Lightbridge (LTBR) insider receives time- and performance-based equity awards

Rhea-AI Filing Summary

Lightbridge Corp (LTBR) insider Andrey Mushakov received multiple equity awards on 08/28/2025. The filing reports grants of restricted stock awards (RSAs) that vest in three equal annual installments and performance-based restricted stock awards (PSAs) that vest only if specified performance conditions are met by the end of the performance period on 12/31/2028. Several grants increased the reporting person’s beneficial ownership in stages, with reported post-transaction share totals reaching up to 395,699 shares. The filing also shows four employee stock options outstanding with exercise prices of $10.80, $12.60, $18.48 and $55.20 and aggregate underlying common shares of 63, (sic) 63, etc. The report was signed by an attorney-in-fact on 08/29/2025.

Positive

• Alignment with long-term goals: RSAs vest over three years, encouraging retention
• Performance linkage: PSAs vest only upon achieving specified performance metrics through 12/31/2028

Negative

• Potential dilution: Multiple RSAs, PSAs and outstanding options increase potential share count upon vesting/exercise
• Delayed clarity: PSAs are contingent on performance certification, so final impact on ownership and dilution is uncertain until certification

Insights

Corporate Governance Expert

TL;DR: Insider awarded time- and performance-based equity, aligning pay with tenure and milestones but delaying full ownership until vesting or performance certification.

The grants combine service-based RSAs and performance-contingent PSAs, which is a common design to retain executives and link compensation to measurable outcomes. RSAs vest in three equal annual tranches, creating multi-year retention incentives. PSAs include a specified performance condition with forfeiture if unvested by 12/31/2028, which limits immediate dilution and ties ultimate ownership to achievement of objectives. The presence of multiple outstanding options with varied strike prices indicates prior compensation through option awards; one option is noted as fully vested. Overall, governance design is conventional and focuses on long-term alignment rather than immediate cash compensation.

Securities Analyst

TL;DR: Multiple equity grants materially increase reported beneficial ownership but vesting and performance conditions delay economic control.

The Form 4 lists incremental increases in beneficial ownership after each reported grant, culminating at 395,699 shares following the final reported transaction. Several grants are zero-price awards (RSAs/PSAs) which increase outstanding common shares for the insider but vest over time or upon performance certification. The disclosed employee stock options cover a total of 63, ... (data shows 17,598; 25,093; 11,351; 10,067) underlying shares at strikes of $10.80, $12.60, $18.48 and $55.20, with one option fully vested. For investors, the timing of vesting and performance certification will determine when these shares can be sold and potentially affect free float, but the filing itself is a routine disclosure of compensation-related grants.

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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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^*

MUSHAKOV ANDREY

(Last) (First) (Middle)

C/O LIGHTBRIDGE CORPORATION

11710 PLAZA AMERICA DRIVE, SUITE 2000

(Street)

RESTON VA 20190

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
LIGHTBRIDGE Corp [ LTBR ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, Nuclear Operations

3. Date of Earliest Transaction (Month/Day/Year)
08/28/2025

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
Common Stock	08/28/2025		A(1)		45,347	A	$0	259,657	D
Common Stock	08/28/2025		A(2)		45,347	A	$0	305,004	D
Common Stock	08/28/2025		A(2)		45,347	A	$0	350,351	D
Common Stock	08/28/2025		A(2)		27,208	A	$0	377,559	D
Common Stock	08/28/2025		A(2)		18,140	A	$0	395,699	D

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)	$10.8							(3)	08/06/2028	Common Stock	17,598		17,598	D
Employee Stock Option (right to buy)	$12.6							(3)	10/26/2027	Common Stock	25,093		25,093	D
Employee Stock Option (right to buy)	$18.48							(3)	11/09/2026	Common Stock	11,351		11,351	D
Employee Stock Option (right to buy)	$55.2							(3)	11/20/2025	Common Stock	10,067		10,067	D

Explanation of Responses:

1. Represents a grant of restricted stock awards (RSAs). These RSAs vest in three equal installments on the first, second and third anniversaries of the date of grant, contingent on the reporting person's continued service on each such vesting date.

2. Represents a grant of performance-based restricted stock awards (PSAs). These PSAs vest subject to achievement of a specified performance condition, and at the time of certification thereof, contingent on the reporting person's continued service on the certification date. PSAs that remain unvested as of December 31, 2028 (the end of the performance period) will automatically be forfeited and cancelled without consideration.

3. This option is fully vested as of the date of this report.

	/s/ Larry Goldman, Attorney-in-Fact for Andrey Mushakov	08/29/2025
	** 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).
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FAQ

What did LTBR insider Andrey Mushakov receive on 08/28/2025?

The Form 4 reports grants of restricted stock awards (RSAs), performance-based restricted stock awards (PSAs), and shows existing employee stock options covering 17,598, 25,093, 11,351, and 10,067 underlying shares.

How do the RSAs awarded to the LTBR insider vest?

The RSAs vest in three equal installments on the first, second and third anniversaries of the grant date, contingent on continued service.

What is the performance period for the PSAs reported in the LTBR Form 4?

The PSAs have a performance period ending on December 31, 2028, and any PSAs unvested by that date will be forfeited.

How many shares did the filing show as beneficially owned after the transactions?

The filing reports progressive post-transaction beneficial ownership figures up to 395,699 common shares.

Are the option exercise prices disclosed in the LTBR Form 4?

Yes. The disclosed employee stock options have exercise prices of $10.80, $12.60, $18.48, and $55.20.