Document:

Exhibit 10.20

 

NUSCALE POWER, LLC

 

FOURTH AMENDED AND RESTATED 2011 EQUITY INCENTIVE PLAN

 

On December 13, 2021, NuScale Power, LLC
(the “Company”) entered into an Agreement and Plan of Merger with Spring Valley Acquisition Corp. and Spring Valley Merger
Sub, LLC (“Merger Sub”) (as amended from time to time, the “Merger Agreement”). Pursuant to the Merger Agreement,
Merger Sub will merge with and into the Company (the “Merger”), with the Company surviving the Merger and becoming a wholly
controlled subsidiary of Spring Valley Acquisition Corp., which will change its name to NuScale Power Corporation, a Delaware corporation
(“NuScale Corp”), upon the closing of the transactions contemplated by the Merger Agreement. Capitalized terms used but not
defined herein shall have the meanings set forth in the Merger Agreement.

 

Pursuant to Section 3.03 of the Merger Agreement
and resolutions of the Board of Managers adopted in accordance with Section 8.2-1 of the Prior Plan (as defined below), at the effective
time of the Merger (the “Effective Time”), each option granted under the Prior Plan that is outstanding immediately prior
to the Effective Time, whether vested or unvested, shall, automatically and without any required action on the part of the holder thereof,
cease to represent an option to purchase a Common Unit of the Company (an “Existing Option”) and shall be assumed by NuScale
Corp and converted into an option (such option, a “New Option”) to purchase a number of shares of NuScale Corp Class A Common
Stock, par value $0.0001 per share (“Common Stock”), equal to the product (rounded down to the nearest whole number) of (i)
the number of Common Units subject to such Existing Option immediately prior to the Effective Time and (ii) the Exchange Ratio, at an
exercise price per share (rounded up to the nearest whole cent) equal to (A) the exercise price per Common Unit of such Existing Option
immediately prior to the Effective Time divided by (B) the Exchange Ratio.

 

As of the Effective Time, NuScale Corp
shall assume this Fourth Amended and Restated 2011 Equity Incentive Plan (the “Plan”), which amends and restates the Prior
Plan effective as of the Effective Time to conform with the requirements of Section 3.03(a) of the Merger Agreement and to include additional
amendments required to comply with any law applicable to NuScale Corp with respect to the New Options. At or following the Effective Time,
neither NuScale Corp nor the Company shall be entitled to grant any new stock- or unit-based awards under the Plan.

 

The Board of Managers also has (a) made
arrangements with a Plan administrator or broker to enable all holders of Existing Options to exercise such Existing Options (and the
New Options into which such Existing Options shall convert in the Merger) by means of a “sell to cover” arrangement and (b)
approved amendments to the Prior Plan to eliminate inapplicable or irrelevant terms.

 

Except as specifically provided herein,
following the Effective Time, each New Option shall continue to be governed by the same terms and conditions (including vesting and exercisability
terms) applicable to the corresponding former Existing Option immediately prior to the Effective Time.

 

    1

     

    

 

This Plan is adopted by the Board of Managers
of the Company on May 2, 2022 to become effective on the date on which the Effective Time occurs (the “Effective Date”) pursuant
to Section 8 and Section 11 of the second amendment to the Third Amended and Restated 2011 Equity Incentive Plan (the “Third A&R
Plan”) . The second amendment to the Third A&R Plan was approved by the Board of Managers of the Company and became effective
on August 19, 2021 pursuant to Section 11 of the first amendment to Third A&R Plan. The first amendment to the Third A&R Plan
was approved by the Board of Managers of the Company and became effective on August 22, 2019 pursuant to Section 11 of the Third A&R
Plan. The Third A&R Plan was approved by the Board of Managers of the Company and became effective on February 14, 2018 pursuant
to Section 11 of the Second Amended and Restated 2011 Equity Incentive Plan (the “Second A&R Plan”). The Second A&R
Plan was approved by the Board of Managers of the Company and became effective on February 26, 2014 pursuant to Section 11 of the Amended
and Restated 2011 Equity Incentive Plan (the “First A&R Plan”). The First A&R Plan was approved by the Board of Managers
of the Company and became effective on April 25, 2012 pursuant to Section 11 of the 2011 Equity Incentive Plan (the “Original Plan”).
The Original Plan was approved by the Board of Managers of the Company and became effective on December 7, 2011. The Original Plan was
approved on December 7, 2011, which was within 12 months of the effective date of the Original Plan, by the affirmative vote of the holders
of a majority of the outstanding units of the Company entitled to vote by a written consent signed by the holders having not less than
the minimum number of votes that would have been necessary to approve the Plan at a meeting of the unitholders. No option granted under
the Original Plan was exercisable, and no units were awarded pursuant to the Original Plan, before the unitholder approval was obtained.
This Plan amends and restates the second amendment to the Third A&R Plan. The Original Plan, the First A&R Plan, the Second A&R
Plan and the Third A&R Plan (including all amendments to the foregoing) are collectively referred to herein as the “Prior Plan.”

 

1.        Purpose. The purpose of this
Plan is to enable the Company to attract and retain the services of individuals who can and do contribute to the Company’s success
by providing members of the Board of Managers, employees and Consultants (as defined below) with an opportunity to share in the equity
of NuScale Corp and to more closely align their interests with that of the Company and its members. For purposes of this Plan, a person
is considered to be employed by or in the service of the Company if the person is employed by or in the service of any entity (the “Employer”)
that is either the Company or a parent or subsidiary of the Company.

 

1.1 “Consultant” means any
consultant or adviser who is not an employee of the Company, if: (i) the consultant or adviser renders bona fide services to the
Company or any parent or subsidiary of the Company; (ii) the services rendered by the consultant or adviser are not in connection with
the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market for the
Company’s securities; and (iii) the consultant or adviser is a natural person who has contracted directly with the Company or any
parent or subsidiary of the Company to render such services.

 

2.       
Shares Subject to the Plan. Subject to adjustment as provided below and in Section 8, the shares to be offered under the Plan shall
consist of NuScale Corp’s Common Stock, and the total number of shares of Common Stock that may be issued under the Plan shall be
14,799,894 shares. If an option granted under the Plan expires, terminates or is canceled, the unissued shares subject to that option
shall not be available under the Plan.

 

3.       
Termination; No Awards. The Plan is terminated as of the Effective Date except with respect to options then outstanding under
the Plan. No options may be granted at any time after the Effective Date, and no shares may be awarded pursuant to the Plan. Termination
shall not affect any outstanding options.

 

    2

     

    

 

4.       Administration.

 

4.1      Board of Directors. The
Plan shall be administered by the Board of Directors of NuScale Corp. (the “Board of Directors”). Subject to the provisions
of the Plan, the Board of Directors may adopt and amend rules and regulations relating to administration of the Plan, advance the lapse
of any waiting period, accelerate any exercise date, waive or modify any restriction applicable to shares (except those restrictions imposed
by law) and make all other determinations in the judgment of the Board of Directors necessary or desirable for the administration of the
Plan. The interpretation and construction of the provisions of the Plan and related agreements by the Board of Directors shall be final
and conclusive. The Board of Directors may correct any defect or supply any omission or reconcile any inconsistency in the Plan or in
any related agreement in the manner and to the extent it deems expedient to carry the Plan into effect, and the Board of Directors shall
be the sole and final judge of such expediency.

 

4.2      Committee. The Board of
Directors may delegate to any committee of the Board of Directors (the “Committee”) any or all authority for administration
of the Plan. If authority is delegated to the Committee, all references to the Board of Directors in the Plan shall mean and relate to
the Committee, except (i) as otherwise provided by the Board of Directors and (ii) that only the Board of Directors may amend the Plan
as provided in Section 10.

 

 5.        Types of Awards, Eligibility, Limitations. [Intentionally omitted.]

 

 6.        Options.

 

 6.1            Terms of Grant. [Intentionally omitted.]

 

6.2           Exercise of Options. Except
as provided in Section 6.4 or as determined by the Board of Directors, no option granted under the Plan may be exercised unless at the
time of exercise the optionee is employed by or in the service of the Company and shall have been so employed or provided such service
continuously since the date the option was granted. All shares issued pursuant to an option exercise shall be subject to any share transfer
restrictions approved by the Board of Directors from time to time, and each optionee shall be required to sign and deliver an option
exercise form containing representations, warranties, acknowledgements and transfer restrictions upon such exercise. Except as provided
in Sections 6.4 and 8, options granted under the Plan may be exercised from time to time over the period stated in each option in amounts
and at times prescribed by the Board of Directors. Unless otherwise determined by the Board of Directors, if an optionee does not exercise
an option in any one year for the full number of shares to which the optionee is entitled in that year, the optionee’s rights shall
be cumulative and the optionee may purchase those shares in any subsequent year during the term of the option.

 

    3

     

    

 

6.3          
 Nontransferability. Each option granted under the Plan by its terms (i)
shall be nonassignable and nontransferable by the optionee, either voluntarily or by operation of law, except by will or by the laws
of descent and distribution of the state or country of the optionee’s domicile at the time of death, and (ii) during the optionee’s
lifetime, shall be exercisable only by the optionee; provided, however, that (A) an optionee may transfer an option by gift or
domestic relations order to a family member of the optionee if such optionee is employed by the Company at the time of such transfer
and has either been continuously employed by the Company for more than five years at the time of such transfer or is over 60 years old
at the time of such transfer, and (B) the Board of Directors may permit any other option to be transferable by gift or domestic relations
order to a family member of the optionee. For this purpose, the term “family member” includes
any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships of the optionee,
and any trust in which these persons have more than 50% of the beneficial interest. The individual or entity to whom an option under
Plan is transferred pursuant to clause (ii)(A) of this Section 6.3 (x) is referred to in the Plan as a “Lifetime Transferee,”
and (y) subject to the terms and conditions of the Plan, may exercise the option during the optionee’s lifetime.

 

		6.4	Termination
of Employment or Service.
	 	 	 
	 	 	6.4-1 General Rule.

 

(a) For Optionees with Less than
Five Years of Service. Unless otherwise determined by the Board of Directors, if an optionee’s employment or service with the
Company terminates for any reason other than because of total disability, death, or retirement as provided in Sections 6.4-2, 6.4-3 and
6.4-4 before the optionee has an aggregate of at least five years of service with the Company (including service with the Company before
the Company converted from a corporation into a limited liability company), the optionee may only cause his or her option to be exercised
by providing the written notice required by Section 6.5-1 to NuScale Corp at any time before the expiration date of the option or the
expiration of 30 days after the date of termination, whichever is the shorter period, but only if and to the extent the optionee was entitled
to exercise the option at the date of termination; provided, however, that the Board of Directors may not provide for a
post-termination exercise period that ends before the earlier of (i) the expiration of 30 days after the date of termination or (ii) the
expiration date of the option.

 

(b) For Optionees with At Least
Five Years of Service and Lifetime Transferees. Unless otherwise determined by the Board of Directors, if an optionee’s
employment or service with the Company terminates for any reason other than because of total disability, death, or retirement as
provided in Sections 6.4-2, 6.4- 3 and 6.4-4 when the optionee has an aggregate of at least five years of service with the Company
(including service with the Company before the Company converted from a corporation into a limited liability company), the optionee
or such optionee’s Lifetime Transferee may only cause an option to be exercised by providing the written notice required by
Section 6.5-1 to NuScale Corp at any time before the earlier of (i) the expiration date of the option or (ii) the date that is the
number of years after the date of termination equal to the optionee’s full years of employment or service with the Company,
minus five, plus one, but only, in the case of clause (i) and (ii), if and to the extent the optionee or such optionee’s
Lifetime Transferee was entitled to exercise the option at the date of termination; provided, however, that the Board
of Directors may not provide for a post-termination exercise period that ends before the earlier of (i) the expiration of 30 days
after the date of termination or (ii) the expiration date of the option.

 

    4

     

    

 

6.4-2 Termination Because of Total Disability.
Unless otherwise determined by the Board of Directors, if an optionee’s employment or service with the Company terminates because
of total disability, the optionee or such optionee’s Lifetime Transferee may only cause an option to be exercised by providing the
written notice required by Section 6.5-1 to NuScale Corp at any time before the expiration date of the option or before the date 12 months
after the date of termination, whichever is the shorter period, but only if and to the extent the optionee or such optionee’s Lifetime
Transferee was entitled to exercise the option at the date of termination. provided, however, that the Board of Directors
may not provide for a post-termination exercise period that ends before the earlier of (i) the expiration of 30 days after the date of
termination or (ii) the expiration date of the option. The term “total disability” means a medically determinable mental or
physical impairment that is expected to result in death or has lasted or is expected to last for a continuous period of 12 months or more
and that, in the opinion of the Company and two independent physicians, causes the optionee to be unable to perform his or her duties
as an employee, member of the Board of Directors, officer or consultant of the Employer. Total disability shall be deemed to have occurred
on the first day after the two independent physicians have furnished their written opinion of total disability to the Company and the
Company has reached an opinion of total disability.

 

6.4-3 Termination Because of Death
.. Unless otherwise determined by the Board of Directors, if an optionee dies while employed by or providing service to the Company, the
Successor (as defined below) or such optionee’s Lifetime Transferee may only cause the option to be exercised by providing the written
notice required by Section 6.5 -1 to NuScale Corp at any time before the expiration date of the option or before the date 12 months after
the date of death, whichever is the shorter period, but only if and to the extent the optionee or such optionee’s Lifetime Transferee
was entitled to exercise the option at the date of death and only by (a) the person or persons to whom the optionee’s rights under
the option shall pass by the optionee’s will or by the laws of descent and distribution of the state or country of domicile at the
time of death (the “Successor”), or (b) if applicable, such optionee’s Lifetime Transferee; provided, however,
that the Board of Directors may not provide for a post - termination exercise period that ends before the earlier of (i) the expiration
of 30 days after the date of termination or (ii) the expiration date of the option.

 

6.4-4 Retirement Pursuant to the Company’s
Retirement Policies. Unless otherwise determined by the Board of Directors, if an optionee has an aggregate of at least five years
of service with the Company (including service with the Company before the Company converted from a corporation into a limited liability
company) and retires from the Company pursuant to and in accordance with the Company’s retirement policies on or after the date
that the optionee reaches the age of 60 (the date of such retirement, the “Retirement Date”), the optionee or such optionee’s
Lifetime Transferee may cause an option to be exercised by providing the written notice required by Section 6.5-1 to NuScale Corp by
the dates specified as follows:

 

(a) If the optionee retires on
or after the date that the optionee reaches the age of 60 but before the date the optionee reaches the age of 65, by the earlier to
occur of (i) the date that is the number of years after the Retirement Date equal to the optionee’s full years of employment
or service with the Company or (ii) the expiration date of the option; or

 

    5

     

    

 

(b) If the optionee retires on or after
the date that the optionee reaches age 65, by the earlier to occur of (i) the date that is the number of years after the Retirement Date
equal to the optionee’s full years of employment or service with the Company, multiplied by two or (ii) the expiration date of the
option.

 

Notwithstanding the foregoing, the optionee or such optionee’s
Lifetime Transferee may only exercise an option pursuant to this Section 6.4-4 if and to the extent the optionee or such optionee’s
Lifetime Transferee was entitled to exercise the option on the optionee’s Retirement Date.

 

6.4-5 Amendment of Exercise Period Applicable
to Termination. The Board of Directors may at any time extend the exercise periods set forth in Section 6.4-1, Section 6.4-2, Section
6.4-3 and Section 6.4-4 any length of time not longer than the original expiration date of the option. The Board of Directors may at any
time increase the portion of an option that is exercisable, subject to terms and conditions determined by the Board of Directors.

 

6.4-6 Failure to Exercise Option.
To the extent that the option of any deceased optionee or any optionee whose employment or service terminates is not exercised because
the written notice required by Section 6.5-1 is not provided to NuScale Corp within the applicable period, all further rights to purchase
shares pursuant to the option shall cease and terminate.

 

6.4-7 Leave of Absence. Absence
on leave approved by the Employer or on account of illness or disability shall not be deemed a termination or interruption of employment
or service. Unless otherwise determined by the Board of Directors, vesting of options shall continue during a medical, family or military
leave of absence, whether paid or unpaid, and vesting of options shall be suspended during any other unpaid leave of absence.

 

6.5          
Purchase of Shares.

 

6.5-1 Notice of Exercise.
Unless the Board of Directors determines otherwise, shares may be acquired pursuant to an option granted under the Plan only upon
NuScale Corp’s receipt of written notice from the optionee, the Successor or such optionee’s Lifetime Transferee of such
person’s intention to purchase shares, specifying the number of shares the person desires to purchase under the option and the
date on which the person intends to exercise the option, which date must (unless otherwise determined by the Company) be prior to
the expiration date of the option, and, if required to comply with the Securities Act of 1933, containing a representation that it
is the person’s intention to acquire the shares for investment and not with a view to distribution.

 

    6

     

    

 

6.5-2 Payment. Unless the
Board of Directors determines otherwise, on or before the date specified for completion of the purchase of shares pursuant to an
option exercise, the optionee, the Successor or such optionee’s Lifetime Transferee must pay NuScale Corp the full exercise
price of those shares in cash or by check or, with the consent of the Board of Directors, in whole or in part, in Common Stock of
NuScale Corp valued at fair market value, and other forms of consideration. With the consent of the Board of Directors, an optionee,
or such optionee’s Successor or Lifetime Transferee may pay the exercise price, in whole or in part, by instructing NuScale
Corp to withhold from the shares to be issued upon exercise a number of shares of Common Stock with an aggregate fair market value
equal to the exercise price plus any applicable tax withholding amount. The fair market value of Common Stock provided or withheld
in payment of the exercise price shall be determined by the Board of Directors. If the Common Stock of NuScale Corp is not publicly
traded on the date the option is exercised, the Board of Directors may consider any valuation methods it deems appropriate and may,
but is not required to, obtain one or more independent appraisals of NuScale Corp. If the Common Stock of NuScale Corp is publicly
traded on the date the option is exercised, the fair market value of Common Stock provided or withheld in payment of the exercise
price shall be the closing trading price of the Common Stock on the trading day immediately prior to the exercise date, unless the
Board of Directors specifies another value. No shares shall be issued until full payment for the shares has been made, including all
amounts owed for tax withholding. In lieu of, or in addition to, the foregoing “net exercise” provisions, the Company
may choose to make arrangements with a Plan administrator or broker to sell shares into the open market to cover the exercise price,
and remit those sale proceeds to the Company to satisfy the exercise price.

 

6.5-3 Tax Withholding. Each optionee, Successor
or Lifetime Transferee who has exercised an option shall, immediately upon notification of the amount due, if any, pay to the Company
in cash or by check amounts necessary to satisfy any applicable federal, state and local tax withholding requirements. If additional
withholding is or becomes required (as a result of exercise of an option or as a result of disposition of shares acquired pursuant to
exercise of an option) beyond any amount deposited before delivery of the certificates, the optionee, Successor or Lifetime Transferee
shall pay such amount, in cash or by check, to the Company on demand. If the optionee, Successor or Lifetime Transferee fails to pay
the amount demanded, the Company or the Employer may withhold that amount from other amounts payable to the optionee, Successor or Lifetime
Transferee, including salary, subject to applicable law. With the consent of the Board of Directors, an optionee may satisfy this obligation,
in whole or in part, by instructing NuScale Corp to withhold some of the shares to be issued upon exercise or by delivering to NuScale
Corp other shares of Common Stock; provided, however, that the number of shares so withheld or delivered shall not exceed the minimum
amount necessary to satisfy the required withholding obligation. The fair market value of Common Stock provided or withheld in payment
of withholding taxes shall be determined by the Board of Directors. If the Common Stock of NuScale Corp is not publicly traded at the
time of the determination of the withholding amount, the Board of Directors may consider any valuation methods it deems appropriate and
may, but is not required to, obtain one or more independent appraisals of NuScale Corp. If the Common Stock of NuScale Corp is publicly
traded at the time of the determination of the withholding amount, the fair market value of Common Stock provided or withheld in payment
of the withholding taxes shall be the closing trading price of the Common Stock on the trading day immediately prior to the exercise
date, unless the Board of Directors specifies another value. In lieu of, or in addition to, the foregoing “net withholding”
provisions, the Company may choose to make arrangements with a Plan administrator or broker to sell shares into the open market to cover
the withholding obligation, and remit those sale proceeds to the Company to satisfy the withholding obligation.

 

		7.	Stock Awards. [Intentionally omitted.]

 

    7

     

    

 

		8.	Changes in Capital Structure.

 

8.1          
 Stock Splits, Distributions, Etc. If the outstanding Common Stock
of NuScale Corp is hereafter increased or decreased or changed into or exchanged for a different number or kind of shares or other securities
of NuScale Corp by reason of any split, combination of shares, distribution payable in shares, recapitalization or reclassification,
appropriate adjustment shall be made in the number and kind of shares available for grants under the Plan and in all other share amounts
set forth in the Plan. In addition, appropriate adjustment shall be made in the number and kind of shares as to which outstanding options,
or portions thereof then unexercised, shall be exercisable, so that the holder’s proportionate interest before and after the occurrence
of the event is maintained. With respect to any outstanding option or any other outstanding award granted under the Plan, the Board of
Directors shall also make such adjustments as may be required by Section 25102(o) of the California Corporations Code to the extent NuScale
Corp is relying upon the exemption afforded thereby with respect to the award. Notwithstanding the foregoing, the Board of Directors
shall have no obligation to effect any adjustment that would or might result in the issuance of fractional shares, and any fractional
shares resulting from any adjustment may be disregarded or provided for in any manner determined by the Board of Directors. Any adjustments
made by the Board of Directors pursuant to this Section 8.1 shall be conclusive.

 

8.2          
 Corporate Transactions. Unless otherwise provided at the time of
grant, in connection with the occurrence of any of the following events pursuant to which outstanding shares of Common Stock are converted
into cash or other equity interests, securities or property (each, a “Transaction”): (i) a merger, combination, consolidation,
plan of exchange or other reorganization, (ii) a sale of all or substantially all of the assets of NuScale Corp (in one transaction or
a series of related transactions), or (iii) a dissolution of NuScale Corp, the Board of Directors may select from among the following
for treatment of outstanding awards under the Plan with the right to treat each award in a different manner:

 

8.2-1 An outstanding award may be assumed
by the surviving or acquiring company and converted into an equity interest or right to an acquire equity interest of the surviving or
acquiring company in the Transaction with the terms (including the amount and type of equity subject thereto, any exercise price and vesting
provisions) to be conclusively determined by the Board of Directors, taking into account the relative values of the companies involved
in the Transaction and the exchange rate, if any, used in determining equity of the surviving or acquiring entity to be held by holders
of equity of NuScale Corp following the Transaction; or

 

8.2-2 An option may become exercisable
for 100% of the shares subject to the option, effective as of the consummation of the Transaction.

 

To the extent that an outstanding option
is not assumed pursuant to Section 8.2-1, but is exercisable immediately prior to the Transaction, whether as a result of the application
of Section 8.2-2 or otherwise, the Board of Directors shall approve some arrangement by which holders of options shall have a reasonable
opportunity to exercise all such options effective as of the consummation of the Transaction or otherwise realize the value of these awards,
as determined by the Board of Directors. Any option that is not exercised whether or not exercisable in accordance with procedures approved
by the Board of Directors may be terminated.

 

    8

     

    

 

		8.3	Rights Issued by Another Entity. [Intentionally omitted.]

 

8.4          Dissolution of the Company.
In the event of the dissolution of NuScale Corp, the Board of Directors shall provide a period of 30 days or less before the completion
of the Transaction during which outstanding options may be exercisable, and upon the expiration of that period, all unexercised options
shall immediately terminate. The Board of Directors may, in its sole discretion, accelerate the exercisability of options so that they
are exercisable in full during that period.

 

9.                
Option Repricing and Waiver of Restrictions. Subject to Section 2 and Section 11  and the specific limitations on options
contained in this Plan, the Board of Directors from time to time may authorize, generally or in specific cases only, for the benefit
of any options, any adjustment in the exercise price, the vesting schedule, the number of shares subject to, or the term of, an option
granted under this Plan by amendment, by waiver or by other legally valid means. Such amendment or other action may result in, among
other changes, an exercise price that is higher or lower than the exercise price of the option, provide for a greater or lesser number
of shares of Common Stock subject to the option, or provide for a longer or shorter vesting or exercise period.

 

10.              
Market Stand-off. In connection with any public equity offering by NuScale Corp, each recipient of an award under the Plan and
their Successors and Lifetime Transferees shall agree (i) not to sell or otherwise dispose of any shares of NuScale Corp in conformance
with terms of the lock-up or similar agreement proposed by the underwriters for such offering and (ii) to execute an agreement in the
form proposed; provided that (x) substantially all of NuScale Corp’s officers and directors enter into identical agreements, (y)
the restrictive period does not exceed 365 days following the offering, and (z) the failure to execute a form of agreement shall not affect
the enforceability of this covenant. To enforce this covenant, NuScale Corp may impose stop-transfer instructions with respect to the
shares of the recipient until the end of the restrictive period.

 

11.             
Amendment of the Plan. The Board of Directors may at any time modify or amend the Plan in any respect. Except as provided in Section
8, however, no change in an award already granted shall be made without the written consent of the holder of the award if the change would
have a material adverse effect on the holder. To the extent necessary and desirable to comply with applicable law, the Board of Directors
may obtain stockholder approval, by the affirmative vote of the holders of a majority of the outstanding shares of capital stock of NuScale
Corp entitled to vote, which vote may be obtained either at a meeting of the stockholders or by means of one or more written consents
signed by holders having not less than the minimum number of votes that would be necessary to approve the Plan at a meeting of the stockholders,
for any Plan amendment.

 

12.              
Approvals. NuScale Corp’s obligations under the Plan are subject to the approval of state and federal authorities or agencies
with jurisdiction in the matter. NuScale Corp will use its best efforts to take steps required by state or federal law or applicable regulations,
including rules and regulations of the Securities and Exchange Commission and any stock exchange on which NuScale Corp’s shares
may then be listed, in connection with the grants under the Plan. The foregoing notwithstanding, NuScale Corp shall not be obligated to
issue or deliver Common Stock under the Plan if such issuance or delivery would violate state or federal securities laws.

 

    9

     

    

 

13.              Employment
and Service Rights. Nothing in the Plan or any award pursuant to the Plan shall (i) confer upon any employee any right to be
continued in the employment of an Employer or interfere in any way with the Employer’s right to terminate the employee’s
employment at will at any time, for any reason, with or without cause, or to decrease the employee’s compensation or benefits,
or (ii) confer upon any person engaged by an Employer any right to be retained or employed by the Employer or to the continuation,
extension, renewal or modification of any compensation, contract or arrangement with or by the Employer.

 

14.              Rights as a Stockholder . The
holder of any award under the Plan shall have no rights as a stockholder of NuScale Corp or as a holder of shares of Common Stock until
the date the award holder becomes the holder of record of those shares. Except as otherwise expressly provided in the Plan, no adjustment
shall be made for distributions or other rights for which the record date occurs before the date the award holder becomes the holder of
record of those shares.

 

Plan History

 

The Original Plan: 2011 Equity Incentive Plan adopted: December
7, 2011

 

The First A&R Plan: Amended and Restated 2011 Equity Incentive
Plan adopted: April 25, 2012

 

The Second A&R Plan: Second Amended and Restated 2011
Equity Incentive Plan adopted: February 26, 2014

 

The Third A&R Plan: Third Amended and Restated 2011
Equity Incentive Plan adopted: February 14, 2018

 

The first amendment to the Third A&R Plan: Third Amended
and Restated 2011 Equity Incentive Plan amended: August 22, 2019

 

The second amendment to the Third A&R Plan: Third Amended
and Restated 2011 Equity Incentive Plan amended: August 19, 2021

 

This Plan: Fourth Amended and Restated 2011 Equity Incentive
Plan adopted: May 2, 2022

 

    10

     

    

 

NUSCALE POWER, LLC

FOURTH AMENDED AND RESTATED 2011 EQUITY INCENTIVE PLAN

 

OPTION EXERCISE FORM

 

(To Be Executed by the Holder
to Exercise the Option in Whole or in Part)

 

	To:	NUSCALE POWER CORPORATION, a Delaware corporation (the “Company”)
	 	 
	1.	In accordance with Section 6.5-1 of the NuScale Power, LLC Fourth Amended and Restated 2011 Equity
                                  Incentive Plan effective May 2, 2022 (the “Plan”) and subject to all of the terms and conditions
                                  of the Plan, the undersigned hereby irrevocably elects to exercise the options granted to the undersigned
                                  under the Plan with respect to the Unit Option Agreement with a grant date of ____________,20__ as
                                  amended, between NuScale Power, LLC, an Oregon limited liability company (“NuScale LLC”),
                                  and the undersigned, which Unit Option Agreement was assumed by the Company on May 2, 2022 (the “Option”),
                                  and agrees to purchase prior to the earlier of (a) the date which is 30 days after the date of the
                                  Company’s receipt of this option exercise form or (b) the day prior to the Expiration Date (as
                                  defined in the Option), _______________ shares of Class A Common Stock of the Company covered by the
                                  Options (the “Shares”). Prior to the Company’s issuance of the Shares to the undersigned,
                                  the undersigned will tender payment for the full purchase price of the Shares and any applicable income
                                  and employment tax withholding in the manner checked below (in any combination):

 

		___	By cash or check to the
                                            order of the Company in the amount of $________

 

		___	Subject to approval by the Company, through
                                            a broker-assisted cashless exercise program acceptable to the Company

 

		___	Subject to approval by the Company, by surrender
                                            of other shares which have a fair market value on the date of surrender equal to the aggregate
                                            purchase price of the exercised shares

 

		___	Subject to approval
                                            by the Company, by election to receive a reduced number of shares of Class A Common Stock
                                            of the Company determined as set forth in the following clauses (a) and (b):

 

(a)       X
= Y(A-B)

A

Where:

 

X = _______, the number of shares
to be issued to the undersigned pursuant hereto

 

Y = _______, the number of shares being purchased hereunder

 

A = $______, the closing trading
price of the Class A Common Stock on the trading day immediately prior to the date hereof

 

    

     

    

 

B = $_____, the exercise price
per share (as adjusted to the date of such calculation).

 

		(b)	If applicable withholding tax will
                                            not be paid by cash, check or surrender of other shares, the number of shares determined
                                            in clause (a) will be further reduced by the number of shares having a fair market value
                                            (based on the closing trading price of the Class A Common Stock on the trading day immediately
                                            prior to the date hereof) equal to the applicable withholding tax arising from the exercise.

 

		2.	In connection with the
                                            exercise of the Option, the undersigned hereby represents and warrants as follows:

 

		(a)	Purchase Entirely for Own Account.
                                            The Shares will be acquired for investment for the undersigned’s own account and not
                                            with a view to the resale or distribution of any part thereof, and the undersigned has no
                                            intention of selling, granting any participation in, or otherwise distributing the same.

 

		(b)	Transfer Restrictions. The undersigned understands and agrees
                                            that the Shares are subject to the share transfer restrictions set forth on Exhibit A hereto
                                            and may not be sold, transferred, or otherwise disposed of except as set forth in such shares
                                            transfer restrictions or with the approval of the Company.

 

		(c)	Receipt of Certain Documents. The
                                            Company has made available to the undersigned all documents and information requested by
                                            the undersigned relating to an investment in the Company. In particular, the undersigned
                                            acknowledges receipt of a copy of the Plan. The undersigned has had adequate opportunity
                                            to ask questions and to receive answers from the management of the Company covering the Company’s
                                            business, management, and financial affairs.

 

		3.	The undersigned understands, agrees, and recognizes
                                            that no federal or state agency has made any finding or determination as to the fairness
                                            of the investment or any recommendation or endorsement of the Shares.

 

		4.	The undersigned understands that the Shares
                                            will not be certificated. 

 

		5.	The undersigned is a resident of the state
                                            of _____________.

 

 

	Dated:	_________________	Signature:	
	 	 	 	____________________
	 	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	Please complete mailing address
	 	 	 
	 	 	 
	 	 	Email address

 

    2

     

    

 

Exhibit A

 

Share Transfer Restrictions

 

    

     

    

 

 

May 2, 2022

 

[Option Holder Name]

 

[Option Holder Address]

 

Dear [Option Holder Name],

 

This notice is to inform you, in accordance with Sections 6.1 and 15
of Exhibit A to your option agreement(s) with NuScale Power, LLC, an Oregon limited liability company ("NuScale LLC"), that
on May 2, 2022 (the “Closing Date”), NuScale LLC merged with Spring Valley Merger Sub, LLC, with NuScale LLC being the surviving
entity in the merger (the "Merger"). In the Merger, your option(s) to purchase common units in NuScale LLC set forth below ("Options")
were assumed by NuScale Power Corporation, a Delaware corporation which now wholly controls NuScale LLC ("NuScale Corp"). As
provided in the Third Amended and Restated 2011 Equity Incentive Plan, as amended (the “Plan”), and in your option agreement,
your Options have automatically converted into option(s) to purchase the number of shares of Class A Common Stock of NuScale Corp set
forth below at the exercise price per share set forth below from and after the Closing Date.

 

	Grant Date	Options	Exercise price as	Options	Exercise Price as
	 	Outstanding as	granted	Outstanding as	converted
	 	granted	 	converted	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

NuScale Corp has assumed all obligations of NuScale LLC under
your option agreement(s) from and after the effective time of the Merger. In connection with the Merger, the Board of Managers of NuScale
LLC amended the Plan, effective when the Merger was completed, to make technical changes to reflect how your Option will be treated. In
addition, the Board of Managers has arranged for Fidelity Investments to serve as the administrator for the Plan, and for Fidelity to
provide you more flexibility in exercising your Options through “sale to cover” mechanisms described below. Section 3 of your
option agreement(s) has been amended to read as follows:

 

	

nuscalepower.com	 

                                                     

                                                                              6650 SW Redwood Lane, Suite 210, Portland, OR 97224, Phone: 971.371.1592 Fax: 971.371.1602

 

Nonproprietary

 

    

     

    

 

 

3. Method of Exercise of
Option. The Option may be exercised only by notice in writing from the Optionee, the Successor or a Lifetime Transferee to
NuScale Corp of the Optionee’s, Successor’s or Lifetime Transferee’s intention to purchase shares, specifying the
number of shares the Optionee, Successor or Lifetime Transferee desires to purchase under the Option and the date on which the
Optionee, Successor or Lifetime Transferee agrees to complete the purchase, which date must be prior to the Expiration Date, and, if
required to comply with the Securities Act of 1933, containing a representation that it is the Optionee’s, Successor’s
or Lifetime Transferee’s intention to acquire the shares for investment and not with a view to distribution. On or before the
date specified for exercise, the Optionee, Successor or Lifetime Transferee must pay NuScale Corp the full purchase price of those
shares and any applicable income and employment tax withholding by any of the following, or a combination thereof, at the election
of the Optionee, Successor or Lifetime Transferee (with options (b), (c) and (d) also subject to the discretion of the Company to
allow and accept such settlement options):

 

		(a)	in cash or by check;

 

(b) 
subject to approval by the Company, through a broker-assisted cashless exercise program acceptable to the Company;

 

(c) 
subject to approval by the Company, surrender of other shares which have a fair market value on the date of surrender equal to
the aggregate purchase price of the exercised shares; or

 

(d) 
subject to approval by the Company, if the fair market value of a share of NuScale Corp Class A Common Stock (as determined below)
is greater than the exercise price, a reduction in the number of shares of NuScale Corp Class A Common Stock to be received by the Optionee
or the Optionee’s Successor or Lifetime Transferee, in which event NuScale Corp shall issue to Optionee a number of shares computed
using the following formula:

 

X = Y(A-B)

A

 

Where:

 

X = the number of shares to be issued to Optionee

 

Y = the number of shares being purchased under the Option

 

A = the fair market value of one share (at the date of such
calculation)

 

B = the exercise price per share (as
adjusted to the date of such calculation).

 

The total number of shares that otherwise would be issued
pursuant to the foregoing formula will be further reduced by that number of shares having a fair market value equal to the applicable
withholding tax arising from the exercise.

 

Nonproprietary

 

    2 | nuscalepower.com

     

    

 

 

No shares shall be issued until full payment for the shares
and any applicable tax withholding has been made. The Optionee, Successor or Lifetime Transferee shall, immediately upon notification
of the amount due, if any, pay to the Employer, by cash or check or, if approved by the Company, in any manner allowed in clauses (a)-(d)
above (or any combination thereof), amounts necessary to satisfy any applicable federal, state and local tax withholding requirements.
If additional withholding is or becomes required (as a result of exercise of the Option or as a result of disposition of shares acquired
pursuant to exercise of the Option) beyond any amount paid before delivery of the shares, the Optionee, Successor or Lifetime Transferee
shall pay such amount to the Employer by cash or check or, if approved by the Company, in any manner allowed in clauses (a)-(d) above
(or any combination thereof), on demand. If the Optionee, Successor or Lifetime Transferee fails to pay the amount demanded, the Company
or the Employer may withhold that amount from other amounts payable to the Optionee, Successor or Lifetime Transferee, including salary,
subject to applicable law. The fair market value of shares provided or withheld in payment of the purchase price or withholding taxes
shall be determined by the Board of Directors. If the Class A Common Stock of NuScale Corp is not publicly traded on the date the Option
is exercised, the Board of Directors may consider any valuation methods it deems appropriate and may, but is not required to, obtain one
or more independent appraisals of the Class A Common Stock of NuScale Corp. If the Class A Common Stock of NuScale Corp is publicly traded
on the date the Option is exercised, the fair market value of Class A Common Stock provided or withheld in payment of the purchase price
or applicable withholding taxes shall be the closing trading price of the Class A Common Stock on the trading day immediately prior to
the exercise date.

 

Unless the Board of Directors determines otherwise, any
shares awarded as a result of the exercise of the Option shall be subject to any share transfer restrictions approved by the Board of
Directors from time to time, and the Optionee, the Successor or Lifetime Transferee shall be required to sign and deliver an option exercise
form containing representations, warranties, acknowledgements and transfer restrictions upon such exercise.

 

All other terms and conditions of your option agreement(s), including
vesting and the expiration date, remain in full force and effect.

 

When you or your successor or lifetime transferee exercises the
Options, you will be deemed for tax purposes to have received compensation equal to the excess of the fair market value of the Class
A Common Stock of NuScale Corp on the date of exercise over the exercise price for each share underlying the exercised Options,
multiplied by the total number of shares for which the Options are exercised. You are required by your option agreement(s) to pay to
NuScale LLC, before NuScale Corp issues any shares to you, which payment may take the form allowed in clauses (a)-(d) of Section 3
above (or any combination thereof), the amount of income and employment tax withholding
payable by NuScale LLC to the taxing authorities in connection with exercise.

 

Nonproprietary

 

    3 | nuscalepower.com

     

    

 

 

The shares underlying your Options are restricted securities and may
not be sold into the market until they are registered with the U.S. Securities and Exchange Commission. NuScale Corp expects to complete
such registration in early July 2022. At that time, NuScale Corp expects that you will be able to have a broker-dealer sell a portion
of your shares into the market and to use the proceeds of the sale to NuScale LLC to cover the employment tax and withholding obligations
of NuScale LLC. You will be notified once the shares underlying your Options have been registered. In addition, all Company personnel
are subject to a trading blackout. You will receive notice when that trading blackout is lifted. Until then, you may not exercise your
Options without the Company’s consent.

 

Nonproprietary

 

    4 | nuscalepower.com

     

    

 

NUSCALE POWER, LLC

 

[FORM OF] UNIT OPTION AGREEMENT

 

This AGREEMENT is between NuScale Power,
LLC, an Oregon limited liability company (the “Company”), and [Employee Name] (the “Optionee”), pursuant to the
Company’s Amended and Restated 2011 Equity Incentive Plan (the “Plan”). The Company and the Optionee agree as follows:

 

1.                 
Option Grant. The Company grants to the Optionee on the terms and conditions of this Agreement the right and the option (the “Option”)
to purchase all or any part of [Option amount] common units at a purchase price of [$___] per unit. The terms and conditions of the Option
grant set forth in attached Exhibit A are incorporated into and made a part of this Agreement. The Option will not be treated as
an Incentive Stock Option as defined in Section 422 of the Internal Revenue Code of 1986, as amended.

 

2.                
Grant Date; Expiration Date. The Grant Date for this Option is [Grant date]. The Option shall continue in effect until the tenth
anniversary of the Grant Date (the “Expiration Date”) unless earlier terminated as provided in Sections 2, 6 or 7 of Exhibit
A. The Option shall not be exercisable on or after the Expiration Date.

 

3.                 
Exercise of Option. The Vesting Reference Date of this Option is [Vesting date]. The Option will become exercisable in accordance
with Section 1 of Exhibit A.

 

The parties have executed this Agreement in duplicate as of
the Grant Date.

 

	NuScale Power, LLC	 	Optionee
	 	 	 
	By:	 	 	By:	 
	 	 	 
	Name:	 	 	[Employee Name]
	Title:	 	 	 
	6650 SW Redwood Lane, #210	 	[Employee Address]
	Portland, OR 97224	 	 
	 	 	 	 

 

    

     

    

 

NUSCALE POWER, LLC

 

EXHIBIT A TO

UNIT OPTION AGREEMENT

 

1.                 
Time of Exercise of Option. Until it expires or is terminated as provided in Sections 2, 6 or 7 of this Exhibit A, the Option may
be exercised from time to time to purchase units as to which it has become exercisable. The Option shall become exercisable for 25% of
the units on the first anniversary of the Vesting Reference Date and for 1/48th of the units at the end of each one-month period thereafter,
so that the Option will be fully exercisable on the fourth anniversary of the Vesting Reference Date. Options to the extent exercisable
may be exercised only as of the earlier of (a) the first day of the calendar quarter following the date of the Company’s receipt
of the written notice required by Section 3 or (b) the day prior to the expiration date of the Option.

 

 2.                 
 Termination of Employment or Service. 

 

2.1         General Rule. Except as provided
in this Section 2, the Option may not be exercised unless at the time of exercise the Optionee is employed by or in the service of the
Company and shall have been so employed or provided such service continuously since the Grant Date. For purposes of this Exhibit A, the
Optionee is considered to be employed by or in the service of the Company if the Optionee is employed by or in the service of the Company
or any parent or subsidiary of the Company (an “Employer”).

 

2.2         Termination
Generally.

 

2.2.1       If the Optionee’s employment
or service with the Company terminates for any reason other than because of total disability, death, or retirement as provided in Sections
2.3, 2.4, or 2.5 before the Optionee has an aggregate of at least five years of service with the Company (including service with the Company
before the Company converted from a corporation into a limited liability company), the Optionee may only cause the Option to be exercised
by providing the written notice required by Section 3 to the Company at any time before the Expiration Date or the expiration of 30 days
after the date of termination, whichever is the shorter period, but only if and to the extent the Optionee was entitled to exercise the
Option at the date of termination.

 

2.2.2       If the Optionee’s employment or service
with the Company terminates for any reason other than because of total disability, death, or retirement as provided in Sections 2.3, 2.4
or 2.5 when the Optionee has an aggregate of at least five years of service with the Company (including service with the Company before
the Company converted from a corporation into a limited liability company), the Optionee or a Lifetime Transferee (as defined in Section
4) may only cause the Option to be exercised by providing the written notice required by Section 3 to the Company at any time before the
earlier of (a) the Expiration Date or (b) the date that is the number of years after the date of termination equal to the Optionee’s
full years of employment or service with the Company, minus five, plus one, but only, in the case of clause (a) and (b), if and to the
extent the Optionee or Lifetime Transferee was entitled to exercise the Option at the date of termination.

 

    A-1

     

    

 

2.3       Termination Because of Total Disability.
If the Optionee’s employment or service with the Company terminates because of total disability, the Optionee or a Lifetime Transferee
may only cause the Option to be exercised by providing the written notice required by Section 3 to the Company at any time before the
Expiration Date or before the date 12 months after the date of termination, whichever is the shorter period, but only if and to the extent
the Optionee or Lifetime Transferee was entitled to exercise the Option at the date of termination. The term “total disability”
means a medically determinable mental or physical impairment that is expected to result in death or has lasted or is expected to last
for a continuous period of 12 months or more and that, in the opinion of the Company and two independent physicians, causes the Optionee
to be unable to perform duties as an employee, director, officer or consultant of the Employer. Total disability shall be deemed to have
occurred on the first day after the two independent physicians have furnished their written opinion of total disability to the Company
and the Company has reached an opinion of total disability.

 

2.4       Termination Because of Death. If the Optionee
dies while employed by or in the service of the Company, the Successor (as defined below) or a Lifetime Transferee may only cause the
Option to be exercised by providing the written notice required by Section 3 to the Company at any time before the Expiration Date or
before the date 12 months after the date of death, whichever is the shorter period, but only if and to the extent the Optionee or Lifetime
Transferee was entitled to exercise the Option at the date of death and only by (a) the person or persons to whom the Optionee’s
rights under the Option shall pass by the Optionee’s will or by the laws of descent and distribution of the state or country of
domicile at the time of death (the “Successor”), or (b) if applicable, a Lifetime Transferee.

 

2.5        Retirement. If the Optionee has
an aggregate of at least five years of service with the Company (including service with the Company before the Company converted from
a corporation into a limited liability company) and retires from the Company pursuant to and in accordance with the Company’s retirement
policies on or after the date that the Optionee reaches the age of 60 (the date of such retirement, the “Retirement Date”),
the Optionee or a Lifetime Transferee may cause the Option to be exercised by providing the written notice required by Section 3 to the
Company by the dates specified as follows:

 

(a) If the Optionee retires on or after
the date that the Optionee reaches age 60 but before the date the Optionee reaches age 65, by the earlier to occur of (i) the date that
is the number of years after the Retirement Date equal to the Optionee’s full years of employment or service with the Company or
(ii) the Expiration Date; or

 

(b) If the Optionee retires on or after
the date that the Optionee reaches age 65, by the earlier to occur of (i) the date that is the number of years after the Retirement Date
equal to the optionee’s full years of employment or service with the Company, multiplied by two or (ii) the Expiration Date.

 

Notwithstanding the foregoing, the Optionee or Lifetime Transferee
may only exercise the Option pursuant to this Section 2.5 if and to the extent the Optionee or Lifetime Transferee was entitled to exercise
the Option on the Optionee’s Retirement Date.

 

    A-2

     

    

 

2.6        Leave of Absence. Absence on leave
approved by the Employer or on account of illness or disability shall not be deemed a termination or interruption of employment or service.
Vesting of the Option shall continue during a medical, family or military leave of absence, whether paid or unpaid, and vesting of the
Option shall be suspended during any other unpaid leave of absence.

 

2.7        Failure to Exercise Option. To
the extent that, following termination of employment or service, the Option is not exercised because the written notice required by Section
3 is not provided to the Company within the applicable periods described above, all further rights to purchase units pursuant to the Option
shall cease and terminate.

 

3.                 
Method of Exercise of Option. The Option may be exercised only by notice in writing from the Optionee, the Successor or a Lifetime
Transferee to the Company of the Optionee’s, Successor’s or Lifetime Transferee’s intention to purchase units, specifying
the number of units the Optionee, Successor or Lifetime Transferee desires to purchase under the Option and the date on which the Optionee,
Successor or Lifetime Transferee intends to exercise the Option, which date must be the earlier of (a) the first day of the calendar quarter
following the date of the Company’s receipt of the written notice or (b) the day prior to the Expiration Date, and, if required
to comply with the Securities Act of 1933, containing a representation that it is the Optionee’s, Successor’s or Lifetime
Transferee’s intention to acquire the units for investment and not with a view to distribution. On or before the date specified
for exercise, the Optionee, Successor or Lifetime Transferee must pay the Company the full purchase price of those units in cash or by
check. No units shall be issued until full payment for the units has been made, including all amounts owed for tax withholding. The Optionee,
Successor or Lifetime Transferee shall, immediately upon notification of the amount due, if any, pay to the Company in cash or by check
amounts necessary to satisfy any applicable federal, state and local tax withholding requirements. If additional withholding is or becomes
required (as a result of exercise of the Option or as a result of disposition of units acquired pursuant to exercise of the Option) beyond
any amount deposited before delivery of the certificates, the Optionee, Successor or Lifetime Transferee shall pay such amount to the
Company, in cash or by check, on demand. If the Optionee, Successor or Lifetime Transferee fails to pay the amount demanded, the Company
or the Employer may withhold that amount from other amounts payable to the Optionee, Successor or Lifetime Transferee, including salary,
subject to applicable law. Unless the Board of Managers determines otherwise, any units awarded as a result of the exercise of the Option
shall be subject to any unit transfer restrictions in the Company’s operating agreement, and the recipient of each unit, upon exercise,
shall be required to sign and deliver a signature page to such operating agreement.

 

4.                  Nontransferability. The
Option is nonassignable and nontransferable by the Optionee, either voluntarily or by operation of law, except by will or by the
laws of descent and distribution of the state or country of the Optionee’s domicile at the time of death, and during the
Optionee’s lifetime, the Option is exercisable only by the Optionee; provided, however, that (A) an Optionee may
transfer an option by gift or domestic relations order to a family member of the Optionee if such Optionee is employed by the
Company at the time of such transfer and has either been continuously employed by the Company for more than five years at the time
of such transfer or is over 60 years old at the time of such transfer, and (B) the Board of Managers may permit any other option to
be transferable by gift or domestic relations order to a family member of the Optionee. For this purpose, the term “family
member” includes any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece,
nephew, mother-in-law, father-in- law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive
relationships of the Optionee, and any trust in which these persons have more than 50% of the beneficial interest. The individual or
entity to whom an option under Plan is transferred pursuant to clause (A) of this Section 4, (x) is referred to in the Plan as a
 “Lifetime Transferee,” and (y) subject to the terms and conditions of this Agreement and the Plan, a Lifetime Transferee
may exercise the Option during the Optionee’s lifetime.

 

    A-3

     

    

 

5.                 
Splits, Distributions. If the outstanding common units of the Company are hereafter increased or decreased or changed into or exchanged
for a different number or kind of units or other securities of the Company by reason of any split, combination of units, distribution
payable in units, recapitalization or reclassification, appropriate adjustment shall be made in the number and kind of units available
for grants under the Plan and in all other share amounts set forth in the Plan. In addition, appropriate adjustment shall be made in the
number and kind of units to which outstanding Options, or portions thereof then unexercised, shall be exercisable, so that the holder’s
proportionate interest before and after the occurrence of the event is maintained. With respect to any outstanding Option, the Board of
Managers shall also make such adjustments as may be required by Section 25102(o) of the California Corporations Code to the extent the
Company is relying upon the exemption afforded thereby with respect to the award. Notwithstanding the foregoing, the Board of Managers
shall have no obligation to effect any adjustment that would or might result in the issuance of fractional units, and any fractional units
resulting from any adjustment may be disregarded or provided for in any manner determined by the Board of Managers. Any adjustments made
by the Board of Managers pursuant shall be conclusive.

 

6.                 
Mergers, Reorganizations, Etc. In connection with the occurrence of any of the following events pursuant to which outstanding common
units are converted into cash or other equity interests, securities or property (each, a “Transaction”): (i) a merger, combination,
consolidation, plan of exchange or other reorganization, (ii) a sale of all or substantially all of the assets of the Company (in one
transaction or a series of related transactions), or (iii) a dissolution of the Company, the Board of Managers may select from among the
following for treatment of outstanding Options, with the right to treat each Option in a different manner:

 

6.1       An outstanding Option may be assumed
by the surviving or acquiring company and converted into an equity interest to acquire equity of the surviving or acquiring company in
the Transaction with the terms (including the amount and type of equity subject thereto, any exercise price and vesting provisions) to
be conclusively determined by the Board of Managers, taking into account the relative values of the companies involved in the Transaction
and the exchange rate, if any, used in determining equity of the surviving or acquiring corporation to be held by holders of equity of
the Company following the Transaction; or

 

6.2        Any outstanding Option, to the extent
not exercisable, may become exercisable for 100% of the units subject to the Option, effective as of the consummation of the Transaction.

 

    A-4

     

    

 

To the extent that an outstanding Option is not assumed
pursuant to Section 6.1, but is exercisable immediately prior to the Transaction, whether as a result of the application of Section
6.2 or otherwise, the Board of Managers shall approve some arrangement by which holders of such Option shall have a reasonable
opportunity to exercise such Options effective as of the consummation of the Transaction or otherwise realize the value of these
awards, as determined by the Board of Managers. Any Option that is not exercised, whether or not exercisable, in accordance with
procedures approved by the Board of Managers may be terminated.

 

7.                 
Dissolution of the Company. In the event of the dissolution of the Company, the Board of Managers shall provide a period of 30
days or less before the completion of the Transaction during which outstanding Options may be exercisable, and upon the expiration of
that period, all unexercised Options shall immediately terminate. The Board of Managers may, in its sole discretion, accelerate the exercisability
of Options so that they are exercisable in full during that period.

 

8.                 
Conditions on Obligations. The Company shall not be obligated to issue units upon exercise of the Option if the Company is advised
by its legal counsel that such issuance would violate applicable state or federal laws, including securities laws. The Company will use
its best efforts to take steps required by state or federal law or applicable regulations in connection with issuance of units upon exercise
of the Option.

 

9.                 
No Right to Employment or Service. Nothing in the Plan or this Agreement shall (i) confer upon the Optionee any right to be continued
in the employment of an Employer or interfere in any way with the Employer’s right to terminate the Optionee’s employment
at will at any time, for any reason, with or without cause, or to decrease the Optionee’s compensation or benefits, or (ii) confer
upon the Optionee or a Lifetime Transferee any right to be retained or employed by the Employer or to the continuation, extension, renewal
or modification of any compensation, contract or arrangement with or by the Employer.

 

10.              
Market Stand-off. In connection with any public equity offering by the Company, the Optionee agrees (i) not to sell or otherwise
dispose of any equity interests of the Company in conformance with terms of the lock-up or similar agreement proposed by the underwriters
for such offering and (ii) to execute an agreement in the form proposed; provided that (x) substantially all of the Company’s officers
and managers enter into identical agreements,

(y)  the restrictive period does not
exceed 365 days following the offering, and (z) the failure to execute a form of agreement shall not affect the enforceability of this
covenant. This Section 10 shall be binding upon the Successor and any Lifetime Transferee. To enforce this covenant, the Company may impose
stop-transfer instructions with respect to the equity interests of the Optionee, Successor or Lifetime Transferee until the end of the
restrictive period.

 

11.              Certain
Federal Income Tax Consequences of Exercise. Optionee understands and acknowledges that the Company is classified as a
partnership for federal income tax purposes, and that Optionee and any Lifetime Transferee, upon exercise of an Option to acquire
one or more units pursuant to this Agreement, will become a partner in a partnership for federal income tax purposes. As a
partnership for federal income tax purposes, the Company generally does not itself pay federal income tax. Rather, the income, gain,
loss, deductions and credits of the Company are reported to individual unit holders, who report their allocable shares of such
income, gain, loss, deduction and credit on their separate federal income tax returns. The taxable income of the Company that is
allocated to a unit holder in particular year may exceed the amount of cash available to distribute to the unit holder to pay the
associated federal income tax liability. Accordingly, a unit holder may be required to use funds from other sources to pay the
federal income tax liability relating to the unit holder’s allocation of taxable income from the Company. In addition, a unit
holder’s compensation, if any, for services provided to the Company may be treated as income from self-employment rather than
wages for federal income tax purposes, and a unit holder may be required to make quarterly estimated tax payments to avoid penalties
that may be imposed by the Internal Revenue Service. Optionee is urged to consult Optionee’s own tax advisor regarding the
federal, state and other tax consequences of exercising an Option pursuant to this Agreement.

 

    A-5

     

    

 

12.             
Successors of Company. This Agreement shall be binding upon and shall inure to the benefit of any successor of the Company but,
except as provided herein, the Option may not be assigned or otherwise transferred by the Optionee or any Successor or Lifetime Transferee.

 

13.             
Notices. Any notices under this Agreement must be in writing and will be effective when actually delivered or, if mailed, three
days after deposit into the United States mail by registered or certified mail, postage prepaid. Mail shall be directed to the addresses
stated on the face page of this Agreement or to such address as a party may certify by notice to the other party.

 

14.             
Rights as a Unitholder. The Optionee, Successor or Lifetime Transferee shall have no rights as a unitholder with respect to any
common units until the date the Optionee, Successor or Lifetime Transferee becomes the holder or record of those units. No adjustment
shall be made for distributions or other rights for which the record date occurs before the date the Optionee, Successor or Lifetime Transferee
becomes the holder of record.

 

15.             
Amendments. The Company may at any time amend this Agreement if the amendment does not have a material adverse effect on the Optionee.
Otherwise, except as provided in the Plan, this Agreement may not be amended without the written consent of the Optionee, Successor or
Lifetime Transferee, on the one hand, and the Company, on the other hand. To the extent necessary and desirable to comply with applicable
law, the Board of Managers may obtain member approval by the affirmative vote of the holders of a majority of the outstanding units of
the Company entitled to vote, which vote may be obtained either at a meeting of the unitholders or by means of one or more written consents
signed by holders having not less than the minimum number of votes that would be necessary to approve the Plan at a meeting of the unitholders,
for any Plan amendment.

 

16.              
Governing Law. This Agreement shall be governed by the laws of the state of Oregon.

 

17.             
Complete Agreement. This Agreement constitutes the entire agreement between the Optionee and the Company, both oral and written
concerning the matters addressed herein, and all prior agreements or representations concerning the matters addressed herein, whether
written or oral, express or implied, are terminated and of no further effect.

 

    A-6Exhibit 10.21

 

CERTAIN IDENTIFIED INFORMATION, MARKED BY [**], HAS BEEN EXCLUDED
FROM THIS AGREEMENT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR
CONFIDENTIAL.

 

EXECUTION VERSION

 

EXCLUSIVITY AGREEMENT

 

This Agreement effective as of 30th day of September, 2011 (the
 "Effective Date"), is entered into among NuScale Power, LLC and NuScale Holdings Corp. (collectively referred to as the "NuScale"),
and Fluor Enterprises, Inc. ("Fluor").

 

RECITALS

 

WHEREAS, NuScale is the design
company for small modular reactor ("SMR") nuclear steam supply systems ("NSSS"), and NuScale desires to develop,
market and pursue the construction and sale of nuclear power production units and facilities based upon its technology (such units and
facilities are hereinafter referred to as "Project(s)");

 

WHEREAS, NuScale desires to pursue
the further development of its SMR NSSS design, the plant design and the development of the Projects, which may include a project cost
estimate, design and various other engineering, procurement and construction services needed to support such Projects and as further
set forth herein;

 

WHEREAS, NuScale has insufficient funds to continue its on-going
business operations and, as a result, Fluor has elected to invest significant funds in NuScale at a critical time (the "Investment");

 

WHEREAS, in addition to providing the Investment, and as a separate
matter, Fluor desires to assist NuScale with the development of the SMR NSSS design and identified Projects and to provide to NuScale
engineering, procurement and construction services in connection therewith.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the premises contained
herein, the Parties agree as follows:

 

1.       
Scope of Development Services. It is intended that Fluor shall perform for NuScale services under a Master Services Agreement,
Exhibit A, as may be amended from time to time, and incorporated herein by reference (the "Fluor Services").

 

2.       
Compensation and Payment. Fluor shall be compensated and paid for the Services in accordance with the terms contained in
Exhibit A, thereto.

 

3.       [**]

 

     

    

    

 

4.       [**]

 

5.        Cooperation
It is the intent of Fluor and NuScale to jointly solicit, obtain and execute specifically identified Projects which utilize NuScale's
technology and intellectual property (the "NuScale Offerings") and Fluor Services. To that end, NuScale shall keep Fluor informed
of potential Projects and clients of which it is aware and which or who may utilize NuScale Offerings and Fluor Services. When an opportunity
with a client or a Project advances to the point where a decision regarding execution can be made, the Parties will execute, on mutually
agreeable terms and conditions, a Project Execution Agreement (as defined in Section 7 below.)

 

If and to the extent that a decision to bid and/or execute a
specific project has been made, neither Party will take any action inconsistent therewith, and each Party shall use all reasonable
efforts to pursue and complete such Project in the manner as set forth in the definitive written Project Execution Agreement and the
contract for the Project. Without limiting the generality of the foregoing, NuScale shall not separately bid on, pursue or provide
any of the NuScale Offerings in a Project, or with a client, as a prime contractor or sub contractor, or work with any other
contractor in connection with the provision of Services that Fluor would otherwise provide as set forth herein. The Parties'
combined price to potential clients under a Project Execution Agreement will be the aggregate of each Party's price for its scope of
work. The Parties will cooperate in establishing the pricing requirements specified by the client. Each Party shall establish its
price, taking into consideration reasonable and customary charges and expenses as well as pricing necessary to be competitive.

 

Subject to the limitations set forth in this Section 4, in the
event the client for any project which is subject to this Agreement expressly indicates its intention to award business to NuScale and
refuses to award all or any Services to Fluor, NuScale upon such notification will promptly notify Fluor in writing and give Fluor an
opportunity to convince the client to award the Services to both Parties or Fluor, as appropriate. However, in the event the client still
rejects Fluor's involvement with a given Project, NuScale may proceed with the Project independently following written notification to
Fluor.

 

NuScale shall use its commercially reasonable efforts to keep Fluor
aware of opportunities for involvement in Projects or with clients by Fluor as contemplated by this Agreement.

 

    2 

    

    

 

Except as otherwise provided
in this Agreement:

 

(i)          Fluor and any Fluor Affiliate (as
defined below) may from time to time in its sole and absolute discretion (1) have and develop, and may presently or in the future have
and develop, investments, transactions, business ventures, contractual, strategic or other business relationships, prospective economic
advantages or other opportunities in other businesses, including businesses that are and may be competitive, complementary or similar
to any of the Nu Scale Offerings, for Fluor' s own account or for the account of any Fluor affiliate, partnership, joint venture, limited
liability company, subsidiary, parent, association or other entity in which Fluor has a direct or indirect interest (a "Fluor Affiliate")
(each, a "Business Opportunity") or (2) to direct any such Business Opportunities to any Fluor Affiliate, excepting
Business Opportunities which are presented to or of which Fluor becomes first aware based upon a written notification from NuScale;

 

(ii)         neither Fluor nor any of the
Fluor Affiliates will be prohibited by virtue of this Agreement, Fluor's Investments inNuScale or otherwise (including by virtue of Fluor's
designation of certain Fluor personnel to serve on the board of directors of anyNuScale entity or as a member of the board of directors
or board of managers or other governing body of any ofNuScale) from pursuing and engaging in any such Business Opportunities;

 

(iii)       
Neither Fluor nor any Fluor Affiliate will not be obligated to inform or present NuScale with any such Business Opportunity;

 

(iv)       NuScale
will not have nor acquire nor be entitled to any interest, expectancy or participation (such right to any interest, expectancy or participation,
if any, being hereby renounced and waived) in any such Business Opportunity as a result of the involvement therein of Fluor or any Fluor
Affiliate;

 

(v)        
Neither Fluor nor any Fluor Affiliate will be obligated to account to NuScale for the profits from any such Business Opportunity;
and

 

(vi)       
the involvement of any of Fluor or any Fluor Affiliate in any such Business Opportunity will not constitute a conflict of interest or
breach of fiduciary duty by them with respect to NuScale.

 

Fluor in its sole and absolute discretion
may from time to time elect to waive its exclusive right to provide Fluor Services for individual Projects or task orders in which event
NuScale shall be permitted to pursue such Projects or task orders using other contractors or parties other than Fluor.

 

If Fluor refuses
to accept a Task Order, or fails to perform an accepted Task Order in accordance with this Agreement, NuScale will be entitled to have
that Task Order performed by another party.

 

6.       Joint
Marketing.

 

The Parties hereto shall be independent and neither is the agent
or representative of the other, nor will either Party hold itself out to others as the agent or representative of the other Party. Without
limiting the generality of the foregoing, it is understood and agreed that neither Party will utilize Joint Marketing Materials or otherwise
identify any joint participation or cooperation between the Parties to any third party unless the other Party specifically approves such
use or disclosure.

 

    3 

    

    

 

Unless specifically agreed in writing, neither Party is authorized
to make commitments, representations, warranties, or agreements on behalf of the other and each Party agrees that it will not hold itself
out as having such authority.

 

7.       Proposal Preparation
and Project Execution Agreement. For agreed upon Project opportunities, Fluor and NuScale shall cooperate in the preparation
and submission of proposals to the (potential) client or project for the provision of NuScale Offerings and Fluor Services to Projects.
Any such proposal shall be in accordance with the stipulations of the solicitation documents, integrating therein, among other things,
the information and data provided by Fluor and NuScale and identifying therein the contributions of Fluor. The Parties shall consult
with one another on decisions affecting the content of proposals to be submitted. Each Party shall have the right to review its portion
of any proposal, to approve or disapprove sections of the proposal pertaining to its Services and its obligations and responsibilities
under the proposal. Both Parties shall be provided with a copy of the proposal for their records.

 

Fluor and NuScale shall each provide appropriate highly qualified
personnel for, and use their commercially reasonable best efforts to support, the preparation of any proposal to be submitted to a (potential)
client or Project. The Parties agree to provide such further assistance to one another after the preparation of any proposal as may be
reasonably necessary to assist the client in its evaluation of the proposal.

 

In the event that any proposal submitted jointly or in concert
by NuScale and Fluor is successful, the Parties agree to enter into a mutually acceptable definitive written Project Execution Agreement
for the performance of the given project which will set forth, among other things, the Parties' preferred method of contracting with
the client and each of the Parties' scope of services and financial compensation. Each Project Execution Agreement shall also set forth
the Parties' desired limits on the liabilities to be contained in the prime and/or any sub contracts for the Project, including, but
not limited to, remedies associated with the following:

 

a)        
Warranties and guarantees;

b)        
Indemnifications;

c)        
Consequential and indirect damages; and

d)        
Other liabilities.

 

If, despite good faith negotiations with the client, the Parties
are unable to reach a mutually acceptable prime or sub contract, or other form of agreement which contains the terms and conditions as
set forth in the Project Execution Agreement, then, and in that event, the Parties may either amend or terminate the Project Execution
Agreement. Should Fluor or NuScale choose to terminate the Project Execution Agreement, both Parties shall thereafter be precluded from
pursuing the Project separately, or in combination with any third party, unless such activity is approved in writing by the other Party.

 

Each Party shall bear all of its own costs, expenses, risks and
liabilities in connection with the activities contemplated in this section.

 

8.             Information. In
performance of the Services, it is understood Fluor will be supplied with certain information and/or data by NuScale and/or others, and
Fluor will rely on same. It is agreed the accuracy of such information is not within Fluor's control, and Fluor shall not be liable for
its accuracy, nor for its verification, unless this Agreement is modified by mutual agreement to provide for verification by Fluor. Any
information delivered by Fluor to NuScale may be used solely by NuScale for the purpose for which such information is intended. NuScale
shall not disclosure such information to others without Fluor's prior written consent. NuScale shall indemnify Fluor from third party
liability arising from any unintended use or unauthorized disclosure.

 

    4 

    

    

 

9.            Termination. This Agreement
shall continue for a period of twenty (20) years after the Effective Date of this Agreement (the "Term") . Thereafter, either
party may, with or without cause, terminate the Services at any time upon thirty (30) working days' written notice to the other party.
Notwithstanding the foregoing, Fluor may terminate the Agreement at any time in the event Fluor, in its sole and absolute discretion,
decides not to proceed with the Agreement. In that case, such termination shall be deemed a termination for convenience.

 

	10.	Relationship.
                                            

 

a.           
Nothing in this Agreement shall be deemed to constitute, create, give effect to, or otherwise recognize a joint venture, partnership,
or formal business entity of any kind. Nothing herein shall be construed as providing for the sharing of profits or losses arising out
of the efforts of either or both of the Parties, except as may be provided for in any resultant contract or subcontract agreed to between
the Parties. The cooperation of the Parties is for the purpose of complementing their respective abilities so that the Client may best
achieve the Project objectives.

 

b.           
Each party represents and agrees that no part of the monies advanced by either party as a result of this Agreement shall be paid directly
or indirectly to any such agent, official, employee, political party or candidate or to the government of any political party.

 

c.           
The scope of this Agreement is confined solely to the matters described herein, and the provisions hereof shall have no application or
effect whatsoever to work which may be performed by Fluor under any other agreement withNuScale, a Client or other Parties. In this connection,
it is specifically understood with respect to such work that the terms of such other agreements shall govern and solely apply.

 

d.           
Neither Party shall publicize this Agreement or the fact that the Parties hereto have agreed to cooperate as set forth in this Agreement,
or otherwise disclose the business plans of the other Party or any information given to it by the other Party and identified in writing
as confidential or proprietary, without the express written permission of the other Party; provided, however, that neither Party shall
be precluded from revealing the contents of this Agreement to the (potential) client. The Parties also agree that governmental agencies
may compel disclosure of this Agreement, and the Parties shall have the right to discuss this Agreement or aspect hereof as required
for public reputation or as otherwise required by law.

 

e.           
The titles or headings of sections of paragraphs of this Agreement are for convenience of reference only and are not intended to interpret,
limit or modify the text of such sections or paragraphs.

 

f.            
The primary contact(s) within Fluor in connection with this Agreement and the person designated by Fluor to receive notices hereunder
is Chris Tye. The primary contact(s) within NuScale in connection with this Agreement and the person designated to receive notices hereunder
on behalf ofNuScale is Scott Bailey. Either Party may change its representative pursuant to this paragraph by written notice to the other
Party. 

11.          
Effect of Waivers. No forbearance, indulgence, or relaxation or inaction by Fluor or NuScale at any time to require performance
of any of the provisions of this Agreement shall in any way effect, diminish or prejudice the right of either Fluor or NuScale to require
performance of that provision and any waiver or acquiescence of either Fluor or NuScale in any breach of any provision of this Agreement
shall not be construed as a waiver or acquiescence in any continuing or succeeding breach of such provision. Waivers and limitations
herein shall apply to the officers, employees, agents and affiliates of the Parties.

 

    5 

    

    

 

12.           Force
Majeure. Any delays in or failure of performance by Fluor shall not constitute default hereunder if such delays or failures of performance
are caused by occurrences beyond the reasonable control of Fluor, including but not limited to: acts of God or the public enemy; expropriation
or confiscation; compliance with any order of any governmental authority; changes in law; act of war, rebellion or sabotage or damage
resulting therefrom; fires, floods, explosion, accidents, riots; strikes or other concerted acts of workmen, whether direct or indirect;
delays in permitting; or any other causes, whether similar or dissimilar, which are beyond the reasonable control of Fluor. In the event
such occurrence impacts Fluor's obligations hereunder or causes Fluor to incur additional costs, Fluor's obligations shall be equitably
adjusted and it shall be entitled to reimbursement for such additional costs. 

13.           Interpretation.
The Parties acknowledge and agree the terms and conditions of this Agreement, including but not limited to those relating to allocations
of, releases from, exclusions against and limitations of liability, have been freely and fairly negotiated. Each party acknowledges that
in executing this Agreement they have relied solely on their own judgement, belief, and knowledge, and such advice as they may have received
from their own counsel, and they have not been influenced by any representation or statements made by any other party or its counsel.
No provision in this Agreement is to be interpreted for or against any party because that party or its counsel drafted such provision.
In the event that any portion or all of this Agreement is held to be void or unenforceable, the Parties agree to negotiate in good faith
to amend the commercial and other terms of the Agreement in order to effect the intent of the Parties as set forth in this Agreement.
The Parties agree to look solely to each other with respect to performance of this Agreement. Fluor may have portions of the Services
performed by its affiliated entities or their employees, in which event Fluor shall be responsible for and NuScale shall look solely
to Fluor as if such Services were performed by Fluor hereunder. 

This Agreement shall be governed by the laws of Oregon, exclusive
of any provisions thereof which reference the laws of other states or jurisdictions. The provisions of this Agreement which by their
nature are intended to survive the termination, cancellation, completion or expiration of the Agreement, including but not limited to
any expressed limitations of or releases from liability, shall continue as valid and enforceable obligations of the Parties notwithstanding
any such termination, cancellation, completion or expiration. 

14.           Entire
Agreement. This Agreement and the attached Exhibits constitute the complete basis for the Agreement. In the event of a conflict between
paragraphs 1 through 14 and the terms of any Exhibit, the terms of paragraphs 1 through 14 shall control. No other representations of
any kind, oral or otherwise, have been made. The warranties, obligations, liabilities and remedies of the Parties, as provided herein,
are exclusive and in lieu of any others available at law or in equity. Indemnities against, releases from, assumptions of and limitations
on liability and limitations on remedies expressed in this Agreement, as well as waivers of subrogation rights, shall apply notwithstanding
the fault, negligence (whether active, passive, joint or concurrent), strict liability or other theory of legal liability of the party
indemnified, released or whose liability is limited or assumed or against whom remedies have been limited or rights of subrogation have
been waived and shall extend to the officers, directors, employees, licensors, agents, partners and related entities of such party and
its partners and related entities.

 

    6 

    

    

 

IN WITNESS WHEREOF, the parties have executed this Agreement as of
the date first above written.

 

	NUSCALE POWER, LLC	 	FLUOR ENTERPRISES, INC.

 

	/s/ John J. Surina, Jr.	 	

 

	By:	John J. Surina, Jr.	 	By:	/s/ Carlos M. Hernandez
	Title:	Chief Financial Officer
	 	Title:	Senior Vice President
	 	 	 	Name:	Carlos M. Hernandez

 

NUSCALE HOLDINGS CORP.

 

	/s/ John J. Surina, Jr.	 

 

	By:	John J. Surina, Jr.	 
	Title:	Chief Financial Officer
	 

 

[Signature
page to Exclusivity Agreement]

 

     

     

    

 

EXHIBIT A

 

MASTER SERVICES AGREEMENT

 

     

    

    

 

MASTER SERVICES AGREEMENT

 

between

 

NuScale Power, Inc. and
Fluor Enterprises, Inc.

 

Agreement Conditions

 

This Master Services Agreement (hereafter, "Agreement")
between NuScale Power, Inc., a design company for a small, modular nuclear steam generator system (NSSS) (hereinafter referred to as
 "NuScale" or "Client"), and Fluor Enterprises, Inc., an independent Supplier (hereinafter referred to as "Fluor"
or "Supplier").

 

The "Effective Date" of this Agreement is the date on which
the Agreement is fully executed by both parties.

 

WHEREAS, Fluor's Services as described within this Agreement
("Services") are of mutual interest and benefit to NuScale and to Fluor, and will further the business objectives of NuScale
in a manner consistent with its status as a for-profit company and NSSS design organization; and

 

WHEREAS, Fluor has the capabilities and resources to conduct
Services for NuScale within the scope of the services identified in this MSA and individual Task Orders as issued; and

 

WHEREAS, the Services to be performed under this Agreement
may require the development of intellectual property.

 

NOW, THEREFORE, the parties hereto agree as follows:

 

	1.	Ordering Services. NuScale
                                            shall order Services by submitting to Fluor a Task Order ("TO" or "Task Order").
                                            Upon acceptance of the Task Order, Fluor agrees to use commercially reasonable efforts to
                                            perform the Services as set forth in the TO in accordance with roles and responsibilities
                                            as outlined in the TO. The standard of care applicable to the Services will be the degree
                                            of skill and diligence normally employed by others performing the same or similar services.
                                            If, during the one year period following the completion of the Services under any particular
                                            Task Order it is reasonably determined that Fluor has failed to perform the Services in accordance
                                            with those standards, and NuScale has notified Fluor in writing of the failure, Fluor shall
                                            perform such corrective services within the original scope of Services as may be necessary
                                            to remedy such failure.

 

	2.	Task Orders. The scope
                                            of the Services to be provided by Fluor shall be specified in each TO, and shall be based
                                            on the pricing under rates established herein in Attachment A .To be effective, each TO must
                                            be executed by both parties, at which time such TO will become subject to the terms and conditions
                                            of this Agreement, and all associated attachments.

 

			Additional or conflicting
                                            contractual terms or conditions including terms and conditions contained in purchase orders
                                            or other documents shall be of no force and effect. Fluor shall be compensated and paid in
                                            accordance with the terms contained in Attachment A and the applicable TO.

 

			The TO allows for a variety
                                            of services to be ordered. A separate Task Order shall be used to order Services for each
                                            individual task or project. A TO may be amended to add services by each party endorsing such
                                            additional services on each TO. Any other change to the Services ordered, or other terms
                                            of the TO that may change the scope, time of performance, or price of the Services will be
                                            effective only by the mutual written agreement of the parties.

 

	3.	Agreement Type/Compensation.
                                            This Agreement allows for the issuance of Task Orders. Each TO will contain a discrete
                                            scope of work, and associated deliverables as applicable and as agreed by the Parties.

 

	4.	Equipment. If the Services
                                            are to be provided at NuScale's offices or any of NuScale's other facilities, NuScale agrees
                                            to provide access to internet and equipment (if necessary) to permit Fluor to perform the
                                            Services ordered in each TO.

 

    		THE INFORMATION IN THIS DOCUMENT IS PROPRIETARY AND CONFIDENTIAL	 
	Page 1 of 6	PRINTED COPIES ARE UNCONTROLLED	NP-FM-0402-250-R0

    

    

 

NuScale Contract Number

NP-CO-XXXX-XXX

 

	5.	Insurance. Fluor
                                            shall maintain in force during the period that Services are performed Workers' Compensation
                                            and Employer's Liability Insurance (limit of one million dollars ($1,000,000) each occurrence)
                                            in accordance with the laws of the states having jurisdiction over Fluor's employees who are
                                            engaged in the Services. Fluor shall also maintain during such period: Commercial General
                                            Liability Insurance and Automobile Liability Insurance (including owned, non-owned or hired
                                            vehicles), each covering bodily injury to or death of persons and/or loss of or damage to
                                            property of parties other than NuScale in a combined single limit of one million dollars
                                            ($1,000,000) for any one occurrence.

 

	6.	Term of Agreement. Unless it
                                            is terminated earlier pursuant to Section 13, the term of this Agreement shall be for twenty
                                            (20) years from the Effective Date, during which period individual TOs may be initiated.
                                            This Agreement may be extended as necessary by written revision, executed by both parties.
                                            TOs may allow for completion of work after the end of the term of the Agreement, in which
                                            case, the terms of the Agreement will continue in effect with respect to such TO.

 

	7.	Confidential Information. "Confidential
                                            Information" means any information concerning the business, operations, assets or trade
                                            secrets of a party that is marked as confidential or that a reasonable person would deem
                                            confidential, except as otherwise set forth herein. Fluor shall use Confidential Information
                                            provided by NuScale only for the purposes described herein or in a TO. All information provided
                                            is confidential and may only be given to persons directly connected with administering or
                                            enforcing provisions of the Services provided pursuant to a Task Order. Confidential Information
                                            shall be used only for the purposes and disclosed only in the method set forth in the governing
                                            TO. Confidential Information does not include information which is or becomes available to
                                            the public other than in connection with or as a result of Fluor's breach of this Agreement
                                            or the applicable TO, is available from another source without restrictions on confidentiality,
                                            or is developed independently by Fluor without benefit of the Confidential Information. If
                                            Fluor is served with any subpoena or other compulsory judicial or administrative process
                                            calling for production of Confidential Information or is otherwise required by law or regulation
                                            to disclose Confidential Information, Fluor will immediately, and, if possible, prior to
                                            production or disclosure, notify NuScale and provide such information as may be necessary
                                            in order to protect NuScale's interests. Fluor's obligations to protect the Confidential Information
                                            extend for a period of ten (10) years from date of receipt from the Fluor. NuScale will comply
                                            with the same obligations imposed upon Fluor hereunder with respect to the use and disclosure
                                            of Fluor Confidential Information.

 

	8.	Work Made for Hire; Reports. Fluor
                                            agrees that any reports or other work prepared or originated by Fluor during or within the
                                            scope of Fluor's provision of the Services (work product) constitutes "work made for
                                            hire" under U.S. Copyright laws and that all rights to such work product specifically
                                            created by Fluor in performance of the Services are, excluding any pre-existing intellectual
                                            property of Fluor that may be embedded therein, owned by NuScale, unless otherwise specified
                                            in an individual TO. Excluding any pre-existing intellectual property of Fluor, Fluor hereby
                                            assigns to NuScale its rights, title and interest to such work product. Fluor shall have
                                            the right to retain copies and use all such work product provided that no Confidential Information
                                            of NuScale is disclosed and that the use of information is approved in writing by the authorized
                                            representative of NuScale. For clarity, nothing herein shall restrict Fluor from developing
                                            other work similar to the work product or Deliverables or providing services similar to the
                                            Services, provided that Fluor remain bound by its confidentiality obligations hereunder.

 

	9.	Ownership of Inventions. Fluor
                                            agrees that all inventions, discoveries, improvements, trade secrets, formulae, techniques,
                                            processes, know-how and computer programs, whether or not patentable or copyrightable, and
                                            whether or not reduced to practice, conceived or developed during Fluor's engagement by NuScale,
                                            and arising out of performance of a TO, either alone or jointly with others, and based upon
                                            NuScale's Confidential Information, will be owned exclusively by NuScale, and Fluor hereby
                                            assigns to NuScale all of Fluor's right, title and interest in the foregoing. In addition,
                                            notwithstanding anything in this Agreement to the contrary, each party shall retain ownership
                                            of its pre-existing intellectual property and any improvements thereto or derivatives thereof
                                            howsoever developed.

 

    		THE INFORMATION IN THIS DOCUMENT IS PROPRIETARY AND CONFIDENTIAL	 
	Page 2 of 6	PRINTED COPIES ARE UNCONTROLLED	NP-FM-0402-250-R0

    

    

 

NuScale Contract Number

NP-CO-XXXX-XXX

 

	10.	Independent Supplier. Fluor
                                            shall be deemed to be and shall be an independent Supplier in its activities under this Agreement.
                                            Except as set forth in this Agreement or a TO, NuScale shall not have and shall not exercise
                                            any control over the manner and means used by Fluor to perform the Services under this Agreement
                                            or a TO.

 

	11.	Publicity.
                                            Neither party shall issue any public announcement or news release concerning this Agreement
                                            without the written consent of the other.

 

	12.	Governing
                                            Law. This Agreement shall be governed by the laws of the State of Oregon, without regard
                                            to its conflict of laws provisions.

 

	13.	Termination. Termination for Convenience: A Task
                                          Order hereunder may be terminated by NuScale for its convenience upon 15 days written notice.
                                          In such event, Fluor will be entitled to compensation for the Services competently performed
                                          up to the date of termination and reasonable termination expenses as determined at the discretion
                                          of NuScale. Fluor will not be entitled to compensation or profit on Services not performed.

 

			Termination for Default: Either party shall have
                                            the right to terminate the Agreement for default in the event that the other Party fails
                                            to substantially perform any material provisions of this Agreement, or becomes financially
                                            or legally incapable of completing the obligations hereunder, and does not correct such failure
                                            within a period of seven (7) business days as to compensation or payment, and otherwise within
                                            a reasonable period after receipt of notice specifying such failure. In the event of termination
                                            of Fluor for default, Fluor will not be entitled to termination expenses.

 

			Regardless of the cause of termination, Fluor shall deliver
                                            legible copies of all completed deliverables and all work in progress under a TO, which may
                                            include devices, records, data, notes, reports, proposals, lists, correspondence, specifications,
                                            drawings, blueprints, sketches, laboratory notebooks, flow charts, workflows, materials,
                                            equipment (such as electronic equipment), documents, and property, including copies and reproductions
                                            of all of the aforementioned items belonging to NuScale, its subsidiaries, affiliates, successors
                                            and assigns.

 

			Termination under this Article
                                            shall be in addition to, and not in lieu of, any other express rights or remedies hereunder,
                                            each party may have for breach.

 

	14.	Services. Fluor will perform
                                            the Services described in Task Orders which are incorporated into this Agreement by this
                                            reference herein. Except for Fluor's obligations under Section 1 of this Agreement, results
                                            are provided "as-is", and Fluor makes no representations or warranties, expressed
                                            or implied, in regard to the results. Fluor agrees to provide NuScale with the Services,
                                            including the delivery of any materials, documentation, software, prototypes, designs specifically
                                            created by Fluor in performance of the Services and to be delivered to NuScale pursuant to
                                            a TO (the "Deliverables"). As used herein, unless the context otherwise requires,
                                            references to the "Services" shall include both the Services and any Deliverables.

 

			Fluor shall comply with such reasonable requests as may
                                            be made from time to time by NuScale with respect to the scope and direction of the project
                                            and similar matters. All Services shall be performed in a professional manner, with estimated
                                            schedules as set forth in Task Orders.

 

			In performance of the Services, it is understood Fluor
                                            will be supplied with certain information and/or data by NuScale and/or others, and Fluor
                                            will rely on same. It is agreed the accuracy of such information is not within Fluor's control,
                                            and Fluor shall not be liable for its accuracy, nor for its verification, unless this Agreement
                                            is modified by mutual agreement to provide for verification by Fluor.

 

    		THE INFORMATION IN THIS DOCUMENT IS PROPRIETARY AND CONFIDENTIAL	 
	Page 3 of 6	PRINTED COPIES ARE UNCONTROLLED	NP-FM-0402-250-R0

    

    

 

NuScale Contract Number

NP-CO-XXXX-XXX

 

	15.	Indemnity.
                                            Fluor shall hold NuScale harmless against any and all claims, demands and causes of action:
                                            (a) for bodily injury to or death of persons or for damage to or destruction of property
                                            (other than property of or construction work in progress, for which NuScale assumes responsibility)
                                            resulting solely from the negligent physical acts of Fluor while at NuScale's facility; (b)
                                            arising from Fluor's gross negligence or willful misconduct in the performance of the Services;
                                            or (c) based on any claim that any of Fluor's employees, principals, contractors or subcontractors
                                            are employees of NuScale. Except for Fluor's warranty obligation under paragraph 1 above,
                                            Fluor's liability under this Agreement shall not exceed the value of the Services then being
                                            provided by Fluor under TOs in process but in no event shall be in excess of $10,000,000
                                            in the aggregate; provided, however, the liability cap for violation of Fluor's obligation
                                            to protect Confidential Information as set forth in Section 7 of this Agreement, will be
                                            $50,000,000; and, to the fullest extent permitted by law, NuScale agrees to release, defend,
                                            and hold Fluor harmless from and against any and all further liability arising in any manner
                                            from this Agreement and Fluor's performance of the Services. NuScale agrees to waive and shall
                                            require its insurers to waive, subrogation against Fluor under any applicable policy of insurance.
                                            Except as provided in this Article 15 with respect to liability to third parties, neither
                                            party shall be responsible or held liable to the other for indirect, special or consequential
                                            damages, including but not limited to loss of profit, loss of investment, loss of product
                                            or business interruption, howsoever caused.

 

	16.	Agreement; Modification; Waiver.
                                            This Agreement may only be amended, and the observance of provisions hereof may only
                                            be waived, in writing signed by the duly authorized representatives of each of the parties.
                                            It is understood and agreed that no failure or delay by either party in exercising any right,
                                            power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial
                                            exercise thereof preclude any other or further exercise thereof or the exercise of any right
                                            power or privilege hereunder. In the event of a conflict between Sections 1 through 30 and
                                            the terms of any Attachment, the terms of Sections 1 through 30 shall control, (provided
                                            however that the terms of Attachment A shall control and apply in lieu of Sections 1 through
                                            30 as to a TO for secondment). No other representations of any kind, oral or otherwise, have
                                            been made. The warranties, obligations, liabilities and remedies of the parties, as provided
                                            herein, are exclusive and in lieu of any others available at law or in equity. Indemnities
                                            against, releases from, assumptions of and limitations on liability and limitations on remedies
                                            expressed in this Agreement, as well as waivers of subrogation rights, shall apply notwithstanding
                                            the fault, negligence (whether active, passive, joint or concurrent), strict liability or
                                            other theory of legal liability of the party indemnified, released or whose liability is
                                            limited or assumed or against whom remedies have been limited or rights of subrogation have
                                            been waived and shall extend to the officers, directors, employees, licensors, agents, partners
                                            and related entities of such party and its partners and related entities.

 

			The parties agree to look
                                            solely to each other with respect to performance of this Agreement. Fluor may have portions
                                            of the Services performed by its affiliated entities or their employees, in which event Fluor
                                            shall be responsible for and NuScale shall look solely to Fluor as if such Services were
                                            performed by Fluor hereunder. The provisions of this Agreement which by their nature are
                                            intended to survive the termination, cancellation, completion or expiration of the Agreement,
                                            including but not limited to any expressed limitations of or releases from liability, shall
                                            continue as valid and enforceable obligations of the parties notwithstanding any such termination,
                                            cancellation, completion or expiration.

 

	17.	Dispute Resolution. The parties agree that any dispute shall be resolved by the parties
                                          through confidential mediation or final and binding confidential arbitration. The parties will first attempt to mediate the dispute
                                          before a neutral mediator agreed upon by the parties. If mediation is not successful, the dispute will be submitted to final and
                                          binding confidential arbitration before a neutral arbitrator agreed upon by the parties. Except as specifically provided herein, the
                                          mediation or arbitration shall be governed by the commercial rules of the American Arbitration Association or such other rules as
                                          agreed to by the parties with such mediation or arbitration to occur in Portland, Oregon. Each party shall be responsible for its
                                          own costs and attorneys' fees relating to mediation and arbitration. Both parties agree that the procedures outlined in this
                                          paragraph are the exclusive methods of dispute resolution as to this Agreement, recognizing that other contracts or agreements
                                          relating to transactions involving the Parties may be subject to other dispute regimes or procedures.

 

    		THE INFORMATION IN THIS DOCUMENT IS PROPRIETARY AND CONFIDENTIAL	 
	Page 4 of 6	PRINTED COPIES ARE UNCONTROLLED	NP-FM-0402-250-R0

    

    

 

NuScale Contract Number

NP-CO-XXXX-XXX

 

			Notwithstanding the foregoing,
                                            any action brought by either Party under this Agreement or any TO seeking a temporary restraining
                                            order, temporary or permanent injunction or decree of specific performance of the terms of
                                            this Agreement or any TO may be brought in a court of competent jurisdiction without the
                                            obligation to proceed first to mediation or arbitration.

 

	18.	Severability. If one or more
                                            of the provisions contained in this Agreement shall for any reason be held to be unenforceable
                                            at law, such provision or provisions shall be construed by the appropriate arbitral or judicial
                                            body by limiting and reducing it or them, so as to be enforceable to the maximum extent compatible
                                            with the applicable law as it shall then appear.

 

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

 

	20.	Expenditure Notification. Fluor
                                            shall notify NuScale in writing when the work performed against any TO has reached seventy-five
                                            percent (75%) of an estimate for that TO. This notification shall also include a forecast
                                            of any to-go work along with the associated estimate to complete the task.

 

	21.	Invoicing / Accruals. Fluor will submit invoices in
                                          a form acceptable to NuScale not more than once each month for Services completed by Fluor
                                          during the prior month. Invoices shall be submitted with sufficient documentation as reasonably
                                          required, and at a minimum shall be separately numbered and include the Agreement and TO number
                                          on the face hereof. [Note:
                                          NuScale will have specific requirements re the form of invoice.]
                                          

 

	22.	Key Personnel. Fluor will
                                            provide qualified personnel to perform the Services. As agreed in a TO, within ten (10) days
                                            of execution of each TO or receipt of a written authorization to proceed, Fluor will submit
                                            a list of key personnel for its Services, including a designated project manager, if requested
                                            by NuScale, and will not change or reassign any of the designated key personnel without good
                                            cause or agreement of the Parties.

 

	23.	Authorized Representatives. NuScale
                                            will designate a Contract Manager with responsibility for administering the pricing and terms
                                            of this Agreement and who shall act as Nu Scale's authorized representative. The only individual
                                            authorized to direct Fluor to deviate from the express, written terms of this Agreement is
                                            the authorized Contracts Representative. Each TO shall name a point of contact responsible
                                            for the work within that TO.

 

			NuScale will designate a
                                            Responsible Manager (RM) who will be responsible for the technical aspects of the Agreement
                                            and Task Orders. Should Fluor and NuScale's RM disagree over the technical requirements of
                                            any TO, such matters should be immediately referred to NuScale's Contract Manager.

 

	24.	Lower-tier Supplier. If any
                                            of the Services require the purchase of equipment or materials or the procurement of services,
                                            Fluor shall, for the protection of NuScale, demand from all vendors and subcontractors guarantees
                                            with respect to such equipment, materials and services, which shall be made available to
                                            NuScale to the full extent of the terms thereof. Fluor's liability with respect to such equipment
                                            and materials obtained from vendors or services from subcontractors shall be limited to procuring
                                            guarantees from such vendors or subcontractors and rendering all reasonable assistance to
                                            NuScale as part of the Services for the purpose of enforcing the same.

 

	25.	Permits,
                                            Licenses and Fees. Fluor will obtain and pay for all permits and licenses required by
                                            law that are required to be held in the name of Fluor for its performance of the Services.

 

	26.	Codes, Laws and Regulations. Fluor
                                            will comply with all applicable codes, laws, regulations, standards, and ordinances in force
                                            during the term of this Agreement, which apply to Fluor during the period of performance
                                            of the Services.

 

    		THE INFORMATION IN THIS DOCUMENT IS PROPRIETARY AND CONFIDENTIAL	 
	Page 5 of 6	PRINTED COPIES ARE UNCONTROLLED	NP-FM-0402-250-R0

    

    

 

NuScale Contract Number

NP-CO-XXXX-XXX

 

	27.	Working Files. Fluor
                                            will maintain files containing all deliverable documentation including calculations, assumptions,
                                            interpretations of regulations, sources of information, and other raw data required in the
                                            performance of this Agreement. Fluor will allow access to or provide copies of the information
                                            contained in its working files to NuScale as agreed in a TO.

 

	28.	Changes.
                                            The Parties may, by written agreement, make changes, revisions, additions, or deletions
                                            (collectively hereinafter called "changes") in the Services requested.

 

	29.	Export Compliance. The
                                            Parties agree that U.S. export control laws may govern aspects of the performance of this
                                            Agreement, including but not limited to the Export Administration Regulations (EAR) and the
                                            International Traffic in Arms Regulation (ITAR). The Parties shall comply with such regulations
                                            and shall not engage in any export transactions prohibited by these or other U.S. export
                                            laws and regulations.

 

			NuScale shall identify
                                            in writing to Fluor any Confidential Information or other information provided to Fluor that
                                            is subject to any of the above control laws.

 

			All Work produced by
                                            Fluor that is deemed to be export controlled shall be clearly marked with a legend on each
                                            page which states "Restricted access and distribution pursuant to U.S. export control
                                            laws."

 

			Technical data subject
                                            to U.S. export control laws and regulations, as identified by NuScale, shall be used for
                                            purposes of this Agreement only. Such data shall not be disseminated elsewhere outside Fluor,
                                            either domestically or abroad, without the express written consent of NuScale. The Parties
                                            shall jointly implement safeguards to ensure that such dissemination does not occur.

 

			The substance of this
                                            clause shall be included in all Agreements at every tier.

 

THE PARTIES ACKNOWLEDGE
AND AGREE THE TERMS AND CONDITIONS OF THIS AGREEMENT HAVE BEEN FREELY, FAIRLY AND THOROUGHLY NEGOTIATED. FURTHER, THE PARTIES ACKNOWLEDGE
AND AGREE SUCH TERMS AND CONDITIONS, INCLUDING BUT NOT LIMITED TO THOSE RELATING TO WAIVERS, ALLOCATIONS OF, RELEASES FROM, INDEMNITIES
AGAINST AND LIMITATIONS OF LIABILITY, WHICH MAY REQUIRE CONSPICUOUS IDENTIFICATION, HAVE NOT BEEN SO IDENTIFIED BY MUTUAL AGREEMENT
AND THE PARTIES HAVE ACTUAL KNOWLEDGE OF THE INTENT AND EFFECT OF SUCH TERMS AND CONDITIONS. EACH PARTY ACKNOWLEDGES THAT IN EXECUTING
THIS AGREEMENT THEY RELY SOLELY ON THEIR OWN JUDGMENT, BELIEF, AND KNOWLEDGE, AND SUCH ADVICE AS THEY MAY HAVE RECEIVED FROM THEIR OWN
COUNSEL, AND THEY HAVE NOT BEEN INFLUENCED BY ANY REPRESENTATION OR STATEMENTS MADE BY ANY OTHER PARTY OR ITS COUNSEL. NO PROVISION IN
THIS AGREEMENT IS TO BE INTERPRETED FOR OR AGAINST ANY PARTY BECAUSE THAT PARTY OR ITS COUNSEL DRAFTED SUCH PROVISION.

 

    		THE INFORMATION IN THIS DOCUMENT IS PROPRIETARY AND CONFIDENTIAL	 
	Page 6 of 6	PRINTED COPIES ARE UNCONTROLLED	NP-FM-0402-250-R0

    

    

 

First Amendment to Exclusivity
Agreement

 

This First Amendment to the Exclusivity Agreement ("Amendment") effective
as of the 31st day of July, 2019 (the "Effective Date"), is entered into among NuScale Power, LLC and NuScale Holdings Corp.
(collectively referred to as the "NuScale"), and Fluor Enterprises, Inc. ("Fluor"). Each of NuScale and Fluor is a "Party" to this Amendment
and both are "Parties" hereto. Capitalized terms not otherwise defined herein have the meaning ascribed in the Exclusivity Agreement.

 

RECITALS

 

WHEREAS, on September 30, 2011, the Parties entered into the Exclusivity
Agreement (the "Exclusivity Agreement") pursuant to which Fluor agreed to provide NuScale engineering, procurement and construction services
to aid development of the NuScale SMR NSSS;

 

WHEREAS, the Exclusivity Agreement sets forth the business terms that
support the business decision by Fluor to make a substantial investment in NuScale;

 

WHEREAS, to date, Fluor has invested more than $500 million in NuScale,
which has been essential for NuScale to develop and license its SMR design;

 

WHEREAS, pursuant to the Exclusivity Agreement, Fluor has the "exclusive
right to provide EPC Services. EPC Services means (a) engineering and other services required for the completion of the standard plant
design, (b) engineering and other services required for Project specific design, and (c) those engineering, procurement and construction
services typically performed by Fluor or its' direct competitors as part of the development and execution of a Project."

 

WHEREAS, Fluor desires that NuScale secure investment from investors
other than Fluor;

 

WHEREAS, NuScale has sought investment from strategic investors, that
would include a commitment to make investments in NuScale in exchange for the provision of goods and services in support of NuScale
development and future deployment of a NuScale Plant;

 

WHEREAS, to secure a Twenty Million Dollar ($20,000,000) investment
commitment (the "Investment Commitment") from Sargent & Lundy, L.L.C. ("S&L") in NuScale, NuScale has asked Fluor to amend the
Exclusivity Agreement to permit S&L to perform certain work that is within Fluor's exclusive scope under the Exclusivity Agreement;

 

WHEREAS, on May 20, 2019, NuScale and S&L signed a memorandum
of understanding (the "MOU") pursuant to which S&L agreed to make the Investment Commitment in exchange for S&L performing the
standard plant design for the NuScale Plant; and

 

WHEREAS, Fluor is amenable to amending the Exclusivity Agreement to
secure the S&L investment to the extent described in this Amendment.

 

NuScale Confidential,
Proprietary Class 3

 

    Page 1 of 3

    

    

 

NOW, THEREFORE, in consideration of the premises contained herein,
the Parties agree as follows:

 

AGREEMENT

 

		1.	Contingent on execution of definitive
                                            agreements for the S&L Investment Commitment and initial funding installment of the Investment
                                            Commitment by S&L (the ''Initial Funding"), the Parties agree that NuScale may enter
                                            into an agreement with S&L pursuant to which S&L will be the architect engineer for
                                            the NuScale Plant standard plant design.

 

		2.	So long as S&L makes the Initial
                                            Funding and subsequent fundings (collectively, the "Fundings") as required by the
                                            MOU, and those Fundings commitments are captured in definitive agreements executed by NuScale
                                            and Sargent & Lundy, Fluor's exclusive right to perform the NuScale Plant standard plant
                                            design shall be waived; provided, however, Fluor shall continue to provide constructability
                                            reviews, procurement and similar support for the NuScale Plant standard plant design work
                                            and such continued Fluor work will not prevent Sargent & Lundy from performing its standard
                                            plant design work.

 

		3.	Should S&L fail to make the Fundings
                                            as required by the MOU, then this Amendment and waiver of exclusivity contained herein shall
                                            be null and void.

 

		4.	Except as expressly set forth herein,
                                            this Amendment shall not otherwise alter, modify, amend or in any way affect any of the terms,
                                            conditions, obligations, covenants or agreements contained in the Exclusivity Agreement,
                                            all of which are ratified and affirmed in all respects and shall continue in full force and
                                            effect.

 

[signature page follows]

 

NuScale Confidential,
Proprietary Class 3

 

    Page 2 of 3

    

    

 

IN
WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective Date first set forth above.

 

	NuScale Power, LLC	 	Fluor Enterprises, Inc.

 

	By:	/s/ John Hopkins	                            	 	By:	/s/ Ray
  Barnard

 

	Name:	John Hopkins	 	Name:	Ray Barnard 
	 	 	 	 	 
	Title:	Chief Executive Officer	 	Title:	EVP, Systems & Supply Chain
	 	 	 	 	 
	Date:	   2019,07,26	 	Date:	   7-25-2019 

 

NuScale Confidential,
Proprietary Class 3

 

    Page 3 of 3

    

    

 

Second Amendment to Exclusivity
Agreement

 

This Second Amendment to the Exclusivity Agreement
(“Amendment”) effective as of the 26th day of March, 2021 (the
 “Effective Date”), is entered into among NuScale Power, LLC and NuScale Holdings Corp. (collectively referred to as the
 “NuScale”), and Fluor Enterprises, Inc. (“Fluor”). Each of NuScale and Fluor is a “Party” to
this Amendment and both are “Parties” hereto. Capitalized terms not otherwise defined herein have the meaning ascribed
in the Exclusivity Agreement.

 

RECITALS

 

WHEREAS, on September
30, 2011, the Parties entered into the Exclusivity Agreement (the “Exclusivity Agreement”) pursuant to which Fluor agreed
to provide NuScale engineering, procurement and construction services to aid development of the NuScale SMR NSSS;

 

WHEREAS, the Exclusivity Agreement sets
forth the business terms that support the business decision by Fluor to make a substantial investment in NuScale;

 

WHEREAS, to date, Fluor has invested
more than $500 million in NuScale, which has been essential for NuScale to develop and license its SMR design;

 

[**]

 

WHEREAS, NuScale is amenable to amending
the Exclusivity Agreement accordingly.

 

NOW, THEREFORE, in consideration of the
premises contained herein, the Parties agree as follows:

 

    Page 1 of 3

    

    

 

AGREEMENT

 

	1.	The Parties agree that the Term, as defined
                                            in Article 9 of the Exclusivity Agreement, shall be and hereby is extended until 31 March
                                            2041, which Term may be further extended by mutual agreement, acting reasonably.

 

	2.	Except as expressly set forth herein, this Amendment shall not otherwise
                                            alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants
                                            or agreements contained in the Exclusivity Agreement, all of which are ratified and affirmed
                                            in all respects and shall continue in full force and effect.

 

[signature page follows]

 

    Page 2 of 3

    

    

 

IN WITNESS WHEREOF, the Parties have
executed this Agreement as of the Effective Date first set forth above.

 

	NuScale Power, LLC	 	Fluor Enterprises, Inc.

 

	By:	/s/ John Hopkins	 	By:	/s/ Al Collins

 

	Name:	John Hopkins	 	Name:	Al Collins
	 	 	 	 	 
	Title:	Chief Executive Officer	 	Title:	Group President, Corporate Development & Sustainability

	 	 	 	 	 
	Date:	03/29/2021	 	Date:	03/29/2021

 

    Page 3 of 3

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"}]]