[Form 4] NuScale Power Corporation Insider Trading Activity

Rhea-AI Filing Summary

Jose N. Reyes Jr., Chief Technology Officer and trustee, reported transfers and holdings of Class A Common Stock of NuScale Power Corp (SMR). On 08/14/2025 he transferred 295,809 shares to the Donna Jean Reyes Trust dated August 2, 2021 for no consideration while retaining beneficial ownership as trustee and beneficiary. The Form 4 also shows a separate transfer of 16,313 shares from Reyes to the Jose N. Reyes, Jr. Trust and an updated beneficial ownership figure of 295,809 shares held indirectly by the Donna Jean Reyes Trust and 220,630 shares beneficially owned via the Jose N. Reyes, Jr. Trust.

The filing documents that these movements were transfers between related trusts, not open-market sales, and that Reyes remains the beneficial owner of the shares held in trust.

Positive

• Transparency: The reporting person filed a Form 4 disclosing transfers and updated beneficial ownership, fulfilling disclosure obligations.
• No open-market sale: Transfers were executed for no consideration into family trusts, so no immediate market selling pressure resulted from these transactions.

Negative

• Concentration in related trusts: Large share blocks remain under indirect control, which may limit public float and concentrate voting power.
• Limited liquidity signal: Because transfers are internal, they do not provide information on the reporting person's intent to monetize holdings, which can leave investors with less clarity on insider sentiment.

Insights

Corporate Governance Expert

TL;DR: Insider moved shares into family trusts; governance impact is routine but merits disclosure.

The transfers of substantial blocks of Class A shares into family trusts appear to be estate-planning or ownership-structuring actions rather than market dispositions since they were for no consideration and Reyes remains beneficial owner as trustee and beneficiary. From a governance standpoint, these transactions preserve voting and economic alignment while centralizing administration in trust vehicles. The filing reduces direct ownership figures but maintains indirect control, which investors should note for voting dynamics and beneficial ownership reporting.

Securities Analyst

TL;DR: Transaction is non-sale transfer among related trusts; market impact is likely neutral.

The movement of 295,809 shares and an additional 16,313-share change were executed via transfer code indicating gift/transfer, not sale proceeds, and share counts reported after the transactions show continued indirect ownership totaling significant share blocks. Because no shares were sold into the market, immediate liquidity or dilution effects are absent. Materiality to valuation is limited unless aggregated insider activity suggests broader ownership restructuring.

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
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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^*

Reyes Jose N Jr

(Last) (First) (Middle)

1100 NE CIRCLE BLVD.

SUITE 200

(Street)

CORVALLIS OR 97330

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
NUSCALE POWER Corp [ SMR ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
08/14/2025

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

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

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

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
Class A Common Stock	08/14/2025		G		295,809(1)	D	$0	236,943	I	By Jose N. Reyes, Jr. Trust, dated August 2, 2021
Class A Common Stock	08/14/2025		G		16,313	D	$0	220,630	I	By Jose N. Reyes, Jr. Trust, dated August 2, 2021
Class A Common Stock	08/14/2025		G		295,809(1)	A	$0	295,809	I	By Donna Jean Reyes Trust dated August 2, 2021

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

Explanation of Responses:

1. On August 14, 2025, the reporting person transferred 295,809 shares of Class A Common Stock to the Donna Jean Reyes Trust, dated August 2, 2021, for no consideration. The reporting person is trustee of the trust, and the reporting person and members of his immediate family are the sole beneficiaries of the trust. The reporting person remains the beneficial owner of the securities held by the trust.

Remarks:

	Patrick C. Cannon, attorney-in-fact for Jose N. Reyes, Jr.	08/18/2025
	** 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.

FAQ

What did Jose N. Reyes Jr. report on the Form 4 for SMR?

He reported transfers of 295,809 shares to the Donna Jean Reyes Trust and 16,313 shares involving the Jose N. Reyes, Jr. Trust, with continued beneficial ownership via those trusts.

Were any shares sold on the open market according to this Form 4?

No. The transactions are coded as transfers for no consideration, not sales, so no open-market disposition is reported.

Does Reyes retain control or economic interest after the transfers?

Yes. The filing states Reyes is trustee and that he and immediate family are sole beneficiaries, and he remains the beneficial owner of the securities held by the trust.

How many Class A shares does the Donna Jean Reyes Trust hold after the transfer?

The Donna Jean Reyes Trust is reported to hold 295,809 shares of Class A Common Stock following the transfer.

What is the transaction date reported on the Form 4?

The transactions are reported with a transaction date of 08/14/2025.