Form 4: NuScale COO Fisher Reports RSU Vesting and Tax Sale

NuScale Power Corp's Chief Operating Officer, Carl M. Fisher, reported the vesting of restricted stock units and a subsequent sale of shares to cover tax withholding obligations.

Summary

• Carl M. Fisher, Chief Operating Officer of NuScale Power Corp (SMR), reported transactions involving the company's Class A Common Stock and Restricted Stock Units (RSUs).
• On March 2, 2026, 52,083 shares of Class A Common Stock were acquired upon the vesting and conversion of RSUs originating from a February 28, 2024 grant.
• Also on March 2, 2026, an additional 19,391 shares of Class A Common Stock were acquired upon the vesting and conversion of RSUs originating from a February 28, 2025 grant.
• On March 3, 2026, Fisher sold 22,197 shares of Class A Common Stock at a price of $12.22 per share.
• This sale was explicitly stated to cover tax withholding obligations in connection with the vesting and settlement of restricted stock units, executed as a "sell to cover" transaction.
• Following these transactions, Fisher beneficially owns 140,141 shares of Class A Common Stock directly.
• Fisher also holds derivative securities in the form of Restricted Stock Units: 52,084 RSUs remaining from the February 28, 2024 grant, 38,782 RSUs remaining from the February 28, 2025 grant, and 112,840 RSUs from a new grant on February 28, 2026.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral to slightly positive event. While there's a sale, it's for tax purposes, and the executive retains substantial equity and received a new RSU grant, indicating continued commitment.

Positives

• The Chief Operating Officer continues to hold a significant number of direct shares (140,141 Class A Common Stock) and substantial unvested Restricted Stock Units (totaling 203,706 RSUs), indicating continued alignment with shareholder interests.
• A new grant of 112,840 Restricted Stock Units on February 28, 2026, demonstrates ongoing compensation and retention of a key executive.

Negatives

• The sale of 22,197 shares, while for tax purposes, represents a reduction in direct share ownership by a key executive.

Industry Context

StockSavvy.ai notes that 'sell to cover' transactions are a common practice for executives receiving equity compensation, allowing them to meet tax obligations without needing to use personal funds. This type of insider transaction is generally viewed as routine and not indicative of a change in management's confidence in the company's future, especially when significant holdings remain.

Related Party Transactions

• Carl M. Fisher, Chief Operating Officer, engaged in transactions involving NuScale Power Corp's securities, including the vesting of Restricted Stock Units and a subsequent sale of shares to cover tax obligations, which are considered related party transactions as part of executive compensation.

Stakeholder Impact

• Shareholders: The sale for tax purposes is a routine event and generally does not signal a lack of confidence, especially given the executive's continued significant holdings and new RSU grant. It provides transparency into executive compensation practices.
• Employees: No direct impact mentioned.
• Customers: No direct impact mentioned.
• Suppliers: No direct impact mentioned.
• Creditors: No direct impact mentioned.

Key Dates

Recommendation

The filing details routine insider transactions related to executive compensation, specifically the vesting of restricted stock units and a 'sell to cover' transaction for tax purposes. This type of activity is common and generally not indicative of a fundamental change in the company's prospects or management's confidence. The executive retains a substantial equity stake and received a new RSU grant. Therefore, based solely on this Form 4, a 'hold' recommendation is appropriate as it does not present new information warranting a change in investment thesis.

Keywords

NuScale Power, SMR, Carl M. Fisher, Insider Transaction, Form 4, Restricted Stock Units, Equity Compensation, Sell to Cover, Executive Compensation, Nuclear Energy