[Form 4] NUSCALE POWER Corp Insider Trading Activity

Rhea-AI Filing Summary

Fluor Corporation filed a Form 4 reporting multiple open-market sales of NuScale Power Corp (SMR) Class A common stock by Fluor Enterprises, a wholly owned Fluor subsidiary. Sales occurred on September 16–18, 2025, totaling 2,541,556 shares sold across ten transactions at weighted average prices ranging from $35.86 to $40.59 per share. After the reported sales, Fluor Enterprises' beneficial ownership decreased from 14,235,016 shares to 12,457,907 shares (indirect ownership). The Form 4 discloses weighted-average prices and notes that further breakdowns by transaction price are available on request.

Insights

Financial Analyst

TL;DR: Significant, concentrated insider sales by a major shareholder reduced indirect stake by ~12.5%; impact depends on context beyond this filing.

The filing documents concentrated open-market dispositions totaling 2,541,556 Class A shares over three days with weighted-average sale prices reported per tranche. These sales reduced the reporter's indirect beneficial ownership from 14.235 million to 12.458 million shares. From a market perspective, multi-day, multi-tranche sales of this scale can increase available float in the short term, but the Form 4 does not disclose intent, use of proceeds, or planned further sales, limiting conclusions about long-term valuation implications.

Corporate Governance Expert

TL;DR: A director and 10% owner executed sizable open-market sales; governance disclosure is complete but raises monitoring questions.

The reporting person is identified as a Director and 10% owner via Fluor Enterprises, and the Form 4 properly discloses the indirect ownership changes and weighted-average prices. The filing includes certification and an offer to provide per-trade details on request. While disclosures meet Section 16 requirements, stakeholders may seek additional context on whether sales reflect portfolio rebalancing or other corporate activity; the Form 4 itself provides no such explanation.

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

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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^*

FLUOR CORP

(Last) (First) (Middle)

6700 LAS COLINAS BLVD.

(Street)

IRVING TX 75039

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
09/16/2025

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	09/16/2025		S		764,984	D	$37.25(1)	14,235,016	I	See footnote(2)
Class A Common Stock	09/16/2025		S		6,559	D	$37.97(3)	14,228,457	I	See footnote(2)
Class A Common Stock	09/17/2025		S		410,097	D	$35.86(4)	13,818,360	I	See footnote(2)
Class A Common Stock	09/17/2025		S		166,949	D	$36.36(5)	13,651,411	I	See footnote(2)
Class A Common Stock	09/18/2025		S		120,556	D	$36.96(6)	13,530,855	I	See footnote(2)
Class A Common Stock	09/18/2025		S		322,258	D	$37.9(7)	13,208,597	I	See footnote(2)
Class A Common Stock	09/18/2025		S		286,634	D	$39.08(8)	12,921,963	I	See footnote(2)
Class A Common Stock	09/18/2025		S		350,765	D	$39.97(9)	12,571,198	I	See footnote(2)
Class A Common Stock	09/18/2025		S		113,291	D	$40.59(10)	12,457,907	I	See footnote(2)

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. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $36.76 to $37.75, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the ranges set forth in footnotes (1), (3), (4), (5), (6), (7), (8), (9) and (10) to this Form 4.

2. The shares are owned of record by Fluor Enterprises, Inc., which is a wholly owned subsidiary of Fluor Corporation, whose principal business address is 6700 Las Colinas Boulevard, Irving, Texas 75039.

3. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $37.76 to $38.21, inclusive.

4. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $35.14 to $36.13, inclusive.

5. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $36.14 to $36.82, inclusive.

6. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $36.41 to $37.40, inclusive.

7. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $37.41 to $38.40, inclusive.

8. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $38.41 to $39.40, inclusive.

9. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $39.41 to $40.40, inclusive.

10. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $40.41 to $41.02, inclusive.

Remarks:

	/s/ Kevin B. Hammonds, Executive Vice President, Chief Legal Officer and Corporate Secretary	09/18/2025
	** Signature of Reporting Person	Date
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