Document:

EX-10.1

  				 

   

  May 30, 2022

  CONFIDENTIAL

   

  William Kircher

  7018 Woodland Drive

  Dallas, TX 75225

   

  Dear Bill,

  The purpose of this letter agreement (the “Agreement”) is to set forth the terms of your separation from Triumph Group, Inc. (“Triumph” or the “Company”). You and Triumph acknowledge and agree that your separation is deemed to be a “Qualifying Termination” for purposes of the Triumph Group, Inc. Executive Change in Control and General Severance Plan for Executive and Management Employees (the “Severance Plan”). We appreciate your service to Triumph and thank you for all of your efforts. In recognition of your service to Triumph and you’re agreeing to be bound by the terms and conditions of this Agreement, we have agreed to the following exit package for you:

  1.Separation Date:  Your last day of employment with the Company was June 1, 2022 (the “Separation Date”).

  2.Separation Package:  In exchange for your acceptance and agreement to all terms of this Agreement, and provided you do not revoke this Agreement, the Company shall provide you with the following (the “Separation Package”):

  a.The Company shall pay you a total of $500,000 (“Severance Payment”), which represents 12 months of base salary. The payments will be made in regular periodic installment payments at the rate of $19,230.76 biweekly. Severance Payment installments shall commence on the first regular payroll within 30 days after the expiration of the seven (7) day revocation period set forth in section 14(h) of this Agreement has expired (assuming you have not revoked the Agreement within that period).

  b.The Company shall pay you $467,945, an amount based on your bonus opportunity consisting of the following two components: (i) an amount equal to $400,000, representing your target bonus opportunity for the year of termination (the “Target Bonus Payment”), (ii) an amount equal to $67,945, the bonus you would have been entitled to under the Company’s performance bonus plan based on the Company’s actual performance for the fiscal year ending March 31, 2023 assuming you had remained employed with the Company (the “Performance Bonus Payment”).   The Performance Bonus Payment will be prorated to reflect your service through the Separation Date.  The Target Bonus Payment shall be paid in a lump sum on the first regular payroll within 30 days after the expiration of the seven (7) day revocation period set forth in section 14(h) of this Agreement (assuming you have not revoked the Agreement within that period).  The Performance Bonus Payment shall be paid in a lump sum at the same time as bonus payments are paid to active employees (assuming you have not revoked the Agreement within the period set forth in section 14(h) prior to such date).

  c.Subject to the release requirements of section 7 hereof, in accordance with the terms of Section 3.3(c) of the Severance Plan, and notwithstanding the terms or provisions of any applicable equity plan or equity award agreement:

  i. you shall be deemed vested as of the Separation Date in the 14,997 units of your currently unvested time-based restricted stock units which are scheduled to vest in the next twelve (12) months. 

   

  

  				 

   

  d.The Company shall pay directly on your behalf for executive coaching services through The Group for a period of six (6) months following the Separation Date up to a maximum of $20,000.

  All payments made pursuant to this Agreement shall be less all lawfully required deductions and withholdings. You acknowledge and agree that the Separation Package and other commitments by Triumph set forth herein constitute good and valuable consideration for this Agreement, which you would otherwise not be entitled to absent your execution of this Agreement. As such, your receipt of the Separation Package is expressly conditioned on your execution and non-revocation of this Agreement including but not necessarily limited to the release provisions of sections 7 and 14 hereof.  You agree to be solely responsible for determining the tax consequences of the payments made to you under this Agreement, reporting the same to the appropriate governmental authorities, and the payment of any taxes due. You shall defend, indemnify, and hold the Released Parties (as defined below) harmless from and against any and all losses including, but not limited to, attorneys’ fees, costs, back taxes, interest and penalties, except legally mandated employer contributions, as a result of such tax determination, the reporting or the non-reporting thereof, and/or the payment or failure to pay any tax thereon.

  3.Health Benefits Continuation:  Regardless of whether you execute this Agreement, you and your eligible dependents will continue to be covered under the Company’s health insurance plan if you elect COBRA coverage. Subject to your execution and non-revocation of this Agreement, if you do elect COBRA coverage, the Company will, in accordance with Section 3.3(d) of the Severance Plan, pay on your behalf that portion of the total COBRA premium such that you will be responsible for paying the same monthly premium as in effect immediately prior to the Separation Date for the first twelve (12) months of COBRA coverage. Notwithstanding the foregoing, if you subsequently become employed with a new employer that offers substantially similar group medical insurance coverage to its employees, or you otherwise become ineligible for COBRA continuation coverage, the benefits provided under this section 3 shall cease.  You will be notified of your COBRA rights in due course by the Company.

  4.Equity Awards:  Except as otherwise provided in section 2.c hereof with respect to the Accelerated Equity Awards, you understand and agree that as a result of your termination, any portion of your outstanding equity awards that have not been earned or which remain subject to forfeiture restrictions as of the Separation Date, shall be forfeited without payment and otherwise cancelled as of the Separation Date.

  5.Final Wages:  You acknowledge and agree that as of your execution of this Agreement, you have received payment of all wages, compensation, and benefits owed to you pursuant to your employment with the Company other than as set forth in this Agreement. You further agree the Company is not indebted to you in any amount or for any reason.  Therefore, you agree that you do not have knowledge of any potential or actual dispute with the Company about any wages or compensation to which you believe you are entitled.

  6.Triumph Group, Inc. 401(k) Plan:  You are entitled to the applicable choices outlined in the plan prospectus or its supplements in regard to your account under the Triumph Group, Inc. 401(k) Plan (the “401(k) Plan”).  Your benefits under the 401(k) Plan are governed by the terms of the 401(k) Plan. Following your termination of employment, you will be entitled to apply for and receive a distribution (including a tax-deferred rollover) of your vested 401(k) Plan benefits.  Any existing 401(k) Plan deferral elections will terminate as of your Separation Date.

  7.General Release:  You understand and acknowledge that the benefits contained in this Agreement exceed the benefits to which you would otherwise be entitled upon termination of your employment.  In consideration for the additional benefits extended to you in this Agreement, and intending to be legally bound:

   

  

  				 

   

  a.You agree to RELEASE AND HOLD HARMLESS FOREVER, Triumph, its parents, subsidiaries, successors, officers, employees, attorneys, and assigns (the “Released Parties”) from any and all causes of action, known or unknown, arising out of or relating to your association and/or employment with or termination from the Company, which may have existed prior to or contemporaneously with the execution of this Agreement, including but not limited to the following:  constructive discharge, negligence, breach of contract, breach of express or implied covenant, defamation, libel, slander, intentional or negligent infliction of emotional distress, tortious interference with contract, retaliation, wrongful discharge, bad faith, failure to pay wages, bonuses, commissions or other benefits, attorneys’ fees, or any other contract or tort claims, Title VII of Civil Rights Act of 1964, as amended (Title VII), Fair Labor Standards Act (FLSA), Americans With Disabilities Act (ADA), Employee Retirement Income Security Act of 1974 (ERISA) (except to the extent unrelated to Employee’s termination of employment to enforce Employee’s right to vested benefits which may have accrued under pension or savings plans or to receive any employee benefits for which Employee is eligible under the express terms of any other employee benefits plans, according to the terms of those plans as they may be amended from time to time), Equal Pay Act (EPA), Rehabilitation Act of 1973, Family and Medical Leave Act (FMLA), National Labor Relations Act (NLRA), Labor Management Relations Act (LMRA), Worker Adjustment and Retraining Notification Act (WARN), Age Discrimination in Employment Act (ADEA), Older Workers Benefit Protection Act of 1990 (OWBPA), Occupational and Safety Health Act (OSHA), the Genetic Information Nondiscrimination Act of 2008 (GINA), Uniformed Services Employment and Re-employment Rights Act (USERRA); Executive Orders 11246 and 11141; the False Claims Act (including the qui tam provision thereof); the Consolidated Omnibus Budget Reconciliation Act of 1986 (COBRA); The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank); the Electronic Communications Privacy Act of 1986 (including the Stored Communications Act); Pennsylvania Human Relations Act; Pennsylvania Minimum Wage Act; Pennsylvania Whistleblower Law; Pennsylvania Wage Payment and Collection Law, as amended; Pennsylvania Worker and Community Right to Know Act; “”’’or any other action under any federal, state or local statute, as amended, or regulation or other common law.

  b.Notwithstanding the foregoing, you understand and agree this Agreement does not impair or limit your right to file an administrative charge with or participate in any investigation or proceeding conducted by the U.S. Equal Employment Opportunity Commission, the National Labor Relations Board, or any comparable federal, state, or local enforcement agency, but you cannot file a lawsuit on any such charge.  You understand that you have waived and released any and all claims for money damages and equitable relief that you may recover from the Company and/or Released Parties pursuant to the filing or prosecution of any administrative charge against the Company by you, or any resulting civil proceeding or lawsuit brought on your behalf for the recovery of such relief, and which arises out of the matters that are and may be released or waived by this Agreement.  You also understand, however, that this Agreement does not limit your ability to communicate with any government agencies or otherwise participate in any investigation or proceeding that may be conducted by any government agency, including providing documents or other information, without notice to the Company. This Agreement also does not limit your right to receive an award for information provided to any government agencies. 

  8.Nondisparagement. You agree to not disparage or otherwise comment negatively in any way upon the Company or the Released Parties, including, but not limited to Triumph Group, Inc., any of its former or current directors, officers, or employees, its business practices, projects, clients, or services, to any person, either orally or in writing, unless otherwise provided by law; however, the non-disparagement obligations under this section do not interfere with or restrict your ability to communicate with any federal, state, or local agency, including any with which a charge has been filed. 

  9.Confidentiality, Non-Disclosure, and Non-Disparagement.

   

  

  				 

   

  a.You acknowledge your continuing obligations under any agreements you have signed regarding post-employment duties of confidentiality, protection of trade secrets, inventions assignment, and/or non-solicitation/non-competition. Additionally, you agree that you shall not at any time use, publish, disclose, or authorize anyone else to use, publish, or disclose any Confidential Information belonging or relating to Triumph or any of its parents, subsidiaries, or affiliates. Confidential Information means any and all information, observations and data of any sort (whether or not embodied in a tangible or intangible form) that is not generally known to the public and that is disclosed or otherwise revealed to you, or discovered or otherwise obtained by you or of which you became or become aware, directly or indirectly, at any time during the course of your employment with or service to Triumph. Confidential Information includes, but is not limited to models, drawings, blueprints, memoranda, documents or records of proprietary nature; information relating to research, manufacturing processes, bills of material, finance, accounting, sales, personnel management and operations; and information particularly relating to customer lists, price lists, customer service requirements, costs of providing service and equipment, pricing and equipment maintenance costs. The purpose of this provision is to protect Triumph’s proprietary, confidential, and trade secret information from improper use or disclosure, to the maximum extent permitted by law.  Confidential Information does not include information that: (A) becomes available to the public through no wrongful action of yours; (B) is received from a third party without restriction and without breach of this Agreement; or (C) is independently developed by you without use of or reliance on the Company’s Confidential Information.  

  b.The Federal Defend Trade Secrets Act of 2016 provides immunity in certain circumstances to Company employees (defined as employees, contractors, and consultants) for limited disclosures of the Company’s trade secrets.  Specifically, a Company employee, may disclose trade secrets: (i) in confidence, either directly or indirectly, to a Federal, State, or local government official, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law, or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Additionally, a Company employee who files a retaliation lawsuit for reporting a suspected violation of law may also use and disclose related trade secrets in the following manner: (i) the individual may disclose the trade secret to his/her attorney, and (ii) the individual may use the information in related court proceeding, as long as the individual files documents containing the trade secret under seal and does not otherwise disclose the trade secret except pursuant to court order.

  c.Nothing in this Agreement (including with respect to confidential information, and trade secrets) is intended to be or will be construed to prevent, impede, or interfere with your right to respond accurately and fully to any question, inquiry, or request for information regarding your employment with the Company when required by legal process by a Federal, State or other legal authority, or from initiating communications directly with, or responding to any inquiry from, or providing truthful testimony and information to, any Federal, State, or other regulatory authority in the course of an investigation or proceeding authorized by law and carried out by such agency. You do not need the prior authorization of the Company to make any such reports or disclosures and you are not required to notify the Company that you have made such reports or disclosures.

  10.Assignment of Intellectual Property: You agree to assign to the Company any rights you may have in the Confidential Information, and in any other intellectual property developed by you in whole or in part while employed by the Company and which relates specifically to the Business (defined below). You agree that all such intellectual property is the sole property of the Company and its assigns. You irrevocably designate and appoint the Company and its duly authorized officers and agents as your agent and attorney in fact, which appointment is coupled with an interest, to act for and on your behalf to execute, verify, and file any documents and to do all other lawfully permitted acts to further the purposes of this assignment, with the same legal force and effect as if executed by you.

   

  

  				 

   

  11.Restrictive Covenants: For purposes of this section 11, the term “Company” shall include Triumph Group, Inc. and any of its current subsidiaries. You acknowledge that you have had access to the Company’s Confidential Information, customer information, customer and prospective customer relationships, employee relationships, vendor information/relationships, and other key business information and relationships that are integral to the Company’s ability to achieve its business goals remain competitive. In order to protect these business interests, and in consideration for Separation Package and benefits provided in this Agreement, you agree to the following restrictions.

  a.Definitions.

  i.As used in this Agreement, the term “Business” means the manufacturing, overhauling, repair, and sale of aerospace structures, systems, components, and accessories for commercial and military aircrafts; provided however, that the term “Business” as defined herein is restricted to the manufacturing, overhauling, repair, and sale of aerospace structures, systems, components and accessories made available by Triumph to its customers at the time you execute this Agreement.

  ii.As used in this Agreement, the term “Restrictive Period” means the twelve (12) month period after the Separation Date.

  iii.As used in this Agreement, the term “Restricted Geographic Area” means anywhere Triumph performed Business during your employment by Triumph where your use or disclosure of Triumph’s Confidential Information, whether for your own benefit or on behalf of a competitor, could materially disadvantage Triumph regardless of your physical location.

  b.Non-Competition.  You agree that during the Restrictive Period and in the Restricted Geographic Area, you will not, directly or indirectly participate in the ownership, management, operation, financing or control of, or be employed by or consult for or otherwise render services to, any person, corporation, firm, or other entity that competes with the Company in the Business or perform the same or similar services or responsibilities you performed for the Company in connection with any non-Triumph business that is substantially similar to the Business; provided, however, that you may invest your funds in securities of a person engaged in a business that is directly competitive with the Business if the securities of such a person are listed for trading on a registered securities exchange or actively traded in an over-the-counter market and your holdings represent less than one percent (1%) of the total number of outstanding shares or principal amount of the securities of such a person.

  c.Non-Solicitation of Customers.  During the Restrictive Period, you shall not, directly or indirectly solicit business from or perform services for, or for the benefit of, any customer or account of Triumph with which you had contact, participated in the contact, or about which you had knowledge of Confidential Information by reason of your relationship with Triumph within the twelve (12) month period prior to the Separation Date.

  d.Non-Inducement and Non-Hire.  During the Restrictive Period, you shall not, directly or indirectly, solicit, hire, attempt to solicit or hire, or participate in any attempt to solicit or hire, any person who during the twelve (12) months immediately preceding the Separation Date is or was an officer, employee, or consultant of Triumph.

  e.Covenants are Reasonable.  You understand and agree that the covenants in this section are necessary and essential to protect Triumph’s Confidential Information and other legitimate Business interests, including the goodwill and relationships it has developed in its customers and employees; that the duration and scope of the covenants in this section are reasonable and necessary to protect Triumph; that they do not unduly oppress or restrict your ability to earn a livelihood in your chosen profession; that they are not an undue restraint on your trade or any of 

   

  

  				 

   

  the public interests that may be involved; that good and valuable consideration exists for your agreement to be bound by such covenants; and that Triumph has a legitimate business purpose in requiring you to abide by the covenants set forth in this section.

  f.Restriction on Right to Receive Severance.  In the event you fail to comply with or violate the post-employment restrictions set forth in sections 8, 9, 10, 11, 12, or 13 of this Agreement, your right to receive any severance benefits under sections 2 and 3 of this Agreement shall immediately cease and you shall be required to repay all of the Severance Payments, Bonus Payment, outplacement services, COBRA premiums and other severance benefits previously received by you to Triumph. Triumph’s right to rescind any payments under sections 2 and 3, and to recover payments previously made as set forth herein is in addition to any legal and equitable remedies available to Triumph.

  g.Severability.  Should any one or more of the provisions or parts of a provision contained in this Agreement, for any reason, be held to be invalid, illegal or unenforceable in any respect in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or part of a provision of this Agreement or any other jurisdiction, but this Agreement shall be reformed and construed in any such jurisdiction as if such invalid, illegal or unenforceable provision or part of a provision had never been contained in this Agreement, and such provision or part shall be reformed so that it would be valid, legal and enforceable to the maximum extent permitted in such jurisdiction. 

  h.Injunctive Relief.  Triumph and you acknowledge that the restrictions contained in this Agreement are necessary to protect the legitimate business interests of the parties and that any violation of this Agreement would result in irreparable harm and injury to the other party.  In the event of a breach of the provisions of this Agreement, each party agrees that the other party will be entitled to an injunction, without first posting bond, restraining the breaching party from such breach or threatened breach and to any other legal or equitable remedies available to the non-breaching party. The prevailing party will also be entitled to all costs and expenses, including reasonable attorneys’ fees from the breaching party should a court determine that the other party breached this Agreement.

  i.Notification.  You agree that in the event you are offered to enter into an employment relationship with a third party at any time during the Restricted Period, the business of which is in any way competitive with the Business, you shall immediately notify Triumph in writing and otherwise advise said other third party of the existence of this Agreement and shall immediately provide said person or entity with a copy of this Agreement. 

  12.Company Property:  You have returned or agree to return within five (5) business days of your Separation Date, all Triumph property and equipment, including but not limited to any documents or files containing Confidential Information, computers, keys, badges, manuals, credit cards, Company or customer data or documents (electronic or paper and including all copies), phones, parking passes and any other property belonging to the Company or any Released Party.

  13.Cooperation. You agree to make yourself available, attend meetings, give testimony, and otherwise cooperate as reasonably requested by Triumph regarding any litigation, arbitration, administrative proceedings, investigations or other matters of a similar nature involving Triumph of which you had knowledge or are alleged to have had knowledge. Triumph shall provide reimbursement for reasonable expenses associated with this provision. Nothing in this Agreement shall preclude you from responding truthfully to any valid subpoena or from cooperating fully with any governmental investigation, action or proceeding.

  14.Acknowledgement of Release of Age Claims:  You acknowledge and agree that the release of claims under the ADEA is subject to special waiver protections under 29 U.S.C. § 626(f).  In accordance with 

   

  

  				 

   

  that section, you specifically agree that you are knowingly and voluntarily releasing and waiving any rights or claims of discrimination under the ADEA.  By signing this Agreement, you acknowledge that:

  a.You have had at least 21 days to consider the terms of this Agreement and whether or not you should sign it, and if you should execute this Agreement prior to the expiration of the 21-day consideration period, you knowingly and voluntarily waive your right to consider this Agreement for 21 days.

  b.The Company has advised you, and hereby advises you, in writing that you should consult with an attorney of your own choosing prior to signing this Agreement, and that you have consulted with, or have had sufficient opportunity to consult with, an attorney of your own choosing regarding the terms of this Agreement. 

  c.You are waiving valuable legal rights and releasing the Company of all claims which may have existed prior to or contemporaneously with the execution of this Agreement, except for those obligations expressly stated in this Agreement, and that you are not waiving any claims that may arise after the date you sign this Agreement. 

  d.You have not relied upon any representation or statement made by the Company or any employee or other person on behalf of the Company with regard to the subject matter, meaning or effect of this Agreement and that no statements made by the Company have in any way unduly coerced or influenced you to execute this Agreement.

  e.You have read this Agreement, it has been written in a manner that is easy to understand, and you fully understand its terms.

  f.Except as provided in this Agreement, you have no right or claim, contractual or otherwise, to any or all of the benefits described in section 2 or 3 of this Agreement. 

  g.This Agreement does not reflect any admission by the Company of any liability or wrongdoing.

  h.You must sign and return the Agreement to the Human Resources Department within 21 days after your receipt of this Agreement, but in no event prior to the Separation Date, and you further understand and agree that even if you do sign this Agreement, you have the right to revoke it by delivering a notice of revocation in writing to me by mail, personal delivery, or facsimile within seven (7) calendar days of your signing the Agreement. Because you have this right, this Agreement shall not become effective or enforceable until the eighth (8th) calendar day after it is signed by you and has not been revoked. The offer contained in this Agreement will automatically expire if this Agreement, fully executed by you, is not received within twenty-one (21) days of your receipt of this Agreement.

  i.You understand and agree that nothing in the Agreement impairs your right to challenge the waiver of your ADEA claims as permitted by law.

  15.Medicare Lien Provision:  You affirm, covenant, and warrant that you are not a Medicare beneficiary and are not currently receiving, have not received in the past, will not have received at the time of payment pursuant to this Agreement, are not entitled to, are not eligible for, and have not applied for or sought Social Security Disability or Medicare benefits.  In the event any statement in the preceding sentence is incorrect (for example, but not limited to, if you are a Medicare beneficiary, etc.), the following sentences apply.  You affirm, covenant, and warrant that you have made no claim for illness or injury against, nor are you aware of any facts supporting any claim against the Company and/or Released Parties or under which the Company and/or Released Parties could be liable for medical expenses incurred by you before or after the execution of this Agreement.  Furthermore, you are aware of no medical expenses which Medicare has paid and for which the Company and/or Released Parties are or could be liable now or in the future. You agree and affirm that, to the best of your knowledge, 

   

  

  				 

   

  no liens of any governmental entities, including those for Medicare conditional payments, exist. You will indemnify, defend, and hold the Company and/or Released Parties harmless from Medicare claims, liens, damages, conditional payments, and rights to payment, if any, including attorneys’ fees, and you further agree to waive any and all future private causes of action for damages pursuant to 42 U.S.C. § 1395y(b)(3)(A) et seq.

  16.Compliance with Code Section 409A.  This Agreement is intended to satisfy the requirements of Code Section 409A and the Treasury Regulations issued thereunder (together, “Section 409A”) with respect to amounts subject thereto, and shall be interpreted and construed consistent with such intent (including that any ambiguities or ambiguous terms in this Agreement will be interpreted to comply with or otherwise be exempt from Section 409A) so that none of the payments described in this Agreement will be subject to the additional tax imposed under Section 409A.  Each installment payment of compensation pursuant to this Agreement shall be treated as a separate payment of compensation for purposes of applying Section 409A.   If any payment subject to Section 409A is contingent on the delivery of a release by you and could occur in either of two years, the payment will occur in the later year. Notwithstanding anything in this Agreement to the contrary, in the event that you are deemed to be a “specified employee” within the meaning of Section 409A(a)(2)(B)(i), no payments subject to Section 409A that are made by reason of your “separation from service” within the meaning of Section 409A shall be made to you  (or your estate) prior to the date that is six (6) months after the date of your “separation from service” or, if earlier, your date of death.  Immediately following any applicable six (6) month delay, all such delayed payments will be paid to you (or your estate) in a single lump sum.  That said, Triumph does not and cannot guarantee any particular tax treatment for amounts payable hereunder. Except for Triumph’s responsibility to withhold applicable income and employment taxes from amounts payable to you hereunder, Triumph shall not be responsible for the payment of any applicable taxes incurred by you on amounts paid or provided to you under this Agreement and in no event shall Triumph have any responsibility or liability if this Agreement does not meet any applicable requirements of Code Section 409A. Under no circumstances may the time or schedule of any payment made or benefit described in this Agreement be accelerated or subject to further deferral except as otherwise permitted under Section 409A.

  17.Entire Agreement. This Agreement is the only agreement between you and Triumph regarding post-employment compensation and benefits, and the separation of your employment from Triumph, and it supersedes all prior discussions and agreements regarding your separation and post-employment compensation and benefits. The terms of this Agreement are severable, and if any part or subpart is found to be unenforceable, the other terms shall remain in full force and effect and are valid and enforceable.

  18.Applicable Law. This Agreement shall be interpreted and construed by the laws of the State of Pennsylvania, without regard to conflict of law provisions. You agree that any action or proceeding arising out of or related to this Agreement shall be commenced in federal or state court in Pennsylvania.

  19.Executive Physical.  Triumph hereby confirms that it has pre-paid that cost of an executive physical for you to have performed within 6 months following the date of this Agreement. 

  Thank you for your service and support to Triumph.

   

  Sincerely,

  /s/ Katie J. Rykal

  Katie J. Rykal

  Vice President, Human Resources

   

   

  

  				 

   

  If the terms of this Agreement are acceptable to you, please sign and date a copy of this Agreement and return it to me.

   

   

  /s/ William Kircher				

  William Kircher

   

   

  May 31, 2022					

  DateExhibit 10.18

 

NUSCALE POWER, LLC

 

AGREEMENT TO TERMINATE EMPLOYMENT AGREEMENT

 

This Agreement to Terminate Employment Agreement
(this “Agreement”), dated _______, 2022, is between NuScale Power, LLC, an Oregon limited liability company (the “Company”),
and _______________ (“Executive”).

 

RECITALS

 

A.       The
Company and Executive are parties to the Employment Agreement, dated _________, 20___ (the “Employment Agreement”).

 

B.       The
Company is party to an Agreement and Plan of Merger, dated December 13, 2021 (as amended and as it may be further amended, the “Merger
Agreement”), with Spring Valley Acquisition Corp., a Cayman Islands exempted company (“Spring Valley”), and Spring Valley
Merger Sub, LLC, an Oregon limited liability company.

 

C.       Upon
closing the transactions contemplated by the Merger Agreement (the “Transactions”), the Company will be wholly controlled
by Spring Valley, which will redomicile in Delaware and change its name to NuScale Power Corporation (“NuScale”), and the
members of the Board of Managers of the Company (the “Board”) will be elected to, and constitute a majority of, the Board
of Directors of NuScale.

 

D.       From
and after the closing of the Transactions, shares of NuScale’s Class A Common Stock will be registered with the U.S. Securities
and Exchange Commission and will be publicly traded on a U.S. national securities exchange.

 

E.       The
Board has determined that the Company and Executive should make certain changes to the relationship between Executive, the Company and
NuScale effective upon the closing of the Transactions.

 

F.       The
Company and Executive desire to terminate the Employment Agreement on the terms and subject to the conditions set forth in this Agreement.

 

G.       Following
the closing of the Transactions, Executive will continue to be an at-will employee of the Company.

 

AGREEMENT

 

In consideration of the foregoing
premises, the reliance by each of the parties hereon, the mutual covenants herein contained, and for other good and valuable consideration,
the receipt and sufficiency of which hereby are acknowledged, the parties hereby agree as follows:

 

1.       Termination. The
Employment Agreement shall, automatically and with no further action by the parties hereto, terminate and shall have no further
force or effect, effective as of and subject to and conditioned on the closing of the Transactions pursuant to the Merger Agreement.
Upon such termination, neither the Company nor Executive shall have any further rights or obligations under the Employment
Agreement, including any rights or obligations under the NuScale Power, LLC Change in Control Plan (“CIC Plan”)
referenced in the Employment Agreement, if applicable to Executive; provided, however that the Company will pay Executive any
Base Salary already earned under the Employment Agreement as of the closing of the Transactions at the Company’s next regular
payroll date. For avoidance of doubt, Executive shall not be entitled to any severance pay, COBRA reimbursement, or death benefits,
now or in the future, under the Employment Agreement; Executive’s right to severance, if any, shall be governed exclusively by
the Severance Policy or the CIC Policy (each as defined below), as applicable.

 

     

     

    

 

 

2.       Change
in Control and Severance. From and after, and subject to and conditioned on, the closing of the Transactions pursuant to the Merger
Agreement, Executive shall be subject to and bound by the terms of the Executive Change in Control Policy attached hereto as Exhibit A
(“CIC Policy”), which CIC Policy shall not become effective unless and until the closing of the Transactions pursuant to the
Merger Agreement has occurred. From and after, and subject to and conditioned on, the closing of the Transactions pursuant to the Merger
Agreement, Executive shall be subject to and bound by the terms of the Executive Severance Policy attached hereto as Exhibit B (“Severance
Policy”), as it may be modified or revised from time to time as provided therein. Executive acknowledges that by executing and delivering
this Agreement to the Company, Executive is agreeing to be bound by and subject to the terms of the Severance Policy from and after the
closing of the Transactions pursuant to the Merger Agreement.

 

3.       Bonus.
By no later than the date which is 90 days after the closing date of, and subject to and conditioned on the closing of, the Transactions
pursuant to the Merger Agreement, the Company (or NuScale on behalf of the Company) shall pay Executive a bonus in the amount equal to
75% of Executive’s annual base salary as of the date of this Agreement.

 

4.         
Release and Waiver. Effective on, and subject to and conditioned on, the closing of the Transactions pursuant to the Merger
Agreement, Executive hereby releases and discharges the Company, NuScale and each of their past, present and future members, shareholders,
managers, directors, officers, employees, affiliates and agents from any and all causes of action, claims, demands, damages, and liabilities
of any kind, whether known or unknown, and including but not limited to claims for breach of contract, under, in any way arising from
or in connection with the Employment Agreement and/or the CIC Plan. The release and discharge set forth in this paragraph does not extend
to, and shall in no way limit or preclude causes of action, claims, demands, damages or liabilities with respect to this Agreement or
the obligations of the Company under this Agreement.

 

Executive agrees that this Agreement
shall act as a release of future claims that may arise from the matters that are its subject, whether such claims are currently
known, unknown, foreseen, or unforeseen, notwithstanding any provision under applicable law which provides that a general release
does not extend to claims which the creditor or releasing party does not know or suspect to exist in the creditor’s or
releasing party’s favor at the time of executing the release and that, if known by the creditor or releasing party, would have
materially affected the settlement of the creditor or releasing party with the debtor or released party. Executive
hereby waives and relinquishes in full any and all rights and benefits Executive may have under, or which may be conferred on
Executive by the provisions of any such law to the fullest extent that Executive may lawfully waive such rights or benefits
pertaining to the released matters.

 

    2

     

    

 

 

5.       Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the parties to this Agreement and their respective successors
and assigns.

 

6.       Severability.
If any provision in this Agreement shall be invalid, illegal or unenforceable in any respect, the validity of the remaining provisions
contained in this Agreement shall not be affected and shall be enforced to the fullest extent permitted by law.

 

7.       Amendment.
Any agreement made after the date of this Agreement is ineffective to modify or amend the terms of this Agreement, in whole or in part,
unless that agreement is in writing, is signed by the parties to this Agreement, and specifically states that such agreement modifies
this Agreement.

 

8.       Counterparts.
This Agreement may be executed in any number of counterparts and each counterpart shall be deemed to be an original document. All executed
counterparts together shall constitute one and the same document, and any counterpart signature pages may be detached and assembled to
form a single original document.

 

9.       Joint
Drafting. This Agreement is a jointly negotiated work product and authorship shall not be ascribed to any particular party.

 

10.       Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the state of Oregon without regard to any conflicts
of law provision in any jurisdiction that would cause the law of any jurisdiction other than the state of Oregon to govern.

 

[Signatures on Following Page]

 

    3

     

    

 

 

The Company and Executive have executed this Agreement
to Terminate Employment Agreement as of the date first set forth above.

 

	THE COMPANY:	 
	 	 
	NuScale Power, LLC	 
	  	 
	By	 	 
	 	John L. Hopkins	 
	 	Chief Executive Officer	 

  

EXECUTIVE:

  

	Signature:	 	 

 

	Print Name:	 	 

 

[Signature Page to Agreement
to Terminate Employment Agreement]

 

     

     

    

 

Exhibit A

 

Executive Change in Control Policy

 

[see attached]

 

    A-1

     

    

 

 

 

 

CHANGE
IN CONTROL PLAN

 

THIS
CHANGE IN CONTROL PLAN is effective as of                           ,
2022 (the “Effective Date”) and is applicable to all NuScale Power Executives. It is intended to give guidance regarding
possible personnel actions following a change in control.

 

SECTION 1: DEFINITIONS

 

All terms defined in this Section 1
will, throughout this Plan, have the meanings given herein:

 

		(a)	"Annual
                                            Incentive Plan" means the Company’s incentive plan pursuant to which annual
                                            incentives are granted, including any successor plan thereto.

 

		(b)	"Board"
                                            means the board of directors of the Company.

 

		(c)	"Base
                                            Salary" means on the date of determination, the annual base salary then in effect
                                            for Executive (but not less than the highest annual base salary paid to Executive during
                                            any of the three (3) years immediately preceding the date of Executive’s Qualifying
                                            Termination).

 

		(d)	"Bonus"
                                            means the annual incentive amount payable to Executive, if any, under the Annual Incentive
                                            Plan.

 

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

 

Executive
will not be deemed to have been terminated for Cause unless and until there has been delivered to Executive written notice that Executive
has engaged in conduct constituting Cause. The determination of Cause will be made by the Executive’s immediate supervisor.

 

		(f)	"Change
                                            in Control" means any of any of the following events:

 

		(i)	25%
                                            Ownership Change: any "person" or group (as defined in section 3(a)(9)
                                            of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
                                            and as modified in section 13(d) and 14(d) of the Exchange Act), together with their affiliates
                                            and associates (both as defined in Rule 12b-2 under the Exchange Act) other than (A)
                                            the Company or any of its Subsidiaries, (B) any employee benefit plan of the Company or any
                                            of its Subsidiaries, or the trustee or other fiduciary holding securities under any such
                                            employee benefit plan, (C) a company owned, directly or indirectly, by shareholders of the
                                            Company in substantially the same proportions as their ownership of the Company or (D) an
                                            underwriter temporarily holding securities pursuant to an offering of such securities becomes
                                            the "beneficial owner" (as defined in Rule 13d-3 of the Exchange Act), directly
                                            or indirectly, through one single transaction or group of related transactions, of more than
                                            twenty-five percent (25%) of either (1) the then-outstanding shares of common stock of the
                                            Company or (2) the combined voting power of the then outstanding voting securities of the
                                            Company entitled to vote generally in the election of the Board; provided, however,
                                            that such a twenty-five percent (25%) ownership change will not be deemed to have occurred
                                            in the event that the shareholders of the Company on the date of such ownership change continue
                                            to own at least seventy-five percent (75%) of the equity and the combined voting power of
                                            any holding company of which the Company becomes a wholly-owned direct or indirect subsidiary
                                            following such ownership change; or

 

    

     

    

 

		(ii)	Board
                                            Majority Change: as the result of any cash tender or exchange offer, merger or other
                                            business combination or transaction, including a transaction described in Section 1(g)(i),
                                            (iii) or (iv) of this Plan, or any combination of the foregoing transactions (a “Transaction”),
                                            individuals who as of the date that is ninety (90) days preceding the date of the Transaction,
                                            constitute the members of the Board (the "Incumbent Directors") cease
                                            for any reason other than due to (A)  death or (B) disability or mandatory retirement,
                                            as determined in accordance with applicable Company personnel
                                            policies, to constitute at least a majority of the members of the Board, provided
                                            that any director who was nominated for election or was elected with the approval of at least
                                            a majority of the members of the Board who are at the time Incumbent Directors will be considered
                                            an Incumbent Director unless such individual’s initial assumption of office occurs
                                            as a result of an actual or threatened election contest with respect to the election or removal
                                            of directors or other actual or threatened solicitation of proxies or consents by or on behalf
                                            of a person other than the Board; or

 

		(iii)	Merger
                                            or Acquisition: the Company will have merged into or consolidated with another corporation,
                                            or merged another corporation into the Company, on a basis whereby less than fifty percent
                                            (50%) of the total voting power of the surviving corporation is represented by shares held
                                            by stockholders of the Company immediately prior to such merger or consolidation; or

 

		(iv)	Asset
                                            Disposition: the consummation of a sale or disposition by the Company of all or substantially
                                            all of the Company’s assets, other than a sale or disposition if the holders of the
                                            voting securities of the Company outstanding immediately prior thereto hold securities immediately
                                            thereafter which represent more than a majority of the combined voting power of the voting
                                            securities of the acquirer, or parent of the acquirer, of such assets.

 

		(g)	"Code"
                                            means the Internal Revenue Code of 1986, as amended.

 

		(h)	"Company"
                                            means NuScale Power Corporation, and any successor thereto which assumes and agrees to perform
                                            this Plan by operation of law, or otherwise.

 

		(i)	"Compensation"
                                            means the greater of (a) the sum of Executive’s Base Salary plus Target Bonus
                                            determined immediately prior to the date on which a Change in Control occurs, or (b) the
                                            sum of Executive’s Base Salary plus Target Bonus determined immediately prior to the
                                            date of the Qualifying Termination.

 

    - 2 -

     

    

 

		(j)	"Compensation
                                            Committee" means the Organization and Compensation Committee of the Board.

 

		(k)	"Equity
                                            Plan" means any equity-compensation plan maintained by the Company or a Subsidiary
                                            under which Executive received equity-based awards, such as stock options, restricted stock
                                            units, performance units or restricted stock.

 

		(l)	"Good
                                            Reason" means that within the six (6) month period preceding the Executive's termination,
                                            one or more of the following conditions arose and the Executive notified the Company of such
                                            condition within 90 days of its occurrence and the Company did not remedy such condition
                                            within 30 days:

 

		(i)	a
                                            material diminution of Executive’s aggregate compensation (including, without limitation,
                                            Base Salary, or annual bonus opportunity);

 

		(ii)	a
                                            material diminution of Executive’s authority, duties or responsibilities1;

 

		(iii)	a
                                            material diminution of the budget over which Executive retains authority; or

 

		(iv)	any
                                            other action or inaction that constitutes a material breach by the Company of the agreement
                                            under which Executive provides services (e.g., failure of successor to assume this
                                            Plan or breach of same);

 

		(m)	"IRS"
                                            means the Internal Revenue Service.

 

	(n)	"Qualifying
                                            Termination Within 2 Years of Change of Control" means any termination of Executive’s
                                            employment with the Company or any Affiliate that is a "Separation from Service"
                                            (within the meaning of section 409A of the Code and Treasury Regulation § 1.409A-1(h)(3)
                                            (or any successor regulations or guidance thereto)) that occurs within two (2) years after
                                            the date upon which a Change in Control occurs by reason of (a) Executive’s involuntary
                                            termination of employment without Cause or (b) Executive’s resignation from employment
                                            for Good Reason.

 

		(o)	"Subsidiary"
                                            means any entity in which the Company, directly or indirectly, possesses 50% or more of the
                                            total combined voting power of all classes of its stock.

 

		(p)	"Target
                                            Bonus" means Executive’s target incentive award opportunity under the Annual
                                            Incentive Plan in effect for the year with respect to which the target bonus amount is being
                                            determined or, if no such plan is then in effect, for the last year in which such a plan
                                            was in effect.

 

		(q)	"Waiver
                                            and Release" means a legal document, substantially in the form attached hereto as
                                            Attachment A, in which Executive, in exchange for severance benefits described in
                                            Section 2, among other things, releases the Company, its Subsidiaries and their Affiliates,
                                            their respective directors, officers, employees and agents, and their respective employee
                                            benefit plans and the fiduciaries and agents of said plans from liability and damages in
                                            any way related to Executive’s employment with or separation from the Company.

 

 

1 “a
material diminution of Executive’s authority, duties or responsibilities; provided, however, that an event that causes Executive
to have an additional layer of reporting but does not otherwise affect Executive’s position shall not be considered a material
diminution of Executive’s authority, duties or responsibilities for purposes of this definition.”

 

    - 3 -

     

    

 

		(r)	"Welfare
                                            Benefit Coverage" means each of the group medical, dental and vision benefit coverages
                                            provided by the Company in which Executive and Executive’s eligible dependents, if
                                            any, are participating immediately preceding the date of Executive’s Qualifying Termination.

 

SECTION 2: SEVERANCE BENEFITS

 

If a NuScale Executive
experiences a Qualifying Termination [section 1(n) ], then, subject to the Waiver and Release requirement in Section 2(i) below, Executive
will be entitled to receive, as additional compensation for services rendered to the Company (including its Subsidiaries and Affiliates),
the following severance benefits:

 

		(a)	Cash
                                            Severance Amount: A lump sum cash payment of 100-150% of base pay made to Executive,
                                            subject to applicable withholding for income and employment taxes. The subject amount is
                                            dependent on the level of the Executive as defined the Change in Control Policy. Such cash
                                            severance payment will be paid by the sixtieth (60th) day following Executive’s Qualifying
                                            Termination, but only if the Waiver and Release described in Section 2(i) has been timely
                                            executed and returned and the Waiver and Release Revocation Period has expired.

 

		(b)	Accrued
                                            Obligations: Executive will be entitled to payment of all accrued Base Salary, accrued
                                            time off and any other accrued and unpaid obligations as of the date of the Qualifying Termination.
                                            Such accrued obligations will be paid in a lump sum, subject to applicable withholding for
                                            income and employment taxes, as soon as practicable following the date of Executive’s
                                            Qualifying Termination in accordance with the Company’s normal payroll policies and
                                            practices.

 

		(c)	Pro-Rated
                                            Earned Bonus: Unless the provisions of Section 3 (regarding the successor’s failure
                                            to assume the Annual Incentive Plan) apply, Executive will be entitled to payment of the
                                            Bonus earned in accordance with the terms of the Annual Incentive Plan as acted on by the
                                            Compensation Committee during the Company’s fiscal year of the Qualifying Termination.
                                            Such Bonus will be pro-rated as a fraction of twelve (12) for full or partial months worked
                                            by Executive for the Company during such fiscal year and will be paid to Executive, at the
                                            time and in the same manner specified in the Annual Incentive Plan.

 

		(d)	Welfare Benefit
                                            Coverage: Executive will be entitled to continued Welfare Benefit Coverage on the same
                                            basis as similarly situated active executives of the Company for Executive and his or her
                                            eligible dependents as defined the Change of Control Policy. Executive and his or her covered
                                            dependents, if any, will be required to pay on an after-tax basis that portion of the premium
                                            cost paid by similarly situated executives for active employee coverage to retain such coverages
                                            and the Company paid portion of the premium for such coverages will be imputed as income
                                            and reported as wages to Executive. In all other respects Executive and his or her dependents
                                            will be treated the same as other participants under the terms of such plans. The Welfare
                                            Benefit Coverage provided to Executive and his or her dependents pursuant to this Section
                                            2(d) will run concurrently with any coverage available to Executive and such dependents are
                                            entitled to elect under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended
                                            ("COBRA"), and Executive and such dependents will be provided with notice
                                            of their COBRA rights, if any, within 30 days of termination.

 

    - 4 -

     

    

 

		(e)	Outplacement:
                                            Executive will be entitled to reimbursement of any expenses reasonably incurred by Executive
                                            during the twelve (12) month period following Executive’s Qualifying Termination for
                                            outplacement services in an amount up to twenty-five thousand dollars ($25,000). Reimbursement
                                            of such expenses will be made upon Executive’s substantiation of such outplacement
                                            expenses; provided, however, that in no event will reimbursement be made later than
                                            March 15 of the year following the year in which Executive incurs the substantiated expenses.

 

		(f)	Payment
                                            of Legal Expenses. Executive will be entitled to reimbursement of any legal expenses
                                            reasonably incurred by Executive in order to obtain benefits under this Plan; provided, that,
                                            the payment of such expenses is subject to an arms-length, bona fide dispute as to Executive's
                                            right to such benefits. Such reimbursements will be made on a regular, periodic basis upon
                                            Executive’s substantiation of such legal expenses; provided, however, that in
                                            no event will reimbursement be made later than March 15 of the year following the year in
                                            which Executive incurs the expenses unless Executive is a “Specified Employee”
                                            within the meaning of section 409A of the Code and it is determined that reimbursement of
                                            such expenses is being made by reason of Executive’s "Separation from Service"
                                            (within the meaning of section 409A of the Code and Treasury Regulation § 1.409A-1(h)(3)
                                            (or any successor regulations or guidance thereto) in which case reimbursement of such expenses
                                            will not be made before the day that is six (6) months and one (1) day following Executive’s
                                            Separation from Service. The amount of legal expenses eligible for reimbursement under this
                                            Section 2(f) during a taxable year may not affect the legal expenses eligible for reimbursement
                                            in any other taxable year and the right to reimbursement under this Section 2(f) is not subject
                                            to liquidation or exchange for another benefit.

 

The pendency
of a claim by the Company that a claim or defense of Executive is frivolous or otherwise lacking merit will not excuse the Company from
making periodic payments of legal expenses pursuant to this Section 2(f) until a final determination is made regarding the validity of
Executive’s claim. In the event that a final determination is made that a claim asserted by Executive was frivolous, the portion
of such expenses incurred by Executive as a result of such frivolous claim will become Executive’s sole responsibility and any
funds advanced by the Company will be repaid to the Company. Any failure by the Company to satisfy any of its obligations under this
Section 2(f) will not limit the rights of Executive hereunder. Subject to the foregoing, Executive will have the status of a general
unsecured creditor of the Company and will have no right to, or security interest in, any assets of the Company or any Subsidiary or
Affiliate.

 

		(g)	Equity
                                            Compensation Adjustments. Unless the provisions of Section 3 (regarding the successor’s
                                            failure to assume the Equity Plan) apply, upon a Qualifying Termination in conjunction with
                                            a Change in Control, (i) any equity-based compensation awards, other than performance-based
                                            equity awards, granted to Executive by the Company under an Equity Plan prior to such termination
                                            that are outstanding will, to the extent that the terms of the Equity Plan and its associated
                                            award agreements do not provide for the immediate vesting, exercisability and/or settlement
                                            of such awards, fully vest, and (ii) any performance-based equity awards will be paid to
                                            Employee at 100% of the target value for such award, subject to the requirements of section
                                            409A of the Code to the extent applicable.

 

    - 5 -

     

    

 

		(h)	Executive
                                            will not be entitled to any new-equity based compensation awards following the date of his
                                            or her Qualifying Termination.

 

		(i)	Retention
                                            Awards. Unless the provisions of Section 3 apply (regarding the successor’s failure
                                            to assume the retention awards), upon a Qualifying Termination any outstanding retention
                                            awards granted to Executive which are outstanding will become immediately vested and settled
                                            pursuant to their terms, subject to the requirements of section 409A of the Code, to the
                                            extent applicable.

 

		(j)	Waiver
                                            and Release Requirement. Payment of the benefits under this Section 2 is subject to Executive’s
                                            timely execution and return of the Waiver and Release to the Company, without subsequent
                                            revocation during the seven (7)-day period following such execution date (the "Waiver
                                            and Release Revocation Period"), as provided in this Section 2(i). Executive will
                                            have fifty (50) days following (i) his or her Qualifying Termination date to consider, execute
                                            and return the Waiver and Release to the Company and will then have the right to revoke the
                                            Waiver and Release during the Waiver and Release Revocation Period. If Executive fails to
                                            timely execute and return the Waiver and Release to the Company or revokes such Waiver and
                                            Release during the Waiver and Release Revocation Period, then Executive will forfeit, and
                                            will not be entitled to, any of the benefits described in this Section 2 (other than the
                                            amounts described in Section 2(b)).

 

SECTION 3: TARGET BONUS PAYMENT,
RETENTION AWARDS AND EQUITY CASHOUT

 

In the event that
the successor to the Company does not assume the Annual Incentive Plan, and irrespective of whether Executive incurs a Qualifying Termination,
Executive will be entitled to receive a lump sum cash payment in an amount equal to the Target Bonus in effect at the time of the Change
in Control, subject to applicable withholding for income and employment taxes. Such Target Bonus will be paid within five (5) business
days following the date of the Change in Control. In the event the successor to the Company does not assume any outstanding retention
awards as of the date of the Change in Control, then such awards will become immediately fully vested and settled at the time of such
Change in Control, subject to the requirements of section 409A of the Code to the extent applicable. In the event the successor to the
Company does not assume the Equity Plan or grant comparable awards in substitution of the outstanding awards under the Equity Plan as
of the date of the Change in Control, then any equity-based compensation awards granted to Executive by the Company under Equity Plan
and outstanding as of the date of the Change in Control, other than performance-based equity awards, will become immediately fully vested
and/or exercisable and will no longer be subject to a substantial risk of forfeiture or restrictions on transferability, other than those
imposed by applicable legislative or regulatory requirements, including the provisions of section 409A of the Code to the extent applicable.
In the event the successor to the Company does not assume any outstanding retention awards as of the date of the Change in Control, any
performance-based equity compensation awards granted to Executive by the Company under the Equity Plan and outstanding as of the date
of the Change in Control will become fully vested at a rate determined under the Equity Plan as if the target performance measures were
met and will be settled at the time of such Change in Control, subject to applicable legislative or regulatory requirements, including
the provisions of section 409A of the Code to the extent applicable.

 

    - 6 -

     

    

 

SECTION 4: SECTION 280G

 

		(a)	Adjustment
                                            for 280G Excise Tax. In the event payments to Executive pursuant to this Plan (when considered
                                            with all other payments made to Executive as a result of a Change in Control that are subject
                                            to section 280G of the Code) (the amount of all such payments, collectively, the "Parachute
                                            Payment") results in Executive becoming liable for the payment of any excise taxes
                                            pursuant to section 4999 of the Code, together with any interest or penalties with respect
                                            to such excise tax ("280G Excise Tax"), then theCompany will automatically
                                            reduce (the “Reduction”) Executive’s Parachute Payment to the minimum
                                            extent necessary to prevent the Parachute Payment (after the Reduction) from being subject
                                            to the Excise Tax, but only if, by reason of the Reduction, the after-tax benefit of the
                                            reduced Parachute Payment exceeds the after-tax benefit if such Reduction were not made.
                                            If the after-tax benefit of the reduced Parachute Payment does not exceed the after-tax benefit
                                            if the Parachute Payment is not reduced, then the Reduction will not apply. If the Reduction
                                            is applicable, the Parachute Payment will be reduced in such a manner that provides Executive
                                            with the best economic benefit and, to the extent any portions of the Parachute Payment are
                                            economically equivalent with each other, each will be reduced pro rata.

 

		(b)	Determination
                                            of Adjustment. All determinations required to be made under Section 4(a), including the
                                            after-tax benefit and calculation of the Reduction, will be made by a nationally recognized
                                            certified public accounting firm that is selected by the Company (the “Accounting
                                            Firm”), which may be the Company’s independent auditors. In the event that
                                            the Accounting Firm is serving as accountant or auditor for the individual, entity or group
                                            effecting the Change in Control or the Accounting Firm declines or is unable to serve, Executive
                                            will appoint another nationally recognized certified public accounting firm, which is reasonably
                                            agreed to by the Company, to make the determinations required hereunder (which accounting
                                            firm will then be referred to as the Accounting Firm hereunder). In the event that the Accounting
                                            Firm determines that no Excise Tax is payable by Executive, either with or without application
                                            of the Reduction under Section 4(a), then the Accounting Firm will furnish Executive with
                                            a written opinion that failure to report the Excise Tax on Executive’s applicable federal
                                            income tax return would not result in the imposition of a negligence or similar penalty.
                                            If the Reduction is applicable, the Company will provide Executive with a written summary
                                            of the portions of the Parachute Payment that will be reduced. All fees and expenses of the
                                            Accounting Firm will be borne solely by the Company. All determinations by the Accounting
                                            Firm made under this Section 4(b) will be binding upon the Company and Executive.

 

SECTION 5: CONFIDENTIALITY

 

Executive acknowledges that
pursuant to this Plan, the Company agrees to provide Executive Confidential Information regarding the Company and the
Company’s business and has previously provided him or her other such Confidential Information. In return for this and other
consideration, provided under this Plan, Executive agrees that he or she will not, while employed by the Company and thereafter,
disclose or make available to any other person or entity, or use for his or her own personal gain, any Confidential Information,
except for such disclosures as required in the performance of Executive’s duties hereunder as may otherwise be required by law
or legal process (in which case Executive will notify the Company of such legal or judicial proceeding as soon as practicable
following Executive’s receipt of notice of such a proceeding, and permit the Company to seek to protect its interests and
information). For purposes of this Plan, "Confidential Information" means any and all information, data and
knowledge that has been created, discovered, developed or otherwise become known to the Company or any of its Affiliates,
Subsidiaries or ventures or in which property rights have been assigned or otherwise conveyed to the Company or any of its
Affiliates, Subsidiaries or ventures, which information, data or knowledge has commercial value in the business in which the Company
is engaged, except such information, data or knowledge as is or becomes known to the public without violation of the terms of this
Plan. By way of illustration, but not limitation, Confidential Information includes business trade secrets, secrets concerning the
Company’s plans and strategies, nonpublic information concerning material market opportunities, technical trade secrets,
processes, formulas, know-how, improvements, discoveries, developments, designs, inventions, techniques, marketing plans, manuals,
records of research, reports, memoranda, computer software, strategies, forecasts, new products, unpublished financial information,
projections, licenses, prices, costs, and employee, customer and supplier lists or parts thereof.

 

    - 7 -

     

    

 

SECTION 6: RETURN OF PROPERTY

 

Executive agrees
that at the time of leaving the Company’s employ, Executive will deliver to the Company (and will not keep in Executive’s
possession, recreate or deliver to anyone else) all Confidential Information as well as all other devices, records, data, notes, reports,
proposals, lists, correspondence, specifications, drawings, blueprints, sketches, materials, equipment, customer or client lists or information,
or any other documents or property (including all reproductions of the aforementioned items) belonging to the Company or any of its Affiliates,
Subsidiaries or ventures, regardless of whether such items were prepared by Executive.

 

SECTION 7: NON-SOLICITATION AND NON-COMPETITION
AND NONDISPARAGEMENT

 

		(a)	Non-Solicitation.
                                            In return for the consideration provided under this Plan, including, but not limited to the
                                            Company’s agreement to provide Executive with Confidential Information (as defined
                                            in Section 6) regarding the Company and the Company’s business, Executive agrees that
                                            while employed by the Company and for one (1) year following a Qualifying Termination Executive
                                            will not, without the prior written consent of the Company, directly or indirectly, (i) hire
                                            or induce, entice or solicit (or attempt to induce, entice or solicit) any employee of the
                                            Company or any of its Subsidiaries, Affiliates or ventures to leave the employment of the
                                            Company or any of its Subsidiaries, Affiliates or ventures or (ii) solicit or attempt to
                                            solicit the business of any customer or acquisition prospect of the Company or any of its
                                            Affiliates or ventures with whom Executive had any actual contact while employed at the Company.

 

		(b)	Non-Competition.
                                            Additionally, in return for the consideration provided under this Plan, including, but not
                                            limited to the Company’s agreement to provide Executive with Confidential Information
                                            regarding the Company and the Company’s business, Executive agrees that while employed
                                            by the Company and for one (1) year following a Qualifying Termination Executive will not,
                                            without the prior written consent of the Company, acting alone or in conjunction with others,
                                            either directly or indirectly, engage in any business that is in competition with the Company
                                            or accept employment with or render services to such a business as an officer, agent, employee,
                                            independent contractor or consultant, or otherwise engage in activities that are in competition
                                            with the Company.

 

		(c)	Geographic
                                            Restrictions. The restrictions contained in this Section 8 are limited to the geographic
                                            areas in which Executive performed duties on behalf of the Company or about which Executive
                                            possessed Confidential Information during the twelve (12) months prior to Executive’s
                                            Qualifying Termination.

 

		(d)	Nondisparagement.
                                            Executive agrees that Executive will not disparage the Company, the Board, the Company’s
                                            executives, the Company’s employees and the Company’s products or services during
                                            the term of this Plan and thereafter. The Company likewise agrees that it will not disparage
                                            Executive during the term of this Plan and thereafter. For purposes of this Section 8(d),
                                            disparagement does not include (i) compliance with legal process or subpoenas to the extent
                                            only truthful statements are rendered in such compliance attempt, (ii) statements in response
                                            to an inquiry from a court or regulatory body, or (iii) statements or comments in rebuttal
                                            of media stories.

 

    - 8 -

     

    

 

		(e)	Forfeiture
                                            Provision. If Executive violates any of the covenants and restrictions contained in this
                                            Section 8 or the confidentiality provisions of Section 6, Executive must pay to the Company
                                            the full amount of the severance benefits received by Executive pursuant to Section 2 (other
                                            than Section 2(b)) or such lesser amount as determined to be the maximum reasonable and enforceable
                                            amount by a court or arbitrator. The provisions of this Section 8(e) are in addition to any
                                            forfeiture provisions of other Company plans, programs or agreements applicable to Executive.
                                            Executive specifically recognizes and affirms that this Section 8 is a material part of this
                                            Plan without which the Company would not have entered into this Plan. Executive further covenants
                                            and agrees that if all or any part or application of this Section 8 is held or found invalid
                                            or unenforceable for any reason whatsoever by a court of competent jurisdiction or arbitrator
                                            in an action between Executive and the Company, then Executive will promptly pay to the Company
                                            the amount of the severance benefits received by Executive pursuant to Section 2, or such
                                            lesser amount as is determined to be the maximum reasonable and enforceable amount by a court
                                            or arbitrator, as applicable.

 

		(f)	Reasonableness
                                            of Restrictions. Executive acknowledges that these restrictive covenants under this Plan,
                                            for which Executive received valuable consideration from the Company as provided in this
                                            Plan, including, but not limited to the Company’s agreement to provide Executive with
                                            Confidential Information regarding the Company and the Company’s business are ancillary
                                            to otherwise enforceable provisions of this Plan that the consideration provided by the Company
                                            gives rise to the Company’s interest in restraining Executive from competing and that
                                            the restrictive covenants are designed to enforce Executive’s consideration or return
                                            promises under this Plan. Additionally, Executive acknowledges that these restrictive covenants
                                            contain limitations as to time, geographical area, and scope of activity to be restrained
                                            that are reasonable and do not impose a greater restraint than is necessary to protect the
                                            goodwill or other legitimate business interests of the Company, including, but not limited
                                            to, the Company’s need to protect its Confidential Information.

 

		(g)	Enforcement
                                            and Remedies. Should a court of competent jurisdiction or arbitrator find that the restrictive
                                            covenants are unreasonable, Executive and the Company agree that the court or arbitrator
                                            will revise the restrictive covenants to restrict Executive’s activities for the maximum
                                            period, scope or geographic area permitted by law. Because Executive’s services are
                                            unique and due to Executive’s receipt of the Confidential Information, Executive and
                                            the Company agree that the Company would suffer imminent, irreparable harm from a breach
                                            of this Section 8 as well as the non-disclosure provisions of Section 6 and monetary damages
                                            would not provide an adequate remedy for a breach of Sections 6  and 8. Therefore, in
                                            the event of a breach or threatened breach, the Company is entitled to specific performance,
                                            injunctive relief and/or equitable relief from a court of competent jurisdiction in order
                                            to enforce this Plan and prevent a breach of Sections 6 and 8 of this Plan.

 

    - 9 -

     

    

 

SECTION 7: CONFLICTS WITH OTHER PLANS
AND/OR AGREEMENTS

 

In the event that
Executive becomes entitled to benefits under a prior or subsequent agreement or plan pertaining to Executive’s employment by the
Company or any Subsidiary or Affiliate (other than this Plan) or the benefits to which Executive is entitled as a result of such employment
and such benefits conflict with the terms of this Plan, Executive will receive the greater and more favorable of each of the benefits
provided under either this Plan or such other agreement or benefits, on an individual benefit basis, provided, however, that any
such other conflicting payment is payable under its terms in the same calendar year and in the same form as the corresponding benefit
payable under this Plan.

 

SECTION 8: LITIGATION ASSISTANCE

 

Executive agrees
to assist the Company with any litigation matters related to the Company or any of its Subsidiaries or Affiliates as may be reasonably
requested by the Company’s Chief Legal Officer following the date of Executive’s Qualifying Termination. The Company will
reimburse Executive for any reasonable travel or other business expenses incurred in connection with providing such assistance and cooperation.
Executive will provide such services as an independent contractor and such services will be limited solely to those matters with which
Executive is suitably experienced and knowledgeable by reason of Executive’s education, training, background and prior employment
with the Company. The Company and Executive agree to work out reasonable accommodations for the provision of such assistance so that
it does not unreasonably interfere with any of Executive’s personal affairs, business endeavors or future employment. The Company
and Executive agree that the services provided by Executive under this Section 11, if any, will not exceed twenty percent (20%) of the
average level of bona fide services performed by Executive (whether as an employee or an independent contractor of the Company) over
the thirty-six (36) month period (or the full period of services to the Company if Executive has been providing services to the Company
for less than thirty-six (36) months) immediately preceding Executive’s Qualifying Termination date.

 

SECTION 9: PRIOR AGREEMENTS/MODIFICATION

 

This Plan contains
the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, plans or understandings,
whether written or oral, between the parties with respect thereto. This Plan may be amended by an agreement in writing signed by the
parties hereto; provided, however, that, in addition, (i) Executive’s Compensation may be increased at any time by the Company
without in any way affecting any of the other terms and conditions of this Plan which in all other respects will remain in full force
and effect, (ii) the Company may amend this Plan upon written notice to Executive in order to comply with or minimize the adverse impact
of changes in the law (including, without limitation, the avoidance of new regulatory requirements applicable to welfare benefits), provided
that the economic benefits of this Plan as so amended are maintained to the extent reasonably practicable and (iii) the Company may amend
this Plan without the consent of Executive upon written notice to Executive, provided that the amendment is not effective until at least
one year after it is communicated to Executive and a Change in Control has not occurred prior to the effective date of the amendment.
The provisions of this Plan will be binding upon, and will inure to the benefit of, the respective heirs, legal representatives and successors
of the parties hereto. Executive represents to the Company that he or she is not a party to any agreement or subject to any legal restriction
that would prevent him or her from fulfilling his or her duties hereunder.

 

    - 10 -

     

    

 

SECTION 10: 409A

 

It is the intent
of the parties that the provisions of this Plan comply with, or satisfy an exemption from, section 409A of the Code, as specified below.
Accordingly, the parties intend that this Plan be interpreted and operated consistent with such requirements of section 409A in order
to avoid the application of penalty taxes under section 409A to the extent reasonably practicable. The Company will neither cause nor
permit: (a) any payment, benefit or consideration to be substituted for a benefit that is payable under this Plan if such action would
result in the failure of any amount that is subject to section 409A of the Code to comply with the applicable requirements of section
409A of the Code; or (b) any adjustments to any equity interest to be made in a manner that would result in the equity interest becoming
subject to section 409A of the Code unless, after such adjustment, the equity interest is in compliance with the requirements of section
409A of the Code to the extent applicable.

 

Notwithstanding
any provision of this Plan to the contrary, if Executive is a “Specified Employee” within the meaning of section 409A of
the Code as of Executive’s Qualifying Termination date, then any amounts or benefits which are payable under this Plan upon Executive’s
 "Separation from Service" (within the meaning of section 409A), other than due to death, which are subject to the provisions
of section 409A and not otherwise excluded under section 409A, and would otherwise be payable during the first six (6)-month period following
such Separation from Service, will be paid on the day that is (a) six (6) months and one (1) day after the date after Executive’s
Qualifying Termination date or (b) follows Executive’s date of death, if earlier.

 

The cash severance
benefits in Section 2(a), the accrued obligations under Section 2(b), the pro-rata earned bonus under Section 2(c), the welfare benefit
coverage under Section 2(d), the outplacement services under Section 2(e) and the Target Bonus payout under Section 3 are excluded from
section 409A. The legal expense provision under Section 2(f) (and the welfare benefit coverage under Section 2(d) if deemed to be subject
to section 409A) are intended to qualify as eligible reimbursement arrangements under Treasury Regulation § 1.409A-3(i)(1)(iv) and
will be reimbursed in accordance with the requirements of such regulation such that any reimbursements will be deemed payable at a specified
time or on a fixed schedule relative to a permissible payment event. The equity compensation provided pursuant to Section 2(g) and retention
awards provided pursuant to Section 2(h) are subject to section 409A of the Code to the extent provided under the applicable Equity Plan
or retention award agreement, as applicable.

 

SECTION 11: APPLICABLE LAW

 

The validity, interpretation,
construction and performance of this Plan will be governed by and construed in accordance with the substantive laws of the State of Oregon,
including the Oregon statute of limitations, but without giving effect to the principles of conflict of laws of such State.

 

SECTION 12: SEVERABILITY

 

If a court of competent
jurisdiction determines that any provision of this Plan is invalid or unenforceable, then the invalidity or unenforceability of that
provision will not affect the validity or enforceability of any other provision of this Plan and all other provisions will remain in
full force and effect.

 

    - 11 -

     

    

 

SECTION 13: WITHHOLDING OF TAXES

 

The Company may
withhold from any benefits payable under this Plan all federal, state, city or other taxes as may be required pursuant to any law or
governmental regulation or ruling.

 

SECTION 14: NO EMPLOYMENT AGREEMENT

 

Nothing in this
Plan changes the at will nature of Executive’s employment, nor will it give Executive any rights to (or impose any obligations
for) continued employment by the Company (or any Affiliate or Subsidiary) or successor thereto, nor will it give the Company any rights
(or impose any obligations) with respect to continued performance of duties by Executive for the Company (or any Affiliate or Subsidiary)
or successor thereto.

 

SECTION 15: NO ASSIGNMENT

 

Executive’s
right to receive payments or benefits hereunder will not be assignable or transferable, whether by pledge, creation of a security interest
or otherwise, whether voluntary, involuntary, by operation of law or otherwise, other than a transfer by will or by the laws of descent
or distribution, and in the event of any attempted assignment or transfer contrary to this Section 18, the Company will have no liability
to pay any amount so attempted to be assigned or transferred.

 

SECTION 16: SUCCESSORS

 

This Plan will
inure to the benefit of and be enforceable by Executive’s personal or legal representatives, executors, administrators, successors,
heirs, distributees, devisees and legatees.

 

This Plan will
be binding upon and inure to the benefit of the Company, its successors and assigns (including, without limitation, any company into
or with which the Company may merge or consolidate). The Company agrees that it will not effectuate the sale or other disposition of
all or substantially all of its assets unless either (a) the person or entity acquiring such assets or a substantial portion thereof
will expressly assume by an instrument in writing all duties and obligations of the Company hereunder or (b) the Company will provide,
through the establishment of a separate reserve therefor, for the payment in full of all amounts which are or may reasonably be expected
to become payable to Executive hereunder.

 

SECTION 17: DEATH

 

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

 

    - 12 -

     

    

 

SECTION 18: PAYMENT OBLIGATIONS ABSOLUTE

 

Except for the
requirement of Executive to execute and return to the Company a Waiver and Release in accordance with Section 2, the Company’s
obligation to pay (or cause one of its Affiliates or Subsidiaries to pay) Executive the amounts and to make the arrangements provided
herein will be absolute and unconditional and will not be affected by any circumstances, including, without limitation, any set off,
counter claim, recoupment, defense or other right which the Company (including its Affiliates and Subsidiaries) may have against Executive
or anyone else. All amounts payable by the Company (including its Affiliates and Subsidiaries hereunder) will be paid without notice
or demand. Executive will not be obligated to seek other employment in mitigation of the amounts payable or arrangements made under any
provision of this Plan, and, subject to the restrictions in Section 8, the obtaining of any other employment will in no event affect
any reduction of the Company’s obligations to make (or cause to be made) the payments and arrangements required to be made under
this Plan. Notwithstanding the foregoing, in the event of a material restatement of the Company’s financial results, or as otherwise
required by law, the Board or a Board committee will evaluate the circumstances and may, in its discretion, recover from Employee the
portion of any performance-based compensation earned by that Employee during the fiscal periods materially affected by the restatement
that would not have been earned had performance been measured on the basis of the restated results, regardless of fault.

 

SECTION 19: DISPUTE RESOLUTION

 

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

 

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

 

    - 13 -

     

    

 

SECTION 20: TERM

 

The term of this Plan will commence
on the Effective Date and will end on the last day of the two (2) year period following a Change in Control; provided,
however, that if, prior to a Change in Control, Executive ceases for any reason to be an employee of the Company, then the term
will, without further action, expire, and this Plan will terminate, as of such termination date; provided, further, that if
Executive exercises his or her rights under this Plan prior to the end of the two (2) year period following a Change in Control,
this Plan will continue for so long as any actions are being taken by Executive, within the terms of the Plan, to enforce his or her
rights hereunder.

 

SECTION 21: COUNTERPARTS

 

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

 

NUSCALE
POWER CORPORATION

 

Approval
Documentation

 

	 	Name/Title	 	Signature	 	Date	 
	 	 	 	 	 	 	 
	Preparer	Carl
    Britsch	 	/s/ Carl Britsch	 	2022.03.30	 
	 	 	 	 	 	 	 
	Approver	John
    Hopkins	 	/s/ John Hopkins	 	2022.03.31	 
	 	 	 	 	 	 	 

 

    - 14 -

     

    

 

 

	 	ATTACHMENT
	 	A

 

WAIVER
AND RELEASE

 

In exchange for
the payment to me of the Severance Benefits described in Section 2 of the Change in Control Plan between NuScale Power Corporation and
me effective as of _________, 20__ (the "Plan"), which I understand is incorporated herein by reference, and of other
remuneration and consideration provided for in the Plan (the "Separation Benefits"), which is in addition to any remuneration
or benefits to which I am already entitled, I agree to waive all of my claims against and release (i) NuScale Power Corporation and its
predecessors, successors and assigns (collectively referred to as the "Company"), (ii) all of the affiliates (including
all parent companies and all wholly or partially owned subsidiaries) of the Company and their directors, officers, employees, agents,
insurers, predecessors, successors and assigns (collectively referred to as the "Affiliates"), and (iii) the Company’s
and its Affiliates’ employee benefit plans and the fiduciaries and agents of said plans (collectively referred to as the "Benefit
Plans") from any and all claims, demands, actions, liabilities and damages arising out of or relating in any way to my employment
with or separation from employment with the Company and its Affiliates other than amounts due pursuant to Section 2 or Section 3 of the
Plan and rights and benefits I am entitled to under the Benefit Plans. (The Company, its Affiliates and the Benefit Plans are sometimes
hereinafter collectively referred to as the "Released Parties.")

 

I understand
that signing this Waiver and Release is an important legal act. I acknowledge that I am hereby advised in writing to consult an attorney
before signing this Waiver and Release. I understand that, in order to be eligible for the Separation Benefits, I must sign (and return
to the Company) this Waiver and Release. I acknowledge that I have been given at least [21] days to consider whether to accept the Separation
Benefits and therefore execute this Waiver and Release.

 

In exchange for
the payment to me of the Separation Benefits, (1) I agree not to pursue a legal claim in any local, state and/or federal court regarding
or relating in any way to my employment with or separation from employment with the Company and its Affiliates, and (2) I knowingly and
voluntarily waive all claims and release the Released Parties from any and all claims, demands, actions, liabilities, and damages, whether
known or unknown, arising out of or relating in any way to my employment with or separation from employment with the Company and its
Affiliates, except to the extent that my rights are vested under the terms of any employee benefit plans sponsored by the Company and
its Affiliates and except with respect to such rights or claims as may arise after the date this Waiver and Release is executed.

 

This Waiver and
Release includes, but is not limited to, claims and causes of action under: Title VII of the Civil Rights Act of 1964, as amended; the
Age Discrimination in Employment Act of 1967, as amended, including the Older Workers Benefit Protection Act of 1990; the Civil Rights
Act of 1866, as amended; the Civil Rights Act of 1991; the Americans with Disabilities Act of 1990; the Workers Adjustment and Retraining
Notification Act of 1988; the Pregnancy Discrimination Act of 1978; the Employee Retirement Income Security Act of 1974, as amended;
the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended; the Family and Medical Leave Act of 1993; the Fair Labor Standards
Act; the Occupational Safety and Health Act; the Oregon Bureau of Labor and Industry (BOLI) regulation, claims in connection with workers’
compensation, retaliation or "whistle blower" statutes; and/or contract, tort, defamation, slander, wrongful termination or
any other state or federal regulatory, statutory or common law.

 

    - 15 -

     

    

 

Notwithstanding
the above, I further acknowledge that I am not waiving and am not being required to waive any right that cannot be waived under law (including,
without limitation, the right to file an administrative charge or participate in an administrative investigation or proceeding); provided
that I disclaim and waive any right to share or participate in any monetary award resulting from the prosecution of such charge or investigation
or proceeding.

 

Further, I expressly
represent that no promise or agreement which is not expressed in this Waiver and Release has been made to me in executing this Waiver
and Release, and that I am relying on my own judgment in executing this Waiver and Release, and that I am not relying on any statement
or representation of the Company or its Affiliates or any of their agents. I agree that this Waiver and Release is valid, fair, adequate
and reasonable, is made with my full knowledge and consent, was not procured through fraud, duress or mistake and has not had the effect
of misleading, misinforming or failing to inform me. I acknowledge and agree that the Company will withhold the minimum amount of any
taxes required by federal or state law from the Separation Benefits otherwise payable to me.

 

Notwithstanding
the foregoing, I do not release and expressly retain (a) all rights to indemnity, contribution, and defense, and directors and officers
and other liability coverage that I may have under any statute, the bylaws of the Company or by other agreement; and (b) the right to
any, unpaid reasonable business expenses and any accrued benefits payable under any Company welfare plan or tax-qualified plan.

 

I acknowledge that
payment of the Separation Benefits is not an admission by any one or more of the Released Parties that they engaged in any wrongful or
unlawful act or that they violated any federal or state law or regulation. I acknowledge that neither the Company nor its Affiliates
has promised me continued employment or represented to me that I will be rehired in the future. I acknowledge that my employer and I
contemplate an unequivocal, complete and final dissolution of my employment relationship. I acknowledge that this Waiver and Release
does not create any right on my part to be rehired by the Company or its Affiliates, and I hereby waive any right to future employment
by the Company or its Affiliates.

 

I understand that
for a period of seven (7) calendar days following the date that I sign this Waiver and Release, I may revoke my acceptance of this Waiver
and Release, provided that my written statement of revocation is received on or before that seventh day by [Name and/or Title],
[address], in which case the Waiver and Release will not become effective. If I timely revoke my acceptance of this Waiver and Release,
the Company will have no obligation to provide the Separation Benefits to me. I understand that failure to revoke my acceptance of the
offer within seven (7) calendar days from the date I sign this Waiver and Release will result in this Waiver and Release being permanent
and irrevocable.

 

Should any of the
provisions set forth in this Waiver and Release be determined to be invalid by a court, agency or other tribunal of competent jurisdiction,
it is agreed that such determination will not affect the enforceability of other provisions of this Waiver and Release. I acknowledge
that this Waiver and Release sets forth the entire understanding and agreement between me and the Company and its Affiliates concerning
the subject matter of this Waiver and Release and supersede any prior or contemporaneous oral and/or written agreements or representations,
if any, between me and the Company or its Affiliates.

 

I acknowledge that
I have read this Waiver and Release, have had an opportunity to ask questions and have it explained to me, am signing this Waiver and
Release knowingly and voluntarily and with the advice of any attorney I have retained to advise me with respect to it, and that I understand
that this Waiver and Release will have the effect of knowingly and voluntarily waiving any action I might pursue, including breach of
contract, personal injury, retaliation, discrimination on the basis of race, age, sex, national origin, or disability and any other claims
arising prior to the date of this Waiver and Release.

 

    - 16 -

     

    

 

I represent that
I am not aware of any claim by me other than the claims that are released in this Waiver and Release. By execution of this document,
I do not waive or release or otherwise relinquish any legal rights I may have which are attributable to or arise out of acts, omissions,
or events of the Company or its Affiliates which occur after the date of the execution of this Waiver and Release.

 

	 	 
	Executive’s Signature	 
	 	 
	 	 
	Executive’s Printed Name	 
	 	 
	 	 
	Date	 

 

    - 17 -

     

    

 

Exhibit
B

 

Executive
Severance Policy

 

[see
attached]

 

    B-1 

     

    

 

		NuScale
                                            Human Resources Policy	 

 

This NuScale
Power, LLC (“NuScale”) policy is subject to modification or revision in part or in its entirety to reflect changes in conditions
subsequent to the effective date of this policy.

 

SUBJECT: EXECUTIVE SEVERANCE POLICY

 

Review Date: 3/7/2022

 

Severance
Provisions Applicable to Executive-Level Employees [Without Employment Agreements]

 

SECTION 1: DEFINITIONS:

 

All terms defined in this Section and
throughout the policy have the meanings given herein:

 

(a)         
 "Annual Incentive Plan" means the Company’s incentive plan pursuant to which annual incentives are granted, including
any successor plan thereto.

 

		(b)	"Board"
                                            means the governing board of the Company.

 

(c)          
 "Base Salary" means on the date of termination, the annual base salary then in effect for Executive (but not less than the
highest annual base salary paid to Executive during any of three (3) years immediately preceding the date of Executive’s Qualifying
Termination).

 

(d)         
 “Best Net Provision” means In the event payments to Employee pursuant to this policy (when considered with all other
payments made to Employee that are subject to section 280G of the Internal Revenue Code) (the amount of all such payments,
collectively, the "Severance Payment") results in Employee becoming liable for the payment of any excise taxes pursuant to
section 4999 of the Code, together with any interest or penalties with respect to such excise tax ("280G Excise
Tax"), then the Company will automatically reduce (the “Reduction”) Employee’s Severance Payment to the
minimum extent necessary to prevent the Severance Payment (after the Reduction) from being subject to the Excise Tax, but only if,
by reason of the Reduction, the after-tax benefit of the reduced Severance Payment exceeds the after-tax benefit if such Reduction
were not made. If the after-tax benefit of the reduced Severance Payment does not exceed the after-tax benefit if the Severance
Payment is not reduced, then the Reduction will not apply. If the Reduction is applicable, the Severance Payment will be reduced in
such a manner that provides Employee with the best economic benefit and, to the extent any portions of the Severance Payment are
economically equivalent with each other, each will be reduced pro rata.

 

(e)         
 "Bonus" means the annual incentive amount payable to Executive, if any, under the Annual Incentive Plan.

 

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

 

     

     

    

 

Executive will not be deemed
to have been terminated for Cause unless and until there has been delivered to Executive written notice that Executive has engaged in
conduct constituting Cause. The determination of Cause will be made by the Executive’s immediate superior to whom the executive
reports.

 

		(g)	"Code"
                                            means the Internal Revenue Code of 1986, as amended.

 

(h)         
 "Company" means NuScale, and any successor thereto which assumes and agrees to perform this Policy by operation of law, or
otherwise.

 

		(i)	"Compensation"
                                            means the greater of (a) the sum of Executive’s
Base Salary plus pro rated Target Bonus determined immediately prior to the date on which Qualifying Termination occurs. Such Bonus will
be pro-rated as a fraction of twelve (12) for full or partial months worked by Executive for the Company during such fiscal year and
will be paid to Executive, at the time and in the same manner specified in the Annual Incentive Plan. Executive’s performance relative
to assigned performance metrics may also be considered in determination of payment of pro-rated earned bonus

 

or (b) the
sum of Executive’s Base Salary plus Target Bonus determined immediately following the date of the Qualifying Termination.

 

(j)           
 "Compensation Committee" means the Organization and Compensation Committee of the Board.

 

(k)          
 "Equity Plan" means any equity-compensation plan maintained by the Company or a Subsidiary under which Executive received equity-based
awards, such as stock options, restricted stock units, performance units or restricted stock.

 

		(l)	"IRS"
                                            means the Internal Revenue Service.

 

		(m)	“Qualifying
                                            Termination” means any termination of Executive’s employment with the Company
or any Affiliate due to Executive’s involuntary termination of employment without Cause.

  

(n)         
 "Subsidiary" means any entity in which the Company, directly or indirectly, possesses 50% or more of the total combined voting
power of all classes of its stock.

 

(o)         
 "Target Bonus" means Executive’s target incentive award opportunity under the Annual Incentive Plan in effect for the
year with respect to which the target bonus amount is being determined or, if no such plan is then in effect, for the last year in which
such a plan was in effect.

 

(p)         
 "Waiver and Release" means a legal document, substantially in the form attached hereto as Attachment A, in which Executive,
in exchange for severance benefits described in Section 2, among other things, releases the Company, its Subsidiaries and their Affiliates,
their respective directors, officers, employees and agents, and their respective employee benefit plans and the fiduciaries and agents
of said plans from liability and damages in any way related to Executive’s employment with or separation from the Company.

 

     

     

    

 

(q) "Welfare
Benefit Coverage" means each of the group medical, dental and vision benefit coverages provided by the Company in which Executive
and Executive’s eligible dependents, if any, are participating immediately preceding the date of Executive’s Qualifying Termination.

 

SECTION 2: SEVERANCE FOLLOWING QUALIFYING
TERMINATION

 

If Executive experiences a
Qualifying Termination [section 1 (m)], then, subject to the Waiver and Release requirement in Section 2(i) below, Executive will be
entitled to receive, as additional compensation for services rendered to the Company (including its Subsidiaries and Affiliates), the
following severance benefits:

 

(a)         
Cash Severance Amount: A lump sum cash payment in an amount equal to one (1) times Executive’s Compensation, subject to
applicable withholding for income and employment taxes. Such cash severance payment will be paid by the sixtieth (60th) day
following Executive’s Qualifying Termination, but only if the Waiver and Release described in Exhibit A has been timely
executed and returned and the Waiver and Release Revocation Period has expired.

 

(b)          
Accrued Obligations: Executive will be entitled to payment of all accrued Base Salary, accrued time off and any other accrued and
unpaid obligations as of the date of the Qualifying Termination. Such accrued obligations will be paid in a lump sum, subject to
applicable withholding for income and employment taxes, as soon as practicable following the date of Executive’s
Qualifying Termination in accordance with the Company’s normal payroll policies and practices.

  

(c)          
Welfare Benefit Coverage: Executive will be entitled to continued Welfare Benefit Coverage on the same basis as similarly situated active
executives of the Company for Executive and his or her eligible dependents for a period of twelve (12) months. Executive and his or her
covered dependents, if any, will be required to pay on an after-tax basis that portion of the premium cost paid by similarly situated
executives for active employee coverage to retain such coverages and the Company paid portion of the premium for such coverages will
be imputed as income and reported as wages to Executive. In all other respects Executive and his or her dependents will be treated the
same as other participants under the terms of such plans. The Welfare Benefit Coverage provided to Executive and his or her dependents
pursuant to this Section 2(d) will run concurrently with any continued coverage available to Executive and dependents under the Consolidated
Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"), and Executive and such dependents will be provided with notice
of their COBRA rights, if any, within 30 days of termination of employment.

 

(d)         
Equity Compensation Adjustments. Upon a Qualifying Termination, (i) any equity-based compensation awards, other than performance-based
equity awards, granted to Executive by the Company under an Equity Plan prior to such termination that are outstanding will vest subject
to the vesting or retirement vesting provisions provided in the individual equity grant agreements; and (ii) to the extent that equity
awards are subject to further vesting, such unvested award would be forfeited.

 

     

     

    

 

(e)         
Retention Awards. Upon a Qualifying Termination any outstanding retention awards granted to Executive which are outstanding will become
immediately vested and settled pursuant to their terms, subject to the requirements of section 409A of the Code, to the extent applicable.

 

(f)           
Waiver and Release Requirement. Payment of the benefits under this Section 2 is subject to Executive’s timely execution and return
of the Waiver and Release to the Company, without subsequent revocation during the seven (7)-day period following such execution date
(the "Waiver and Release Revocation Period"), as provided in this Section 2(i). Executive will have fifty (50) days following
(i) his or her Qualifying Termination date to consider, execute and return the Waiver and Release to the Company and will then have the
right to revoke the Waiver and Release during the Waiver and Release Revocation Period. If Executive fails to timely execute and return
the Waiver and Release [Exhibit A] to the Company or revokes such Waiver and Release during the Waiver and Release Revocation Period,
then Executive will forfeit, and will not be entitled to, any of the benefits described in this Section 2 (other than the amounts described
in Section 2(b).

 

SECTION 3: APPLICABLE LAW

 

The validity,
interpretation, construction and performance of this Policy will be governed by and construed in accordance with the substantive laws
of the State of Oregon, including the Oregon statute of limitations, but without giving effect to the principles of conflict of laws
of such State.

 

SECTION 4: SEVERABILITY

 

If a court of competent jurisdiction
determines that any provision of this Policy is invalid or unenforceable, then the invalidity or unenforceability of that provision will
not affect the validity or enforceability of any other provision of this Policy and all other provisions will remain in full force and
effect.

 

SECTION 5: WITHHOLDING OF TAXES

 

The Company may withhold from
any benefits payable under this Policy all federal, state, city or other taxes as may be required pursuant to any law or governmental
regulation or ruling.

 

SECTION 6: NO EMPLOYMENT AGREEMENT

 

Nothing
in this Policy changes the at will nature of Executive’s employment, nor will it give Executive any rights to (or impose any
obligations for) continued employment by the Company (or any Affiliate or Subsidiary) or successor thereto, nor will it give the
Company any rights (or impose any obligations) with respect to continued performance of duties by Executive for the Company (or any
Affiliate or Subsidiary) or successor thereto.

 

SECTION 7: NO ASSIGNMENT

 

Executive’s right to receive
payments or benefits hereunder will not be assignable or transferable, whether by pledge, creation of a security interest or otherwise,
whether voluntary, involuntary, by operation of law or otherwise, other than a transfer by will or by the laws of descent or distribution,
and in the event of any attempted assignment or transfer contrary to this Section 18, the Company will have no liability to pay any amount
so attempted to be assigned or transferred.

 

     

     

    

 

SECTION 8: SUCCESSORS

 

This Policy
will inure to the benefit of and be enforceable by Executive’s personal or legal representatives, executors, administrators, successors,
heirs, distributees, devisees and legatees.

 

This Policy will be binding
upon and inure to the benefit of the Company, its successors and assigns (including, without limitation, any company into or with which
the Company may merge or consolidate). The Company agrees that it will not effectuate the sale or other disposition of all or substantially
all of its assets unless either (a) the person or entity acquiring such assets or a substantial portion thereof will expressly assume
by an instrument in writing all duties and obligations of the Company hereunder or (b) the Company will provide, through the establishment
of a separate reserve therefor, for the payment in full of all amounts which are or may reasonably be expected to become payable to Executive
hereunder.

 

SECTION 9: DEATH

 

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

 

SECTION 10: PAYMENT OBLIGATIONS ABSOLUTE

 

Except for the requirement
of Executive to execute and return to the Company a Waiver and Release in accordance with Section 2, the Company’s obligation to
pay (or cause one of its Affiliates or Subsidiaries to pay) Executive the amounts and to make the arrangements provided herein will be
absolute and unconditional and will not be affected by any circumstances, including, without limitation, any set off, counter claim,
recoupment, defense or other right which the Company (including its Affiliates and Subsidiaries) may have against Executive or anyone
else. All amounts payable by the Company (including its Affiliates and Subsidiaries hereunder) will be paid without notice or demand.
Executive will not be obligated to seek other employment in mitigation of the amounts payable or arrangements made under any provision
of this Policy, and, subject to the restrictions in Section 8, the obtaining of any other employment will in no event affect any reduction
of the Company’s obligations to make (or cause to be made) the payments and arrangements required to be made under this Policy.
Notwithstanding the foregoing, in the event of a material restatement of the Company’s financial results, or as otherwise required
by law, the Board or a Board committee will evaluate the circumstances and may, in its discretion, recover from Employee the portion
of any performance-based compensation earned by that Employee during the fiscal periods materially affected by the restatement that would
not have been earned had performance been measured on the basis of the restated results, regardless of fault.

 

     

     

    

 

SECTION 11: DISPUTE RESOLUTION

 

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

 

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

 

     

     

    

 

Approval
Documentation

 

	 	Name/Title	 	Signature	 	Date	 
	 	 	 	 	 	 	 
	Preparer	Carl
    Britsch	 	/s/ Carl Britsch	 	2022.03.30	 
	 	 	 	 	 	 	 
	Approver	John
    Hopkins	 	/s/ John Hopkins	 	2022.03.31	 

 

     

     

    

 

EXHIBIT
A

 

WAIVER AND RELEASE

 

In exchange for the payment
to me of the Severance Benefits described in Section 2 of the Executive Severance Policy, which I understand is incorporated herein by
reference, and of other remuneration and consideration provided for in the Agreement (the "Separation Benefits"), which is
in addition to any remuneration or benefits to which I am already entitled, I agree to waive all of my claims against and release (i)
NuScale Power Corporation and its predecessors, successors and assigns (collectively referred to as the "Company"), (ii) all
of the affiliates (including all parent companies and all wholly or partially owned subsidiaries) of the Company and their directors,
officers, employees, agents, insurers, predecessors, successors and assigns (collectively referred to as the "Affiliates"),
and (iii) the Company’s and its Affiliates’ employee benefit plans and the fiduciaries and agents of said plans (collectively
referred to as the "Benefit Plans") from any and all claims, demands, actions, liabilities and damages arising out of or relating
in any way to my employment with or separation from employment with the Company and its Affiliates other than amounts due pursuant to
Section 2 or Section 3 of the Agreement and rights and benefits I am entitled to under the Benefit Plans. (The Company, its Affiliates
and the Benefit Plans are sometimes hereinafter collectively referred to as the "Released Parties.")

 

I understand that signing this
Waiver and Release is an important legal act. I acknowledge that I am hereby advised in writing to consult an attorney before signing
this Waiver and Release. I understand that, in order to be eligible for the Separation Benefits, I must sign (and return to the Company)
this Waiver and Release. I acknowledge that I have been given at least [21] days to consider whether to accept the Separation Benefits
and therefore execute this Waiver and Release.

 

In exchange for the payment
to me of the Separation Benefits, (1) I agree not to pursue a legal claim in any local, state and/or federal court regarding or relating
in any way to my employment with or separation from employment with the Company and its Affiliates, and (2) I knowingly and voluntarily
waive all claims and release the Released Parties from any and all claims, demands, actions, liabilities, and damages, whether known
or unknown, arising out of or relating in any way to my employment with or separation from employment with the Company and its Affiliates,
except to the extent that my rights are vested under the terms of any employee benefit plans sponsored by the Company and its Affiliates
and except with respect to such rights or claims as may arise after the date this Waiver and Release is executed.

 

This Waiver and Release includes, but
is not limited to, claims and causes of action under: Title VII of the Civil Rights Act of 1964, as amended; the Age Discrimination in
Employment Act of 1967, as amended, including the Older Workers Benefit Protection Act of 1990; the Civil Rights Act of 1866, as amended;
the Civil Rights Act of 1991; the Americans with Disabilities Act of 1990; the Workers Adjustment and Retraining Notification Act of
1988; the Pregnancy Discrimination Act of 1978; the Employee Retirement Income Security Act of 1974, as amended; the Consolidated Omnibus
Budget Reconciliation Act of 1985, as amended; the Family and Medical Leave Act of 1993; the Fair Labor Standards Act; the Occupational
Safety and Health Act; the Oregon Bureau of Labor and Industry (BOLI) regulation, claims in connection with workers’ compensation,
retaliation or "whistle blower" statutes; and/or contract, tort, defamation, slander, wrongful termination or any other state
or federal regulatory, statutory or common law. Notwithstanding the above, I further acknowledge that I am not waiving and am not being
required to waive any right that cannot be waived under law (including, without limitation, the right to file an administrative charge
or participate in an administrative investigation or proceeding); provided that I disclaim and waive any right to share or participate
in any monetary award resulting from the prosecution of such charge or investigation or proceeding.

 

     

     

    

 

Further, I expressly represent that
no promise or agreement which is not expressed in this Waiver and Release has been made to me in executing this Waiver and Release, and
that I am relying on my own judgment in executing this Waiver and Release, and that I am not relying on any statement or representation
of the Company or its Affiliates or any of their agents. I agree that this Waiver and Release is valid, fair, adequate and reasonable,
is made with my full knowledge and consent, was not procured through fraud, duress or mistake and has not had the effect of misleading,
misinforming or failing to inform me. I acknowledge and agree that the Company will withhold the minimum amount of any taxes required
by federal or state law from the Separation Benefits otherwise payable to me.

 

Notwithstanding the foregoing,
I do not release and expressly retain (a) all rights to indemnity, contribution, and defense, and directors and officers and other liability
coverage that I may have under any statute, the bylaws of the Company or by other agreement; and (b) the right to any, unpaid reasonable
business expenses and any accrued benefits payable under any Company welfare plan or tax-qualified plan.

 

I acknowledge that payment of
the Separation Benefits is not an admission by any one or more of the Released Parties that they engaged in any wrongful or unlawful
act or that they violated any federal or state law or regulation. I acknowledge that neither the Company nor its Affiliates has promised
me continued employment or represented to me that I will be rehired in the future. I acknowledge that my employer and I contemplate an
unequivocal, complete and final dissolution of my employment relationship. I acknowledge that this Waiver and Release does not create
any right on my part to be rehired by the Company or its Affiliates, and I hereby waive any right to future employment by the Company
or its Affiliates.

 

I understand that for a period of seven
(7) calendar days following the date that I sign this Waiver and Release, I may revoke my acceptance of this Waiver and Release, provided
that my written statement of revocation is received on or before that seventh day by [Name and/or Title], [address], in which case the
Waiver and Release will not become effective. If I timely revoke my acceptance of this Waiver and Release, the Company will have no obligation
to provide the Separation Benefits to me. I understand that failure to revoke my acceptance of the offer within seven (7) calendar days
from the date I sign this Waiver and Release will result in this Waiver and Release being permanent and irrevocable.

 

Should any of the provisions
set forth in this Waiver and Release be determined to be invalid by a court, agency or other tribunal of competent jurisdiction, it is
agreed that such determination will not affect the enforceability of other provisions of this Waiver and Release. I acknowledge that
this Waiver and Release sets forth the entire understanding and agreement between me and the Company and its Affiliates concerning the
subject matter of this Waiver and Release and supersede any prior or contemporaneous oral and/or written agreements or representations,
if any, between me and the Company or its Affiliates.

 

     

     

    

 

I acknowledge that I have read
this Waiver and Release, have had an opportunity to ask questions and have it explained to me, am signing this Waiver and Release knowingly
and voluntarily and with the advice of any attorney I have retained to advise me with respect to it, and that I understand that this
Waiver and Release will have the effect of knowingly and voluntarily waiving any action I might pursue, including breach of contract,
personal injury, retaliation, discrimination on the basis of race, age, sex, national origin, or disability and any other claims arising
prior to the date of this Waiver and Release.

 

I represent that I am not aware of any
claim by me other than the claims that are released in this Waiver and Release. By execution of this document, I do not waive or release
or otherwise relinquish any legal rights I may have which are attributable to or arise out of acts, omissions, or events of the Company
or its Affiliates which occur after the date of the execution of this Waiver and Release.

 

Executive’s Signature 

 

Executive’s Printed Name 

 

Date

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