NuScale (SMR) insider converts 463,747 shares to Class A stock

Q: What insider transaction did NuScale Power Corp. (SMR) report in this Form 4?

The filing reports that on 11/21/2025, a director and 10% owner completed a transaction coded "C" in which 463,747 Class B units and Class B common stock were exchanged into 463,747 shares of Class A common stock.

Q: How are the 111,400,219 NuScale (SMR) Class A shares held indirectly?

Footnotes state that 110,936,472 shares of Class A common stock are held by Fluor Enterprises, Inc., a wholly owned subsidiary of Fluor Corporation, and 463,747 shares are held by NuScale Holdings Corp., which is majority owned by Fluor Enterprises, Inc.

Q: What is the relationship of the reporting person to NuScale Power Corp. (SMR)?

The reporting person is identified as both a Director and a 10% Owner of NuScale Power Corp., indicating a significant insider ownership position.

Q: What does the derivative security in NuScale (SMR) relate to in this Form 4?

The derivative security is described as Class B units and Class B common stock of NuScale Power, LLC, each paired unit being exchangeable into one share of NuScale Class A common stock with no expiration date.

Q: Did the reporting person hold any derivative securities after the NuScale (SMR) transaction?

Table II shows that after the reported exchange of 463,747 Class B units and Class B common stock into Class A common stock, the number of derivative securities beneficially owned is 0.

NuScale Power Corp. (SMR) reported an insider ownership change by a director and 10% owner.

Accepted by SEC EDGAR 11/25/2025 - 06:09 PM EST

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Rhea-AI Filing Summary

NuScale Power Corp. (SMR) reported an insider ownership change by a director and 10% owner. On 11/21/2025, 463,747 Class B units and matching shares of Class B common stock in NuScale Power, LLC were converted into 463,747 shares of Class A common stock.

After this conversion, the reporting person beneficially owns 111,400,219 shares of Class A common stock, held indirectly. According to the footnotes, 110,936,472 of these Class A shares are held by Fluor Enterprises, Inc., a wholly owned subsidiary of Fluor Corporation, and 463,747 Class A shares are held by NuScale Holdings Corp., which is majority owned by Fluor Enterprises, Inc.

Insider Trade Summary

463,747 shares exercised/converted

Exercise 2 txns

Insider FLUOR CORP

Role Director, 10% Owner

Type	Security	Shares	Price	Value
Conversion	Class B Units and Class B Common Stock	463,747	$0.00	$0.00
Conversion	Class A Common Stock	463,747	$0.00	$0.00

Holdings After Transaction: Class B Units and Class B Common Stock — 0 contracts (Indirect, See footnote); Class A Common Stock — 111,400,219 shares (Indirect, See footnote)

Holdings Before and After: Class B Units and Class B Common Stock, 463,747 to 0 contracts (Indirect, See footnote); Class A Common Stock, 110,936,472 to 111,400,219 shares (Indirect, See footnote)

Footnotes (2)

F1. Each Class B unit of NuScale Power, LLC, an Oregon limited liability company and a wholly owned subsidiary of the Issuer ("Class B Units"), together with one share of Class B common stock, par value $0.0001 per share, of the Issuer ("Class B Common Stock"), is exchangeable into one share of Class A common stock, par value $0.0001 per share, of the Issuer ("Class A Common Stock") with no expiration date.
F2. 110,936,472 shares of Class A Common Stock are beneficially owned by Fluor Enterprises, Inc., which is a wholly owned subsidiary of Fluor Corporation, whose principal place of business is 6700 Las Colinas Boulevard, Irving, Texas 75039. 463,747 shares of Class A Common Stock are beneficially by NuScale Holdings Corp., which is majority owned by Fluor Enterprises, Inc.

FAQ

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What insider transaction did NuScale Power Corp. (SMR) report in this Form 4?

The filing reports that on 11/21/2025, a director and 10% owner completed a transaction coded "C" in which 463,747 Class B units and Class B common stock were exchanged into 463,747 shares of Class A common stock.

How many NuScale (SMR) Class A shares does the reporting person beneficially own after the transaction?

Following the reported transaction, the reporting person beneficially owns 111,400,219 shares of NuScale Class A common stock, all held indirectly.

How are the 111,400,219 NuScale (SMR) Class A shares held indirectly?

Footnotes state that 110,936,472 shares of Class A common stock are held by Fluor Enterprises, Inc., a wholly owned subsidiary of Fluor Corporation, and 463,747 shares are held by NuScale Holdings Corp., which is majority owned by Fluor Enterprises, Inc.

What is the relationship of the reporting person to NuScale Power Corp. (SMR)?

The reporting person is identified as both a Director and a 10% Owner of NuScale Power Corp., indicating a significant insider ownership position.

What does the derivative security in NuScale (SMR) relate to in this Form 4?

The derivative security is described as Class B units and Class B common stock of NuScale Power, LLC, each paired unit being exchangeable into one share of NuScale Class A common stock with no expiration date.

Did the reporting person hold any derivative securities after the NuScale (SMR) transaction?

Table II shows that after the reported exchange of 463,747 Class B units and Class B common stock into Class A common stock, the number of derivative securities beneficially owned is 0.

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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^*

FLUOR CORP

(Last)

(First)

(Middle)

6700 LAS COLINAS BLVD.

(Street)

IRVING

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)
11/21/2025

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	11/21/2025		C		463,747	A	⁽¹⁾	111,400,219	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Class B Units and Class B Common Stock	⁽¹⁾	11/21/2025		C			463,747	⁽¹⁾	⁽¹⁾	Class A Common Stock	463,747	⁽¹⁾	0	I	See footnote⁽²⁾

Explanation of Responses:

1. Each Class B unit of NuScale Power, LLC, an Oregon limited liability company and a wholly owned subsidiary of the Issuer ("Class B Units"), together with one share of Class B common stock, par value $0.0001 per share, of the Issuer ("Class B Common Stock"), is exchangeable into one share of Class A common stock, par value $0.0001 per share, of the Issuer ("Class A Common Stock") with no expiration date.

2. 110,936,472 shares of Class A Common Stock are beneficially owned by Fluor Enterprises, Inc., which is a wholly owned subsidiary of Fluor Corporation, whose principal place of business is 6700 Las Colinas Boulevard, Irving, Texas 75039. 463,747 shares of Class A Common Stock are beneficially by NuScale Holdings Corp., which is majority owned by Fluor Enterprises, Inc.

Remarks:

	/s/ Kevin B. Hammonds, Executive Vice President, Chief Legal Officer and Corporate Secretary	11/25/2025
	** 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.

Source: View Original Filing on SEC EDGAR