SMR Form 4: 33,000 options exercised at $3.41, shares sold under 10b5-1

Rhea-AI Filing Summary

Jose N. Reyes Jr., Chief Technology Officer of NuScale Power Corporation (SMR), reported option exercises and offsetting sales under a pre-existing trading plan. On 07/01/2025 he exercised 33,000 employee stock options at an exercise price of $3.41, resulting in beneficial ownership of 253,630 Class A shares held indirectly via the Jose N. Reyes, Jr. Trust (dated August 2, 2021). On the same date the filing shows a sale of 33,000 shares executed under a Rule 10b5-1 plan at a weighted average price of $36.6214. A parallel pair of transactions is reported for 10/01/2025 with another 33,000 option exercise at $3.41 and a weighted-average sale price of $36.4989. The filing discloses that the reported sales were effected under the trading plan adopted on 11/13/2024.

Insights

Securities Trading Expert

Insider exercised low-cost options then sold equivalent shares under a 10b5-1 plan.

The filing shows two matched events: exercise of 33,000 options at $3.41 and contemporaneous sales of 33,000 shares under a Rule 10b5-1 plan at weighted-average prices around $36.62 and $36.50.

This combination is tax- and liquidity-driven in many cases: the insider converted options into shares and sold them under an automated plan adopted on 11/13/2024. The filing provides weighted-price ranges and offers to supply per-transaction details on request.

Corporate Governance Expert

Transactions were executed under an established 10b5-1 plan and beneficial ownership remains indirect via an established trust.

The report confirms the trades occurred pursuant to a Rule 10b5-1 plan adopted on 11/13/2024 and that holdings are held indirectly by the Jose N. Reyes, Jr. Trust (Aug. 2, 2021).

Use of a trading plan and trust-held shares are disclosures relevant to compliance and continuity of ownership but do not by themselves indicate changes in control.

Insider Trade Summary

Net Seller: 66,000 shares ($2,412,970)

Net Sell 6 txns

Insider Reyes Jose N Jr

Role Chief Technology Officer

Sold 66,000 shs ($2.41M)

Type	Security	Shares	Price	Value
Exercise	Employee Stock Option (right to buy)	33,000	$0.00	--
Exercise	Class A Common Stock	33,000	$3.41	$113K
Sale	Class A Common Stock	33,000	$36.4989	$1.20M
Exercise	Employee Stock Option (right to buy)	33,000	$0.00	--
Exercise	Class A Common Stock	33,000	$3.41	$113K
Sale	Class A Common Stock	33,000	$36.6214	$1.21M

Holdings After Transaction: Employee Stock Option (right to buy) — 790,555 shares (Indirect, By Jose N. Reyes, Jr. Trust, dated August 2, 2021); Class A Common Stock — 253,630 shares (Indirect, By Jose N. Reyes, Jr. Trust, dated August 2, 2021)

Footnotes (1)

1. The reported sale of 33,000 shares occurred automatically pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 13, 2024. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $35.420 to $37.880, inclusive. The reporting person undertakes to provide to NuScale Power Corporation, any security holder of NuScale Power Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $35.440 to $37.040, inclusive. The reporting person undertakes to provide to NuScale Power Corporation, any security holder of NuScale Power Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote. This option became fully exercisable on March 1, 2021.

Form 4 Insider Transactions: What Each Field Means →

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).

1. Name and Address of Reporting Person^*

Reyes Jose N Jr

(Last) (First) (Middle)

1100 NE CIRCLE BLVD.

SUITE 350

(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)
07/01/2025

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	07/01/2025		M		33,000	A	$3.41	253,630	I	By Jose N. Reyes, Jr. Trust, dated August 2, 2021
Class A Common Stock	07/01/2025		S(1)		33,000	D	$36.6214(2)	220,630	I	By Jose N. Reyes, Jr. Trust, dated August 2, 2021
Class A Common Stock	10/01/2025		M		33,000	A	$3.41	253,630	I	By Jose N. Reyes, Jr. Trust, dated August 2, 2021
Class A Common Stock	10/01/2025		S(1)		33,000	D	$36.4989(3)	220,630	I	By Jose N. Reyes, Jr. 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
Employee Stock Option (right to buy)	$3.41	07/01/2025		M			33,000	(4)	02/14/2028	Class A Common Stock	33,000	$0	823,555	I	By Jose N. Reyes, Jr. Trust, dated August 2, 2021
Employee Stock Option (right to buy)	$3.41	10/01/2025		M			33,000	(4)	02/14/2028	Class A Common Stock	33,000	$0	790,555	I	By Jose N. Reyes, Jr. Trust, dated August 2, 2021

Explanation of Responses:

1. The reported sale of 33,000 shares occurred automatically pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 13, 2024.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $35.420 to $37.880, inclusive. The reporting person undertakes to provide to NuScale Power Corporation, any security holder of NuScale Power Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $35.440 to $37.040, inclusive. The reporting person undertakes to provide to NuScale Power Corporation, any security holder of NuScale Power Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

4. This option became fully exercisable on March 1, 2021.

Remarks:

	Patrick C. Cannon, attorney-in-fact for Jose N. Reyes, Jr.	10/03/2025
	** 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 NuScale Power (SMR) insider Jose N. Reyes Jr. report on Form 4?

He reported exercising 33,000 employee stock options at $3.41 and contemporaneous sales of 33,000 shares on 07/01/2025, with a similar pair of transactions shown for 10/01/2025.

Were the sales executed under a trading plan?

Yes. The filing states the sales were effected automatically pursuant to a Rule 10b5-1 trading plan adopted on 11/13/2024.

What prices were reported for the share sales?

The weighted-average sale prices reported are $36.6214 for the 07/01/2025 sale and $36.4989 for the 10/01/2025 sale; the filing discloses ranges for individual trades within those averages.

How are the shares held after these transactions?

Following the reported 07/01/2025 exercise, beneficial ownership is reported as 253,630 Class A shares held indirectly by the Jose N. Reyes, Jr. Trust (Aug. 2, 2021).

Does the Form 4 disclose any restrictions or additional notes about the trades?

The filing explains the sales occurred under the 10b5-1 plan and provides weighted-price ranges; it offers to provide per-transaction details upon request.