LTBR insider sells 25,093 shares after exercising options at $12.60

Rhea-AI Filing Summary

Andrey Mushakov, Executive Vice President, Nuclear Operations at Lightbridge Corporation (LTBR), reported exercising 25,093 employee stock options with an exercise price of $12.60 and immediately selling 25,093 shares at a weighted average sale price of $25.06. The transactions were executed on 10/10/2025 pursuant to a Rule 10b5-1 written trading plan adopted on 9/13/2024.

After the option exercise and sale, the reporting person’s direct beneficial ownership declined from 420,792 shares to 395,699 shares. The filing also discloses existing vested options for 11,351 and 10,067 shares with exercise prices of $18.48 and $55.20, respectively, and an option exercisable through 10/26/2027.

Positive

• Transactions executed under a Rule 10b5-1 plan, indicating prearranged compliance with insider trading rules
• Realized spread: exercise at $12.60 and sale at weighted average $25.06, capturing a per‑share gain
• Options that were exercised were fully vested, avoiding acceleration or special vesting treatments

Negative

• Direct share ownership declined by 25,093 shares, from 420,792 to 395,699
• Insider sold shares immediately after exercise, which may reduce the insider’s near‑term equity stake

Insights

Corporate Governance Expert

Use of a 10b5-1 plan signals a prearranged, rule-compliant insider sale.

The reported exercise and immediate sale of 25,093 shares was carried out under a Rule 10b5-1 plan adopted on 9/13/2024, which creates an affirmative defense to insider trading claims when properly documented and executed. The sequence—exercise of vested options at $12.60 followed by sale at a weighted average of $25.06

This filing reduces direct ownership to 395,699 shares; monitor future Form 4s for additional scheduled plan trades or any modifications to the 10b5-1 plan within the next 12 months.

Executive Compensation / Insider Activity Specialist

Realized gain reflects option spread; remaining vested options preserve future upside.

The exercised options had an exercise price of $12.60, and the sold shares realized a weighted average price of $25.06, indicating a per-share spread of $12.46. The report notes additional fully vested options exercisable into 11,351 and 10,067 shares at higher strike prices, preserving potential future value if the market price rises.

Because one option tranche remains exercisable through 10/26/2027, investors may see further option exercises or planned sales over that horizon; check subsequent filings for exercise timing and any changes to holdings.

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).

X

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)
10/10/2025

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	10/10/2025		M		25,093(1)	A	$12.6	420,792	D
Common Stock	10/10/2025		S		25,093(1)	D	$25.06(2)	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)	$12.6	10/10/2025		M			25,093(1)	(3)	10/26/2027	Common Stock	25,093	$0	0	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. The reported exercise of 25,093 employee stock options and sale of 25,093 shares of common stock were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on September 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 $25.00 to $25.19, inclusive. The reporting person undertakes to provide to Lightbridge Corporation, any security holder of Lightbridge 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. This option is fully vested as of the date of this report.

	/s/ Andrey Mushakov	10/10/2025
	** 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 Lightbridge (LTBR) insider Andrey Mushakov do on 10/10/2025?

He exercised 25,093 employee stock options at an exercise price of $12.60 and sold 25,093 shares at a weighted average price of $25.06 under a Rule 10b5-1 plan.

How did Mushakov’s ownership change after the transactions?

Reported direct beneficial ownership decreased from 420,792 shares to 395,699 shares following the exercise and sale.

Were the exercised options vested?

Yes. The filing states the exercised options were fully vested as of the report date.

Was the sale part of a prearranged trading plan?

Yes. The exercise and sale were effected pursuant to a Rule 10b5-1 trading plan adopted on 9/13/2024.

Are there remaining options disclosed in the filing?

Yes. The report discloses additional employee stock options exercisable into 11,351 shares at $18.48 and 10,067 shares at $55.20, with at least one tranche exercisable through 10/26/2027.

What prices were involved in the sale?

The weighted average sale price reported is $25.06; individual sale prices ranged from $25.00 to $25.19.