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LW Comments – 6/27/22

 
REGISTRATION RIGHTS AGREEMENT
THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of June 28, 2022 by and among VIRGIN ORBIT HOLDINGS, INC., a Delaware corporation (the “Company”), and YA II PN, Ltd., a Cayman Islands exempt limited partnership (the “Investor”).
WHEREAS:
A.    In connection with the Securities Purchase Agreement by and among the parties hereto of even date herewith (the “Securities Purchase Agreement”), the Company has agreed, upon the terms and subject to the conditions of the Securities Purchase Agreement, to issue and sell to the Investor up to $50 million in principal amount of convertible debentures (the “Convertible Debentures”), which shall be convertible into shares of the Company’s common stock, par value $0.0001 (the “Common Stock”) (as converted, the “Conversion Shares”). Capitalized terms not defined herein shall have the meaning ascribed to them in the Securities Purchase Agreement.
B.    To induce the Investor to execute and deliver the Securities Purchase Agreement, the Company has agreed to provide certain registration rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute (collectively, the “Securities Act”) and other rights as provided for herein.
NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Investors hereby agree as follows:
1.DEFINITIONS.
As used in this Agreement, the following terms shall have the following meanings:
(a)“Effectiveness Deadline” means, with respect to a Registration Statement filed hereunder, the 45th calendar day following the date hereof, provided, however, in the event the Company is notified by the U.S. Securities and Exchange Commission (“SEC”) that one of the Registration Statements, as defined below, will not be reviewed or is no longer subject to further review and comments, the Effectiveness Deadline as to such Registration Statement shall be the fifth calendar day following the date on which the Company is so notified if such date precedes the date required above.
(b)“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.
(c)“Filing Deadline” means, with respect to a Registration Statement required hereunder, the 30th calendar day following the date hereof.
(d)“Person” means a corporation, a limited liability company, an association, a partnership, an organization, a business, an individual, a governmental or political subdivision thereof or a governmental agency.
(e)“Prospectus” means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A 

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promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus.
(f)“Registrable Securities” means all of (i) the shares of Common Stock issuable upon conversion of the Convertible Debentures, (ii) any additional shares issuable in connection with any anti-dilution provisions of the Convertible Debentures (without giving effect to any limitations on exercise set forth in the Convertible Debentures, as applicable) and (iii) any shares of Common Stock issued or issuable with respect to any shares described in subsections (i) and (ii) above by way of any stock split, stock dividend or other distribution, recapitalization or similar event or otherwise.
(g)“Registration Statement” means any registration statement of the Company, including the Prospectus, amendments and supplements to such registration statement or Prospectus, including post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in such registration statement.
(h)“Required Registration Amount” means (i) with respect to the initial Registration Statement at least twenty million (20,000,000) shares of Common Stock issued or to be issued upon conversion of the Convertible Debentures, and (ii) with respect to subsequent Registration Statements such number of shares of Common Stock as requested by the Investor not to exceed 300% of the maximum number of shares of Common Stock issuable upon conversion of all Convertible Debentures then outstanding (assuming for purposes hereof that (x) such Convertible Debentures are convertible at the Conversion Price (as defined therein) in effect as of the date of determination, and (y) any such conversion shall not take into account any limitations on the conversion of the Convertible Debentures set forth therein), in each case subject to any cutback set forth in Section 2(d).
(i)“Rule 144” means Rule 144 under the Securities Act or any successor rule thereto.  
(j)“Rule 415” means Rule 415 promulgated by the SEC pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC having substantially the same purpose and effect as such Rule.
(k)“SEC” means the Securities and Exchange Commission or any other federal agency administering the Securities Act and the Exchange Act at the time.
(l)“Securities Act” shall have the meaning set forth in the Recitals above.  
1.REGISTRATION.
(m)The Company’s registration obligations set forth in this Section 2 including its obligations to file Registration Statements, obtain effectiveness of Registration Statements, and maintain the continuous effectiveness of any Registration Statement that has been declared effective shall begin on the date hereof and continue until all the Registrable Securities have been sold or may permanently be sold without any volume or manner of sale restrictions pursuant to Rule 144(the “Registration Period”).  
(n)Subject to the terms and conditions of this Agreement, the Company shall (i) on or prior to the Filing Deadline, prepare and file with the SEC an initial Registration 
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Statement on Form S-3 (or, if the Company is not then eligible, on Form S-1) or any successor form thereto covering the resale by the Investor of Registrable Securities, and (ii) on or prior to the 30th calendar day following receipt of each written notice by the Investor (a “Demand Notice”) delivered pursuant to the terms hereof prepare and file an additional Registration Statement covering the resale by the Investor of Registrable Securities. Each Registration Statement prepared pursuant hereto shall register for resale at least the number of shares of Common Stock equal to the Required Registration Amount as of date the Registration Statement is initially filed with the SEC. Each Registration Statement shall contain the “Selling Stockholders” and “Plan of Distribution” sections. The Company shall endeavor to have each Registration Statement declared effective by the SEC by the Effectiveness Deadline. By 9:30 am on the business day following the date of effectiveness, the Company shall file with the SEC in accordance with Rule 424 under the 1933 Act the final Prospectus to be used in connection with sales pursuant to such Registration Statement. Prior to the filing of the Registration Statement with the SEC, the Company shall furnish a draft of the Registration Statement to the Investor for their review and comment. The Investor shall furnish comments (if any) on the Registration Statement to the Company within twenty-four (24) hours of the receipt thereof from the Company. 
    For the purposes hereof, the Investor shall be entitled to deliver a Demand Notice to the Company at any time during the Registration Period if at such time (i) no Registration Statement is then in effect which the Investor may use to resell Registrable Securities, or (ii) a Registration Statement is effective, but the Holder has resold substantially all of the shares of Common Stock registered on such Registration Statement. In addition, the Investor may deliver a Demand Notice to the Company at any time during the Registration Period during which (i) the Company does not have a class of securities listed, or approved for listing, on a national securities exchange registered pursuant to Section 6 of the Exchange Act, or (ii) Rule 144, as amended, would not allow the “tacking” of the holding period of the Convertible Debenture onto the holding period of the Conversion Shares issuable upon conversion thereof.
(o)During the Registration Period, the Company shall (i) promptly prepare and file with the SEC such amendments (including post-effective amendments) and supplements to a Registration Statement and the Prospectus used in connection with a Registration Statement, which Prospectus is to be filed pursuant to Rule 424 promulgated under the Securities Act, as may be necessary to keep such Registration Statement effective at all times during the Registration Period, (ii) prepare and file with the SEC additional Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities; (iii) cause the related Prospectus to be amended or supplemented by any required Prospectus supplement (subject to the terms of this Agreement), and as so supplemented or amended to be filed pursuant to Rule 424; (iv) respond as promptly as reasonably possible to any comments received from the SEC with respect to a Registration Statement or any amendment thereto and as promptly as reasonably possible provide the Investors true and complete copies of all correspondence from and to the SEC relating to a Registration Statement (provided that the Company may excise any information contained therein which would constitute material non-public information as to any Investor which has not executed a confidentiality agreement with the Company); and (v) comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities of the Company covered by such Registration Statement until such time as all of such Registrable Securities shall have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof as set forth in such Registration Statement. In the case of amendments and supplements to a Registration Statement which are required to be filed pursuant to this Agreement (including pursuant to this Section 2(c)) by reason of the Company’s filing a report on Form 10-K, Form 10-Q, or Form 8-K or any analogous report under the Securities Exchange Act, the Company shall incorporate such report by reference into the Registration Statement, if applicable, or shall file such amendments or supplements with the SEC 
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on the same day on which the Exchange Act report is filed which created the requirement for the Company to amend or supplement the Registration Statement. 
(p)Reduction of Registrable Securities Included in a Registration Statement. Notwithstanding anything contained herein, in the event that the SEC requires the Company to reduce the number of Registrable Securities to be included in a Registration Statement in order to allow the Company to rely on Rule 415 with respect to a Registration Statement, then the Company shall be obligated to include in such Registration Statement (which may be a subsequent Registration Statement if the Company needs to withdraw a Registration Statement and refile a new Registration Statement in order to rely on Rule 415) only such limited portion of the Registrable Securities as the SEC shall permit. Any Registrable Securities that are excluded in accordance with the foregoing terms are hereinafter referred to as “Cut Back Securities.” To the extent Cut Back Securities exist, promptly following such time as may be permitted by the SEC, the Company shall be required to file a Registration Statement covering the resale of the Cut Back Securities (subject also to the terms of this Section) and shall use best efforts to cause such Registration Statement to be declared effective as promptly as practicable thereafter. 
(q)Failure to File or Obtain Effectiveness of the Registration Statement or Remain Current.  If: (i) a Registration Statement is not filed on or prior to its Filing Date, or (ii) the Company fails to use its best efforts to have the Registration Statement declared effective on or prior to Effectiveness Deadline or the Company fails to file with the SEC a request for acceleration in accordance with Rule 461 promulgated under the Securities Act, within five (5) Trading Days of the date that the Company is notified (orally or in writing, whichever is earlier) by the SEC that a Registration Statement will not be “reviewed,” or not subject to further review, or (iii) after the effectiveness of the initial Registration Statement and before Rule 144 is available for resale of the Conversion Shares, the Investor is not permitted to utilize the Prospectus therein to resell such Registrable Securities for more than 60 consecutive calendar days or more than an aggregate of 90 calendar days during any 12-month period (which need not be consecutive calendar days), or (iv) if after December 29, 2022, the Company does not have available adequate current public information as set forth in Rule 144(c) or (i) (any such failure or breach being referred to as an “Event”), then in addition to any other rights the holders of the Convertible Debentures may have hereunder or under applicable law, the Company shall be in breach of the term and conditions of this Agreement and such Event shall be deemed an event of default under the Convertible Debentures for so long as such Event remains uncured.  
(r)Piggy-Back Registrations. If at any time there is not an effective Registration Statement covering all of the Registrable Securities and the Company proposes to  register the offer and sale of any shares of its Common Stock under the Securities Act (other than a registration (i) pursuant to a Registration Statement on Form S-8 ((or other registration solely relating to an offering or sale to employees or directors of the Company pursuant to any employee stock plan or other employee benefit arrangement), (ii) pursuant to a Registration Statement on Form S-4 (or similar form that relates to a transaction subject to Rule 145 under the Securities Act or any successor rule thereto), or (iii) in connection with any dividend or distribution reinvestment or similar plan), whether for its own account or for the account of one or more stockholders of the Company and the form of Registration Statement to be used may be used for any registration of Registrable Securities, the Company shall give prompt written notice (in any event no later than five days prior to the filing of such Registration Statement) to the holders of Registrable Securities of its intention to effect such a registration and, shall include in such registration all Registrable Securities with respect to which the Company has received written requests for inclusion from the holders of Registrable Securities; provided, however, that, the Company shall not be required to register any Registrable Securities pursuant to this Section 10(c) that have been sold or may permanently be sold without any volume or manner of sale restrictions pursuant to Rule 144.
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2.RELATED OBLIGATIONS.
(s)The Company shall, not less than three (3) Trading Days prior to the filing of each Registration Statement and not less than one (1) Trading Day prior to the filing of any related amendments and supplements to all Registration Statements (except for supplements and amendments to update the Registration Statement solely for information reflected in the Company’s annual reports on Form 10-K, quarterly reports on Form 10-Q or current reports on Form 8-K), furnish to each Investor copies of all such documents proposed to be filed, which documents (other than those incorporated or deemed to be incorporated by reference) will be subject to the reasonable and prompt review of such Investors, The Company shall not file a Registration Statement or any such Prospectus or any amendments or supplements thereto to which the Investors shall reasonably object in good faith; provided that, the Company is notified of such objection in writing no later than two (2) Trading Days after the Investors have been so furnished copies of a Registration Statement.
(t)The Company shall furnish to each Investor whose Registrable Securities are included in any Registration Statement, without charge, (i) at least one (1) copy of such Registration Statement as declared effective by the SEC and any amendment(s) thereto, including financial statements and schedules, all documents incorporated therein by reference, all exhibits and each preliminary prospectus, (ii) ten (10) copies of the final prospectus included in such Registration Statement and all amendments and supplements thereto (or such other number of copies as such Investor may reasonably request) and (iii) such other documents, which are not publicly available through EDGAR, as such Investor may reasonably request from time to time in order to facilitate the disposition of the Registrable Securities owned by such Investor.
(u)The Company shall use its best efforts to (i) register and qualify the Registrable Securities covered by a Registration Statement under such other securities or “blue sky” laws of such jurisdictions in the United States as any Investor reasonably requests, (ii) prepare and file in those jurisdictions, such amendments (including post-effective amendments) and supplements to such registrations and qualifications as may be necessary to maintain the effectiveness thereof during the Registration Period, (iii) take such other actions as may be necessary to maintain such registrations and qualifications in effect at all times during the Registration Period, and (iv) take all other actions reasonably necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (w) make any change to its articles of incorporation or by-laws, (x) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(c), (y) subject itself to general taxation in any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction.  The Company shall promptly notify each Investor who holds Registrable Securities of the receipt by the Company of any notification with respect to the suspension of the registration or qualification of any of the Registrable Securities for sale under the securities or “blue sky” laws of any jurisdiction in the United States or its receipt of actual notice of the initiation or threat of any proceeding for such purpose.
(v)As promptly as practicable after becoming aware of such event or development, the Company shall notify each Investor in writing of the happening of any event as a result of which the Prospectus included in a Registration Statement, as then in effect, includes an untrue statement of a material fact or omission to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading (provided that in no event shall such notice contain any material, nonpublic information), and promptly prepare a supplement or amendment to such Registration Statement to correct such untrue statement or omission, and deliver ten (10) copies of such supplement or amendment to each Investor. The Company shall also promptly notify each Investor in writing (i) when a Prospectus or any Prospectus supplement or post-effective 
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amendment has been filed, and when a Registration Statement or any post-effective amendment has become effective (notification of such effectiveness shall be delivered to each Investor by facsimile on the same day of such effectiveness), (ii) of any request by the SEC for amendments or supplements to a Registration Statement or related prospectus or related information, and (iii) of the Company’s reasonable determination that a post-effective amendment to a Registration Statement would be appropriate.
(w)The Company shall use its best efforts to prevent the issuance of any stop order or other suspension of effectiveness of a Registration Statement, or the suspension of the qualification of any of the Registrable Securities for sale in any jurisdiction within the United States of America and, if such an order or suspension is issued, to obtain the withdrawal of such order or suspension at the earliest possible moment and to notify each Investor who holds Registrable Securities being sold of the issuance of such order and the resolution thereof or its receipt of actual notice of the initiation or threat of any proceeding for such purpose.
(x)[Reserved]
(y)If, after the execution of this Agreement, an Investor believes, after consultation with its legal counsel, that it could reasonably be deemed to be an underwriter of Registrable Securities, at the request of any Investor, the Company shall make available for inspection by (i) any Investor and (ii) one (1) firm of accountants or other agents retained by the Investors (collectively, the “Inspectors”) all pertinent financial and other records, and pertinent corporate documents and properties of the Company (collectively, the “Records”), as shall be reasonably deemed necessary by each Inspector, and cause the Company’s officers, directors and employees to supply all information which any Inspector may reasonably request; provided, however, that each Inspector shall agree, and each Investor hereby agrees, to hold in strict confidence and shall not make any disclosure (except to an Investor) or use  any Record or other information which the Company determines in good faith to be confidential, and of which determination the Inspectors are so notified, unless (a) the disclosure of such Records is necessary to avoid or correct a misstatement or omission in any Registration Statement or is otherwise required under the Securities Act, (b) the release of such Records is ordered pursuant to a final, non-appealable subpoena or order from a court or government body of competent jurisdiction, or (c) the information in such Records has been made generally available to the public other than by disclosure in violation of this or any other agreement of which the Inspector and the Investor has knowledge.  Each Investor agrees that it shall, upon learning that disclosure of such Records is sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt notice to the Company and allow the Company, at its expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, the Records deemed confidential.
(z)The Company shall hold in confidence and not make any disclosure of information concerning the Investor provided to the Company unless (i) disclosure of such information is necessary to comply with federal or state securities laws, (ii) the disclosure of such information is necessary to avoid or correct a misstatement or omission in any Registration Statement, (iii) the release of such information is ordered pursuant to a subpoena or other final, non-appealable order from a court or governmental body of competent jurisdiction, or (iv) such information has been made generally available to the public other than by disclosure in violation of this Agreement or any other agreement. The Company agrees that it shall, upon learning that disclosure of such information concerning an Investor is sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt written notice to such Investor and allow such Investor, at the Investor’s expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, such information.
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(aa)The Company shall use its best efforts to cause all the Registrable Securities to be listed on each securities exchange on which the Common Stock is then listed. The Company shall pay all fees and expenses in connection with satisfying its obligation under this Section 3(i).
(ab)Subject to the provision by the Investor and its representatives of representation letters and other deliverables as the Company and its representatives may request, the Company shall cooperate with the holders of the Registrable Securities to facilitate the timely preparation and delivery of certificates representing the Registrable Securities to be sold pursuant to such Registration Statement or Rule 144 free of any restrictive legends and representing such number of shares of Common Stock and registered in such names as the holders of the Registrable Securities may reasonably request a reasonable period of time prior to sales of Registrable Securities pursuant to such Registration Statement or Rule; provided, that the Company may satisfy its obligations hereunder without issuing physical stock certificates through the use of The Depository Trust Company's Direct Registration System.
(ac)The Company shall use its best efforts to cause the Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be necessary to consummate the disposition of such Registrable Securities.
(ad)The Company shall otherwise use its best efforts to comply with all applicable rules and regulations of the SEC in connection with any registration hereunder.
(ae)Within two (2) business days after a Registration Statement which covers Registrable Securities is declared effective by the SEC, the Company shall deliver, and shall cause legal counsel for the Company to deliver, to the transfer agent for such Registrable Securities (with copies to the Investor whose Registrable Securities are included in such Registration Statement) confirmation that such Registration Statement has been declared effective by the SEC.
(af)The Company shall take all other reasonable actions necessary to expedite and facilitate disposition by each Investor of Registrable Securities pursuant to a Registration Statement.
1.OBLIGATIONS OF THE INVESTORS.
(ag)The Investor agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 3(d) such Investor will immediately discontinue disposition of Registrable Securities pursuant to any Registration Statement covering such Registrable Securities until the Investor’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 3(d) or receipt of notice that no supplement or amendment is required. Notwithstanding anything to the contrary, subject to compliance with securities laws, the Company shall cause its transfer agent to deliver unlegended certificates for shares of Common Stock to a transferee of an Investor in accordance with the terms of the Securities Purchase Agreement in connection with any sale of Registrable Securities with respect to which an Investor has entered into a contract for sale prior to the Investor’s receipt of a notice from the Company of the happening of any event of the kind described in Section 3(d) and for which the Investor has not yet settled.
(ah)The Investor covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable to it or an exemption therefrom in connection with sales of Registrable Securities pursuant to the Registration Statement.
3.EXPENSES OF REGISTRATION.
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All expenses incurred by the Company in complying with its obligations pursuant to this Agreement and in connection with the registration and disposition of Registrable Securities shall be paid by the Company, including, without limitation, all registration, listing and qualifications fees, printers, fees and expenses of the Company's counsel and accountants (except legal fees of Investor’s counsel associated with the review of the Registration Statement). 
4.REPORTS UNDER THE EXCHANGE ACT.
With a view to making available to the Investors the benefits of Rule 144 promulgated under the Securities Act (subject to the limitations set forth in paragraph (i) of such rule that apply to the Company) or any similar rule or regulation of the SEC that may at any time permit the Investors to sell securities of the Company to the public without registration, and as a material inducement to the Investor’s purchase of the Convertible Debentures, the Company represents, warrants, and covenants to the following: 
(ai)The Company is subject to the reporting requirements of section 13 or 15(d) of the Exchange Act and has filed all required reports under section 13 or 15(d) of the Exchange Act during the 12 months prior to the date hereof (or for such shorter period that the issuer was required to file such reports), other than Form 8-K reports.
(aj)During the Registration Period, the Company shall file with the SEC in a timely manner all required annual reports on Form 10-K and quarterly reports on Form 10-Q under section 13 or 15(d) of the Exchange Act (it being understood that nothing herein shall limit the Company’s obligations under the Securities Purchase Agreement) and such reports shall conform to the requirement of the Exchange Act and the SEC for filing thereunder. 
(ak)The Company shall furnish to the Investor so long as such Investor owns Registrable Securities, promptly upon request, (i) a written statement by the Company that it has complied with the reporting requirements of Rule 144, (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested to permit the Investors to sell such securities pursuant to Rule 144 without registration.
2.AMENDMENT OF REGISTRATION RIGHTS.
Provisions of this Agreement may be amended and the observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and Investors who then hold at least two-thirds (2/3) of the Registrable Securities.  Any amendment or waiver effected in accordance with this Section 9 shall be binding upon each Investor and the Company.  No such amendment shall be effective to the extent that it applies to fewer than all of the holders of the Registrable Securities unless such holder has consented to such amendment or waiver.  No consideration shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of any of this Agreement unless the same consideration also is offered to all of the parties to this Agreement.
3.MISCELLANEOUS.
(al)A Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed to own of record such Registrable Securities or owns the right to receive the Registrable Securities.  If the Company receives conflicting instructions, notices or elections from two (2) or more Persons with respect to the same Registrable Securities, the Company shall act upon the basis of instructions, notice or election received from the registered owner of such Registrable Securities.
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(am)No Piggyback on Registrations.  The Company shall not file any other registration statements on Form S-3, Form S-1, or otherwise until the initial Registration Statement required hereunder is declared effective by the SEC, provided that this Section 10(b) shall not prohibit the Company from filing amendments to registration statements already filed. The Company shall not include any other securities on a Registration Statement unless otherwise agreed by the Investor.
(an)Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered pursuant to the notice provisions of the Securities Purchase Agreement or to such other address and/or electronic mail address and/or to the attention of such other person as the recipient party has specified by written notice given to each other party five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) electronically generated by the sender’s email service provider containing the time, date, and recipient email or (C) provided by a courier or overnight courier service shall be rebuttable evidence of personal service, receipt by facsimile or receipt from a nationally recognized overnight delivery service in accordance with this section.
(ao)Failure of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or remedy, shall not operate as a waiver thereof.
(ap)The laws of the State of New York shall govern all issues concerning the relative rights of the Company and the Investors as its stockholders.  All other questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York.  Each party hereby irrevocably submits to the non-exclusive jurisdiction of the Supreme Court of the State of New York, sitting in New York County, New York and federal courts for the Southern District of New York sitting New York, New York, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper.  Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof.  Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law.  If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any provision of this Agreement in any other jurisdiction.  EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.
(aq)This Agreement shall inure to the benefit of and be binding upon the permitted successors and assigns of each of the parties hereto.
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(ar)The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.
(as)This Agreement may be executed in identical counterparts, both which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party. Facsimile or other electronically scanned and delivered signatures (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com), including by e-mail attachment, shall be deemed to have been duly and validly delivered and be valid and effective for all purposes of this Agreement.
(at)Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.
(au)The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and no rules of strict construction will be applied against any party.
(av)This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person. 

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IN WITNESS WHEREOF, the Investor and the Company have caused their signature page to this Registration Rights Agreement to be duly executed as of the date first above written.

						
		COMPANY:
		VIRGIN ORBIT HOLDINGS, INC.
		
		By:    /s/ Dan Hart                    

		Name:      Dan Hart
		Title:     CEO
		
		
		
		
		INVESTOR:
		YA II PN, Ltd.
		
		By:    Yorkville Advisors Global, LP
		Its:    Investment Manager
		

By:     Yorkville Advisors Global II, LLC
Its:     General Partner

		    By:    /s/ Matt Beckman            

		Name:    Matt Beckman
		Title:    Member
		

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|US-DOCS\132969857.4||EXHIBIT 4.3

 

NUSCALE
POWER CORPORATION

2022
LONG-TERM INCENTIVE PLAN

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	Page
	1.	HISTORY; EFFECTIVE DATE	1
	2.	PURPOSES OF THE PLAN	1
	3.	TERMINOLOGY	1
	4.	ADMINISTRATION	1
	 	(a)	Administration of the Plan	1
	 	(b)	Powers of the Administrator	1
	 	(c)	Delegation of Administrative Authority	2
	 	(d)	Non-Uniform Determinations	3
	 	(e)	Limited Liability; Advisors	3
	 	(f)	Indemnification	3
	 	(g)	Effect of Administrator’s Decision	3
	5.	SHARES ISSUABLE PURSUANT TO AWARDS	3
	 	(a)	Initial Share Pool	3
	 	(b)	Adjustments to Share Pool	3
	 	(c)	ISO Limit	4
	 	(d)	Source of Shares	4
	 	(e)	Annual Limit on Non-Employee Director Compensation	4
	6.	PARTICIPATION	4
	7.	AWARDS	4
	 	(a)	Awards, In General	4
	 	(b)	Stock Options	5
	 	(c)	Limitation on Reload Options	5
	 	(d)	Stock Appreciation Rights	5
	 	(e)	Repricing	6
	 	(f)	Stock Awards	6
	 	(g)	Stock Units	7
	 	(h)	Performance Shares and Performance Units	8
	 	(i)	Other Stock-Based Awards	9
	 	(j)	Awards to Participants Outside the United
    States	9
	 	(k)	Limitation on Dividend Reinvestment and Dividend
    Equivalents	9
	8.	WITHHOLDING OF TAXES	10
	9.	TRANSFERABILITY OF AWARDS	10
	 	(a)	General Nontransferability Absent Administrator
    Permission	10
	 	(b)	Administrator Discretion to Permit Transfers
    Other Than For Value	10
	10.	ADJUSTMENTS FOR CORPORATE TRANSACTIONS
    AND OTHER EVENTS	10
	 	(a)	Mandatory Adjustments	10
	 	(b)	Discretionary Adjustments	11
	 	(c)	Adjustments to Performance Goals	11
	 	(d)	Statutory Requirements Affecting Adjustments	11
	 	(e)	Dissolution or Liquidation	12

 

 

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	 	Page
	11.	CHANGE IN CONTROL PROVISIONS	12
	 	(a)	Termination of Awards	12
	 	(b)	Continuation, Assumption or Substitution of
    Awards	13
	 	(c)	Other Permitted Actions	13
	 	(d)	Section 409A Savings Clause	13
	12.	SUBSTITUTION OF AWARDS IN MERGERS
    AND ACQUISITIONS	13
	13.	COMPLIANCE WITH SECURITIES LAWS;
    LISTING AND REGISTRATION	13
	14.	SECTION 409A COMPLIANCE	14
	15.	PLAN DURATION; AMENDMENT AND DISCONTINUANCE	14
	 	(a)	Plan Duration	14
	 	(b)	Amendment and Discontinuance of the Plan	15
	 	(c)	Amendment of Awards	15
	16.	GENERAL PROVISIONS	15
	 	(a)	Non-Guarantee of Employment or Service	15
	 	(b)	No Trust or Fund Created	15
	 	(c)	Status of Awards	15
	 	(d)	Subsidiary Employees	16
	 	(e)	Section 16(b) of the Exchange Act	16
	 	(f)	Governing Law and Interpretation	16
	 	(g)	Use of English Language	16
	 	(h)	Recovery of Amounts Paid	16
	17.	GLOSSARY	17

 

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	1.	History; Effective
                                            Date.

 

NUSCALE
POWER CORPORATION, a Delaware corporation (formerly known as Spring Valley Acquisition Corp., a Delaware corporation) (“NuScale”),
has established the NUSCALE POWER CORPORATION 2022 LONG-TERM INCENTIVE PLAN, as set forth herein, and as the same may be amended from
time to time (the “Plan”). The Plan was adopted by the Board of Directors of NuScale (the “Board”) on [                      ],
2022 (the “Adoption Date”). The Plan shall become and is effective as of the date that it is approved by the stockholders
of NuScale (the “Effective Date”).

 

	2.	Purposes of
                                            the Plan.

 

The Plan
is designed to:

 

		(a)	promote
                                            the long-term financial interests and growth of NuScale and its Subsidiaries (together, the
                                            “Company”) by attracting and retaining management and other personnel and key
                                            service providers with the training, experience and ability to enable them to make a substantial
                                            contribution to the success of the Company’s business;
	 	 	 
		(b)	motivate
                                            management personnel by means of growth-related incentives to achieve long-range goals; and
	 	 	 
		(c)	further
                                            the alignment of interests of Participants with those of the stockholders of NuScale through
                                            opportunities for increased stock or stock-based ownership in NuScale.

 

Toward
these objectives, the Administrator may grant stock options, stock appreciation rights, stock awards, stock units, performance shares,
performance units, and other stock-based awards to eligible individuals on the terms and subject to the conditions set forth in the Plan.

 

	3.	Terminology.

 

Except
as otherwise specifically provided in an Award Agreement, capitalized words and phrases used in the Plan or an Award Agreement shall
have the meaning set forth in the Glossary at Section 17 of the Plan or as defined the first place such word or phrase appears in the
Plan.

 

	4.	Administration.

 

		(a)	Administration
                                            of the Plan. The Plan shall be administered by the Administrator.

 

		(b)	Powers
                                            of the Administrator. The Administrator shall, except as otherwise provided under the
                                            Plan, have plenary authority, in its sole and absolute discretion, to grant Awards pursuant
                                            to the terms of the Plan to Eligible Individuals and to take all other actions necessary
                                            or desirable to carry out the purpose and intent of the Plan. Among other things, the Administrator
                                            shall have the authority, in its sole and absolute discretion, subject to the terms and conditions
                                            of the Plan to:

 

		(i)	determine
                                            the Eligible Individuals to whom, and the time or times at which, Awards shall be granted;

 

		(ii)	determine
                                            the types of Awards to be granted to any Eligible Individual;

 

		(iii)	determine
                                            the number of shares of Common Stock to be covered by or used for reference purposes for
                                            each Award or the value to be transferred pursuant to any Award;

 

		(iv)	determine
                                            the terms, conditions and restrictions applicable to each Award (which need not be identical)
                                            and any shares acquired pursuant thereto, including, without limitation, (A) the purchase
                                            price of any shares of Common Stock, (B) the method of payment for shares purchased pursuant
                                            to any Award, (C) the method for satisfying any tax withholding obligation arising in connection
                                            with any Award, including by the withholding or delivery of shares of Common Stock, (D) the
                                            timing, terms and conditions of the exercisability, vesting or payout of any Award or any
                                            shares acquired pursuant thereto, (E) the Performance Goals applicable to any Award and the
                                            extent to which such Performance Goals have been attained, (F) the time of the expiration
                                            of any Award, (G) the effect of the Participant’s Termination of Service on any of
                                            the foregoing, and (H) all other terms, conditions and restrictions applicable to any Award
                                            or shares acquired pursuant thereto as the Administrator shall consider to be appropriate
                                            and not inconsistent with the terms of the Plan;

 

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		(v)	subject
                                            to Sections 7(f) and 15, modify, amend or adjust the terms and conditions of any Award;

 

		(vi)	accelerate
                                            or otherwise change the time at or during which an Award may be exercised or becomes payable
                                            and waive or accelerate the lapse, in whole or in part, of any restriction, condition or
                                            risk of forfeiture with respect to such Award; provided, however, that, except in connection
                                            with death, disability or a Change in Control, no such change, waiver or acceleration shall
                                            be made to any Award that is considered in any part a “nonqualified deferred compensation
                                            plan” within the meaning of Section 409A of the Code if the effect of such action is
                                            inconsistent with Section 409A of the Code;

 

		(vii)	determine
                                            whether an Award will be paid or settled in cash, shares of Common Stock, or in any combination
                                            thereof and whether, to what extent and under what circumstances cash or shares of Common
                                            Stock payable with respect to an Award shall be deferred either automatically or at the election
                                            of the Participant;

 

		(viii)	for
                                            any purpose, including but not limited to, qualifying for preferred or beneficial tax treatment,
                                            accommodating the customs or administrative challenges or otherwise complying with the tax,
                                            accounting or regulatory requirements of one or more jurisdictions, adopt, amend, modify,
                                            administer or terminate sub-plans, appendices, special provisions or supplements applicable
                                            to Awards regulated by the laws of a particular jurisdiction, which sub- plans, appendices,
                                            supplements and special provisions may take precedence over other provisions of the Plan,
                                            and prescribe, amend and rescind rules and regulations relating to such sub-plans, supplements
                                            and special provisions;

 

		(ix)	establish
                                            any “blackout” period, during which transactions affecting Awards may not be
                                            effectuated, that the Administrator in its sole discretion deems necessary or advisable;

 

		(x)	determine
                                            the Fair Market Value of shares of Common Stock or other property for any purpose under the
                                            Plan or any Award;

 

		(xi)	administer,
                                            construe and interpret the Plan, Award Agreements and all other documents relevant to the
                                            Plan and Awards issued thereunder, and decide all other matters to be determined in connection
                                            with an Award;

 

		(xii)	establish,
                                            amend, rescind and interpret such administrative rules, regulations, agreements, guidelines,
                                            instruments and practices for the administration of the Plan and for the conduct of its business
                                            as the Administrator deems necessary or advisable;

 

		(xiii)	correct
                                            any defect, supply any omission or reconcile any inconsistency in the Plan or in any Award
                                            or Award Agreement in the manner and to the extent the Administrator shall consider it desirable
                                            to carry it into effect; and

 

		(xiv)	otherwise
                                            administer the Plan and all Awards granted under the Plan.

 

		(c)	Delegation
                                            of Administrative Authority. The Administrator may designate officers or employees of
                                            the Company to assist the Administrator in the administration of the Plan and, to the extent
                                            permitted by applicable law and stock exchange rules, the Administrator may delegate to officers
                                            or other employees of the Company the Administrator’s duties and powers under the Plan,
                                            subject to such conditions and limitations as the Administrator shall prescribe, including
                                            without limitation the authority to execute agreements or other documents on behalf of the
                                            Administrator; provided, however, that such delegation of authority shall not extend to the
                                            granting of, or exercise of discretion with respect to, Awards to Eligible Individuals who
                                            are officers under Section 16 of the Exchange Act.

 

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		(d)	Non-Uniform
                                            Determinations. The Administrator’s determinations under the Plan (including without
                                            limitation, determinations of the persons to receive Awards, the form, amount and timing
                                            of such Awards, the terms and provisions of such Awards and the Award Agreements evidencing
                                            such Awards, and the ramifications of a Change in Control upon outstanding Awards) need not
                                            be uniform and may be made by the Administrator selectively among Awards or persons who receive,
                                            or are eligible to receive, Awards under the Plan, whether or not such persons are similarly
                                            situated.

 

		(e)	Limited
                                            Liability; Advisors. To the maximum extent permitted by law, no member of the Administrator
                                            shall be liable for any action taken or decision made in good faith relating to the Plan
                                            or any Award thereunder. The Administrator may employ counsel, consultants, accountants,
                                            appraisers, brokers or other persons. The Administrator, NuScale, and the officers and directors
                                            of NuScale shall be entitled to rely upon the advice, opinions or valuations of any such
                                            persons.

 

		(f)	Indemnification.
                                            To the maximum extent permitted by law, by NuScale’s charter and by-laws, and by any
                                            directors’ and officers’ liability insurance coverage which may be in effect
                                            from time to time, the members of the Administrator and any agent or delegate of the Administrator
                                            who is a director, officer or employee of NuScale or an Affiliate shall be indemnified by
                                            NuScale against any and all liabilities and expenses to which they may be subjected by reason
                                            of any act or failure to act with respect to their duties on behalf of the Plan.

 

		(g)	Effect
                                            of Administrator’s Decision. All actions taken and determinations made by the Administrator
                                            on all matters relating to the Plan or any Award pursuant to the powers vested in it hereunder
                                            shall be in the Administrator’s sole and absolute discretion, unless in contravention
                                            of any express term of the Plan, including, without limitation, any determination involving
                                            the appropriateness or equitableness of any action. All determinations made by the Administrator
                                            shall be conclusive, final and binding on all parties concerned, including NuScale, its stockholders,
                                            any Participants and any other employee, consultant, or director of NuScale and its Affiliates,
                                            and their respective successors in interest. No member of the Administrator, nor any director,
                                            officer, employee or representative of NuScale shall be personally liable for any action,
                                            determination or interpretation made in good faith with respect to the Plan or Awards.

 

	5.	Shares Issuable
                                            Pursuant to Awards.

 

		(a)	Initial
                                            Share Pool. As of the Effective Date, the number of shares of Common Stock issuable pursuant
                                            to Awards that may be granted under the Plan (the “Share Pool”) shall be the
                                            number equal to 8% of the aggregate Common Stock and Class B Common Stock of NuScale immediately
                                            following Closing.

 

		(b)	Adjustments
                                            to Share Pool. On and after the Effective Date, the Share Pool shall be adjusted, in
                                            addition to any adjustments to be made pursuant to Section 10 of the Plan, as follows:

 

		(i)	The
                                            Share Pool shall be increased automatically, without further action of the Board, on January
                                            1, 2023, by a number of shares of Common Stock equal to four percent (4%) of the aggregate
                                            number of shares of Common Stock and Class B Common Stock outstanding on December 31, 2022,
                                            excluding for this purpose any such outstanding shares of Common Stock that were granted
                                            under this Plan and remain unvested and subject to forfeiture as of December 31, 2022; provided,
                                            however, that the Board may provide prior to January 1, 2023 that the increase in the Share
                                            Pool will be a smaller number of shares of Common Stock, including zero (0), than would otherwise
                                            occur pursuant to the preceding clause.

 

		(ii)	The
                                            Share Pool shall be reduced, on the date of grant, by one share for each share of Common
                                            Stock made subject to an Award granted under the Plan;

 

		(iii)	The
                                            Share Pool shall be increased, on the relevant date, by the number of unissued shares of
                                            Common Stock underlying or used as a reference measure for any Award or portion of an Award
                                            that is cancelled, forfeited, expired, terminated unearned or settled in cash, in any such
                                            case without the issuance of shares and by the number of shares of Common Stock used as a
                                            reference measure for any Award that are not issued upon settlement of such Award either
                                            due to a net settlement or otherwise;

 

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		(iv)	The
                                            Share Pool shall be increased, on the forfeiture date, by the number of shares of Common
                                            Stock that are forfeited back to NuScale after issuance due to a failure to meet an Award
                                            contingency or condition with respect to any Award or portion of an Award;
	 	 	 

		(v)	The
                                            Share Pool shall be increased, on the exercise date, by the number of shares of Common Stock
                                            withheld by or surrendered (either actually or through attestation) to NuScale in payment
                                            of the exercise price of any Award; and
	 	 	 

		(vi)	The
                                            Share Pool shall be increased, on the relevant date, by the number of shares of Common Stock
                                            withheld by or surrendered (either actually or through attestation) to NuScale in payment
                                            of the Tax Withholding Obligation that arises in connection with any Award.
	 	 	 

		(c)	ISO
                                            Limit. Subject to adjustment pursuant to Section 10 of the Plan, the maximum number of
                                            shares of Common Stock that may be issued pursuant to stock options granted under the Plan
                                            that are intended to qualify as Incentive Stock Options within the meaning of Section 422
                                            of the Code shall be equal to the number of shares in the Share Pool as of the Effective
                                            Date of the Plan.

 

		(d)	Source
                                            of Shares. The shares of Common Stock with respect to which Awards may be made under
                                            the Plan shall be shares authorized for issuance under NuScale’s charter but unissued,
                                            or issued and reacquired, including without limitation shares purchased in the open market
                                            or in private transactions.
	 	 	 
		(e)	Annual
                                            Limit on Non-Employee Director Compensation. In each calendar year during any part of
                                            which the Plan is in effect, a Non-Employee Director may not receive Awards for such individual’s
                                            service on the Board that, taken together with any cash fees paid to such Non-Employee Director
                                            during such calendar year for such individual’s service on the Board, have a value
                                            in excess of $400,000 (calculating the value of any such Awards based on the grant date fair
                                            value of such Awards for financial reporting purposes); provided, that (a) for any
                                            calendar year in which a Non- Employee Director (i) first commences service on the Board,
                                            (ii) serves on a special committee of the Board, or (iii) serves as lead director or non-executive
                                            chair of the Board, additional compensation may be provided to such Non-Employee Director
                                            in excess of such limit but not in excess of $800,000; provided, further, that
                                            the limit set forth in this Section 5(e) shall be applied without regard to Awards or other
                                            compensation, if any, provided to a Non-Employee Director during any period in which such
                                            individual was an employee of NuScale or any Affiliate or was otherwise providing services
                                            to the Company or to any Affiliate other than in the capacity as a Non- Employee Director.

 

	6.	Participation.

 

Participation
in the Plan shall be open to all Eligible Individuals, as may be selected by the Administrator from time to time. The Administrator may
also grant Awards to Eligible Individuals in connection with hiring, recruiting or otherwise, prior to the date the individual first
performs services for NuScale or a Subsidiary; provided, however, that such Awards shall not become vested or exercisable, and no shares
shall be issued to such individual, prior to the date the individual first commences performance of such services.

 

	7.	Awards.

 

		(a)	Awards,
                                            In General. The Administrator, in its sole discretion, shall establish the terms of all
                                            Awards granted under the Plan consistent with the terms of the Plan. Awards may be granted
                                            individually or in tandem with other types of Awards, concurrently with or with respect to
                                            outstanding Awards. All Awards are subject to the terms and conditions provided in the Award
                                            Agreement, which shall be delivered to the Participant receiving such Award upon, or as promptly
                                            as is reasonably practicable following, the grant of such Award. Unless otherwise specified
                                            by the Administrator, in its sole discretion, or otherwise provided in the Award Agreement,
                                            an Award shall not be effective unless the Award Agreement is signed or otherwise accepted
                                            by NuScale and the Participant receiving the Award (including by electronic delivery and/or
                                            electronic signature).

 

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		(b)	Stock
                                            Options.

 

		(i)	Grants.
                                            A stock option means a right to purchase a specified number of shares of Common Stock from
                                            NuScale at a specified price during a specified period of time. The Administrator may from
                                            time to time grant to Eligible Individuals Awards of Incentive Stock Options or Nonqualified
                                            Options; provided, however, that Awards of Incentive Stock Options shall be limited to employees
                                            of NuScale or of any current or hereafter existing “parent corporation” or “subsidiary
                                            corporation,” as defined in Sections 424(e) and 424(f) of the Code, respectively, of
                                            NuScale, and any other Eligible Individuals who are eligible to receive Incentive Stock Options
                                            under the provisions of Section 422 of the Code. No stock option shall be an Incentive Stock
                                            Option unless so designated by the Administrator at the time of grant or in the applicable
                                            Award Agreement.

 

		(ii)	Exercise.
                                            Stock options shall be exercisable at such time or times and subject to such terms and conditions
                                            as shall be determined by the Administrator; provided, however, that Awards of stock options
                                            may not have a term in excess of ten years’ duration unless required otherwise by applicable
                                            law. The exercise price per share subject to a stock option granted under the Plan shall
                                            not be less than one hundred percent (100%) (or, in the case of an Incentive Stock Option
                                            granted to a Ten Percent Stockholder, 110%) of the Fair Market Value of one share of Common
                                            Stock on the date of grant of the stock option, except as provided under applicable law or
                                            with respect to stock options that are granted in substitution of similar types of awards
                                            of a company acquired by NuScale or a Subsidiary or with which NuScale or a Subsidiary combines
                                            (whether in connection with a corporate transaction, such as a merger, combination, consolidation
                                            or acquisition of property or stock, or otherwise) to preserve the intrinsic value of such
                                            awards.

 

		(iii)	Termination
                                            of Service. Except as provided in the applicable Award Agreement or otherwise determined
                                            by the Administrator, to the extent stock options are not vested and exercisable, a Participant’s
                                            stock options shall be forfeited upon his or her Termination of Service.

 

		(iv)	Additional
                                            Terms and Conditions. The Administrator may, by way of the Award Agreement or otherwise,
                                            determine such other terms, conditions, restrictions, and/or limitations, if any, of any
                                            Award of stock options, provided they are not inconsistent with the Plan.

 

		(c)	Limitation
                                            on Reload Options. The Administrator shall not grant stock options under this Plan that
                                            contain a reload or replenishment feature pursuant to which a new stock option would be granted
                                            automatically upon receipt of delivery of Common Stock to NuScale in payment of the exercise
                                            price or any tax withholding obligation under any other stock option.

 

		(d)	Stock
                                            Appreciation Rights.

 

		(i)	Grants.
                                            The Administrator may from time to time grant to Eligible Individuals Awards of stock appreciation
                                            rights. A stock appreciation right entitles the Participant to receive, subject to the provisions
                                            of the Plan and the Award Agreement, a payment having an aggregate value equal to the product
                                            of (i) the excess of (A) the Fair Market Value on the exercise date of one share of Common
                                            Stock over (B) the base price per share specified in the Award Agreement, times (ii) the
                                            number of shares specified by the stock appreciation right, or portion thereof, which is
                                            exercised. The base price per share specified in the Award Agreement shall not be less than
                                            the lower of the Fair Market Value on the date of grant or the exercise price of any tandem
                                            stock option to which the stock appreciation right is related, or with respect to stock appreciation
                                            rights that are granted in substitution of similar types of awards of a company acquired
                                            by NuScale or a Subsidiary or with which NuScale or a Subsidiary combines (whether in connection
                                            with a corporate transaction, such as a merger, combination, consolidation or acquisition
                                            of property or stock, or otherwise) such base price as is necessary to preserve the intrinsic
                                            value of such awards.

 

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		(ii)	Exercise.
                                            Stock appreciation rights shall be exercisable at such time or times and subject to such
                                            terms and conditions as shall be determined by the Administrator; provided, however, that
                                            stock appreciation rights granted under the Plan may not have a term in excess of ten years’
                                            duration unless required otherwise by applicable law. The applicable Award Agreement shall
                                            specify whether payment by NuScale of the amount receivable upon any exercise of a stock
                                            appreciation right is to be made in cash or shares of Common Stock or a combination of both,
                                            or shall reserve to the Administrator or the Participant the right to make that determination
                                            prior to or upon the exercise of the stock appreciation right. If upon the exercise of a
                                            stock appreciation right a Participant is to receive a portion of such payment in shares
                                            of Common Stock, the number of shares shall be determined by dividing such portion by the
                                            Fair Market Value of a share of Common Stock on the exercise date. No fractional shares shall
                                            be used for such payment and the Administrator shall determine whether cash shall be given
                                            in lieu of such fractional shares or whether such fractional shares shall be eliminated.

 

		(iii)	Termination
                                            of Service. Except as provided in the applicable Award Agreement or otherwise determined
                                            by the Administrator, to the extent stock appreciation rights are not vested and exercisable,
                                            a Participant’s stock appreciation rights shall be forfeited upon his or her Termination
                                            of Service.

 

		(iv)	Additional
                                            Terms and Conditions. The Administrator may, by way of the Award Agreement or otherwise,
                                            determine such other terms, conditions, restrictions, and/or limitations, if any, of any
                                            Award of stock appreciation rights, provided they are not inconsistent with the Plan.

 

		(e)	Repricing.
                                            Notwithstanding anything herein to the contrary, except in connection with a corporate transaction
                                            involving NuScale (including, without limitation, any stock dividend, stock split, extraordinary
                                            cash dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off,
                                            combination, or exchange of shares), the terms of options and stock appreciation rights granted
                                            under the Plan may not be amended, after the date of grant, to reduce the exercise price
                                            of such options or stock appreciation rights, nor may outstanding options or stock appreciation
                                            rights be canceled in exchange for (i) cash, (ii) options or stock appreciation rights with
                                            an exercise price or base price that is less than the exercise price or base price of the
                                            original outstanding options or stock appreciation rights, or (iii) other Awards, unless
                                            such action is approved by NuScale’s stockholders.

 

		(f)	Stock
                                            Awards.

 

		(i)	Grants.
                                            The Administrator may from time to time grant to Eligible Individuals Awards of unrestricted
                                            Common Stock or Restricted Stock (collectively, “Stock Awards”) on such terms
                                            and conditions, and for such consideration, including no consideration or such minimum consideration
                                            as may be required by law, as the Administrator shall determine. Stock Awards shall be evidenced
                                            in such manner as the Administrator may deem appropriate, including via book-entry registration.

 

		(ii)	Vesting.
                                            Restricted Stock shall be subject to such vesting, restrictions on transferability and other
                                            restrictions, if any, and/or risk of forfeiture as the Administrator may impose at the date
                                            of grant or thereafter. The Restriction Period to which such vesting, restrictions and/or
                                            risk of forfeiture apply may lapse under such circumstances, including without limitation
                                            upon the attainment of Performance Goals, in such installments, or otherwise, as the Administrator
                                            may determine. Subject to the provisions of the Plan and the applicable Award Agreement,
                                            during the Restriction Period, the Participant shall not be permitted to sell, assign, transfer,
                                            pledge or otherwise encumber shares of Restricted Stock.

 

		(iii)	Rights
                                            of a Stockholder; Dividends. Except to the extent restricted under the Award Agreement
                                            relating to the Restricted Stock, a Participant granted Restricted Stock shall have all of
                                            the rights of a stockholder of Common Stock including, without limitation, the right to vote
                                            Restricted Stock. Cash dividends declared payable on Common Stock shall be paid, with respect
                                            to outstanding Restricted Stock, either as soon as practicable following the dividend payment
                                            date or deferred for payment to such later date as determined by the Administrator, and shall
                                            be paid in cash or as unrestricted shares of Common Stock having a Fair Market Value equal
                                            to the amount of such dividends or may be reinvested in additional shares of Restricted Stock
                                            as determined by the Administrator; provided, however, that dividends declared payable on
                                            Restricted Stock that is granted as a Performance Award shall be held by NuScale and made
                                            subject to forfeiture at least until achievement of the applicable Performance Goal related
                                            to such shares of Restricted Stock. Stock distributed in connection with a stock split or
                                            stock dividend, and other property distributed as a dividend, shall be subject to restrictions
                                            and a risk of forfeiture to the same extent as the Restricted Stock with respect to which
                                            such Common Stock or other property has been distributed. As soon as is practicable following
                                            the date on which restrictions on any shares of Restricted Stock lapse, NuScale shall deliver
                                            to the Participant the certificates for such shares or shall cause the shares to be registered
                                            in the Participant’s name in book-entry form, in either case with the restrictions
                                            removed, provided that the Participant shall have complied with all conditions for delivery
                                            of such shares contained in the Award Agreement or otherwise reasonably required by NuScale.

 

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		(iv)	Termination
                                            of Service. Except as provided in the applicable Award Agreement, upon Termination of
                                            Service during the applicable Restriction Period, Restricted Stock and any accrued but unpaid
                                            dividends that are at that time subject to restrictions shall be forfeited; provided, however,
                                            that, the Administrator may provide, by rule or regulation or in any Award Agreement, or
                                            may determine in any individual case, that restrictions or forfeiture conditions relating
                                            to Restricted Stock will be waived in whole or in part in the event of terminations resulting
                                            from specified causes, and the Administrator may in other cases waive in whole or in part
                                            the forfeiture of Restricted Stock.
	 	 	 

		(v)	Additional
                                            Terms and Conditions. The Administrator may, by way of the Award Agreement or otherwise,
                                            determine such other terms, conditions, restrictions, and/or limitations, if any, of any
                                            Award of Restricted Stock, provided they are not inconsistent with the Plan.
	 	 	 

		(g)	Stock
                                            Units.
	 	 	 

		(i)	Grants.
                                            The Administrator may from time to time grant to Eligible Individuals Awards of unrestricted
                                            stock Units or Restricted Stock Units on such terms and conditions, and for such consideration,
                                            including no consideration or such minimum consideration as may be required by law, as the
                                            Administrator shall determine. Restricted Stock Units represent a contractual obligation
                                            by NuScale to deliver a number of shares of Common Stock, an amount in cash equal to the
                                            Fair Market Value of the specified number of shares subject to the Award, or a combination
                                            of shares of Common Stock and cash, in accordance with the terms and conditions set forth
                                            in the Plan and any applicable Award Agreement.
	 	 	 

		(ii)	Vesting
                                            and Payment. Restricted Stock Units shall be subject to such vesting, risk of forfeiture
                                            and/or payment provisions as the Administrator may impose at the date of grant. The Restriction
                                            Period to which such vesting and/or risk of forfeiture apply may lapse under such circumstances,
                                            including without limitation upon the attainment of Performance Goals, in such installments,
                                            or otherwise, as the Administrator may determine. Shares of Common Stock, cash or a combination
                                            of shares of Common Stock and cash, as applicable, payable in settlement of Restricted Stock
                                            Units shall be delivered to the Participant as soon as administratively practicable, but
                                            no later than 30 days, after the date on which payment is due under the terms of the Award
                                            Agreement provided that the Participant shall have complied with all conditions for delivery
                                            of such shares or payment contained in the Award Agreement or otherwise reasonably required
                                            by NuScale, or in accordance with an election of the Participant, if the Administrator so
                                            permits, that meets the requirements of Section 409A of the Code.
	 	 	 

		(iii)	No
                                            Rights of a Stockholder; Dividend Equivalents. Until shares of Common Stock are issued
                                            to the Participant in settlement of stock Units, the Participant shall not have any rights
                                            of a stockholder of NuScale with respect to the stock Units or the shares issuable thereunder.
                                            The Administrator may grant to the Participant the right to receive Dividend Equivalents
                                            on stock Units, on a current, reinvested and/or restricted basis, subject to such terms as
                                            the Administrator may determine provided, however, that Dividend Equivalents payable on stock
                                            Units that are granted as a Performance Award shall, rather than be paid on a current basis,
                                            be accrued and made subject to forfeiture at least until achievement of the applicable Performance
                                            Goal related to such stock Units.

 

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		(iv)	Termination
                                            of Service. Upon Termination of Service during the applicable deferral period or portion
                                            thereof to which forfeiture conditions apply, or upon failure to satisfy any other conditions
                                            precedent to the delivery of shares of Common Stock or cash to which such Restricted Stock
                                            Units relate, all Restricted Stock Units and any accrued but unpaid Dividend Equivalents
                                            with respect to such Restricted Stock Units that are then subject to deferral or restriction
                                            shall be forfeited; provided that, the Administrator may provide, by rule or regulation or
                                            in any Award Agreement, or may determine in any individual case, that restrictions or forfeiture
                                            conditions relating to Restricted Stock Units will be waived in whole or in part in the event
                                            of termination resulting from specified causes, and the Administrator may in other cases
                                            waive in whole or in part the forfeiture of Restricted Stock Units.

 

		(v)	Additional
                                            Terms and Conditions. The Administrator may, by way of the Award Agreement or otherwise,
                                            determine such other terms, conditions, restrictions, and/or limitations, if any, of any
                                            Award of stock Units, provided they are not inconsistent with the Plan.

 

		(h)	Performance
                                            Shares and Performance Units.

 

		(i)	Grants.
                                            The Administrator may from time to time grant to Eligible Individuals Awards in the form
                                            of Performance Shares and Performance Units. Performance Shares, as that term is used in
                                            this Plan, shall refer to shares of Common Stock or Units that are expressed in terms of
                                            Common Stock, the issuance, vesting, lapse of restrictions on or payment of which is contingent
                                            on performance as measured against predetermined objectives over a specified Performance
                                            Period. Performance Units, as that term is used in this Plan, shall refer to dollar- denominated
                                            Units valued by reference to designated criteria established by the Administrator, other
                                            than Common Stock, the issuance, vesting, lapse of restrictions on or payment of which is
                                            contingent on performance as measured against predetermined objectives over a specified Performance
                                            Period. The applicable Award Agreement shall specify whether Performance Shares and Performance
                                            Units will be settled or paid in cash or shares of Common Stock or a combination of both,
                                            or shall reserve to the Administrator or the Participant the right to make that determination
                                            prior to or at the payment or settlement date.

 

		(ii)	Performance
                                            Criteria. The Administrator shall, prior to or at the time of grant, condition the grant,
                                            vesting or payment of, or lapse of restrictions on, an Award of Performance Shares or Performance
                                            Units upon (A) the attainment of Performance Goals during a Performance Period or (B) the
                                            attainment of Performance Goals and the continued service of the Participant. The length
                                            of the Performance Period, the Performance Goals to be achieved during the Performance Period,
                                            and the measure of whether and to what degree such Performance Goals have been attained shall
                                            be conclusively determined by the Administrator in the exercise of its absolute discretion.
                                            Performance Goals may include minimum, maximum and target levels of performance, with the
                                            size of the Award or payout of Performance Shares or Performance Units or the vesting or
                                            lapse of restrictions with respect thereto based on the level attained. Performance Goals
                                            may be applied on a per share or absolute basis and relative to one or more Performance Metrics,
                                            or any combination thereof, and may be measured pursuant to U.S. generally accepted accounting
                                            principles (“GAAP”), non-GAAP or other objective standards in a manner consistent
                                            with NuScale’s or its Subsidiary’s established accounting policies, all as the
                                            Administrator shall determine at the time the Performance Goals for a Performance Period
                                            are established. The Administrator may, in its sole discretion, provide that one or more
                                            objectively determinable adjustments shall be made to the manner in which one or more of
                                            the Performance Goals is to be calculated or measured to take into account, or ignore, one
                                            or more of the following: (1) items related to a change in accounting principle; (2) items
                                            relating to financing activities; (3) expenses for restructuring or productivity initiatives;
                                            (4) other non-operating items; (5) items related to acquisitions; (6) items attributable
                                            to the business operations of any entity acquired by the Company during the Performance Period;
                                            (7) items related to the sale or disposition of a business or segment of a business; (8)
                                            items related to discontinued operations that do not qualify as a segment of a business under
                                            GAAP; (9) items attributable to any stock dividend, stock split, combination or exchange
                                            of stock occurring during the Performance Period; (10) any other items of significant income
                                            or expense which are determined to be appropriate adjustments; (11) items relating to unusual
                                            or extraordinary corporate transactions, events or developments, (12) items related to amortization
                                            of acquired intangible assets; (13) items that are outside the scope of the Company’s
                                            core, on-going business activities; (14) changes in foreign currency exchange rates; (15)
                                            items relating to changes in tax laws; (16) certain identified expenses (including, but not
                                            limited to, cash bonus expenses, incentive expenses and acquisition-related transaction and
                                            integration expenses); (17) items relating to asset impairment charges; (18) items relating
                                            to gains or unusual or nonrecurring events or changes in applicable law, accounting principles
                                            or business conditions; or (19) other adjustment as determined by the Administrator. An Award
                                            of Performance Shares or Performance Units shall be settled as and when the Award vests or
                                            at a later time specified in the Award Agreement or in accordance with an election of the
                                            Participant, if the Administrator so permits, that meets the requirements of Section 409A
                                            of the Code.

 

    8

     

    

 

		(iii)	Additional
                                            Terms and Conditions. The Administrator may, by way of the Award Agreement or otherwise,
                                            determine such other terms, conditions, restrictions, and/or limitations, if any, of any
                                            Award of Performance Shares or Performance Units, provided they are not inconsistent with
                                            the Plan.
	 	 	 

		(i)	Other
                                            Stock-Based Awards. The Administrator may from time to time grant to Eligible Individuals
                                            Awards in the form of Other Stock-Based Awards. Other Stock-Based Awards in the form of Dividend
                                            Equivalents may be (A) awarded on a free-standing basis or in connection with another Award
                                            other than a stock option or stock appreciation right, (B) paid currently or credited to
                                            an account for the Participant, including the reinvestment of such credited amounts in Common
                                            Stock equivalents, to be paid on a deferred basis, and (C) settled in cash or Common Stock
                                            as determined by the Administrator; provided, however, that Dividend Equivalents payable
                                            on Other Stock-Based Awards that are granted as a Performance Award shall, rather than be
                                            paid on a current basis, be accrued and made subject to forfeiture at least until achievement
                                            of the applicable Performance Goal related to such Other Stock-Based Awards. Any such settlements,
                                            and any such crediting of Dividend Equivalents, may be subject to such conditions, restrictions
                                            and contingencies as the Administrator shall establish.

 

		(j)	Awards
                                            to Participants Outside the United States. The Administrator may grant Awards to Eligible
                                            Individuals who are foreign nationals, who are located outside the United States or who are
                                            not compensated from a payroll maintained in the United States, or who are otherwise subject
                                            to (or could cause NuScale or a Subsidiary to be subject to) tax, legal or regulatory provisions
                                            of countries or jurisdictions outside the United States, on such terms and conditions different
                                            from those specified in the Plan as may, in the judgment of the Administrator, be necessary
                                            or desirable in order that any such Award shall conform to laws, regulations, and customs
                                            of the country or jurisdiction in which the Participant is then resident or primarily employed
                                            or to foster and promote achievement of the purposes of the Plan.
	 	 	 

		(k)	Limitation
                                            on Dividend Reinvestment and Dividend Equivalents. Reinvestment of dividends in additional
                                            Restricted Stock at the time of any dividend payment, and the payment of shares of Common
                                            Stock with respect to dividends to Participants holding Awards of stock Units, shall only
                                            be permissible if sufficient shares are available under the Share Pool for such reinvestment
                                            or payment (taking into account then outstanding Awards). In the event that sufficient shares
                                            are not available under the Share Pool for such reinvestment or payment, such reinvestment
                                            or payment shall be made in the form of a grant of stock Units equal in number to the shares
                                            of Common Stock that would have been obtained by such payment or reinvestment, the terms
                                            of which stock Units shall provide for settlement in cash and for Dividend Equivalent reinvestment
                                            in further stock Units on the terms contemplated by this Section 7(j).

 

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	8.	Withholding
                                            of Taxes.

 

Participants
and holders of Awards shall pay to NuScale or its Affiliate, or make arrangements satisfactory to the Administrator for payment of, any
Tax Withholding Obligation in respect of Awards granted under the Plan no later than the date of the event creating the tax or social
insurance contribution liability. The obligations of NuScale under the Plan shall be conditional on such payment or arrangements. Unless
otherwise determined by the Administrator, Tax Withholding Obligations may be settled in whole or in part with shares of Common Stock,
including unrestricted outstanding shares surrendered to NuScale and unrestricted shares that are part of the Award that gives rise to
the Tax Withholding Obligation, having a Fair Market Value on the date of surrender or withholding equal to the statutory minimum amount
required, (or such greater amount permitted under FASB Accounting Standards Codification Topic 718, Compensation — Stock Compensation,
for equity-classified awards) to be withheld for tax or social insurance contribution purposes, all in accordance with such procedures
as the Administrator establishes. NuScale or its Affiliate may deduct, to the extent permitted by law, any such Tax Withholding Obligations
from any payment of any kind otherwise due to the Participant or holder of an Award.

 

	9.	Transferability
                                            of Awards.

 

		(a)	General
                                            Nontransferability Absent Administrator Permission. Except as otherwise determined by
                                            the Administrator, and in any event in the case of an Incentive Stock Option or a tandem
                                            stock appreciation right granted with respect to an Incentive Stock Option, no Award granted
                                            under the Plan shall be transferable by a Participant otherwise than by will or the laws
                                            of descent and distribution. The Administrator shall not permit any transfer of an Award
                                            for value. An Award may be exercised during the lifetime of the Participant, only by the
                                            Participant or, during the period the Participant is under a legal disability, by the Participant’s
                                            guardian or legal representative, unless otherwise determined by the Administrator. Awards
                                            granted under the Plan shall not be subject in any manner to alienation, anticipation, sale,
                                            transfer, assignment, pledge, or encumbrance, except as otherwise determined by the Administrator;
                                            provided, however, that the restrictions in this sentence shall not apply to the shares of
                                            Common Stock received in connection with an Award after the date that the restrictions on
                                            transferability of such shares set forth in the applicable Award Agreement have lapsed. Nothing
                                            in this paragraph shall be interpreted or construed as overriding the terms of any NuScale
                                            stock ownership or retention policy, now or hereafter existing, that may apply to the Participant
                                            or shares of Common Stock received under an Award.

 

		(b)	Administrator
                                            Discretion to Permit Transfers Other Than For Value. Except as otherwise restricted by
                                            applicable law, the Administrator may, but need not, permit an Award, other than an Incentive
                                            Stock Option or a tandem stock appreciation right granted with respect to an Incentive Stock
                                            Option, to be transferred to a Participant’s Family Member (as defined below) as a
                                            gift or pursuant to a domestic relations order in settlement of marital property rights.
                                            The Administrator shall not permit any transfer of an Award for value. For purposes of this
                                            Section 9, “Family Member” means 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,
                                            any person sharing the Participant’s household (other than a tenant or employee), a
                                            trust in which these persons have more than fifty percent (50%) of the beneficial interest,
                                            a foundation in which these persons (or the Participant) control the management of assets,
                                            and any other entity in which these persons (or the Participant) own more than fifty percent
                                            (50%) of the voting interests. The following transactions are not prohibited transfers for
                                            value: (i) a transfer under a domestic relations order in settlement of marital property
                                            rights; and (ii) a transfer to an entity in which more than fifty percent (50%) of the voting
                                            interests are owned by Family Members (or the Participant) in exchange for an interest in
                                            that entity.

 

	10.	Adjustments
                                            for Corporate Transactions and Other Events.

 

		(a)	Mandatory
                                            Adjustments. In the event of a merger, consolidation, stock rights offering, statutory
                                            share exchange or similar event affecting NuScale (each, a “Corporate Event”)
                                            or a stock dividend, stock split, reverse stock split, separation, spinoff, reorganization,
                                            extraordinary dividend of cash or other property, share combination or subdivision, or recapitalization
                                            or similar event affecting the capital structure of NuScale (each, a “Share Change”)
                                            that occurs at any time after adoption of this Plan by the Board (including any such Corporate
                                            Event or Share Change that occurs after such adoption and coincident with or prior to the
                                            Effective Date), the Administrator shall make equitable and appropriate substitutions or
                                            proportionate adjustments to (i) the aggregate number and kind of shares of Common Stock
                                            or other securities on which Awards under the Plan may be granted to Eligible Individuals,
                                            (ii) the maximum number of shares of Common Stock or other securities that may be issued
                                            with respect to Incentive Stock Options granted under the Plan, (iii) the number of shares
                                            of Common Stock or other securities covered by each outstanding Award and the exercise price,
                                            base price or other price per share, if any, and other relevant terms of each outstanding
                                            Award, and (iv) all other numerical limitations relating to Awards, whether contained in
                                            this Plan or in Award Agreements; provided, however, that any fractional shares resulting
                                            from any such adjustment shall be eliminated.

 

    10

     

    

 

		(b)	Discretionary
                                            Adjustments. In the case of Corporate Events, the Administrator may make such other adjustments
                                            to outstanding Awards as it determines to be appropriate and desirable, which adjustments
                                            may include, without limitation, (i) the cancellation of outstanding Awards in exchange for
                                            payments of cash, securities or other property or a combination thereof having an aggregate
                                            value equal to the value of such Awards, as determined by the Administrator in its sole discretion
                                            (it being understood that in the case of a Corporate Event with respect to which stockholders
                                            of NuScale receive consideration other than publicly traded equity securities of the ultimate
                                            surviving entity, any such determination by the Administrator that the value of a stock option
                                            or stock appreciation right shall for this purpose be deemed to equal the excess, if any,
                                            of the value of the consideration being paid for each share of Common Stock pursuant to such
                                            Corporate Event over the exercise price or base price of such stock option or stock appreciation
                                            right shall conclusively be deemed valid and that any stock option or stock appreciation
                                            right may be cancelled for no consideration upon a Corporate Event if its exercise price
                                            or base price equals or exceeds the value of the consideration being paid for each share
                                            of Common Stock pursuant to such Corporate Event), (ii) the substitution of securities or
                                            other property (including, without limitation, cash or other securities of NuScale and securities
                                            of entities other than NuScale) for the shares of Common Stock subject to outstanding Awards,
                                            and (iii) the substitution of equivalent awards, as determined in the sole discretion of
                                            the Administrator, of the surviving or successor entity or a parent thereof (“Substitute
                                            Awards”).

 

		(c)	Adjustments
                                            to Performance Goals. The Administrator may, in its discretion, adjust the Performance
                                            Goals applicable to any Awards to reflect any unusual or non-recurring events and other extraordinary
                                            items, impact of charges for restructurings, discontinued operations and the cumulative effects
                                            of accounting or tax changes, each as defined by GAAP or as identified in NuScale’s
                                            consolidated financial statements, notes to the consolidated financial statements, management’s
                                            discussion and analysis or other NuScale filings with the Securities and Exchange Commission.
                                            If the Administrator determines that a change in the business, operations, corporate structure
                                            or capital structure of NuScale or the applicable subsidiary, business segment or other operational
                                            unit of NuScale or any such entity or segment, or the manner in which any of the foregoing
                                            conducts its business, or other events or circumstances, render the Performance Goals to
                                            be unsuitable, the Administrator may modify such Performance Goals or the related minimum
                                            acceptable level of achievement, in whole or in part, as the Administrator deems appropriate
                                            and equitable.

 

		(d)	Statutory
                                            Requirements Affecting Adjustments. Notwithstanding the foregoing: (A) any adjustments
                                            made pursuant to Section 10 to Awards that are considered in any part a “nonqualified
                                            deferred compensation plan” within the meaning of Section 409A of the Code shall be
                                            made in compliance with the requirements of Section 409A of the Code; (B) any adjustments
                                            made pursuant to Section 10 to Awards that are not considered in any part a “nonqualified
                                            deferred compensation plan” subject to Section 409A of the Code shall be made in such
                                            a manner as to ensure that after such adjustment, the Awards either (1) continue not to be
                                            subject to Section 409A of the Code or (2) comply with the requirements of Section 409A of
                                            the Code; (C) in any event, the Administrator shall not have the authority to make any adjustments
                                            pursuant to Section 10 to the extent the existence of such authority would cause an Award
                                            that is not intended to be subject to Section 409A of the Code at the date of grant to be
                                            subject thereto; and (D) any adjustments made pursuant to Section 10 to Awards that are Incentive
                                            Stock Options shall be made in compliance with the requirements of Section 424(a) of the
                                            Code.

 

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		(e)	Dissolution
                                            or Liquidation. Unless the Administrator determines otherwise, all Awards outstanding
                                            under the Plan shall terminate upon the dissolution or liquidation of NuScale.

 

	11.	Change in
                                            Control Provisions.

 

		(a)	Termination
                                            of Awards. Notwithstanding the provisions of Section 11(b), in the event that any transaction
                                            resulting in a Change in Control occurs, outstanding Awards will terminate upon the effective
                                            time of such Change in Control unless provision is made in connection with the transaction
                                            for the continuation or assumption of such Awards by, or for the issuance therefor of Substitute
                                            Awards of, the surviving or successor entity or a parent thereof. Solely with respect to
                                            Awards that will terminate as a result of the immediately preceding sentence and except as
                                            otherwise provided in the applicable Award Agreement:

 

		(i)	the
                                            outstanding Awards of stock options and stock appreciation rights that will terminate upon
                                            the effective time of the Change in Control shall, immediately before the effective time
                                            of the Change in Control, become fully exercisable and the holders of such Awards will be
                                            permitted, immediately before the Change in Control, to exercise the Awards;

 

		(ii)	the
                                            outstanding shares of Restricted Stock the vesting or restrictions on which are then solely
                                            time-based and not subject to achievement of Performance Goals shall, immediately before the
                                            effective time of the Change in Control, become fully vested, free of all transfer and lapse
                                            restrictions and free of all risks of forfeiture;

 

		(iii)	the
                                            outstanding shares of Restricted Stock the vesting or restrictions on which are then subject
                                            to and pending achievement of Performance Goals shall, immediately before the effective time
                                            of the Change in Control and unless the Award Agreement provides for vesting or lapsing of
                                            restrictions in a greater amount upon the occurrence of a Change in Control, become vested,
                                            free of transfer and lapse restrictions and risks of forfeiture in such amounts as if the
                                            applicable Performance Goals for the unexpired Performance Period had been achieved at the
                                            target level set forth in the applicable Award Agreement;

 

		(iv)	the
                                            outstanding Restricted Stock Units, Performance Shares and Performance Units the vesting,
                                            earning or settlement of which is then solely time-based and not subject to or pending achievement
                                            of Performance Goals shall, immediately before the effective time of the Change in Control,
                                            become fully earned and vested and shall be settled in cash or shares of Common Stock (consistent
                                            with the terms of the Award Agreement after taking into account the effect of the Change
                                            in Control transaction on the shares) as promptly as is practicable, subject to any applicable
                                            limitations imposed thereon by Section 409A of the Code; and

 

		(v)	the
                                            outstanding Restricted Stock Units, Performance Shares and Performance Units the vesting,
                                            earning or settlement of which is then subject to and pending achievement of Performance
                                            Goals shall, immediately before the effective time of the Change in Control and unless the
                                            Award Agreement provides for vesting, earning or settlement in a greater amount upon the
                                            occurrence of a Change in Control, become vested and earned in such amounts as if the applicable
                                            Performance Goals for the unexpired Performance Period had been achieved at the target level
                                            set forth in the applicable Award Agreement and shall be settled in cash or shares of Common
                                            Stock (consistent with the terms of the Award Agreement after taking into account the effect
                                            of the Change in Control transaction on the shares) as promptly as is practicable, subject
                                            to any applicable limitations imposed thereon by Section 409A of the Code.

 

Implementation
of the provisions of this Section 11(a) shall be conditioned upon consummation of the Change in Control.

 

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		(b)	Continuation,
                                            Assumption or Substitution of Awards. The Administrator may specify, on or after the
                                            date of grant, in an Award Agreement or amendment thereto, the consequences of a Participant’s
                                            Termination of Service that occurs coincident with or following the occurrence of a Change
                                            in Control, if a Change in Control occurs under which provision is made in connection with
                                            the transaction for the continuation or assumption of outstanding Awards by, or for the issuance
                                            therefor of Substitute Awards of, the surviving or successor entity or a parent thereof.
	 	 	 

		(c)	Other
                                            Permitted Actions. In the event that any transaction resulting in a Change in Control
                                            occurs, the Administrator may take any of the actions set forth in Section 10 with respect
                                            to any or all Awards granted under the Plan.

 

		(d)	Section
                                            409A Savings Clause. Notwithstanding the foregoing, if any Award is considered to be
                                            a “nonqualified deferred compensation plan” within the meaning of Section 409A
                                            of the Code, this Section 11 shall apply to such Award only to the extent that its application
                                            would not result in the imposition of any tax or interest or the inclusion of any amount
                                            in income under Section 409A of the Code.

 

	12.	Substitution
                                            of Awards in Mergers and Acquisitions.

 

Awards
may be granted under the Plan from time to time in substitution for assumed awards held by employees, officers, consultants or directors
of entities who become employees, officers, consultants or directors of NuScale or a Subsidiary as the result of a merger or consolidation
of the entity for which they perform services with NuScale or a Subsidiary, or the acquisition by NuScale of the assets or stock of such
entity. The terms and conditions of any Awards so granted may vary from the terms and conditions set forth herein to the extent that
the Administrator deems appropriate at the time of grant to conform the Awards to the provisions of the assumed awards for which they
are substituted and to preserve their intrinsic value as of the date of the merger, consolidation or acquisition transaction. To the
extent permitted by applicable law and marketplace or listing rules of the primary securities market or exchange on which the Common
Stock is listed or admitted for trading, any available shares under a stockholder-approved plan of an acquired company (as appropriately
adjusted to reflect the transaction) may be used for Awards granted pursuant to this Section 12 and, upon such grant, shall not reduce
the Share Pool.

 

	13.	Compliance
                                            with Securities Laws; Listing and Registration.

 

		(a)	The
                                            obligation of NuScale to sell or deliver Common Stock with respect to any Award granted under
                                            the Plan shall be subject to all applicable laws, rules and regulations, including all applicable
                                            federal, state or foreign (non-United States) securities laws, and the obtaining of all such
                                            approvals by governmental agencies as may be deemed necessary or appropriate by the Administrator.
                                            If at any time the Administrator determines that the delivery of Common Stock under the Plan
                                            is or may be unlawful under the laws of any applicable jurisdiction, or federal, state or
                                            foreign (non- United States) securities laws, the right to exercise an Award or receive shares
                                            of Common Stock pursuant to an Award shall be suspended until the Administrator determines
                                            that such delivery is lawful. If at any time the Administrator determines that the delivery
                                            of Common Stock under the Plan would or may violate the rules of any exchange on which NuScale’s
                                            securities are then listed for trade, the right to exercise an Award or receive shares of
                                            Common Stock pursuant to an Award shall be suspended until the Administrator determines that
                                            such delivery would not violate such rules. If the Administrator determines that the exercise
                                            or nonforfeitability of, or delivery of benefits pursuant to, any Award would violate any
                                            applicable provision of securities laws or the listing requirements of any stock exchange
                                            upon which any of NuScale’s equity securities are listed, then the Administrator may
                                            postpone any such exercise, nonforfeitability or delivery, as applicable, but NuScale shall
                                            use all reasonable efforts to cause such exercise, nonforfeitability or delivery to comply
                                            with all such provisions at the earliest practicable date.

 

		(b)	Each
                                            Award is subject to the requirement that, if at any time the Administrator determines, in
                                            its absolute discretion, that the listing, registration or qualification of Common Stock
                                            issuable pursuant to the Plan is required by any securities exchange or under any state,
                                            federal or foreign (non- United States) law, or the consent or approval of any governmental
                                            regulatory body is necessary or desirable as a condition of, or in connection with, the grant
                                            of an Award or the issuance of Common Stock, no such Award shall be granted or payment made
                                            or Common Stock issued, in whole or in part, unless listing, registration, qualification,
                                            consent or approval has been effected or obtained free of any conditions not acceptable to
                                            the Administrator.

 

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		(c)	In the
                                            event that the disposition of Common Stock acquired pursuant to the Plan is not covered by
                                            a then current registration statement under the Securities Act of 1933, as amended (the “Securities
                                            Act”), and is not otherwise exempt from such registration, such Common Stock shall
                                            be restricted against transfer to the extent required by the Securities Act or regulations
                                            thereunder, and the Administrator may require a person receiving Common Stock pursuant to
                                            the Plan, as a condition precedent to receipt of such Common Stock, to represent to NuScale
                                            in writing that the Common Stock acquired by such person is acquired for investment only
                                            and not with a view to distribution and that such person will not dispose of the Common Stock
                                            so acquired in violation of federal, state or foreign (non-United States) securities laws
                                            and furnish such information as may, in the opinion of counsel for the Company, be appropriate
                                            to permit the Company to issue the Common Stock in compliance with applicable federal, state
                                            or foreign (non-United States) securities laws.

 

	14.	Section 409A
                                            Compliance.

 

It is
the intention of NuScale that any Award that constitutes in any part a “nonqualified deferred compensation plan” within the
meaning of Section 409A of the Code shall comply in all respects with the requirements of Section 409A of the Code to avoid the imposition
of any tax or interest or the inclusion of any amount in income pursuant to Section 409A of the Code, and the terms of each such Award
shall be construed, administered and deemed amended, if applicable, in a manner consistent with this intention. Notwithstanding the foregoing,
neither NuScale nor any of its Affiliates nor any of its or their directors, officers, employees, agents or other service providers will
be liable for any taxes, penalties or interest imposed on any Participant or other person with respect to any amounts paid or payable
(whether in cash, shares of Common Stock or other property) under any Award, including any taxes, penalties or interest imposed under
or as a result of Section 409A of the Code. Any payments described in an Award that are due within the “short term deferral period”
as defined in Section 409A of the Code shall not be treated as deferred compensation unless applicable law requires otherwise. For purposes
of any Award that constitutes in any part a “nonqualified deferred compensation plan” subject to Section 409A of the Code,
each amount to be paid or benefit to be provided to a Participant with respect to such Award shall be construed as a separate identified
payment for purposes of Section 409A of the Code. For purposes of Section 409A of the Code, the payment of Dividend Equivalents under
any Award shall be construed as earnings and the time and form of payment of such Dividend Equivalents shall be treated separately from
the time and form of payment of the underlying Award. Notwithstanding any other provision of the Plan to the contrary, with respect to
any Award that constitutes in any part a “nonqualified deferred compensation plan” within the meaning of Section 409A of
the Code, any payments (whether in cash, shares of Common Stock or other property) to be made with respect to the Award that become payable
on account of the Participant’s separation from service, within the meaning of Section 409A of the Code, while the Participant
is a “specified employee” (as determined in accordance with the uniform policy adopted by the Administrator with respect
to all of the arrangements subject to Section 409A of the Code maintained by NuScale and its Affiliates) and which would otherwise be
paid within six months after the Participant’s separation from service shall be accumulated (without interest) and paid on the
first day of the seventh month following the Participant’s separation from service or, if earlier, within 15 days after the appointment
of the personal representative or executor of the Participant’s estate following the Participant’s death. Notwithstanding
anything in the Plan or an Award Agreement to the contrary, in no event shall the Administrator exercise its discretion to accelerate
the payment or settlement of an Award where such payment or settlement constitutes in any part a “nonqualified deferred compensation
plan” within the meaning of Code section 409A unless, and solely to the extent that, such accelerated payment or settlement is
permissible under Treasury Regulation section 1.409A-3(j)(4).

 

	15.	Plan Duration;
                                            Amendment and Discontinuance.

 

		(a)	Plan
                                            Duration. The Plan shall remain in effect, subject to the right of the Board or the Compensation
                                            Committee to amend or terminate the Plan at any time, until the earlier of (a) the earliest
                                            date as of which all Awards granted under the Plan have been satisfied in full or terminated
                                            and no shares of Common Stock approved for issuance under the Plan remain available to be
                                            granted under new Awards or (b) [                     ], 2032. No Awards shall be granted
                                            under the Plan after such termination date, and Incentive Stock Options may not be granted
                                            after the tenth (10th) anniversary of the Adoption Date. Subject to other applicable
                                            provisions of the Plan, all Awards made under the Plan on or before [                      ],
                                            2032, or such earlier termination of the Plan, shall remain in effect until such Awards have
                                            been satisfied or terminated in accordance with the Plan and the terms of such Awards.

 

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		(b)	Amendment
                                            and Discontinuance of the Plan. The Board or the Compensation Committee may amend, alter
                                            or discontinue the Plan, but no amendment, alteration or discontinuation shall be made which
                                            would materially impair the rights of a Participant with respect to a previously granted
                                            Award without such Participant’s consent, except such an amendment made to comply with
                                            applicable law or rule of any securities exchange or market on which the Common Stock is
                                            listed or admitted for trading or to prevent adverse tax or accounting consequences to NuScale
                                            or the Participant. Notwithstanding the foregoing, no such amendment shall be made without
                                            the approval of NuScale’s stockholders to the extent such amendment would (A) materially
                                            increase the benefits accruing to Participants under the Plan, (B) materially increase the
                                            number of shares of Common Stock which may be issued under the Plan or to a Participant,
                                            (C) materially expand the eligibility for participation in the Plan, (D) eliminate or modify
                                            the prohibition set forth in Section 7(e) on repricing of stock options and stock appreciation
                                            rights, (E) lengthen the maximum term or lower the minimum exercise price or base price permitted
                                            for stock options and stock appreciation rights, or (F) modify the prohibition on the issuance
                                            of reload or replenishment options. Except as otherwise determined by the Board or Compensation
                                            Committee, termination of the Plan shall not affect the Administrator’s ability to
                                            exercise the powers granted to it hereunder with respect to Awards granted under the Plan
                                            prior to the date of such termination.

 

		(c)	Amendment
                                            of Awards. Subject to Section 7(e), the Administrator may unilaterally amend the terms
                                            of any Award theretofore granted, but no such amendment shall materially impair the rights
                                            of any Participant with respect to an Award without the Participant’s consent, except
                                            such an amendment made to cause the Plan or Award to comply with applicable law, applicable
                                            rule of any securities exchange on which the Common Stock is listed or admitted for trading,
                                            or to prevent adverse tax or accounting consequences for the Participant or the Company or
                                            any of its Affiliates. For purposes of the foregoing sentence, an amendment to an Award that
                                            results in a change in the tax consequences of the Award to the Participant shall not be
                                            considered to be a material impairment of the rights of the Participant and shall not require
                                            the Participant’s consent.
	 	 	 

	16.	General Provisions.
	 	 

		(a)	Non-Guarantee
                                            of Employment or Service. Nothing in the Plan or in any Award Agreement thereunder shall
                                            confer any right on an individual to continue in the service of NuScale or any Affiliate
                                            or shall interfere in any way with the right of NuScale or any Affiliate to terminate such
                                            service at any time with or without cause or notice and whether or not such termination results
                                            in (i)  the failure of any Award to vest or become payable; (ii) the forfeiture of any
                                            unvested or vested portion of any Award; and/or (iii) any other adverse effect on the individual’s
                                            interests under any Award or the Plan. No person, even though deemed an Eligible Individual,
                                            shall have a right to be selected as a Participant, or, having been so selected, to be selected
                                            again as a Participant. To the extent that an Eligible Individual who is an employee of a
                                            Subsidiary receives an Award under the Plan, that Award shall in no event be understood or
                                            interpreted to mean that NuScale is the Participant’s employer or that the Participant
                                            has an employment relationship with NuScale.

  

		(b)	No
                                            Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to
                                            create a trust or separate fund of any kind or a fiduciary relationship between NuScale and
                                            a Participant or any other person. To the extent that any Participant or other person acquires
                                            a right to receive payments from NuScale pursuant to an Award, such right shall be no greater
                                            than the right of any unsecured general creditor of NuScale.

 

		(c)	Status
                                            of Awards. Awards shall be special incentive payments to the Participant and shall not
                                            be taken into account in computing the amount of salary or compensation of the Participant
                                            for purposes of determining any pension, retirement, death, severance or other benefit under
                                            (a) any pension, retirement, profit-sharing, bonus, insurance, severance or other employee
                                            benefit plan of NuScale or any Affiliate now or hereafter in effect under which the availability
                                            or amount of benefits is related to the level of compensation or (b) any agreement between
                                            (i) NuScale or any Affiliate and (ii) the Participant, except as such plan or agreement shall
                                            otherwise expressly provide.

 

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		(d)	Subsidiary
                                            Employees. In the case of a grant of an Award to an Eligible Individual who provides
                                            services to any Subsidiary, NuScale may, if the Administrator so directs, issue or transfer
                                            the shares of Common Stock, if any, covered by the Award to the Subsidiary, for such lawful
                                            consideration as the Administrator may specify, upon the condition or understanding that
                                            the Subsidiary will transfer the shares of Common Stock to the Eligible Individual in accordance
                                            with the terms of the Award specified by the Administrator pursuant to the provisions of
                                            the Plan. All shares of Common Stock underlying Awards that are forfeited or canceled after
                                            such issue or transfer of shares to the Subsidiary shall revert to NuScale.

 

		(e)	Section
                                            16(b) of the Exchange Act. It is the intent of NuScale that the Plan satisfy, and be
                                            interpreted in a manner that satisfies, the applicable requirements of Rule 16b-3 as promulgated
                                            under Section 16 of the Exchange Act so that Participants will be entitled to the benefit
                                            of Rule 16b-3, or any other rule promulgated under Section 16 of the Exchange Act, and will
                                            not be subject to short-swing liability under Section 16 of the Exchange Act. Accordingly,
                                            if the operation of any provision of the Plan would conflict with the intent expressed in
                                            this Section 16(d), such provision to the extent possible shall be interpreted and/or deemed
                                            amended so as to avoid such conflict.

 

		(f)	Governing
                                            Law and Interpretation. The validity, construction and effect of the Plan, of Award Agreements
                                            entered into pursuant to the Plan, and of any rules, regulations, determinations or decisions
                                            made by the Administrator relating to the Plan or such Award Agreements, and the rights of
                                            any and all persons having or claiming to have any interest therein or thereunder, shall
                                            be determined exclusively in accordance with applicable United States federal laws and the
                                            laws of the State of Delaware without regard to its conflict of laws principles. The captions
                                            of the Plan are not part of the provisions hereof and shall have no force or effect. Except
                                            where the context otherwise requires: (i) the singular includes the plural and vice versa;
                                            (ii) a reference to one gender includes other genders; (iii) a reference to a person includes
                                            a natural person, partnership, corporation, association, governmental or local authority
                                            or agency or other entity; and (iv) a reference to a statute, ordinance, code or other law
                                            includes regulations and other instruments under it and consolidations, amendments, re-enactments
                                            or replacements of any of them.

 

		(g)	Use
                                            of English Language. The Plan, each Award Agreement, and all other documents, notices
                                            and legal proceedings entered into, given or instituted pursuant to an Award shall be written
                                            in English, unless otherwise determined by the Administrator. If a Participant receives an
                                            Award Agreement, a copy of the Plan or any other documents related to an Award translated
                                            into a language other than English, and if the meaning of the translated version is different
                                            from the English version, the English version shall control.

 

		(h)	Recovery
                                            of Amounts Paid. Except as otherwise provided by the Administrator, Awards granted under
                                            the Plan shall be subject to any and all policies, guidelines, codes of conduct, or other
                                            agreement or arrangement adopted by the Board or Compensation Committee with respect to the
                                            recoupment, recovery or clawback of compensation (collectively, the “Recoupment Policy”)
                                            and/or to any provisions set forth in the applicable Award Agreement under which NuScale
                                            may recover from current and former Participants any amounts paid or shares of Common Stock
                                            issued under an Award and any proceeds therefrom under such circumstances as the Administrator
                                            determines appropriate. The Administrator may apply the Recoupment Policy to Awards granted
                                            before the policy is adopted to the extent required by applicable law or rule of any securities
                                            exchange or market on which shares of Common Stock are listed or admitted for trading, as
                                            determined by the Administrator in its sole discretion.

 

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	17.	Glossary.

 

Under
this Plan, except where the context otherwise indicates, the following definitions apply:

 

“Administrator” means the
Compensation Committee, or such other committee(s) or officer(s) duly appointed by the Board or the Compensation Committee to administer
the Plan or delegated limited authority to perform administrative actions under the Plan, and having such powers as shall be specified
by the Board or the Compensation Committee; provided, however, that at any time the Board may serve as the Administrator in lieu of or
in addition to the Compensation Committee or such other committee(s) or officer(s) to whom administrative authority has been delegated.
With respect to any Award to which Section 16 of the Exchange Act applies, the Administrator shall consist of either the Board or a committee
of the Board, which committee shall consist of two or more directors, each of whom is intended to be, to the extent required by Rule
16b-3 of the Exchange Act, a “non-employee director” as defined in Rule 16b-3 of the Exchange Act and an “independent
director” to the extent required by the rules of the national securities exchange that is the principal trading market for the
Common Stock; provided, that with respect to Awards made to a member of the Board who is not an employee of the Company, “Administrator”
means the Board. Any member of the Administrator who does not meet the foregoing requirements shall abstain from any decision regarding
an Award and shall not be considered a member of the Administrator to the extent required to comply with Rule 16b-3 of the Exchange Act.

 

“Affiliate”
means any entity, whether now or hereafter existing, which controls, is controlled by, or is under common control with, NuScale or any
successor to NuScale. For this purpose, “control” (including the correlative meanings of the terms “controlled by”
and “under common control with”) shall mean ownership, directly or indirectly, of 50% or more of the total combined voting
power of all classes of voting securities issued by such entity, or the possession, directly or indirectly, of the power to direct the
management and policies of such entity, by contract or otherwise.

 

“Award”
means any stock option, stock appreciation right, stock award, stock unit, Performance Share, Performance Unit, and/or Other Stock-Based
Award, granted under this Plan.

 

“Award
Agreement” means the written document(s), including an electronic writing acceptable to the Administrator, and any notice,
addendum or supplement thereto, memorializing the terms and conditions of an Award granted pursuant to the Plan and which shall incorporate
the terms of the Plan.

 

“Board”
means the Board of Directors of NuScale.

 

“Change
in Control” means the first of the following to occur: (i) a Change in Ownership of NuScale, (ii) 
a Change in Effective Control of NuScale, or (iii) a Change in the Ownership of Assets of NuScale, as described herein and construed
in accordance with Code section 409A.

 

		(i)	A
                                            “Change in Ownership of NuScale” shall occur on the date that any one Person
                                            acquires, or Persons Acting as a Group acquire, ownership of the capital stock of NuScale
                                            that, together with the stock held by such Person or Group, constitutes more than 50% of
                                            the total fair market value or total voting power of the capital stock of NuScale. However,
                                            if any one Person is, or Persons Acting as a Group are, considered to own more than 50%,
                                            on a fully diluted basis, of the total fair market value or total voting power of the capital
                                            stock of NuScale, the acquisition of additional stock by the same Person or Persons Acting
                                            as a Group is not considered to cause a Change in Ownership of NuScale or to cause a Change
                                            in Effective Control of NuScale (as described below). An increase in the percentage of capital
                                            stock owned by any one Person, or Persons Acting as a Group, as a result of a transaction
                                            in which NuScale acquires its stock in exchange for property will be treated as an acquisition
                                            of stock.

 

		(ii)	A
                                            “Change in Effective Control of NuScale” shall occur on the date either (A) a
                                            majority of members of NuScale’s Board is replaced during any 12-month period by directors
                                            whose appointment or election is not endorsed by a majority of the members of NuScale’s
                                            Board before the date of the appointment or election, or (B) any one Person, or Persons Acting
                                            as a Group, acquires (or has acquired during the 12-month period ending on the date of the
                                            most recent acquisition by such Person or Persons) ownership of stock of NuScale possessing
                                            50% or more of the total voting power of the stock of NuScale.

 

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		(iii)	A
                                            “Change in the Ownership of Assets of NuScale” shall occur on the date that any
                                            one Person acquires, or Persons Acting as a Group acquire (or has or have acquired during
                                            the 12-month period ending on the date of the most recent acquisition by such Person or Persons),
                                            assets from NuScale that have a total gross fair market value equal to or more than 50% of
                                            the total gross fair market value of all of the assets of NuScale immediately before such
                                            acquisition or acquisitions. For this purpose, gross fair market value means the value of
                                            the assets of NuScale, or the value of the assets being disposed of, determined without regard
                                            to any liabilities associated with such assets.

 

The following
rules of construction apply in interpreting the definition of Change in Control:

 

		(A)	A “Person”
                                            means any individual, entity or group within the meaning of Section 13(d)(3) or 14(d)(2)
                                            of the Securities Exchange Act of 1934, as amended, other than employee benefit plans sponsored
                                            or maintained by NuScale and by entities controlled by NuScale or an underwriter, initial
                                            purchaser or placement agent temporarily holding the capital stock of NuScale pursuant to
                                            a registered public offering.

 

		(B)	Persons
                                            will be considered to be Persons Acting as a Group (or Group) if they are owners of a corporation
                                            that enters into a merger, consolidation, purchase or acquisition of stock, or similar business
                                            transaction with the corporation. If a Person owns stock in both corporations that enter
                                            into a merger, consolidation, purchase or acquisition of stock, or similar transaction, such
                                            shareholder is considered to be acting as a Group with other shareholders only with respect
                                            to the ownership in that corporation before the transaction giving rise to the change and
                                            not with respect to the ownership interest in the other corporation. Persons will not be
                                            considered to be acting as a Group solely because they purchase assets of the same corporation
                                            at the same time or purchase or own stock of the same corporation at the same time, or as
                                            a result of the same public offering.

 

		(C)	A Change
                                            in Control shall not include a transfer to a related person as described in Code section
                                            409A or a public offering of capital stock of NuScale.

 

		(D)	For
                                            purposes of the definition of Change in Control, Section 318(a) of the Code applies to determine
                                            stock ownership. Stock underlying a vested option is considered owned by the individual who
                                            holds the vested option (and the stock underlying an unvested option is not considered owned
                                            by the individual who holds the unvested option). For purposes of the preceding sentence,
                                            however, if a vested option is exercisable for stock that is not substantially vested (as
                                            defined by Treasury Regulation §1.83-3(b) and (j)), the stock underlying the option
                                            is not treated as owned by the individual who holds the option.

 

		(E)	For
                                            the avoidance of doubt, with respect to any Awards granted hereunder that constitute in any
                                            part a “nonqualified deferred compensation plan” within the meaning of Section
                                            409A of the Code, a transaction or series of related transactions shall not constitute a
                                            Change in Control hereunder unless it or they also constitute a “change in control
                                            event” within the meaning of Section 409A of the Code.

 

“Class
B Common Stock” means Class B common stock of NuScale, with a par value of $0.0001 per share.

 

“Code”
means the Internal Revenue Code of 1986, as amended from time to time, and any successor thereto, the Treasury Regulations thereunder
and other relevant interpretive guidance issued by the Internal Revenue Service or the Treasury Department. Reference to any specific
section of the Code shall be deemed to include such regulations and guidance, as well as any successor section, regulations and guidance.

 

“Common
Stock” means Class A common stock of NuScale, with a par value of $0.0001 per share, and any capital securities into which
they are converted.

 

“Company”
means NuScale and its Subsidiaries, except where the context otherwise requires. For purposes of determining whether a Change in Control
has occurred, Company shall mean only NuScale.

 

“Compensation
Committee” means the Compensation Committee of the Board.

 

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“Dividend
Equivalent” means a right, granted to a Participant, to receive cash, Common Stock, stock Units or other property equal in
value to dividends paid with respect to a specified number of shares of Common Stock.

 

“Effective
Date” means the date on which adoption of the Plan is approved by the stockholders of NuScale in accordance with the laws of
the State of Delaware.

 

“Eligible
Individuals” means officers and employees of, and other individuals, including non-employee directors, who are natural persons
providing bona fide services to or for, NuScale or any of its Subsidiaries, provided that such services 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 NuScale’s
securities.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time, and any successor thereto. Reference to any specific
section of the Exchange Act shall be deemed to include such regulations and guidance issued thereunder, as well as any successor section,
regulations and guidance.

 

“Fair
Market Value” means, on a per share basis as of any date, unless otherwise determined by the Administrator:

 

		(i)	if
                                            the principal market for the Common Stock (as determined by the Administrator if the Common
                                            Stock is listed or admitted to trading on more than one exchange or market) is a national
                                            securities exchange or an established securities market, the official closing price per share
                                            of Common Stock for the regular market session on that date on the principal exchange or
                                            market on which the Common Stock is then listed or admitted to trading or, if no sale is
                                            reported for that date, on the last preceding day on which a sale was reported, all as reported
                                            by such source as the Administrator may select;

 

		(ii)	if
                                            the principal market for the Common Stock is not a national securities exchange or an established
                                            securities market, but the Common Stock is quoted by a national quotation system, the average
                                            of the highest bid and lowest asked prices for the Common Stock on that date as reported
                                            on a national quotation system or, if no prices are reported for that date, on the last preceding
                                            day on which prices were reported, all as reported by such source as the Administrator may
                                            select; or

 

		(iii)	if
                                            the Common Stock is neither listed or admitted to trading on a national securities exchange
                                            or an established securities market, nor quoted by a national quotation system, the value
                                            determined by the Administrator in good faith by the reasonable application of a reasonable
                                            valuation method, which method may, but need not, include taking into account an appraisal
                                            of the fair market value of the Common Stock conducted by a nationally recognized appraisal
                                            firm selected by the Administrator.

 

Notwithstanding
the preceding, for foreign, federal, state and local income tax reporting purposes and for such other purposes as the Administrator deems
appropriate, the Fair Market Value shall be determined by the Administrator in accordance with uniform and nondiscriminatory standards
adopted by it from time to time.

 

“Full
Value Award” means an Award that results in NuScale transferring the full value of a share of Common Stock under the Award,
whether or not an actual share of stock is issued. Full Value Awards shall include, but are not limited to, stock awards, stock units,
Performance Shares, Performance Units that are payable in Common Stock, and Other Stock-Based Awards for which NuScale transfers the
full value of a share of Common Stock under the Award, but shall not include Dividend Equivalents.

 

“Incentive
Stock Option” means any stock option that is designated, in the applicable Award Agreement or the resolutions of the Administrator
under which the stock option is granted, as an “incentive stock option” within the meaning of Section 422 of the Code and
otherwise meets the requirements to be an “incentive stock option” set forth in Section 422 of the Code.

 

“Non-Employee
Director” means a director or a member of the Board who is not an employee of NuScale.

 

“Nonqualified
Option” means any stock option that is not an Incentive Stock Option.

 

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“Other
Stock-Based Award” means an Award of Common Stock or any other Award that is valued in whole or in part by reference to, or
is otherwise based upon, shares of Common Stock, including without limitation Dividend Equivalents and convertible debentures.

 

“Participant”
means an Eligible Individual to whom one or more Awards are or have been granted pursuant to the Plan and have not been fully settled
or cancelled and, following the death of any such person, his successors, heirs, executors and administrators, as the case may be.

 

“Performance
Award” means a Full Value Award, the grant, vesting, lapse of restrictions or settlement of which is conditioned upon the achievement
of performance objectives over a specified Performance Period and includes, without limitation, Performance Shares and Performance Units.

 

“Performance
Goals” means the performance goals established by the Administrator in connection with the grant of Awards based on Performance
Metrics or other performance criteria selected by the Administrator.

 

“Performance
Metrics” means criteria established by the Administrator relating to any of the following, as it may apply to an individual,
one or more business units, divisions, or Affiliates, or on a company-wide basis, and in absolute terms, relative to a base period, or
relative to the performance of one or more comparable companies, peer groups, or an index covering multiple companies:

 

		(i)	Earnings
                                            or Profitability Metrics: any derivative of revenue; earnings/loss (gross, operating,
                                            net or adjusted), earnings per share (basic or diluted); earnings/loss before interest and
                                            taxes; earnings/ loss before interest, taxes, depreciation and amortization (“EBITDA”);
                                            profit margins; operating margins; expense levels or ratios; provided that any of the foregoing
                                            metrics may be adjusted to eliminate the effect of any one or more of the following: interest
                                            expense, asset impairments or investment losses, legal settlements, early extinguishment
                                            of debt or stock-based compensation expense;

 

		(ii)	Return
                                            Metrics: any derivative of return on investment, assets, equity or capital (total or
                                            invested);

 

		(iii)	Investment
                                            Metrics: relative risk-adjusted investment performance; investment performance of assets
                                            under management;
	 	 	 

		(iv)	Cash
                                            Flow Metrics: any derivative of operating cash flow; cash flow sufficient to achieve
                                            financial ratios or a specified cash balance; free cash flow; cash flow return on capital;
                                            net cash provided by operating activities; cash flow per share; working capital; return on
                                            sales; costs, reductions in costs and cost control measure;
	 	 	 

		(v)	Liquidity
                                            Metrics: any derivative of debt leverage (including debt to capital, net debt-to-capital,
                                            debt-to-EBITDA or other liquidity ratios);
	 	 	 

		(vi)	Stock
                                            Price and Equity Metrics: any derivative of return on stockholders’ equity; total
                                            stockholder return; stock price; stock price appreciation; market capitalization; earnings/loss
                                            per share (basic or diluted) (before or after taxes); and/or
	 	 	 

		(vii)	Strategic
                                            Metrics: regulatory achievements or compliance; implementation, completion or attainment
                                            of objectives relating to research, development, regulatory, commercial, or strategic milestones
                                            or developments; acquisition of new customers, including institutional accounts; market share;
                                            economic value or economic value added models; division, group or corporate financial goals;
                                            customer satisfaction/growth; customer service; employee satisfaction; recruitment and maintenance
                                            of personnel; human resources management; supervision of litigation and other legal matters;
                                            strategic partnerships and transactions; completion of an identified special project.

 

“Performance
Period” means that period established by the Administrator during which any Performance Goals specified by the Administrator
with respect to such Award are to be measured.

 

“Performance
Shares” means a grant of stock or stock Units the issuance, vesting or payment of which is contingent on performance as measured
against predetermined objectives over a specified Performance Period.

 

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“Performance
Units” means a grant of dollar-denominated Units the value, vesting or payment of which is contingent on performance against
predetermined objectives over a specified Performance Period.

 

“Plan”
means this NuScale Power Corporation 2022 Long-Term Incentive Plan, as set forth herein and as it may be amended from time to time.

 

“Restricted
Stock” means an Award of shares of Common Stock to a Participant that may be subject to certain transferability and other restrictions
and to a risk of forfeiture (including by reason of not satisfying certain Performance Goals).

 

“Restricted
Stock Unit” means a right granted to a Participant to receive shares of Common Stock or cash at the end of a specified deferral
period, which right may be conditioned on the satisfaction of certain requirements (including the satisfaction of certain Performance
Goals).

 

“Restriction
Period” means, with respect to Awards, the period commencing on the date of grant of such Award to which vesting or transferability
and other restrictions and a risk of forfeiture apply and ending upon the expiration of the applicable vesting conditions, transferability
and other restrictions and lapse of risk of forfeiture and/or the achievement of the applicable Performance Goals.

 

“Subsidiary”
means any corporation or other entity in an unbroken chain of corporations or other entities beginning with NuScale if each of the corporations
or other entities, or group of commonly controlled corporations or other entities, other than the last corporation or other entity in
the unbroken chain then owns stock or other equity interests possessing 50% or more of the total combined voting power of all classes
of stock or other equity interests in one of the other corporations or other entities in such chain or otherwise has the power to direct
the management and policies of the entity by contract or by means of appointing a majority of the members of the board or other body
that controls the affairs of the entity; provided, however, that solely for purposes of determining whether a Participant has a Termination
of Service that is a “separation from service” within the meaning of Section 409A of the Code or whether an Eligible Individual
is eligible to be granted an Award that in the hands of such Eligible Individual would constitute in any part a “nonqualified deferred
compensation plan” within the meaning of Section 409A of the Code, a “Subsidiary” of a corporation or other entity
means all other entities with which such corporation or other entity would be considered a single employer under Sections 414(b) or 414(c)
of the Code.

 

“Tax
Withholding Obligation” means any federal, state, local or foreign (non-United States) income, employment or other tax or social
insurance contribution required by applicable law to be withheld in respect of Awards.

 

“Ten
Percent Stockholder” means a person owning stock possessing more than ten percent (10%) of the total combined voting power
of all classes of stock of NuScale, its “parent corporation” or any “subsidiary corporation,” as defined in Sections
424(e) and 424(f) of the Code, respectively.

 

“Termination
of Service” means the termination of the Participant’s employment or consultancy with, or performance of services for,
NuScale and its Subsidiaries. Temporary absences from employment because of illness, vacation or leave of absence and transfers among
NuScale and its Subsidiaries shall not be considered Terminations of Service. With respect to any Award that constitutes a “nonqualified
deferred compensation plan” within the meaning of Section 409A of the Code, “Termination of Service” shall mean a “separation
from service” as defined under Section 409A of the Code to the extent required by Section 409A of the Code to avoid the imposition
of any tax or interest or the inclusion of any amount in income pursuant to Section 409A of the Code. A Participant has a separation
from service within the meaning of Section 409A of the Code if the Participant terminates employment with NuScale and all Subsidiaries
for any reason. A Participant will generally be treated as having terminated employment with NuScale and all Subsidiaries as of a certain
date if the Participant and the entity that employs the Participant reasonably anticipate that the Participant will perform no further
services for NuScale or any Subsidiary after such date or that the level of bona fide services that the Participant will perform after
such date (whether as an employee or an independent contractor) will permanently decrease to no more than 20 percent (20%) of the average
level of bona fide services performed (whether as an employee or an independent contractor) over the immediately preceding 36-month period
(or the full period of services if the Participant has been providing services for fewer than 36 months); provided, however, that the
employment relationship is treated as continuing while the Participant is on military leave, sick leave or other bona fide leave of absence
if the period of leave does not exceed six months or, if longer, so long as the Participant retains the right to reemployment with NuScale
or any Subsidiary.

 

“Unit”
means a bookkeeping entry used by NuScale to record and account for the grant of the following types of Awards until such time as the
Award is paid, cancelled, forfeited or terminated, as the case may be: stock units, Restricted Stock Units, Performance Units, and Performance
Shares that are expressed in terms of units of Common Stock.

 

    21

     

    

 

 

NuScale Power Corporation

 

Restricted Stock Unit Notice under the

NuScale Power Corporation

2022 Long-Term Incentive Plan

 

Name of Grantee: ____________________________________________________

 

This Notice evidences the award
of Restricted Stock Units (each, an “RSU,” and collectively, the “RSUs”) of NuScale
Power Corporation, a Delaware corporation (the “Company”), that have been granted to you pursuant to the NuScale
Power Corporation 2022 Long-Term Incentive Plan (the “Plan”) and conditioned upon your agreement to the terms
of the attached Restricted Stock Unit Agreement (the “Agreement”). This Notice constitutes part of and is subject
to the terms and provisions of the Agreement and the Plan, which are incorporated by reference herein. Each RSU is equivalent in value
to one share of Company Stock and represents the Company’s commitment to issue one share of Company Stock at a future date, subject
to the terms of the Agreement and the Plan. The RSUs are credited to a separate account maintained for you on the books and records of
the Company (the “Account”). All amounts credited to the Account will continue for all purposes to be part of
the general assets of the Company.

 

Grant
Date: __________________________________

 

Vesting
Reference Date:  _________________________

 

Number
of RSUs:  ______________________________

 

Vesting
Schedule: All of the RSUs are nonvested and forfeitable as of the Grant Date. So long as your employment or service is continuous
from the Grant Date through the applicable date upon which vesting is scheduled to occur, ______________ of the RSUs will vest on _________
(the “Initial Vesting Date”) and as to an additional _______ of the original number of RSUs at the end of each successive
___________ period following the Initial Vesting Date such that 100% of the RSUs will be vested on _______________.

 

Notwithstanding the foregoing, if you are party
to another agreement with the Company or any subsidiary of the Company providing for accelerated vesting in certain circumstances, vesting
will occur in accordance with such other agreement.

 

NUSCALE POWER CORPORATION

 

	By	 	 	 

	Name	 	 	Date

	Title	 	 

 

I acknowledge that I have carefully read the Agreement
and the prospectus for the Plan. I agree to be bound by all of the provisions set forth in those documents. I also consent to electronic
delivery of all notices or other information with respect to the RSUs or the Company.

 

	 	 	 
	Signature of Grantee	 	Date

 

     

     

    

 

NuScale Power Corporation

 

Restricted Stock Unit Agreement under the

NuScale Power Corporation

2022 Long-Term Incentive Plan

 

1.             Terminology.
Unless otherwise provided in this Agreement, capitalized terms used herein are defined in the Glossary at the end of this Agreement.

 

2.             Vesting.
All of the RSUs are nonvested and forfeitable as of the Grant Date. So long as your service or employment is continuous from the Grant
Date through the applicable date upon which vesting is scheduled to occur, the RSUs will become vested and nonforfeitable in accordance
with the vesting schedule set forth in the Notice. Except for the circumstances, if any, described in the Notice, none of the RSUs will
become vested and nonforfeitable after your service or employment ceases.

 

3.             Termination
of Employment or Service. Unless otherwise provided in the Notice or in any other agreement between you and the Company or any subsidiary
of the Company, if your service or employment with the Company or any of its subsidiaries ceases for any reason, all RSUs that are not
then vested and nonforfeitable will be forfeited to the Company immediately and automatically upon such cessation without payment of any
consideration therefor and you will have no further right, title or interest in or to such RSUs or the underlying shares of Company Stock.

 

4.              Restrictions
on Transfer. Neither this Agreement nor any of the RSUs may be assigned, transferred, pledged, hypothecated or disposed of in any
way, whether by operation of law or otherwise, and the RSUs shall not be subject to execution, attachment or similar process. All rights
with respect to this Agreement and the RSUs shall be exercisable during your lifetime only by you or your guardian or legal representative.
Notwithstanding the foregoing, the RSUs may be transferred upon your death by last will and testament or under the laws of descent and
distribution.

 

5.             Settlement
of RSUs.

 

(a)            Manner
of Settlement. You are not required to make any monetary payment (other than applicable tax withholding, if required) as a
condition to settlement of the RSUs. The Company will issue to you, in settlement of your vested RSUs and subject to the provisions
of Section 6 below, the number of whole shares of Company Stock that equals the number of whole RSUs that become vested, and
such vested RSUs will terminate and cease to be outstanding upon such issuance of the shares. Upon issuance of such shares, the
Company will determine the form of delivery (e.g., a stock certificate or electronic entry evidencing such shares) and may deliver
such shares on your behalf electronically to the Company’s designated stock plan administrator or such other broker-dealer as
the Company may choose at its sole discretion, within reason.

 

(b)            Timing
of Settlement. Your RSUs will be settled by the Company, via the issuance of Company Stock as described herein, on the date that the
RSUs become vested and nonforfeitable. However, if a scheduled issuance date falls on a Saturday, Sunday or federal holiday, such issuance
date shall instead fall on the next following day that the principal executive offices of the Company are open for business. In all cases,
the issuance and delivery of shares under this Agreement is intended to comply with Treasury Regulation 1.409A-1(b)(4) and shall
be construed and administered in such a manner.

 

    1

     

    

 

6.              Tax
Withholding. On or before the time you receive a distribution of the shares subject to your RSUs, or at any time thereafter as requested
by the Company, you hereby authorize any required withholding from the Company Stock issuable to you or, at the Company’s election,
to make adequate provision in cash for any sums required to satisfy the federal, state, local and foreign tax withholding obligations
of the Company or any of its subsidiaries which arise in connection with your RSUs (the “Withholding Taxes”).
Additionally, the Company may, in its sole discretion, satisfy all or any portion of the Withholding Taxes obligation relating to your
RSUs by any of the following means or by a combination of such means: (i) withholding from any compensation otherwise payable to
you by the Company or any of its subsidiaries; (ii) causing you to tender a cash payment; (iii) permitting you to enter into
a “same day sale” commitment with a broker-dealer that is a member of the Financial Industry Regulatory Authority (a “FINRA
Dealer”) whereby you irrevocably elect to sell a portion of the shares to be delivered under the Agreement to satisfy the
Withholding Taxes and whereby the FINRA Dealer irrevocably commits to forward the proceeds necessary to satisfy the Withholding Taxes
directly to the Company; or (iv) withholding shares of Company Stock from the shares of Company Stock issued or otherwise issuable
to you in connection with the RSUs with a Fair Market Value (measured as of the date shares of Company Stock are issued to you pursuant
to Section 5) equal to the amount of such Withholding Taxes; provided, however, that the number of such shares of Company Stock
so withheld shall not exceed the amount necessary to satisfy the Company’s required tax withholding obligations using the applicable
statutory withholding rates for federal, state, local and foreign tax purposes, including payroll taxes, that are applicable to supplemental
taxable income. Unless the tax withholding obligations of the Company are satisfied, the Company shall have no obligation to deliver to
you any Company Stock. In the event the Company’s obligation to withhold arises prior to the delivery to you of Company Stock or
it is determined after the delivery of Company Stock to you that the amount of the Company’s withholding obligation was greater
than the amount withheld by the Company, you agree to indemnify and hold the Company harmless from any failure by the Company to withhold
the proper amount.

 

7.             Non-Guarantee
of Employment or Service Relationship. Nothing in the Plan or this Agreement shall alter your at-will or other employment status or
other service relationship with the Company or its subsidiaries, nor be construed as a contract of employment or service relationship
between the Company or its subsidiaries and you, or as a contractual right of you to continue in the employ of, or in a service relationship
with, the Company or its subsidiaries for any period of time, or as a limitation of the right of the Company or its subsidiaries to discharge
you at any time with or without cause or notice and whether or not such discharge results in the forfeiture of any nonvested and forfeitable
RSUs or any other adverse effect on your interests under the Plan.

 

8.             Rights
as Stockholder. You shall not have any of the rights of a stockholder with respect to any shares of Company Stock that may be issued
in settlement of the RSUs until such shares of Company Stock have been issued to you.

 

9.             The
Company’s Rights. The existence of the RSUs shall not affect in any way the right or power of the Company or its stockholders
to make or authorize any or all adjustments, recapitalizations, reorganizations, or other changes in the Company’s capital structure
or its business, or any merger or consolidation of the Company, or any issue of bonds, debentures, preferred or other stocks with preference
ahead of or convertible into, or otherwise affecting the Company Stock or the rights thereof, or the dissolution or liquidation of the
Company, or any sale or transfer of all or any part of the Company’s assets or business, or any other corporate act or proceeding,
whether of a similar character or otherwise.

 

10.           Restrictions
on Issuance of Shares. The issuance of shares of Company Stock upon settlement of the RSUs shall be subject to and in compliance with
all applicable requirements of federal, state, or foreign law with respect to such securities. No shares of Company Stock may be issued
hereunder if the issuance of such shares would constitute a violation of any applicable federal, state, or foreign securities laws or
other law or regulations or the requirements of any stock exchange or market system upon which the Company Stock may then be listed. The
inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company’s legal
counsel to be necessary to the lawful issuance of any shares subject to the RSUs shall relieve the Company of any liability in respect
of the failure to issue such shares as to which such requisite authority shall not have been obtained. As a condition to the settlement
of the RSUs, the Company may require you to satisfy any qualifications that may be necessary or appropriate to evidence compliance with
any applicable law or regulation, and to make any representation or warranty with respect thereto as may be requested by the Company.

 

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11.            Notices.
All notices and other communications made or given pursuant to this Agreement shall be given in writing and shall be deemed effectively
given upon receipt or, in the case of notices delivered by the Company to you, five (5) days after deposit in the United States mail,
postage prepaid, addressed to you at the last address you provided to the Company, or in the case of notices delivered to the Company
by you, addressed to the Administrator, care of the Company for the attention of its Secretary at its principal executive office or, in
either case, if the receiving party consents in advance, transmitted and received via telecopy or via such other electronic transmission
mechanism as may be available to the parties. Notwithstanding the foregoing, the Company may, in its sole discretion, decide to deliver
any documents related to participation in the Plan and this award of RSUs by electronic means or to request your consent to participate
in the Plan or accept this award of RSUs by electronic means. You hereby consent to receive such documents by electronic delivery and,
if requested, to agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or
another third party designated by the Company.

 

12.            Entire
Agreement. This Agreement, together with the relevant Notice, the Plan and any applicable agreements described in Section 3 of
this Agreement, contains the entire agreement between the parties with respect to the RSUs granted hereunder. Except for any applicable
agreements described in Section 3 of this Agreement, any oral or written agreements, representations, warranties, written inducements,
or other communications made prior to the execution of this Agreement with respect to the RSUs granted hereunder shall be void and ineffective
for all purposes.

 

13.            Amendment.
This Agreement may be amended from time to time by the Administrator in its discretion; provided, however, that this Agreement
may not be modified in any manner that would have a materially adverse effect on the RSUs as determined in the discretion of the Administrator,
except as provided in the Plan or in a written document signed by each of the parties hereto.

 

14.            409A
Savings Clause. This Agreement and the RSUs granted hereunder are intended to either not be subject to, or to fit within the “short-term
deferral” exemption from, Section 409A of the Code as set forth in Treasury Regulation Section 1.409A-1(b)(4), or
to comply with Section 409A. Notwithstanding the foregoing, if it is determined that the RSUs for any reason constitute deferred
compensation subject to Section 409A, the Company may modify the provisions of the grant or the RSUs to be exempt from or comply
with Section 409A. Each installment of shares that vests is intended to constitute a “separate payment” for purposes
of Section 409A of the Code and Treasury Regulation Section 1.409A-2(b)(2).

 

15.            No
Obligation to Minimize Taxes. The Company has no duty or obligation to minimize the tax consequences to you of this award of RSUs
and shall not be liable to you for any adverse tax consequences to you arising in connection with this award. You are hereby advised to
consult with your own personal tax, financial and/or legal advisors regarding the tax consequences of this award and by signing the Notice,
you have agreed that you have done so or knowingly and voluntarily declined to do so.

 

16.            Conformity
with Plan. This Agreement is intended to conform in all respects with, and is subject to all applicable provisions of, the Plan. Inconsistencies
between this Agreement and the Plan shall be resolved in accordance with the terms of the Plan. In the event of any ambiguity in this
Agreement or any matters as to which this Agreement is silent, the Plan shall govern. A copy of the Plan is available upon request to
the Administrator.

 

17.            No
Funding. This Agreement constitutes an unfunded and unsecured promise by the Company to issue shares of Company Stock in the future
in accordance with its terms. You have the status of a general unsecured creditor of the Company as a result of receiving the grant of
RSUs.

 

18.            Effect
on Other Employee Benefit Plans. The value of the RSUs subject to this Agreement shall not be included as compensation, earnings,
salaries, or other similar terms used when calculating your benefits under any employee benefit plan sponsored by the Company or its subsidiaries,
except as such plan otherwise expressly provides. The Company and its subsidiaries expressly reserve their rights to amend, modify, or
terminate any of their employee benefit plans.

 

19.            Governing
Law. The validity, construction and effect of this Agreement, and of any determinations or decisions made by the Administrator relating
to this Agreement, and the rights of any and all persons having or claiming to have any interest under this Agreement, shall be determined
exclusively in accordance with the laws of the State of Delaware, without regard to its provisions concerning the applicability of laws
of other jurisdictions. As a condition of this Agreement, you agree that you will not bring any action arising under, as a result of,
pursuant to or relating to, this Agreement in any court other than a federal or state court in the districts which include Delaware, and
you hereby agree and submit to the personal jurisdiction of any federal court located in the district which includes Delaware or any state
court in the district which includes Delaware. You further agree that you will not deny or attempt to defeat such personal jurisdiction
or object to venue by motion or other request for leave from any such court.

 

    3

     

    

 

20.            Resolution
of Disputes. Any dispute or disagreement which shall arise under, or as a result of, or pursuant to or relating to, this Agreement
shall be determined by the Administrator in good faith in its absolute and uncontrolled discretion, and any such determination or any
other determination by the Administrator under or pursuant to this Agreement and any interpretation by the Administrator of the terms
of this Agreement, will be final, binding and conclusive on all persons affected thereby. You agree that before you may bring any legal
action arising under, as a result of, pursuant to or relating to, this Agreement you will first exhaust your administrative remedies before
the Administrator. You further agree that in the event that the Administrator does not resolve any dispute or disagreement arising under,
as a result of, pursuant to or relating to, this Agreement to your satisfaction, no legal action may be commenced or maintained relating
to this Agreement more than twenty-four (24) months after the Administrator’s decision.

 

21.           Headings.
The headings in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.

 

22.            Electronic
Delivery of Documents. By your signing the Notice, you (i) consent to the electronic delivery of this Agreement, all information
with respect to the Plan and the RSUs, and any reports of the Company provided generally to the Company’s stockholders; (ii) acknowledge
that you may receive from the Company a paper copy of any documents delivered electronically at no cost to you by contacting the Company
by telephone or in writing; (iii) further acknowledge that you may revoke your consent to the electronic delivery of documents at
any time by notifying the Company of such revoked consent by telephone, postal service or electronic mail; and (iv) further acknowledge
that you understand that you are not required to consent to electronic delivery of documents.

 

23.            No
Future Entitlement. By your signing the Notice, you acknowledge and agree that: (i) the grant of a restricted stock unit
award is a one-time benefit which does not create any contractual or other right to receive future grants of restricted stock units,
or compensation in lieu of restricted stock units, even if restricted stock units have been granted repeatedly in the past;
(ii) all determinations with respect to any such future grants and the terms thereof will be at the sole discretion of the
Administrator; (iii) the value of the restricted stock units is an extraordinary item of compensation which is outside the
scope of your employment contract, if any; (iv) the value of the restricted stock units is not part of normal or expected
compensation or salary for any purpose, including, but not limited to, calculating any termination, severance, resignation,
redundancy, end of service payments or similar payments, or bonuses, long-service awards, pension or retirement benefits;
(v) the vesting of the restricted stock units ceases upon termination of your employment or service with the Company or any of
its subsidiaries or transfer of employment from the Company or any of its subsidiaries, or other cessation of eligibility for any
reason, except as may otherwise be explicitly provided in this Agreement; (vi) the Company does not guarantee any future value
of the restricted stock units; and (vii) no claim or entitlement to compensation or damages arises if the restricted stock
units decrease or do not increase in value and you irrevocably release the Company and its subsidiaries from any such claim that
does arise.

 

    4

     

    

 

24.           Personal
Data. For purposes of the implementation, administration and management of the restricted stock units or the effectuation of any acquisition,
equity or debt financing, joint venture, merger, reorganization, consolidation, recapitalization, business combination, liquidation, dissolution,
share exchange, sale of stock, sale of material assets or other similar corporate transaction involving the Company (a “Corporate
Transaction”), you consent, by execution of the Notice, to the collection, receipt, use, retention and transfer, in electronic
or other form, of your personal data by and among the Company and its third party vendors or any potential party to a potential Corporate
Transaction. You understand that personal data (including but not limited to, name, home address, telephone number, employee number, employment
status, social security number, tax identification number, date of birth, nationality, job and payroll location, data for tax withholding
purposes and shares awarded, cancelled, vested and unvested) may be transferred to third parties assisting in the implementation, administration
and management of the restricted stock units or the effectuation of a Corporate Transaction and you expressly authorize such transfer
as well as the retention, use, and the subsequent transfer of the data by the recipient(s). You understand that these recipients may be
located in your country or elsewhere, and that the recipient’s country may have different data privacy laws and protections than
your country. You understand that data will be held only as long as is necessary to implement, administer and manage the restricted stock
units or effect a Corporate Transaction. You understand that you may, at any time, request a list with the names and addresses of any
potential recipients of the personal data, view data, request additional information about the storage and processing of data, require
any necessary amendments to data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing the Company’s
Secretary. You understand, however, that refusing or withdrawing your consent may affect your ability to accept a restricted stock unit
award.

 

{Glossary begins on next page}

 

    5

     

    

 

GLOSSARY

 

(a)            “Administrator”
has the meaning set forth in the Plan.

 

(b)            “Agreement”
means this document, as amended from time to time, together with the Plan which is incorporated herein by reference.

 

(c)            “Code”
means the Internal Revenue Code of 1986, as amended, and the Treasury regulations and other guidance promulgated thereunder.

 

(d)            “Company”
means NuScale Power Corporation, and shall include all its successors except where the context otherwise requires.

 

(e)            “Company
Stock” shall mean Class A Common Stock of NuScale Power Corporation.

 

(f)            “Fair
Market Value” has the meaning set forth in the Plan.

 

(g)            “Grant
Date” means the effective date of a grant of RSUs made to you as set forth in the relevant Notice.

 

(h)            “Notice”
means the statement, letter or other written notification provided to you by the Company setting forth the terms of a grant of RSUs made
to you.

 

(i)            “Plan”
means the NuScale Power Corporation 2022 Long-Term Incentive Plan, as in effect from time to time.

 

(j)            “RSU”
means the Company’s commitment to issue one share of Company Stock at a future date, subject to the terms of the Agreement and the
Plan.

 

(k)            “Vesting
Reference Date” means the date set forth in the relevant Notice.

 

(l)            “You”
or “Your” means the recipient of the RSUs as reflected on the applicable Notice. Whenever the word “you”
or “your” is used in any provision of this Agreement under circumstances where the provision should logically be construed,
as determined by the Administrator, to apply to the estate, personal representative, or beneficiary to whom the RSUs may be transferred
by will or by the laws of descent and distribution, the words “you” and “your” shall be deemed to include such
person.

 

{End of Agreement}

 

    6

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