LIGHTBRIDGE Corp
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
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Item 9B. Other Information
Executive Compensation
During the year ended December 31, 2025, our named executive officers received restricted stock awards (RSAs) with service conditions and performance-based restricted stock awards (PSAs) with both service-based and performance-based conditions. The number of awards granted and their aggregate grant date fair value were as follows:
| RSAs (1) | April 2025 PSAs (2) | August 2025 PSAs (3) | |
|---|---|---|---|
| Seth GraeChief Executive Officer, President and Chairman | 153,582 | 87,249 | 218,123 |
| Andrey MushakovExecutive Vice President, Nuclear Operations | 95,789 | 54,417 | 136,042 |
| Larry GoldmanChief Financial Officer | 88,618 | 50,343 | 125,857 |
| RSA Grant Date Fair Value | April 2025 PSA Grant Date Fair Value (4) | August 2025 PSA Grant Date Fair Value (4) | |
|---|---|---|---|
| Seth GraeChief Executive Officer, President and Chairman | $2,356,741 | $609,871 | $3,389,630 |
| Andrey MushakovExecutive Vice President, Nuclear Operations | $1,469,898 | $380,375 | $2,114,092 |
| Larry GoldmanChief Financial Officer | $1,359,857 | $351,898 | $1,955,818 |
| (1) | The RSAs will vest in three equal annual installments beginning on the first anniversary of the grant date, contingent on the grantee’s continued service with the Company on each applicable vesting date. |
| (2) | The April 2025 PSAs vest, if at all, based on the performance condition of the successful insertion of the Company’s fuel material coupon samples into the Advanced Test Reactor (ATR) at INL by December 31, 2026 and certification by the Compensation Committee of the Board of Directors. The April 2025 PSAs are also subject to the participant’s continuous service over a three-year period from the grant date. This performance condition was met in November 2025. |
| (3) | The August 2025 PSAs vest, if at all, based on specific R&D fuel milestones relating to key technical development and commercialization objectives of the Company’s R&D fuel program and one specific financial milestone. Vesting occurs in unequal tranches depending on which milestone is certified. Each milestone applies only to a separate portion of the August 2025 PSAs. The respective portions of each tranche will vest upon the later of achievement and Board of Directors or Compensation Committee certification of the performance milestone and is subject to (i) the grantee’s continued service through the certification date and (ii) the grantee having completed at least twelve months of continuous service with the Company as of the performance milestone achievement date. The performance period for achieving these milestones extends from the grant date to December 31, 2028. |
| (4) | The grant date fair value for the April 2025 PSAs and the August 2025 PSAs are based upon the probable outcome of the performance-based conditions as of the awards’ grant date, which for these awards is also equivalent to the highest level of performance condition that may be achieved. |
During the year ended December 31, 2025, our named executive officers also received bonuses and non-equity incentive plan compensation, in addition to their base salaries, as follows:
| Salary | Bonus (1) | Non-Equity Incentive Plan Compensation (1) | |
|---|---|---|---|
| Seth GraeChief Executive Officer, President and Chairman | $596,147 | $175,104 | $400,896 |
| Andrey MushakovExecutive Vice President, Nuclear Operations | $371,814 | $109,136 | $249,864 |
| Larry GoldmanChief Financial Officer | $343,980 | $100,928 | $231,072 |
(1) Consists of payments under our short-term incentive (STI) program for the year indicated, with payments relating to the achievement of individual goals set forth in the “bonus” column and payments relating to the achievement of all other performance criteria set forth in the “non-equity incentive plan compensation” column. The Company considers payments relating to the achievement of individual goals to qualify as bonus payments because of the holistic assessments used by the Compensation Committee in evaluating the progress of the NEOs towards their individual goals, as compared to achievement of definitive metrics for the other performance criteria under the STI program.
Additional information regarding executive compensation will be included in our definitive proxy statement for the 2026 annual meeting of stockholders, which will be filed with the SEC within 120 days of the end of the fiscal year ended December 31, 2025.
Rule 10b5-1 Information
During the three months ended December 31, 2025, no director or officer of the Company adopted orterminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as each term is defined in Item 408(a) of Regulation S-K.
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