
assigns.

 

[Remainder of page intentionally left blank.]

 

    48

     

    

 

 

IN WITNESS WHEREOF, this Agreement has been executed
as of the date first written above.

 

	MANAGER:	 	NUSCALE POWER CORP.    
	 	 	 
	 	 	By:  	/s/ Robert K. Temple
	 	 	Name:  	Robert K. Temple
	 	 	Title:	General Counsel & Secretary
	 	 	 
	MEMBERS:	 	 
	 	 	 
	NUSCALE POWER CORP.	 	FLUOR ENTERPRISES, INC.   
	 	 	 
	By:	/s/ Robert K. Temple	 	By:  	/s/ Joseph L. Brennan
	Name:	Robert K. Temple	 	Name:  	Joseph L. Brennan
	Title:	General Counsel & Secretary	 	Title:  	EVP & Chief Financial Officer
	 	 	 
	ARES CORPORATION	 	ENERCON SERVICES, INC.  
	 	 	 
	By:	 	 	By:  	 
	Name:	 	 	Name:  	 
	Title:	 	 	Title:  	 
	 	 	 
	NEXT TECH 1 NEW TECHNOLOGY INVESTMENT FUND	 	NEXT TECH 2 NEW TECHNOLOGY INVESTMENT FUND  
	 	 	 
	By: Its Co-General Partner,	 	By: Its Co-General Partner,  
	 	 	 
	IBK SECURITIES CO., LTD.	 	IBK SECURITIES CO., LTD.  
	 	 	 
	By:	 	 	By:  	 
	Name:	 	 	Name:  	 
	Title:	 	 	Title:  	 
	 	 	 
	By: Its Co-General Partner,	 	By: Its Co-General Partner,  
	 	 	 
	BH INVESTMENT AND LIBERTY LTD.	 	BH INVESTMENT AND LIBERTY LTD.  
	 	 	 
	By:	 	 	By:  	 
	Name:	 	 	Name:  	 
	Title:	 	 	Title:  	 

 

[Signature Page to Sixth
Amended and Restated Limited Liability Company Agreement of

NuScale Power, LLC]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00344-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00344-of-00352.parquet"}]]