SOLV Energy director redeems 16,003 Opco units

SOLV Energy director Steven J. Lerner reported a disposition of derivative interests linked to the company.

Rhea-AI Filing Summary

SOLV Energy director Steven J. Lerner reported a disposition of derivative interests linked to the company. He directly exchanged 16,003 SOLV Energy Holdings LLC (Opco) Interests for cash in connection with a public follow-on offering of Class A common stock. The cash amount per Opco LLC Interest was based on the offering price of $36.00 per share of Class A common stock, net of underwriting discounts and commissions. In the same transaction, an equal number of shares of Class B common stock, which carry voting rights but no economic rights, were cancelled. Following this issuer-related disposition, Lerner continued to hold 174,766 Opco LLC Interests, indicating he retained a substantial position tied to SOLV Energy’s equity structure.

Insider Trade Summary

Disposition: 16,003 shares

Disposition 1 txn

Insider Lerner Steven J.

Role Director

Type	Security	Shares	Price	Value
Disposition	SOLV Energy Holdings LLC Interests	16,003	$0.00	$0.00

Holdings After Transaction: SOLV Energy Holdings LLC Interests — 174,766 contracts (Direct)

Footnotes (4)

1. F1. Pursuant to the limited liability company agreement ("Opco LLCA") of SOLV Energy Holdings LLC ("Opco"), the Reporting Person is entitled to redeem common units of Opco ("Opco LLC Interests") for, at the Issuer's election, shares of Class A common stock of the Issuer ("Class A common stock") on a one-for-one basis or, using proceeds from a substantially contemporaneous follow-on offering or secondary offering, a cash payment equal to the price per share of the Class A common stock net of any underwriting discounts or commissions paid in such offering, in each case in accordance with the terms of the Opco LLCA. Upon a redemption of Opco LLC Interests, an equal number of shares of Class B common stock of the Issuer held by the Reporting Person will be surrendered to and cancelled by the Issuer for no additional consideration.
2. F2. (Continued from footnote 1) Each share of Class B common stock entitles the Reporting Person to one vote per share but carries no economic rights. Opco LLC Interests do not have an expiration date.
3. F3. Represents the direct exchange for cash of 16,003 Opco LLC Interests held by the Reporting Person (and the cancellation of an equal number of shares of Class B common stock of the Issuer held by the Reporting Person) in connection with the public offering of Class A common stock by affiliates of American Securities LLC and the Issuer pursuant to the prospectus dated May 28, 2026, and accompanying registration statement on Form S-1 (File No. 333-296238), of the Issuer (the "Follow-On Offering").
4. F4. Represents a price per Opco LLC Interest equal to the public offering price in the Follow-On Offering of $36.00 per share of Class A common stock, net of underwriting discounts and commissions.

Key Figures

Opco LLC Interests disposed: 16,003 units Implied price per Opco LLC Interest: $36.00 per unit Opco LLC Interests remaining: 174,766 units +1 more

4 metrics

Opco LLC Interests disposed 16,003 units Issuer disposition in connection with follow-on offering

Implied price per Opco LLC Interest $36.00 per unit Equal to Class A public offering price net of underwriting discounts

Opco LLC Interests remaining 174,766 units Holdings after reported Form 4 transaction

Class B shares cancelled 16,003 shares Cancelled Class B common stock with voting rights but no economic rights

Key Terms

SOLV Energy Holdings LLC (Opco) Interests, Class B common stock, Follow-On Offering, underwriting discounts and commissions, +1 more

5 terms

SOLV Energy Holdings LLC (Opco) Interests financial

"Represents the direct exchange for cash of 16,003 Opco LLC Interests held by the Reporting Person"

Class B common stock financial

"an equal number of shares of Class B common stock of the Issuer held by the Reporting Person will be surrendered"

A class B common stock is one of multiple types of a company’s ordinary shares that carries specific rights—often different voting power or dividend priority—compared with other classes. For investors it matters because those differences affect how much influence you have over company decisions, the income you might receive, and how freely the shares trade; think of it like owning a car with different keys: some keys let you start the engine and open the trunk, others only unlock the door.

Follow-On Offering financial

"in connection with the public offering of Class A common stock ... (the "Follow-On Offering")"

A follow-on offering is when a company sells additional shares to the public after its initial stock listing to raise more cash. For investors it matters because the new shares increase the total number of shares outstanding, which can reduce each existing shareholder’s ownership share and earnings per share—similar to baking more loaves of bread after the first batch, which means each slice represents a slightly smaller piece of the whole; the funds raised can also support growth or pay debt.

underwriting discounts and commissions financial

"price per share of the Class A common stock net of any underwriting discounts or commissions paid in such offering"

Underwriting discounts and commissions are fees paid to financial institutions that help sell new securities to investors. They act like a commission for their role in connecting companies with buyers, often reducing the amount of money the issuing company raises. For investors, understanding these costs helps gauge how much of their investment is going toward the actual securities versus fees paid to middlemen.

registration statement on Form S-1 regulatory

"registration statement on Form S-1 (File No. 333-296238), of the Issuer"

A registration statement on Form S-1 is a detailed filing a company submits to the U.S. securities regulator to register new shares for public sale; it includes a plain-language prospectus, financial statements, business description and risk factors. For investors it matters because it provides the official, comprehensive blueprint of the offering — like an owner’s manual — allowing buyers to assess risks, inspect financial health and compare valuation before deciding to invest.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did SOLV Energy (MWH) director Steven J. Lerner report?

Steven J. Lerner reported an issuer disposition of 16,003 SOLV Energy Holdings LLC (Opco) Interests. These units were exchanged for cash in connection with a public follow-on offering of Class A common stock at a price linked to the offering.

How many Opco LLC Interests did Steven J. Lerner dispose of in SOLV Energy’s Form 4?

He disposed of 16,003 Opco LLC Interests. This disposition was executed as a direct exchange for cash tied to the public offering price of Class A common stock, net of underwriting discounts and commissions in the follow-on offering.

What price was used to value the disposed Opco LLC Interests in SOLV Energy (MWH)?

Each Opco LLC Interest was valued using the public offering price of $36.00 per share of Class A common stock. The cash value reflected this amount net of underwriting discounts and commissions in the follow-on offering described in the Form 4.

What happened to Steven J. Lerner’s Class B common stock in this SOLV Energy transaction?

An equal 16,003 shares of Class B common stock were surrendered and cancelled. These Class B shares provided one vote per share but no economic rights, and their cancellation occurred alongside the cash exchange of Opco LLC Interests.

How many Opco LLC Interests does Steven J. Lerner hold after the SOLV Energy Form 4 transaction?

After the transaction, Steven J. Lerner held 174,766 Opco LLC Interests. This figure reflects his remaining derivative-linked position following the 16,003-unit issuer disposition associated with the follow-on offering of Class A common stock.

How is the SOLV Energy (MWH) Form 4 transaction connected to the follow-on offering?

The Form 4 describes an exchange for cash in connection with a public follow-on offering of Class A common stock. The Opco LLC Interests were valued using the offering price of $36.00 per share, net of underwriting discounts and commissions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 06/03/2026 - 05:39 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Lerner Steven J.

(Last) (First) (Middle)

C/O SOLV ENERGY, INC.

16680 WEST BERNARDO DRIVE

(Street)

SAN DIEGO CALIFORNIA 92127

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
SOLV Energy, Inc. [ MWH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/01/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
SOLV Energy Holdings LLC Interests	(1)(2)	06/01/2026		D			16,003(3)	(1)(2)	(1)(2)	Class A Common Stock	16,003(3)	(4)	174,766	D

Explanation of Responses:

1. Pursuant to the limited liability company agreement ("Opco LLCA") of SOLV Energy Holdings LLC ("Opco"), the Reporting Person is entitled to redeem common units of Opco ("Opco LLC Interests") for, at the Issuer's election, shares of Class A common stock of the Issuer ("Class A common stock") on a one-for-one basis or, using proceeds from a substantially contemporaneous follow-on offering or secondary offering, a cash payment equal to the price per share of the Class A common stock net of any underwriting discounts or commissions paid in such offering, in each case in accordance with the terms of the Opco LLCA. Upon a redemption of Opco LLC Interests, an equal number of shares of Class B common stock of the Issuer held by the Reporting Person will be surrendered to and cancelled by the Issuer for no additional consideration.

2. (Continued from footnote 1) Each share of Class B common stock entitles the Reporting Person to one vote per share but carries no economic rights. Opco LLC Interests do not have an expiration date.

3. Represents the direct exchange for cash of 16,003 Opco LLC Interests held by the Reporting Person (and the cancellation of an equal number of shares of Class B common stock of the Issuer held by the Reporting Person) in connection with the public offering of Class A common stock by affiliates of American Securities LLC and the Issuer pursuant to the prospectus dated May 28, 2026, and accompanying registration statement on Form S-1 (File No. 333-296238), of the Issuer (the "Follow-On Offering").

4. Represents a price per Opco LLC Interest equal to the public offering price in the Follow-On Offering of $36.00 per share of Class A common stock, net of underwriting discounts and commissions.

	/s/ Adam S. Forman, attorney-in-fact	06/03/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)