Lightbridge (LTBR) Insider Mushakov Executes 10b5-1 Plan, Sells 17,598 Shares

Rhea-AI Filing Summary

Andrey Mushakov, Executive Vice President of Nuclear Operations at Lightbridge Corporation (LTBR), exercised and sold shares under a Rule 10b5-1 plan. On 09/22/2025 he exercised 17,598 employee stock options with a $10.80 exercise price and immediately sold 17,598 shares at a weighted-average price of $20.04, reporting 395,699 shares owned after the sale. The exercise generated 17,598 shares listed as newly acquired in the report and the sale was disclosed as multiple transactions between $20.00 and $20.14. The report also lists outstanding vested options: 25,093 at $12.60, 11,351 at $18.48 and 10,067 at $55.20, and shows total beneficial ownership of 413,297 shares prior to the sale.

Positive

• Transaction executed under a Rule 10b5-1 plan, which provides pre-clearance and reduces questions about opportunistic timing
• Detailed disclosure of option strikes and quantities (17,598 exercised at $10.80; outstanding options: 25,093 at $12.60, 11,351 at $18.48, 10,067 at $55.20)
• Sale price range and weighted-average price provided ($20.00–$20.14, weighted-average $20.04), enabling transparency

Negative

• Insider sold all shares acquired from the exercise, reducing direct share ownership from 413,297 to 395,699
• No additional explanation of purpose for the sale beyond the 10b5-1 plan is included in the filing

Insights

Securities Analyst

TL;DR: Executive exercised options and sold shares under a 10b5-1 plan; routine liquidity move with no new operational disclosures.

The Form 4 discloses a contemporaneous exercise and sale of 17,598 shares via a Rule 10b5-1 plan adopted 09/13/2024. The sale price range ($20.00–$20.14) and weighted-average $20.04 are provided, and post-transaction ownership declined from 413,297 to 395,699 shares. Material ownership levels and option strikes are transparent, allowing valuation of option economics relative to market.

Corporate Governance Expert

TL;DR: Filing documents a planned insider transaction; governance disclosure appears compliant and timely.

The report indicates the transactions were effected pursuant to a pre-established Rule 10b5-1 trading plan and includes an explanatory footnote and manual signature dated 09/23/2025. The Form 4 lists direct ownership and multiple outstanding option tranches with exercise prices and vesting/exercise/expiration details, consistent with required Section 16 reporting.

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)
09/22/2025

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	09/22/2025		M		17,598(1)	A	$10.8	413,297	D
Common Stock	09/22/2025		S		17,598(1)	D	$20.04(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)	$10.8	09/22/2025		M			17,598(1)	(3)	08/06/2028	Common Stock	17,598	$0	0	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. The reported exercise of 17,598 employee stock options and sale of 17,598 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 $20.00 to $20.14, 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	09/23/2025
	** 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 LTBR insider Andrey Mushakov report on the Form 4?

The Form 4 reports that Andrey Mushakov exercised 17,598 options at $10.80 and sold 17,598 shares on 09/22/2025 under a Rule 10b5-1 plan.

How many LTBR shares did Mushakov own after the transactions?

After the reported transactions, the Form 4 shows 395,699 shares beneficially owned by Mushakov.

At what prices were the LTBR shares sold?

The shares were sold in multiple transactions at prices ranging from $20.00 to $20.14, with a weighted-average sale price of $20.04.

Were the exercised options vested and when do other options expire?

The exercised options were reported as effective the same day; the filing lists other fully vested/vested options with expirations including 08/06/2028 for the exercised tranche and additional tranches exercisable with specified expiration dates.

Was the transaction pre-planned under a trading plan?

Yes. The filing states the exercise and sale were effected pursuant to a Rule 10b5-1 trading plan adopted on 09/13/2024.