<SEC-DOCUMENT>0001062993-14-002328.txt : 20140423
<SEC-HEADER>0001062993-14-002328.hdr.sgml : 20140423
<ACCEPTANCE-DATETIME>20140423172341
ACCESSION NUMBER:		0001062993-14-002328
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20140619
FILED AS OF DATE:		20140423
DATE AS OF CHANGE:		20140423
EFFECTIVENESS DATE:		20140423

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LIGHTBRIDGE Corp
		CENTRAL INDEX KEY:			0001084554
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MANAGEMENT CONSULTING SERVICES [8742]
		IRS NUMBER:				911975651
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34487
		FILM NUMBER:		14779518

	BUSINESS ADDRESS:	
		STREET 1:		1600 TYSONS BOULEVARD
		STREET 2:		SUITE 550
		CITY:			MCLEAN,
		STATE:			VA
		ZIP:			22102
		BUSINESS PHONE:		703.918.4904

	MAIL ADDRESS:	
		STREET 1:		1600 TYSONS BOULEVARD
		STREET 2:		SUITE 550
		CITY:			MCLEAN,
		STATE:			VA
		ZIP:			22102

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Thorium Power, Ltd
		DATE OF NAME CHANGE:	20061011

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NOVASTAR RESOURCES LTD.
		DATE OF NAME CHANGE:	20051011

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NOVASTAR RESOURCES LTD
		DATE OF NAME CHANGE:	20050829
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>scheddef14a.htm
<DESCRIPTION>SCHEDULE 14A
<TEXT>
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   <TITLE>Lightbridge Corporation: Schedule DEF14A - Filed by newsfilecorp.com</TITLE>
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<A name=page_1></A>
<P align=center><B><FONT size=5>UNITED STATES </FONT></B><BR><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION </FONT></B><BR>Washington, D.C. 20549
</P>
<P align=center><B><FONT size=5>SCHEDULE 14A INFORMATION </FONT></B></P>
<P align=center>Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934 </P>
<P align=center>Filed by the Registrant [X] <BR>Filed by a Party other than the
Registrant [_] <BR></P>
<P align=center>Check the appropriate box: </P>
<P align=center>[_] Preliminary Proxy Statement <BR>[_] Confidential, For Use of
the Commission Only (As Permitted by Rule 14a-6(e)(2)) <BR>[X] Definitive Proxy
Statement <BR>[_] Definitive Additional Materials <BR>[_] Soliciting Material
under Rule 14a-12 <BR></P>
<P align=center><B><U><FONT size=5>LIGHTBRIDGE CORPORATION
</FONT></U></B><BR>(Name of Registrant as Specified In Its Charter) </P>
<P align=center>__________________________________________________________
<BR>(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
</P>
<P align=justify>Payment of Filing Fee (Check the appropriate box): <BR>[X] No
fee required <BR>[_] Fee computed on table below per Exchange Act Rules
14a-6(i)(1) and 0-11. <BR></P>
<P align=justify>(1) Title of each class of securities to which transaction
applies: </P>
<P align=justify>________________________________________ </P>
<P align=justify>(2) Aggregate number of securities to which transaction
applies: </P>
<P align=justify>________________________________________ </P>
<P align=justify>(3) Per unit price or other underlying value of transaction
computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the
filing fee is calculated and state how it was determined): </P>
<P
align=justify>_______________________________________________________________________________________<BR>(4)
Proposed maximum aggregate value of transaction: </P>
<P align=justify>_______________________________________________<BR>(5) Total
fee paid: </P>
<P
align=justify>____________________________________________________________________________
</P>
<P align=justify>[_] Fee paid previously with preliminary materials. </P>
<P align=justify>[_] Check box if any part of the fee is offset as provided by
Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting
fee was paid previously. Identify the previous filing by registration statement
number, or the form or schedule and the date of its filing. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Amount Previously Paid:
      ____________________________________________________</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Form, Schedule or Registration Statement No.:
      __________________________________</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Filing Party:
      ______________________________________________________________</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Date Filed:
      _______________________________________________________________</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=center><B>TABLE OF CONTENTS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>LETTER TO STOCKHOLDERS FROM OUR
      CHAIRMAN</B> </TD>
    <TD align=left width="5%" bgColor=#eeeeee >&nbsp; </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>QUESTIONS AND ANSWERS ABOUT THE ANNUAL
      MEETING</B> </TD>
    <TD align=left width="5%" bgColor=#eeeeee ><B>1</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>DIRECTORS AND EXECUTIVE OFFICERS</B> </TD>
    <TD align=left width="5%" bgColor=#eeeeee ><B>7</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>SECTION 16(A) BENEFICIAL OWNERSHIP
      REPORTING COMPLIANCE</B> </TD>
    <TD align=left width="5%" bgColor=#eeeeee ><B>13</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>CORPORATE GOVERNANCE</B> </TD>
    <TD align=left width="5%" bgColor=#eeeeee ><B>13</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;<B>Corporate Governance Guidelines</B> </TD>
    <TD align=left width="5%" bgColor=#eeeeee ><B>13</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;<B>The Board and Committees of the Board</B>
</TD>
    <TD align=left width="5%" bgColor=#eeeeee ><B>13</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;<B>Governance Structure</B> </TD>
    <TD align=left width="5%" bgColor=#eeeeee ><B>14</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;<B>The Board&#146;s Role in Risk Oversight</B> </TD>
    <TD align=left width="5%" bgColor=#eeeeee ><B>14</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;<B>Independent Directors</B> </TD>
    <TD align=left width="5%" bgColor=#eeeeee ><B>15</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;<B>Audit Committee</B> </TD>
    <TD align=left width="5%" bgColor=#eeeeee ><B>15</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;<B>Compensation Committee</B> </TD>
    <TD align=left width="5%" bgColor=#eeeeee ><B>16</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%"  bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;<B>Governance and Nominating Committee</B> </TD>
    <TD align=left width="5%" ><B>16</B> </TD></TR>
  <TR>
    <TD align=left  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%"  bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;<B>Executive Committee</B> </TD>
    <TD align=left width="5%" ><B>17</B> </TD></TR>
  <TR>
    <TD align=left  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%"  bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;<B>Code of Ethics</B> </TD>
    <TD align=left width="5%" ><B>17</B> </TD></TR>
  <TR>
    <TD align=left  bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%"  bgColor=#eeeeee>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;<B>Stockholder Communication with the Board of
      Directors</B> </TD>
    <TD align=left width="5%" bgColor=#eeeeee ><B>17</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>EXECUTIVE COMPENSATION</B> </TD>
    <TD align=left width="5%" bgColor=#eeeeee ><B>17</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>OUTSTANDING EQUITY AWARDS AT FISCAL YEAR
      END</B> </TD>
    <TD align=left width="5%" bgColor=#eeeeee ><B>19</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>DIRECTOR COMPENSATION</B> </TD>
    <TD align=left width="5%" bgColor=#eeeeee ><B>19</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>CHANGES IN CONTROL</B> </TD>
    <TD align=left width="5%" bgColor=#eeeeee ><B>20</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
      OWNERS AND MANAGEMENT </B></TD>
    <TD align=left width="5%"  bgColor=#eeeeee
      ><STRONG>21</STRONG> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>TRANSACTIONS WITH RELATED PERSONS AND
      CONTROL PERSONS</B> </TD>
    <TD align=left width="5%" bgColor=#eeeeee ><B>22</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>PROPOSAL 1- ELECTION OF DIRECTORS</B>
</TD>
    <TD align=left width="5%" bgColor=#eeeeee ><B>23</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>PROPOSAL 2- RATIFICATION OF SELECTION OF
      INDEPENDENT AUDITORS</B> </TD>
    <TD align=left width="5%" bgColor=#eeeeee ><B>27</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>PROPOSAL 3- ADVISORY VOTE ON EXECUTIVE
      COMPENSATION</B> </TD>
    <TD align=left width="5%" bgColor=#eeeeee ><B>29</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>STOCKHOLDER PROPOSALS, ANNUAL REPORT AND
      OTHER MATTERS</B> </TD>
    <TD align=left width="5%" bgColor=#eeeeee ><B>30</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>APPENDIX A- REPORT OF THE AUDIT
      COMMITTEE</B> </TD>
    <TD align=left width="5%" bgColor=#eeeeee >&nbsp; </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>PROXY</B> </TD>
    <TD align=left width="5%" bgColor=#eeeeee >&nbsp;
  </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_3></A>
<P align=center><IMG src="lblogo.jpg" border=0> </P>
<P align=center><B>Lightbridge Corporation</B> <BR>1600 Tysons Boulevard, Suite
550 <BR>McLean, VA 22102 USA <BR>571.730.1200 <BR></P>
<P align=center><B>NOTICE OF ANNUAL MEETING OF STOCKHOLDERS</B> </P>
<P align=center><B>to be held on June 19, 2014</B> </P>
<P align=justify>Dear Stockholder: </P>
<P align=justify>Notice is hereby given that the Annual Meeting of Stockholders
(the &#147;Meeting&#148;) of Lightbridge Corporation, a Nevada corporation (the
&#147;Company&#148;), will be held on Thursday, June 19, 2014, at 11:00 a.m., local time,
at the offices of Venable LLP located at 575 7th Street, NW Washington, DC
20004, USA for the following purposes: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>To elect five persons to the Board of Directors of the
      Company, each to serve until the next annual meeting of stockholders of
      the Company or until such person shall resign, be removed or otherwise
      leave office;</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>To ratify the selection by the Audit Committee of
      Anderson Bradshaw PLLC as the Company&#146;s independent registered public
      accounting firm for the fiscal year ending December 31, 2014;</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>To approve, on an advisory basis, our executive
      compensation;</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>To transact such other business as may properly come
      before the Meeting or any adjournment thereof.</P></TD></TR></TABLE>
<P align=justify>If you owned our common stock at the close of business on April
21, 2014, you may attend and vote at the meeting. </P>
<P align=justify>A Proxy Statement describing the matters to be considered at
the Meeting is attached to this Notice. Our 2013 Annual Report accompanies this
Notice, but it is not deemed to be part of the Proxy Statement. </P>
<P align=justify><B>Your vote is important. Whether or not you plan to attend
the meeting, I hope that you will vote as soon as possible. You may vote your
shares by either completing, signing and returning the accompanying proxy card
or casting your vote via a toll-free telephone number or over the Internet.</B>
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%">Sincerely, </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="50%">/s/Thomas Graham, Jr. </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%">Thomas Graham, Jr. </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="50%">Chairman and Corporate Secretary
</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A>
<P align=center><B>IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY
MATERIALS FOR THE STOCKHOLDER </B><B>MEETING TO BE HELD ON June 19, 2014
</B></P>
<P align=justify>This Notice and Proxy Statement and our 2013 Annual Report are
available online at <U><FONT color=#0000ff>http://www.edocumentview.com/LTBR</FONT></U></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_5></A>
<P align=center><IMG src="lblogo.jpg" border=0> </P>
<P align=center><B>Lightbridge Corporation</B> <BR>1600 Tysons Boulevard, Suite
550 <BR>McLean, VA 22102 USA <BR>571.730.1200<B>
</B><BR><B>______________________</B> <BR><B><BR>PROXY STATEMENT
</B><BR><B>______________________</B> <BR></P>
<P align=justify>The Board of Directors (&#147;Board&#148;) of Lightbridge Corporation, a
Nevada corporation (the &#147;Company,&#148; &#147;Lightbridge&#148; or &#147;we&#148;) is furnishing this
Proxy Statement and the accompanying proxy to you to solicit your proxy for the
2014 Annual Meeting of Stockholders (the &#147;Meeting&#148;). The Meeting will be held on
Thursday, June 19, 2014, at 11:00 a.m., local time, at the offices of Venable
LLP located at 575 7th Street, NW Washington, DC 20004, USA. </P>
<P align=center><B>QUESTIONS AND ANSWERS ABOUT THE ANNUAL MEETING</B> </P>
<P align=justify><B><I>What is this proxy statement?</I></B> </P>
<P align=justify>You are receiving this proxy statement and our annual report
because our Board is soliciting your proxy to vote your shares at the 2014
annual meeting. This proxy statement includes information that we are required
to provide to you under the rules of the Securities and Exchange Commission
(SEC) and that is designed to assist you in voting your shares. </P>
<P align=justify><B><I>What is the purpose of the annual meeting?</I></B> </P>
<P align=justify>At the annual meeting, our stockholders will act upon the
matters described in this proxy statement. These actions include the election of
directors; ratification of the appointment of the independent registered public
accounting firm (which we sometimes refer to as the &#147;independent auditors&#148;); and
an advisory (that is, nonbinding) vote on executive compensation. An additional
purpose of the annual meeting is to transact any other business that may
properly come before the annual meeting and any and all adjournments or
postponements of the annual meeting. </P>
<P align=justify><B><I>Who can attend the annual meeting?</I></B> </P>
<P align=justify>All stockholders of record at the close of business on April
21, 2014, the record date, or their duly appointed proxies, may attend the
annual meeting. </P>
<P align=center>1 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_6></A>
<P align=justify><B><I>What proposals will be voted on at the annual
meeting?</I></B> Stockholders will vote on three proposals at the annual
meeting: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>the election of directors; </P>
  <LI>
  <P>the ratification of Anderson Bradshaw PLLC as the Company&#146;s independent
  auditors for the fiscal year ending December 31, 2014; and </P>
  <LI>
  <P>an advisory vote on executive compensation. </P></LI></UL>
<P align=justify><B><I>What are the Board&#146;s recommendations?</I></B> Our Board
recommends that you vote: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P><B>FOR </B>election of the nominated directors; </P>
  <LI>
  <P><B>FOR </B>ratification of Anderson Bradshaw PLLC as the Company&#146;s
  independent auditors for the fiscal year ending December 31, 2014; </P>
  <LI>
  <P><B>FOR </B>approval of the compensation of our named executive officers.
  </P></LI></UL>
<P align=justify><B><I>Will there be any other business on the agenda?</I></B>
</P>
<P align=justify>The Board knows of no other matters that are likely to be
brought before the annual meeting. If any other matters properly come before the
annual meeting, however, the persons named in the enclosed proxy, or their duly
appointed substitute acting at the annual meeting, will be authorized to vote or
otherwise act on those matters in accordance with their judgment. </P>
<P align=justify><B><I>Who is entitled to vote?</I></B> </P>
<P align=justify>Only stockholders of record at the close of business on April
21, 2014, which we refer to as the record date, are entitled to notice of, and
to vote at, the annual meeting. As of the record date, there were 15,071,536
shares of our common stock outstanding. Holders of common stock as of the record
date are entitled to one vote for each share held for each of the proposals.
</P>
<P align=justify><B><I>What is the difference between holding shares as a
stockholder of record and as a beneficial owner?</I></B> </P>
<P align=justify><I>Stockholder of Record.</I> If your shares are registered
directly in your name with our transfer agent, Computershare Trust Company, you
are considered, with respect to those shares, the &#147;stockholder of record.&#148; This
proxy and our Annual Report have been sent directly to you by us. </P>
<P align=justify><I>Beneficial Owner.</I> If your shares are held in a stock
brokerage account or by a bank or other nominee, you are considered the
&#147;beneficial owner&#148; of shares held in street name. This proxy and the Annual
Report have been forwarded to you by your broker, bank or nominee who is
considered, with respect to those shares, the stockholder of record. As the
beneficial owner, you have the right to direct your broker, bank or nominee how
to vote your shares by using the voting instructions included in with your proxy
materials. </P>
<P align=center>2 </P>
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<P align=justify><B><I>How do I vote my shares?</I></B> </P>
<P align=justify>Stockholders can vote in person at the annual meeting or by
proxy. There are three ways to vote by proxy: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>By Telephone &#151; Stockholders located in the United States can vote by
  telephone by calling the number listed on your enclosed proxy card and
  following the instructions; </P>
  <LI>
  <P>By Internet &#151; You can vote over the Internet going to the link provided on
  your enclosed proxy card and following the instructions; or </P>
  <LI>
  <P>By Mail &#151; You can vote by mail by signing, dating and mailing the enclosed
  proxy card. </P></LI></UL>
<P align=justify>Telephone and Internet voting facilities for stockholders of
record will be available 24 hours a day and will close at 11:59 p.m. (EST) on
June 18, 2014. </P>
<P align=justify>If your shares are held in the name of a bank, broker or other
holder of record, you will receive instructions from the holder of record. You
must follow the instructions of the holder of record in order for your shares to
be voted. Telephone and Internet voting also will be offered to stockholders
owning shares through certain banks and brokers. If your shares are not
registered in your own name and you plan to vote your shares in person at the
annual meeting, you should contact your broker or agent to obtain a legal proxy
or broker&#146;s proxy card and bring it to the annual meeting in order to vote. </P>
<P align=justify>If you vote by proxy, the individuals named on the proxy card
(your &#147;proxies&#148;) will vote your shares in the manner you indicate. You may
specify how your shares should be voted for each of the proposals. If you grant
a proxy without indicating your instructions, your shares will be voted as
follows: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P><B>FOR </B>the election of the three nominees for director; </P>
  <LI>
  <P><B>FOR </B>the ratification of Anderson Bradshaw PLLC as the Company&#146;s
  independent auditors for the fiscal year ending December 31, 2014; </P>
  <LI>
  <P><B>FOR </B>the approval of the compensation of our named executive
  officers. </P></LI></UL>
<P align=justify>You may revoke or change your proxy at any time before it is
exercised by (1) delivering to us a signed proxy card with a date later than
your previously delivered proxy, (2) voting in person at the Annual Meeting, (3)
granting a subsequent proxy through the Internet or telephone, or (4) sending a
written revocation to the Corporate Secretary. Your most current proxy card or
telephone or Internet proxy is the one that is counted. Each share of common
stock is entitled to one vote. The record date for determining stockholders
entitled to notice of and to vote at the annual meeting is April 21, 2014. As of
that date, there were 15,071,536 shares of our common stock outstanding. </P>
<P align=justify><B><I>What constitutes a quorum?</I></B> </P>
<P align=justify>A quorum is the presence, in person or by proxy, of the holders
of a majority of the shares of the common stock entitled to vote. A quorum is
required for the transaction of business at the annual meeting. Under Nevada
law, an abstaining vote and a &#147;broker non-vote&#148; are counted as present and are,
therefore, included for purposes of determining whether a quorum of shares is
present at the annual meeting. </P>
<P align=justify><B><I>What is a &#147;broker non-vote&#148; and what is its effect on
voting?</I></B> </P>
<P align=justify>If you are a beneficial owner of shares held in street name and
do not provide the organization that holds your shares with specific voting
instructions, under the rules of various national and regional securities
exchanges, the organization that holds your shares may generally vote on routine
matters but cannot vote on non-routine matters. If the organization that holds
your shares does not receive instructions from you on how to vote your shares on
a non-routine matter, the organization that holds your shares does not have the
authority to vote on the matter with respect to those shares. This is generally
referred to as a &#147;broker non-vote.&#148; Proposal 2 (ratification of auditors)
involves a matter that we believe will be considered routine. All other
proposals involve matters that we believe will be considered non-routine. We
encourage you to provide voting instructions to the organization that holds your
shares by carefully following the instructions provided on your proxy card. </P>
<P align=center>3 </P>
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<P align=justify><B><I>What is required to approve each item?</I></B> </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>For Proposal No. 1 (election of directors), each director must be elected
  by a majority of votes cast with respect to such director (i.e., the number of
  shares voted &#147;for&#148; a director nominee must exceed the number of votes
  &#147;withheld&#148; from that nominee). Abstentions and broker non-votes are not
  counted for purposes of the election of directors. </P>
  <LI>
  <P>For Proposal No. 2 (ratification of independent auditors) and Proposal No.
  3 (advisory vote on executive compensation), the affirmative vote of the
  holders of a majority of the stockholders&#146; shares present in person or
  represented by proxy at the meeting and entitled to vote, is required. </P>
  <LI>
  <P>For any other matters on which stockholders are entitled to vote, the
  affirmative vote of the holders of a majority of the stockholders&#146; shares
  present in person or represented by proxy at the meeting and entitled to vote,
  is required. </P></LI></UL>
<P align=justify>For the purpose of determining whether the stockholders have
approved matters other than the election of directors, abstentions are treated
as shares present or represented and voting, so abstaining has the same effect
as a negative vote. If stockholders hold their shares through a broker, bank or
other nominee and do not instruct them how to vote, the broker may have
authority to vote the shares for routine matters. </P>
<P align=justify>Stockholders may not cumulate votes in the election of
directors, which means that each stockholder may vote no more than the number of
shares he or she owns for a single director candidate. </P>
<P align=justify>Our bylaws require that, in uncontested elections, each
director be elected by the majority of votes cast with respect to such director.
This means that the number of shares voted &#147;for&#148; a director nominee must exceed
the number of votes &#147;withheld&#148; from that nominee in order for that nominee to be
elected. Only votes &#147;for&#148; or &#147;withheld&#148; are counted as votes cast with respect
to a director. Abstentions and broker non-votes will have no effect. </P>
<P align=justify><B><I>How will shares of common stock represented by properly
executed proxies be voted?</I></B> </P>
<P align=justify>All shares of common stock represented by proper proxies will,
unless such proxies have previously been revoked, be voted in accordance with
the instructions indicated in such proxies. If you submit an executed proxy, but
do not provide voting instructions, your shares will be voted in accordance with
the Board&#146;s recommendations as set forth herein. In addition, if any other
matters properly come before the annual meeting, the persons named in the
enclosed proxy, or their duly appointed substitute acting at the annual meeting,
will be authorized to vote or otherwise act on those matters in accordance with
their judgment. </P>
<P align=center>4 </P>
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<P align=justify><B><I>Can I change my vote or revoke my proxy?</I></B> </P>
<P align=justify>Any stockholder executing a proxy has the power to revoke such
proxy at any time prior to its exercise. You may revoke your proxy prior to
exercise by: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>submitting a written notice of revocation of your proxy by mail
  to:<BR><BR>Lightbridge Corporation<BR>1600 Tysons Boulevard, Suite 550
  <BR>McLean, VA 22102 <BR>Attention: Corporate Secretary, </P>
  <LI>
  <P>submitting a properly signed proxy card bearing a later date to the address
  immediately above, </P>
  <LI>
  <P>voting over the Internet or by telephone per the instruction included
  herein, or </P>
  <LI>
  <P>voting in person at the annual meeting. </P></LI></UL>
<P align=justify><B><I>What does it mean if I receive more than one
Proxy?</I></B> </P>
<P align=justify>If your shares are registered under different names or are in
more than one account, you may receive more than one set of proxy materials. To
ensure that all your shares are voted, please vote by telephone or through the
Internet using each personal identification number you are provided, or
complete, sign and date the multiple proxy cards relating to your multiple
accounts. We encourage you whenever possible to have all accounts registered in
the same name and address. You can accomplish this by contacting our transfer
agent, Computershare Trust Company at (800) 962-4284. </P>
<P align=justify><B><I>Who paid for this proxy solicitation?</I></B> </P>
<P align=justify>The cost of preparing, printing, assembling and mailing this
proxy statement and other material furnished to stockholders in connection with
the solicitation of proxies is borne by us. </P>
<P align=justify><B><I>How do I learn the results of the voting at the annual
meeting?</I></B> </P>
<P align=justify>Preliminary results will be announced at the annual meeting.
Final results will be published in a Current Report on Form 8-K filed with the
SEC within four business days of the annual meeting. </P>
<P align=justify><B><I>How are proxies solicited?</I></B> </P>
<P align=justify>In addition to the mail solicitation of proxies, our officers,
directors, employees and agents may solicit proxies by written communication,
telephone or personal call. These persons will receive no special compensation
for any solicitation activities. We will reimburse banks, brokers and other
persons holding common stock for their expenses in forwarding proxy solicitation
materials to beneficial owners of our common stock. </P>
<P align=justify><B><I>What is &#147;householding?&#148;</I></B> </P>
<P align=justify>&#147;Householding&#148; means that we deliver a single set of proxy
materials when requested to households with multiple stockholders, provided
certain conditions are met. Householding reduces our printing and mailing costs.
</P>
<P align=justify>If you or another stockholder of record sharing your address
would like to receive an additional copy of the proxy materials, we will
promptly deliver it to you upon your request in one of the following manners:
</P>
<UL style="TEXT-ALIGN: justify">
  <LI>by sending a written request by mail to: </LI></UL>
<P align=justify>Lightbridge Corporation <BR>1600 Tysons Boulevard, Suite 550
<BR>McLean, VA 22102 <BR>Attention: Corporate Secretary <BR></P>
<UL style="TEXT-ALIGN: justify">
  <LI>by calling our Corporate Secretary, at 571-730-1200. </LI></UL>
<P align=justify>If you would like to opt out of householding in future
mailings, or if you are currently receiving multiple mailings at one address and
would like to request householded mailings, you may do so by contacting our
Corporate Secretary as indicated above. </P>
<P align=center>5 </P>
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<P align=justify><B><I>Can I receive future stockholder communications
electronically through the Internet?</I></B> </P>
<P align=justify>Yes. You may elect to receive future notices of meetings, proxy
materials and annual reports electronically through the Internet. To consent to
electronic delivery, vote your shares using the Internet. At the end of the
Internet voting procedure, the on-screen Internet voting instructions will tell
you how to request future stockholder communications be sent to you
electronically. </P>
<P align=justify>Once you consent to electronic delivery, you must vote your
shares using the Internet and your consent will remain in effect until
withdrawn. You may withdraw this consent at any time during the voting process
and resume receiving stockholder communications in print form. </P>
<P align=justify><B><I>Whom may I contact for further assistance?</I></B> </P>
<P align=justify>If you have any questions about giving your proxy or require
any assistance, please contact our Corporate Secretary: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>by mail, to: </LI></UL>
<P align=justify>Lightbridge Corporation <BR>1600 Tysons Boulevard, Suite 550
<BR>McLean, VA 22102 <BR>Attention: Corporate Secretary <BR></P>
<UL style="TEXT-ALIGN: justify">
  <LI>by telephone, at 571-730-1200. </LI></UL>
<P align=center>6 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify><B>Directors and Executive Officers</B> </P>
<P align=justify>Set forth below are the names of our current directors,
executive officers and significant employees, their ages, all positions and
offices that they hold with us, the period during which they have served as
such, and their business experience during at least the last five years. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap  >&nbsp;</TD>
    <TD width="7%" align=left nowrap >&nbsp; </TD>
    <TD width="2%" align=center nowrap  >&nbsp;</TD>
    <TD width="28%" align=center nowrap><B>Position with the</B> </TD>
    <TD width="2%" align=center nowrap  >&nbsp;</TD>
  <TD width="28%" align=center nowrap><B>Term as Director of</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Name</B> </TD>
    <TD width="2%" align=center nowrap  >&nbsp;</TD>
    <TD width="7%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    ><B>Age</B> </TD>
    <TD width="2%" align=center nowrap  >&nbsp;</TD>
    <TD
      width="28%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Company</B> </TD>
    <TD width="2%" align=center nowrap  >&nbsp;</TD>
  <TD
      width="28%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Company</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Seth Grae </TD>
    <TD align=center width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >51 </TD>
    <TD align=left width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=left width="28%" bgColor=#e6efff>President, CEO and Director </TD>
    <TD align=center width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=center width="28%" bgColor=#e6efff>April 2006 &#150; Present </TD></TR>
  <TR vAlign=top>
    <TD align=left>Thomas Graham, Jr. </TD>
    <TD align=center width="2%"  >&nbsp;</TD>
    <TD align=center width="7%" >80 </TD>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD align=left width="28%">Chairman and Corporate Secretary </TD>
    <TD align=center width="2%"  >&nbsp;</TD>
    <TD align=center width="28%">April 2006 &#150; Present </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Victor E. Alessi </TD>
    <TD align=center width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >74 </TD>
    <TD align=left width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=left width="28%" bgColor=#e6efff>Director </TD>
    <TD align=center width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=center width="28%" bgColor=#e6efff>August 2006 &#150; Present </TD></TR>
  <TR vAlign=top>
    <TD align=left>Kathleen Kennedy Townsend </TD>
    <TD align=center width="2%"  >&nbsp;</TD>
    <TD align=center width="7%" >62 </TD>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD align=left width="28%">Director </TD>
    <TD align=center width="2%"  >&nbsp;</TD>
    <TD align=center width="28%">October 2013 &#150; Present </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Daniel B. Magraw </TD>
    <TD align=center width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=center width="7%" bgColor=#e6efff >67 </TD>
    <TD align=left width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=left width="28%" bgColor=#e6efff>Director </TD>
    <TD align=center width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=center width="28%" bgColor=#e6efff>October 2006 &#150; Present </TD></TR>
  <TR vAlign=top>
    <TD align=left>James Guerra </TD>
    <TD align=center width="2%"  ></TD>
    <TD align=center width="7%" >61 </TD>
    <TD align=left width="2%"  ></TD>
    <TD align=left width="28%">Chief Operating Officer, Chief Financial
      Officer and Treasurer </TD>
    <TD align=center width="2%"  ></TD>
    <TD align=center width="28%">- </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Andrey Mushakov </TD>
    <TD align=center width="2%"  bgColor=#e6efff
></TD>
    <TD align=center width="7%" bgColor=#e6efff >37 </TD>
    <TD align=left width="2%"  bgColor=#e6efff ></TD>
    <TD align=left width="28%" bgColor=#e6efff>Executive Vice President &#150;
      International Nuclear Operations </TD>
    <TD align=center width="2%"  bgColor=#e6efff
></TD>
    <TD align=center width="28%" bgColor=#e6efff>- </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>Name</B> </TD>
    <TD align=left width="85%" ><B>Position with the Company and
      Principal Occupations</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Seth Grae</B> </TD>
    <TD align=left width="85%" >
      <P align=justify>Mr. Grae was named the Chief Executive Officer and
      President of the Company on March 17, 2006 and, effective April 2, 2006,
      became a director of the Company. Seth Grae has led the development and
      implementation of Lightbridge&#146;s business efforts to develop and deploy
      advanced nuclear fuel technologies and to provide comprehensive advisory
      services based on safety, non-proliferation, and transparency for emerging
      commercial nuclear power programs. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="85%" >
      <P align=justify>Mr. Grae is a member of the Civil Nuclear Trade Advisory
      Committee to the U.S. Secretary of Commerce and he is a member of the
      Nuclear Energy Institute's Suppliers Advisory Committee. He is also a
      member of the Dean&#146;s Advisory Council at the Washington College of Law at
      American University. Mr. Grae has served as Vice Chair of the Governing
      Board of the Bulletin of the Atomic Scientists and as Co-Chair of the
      American Bar Association&#146;s Arms Control and Disarmament Committee. He has
      also been a member of the Board of Directors of the Lawyers Alliance for
      World Security. Mr. Grae reviews the work of the Company&#146;s principal
      financial and accounting officers on significant matters related to the
      Company&#146;s financial position and results of operations, and the
      presentation of its financial statements. </P></TD></TR></TABLE>
<P align=center>7 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_12></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>Thomas Graham, Jr.</B> </TD>
    <TD align=left width="85%" >
      <P align=justify>Ambassador Graham became a director of the Company on
      April 2, 2006, and chairman of the Board on April 4, 2006. Ambassador
      Graham served as a member of the board of directors of Thorium Power,
      Inc., from 1997 until the merger with the Company. He is one of the
      world&#146;s leading experts on nuclear non- proliferation and has served as a
      senior U.S. diplomat involved in the negotiation of every major
      international arms control and non-proliferation agreement involving the
      United States during the period from 1970 to 1997, including the Strategic
      Arms Limitations Talks (the Interim Agreement on Strategic Offensive Arms,
      the Anti- Ballistic Missile Treaty, and the Salt II Treaty), the Strategic
      Arms Reduction Talks (the Start I Treaty and the Start II Treaty), the
      Intermediate Nuclear Forces Treaty, the Nuclear Non- Proliferation Treaty
      Extension, the Conventional Armed Forces in Europe Treaty, and the
      Comprehensive Test Ban Treaty. In 1993, Ambassador Graham served as the
      Acting Director of the U.S. Arms Control and Disarmament Agency (ACDA),
      and for seven months in 1994 served as the Acting Deputy Director. From
      1994 through 1997, he served as the Special Representative of the
      President of the United States for Arms Control, Non-Proliferation and
      Disarmament with the rank of Ambassador, and in this capacity successfully
      led U.S. government efforts to achieve the permanent extension of the
      Nuclear Non-Proliferation Treaty in 1995. He also served for 15 years as
      the general counsel of ACDA. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="85%" >
      <P align=justify>Ambassador Graham worked on the negotiation of the
      Chemical Weapons Convention and the Biological Weapons Convention. He
      drafted the implementing legislation for the Biological Weapons Convention
      and managed the Senate approval of the ratification of the Geneva Protocol
      banning the use in war of chemical and biological weapons. In 2009, Mr.
      Graham was appointed as a member of the International Advisory Board for
      the nuclear program of the United Arab Emirates. He is also Chairman of
      the Board of CanAlaska Uranium Ltd. of Vancouver, Canada (TSX: CVV) a
      uranium exploration company. In addition, he was Chairman of Mexco Energy
      Inc. (NYSEMKT: MXC) during the last five years, resigning in 2011.
      Ambassador Graham received an A.B. in 1955 from Princeton and a J.D. in
      1961 from Harvard University. He is a member of the Kentucky, the District
      of Columbia and the New York Bar Associations and is a member of the
      Council on Foreign Relations. He chaired the Committee on Arms Control and
      Disarmament of the American Bar Association from 1986-1994. Ambassador
      Graham received the Trainor Award for Distinction in Diplomacy from
      Georgetown University in 1995 and the World Order Under Law award from the
      International Law Section of the American Bar Association in 2007. He has
      taught at a number of universities as an adjunct professor including the
      University of Virginia Law School, Georgetown University Law Center,
      Georgetown University School of Foreign Service, the University of
      Washington, The University of Tennessee, and Stanford University. He has
      published six books, the most recent being &#147;Unending Crisis&#148; in 2012.
    </P></TD></TR></TABLE>
<P align=center>8 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_13></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>
      <P align=justify><B>Victor E. Alessi</B> </P></TD>
    <TD align=left width="85%" >
      <P align=justify>Dr. Alessi became a director of the Company on August 23,
      2006. Dr. Victor E. Alessi, who holds a Ph.D. in nuclear physics, is
      President Emeritus of the United States Industry Coalition (&#147;USIC&#148;), an
      organization dedicated to facilitating the commercialization of
      technologies of the New Independent States (&#147;NIS&#148;) of the former Soviet
      Union through cooperation with its members. He has held such position
      since August 1, 2006; prior to becoming President Emeritus, Dr. Alessi
      held the positions of CEO and President of USIC since 1999. Previously, he
      was President of DynMeridian, a subsidiary of DynCorp, specializing in
      arms control, non-proliferation, and international security affairs.
      Before joining DynMeridian in early 1996, Dr. Alessi was the Executive
      Assistant to the Director, U.S. Arms Control and Disarmament Agency
      (&#147;ACDA&#148;). At ACDA he resolved inter-bureau disputes, and advised the
      director on all arms control and non-proliferation issues. Dr. Alessi
      served as Director of the Office of Arms Control and Non-proliferation in
      the Department of Energy (&#147;DOE&#148;) prior to his work at ACDA, overseeing all
      DOE arms control and non-proliferation activities. As a senior DOE
      representative, Dr. Alessi participated in U.S. efforts that led to
      successful conclusion of the Intermediate Nuclear Forces (INF),
      Conventional Forces in Europe, Threshold Test Ban, Peaceful Nuclear
      Explosions, Open Skies, Strategic Arms Reductions Talks Treaties and the
      Chemical Weapons Convention. In this role, he was instrumental in
      implementing the U.S. unilateral nuclear initiative in 1991 and was a
      member of the U.S. delegation discussing nuclear disarmament with Russia
      and other states of the former Soviet Union. He was in charge of DOE&#146;s
      support to the U.N. Special Commission on Iraq, to the Nunn-Lugar
      Initiative, and represented DOE in discussions on the Comprehensive Test
      Ban (&#147;CTB&#148;) with the other nuclear weapons states before the CTB
      negotiations began in Geneva in 1994. Dr. Alessi served as the U.S. board
      member to the International Science and Technology Center in Moscow since
      its founding in 1992 until 2011. He is also the former U.S. board member
      to the Science and Technology Center in Ukraine. Dr. Alessi is a 1963
      graduate of Fordham University, where he also earned a licentiate in
      Philosophy (Ph.L.) in 1964. He studied nuclear physics at Georgetown
      University, receiving his M.S. in 1968 and Ph.D. in 1969.
  </P></TD></TR></TABLE>
<P align=center>9 </P>
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  <TR vAlign=top>
    <TD align=left><B>Kathleen</B> <B>Kennedy</B> <B>Townsend</B> </TD>
    <TD align=left width="85%" >
      <P align=justify>Ms. Townsend became a director of the Company in October
      2013. Ms. Townsend has a long history of accomplishment in the public
      arena, and for the last decade has in the private sector. She has been a
      Managing Director at the Rock Creek Group, an investment management
      company since 2007. Ms. Townsend also serves on the board of directors for
      the Pension Rights Center (a nonprofit consumer advocacy organization),
      NewTower Trust Company (a non-depository trust company that provides
      fiduciary and trustee services to the Multi-Employer Property Trust
      (MEPT), an open-end commingled real estate equity fund), and CanAlaska
      Uranium Ltd. (TSX: CVV) (a Canadian uranium exploration company).
  </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="85%" >
      <P align=justify>As the State of Maryland&#146;s first woman Lt. Governor, Ms.
      Townsend was in charge of a multimillion dollar budget and had oversight
      of major cabinet departments, including Economic Development and
      Transportation, State Police, Public Safety and Correction and Juvenile
      Justice. Prior to being elected Lt. Governor, Ms. Townsend served as
      Deputy Assistant Attorney General of the United States. In that role, she
      led the planning to put 100,000 police officers into the community and she
      ignited the Police Corps, a program to give college scholarships to young
      people who pledge to work as police officers for four years after
      graduation. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="85%" >
      <P align=justify>Prior to serving at the Department of Justice, Ms.
      Townsend spent seven years as the founder and director of the Maryland
      Student Service Alliance where she led the fight to make Maryland the
      first&#151;and only&#151;state to make service a graduation requirement. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="85%" >
      <P align=justify>She has been appointed Special Advisor at the Department
      of State, a Research Professor at the McCourt School of Public Policy at
      Georgetown University, where she focuses on retirement security. She is a
      Woodrow Wilson Fellow. She taught foreign policy at the University of
      Pennsylvania and the University of Maryland, Baltimore County and has been
      a visiting Fellow at the Kennedy School of Government at Harvard. In the
      mid-1980s, she founded the Robert F. Kennedy Human Rights Award.
</P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="85%" >
      <P align=justify>She chairs Center for Popular Democracy which builds the
      strength and capacity of democratic organizations. She also serves on the
      boards of the Center for American Progress, Institute for Contemplative
      Practice, and New Tower Trust. Ms. Townsend is also a member of the
      Council of Foreign Relations and the Inter-American Dialogue. For the last
      eight years she has been Vice-Chair of the Future of Science conference
      held in Venice Italy and for the last four years Vice-Chair of Science for
      Peace held in Milan. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="85%" >
      <P align=justify>Ms. Townsend has chaired the Institute of Human Virology
      founded by Dr. Robert Gallo, which treats over 700,000 patients in Africa
      as part of the PEPFAR program, has chaired the Robert Kennedy Memorial and
      has been on the Board of Directors of the John F Kennedy Library
      Foundation. Previously, she served on a number of boards including the
      Export-Import Bank, Johns Hopkins School of Advanced International Studies
      (SAIS), the Wilderness Society, the Points of Light Foundation, the
      National Catholic Reporter and the Institute for Women&#146;s Policy Research,
      and the Baltimore Urban League. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="85%" >
      <P align=justify>An honors graduate of Harvard University, Ms. Townsend
      received her law degree from the University of New Mexico where she was a
      member of the law review. She has received fourteen honorary degrees. A
      member of the bar in Maryland, Connecticut and Massachusetts, she is also
      a certified broker-dealer. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="85%" >
      <P align=justify>Ms. Townsend&#146;s book, <I>Failing America&#146;s Faithful: How
      Today&#146;s Churches Mixed God with Politics and Lost Their Way</I> has been
      published by Warner Books in March 2007. </P></TD></TR></TABLE>
<P align=center>10 </P>
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  <TR vAlign=top>
    <TD align=left><B>Daniel B.</B> <B>Magraw</B> </TD>
    <TD align=left width="85%" >
      <P align=justify>Mr. Magraw became a director of the Company on October
      23, 2006. Mr. Magraw is a leading expert on international environmental
      law and policy. Mr. Magraw is a Fellow and Professorial Lecturer at the
      Foreign Policy Institute at Johns Hopkins School of Advanced International
      Studies (SAIS) and President Emeritus of the Center for International
      Environmental Law (CIEL). Mr. Magraw was the President and CEO of CIEL
      from 2002-2010. From 1992-2001, he was Director of the International
      Environmental Law Office of the U.S. Environmental Protection Agency. He
      was a member of the Trade and Environment Policy Advisory Committee to the
      Office of the U.S. Trade Representative (TEPAC), chairs the American Bar
      Association (ABA) Section of International Law&#146;s Task Force on Magna
      Carta, serves as a consultant to the United Nations, was a former member
      of the U.S. Department of State Study Group on International Business
      Transactions, was Chair of the 15,000-member Section of International Law
      and Practice of the ABA and is a member of the International Panel of
      Arbitrators of the American Arbitration Association. He practiced
      international law, constitutional law, and bankruptcy law at Covington
      &amp; Burling in Washington, DC from 1978-1983. Mr. Magraw is a
      widely-published author in the field of international environmental law.
      He is a graduate of Harvard University and the University of California,
      Berkeley Law School. While working as an economist for the Peace Corps in
      India from 1968 to 1972, Magraw helped develop and managed the largest and
      most successful cooperative of its type (wholesale, retail, furniture
      manufacturing and food processing) in India. Since 1996, Mr. Magraw has
      been a member of the board of directors of Thorium Power, Inc., which is
      now a wholly-owned subsidiary of the Company. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>James Guerra</B> </TD>
    <TD align=left width="85%" >
      <P align=justify>Mr. Guerra is Chief Operating Officer, Chief Financial
      Officer, and Executive Vice President of the Lightbridge Corporation. A
      seasoned financial executive, Mr. Guerra&#146;s experience encompasses domestic
      and international markets in several industries, including nuclear energy.
      Before joining Lightbridge in 2007, Mr. Guerra was Chief Financial Officer
      of Exelon Business Services Corporation, the corporate and support unit of
      Exelon&#151;the largest owner/operator of nuclear power plants in the United
      States. He is also the former Vice President of Business Operations and
      Controller of Exelon Nuclear. At Exelon, Mr. Guerra was an integral member
      of the financial team that engineered one of the most significant
      turnarounds in the history of nuclear energy, leading the company&#146;s
      nuclear fleet from the lower quartile of performance to the top of the
      industry. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="85%" >
      <P align=justify>Along with expert knowledge of financial systems, Mr.
      Guerra has extensive managerial experience. He is a past vice president of
      finance of the Mexico City-based Grupo Dina, North America&#146;s largest
      producer of motor coaches and bus components, where he was primarily
      responsible for the company&#146;s financial restructuring into a U.S. holding
      company, a feat Merrill Lynch described as a &#147;ground-breaking
      transformation.&#148; Mr. Guerra has also served in senior financial management
      positions with AT&amp;T, Citigroup, and Beatrice Companies. His areas of
      expertise include business planning, restructuring, merger integration,
      acquisition strategies, capital structure, and capital market instruments
      (private placements, bank revolving credits, term loans, high-yield bonds,
      and equity offerings, for example). He is a member of the President&#146;s
      Circle and Arts &amp; Letters Advisory Council at the University of Notre
      Dame. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="85%" >
      <P align=justify>Mr. Guerra earned a B.A. in economics from the University
      of Notre Dame and an M.M. in accounting/finance from the Kellogg School of
      Management of Northwestern University. He is also a licensed CPA in the
      state of Illinois. </P></TD></TR></TABLE>
<P align=center>. 11 </P>
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  <TR vAlign=top>
    <TD align=left>
      <P align=justify><B>Andrey Mushakov</B> </P></TD>
    <TD align=left width="85%" >
      <P align=justify>Dr. Mushakov became the Executive Vice President-
      International Nuclear Operations of the Company on July 27, 2006 and he
      oversees the nuclear fuel technology division of Lightbridge Corporation.
      Dr. Mushakov has been with Lightbridge since 2000. In 2009, he led
      Lightbridge&#146;s efforts to establish its Russian branch office in Moscow and
      currently oversees its operations. He also acts as the primary liaison
      between Lightbridge Corporation and various Russian nuclear organizations,
      including Russian State Corporation &#147;Rosatom&#148;, TVEL, MSZ Electrostal,
      OKBM, Kurchatov Institute, and other Russian entities. Dr. Mushakov was
      instrumental in negotiating Lightbridge&#146;s collaborative agreements with
      AREVA, the world&#146;s largest nuclear energy firm, to investigate the use of
      thorium fuel in light water reactors and directing successful execution of
      the consulting projects thereunder in 2009-2010. Dr. Mushakov has been a
      featured speaker at international conferences and panels on nuclear fuel
      technology, including the Wharton Energy Conference and the World Nuclear
      Fuel Cycle Conference. Before joining Lightbridge, Dr. Mushakov worked in
      commercial bank oversight and corporate finance in the banking and
      construction sectors in Russia. Dr. Mushakov earned a Ph.D. in economics
      from St. Petersburg State University of Economics and Finance, an M.S. in
      management from Hult International Business School, and a B.S. in banking
      and finance from the Financial University under the Government of Russia.
      </P></TD></TR></TABLE>
<P align=center>12 </P>
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<P align=justify><B>Section 16(a) Beneficial Ownership Reporting Compliance</B>
</P>
<P align=justify>Section 16(a) of the Exchange Act requires directors, executive
officers and stockholders who own more than ten percent of the outstanding
Common Stock of the Company to file with the SEC and NASDAQ reports of ownership
and changes in ownership of voting securities of the Company and to furnish
copies of such reports to us. </P>
<P align=justify>Based solely on a review of the copies of such forms received
by the Company, we believe that with respect to the year ended December 31,
2013, the Company&#146;s directors, officers and more than ten-percent stockholders
timely filed all such required forms with the exception of the initial statement
of beneficial ownership on Form 3 for Kathleen Kennedy Townsend that was filed
late on April 17, 2014, in connection with her appointment to the Board on
October 1, 2013, for 6,320 shares of stock that she owned, and 16,667 stock
options that were granted to her by the Company prior to her service on our
Board, which commenced October 1, 2013. </P>
<P align=center><B>CORPORATE GOVERNANCE</B> </P>
<P align=justify>Our current corporate governance practices and policies are
designed to promote stockholder value and we are committed to the highest
standards of corporate ethics and diligent compliance with financial accounting
and reporting rules. Our Board provides independent leadership in the exercise
of its responsibilities. Our management oversees a system of internal controls
and compliance with corporate policies and applicable laws and regulations, and
our employees operate in a climate of responsibility, candor and integrity. </P>
<P align=justify><B>Corporate Governance Guidelines</B> </P>
<P align=justify>We and our Board are committed to high standards of corporate
governance as an important component in building and maintaining stockholder
value. To this end, we regularly review our corporate governance policies and
practices to ensure that they are consistent with the high standards of other
companies. We also closely monitor guidance issued or proposed by the SEC and
the provisions of the Sarbanes-Oxley Act, as well as the emerging best practices
of other companies. The current corporate governance guidelines are available on
the Company&#146;s website <U>www.ltbridge.com</U>. Printed copies of our corporate
governance guidelines may be obtained, without charge, by contacting the
Corporate Secretary, Lightbridge Corporation, 1600 Tysons Boulevard, Suite 550,
McLean, Virginia 22102 USA. </P>
<P align=justify><B>The Board and Committees of the Board</B> </P>
<P align=justify>The Company is governed by the Board that currently consists of
five members: Seth Grae, Thomas Graham, Victor Alessi, Kathleen Kennedy
Townsend, and Daniel Magraw. The Board has established four Committees: the
Audit Committee, the Compensation Committee, the Nominating and Governance
Committee and the Executive Committee. Each of the Audit Committee, Compensation
Committee and Nominating and Governance Committee are comprised entirely of
independent directors. From time to time, the Board may establish other
committees. The Board met four times in 2013. The Board has adopted a written
charter for each of its committees which are available on the Company&#146;s website
<U>www.ltbridge.com</U>. Printed copies of these charters may be obtained,
without charge, by contacting the Corporate Secretary, Lightbridge Corporation,
1600 Tysons Boulevard, Suite 550, McLean, Virginia 22102 USA. </P>
<P align=center>13 </P>
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<P align=justify><B>Governance Structure</B> </P>
<P align=justify>The Company has chosen to separate the roles of the Chairman of
the Board and the Chief Executive Officer, though our current Chairman, Thomas
Graham, Jr., is a member of the Company&#146;s executive management. We have chosen
to implement such a governance structure to allow our Chief Executive Officer
the ability to focus the majority of his time and efforts on the day to day
operations of the Company. We believe that this governance structure has served
the Company&#146;s shareholders well over the years. </P>
<P align=justify>We encourage our shareholders to learn more about our Company&#146;s
governance practices at our website, <U>www.ltbridge.com</U>. </P>
<P align=justify><B>The Board&#146;s Role in Risk Oversight</B> </P>
<P align=justify>The Board oversees that the assets of the Company are properly
safeguarded, that the appropriate financial and other controls are maintained,
and that the Company&#146;s business is conducted wisely and in compliance with
applicable laws and regulations and proper governance. Included in these
responsibilities is the Board&#146;s oversight of the various risks facing the
Company. In this regard, the Board seeks to understand and oversee critical
business risks. The Board does not view risk in isolation. Risks are considered
in virtually every business decision and as part of the Company&#146;s business
strategy. The Board recognizes that it is neither possible nor prudent to
eliminate all risk. Indeed, purposeful and appropriate risk-taking is essential
for the Company to be competitive on a global basis and to achieve its
objectives. </P>
<P align=justify>While the Board oversees risk management, Company management is
charged with managing risk. The Company has robust internal processes and a
strong internal control environment to identify and manage risks and to
communicate with the Board. The Board and the Audit Committee monitor and
evaluate the effectiveness of the internal controls and the risk management
program at least annually. Management communicates routinely with the Board,
Board committees and individual Directors on the significant risks identified
and how they are being managed. Directors are free to, and indeed often do,
communicate directly with senior management. </P>
<P align=justify>The Board implements its risk oversight function both as a
whole and through committees. Much of the work is delegated to various
committees, which meet regularly and report back to the full Board. All
committees play significant roles in carrying out the risk oversight function.
In particular: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>The Audit Committee oversees risks related to the Company&#146;s financial
  statements, the financial reporting process, accounting and legal matters. The
  Audit Committee oversees the internal audit function and the Company&#146;s ethics
  programs, including the Code of Business Conduct. The Audit Committee members
  meet separately with representatives of the independent auditing firm. </P>
  <LI>
  <P>The Compensation Committee evaluates the risks and rewards associated with
  the Company&#146;s compensation philosophy and programs. The Compensation Committee
  reviews and approves compensation programs with features that mitigate risk
  without diminishing the incentive nature of the compensation. Management
  discusses with the Compensation Committee the procedures that have been put in
  place to identify and mitigate potential risks in compensation. </P></LI></UL>
<P align=center>14 </P>
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<A name=page_19></A>
<P align=justify><B>Independent Directors</B> </P>
<P align=justify>In considering and making decisions as to the independence of
each of the directors of the Company, the Board considered transactions and
relationships between the Company (and its subsidiaries) and each director (and
each member of such director&#146;s immediate family and any entity with which the
director or family member has an affiliation such that the director or family
member may have a material indirect interest in a transaction or relationship
with such entity). The Board has determined that the following members of the
Board are independent as defined in applicable SEC and NASDAQ rules and
regulations, and that each constitutes an &#147;Independent Director&#148; as defined in
NASDAQ Marketplace Rule 5605, and that such members constitute a majority of the
entire Board: Mr. Alessi, Ms. Kennedy Townsend, and Mr. Magraw. </P>
<P align=justify><B>Audit Committee</B> </P>
<P align=justify>Our Audit Committee consists of Messrs. Alessi and Magraw and
Ms. Kennedy Townsend, each of whom is &#147;independent&#148; as that term is defined
under the Nasdaq listing standards. The Audit Committee oversees our accounting
and financial reporting processes and the audits of the financial statements of
our company. Ms. Kennedy Townsend replaced Mr. Jack Ladd as our Audit Committee
financial expert as that term is defined by the applicable SEC rules, as of
October 1, 2013. The Audit Committee is responsible for, among other things:
</P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>selecting our independent auditors and pre-approving all auditing and
  non-auditing services permitted to be performed by our independent auditors;
  </P>
  <LI>
  <P>reviewing with our independent auditors any audit problems or difficulties
  and management&#146;s response; </P>
  <LI>
  <P>reviewing and approving all proposed related-party transactions, as defined
  in Item 404 of Regulation S- K under the Securities Act of 1933, as amended;
  </P>
  <LI>
  <P>discussing the annual audited financial statements with management and our
  independent auditors; </P>
  <LI>
  <P>reviewing major issues as to the adequacy of our internal controls and any
  special audit steps adopted in light of significant internal control
  deficiencies; </P>
  <LI>
  <P>annually reviewing and reassessing the adequacy of our Audit Committee
  charter; </P>
  <LI>
  <P>meeting separately and periodically with management and our internal and
  independent auditors; and </P>
  <LI>
  <P>reporting regularly to the full Board ; and </P>
  <LI>
  <P>such other matters that are specifically delegated to our Audit Committee
  by our Board from time to time. </P></LI></UL>
<P align=justify>All members of the Audit Committee met by telephone or in
person four times during the fiscal year ended December 31, 2013. </P>
<P align=justify>The Report of the Audit Committee regarding the audited
financials statements of the Company for the fiscal year ended December 31, 2013
is located on <U>Appendix A</U> to this Proxy Statement. </P>
<P align=center>15 </P>
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<P align=justify><B>Compensation Committee</B> </P>
<P align=justify>Our Compensation Committee consists of Messrs. Alessi and
Magraw and Ms. Kennedy Townsend who replaced Mr. Jack Ladd as of October 1,
2013, each of whom is &#147;independent&#148; as that term is defined under the Nasdaq
listing standards. Our Compensation Committee assists the Board in reviewing and
approving the compensation structure of our directors and executive officers,
including all forms of compensation to be provided to our directors and
executive officers. Our chief executive officer, and our chief operating officer
and chief financial officer, may not be present at any committee meeting during
which his compensation is deliberated. The Compensation Committee is responsible
for, among other things: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>approving and overseeing the compensation package for our executive
  officers; </P>
  <LI>
  <P>reviewing and making recommendations to the Board with respect to the
  compensation of our directors; </P>
  <LI>
  <P>reviewing and approving corporate goals and objectives relevant to the
  compensation of our chief executive officer, evaluating the performance of our
  chief executive officer in light of those goals and objectives, and setting
  the compensation level of our chief executive officer based on this
  evaluation; and </P>
  <LI>
  <P>reviewing periodically and making recommendations to the Board regarding
  any long-term incentive compensation or equity plans, programs or similar
  arrangements, annual bonuses, employee pension and welfare benefit plans.
  </P></LI></UL>
<P align=justify>The Compensation Committee has sole authority to retain and
terminate outside counsel, compensation consultants retained to assist the
Compensation Committee in determining the compensation of the Chief Executive
Officer or senior executive officers, or other experts or consultants, as it
deems appropriate, including sole authority to approve the firms' fees and other
retention terms. The Compensation Committee may also form and delegate authority
to subcommittees and may delegate authority to one or more designated members of
the Compensation Committee. The Compensation Committee may from time to time
seek recommendations from the executive officers of the Company regarding
matters under the purview of the Compensation Committee, though the authority to
act on such recommendations rests solely with the Compensation Committee. </P>
<P align=justify>Our Compensation Committee met one time during the fiscal year
ended December 31, 2013. All members were in attendance. Ms. Kathleen Kennedy
Townsend did not attend as her term of service did not begin until October 1,
2013. That meeting was attended by her predecessor, Mr. Jack Ladd. </P>
<P align=justify><B>Governance and Nominating Committee</B> </P>
<P align=justify>Our Governance and Nominating Committee consists of Messrs.
Alessi and Magraw, and Ms. Kennedy Townsend who replaced Mr. Jack Ladd on
October 1, 2013, each of whom is &#147;independent&#148; as that term is defined under the
NASDAQ listing standards. The Governance and Nominating Committee assists the
Board of directors in identifying individuals qualified to become our directors
and in determining the composition of the Board and its committees. The
Governance and Nominating Committee is responsible for, among other things: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>identifying and recommending to the Board nominees for election or
  re-election to the Board, or for appointment to fill any vacancy; </P>
  <LI>
  <P>reviewing annually with the Board the current composition of the Board in
  light of the characteristics of independence, age, skills, experience and
  availability of service to us; </P>
  <LI>
  <P>identifying and recommending to the Board the directors to serve as members
  of the Board&#146;s committees; and </P>
  <LI>
  <P>monitoring compliance with our code of business conduct and ethics.
  </P></LI></UL>
<P align=justify>Our Governance and Nominating Committee does not have a
specific policy with regard to the consideration of candidates recommended by
stockholders, however any nominees proposed by our stockholders will be
considered on the same basis as nominees proposed by the Board. If you or
another stockholder want to submit a candidate for consideration to the Board,
you may submit your proposal to our Corporate Secretary: </P>
<UL style="TEXT-ALIGN: justify">
<LI>by sending a written request by mail to: </LI></UL>
<P align=center>16 </P>
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<A name=page_21></A>
<P align=justify>Lightbridge Corporation <BR>
  1600 Tysons Boulevard, Suite 550 <BR>
  McLean, VA 22102 <BR>
  Attention: Corporate Secretary <BR>
</P>
<UL style="TEXT-ALIGN: justify">
  <LI>by calling our Corporate Secretary, at 571-730-1200. </LI>
</UL>
<P align=justify>Our Governance and Nominating Committee met one time during the
  fiscal year ended December 31, 2013. All members attended that meeting. Mr. Jack
  Ladd was serving as director on the Board at the time that the meeting was held.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_22></A>
<P align=justify><B>Executive Committee</B> </P>
<P align=justify>Our Executive Committee consists of Messrs. Alessi, Grae and
Graham. The Executive Committee of the Company exercises the power of the Board
between regular meetings of the Board and when timing is critical. The Executive
Committee also assists the Board in fulfilling its oversight responsibility with
respect to management-level staff, outside service providers and third party
vendors. </P>
<P align=justify><B>Code of Ethics</B> </P>
<P align=justify>The Board has adopted a Code of Business and Ethics that
applies to the Company&#146;s directors, officers and employees. A copy of this
policy is available via our website at
<U>http://ir.ltbridge.com/corporate-governance.cfm</U>. Printed copies of our
Code of Ethics may be obtained, without charge, by contacting the Corporate
Secretary, Lightbridge Corporation, 1600 Tysons Boulevard, Suite 550, McLean,
Virginia 22102 USA. During the fiscal year ended December 31, 2013, there were
no waivers of our Code of Ethics. </P>
<P align=justify><B>Stockholder Communication with the Board of Directors</B>
</P>
<P align=justify>Stockholders may communicate with the Board, including
non-management directors, by sending a letter to our Board, c/o Corporate
Secretary, Lightbridge Corporation, 1600 Tysons Boulevard, Suite 550, McLean,
Virginia 22102 USA for submission to the Board or committee or to any specific
director to whom the correspondence is directed. Stockholders communicating
through this means should include with the correspondence evidence, such as
documentation from a brokerage firm, that the sender is a current record or
beneficial stockholder of the Company. All communications received as set forth
above will be opened by the Corporate Secretary or his designee for the sole
purpose of determining whether the contents contain a message to one or more of
our directors. Any contents that are not advertising materials, promotions of a
product or service, patently offensive materials or matters deemed, using
reasonable judgment, inappropriate for the Board will be forwarded promptly to
the chairman of the Board, the appropriate committee or the specific director,
as applicable. </P>
<P align=center><B>EXECUTIVE COMPENSATION</B> </P>
<P align=justify>The following table sets forth information concerning all cash
and non-cash compensation awarded to, earned by or paid to the named executive
officers for services rendered in all capacities during the noted periods. No
other named executive officers received total annual salary and bonus
compensation in excess of $100,000. </P>
<P align=center>17 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_23></A>
<P align=justify><B><U>Summary Compensation Table</U></B> </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=center nowrap><B>Name and</B> </TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap>&nbsp;</TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap>&nbsp;</TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap><B>Stock</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap><B>Option</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap><B>All Other</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap>&nbsp;</TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center nowrap><B>Principal</B> </TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap><B>Salary</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap><B>Bonus</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap><B>Awards</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap><B>Awards</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap><B>Compensation</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap><B>Total</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center nowrap><B>Position</B> </TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap><B>Year</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap><B>($)</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap><B>($)</B><SUP>(3)</SUP></TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap><B>($)</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap><B>($)</B> </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap><B>($) </B><B><SUP>(1)</SUP></B></TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="9%" align=center nowrap><B>($)</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">Seth Grae </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=center bgcolor="#E6EFFF">2013 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=right bgcolor="#E6EFFF">412,290 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=right bgcolor="#E6EFFF">21,146 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=right bgcolor="#E6EFFF">433,436 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">CEO, President and </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=center bgcolor="#E6EFFF">2012 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=right bgcolor="#E6EFFF">412,290 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=right bgcolor="#E6EFFF">107,711 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=right bgcolor="#E6EFFF">20,102 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=right bgcolor="#E6EFFF">540,103 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">Director </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=center bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">Thomas Graham, </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=center bgcolor="#E6EFFF">2013 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=right bgcolor="#E6EFFF">178,833 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=right bgcolor="#E6EFFF">245 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=right bgcolor="#E6EFFF">179,078 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">Jr. Chairman <SUP>(2)</SUP> </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=center bgcolor="#E6EFFF">2012 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=right bgcolor="#E6EFFF">178,833 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=right bgcolor="#E6EFFF">2,812 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=right bgcolor="#E6EFFF">181,645 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">James Guerra </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=center bgcolor="#E6EFFF">2013 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=right bgcolor="#E6EFFF">277,686 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=right bgcolor="#E6EFFF">18,751 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=right bgcolor="#E6EFFF">296,437 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">CFO and COO </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=center bgcolor="#E6EFFF">2012 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=right bgcolor="#E6EFFF">277,686 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=right bgcolor="#E6EFFF">72,545 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=right bgcolor="#E6EFFF">21,414 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="9%" align=right bgcolor="#E6EFFF">371,645 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF"
>&nbsp;</TD>
  </TR></TABLE>
</DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>The heading "All Other Compensation" includes life
      insurance, disability insurance, medical insurance and dental
      insurance.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Though his official title is Chairman of the Board of
      Directors, Mr. Graham is considered to be an executive officer of the
      Company.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>The amount of bonus earned in 2013 is not calculable and
      we expect the bonus amount, if any, is to be determined by the end of
      2014. Such amount, when finally determined, will be disclosed in a filing
      under Item 5.02(f) of Form 8-K.</P></TD></TR></TABLE>
<P align=justify><U>Narrative disclosure to summary compensation table</U> </P>
<P align=justify>On February 14, 2006, the Company entered into an employment
agreement with Seth Grae. Mr. Grae is also eligible to receive raises and
discretionary bonuses, as well as stock based compensation over the term of the
agreement. As of March 16, 2011, Mr. Grae's salary was increased to an annual
salary of $412,290. For 2012, Mr. Grae earned a bonus in the amount of $107,711,
and that amount was paid to him in 2012. </P>
<P align=justify>On March 19, 2011, the Compensation Committee of the Board
granted to Mr. Grae 12,568 shares of the Company's common stock as part of its
annual equity compensation to employees, which vest 1/3 on each anniversary of
the grant date, over three years. Additionally on March 19, 2011, the
Compensation Committee granted to Mr. Grae a non-qualified stock option for the
purchase of 42,604 shares of the common stock of the Company, at an exercise
price of $5.53 per share. </P>
<P align=justify>Upon termination by the Company other than for cause, Mr. Grae
will receive severance payments equal to his base salary at the time of
termination for twelve months, payable in installments in accordance with the
Company&#146;s normal payroll practices. </P>
<P align=justify>On August 1, 2007, the Company entered into an employment
agreement with Mr. Graham. Pursuant to the agreement, Mr. Graham earns an annual
salary in the amount of $178,833. </P>
<P align=justify>On April 11, 2011, the Compensation Committee of the Board
granted to Mr. Graham 3,229 shares of the Company's common stock with a fair
market value of $17,500, which vested over six months and on May 5, 2011, the
Compensation Committee of the Board granted to Mr. Graham 6,987 shares of the
Company's common stock with a fair market value of $35,000, which vest over one
year. </P>
<P align=justify>On October 23, 2007, the Company entered into an employment
agreement with Mr. Guerra. Mr. Guerra is also eligible to receive raises and
discretionary bonuses, as well as stock based compensation over the term of the
agreement. On March 16, 2011, Mr. Guerra's salary was increased from $269,598 to
$277,686. For 2012, Mr. Guerra earned a bonus in the amount of $72,545, and that
amount was paid to him in 2012. </P>
<P align=justify>On March 19, 2011, the Compensation Committee of the Board
granted to Mr. Guerra 7,912 shares of the Company&#146;s common stock as part of its
annual equity compensation to employees, which vest 1/3 on each anniversary of
the grant date, over three years. Additionally on March 19, 2011, the
Compensation Committee granted to Mr. Guerra a non-qualified stock option for
the purchase of 26,819 shares of the common stock of the Company, at an exercise
price of $5.53 per share. </P>
<P align=justify>Upon termination by the Company other than for cause, Mr.
Guerra will receive severance payments equal to his base salary at the time of
termination for twelve months, payable in installments in accordance with the
Company&#146;s normal payroll practices. </P>
<P align=center>18 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_24></A>
<P align=center><B><U>Outstanding Equity Awards at Fiscal Year End </U></B></P>
<P align=justify>The following table sets forth all outstanding equity awards to
our named executive officers as of December 31, 2013. The market value of all
restricted stock awards is based on the closing price of our common stock as of
December 31, 2013 ($1.45) . </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center>&nbsp; </TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD colspan="13" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">  Option Awards   </TD>
    <TD width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD colspan="10" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"> Stock
      Awards  </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>&nbsp; </TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Equity </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Equity </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>&nbsp; </TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Incentive </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Incentive </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>&nbsp; </TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Plan </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Plan </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>&nbsp; </TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Awards: </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Awards: </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>&nbsp; </TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Number </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Number </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Market or </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>&nbsp; </TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Equity </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>of </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>of </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Payout </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>&nbsp; </TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Incentive </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Shares </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Unearned </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Value of </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>&nbsp; </TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Plan </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>or Units </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Shares, </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Unearned </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>&nbsp; </TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Awards: </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>of </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Market </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Units or </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Shares, </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>&nbsp; </TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Number of </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Number of </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Number of </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Stock </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Value of </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Other </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Units or </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>&nbsp; </TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Securities </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Securities </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Securities </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>That </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Shares or </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Rights </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Other </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>&nbsp; </TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Underlying </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Underlying </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Underlying </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Option </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Have </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Units of </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>That </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Rights </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>&nbsp; </TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Unexercised </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Unexercised </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Unexercised </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Exercise </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Option </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Not </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Stock That </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Have Not </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>That Have </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>&nbsp; </TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Options (#) </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Options (#) </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Unearned </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Price </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Expiration </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Vested </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Have Not </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Vested </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Not </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>Name </TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Exercisable </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Unexercisable </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Options (#) </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>($) </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Date </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>(#)<B><SUP>(1)</SUP></B></TD>
    <TD width="2%" align=center nowrap ></TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Vested ($) <B><SUP>(1)</SUP></B></TD>
    <TD width="2%" align=center nowrap ></TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>(#) </TD>
    <TD width="2%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="7%" align=center nowrap>Vested ($) </TD>
    <TD align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="7%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="7%"><B><SUP>(1)</SUP></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="7%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="7%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="7%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="7%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="7%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="7%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="7%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD align=center width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">Seth </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">240,000 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=center bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >$</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&nbsp;23.85 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">02/14/16 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">Grae, </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">36,311 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=center bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >$</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&nbsp;10.50 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">12/05/17 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">President, </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">166,667 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=center bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >$</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&nbsp;13.50 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">12/05/15 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">CEO and </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">112,868 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=center bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >$</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&nbsp;5.70 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">07/14/19 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">Director </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">66,638 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=center bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >$</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&nbsp;8.65 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">03/11/20 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">28,403 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">14,201 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=center bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >$</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&nbsp;5.53 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">03/19/21 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">4,189 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >$</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&nbsp;6,074 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD align=center width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD align=center width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">Thomas </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">50,000 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=center bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >$</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&nbsp;14.70 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">07/27/16 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">Graham </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=center bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">Chairman and </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">9,615 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=center bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >$</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&nbsp;10.50 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">12/05/17 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">Corporate </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">50,000 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=center bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >$</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&nbsp;8.10 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">07/05/17 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">Secretary </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=center bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD align=center width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD align=center width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">James </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">33,334 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=center bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >$</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&nbsp;7.05 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">10/29/17 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">Guerra, </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">1,863 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=center bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >$</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&nbsp;10.50 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">12/05/17 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">CFO, </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">32,942 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=center bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >$</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&nbsp;5.70 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">07/14/19 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">COO </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">19,449 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=center bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >$</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&nbsp;8.65 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">03/11/20 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">&nbsp; </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">17,879 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">8,940 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=center bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >$</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&nbsp;5.53 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">03/19/2021 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">2,637 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >$</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&nbsp;3,824 </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="7%" align=right bgcolor="#E6EFFF">&#151; </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF"
>&nbsp;</TD></TR></TABLE>
</DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>All unexercisable options and unvested shares vested and
      became exercisable on March 19, 2014.</P></TD></TR></TABLE>
<P align=justify><U>Narrative to outstanding equity awards table </U></P>
<P align=justify>See the narrative to the summary compensation table above. </P>
<P align=justify><B>Director Compensation </B></P>
<P align=justify>The following table sets forth certain information concerning
the compensation paid to our directors for services rendered to us during the
fiscal year ending December 31, 2013. Neither Mr. Grae nor Mr. Graham were
compensated for their service as directors in 2013. Kathleen Kennedy Townsend
replaced Jack Ladd as a director and Audit Committee Chairman on October 1,
2013. </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="15%"><B>Fees Earned or </B></TD>
    <TD align=left width="15%">&nbsp; </TD>
    <TD align=left width="15%">&nbsp; </TD>
    <TD align=left width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="15%"><B>Paid in Cash </B></TD>
    <TD align=center width="15%"><B>Stock Awards </B></TD>
    <TD align=center width="15%"><B>Option Awards </B></TD>
    <TD align=center width="15%"><B>Total </B></TD></TR>
  <TR vAlign=top>
    <TD align=center><B>Name </B></TD>
    <TD align=center width="15%"><B>($) </B></TD>
    <TD align=center width="15%"><B>($) </B></TD>
    <TD align=center width="15%"><B>($) </B></TD>
    <TD align=center width="15%"><B>($) </B></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Victor Alessi </TD>
    <TD align=center width="15%" bgColor=#e6efff>$30,400 </TD>
    <TD align=left width="15%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="15%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="15%" bgColor=#e6efff>$30,400 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Jack Ladd </TD>
    <TD align=center width="15%">$24,000 </TD>
    <TD align=left width="15%">&nbsp; </TD>
    <TD align=left width="15%">&nbsp; </TD>
    <TD align=center width="15%">$24,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Daniel Magraw </TD>
    <TD align=center width="15%" bgColor=#e6efff>$30,400 </TD>
    <TD align=left width="15%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="15%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="15%" bgColor=#e6efff>$30,400 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Kathleen Kennedy Townsend </TD>
    <TD align=center width="15%">$8,000 </TD>
    <TD align=left width="15%">&nbsp; </TD>
    <TD align=left width="15%">&nbsp; </TD>
    <TD align=center width="15%">$8,000 </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Each of Messrs. Alessi, Ladd and Magraw individually had
      an aggregate of 19,461 option awards outstanding as of December 31, 2013.
      Kathleen Kennedy Townsend had 16,667 option awards outstanding as of
      December 31, 2013, which were earned during her previous service on our
      Strategic Advisory Committee, a committee that was created to advise our
      President and CEO on strategic matters. The Strategic Advisory Committee
    ceased to exist in 2012.</TD></TR></TABLE>
<P align=center>19</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_25></A>
<P align=justify><U>Narrative to director compensation table</U> </P>
<P align=justify>We currently have three independent, non-employee directors:
Victor Alessi, Kathleen Kennedy Townsend, who replaced Jack Ladd on October 1,
2013, and Daniel Magraw. Mr. Alessi became a director of the Company on August
21, 2006. Pursuant to the Independent Director Contract between Mr. Alessi and
the Company, Mr. Alessi receives $30,400 in cash per year for acting as a
director of the Company. Ms. Kennedy Townsend became a director of the Company
on October 1, 2013, and pursuant to the Independent Director Contract between
Ms. Kennedy Townsend and the Company, Ms. Kennedy Townsend receives $32,000 in
cash per year for serving on our Board, of which $8,000 was paid for her service
in 2013. Mr. Magraw became a director of the Company on October 23, 2006.
Pursuant to his Independent Director Contract with the Company, Mr. Magraw
receives $30,400 in cash per year for serving on our Board . </P>
<P align=justify>Except for Messrs. Alessi and Magraw, and Ms. Kennedy Townsend,
all of our current directors are also our officers and are compensated for the
services that they provide to us in their capacity as officers. Other than
Messrs. Alessi and Magraw, and Ms. Kennedy Townsend, our current directors do
not receive any additional compensation for the services they provide to us as
directors. Directors are reimbursed for out of pocket expenses incurred as a
result of their participation on our Board. </P>
<P align=justify><B>Changes in Control</B> </P>
<P align=justify>There are currently no arrangements which may result in a
change in control of the Company. </P>
<P align=center>20 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_26></A>
<P align=center><B>SECURITY OWNERSHIP OF CERTAIN </B><BR><B>BENEFICIAL OWNERS
AND MANAGEMENT </B><BR></P>
<P align=justify>The following table sets forth information known to us with
respect to the beneficial ownership of our Common Stock as of April 8, 2014 for:
(i) each person known by us to beneficially own more than 5% of our voting
securities, (ii) each executive officer, (iii) each of our directors and
nominees, and (iv) all of our executive officers and directors as a group. </P>
<P align=justify>Unless otherwise specified, the address of each of the persons
set forth below is in care of Lightbridge Corporation, 1600 Tysons Boulevard,
Suite 550, McLean, Virginia, 22102 USA. </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center nowrap ><B>Name and Address of
      </B><BR>
      <B>Beneficial Owner </B><B><SUP>(1) </SUP></B></TD>
    <TD width="38%" align=center nowrap><BR>
      <B>Title </B></TD>
    <TD width="19%" align=center nowrap><B>Amount and Nature of </B><BR>
      <B>Beneficial
      Ownership </B><B><SUP>(1) </SUP></B><B><SUP>(2) </SUP></B></TD>
    <TD width="19%" align=center nowrap><B>Percent of Common </B><BR>
      <B>Stock
      </B><B><SUP>(3) </SUP></B></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="38%">&nbsp; </TD>
    <TD align=center width="19%">&nbsp; </TD>
    <TD align=center width="19%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD colspan="4" align=center bgColor=#e6efff > <B>Officers and Directors
    </B>  </TD>
    </TR>
  <TR vAlign=top>
    <TD align=left >Seth Grae </TD>
    <TD align=left width="38%">President, CEO and Director </TD>
    <TD align=center width="19%">1,255,008 </TD>
    <TD align=center width="19%">7.81% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Thomas Graham, Jr. </TD>
    <TD align=left width="38%" bgColor=#e6efff>Chairman and Corporate
      Secretary </TD>
    <TD align=center width="19%" bgColor=#e6efff>210,245 </TD>
    <TD align=center width="19%" bgColor=#e6efff>1.38% </TD></TR>
  <TR vAlign=top>
    <TD align=left >James Guerra </TD>
    <TD align=left width="38%">COO and CFO </TD>
    <TD align=center width="19%">186,163 </TD>
    <TD align=center width="19%">1.30% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><BR>Andrey Mushakov </TD>
    <TD align=left width="38%" bgColor=#e6efff>Executive VP &#150; International
      Nuclear <BR>Operations </TD>
    <TD align=center width="19%" bgColor=#e6efff><BR>201,018 </TD>
    <TD align=center width="19%" bgColor=#e6efff><BR>1.32% </TD></TR>
  <TR vAlign=top>
    <TD align=left >Dan Magraw </TD>
    <TD align=left width="38%">Director </TD>
    <TD align=center width="19%">70,368 </TD>
    <TD align=center width="19%">* </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Victor Alessi </TD>
    <TD align=left width="38%" bgColor=#e6efff>Director </TD>
    <TD align=center width="19%" bgColor=#e6efff>36,011 </TD>
    <TD align=center width="19%" bgColor=#e6efff>* </TD></TR>
  <TR vAlign=top>
    <TD align=left >Kathleen Kennedy Townsend </TD>
    <TD align=left width="38%">Director </TD>
    <TD align=center width="19%">22,987 </TD>
    <TD align=center width="19%">* </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><BR>Directors and Officers as
      a Group <BR>(seven people) <BR></TD>
    <TD align=left width="38%" bgColor=#e6efff>Director <BR>
      <BR><BR></TD>
    <TD align=center width="19%" bgColor=#e6efff><BR><BR>1,992,739 <BR></TD>
    <TD align=center width="19%" bgColor=#e6efff><BR><BR>12.25% <BR></TD></TR>
  <TR vAlign=top>
    <TD colspan="4" align=center > <B>5% Shareholders </B>  </TD>
    </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Seth Grae </TD>
    <TD align=left width="38%" bgColor=#e6efff>President, CEO and Director </TD>
    <TD align=center width="19%" bgColor=#e6efff>1,255,008 </TD>
    <TD align=center width="19%" bgColor=#e6efff>7.81% </TD></TR>
  <TR vAlign=top>
    <TD align=left >Austin Marxe <SUP>(4) </SUP><BR>527 Madison
      Ave., Suite 2600 <BR>New York, NY 10022 </TD>
    <TD align=left width="38%"><BR><BR></TD>
    <TD align=center width="19%"><BR><BR>2,463,509 <SUP>(4) </SUP></TD>
    <TD align=center width="19%"><BR><BR>14.06% <SUP>(4) </SUP></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >David Greenhouse <SUP>(4)
      </SUP><BR>527 Madison Ave., Suite 2600 <BR>New York, NY 10022 </TD>
    <TD align=left width="38%" bgColor=#e6efff><BR><BR></TD>
    <TD align=center width="19%" bgColor=#e6efff><BR><BR>2,463,509 <SUP>(4)
      </SUP></TD>
    <TD align=center width="19%" bgColor=#e6efff><BR><BR>14.06% <SUP>(4)
    </SUP></TD></TR></TABLE>
</DIV>
<P align=justify>* Denotes less than 1% of the outstanding shares of Common
Stock. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>The number of shares beneficially owned is determined
      under SEC rules, and the information is not necessarily indicative of
      beneficial ownership for any other purpose. Under those rules, beneficial
      ownership includes any shares as to which the individual has sole or
      shared voting power or investment power, and also any shares which the
      individual has the right to acquire within 60 days of the Record Date,
      through the exercise or conversion of any stock option, convertible
      security, warrant or other right (a &#147;Presently Exercisable&#148; security).
      Including those shares in the table does not, however, constitute an
      admission that the named shareholder is a direct or indirect beneficial
      owner of those shares.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Unless otherwise indicated, each person or entity named
      in the table has sole voting power and investment power (or shares that
      power with that person&#146;s spouse) with respect to all shares of common
      stock listed as owned by that person or entity.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>A total of 15,057,243 shares of the Company&#146;s common
      stock were considered to be outstanding pursuant to Rule 13d-3(d)(1) under
      the Securities Exchange Act of 1934 as of April 8, 2014. For each
      beneficial owner above, any options exercisable within 60 days have been
      included in the denominator.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Austin Marxe and David Greenhouse share voting and
      investment control over all securities owned by Special Situations Fund
      III QP, L.P (QP), Special Situations Cayman Fund, L.P. (Cayman) and
      Special Situations Private Equity Fund, LP (PE). QP owns 781,832 shares of
      the Company&#146;s common stock and warrants to purchase 641,234 shares of the
      Company&#146;s common stock. Cayman owns 261,219 shares of the Company&#146;s common
      stock and warrants to purchase 214,697 shares of the Company&#146;s common
      stock. PE owns 394,484 shares of the Company&#146;s common stock and warrants
      to purchase 170,043 shares of the Company&#146;s common stock. 454,546 of the
      warrants owned by QP, Cayman and PE have an exercise price of $9.00 per
      share. 571,428 of the warrants owned by QP, Cayman and PE have an exercise
      price of $2.30 per share. We obtained this information from a Form 4 filed
      by Austin Marxe and David Greenhouse on February 20,
  2014.</P></TD></TR></TABLE>
<P align=center>21 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_27></A>
<P align=center><B>TRANSACTIONS WITH RELATED PERSONS, </B><BR><B>PROMOTERS AND
CERTAIN CONTROL PERSONS</B> <BR></P>
<P align=justify>None of our directors, director nominees, executive officers,
5% shareholders, or immediate family member of such persons has been involved in
any transactions with us which are required to be disclosed pursuant to Item 404
of Regulation S-K. </P>
<P align=center>22 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_28></A>
<P align=center><B>PROPOSAL 1</B> </P>
<P align=center><B>ELECTION OF DIRECTORS</B> </P>
<P align=justify>The Board is responsible for establishing broad corporate
policies and monitoring the overall performance of the Company. It selects the
Company&#146;s executive officers, delegates authority for the conduct of the
Company&#146;s day-to-day operations to those officers, and monitors their
performance. Members of the Board keep themselves informed of the Company&#146;s
business by participating in Board and Committee meetings, by reviewing analyses
and reports, and through discussions with the Chairman and other officers. </P>
<P align=justify>See &#147;Governance and Nominating Committee&#148; above for a
discussion of the process for selecting directors. There are currently five
directors serving on the Board. At the Meeting, five directors will be elected.
The individuals who have been nominated for election to the Board at the Meeting
are listed in the table below. Each of the nominees is a current director of the
Company. </P>
<P align=justify>If, as a result of circumstances not now known or foreseen, any
of the nominees is unavailable to serve as a nominee for director at the time of
the Meeting, the holders of the proxies solicited by this Proxy Statement may
vote those proxies either (i) for the election of a substitute nominee who will
be designated by the proxy holders or by the present Board or (ii) for the
balance of the nominees, leaving a vacancy. Alternatively, the size of the Board
may be reduced accordingly. The Board has no reason to believe that any of the
nominees will be unwilling or unable to serve, if elected as a director. The
five nominees for election as directors are uncontested. In uncontested
elections, directors are elected by plurality of the votes cast at the meeting.
<B>Proxies submitted on the accompanying proxy card will be voted for the
election of the nominees listed below, unless the proxy card is marked
otherwise</B>. </P>
<P align=center><B>The Board recommends a vote FOR the election of the nominees
listed below.</B> </P>
<P align=center><B>NOMINEES</B> </P>
<P align=justify>The names, the positions with the Company and the ages as of
the Record Date of the individuals who are our nominees for election as
directors are: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left nowrap>&nbsp; </TD>
    <TD width="10%" align=left nowrap >&nbsp; </TD>
    <TD width="30%" align=center nowrap><B>Position with the</B> </TD>
  <TD width="30%" align=center nowrap><B>Term as Director of</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left nowrap>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;<B>Name</B> </TD>
    <TD width="10%" align=center nowrap ><B>Age</B> </TD>
    <TD width="30%" align=center nowrap><B>Company</B> </TD>
  <TD width="30%" align=center nowrap><B>Company</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Seth Grae </TD>
    <TD align=center width="10%" bgColor=#e6efff >51 </TD>
    <TD align=left width="30%" bgColor=#e6efff>President, CEO and Director </TD>
    <TD align=left width="30%" bgColor=#e6efff>April 2006 &#150; Present </TD></TR>
  <TR vAlign=top>
    <TD align=left>Thomas Graham, Jr. </TD>
    <TD align=center width="10%" >80 </TD>
    <TD align=left width="30%">Chairman and Corporate Secretary </TD>
    <TD align=left width="30%">April 2006 &#150; Present </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Victor E. Alessi </TD>
    <TD align=center width="10%" bgColor=#e6efff >74 </TD>
    <TD align=left width="30%" bgColor=#e6efff>Director </TD>
    <TD align=left width="30%" bgColor=#e6efff>August 2006 &#150; Present </TD></TR>
  <TR vAlign=top>
    <TD align=left>Kathleen Kennedy Townsend </TD>
    <TD align=center width="10%" >62 </TD>
    <TD align=left width="30%">Director </TD>
    <TD align=left width="30%">October 2013 &#150; Present </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Daniel B. Magraw </TD>
    <TD align=center width="10%" bgColor=#e6efff >67 </TD>
    <TD align=left width="30%" bgColor=#e6efff>Director </TD>
    <TD align=left width="30%" bgColor=#e6efff>October 2006 &#150; Present
  </TD></TR></TABLE>
<P align=justify><B>Director Qualifications</B> </P>
<P align=justify>Directors are responsible for overseeing the Company&#146;s business
consistent with their fiduciary duty to stockholders. This significant
responsibility requires highly-skilled individuals with various qualities,
attributes and professional experience. The Board believes that there are
general requirements for service on the Board that are applicable to all
directors and that there are other skills and experience that should be
represented on the Board as a whole but not necessarily by each director. The
Board and the Governance and Nominating Committee of the Board consider the
qualifications of directors and director candidates individually and in the
broader context of the Board's overall composition and the Company's current and
future needs. </P>
<P align=center>23 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_29></A>
<P align=justify><B><I>Qualifications for All Directors</I></B> </P>
<P align=justify>In its assessment of each potential candidate, including those
recommended by stockholders, the Governance and Nominating Committee considers
the nominee's judgment, integrity, experience, independence, understanding of
the Company's business or other related industries and such other factors the
Governance and Nominating Committee determines are pertinent in light of the
current needs of the Board. The Governance and Nominating Committee also takes
into account the ability of a Director to devote the time and effort necessary
to fulfill his or her responsibilities to the Company. </P>
<P align=justify>The Board and the Governance and Nominating Committee require
that each Director be a recognized person of high integrity with a proven record
of success in his or her field. Each Director must demonstrate innovative
thinking, familiarity with and respect for corporate governance requirements and
practices, an appreciation of multiple cultures and a commitment to
sustainability and to dealing responsibly with social issues. In addition to the
qualifications required of all Directors, the Board assesses intangible
qualities including the individual's ability to ask difficult questions and,
simultaneously, to work collegially. </P>
<P align=justify>The Board does not have a specific diversity policy, but
considers diversity of race, ethnicity, gender, age, cultural background and
professional experiences in evaluating candidates for Board membership.
Diversity is important because a variety of points of view contribute to a more
effective decision-making process. </P>
<P align=justify><B><I>Qualifications, Attributes, Skills and Experience to be
Represented on the Board as a Whole</I></B> </P>
<P align=justify>The Board has identified particular qualifications, attributes,
skills and experience that are important to be represented on the Board as a
whole, in light of the Company's current needs and business priorities. The
Company's services are performed in various countries around the world and
significant areas of future growth are located outside of the United States. The
Company's business is truly global and multicultural. Therefore, the Board
believes that international experience or specific knowledge of key geographic
growth areas and diversity of professional experiences should be represented on
the Board. The Company's business is multifaceted and involves complex financial
transactions in various countries. Therefore, the Board believes that the Board
should include some Directors with a high level of financial literacy and some
Directors who possess relevant business experience as a Chief Executive Officer
or President. Our business involves complex technologies in a highly specialized
industry. Therefore, the Board believes that extensive knowledge of the
Company's business and the nuclear industry should be represented on the Board.
The Company's business also requires compliance with a variety of regulatory
requirements across a number of countries and relationships with various
governmental entities. Therefore, the Board believes that governmental,
political or diplomatic expertise should be represented on the Board. </P>
<P align=center>24 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_30></A>
<P align=justify><B><I>Summary of Qualifications of 2014 Nominees for
Director</I></B> </P>
<P align=justify>Set forth below are the specific qualifications, attributes,
skills and experiences of our directors. </P>
<P align=justify><U>Seth Grae</U> <BR>Mr. Grae was named the Chief Executive
Officer and President of the Company on March 17, 2006 and, effective April 2,
2006, became a director of the Company. Seth Grae has led the development and
implementation of Lightbridge's business efforts to develop and deploy advanced
nuclear fuel technologies and to provide comprehensive advisory services based
on safety, non-proliferation, and transparency for emerging commercial nuclear
power programs. </P>
<P align=justify>Mr. Grae is a member of the Civil Nuclear Trade Advisory
Committee to the U.S. Secretary of Commerce and he is a member of the Nuclear
Energy Institute's Suppliers Advisory Committee. He is also a member of the
Dean's Advisory Council at the Washington College of Law at American University.
Mr. Grae has served as Vice Chair of the Governing Board of the Bulletin of the
Atomic Scientists and as Co-Chair of the American Bar Association's Arms Control
and Disarmament Committee. He has also been a member of the Board of Directors
of the Lawyers Alliance for World Security. Mr. Grae reviews the work of the
Company's principal financial and accounting officers on significant matters
related to the Company's financial position and results of operations, and the
presentation of its financial statements. </P>
<P align=justify><U>Thomas Graham, Jr.</U> <BR>Ambassador Graham became a
director of the Company on April 2, 2006, and chairman of the Board on April 4,
2006. He is one of the world's leading experts in nuclear non-proliferation and
was appointed in 2009 as a member of the International Advisory Board for the
UAE Nuclear Program. Ambassador Graham served as a senior U.S. diplomat involved
in the negotiation of every major international arms control and
non-proliferation agreement in which the United States took part during the
period from 1970 to 1997. Ambassador Graham also is the Chairman of the Board of
CanAlaska Uranium Ltd. of Vancouver, Canada (Toronto: CVV:CN), a uranium
exploration company. He is a member of the Kentucky, the District of Columbia
and the New York Bar Associations and is a member of the Council on Foreign
Relations. He chaired the Committee on Arms Control and Disarmament of the
American Bar Association from 1986-1994. </P>
<P align=justify><U>Victor E. Alessi</U> <BR>Dr. Alessi became a director of the
Company on August 23, 2006. Dr. Alessi holds a Ph.D. in nuclear physics and is
President Emeritus of the United States Industry Coalition, or USIC, an
organization dedicated to facilitating the commercialization of technologies of
the New Independent States, or NIS, of the former Soviet Union through
cooperation with its members. Victor Alessi served as President and CEO of USIC
from 1999 to 2006, focusing on commercializing technologies developed in nuclear
institutes in the former Soviet Union by companies in the United States thus
creating peaceful jobs for former Soviet weapons scientists and preventing the
spread of nuclear weapons. Coinciding with his tenure at USIC, Dr. Alessi also
served the U.S. Representative on the Governing Board of the International
Science and Technology Center in Moscow since its founding in 1992 until 2011.
He also served as a board member of the Science and Technology Center in
Ukraine. Earlier, Dr. Alessi served as Director of the Office of Arms Control
and Non-proliferation at the Department of Energy, or DOE, where he oversaw arms
control and non-proliferation activities during the administrations of
Presidents Ronald Reagan, George H.W. Bush, and William Clinton. As a senior DOE
official, he also played an instrumental role implementing the U.S. unilateral
nuclear initiative in 1991 which eliminated over 7000 nuclear weapons. </P>
<P align=center>25 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_31></A>
<P align=justify><U>Kathleen Kennedy Townsend</U> <BR>Ms. Kennedy Townsend
became a director of the Company on October 1, 2013, and Ms. Townsend brings a
long history of accomplishments in the public and private sectors that
demonstrate her high level of financial literacy, her experience as a director,
her risk oversight and management expertise, as well as her experience in the
political arena. She is a manager at The Rock Creek Group, a Washington, D.C.
based investment advisor founded by the former treasurer of the World Bank. She
was the State of Maryland's first woman Lieutenant Governor, serving from 1995
to 2003. She had responsibility for a multibillion-dollar budget and oversight
of major cabinet departments. Before her 1995 election, Ms. Townsend served as
Deputy Assistant Attorney General of the United States. She led the planning to
put 100,000 police officers into communities and she ignited the Police Corps, a
program to give college scholarships to young people who pledge to work as
police officers for four years after graduating. Earlier in her career, Ms.
Townsend served as the founder and director of the Maryland Student Service
Alliance. </P>
<P align=justify>Ms. Townsend is an honors graduate of Harvard University, and
earned her law degree from the University of New Mexico. She has received 14
honorary degrees. A member of the bar in Maryland, Connecticut and
Massachusetts, she is also a certified broker-dealer and author. </P>
<P align=justify><U>Daniel B. Magraw</U> <BR>Mr. Magraw became a director of the
Company on October 23, 2006, and is a leading expert on international
environmental law and policy. Mr. Magraw is a Fellow and Professorial Lecturer
at the Foreign Policy Institute at Johns Hopkins School of Advanced
International Studies, and is President Emeritus of the Center for International
Environmental Law, or CIEL. Mr. Magraw served as the President and CEO of CIEL
from 2002-2010. From 1992-2001, he was Director of the International
Environmental Law Office of the U.S. Environmental Protection Agency. He was a
member of the Trade and Environment Policy Advisory Committee to the Office of
the U.S. Trade Representative, chairs the American Bar Association Section of
International Law&#146;s Task Force on Magna Carta, serves as a consultant to the
United Nations, was a member of the U.S. Department of State Study Group on
International Business Transactions, was Chair of the 15,000-member Section of
International Law and Practice of the American Bar Association and is a member
of the International Panel of Arbitrators of the American Arbitration
Association. Mr. Magraw is a widely-published author in the field of
international environmental law. </P>
<P align=justify><B>General Information</B> </P>
<P align=justify>For information as to the shares of the Common Stock held by
each nominee, see &#147;Security Ownership of Certain Beneficial Owners and
Management,&#148; above. </P>
<P align=justify>See &#147;Directors and Executive Officers&#148; above for biographical
summaries for each of our director nominees. </P>
<P align=justify>All directors will hold office until the next election of
directors, or until their earlier death, resignation, removal or
disqualification, and until their respective successors are duly elected and
qualified. There are no arrangements or understandings between any of the
nominees, directors or executive officers and any other person pursuant to which
any of our nominees, directors or executive officers have been selected for
their respective positions. No nominee, member of the Board or executive officer
is related to any other nominee, member of the Board or executive officer. </P>
<P align=center>26 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_32></A>
<P align=center><B>PROPOSAL 2</B> </P>
<P align=center><B>RATIFICATION OF SELECTION OF INDEPENDENT AUDITORS</B> </P>
<P align=justify>The Audit Committee has selected Anderson Bradshaw PLLC
(&#147;Anderson Bradshaw&#148;) to serve as the independent registered public accounting
firm of the Company for the fiscal year ending December 31, 2014. Child, Van
Wagoner &amp; Bradshaw, PLLC (&#147;Child Van Wagoner&#148;) was the Company&#146;s independent
registered public accounting firm for the fiscal years ending December 31, 2011,
2010, 2009, 2008, 2007 and 2006. On August 1, 2012, Child Van Wagoner ceased its
accounting practice for reporting companies with the U.S. Securities and
Exchange Commission (&#147;SEC<B><I>&#148;</I></B>). At or about the same time, Anderson
Bradshaw was established as a successor firm to Child Van Wagoner to continue
performing audits for SEC reporting companies. As Anderson Bradshaw is viewed as
a separate legal entity, the Company dismissed Child Van Wagoner as its
independent registered public accounting firm and engaged Anderson Bradshaw, as
the Company&#146;s independent registered public accounting firm for the Company&#146;s
fiscal years ended December 31, 2013 and 2012. The decision to change the
Company&#146;s independent registered public accounting firm was approved by the
Audit Committee of the Board and subsequently approved by the Board. </P>
<P align=justify>We are asking our stockholders to ratify the selection of
Anderson Bradshaw as our independent registered public accounting firm. Although
ratification is not required by our bylaws or otherwise, the Board is submitting
the selection of Anderson Bradshaw to our stockholders for ratification as a
matter of good corporate practice. In the event our stockholders fail to ratify
the appointment, the Audit Committee may reconsider this appointment. </P>
<P align=justify>The Company has been advised by Anderson Bradshaw that neither
the firm nor any of its associates had any relationship with the Company other
than the usual relationship that exists between independent registered public
accountant firms and their clients during the last fiscal year. Representatives
of Anderson Bradshaw will be available via teleconference during the Meeting, at
which time they may make any statement they consider appropriate and will
respond to appropriate questions raised at the Meeting. </P>
<P align=justify><B>Independent Registered Public Accounting Firm&#146;s Fees</B>
</P>
<P align=justify>The following are the fees billed to us by Anderson Bradshaw
during fiscal years ended December 31, 2013 and 2012: </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="60%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="22%"><B>2013</B> </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="22%"><B>2012</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="22%" >&nbsp;</TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="22%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Audit Fees </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="22%" bgColor=#e6efff>&nbsp;45,803 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="22%" bgColor=#e6efff>&nbsp;64,260 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="22%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="22%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Audit Related Fees </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="22%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="22%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="22%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="22%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Tax Fees </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="22%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="22%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="22%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="22%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >All Other Fees </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="22%" bgColor=#e6efff>14,480 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="22%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="22%" >&nbsp;</TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="22%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><B>Total</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="22%" bgColor=#e6efff><B>&nbsp;60,283</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff><B>$</B></TD>
    <TD align=right width="22%" bgColor=#e6efff><B>&nbsp;64,260</B> </TD>
    <TD align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV>
<P align=justify><I>Audit Fees</I> consist of the aggregate fees billed for
professional services rendered for the audit of our annual financial statements
and the reviews of the financial statements included in our Forms 10-Q and for
any other services that were normally provided by Anderson Bradshaw in
connection with our statutory and regulatory filings or engagements. </P>
<P align=justify><I>Audit Related Fees</I> consist of the aggregate fees billed
for professional services rendered for assurance and related services that were
reasonably related to the performance of the audit or review of our financial
statements and were not otherwise included in Audit Fees. </P>
<P align=center>27 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_33></A>
<P align=justify><I>Tax Fees</I> consist of the aggregate fees billed for
professional services rendered for tax compliance, tax advice and tax planning.
Included in such Tax Fees were fees for preparation of our tax returns and
consultancy and advice on other tax planning matters. </P>
<P align=justify><I>All Other Fees</I> consist of the aggregate fees billed for
products and services provided by Anderson Bradshaw and not otherwise included
in Audit Fees, Audit Related Fees or Tax Fees. Included in such Other Fees were
fees for services rendered by Anderson Bradshaw in connection with our private
and public offerings conducted during such periods. </P>
<P align=justify>Our Audit Committee has considered whether the provision of the
non-audit services described above is compatible with maintaining auditor
independence and determined that such services are appropriate. Before auditors
are engaged to provide us audit or non-audit services, such engagement is
(without exception, required to be) approved by the Audit Committee of our
Board. </P>
<P align=justify><B>Pre-Approval Policies and Procedures</B> </P>
<P align=justify>Under the Sarbanes-Oxley Act of 2002, all audit and non-audit
services performed by our auditors must be approved in advance by our Board to
assure that such services do not impair the auditors&#146; independence from us. In
accordance with its policies and procedures, our Board pre-approved the audit
service performed by Anderson Bradshaw for our consolidated financial statements
as of and for the year ended December 31, 2013. </P>
<P align=justify><B>The Board recommends a vote FOR ratification of the
selection of Anderson Bradshaw PLLC as the Company&#146;s independent registered
public accounting firm for the fiscal year ending December 31, 2014.</B> </P>
<P align=center>28 </P>
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<P align=center><B>PROPOSAL 3</B> </P>
<P align=center><B>ADVISORY VOTE ON EXECUTIVE COMPENSATION</B> </P>
<P align=justify>The recently enacted Dodd-Frank Wall Street Reform and Consumer
Protection Act of 2010, or the Dodd-Frank Act, enables our stockholders to vote
to approve, on an advisory (nonbinding) basis, the compensation of our named
executive officers as disclosed in this proxy statement in accordance with the
SEC&#146;s rules. </P>
<P align=justify>Our executive compensation programs are designed to attract,
motivate, and retain our named executive officers, who are critical to our
success. Under these programs, our named executive officers are rewarded for the
achievement of specific annual, long-term and strategic goals, business unit
goals, corporate goals, and the realization of increased stockholder value. </P>
<P align=justify>Our Compensation Committee continually reviews the compensation
programs for our named executive officers to ensure they achieve the desired
goals of aligning our executive compensation structure with our stockholders&#146;
interests and current market practices. We are asking our stockholders to
indicate their support for our named executive officer compensation as described
in this proxy statement. This proposal, commonly known as a &#147;say-on-pay&#148;
proposal, gives our stockholders the opportunity to express their views on our
named executive officers&#146; compensation. This vote is not intended to address any
specific item of compensation, but rather the overall compensation of our named
executive officers and the philosophy, policies and practices described in this
proxy statement. Accordingly, we will ask our stockholders to vote for the
approval of the compensation of the named executive officers, as disclosed in
this proxy statement pursuant to the compensation disclosure rules of the
Securities and Exchange Commission. </P>
<P align=justify>The say-on-pay vote is advisory, and therefore not binding on
the Company, the Compensation Committee or our Board. Our Board and our
Compensation Committee value the opinions of our stockholders and to the extent
there is any significant vote against the named executive officer compensation
as disclosed in this proxy statement, they will consider our stockholders&#146;
concerns and the Compensation Committee will evaluate whether any actions are
necessary to address those concerns. After consideration of the vote of
shareholders at the 2011 annual meeting of shareholders and consistent with the
Board&#146;s recommendation, the Board&#146;s current policy is to hold an advisory vote
on executive compensation on an annual basis, and accordingly, after the
Meeting, the next advisory vote on the compensation of our named executive
officers is expected to occur at our 2015 annual meeting of shareholders. </P>
<P align=justify><B>The Board recommends a vote FOR the approval of the
compensation of our named executive officers, as disclosed in this proxy
statement pursuant to the compensation disclosure rules of the Securities and
Exchange Commission.</B> </P>
<P align=center>29 </P>
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<A name=page_35></A>
<P align=center><B>STOCKHOLDER PROPOSALS FOR THE 2015 ANNUAL MEETING</B> </P>
<P align=justify>If you wish to have a proposal included in our proxy statement
for next year&#146;s annual meeting in accordance with Rule 14a-8 under the Exchange
Act, your proposal must be received by the Corporate Secretary of Lightbridge
Corporation at 1600 Tysons Boulevard, Suite 550, McLean, Virginia 22102 USA, no
later than the close of business on December 31, 2014. A proposal which is
received after that date or which otherwise fails to meet the requirements for
stockholder proposals established by the SEC will not be included. The
submission of a stockholder proposal does not guarantee that it will be included
in the proxy statement. </P>
<P align=center><B>ANNUAL REPORT ON FORM 10-K</B> </P>
<P align=justify>We will provide without charge to each person solicited by this
Proxy Statement, on the written request of such person, a copy of our Annual
Report on Form 10-K, including the financial statements and financial statement
schedules, as filed with the SEC for our most recent fiscal year. Such written
requests should be directed to Lightbridge Corporation, c/o Corporate Secretary,
1600 Tysons Boulevard, Suite 550, McLean, Virginia 22102 USA. A copy of our
Annual Report on Form 10-K is also made available on our website after it is
filed with the SEC. </P>
<P align=center><B>OTHER MATTERS</B> </P>
<P align=justify>As of the date of this Proxy Statement, the Board has no
knowledge of any business which will be presented for consideration at the
Meeting other than the election of directors, the ratification of the
appointment of the accountants of the Company, and the advisory vote on
executive compensation. Should any other matters be properly presented, it is
intended that the enclosed proxy card will be voted in accordance with the best
judgment of the persons voting the proxies. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>April 25, 2014 </TD>
    <TD align=left width="50%">By Order of the Board of Directors </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%">/s/
      Thomas Graham </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Thomas Graham, Jr. </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">Chairman and Corporate Secretary
</TD></TR></TABLE>
<P align=center>30 </P>
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<A name=page_36></A>
<P align=center><B>APPENDIX A</B> </P>
<P align=center><B>REPORT OF THE AUDIT COMMITTEE</B> </P>
<P align=justify>The Audit Committee of the Board is comprised of three
non-employee Directors, each of whom has been determined by the Board to be
&#147;independent&#148; under the meaning of Rule 10A-3(b)(1) under the Exchange Act. The
Board has determined, based upon an interview of Kathleen Kennedy Townsend and a
review of Ms. Kennedy Townsend&#146;s responses to a questionnaire designed to elicit
information regarding her experience in accounting and financial matters, that
Ms. Kennedy Townsend shall be designated as an &#147;Audit Committee financial
expert&#148; within the meaning of Item 401(e) of SEC Regulation S-K, as Ms. Kennedy
Townsend has past employment experience in finance or accounting, requisite
professional certification in accounting, or any other comparable experience or
background which results in her financial sophistication. The Audit Committee
assists the Board&#146;s oversight of the integrity of the Company&#146;s financial
reports, compliance with legal and regulatory requirements, the qualifications
and independence of the Company&#146;s independent registered public accounting firm,
the audit process, and internal controls. The Audit Committee operates pursuant
to a written charter adopted by the Board. The Audit Committee is responsible
for overseeing the corporate accounting and financing reporting practices,
recommending the selection of the Company&#146;s registered public accounting firm,
reviewing the extent of non-audit services to be performed by the auditors, and
reviewing the disclosures made in the Company&#146;s periodic financial reports. The
Audit Committee also reviews and recommends to the Board that the audited
financial statements be included in the Company&#146;s Annual Report on Form 10-K.
</P>
<P align=justify>Following the end of the fiscal year ended December 31, 2013,
the Audit Committee (1) reviewed and discussed the audited financial statements
for the fiscal year ended December 31, 2013 with Company management; (2)
discussed with the independent auditors the matters required to be discussed by
SAS 61 (Codification of Statements on Auditing Standards), as may be modified or
supplemented; and (3) received the written disclosures and the letter from the
independent accountants required by Independence Standards Board Standard No. 1
(Independence Standards Board Standard No. 1, Independence Discussions with
Audit Committees), as may be modified or supplemented, and has discussed with
the independent accountant its independence. </P>
<P align=justify>Based on the review and discussions referred to above, the
Audit Committee had recommended to the Board that the audited financial
statements be included in the Company&#146;s Annual Report on Form 10-K for the
fiscal year ended December 31, 2013 for filing with the SEC. </P>
<P align=justify>Members of the Audit Committee:<I> </I><BR><I>Kathleen Kennedy
Townsend </I><BR><I>Victor E. Alessi </I><BR><I>Daniel B. Magraw </I><BR></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_37></A>
<P align=center><B>LIGHTBRIDGE CORPORATION </B><BR><B>ANNUAL MEETING OF
STOCKHOLDERS </B><BR><B>TO BE HELD ON JUNE 19, 2014</B> <BR></P>
<P align=center><B>This Proxy is Solicited on Behalf of the Board of
Directors</B> </P>
<P align=justify>The undersigned stockholder of Lightbridge Corporation, a
Nevada corporation (the &#147;Company&#148;), acknowledges receipt of the Notice of Annual
Meeting of Stockholders and Proxy Statement, dated April 25, 2014, and hereby
constitutes and appoints Seth Grae and Thomas Graham, Jr., or either of them
acting singly in the absence of the other, with full power of substitution in
either of them, the proxies of the undersigned to vote with the same force and
effect as the undersigned all shares of the Company&#146;s Common Stock which the
undersigned is entitled to vote at the 2014 Annual Meeting of Stockholders to be
held on June 19, 2014, and at any adjournment or adjournments thereof, hereby
revoking any proxy or proxies heretofore given and ratifying and confirming all
that said proxies may do or cause to be done by virtue thereof with respect to
the following matters: The undersigned hereby instructs said proxies or their
substitutes: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>Elect as Directors the nominees listed below:
  [_]</P></TD></TR></TABLE>
<P align=justify>Seth Grae <BR>Thomas Graham, Jr. <BR>Victor E. Alessi
<BR>Kathleen Kennedy Townsend <BR>Daniel B. Magraw <BR></P>
<P align=justify>Withhold authority for the following: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">[_] </TD>
    <TD>
      <P align=justify>Seth Grae</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">[_] </TD>
    <TD>
      <P align=justify>Thomas Graham, Jr.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">[_] </TD>
    <TD>
      <P align=justify>Victor E. Alessi</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">[_] </TD>
    <TD>
      <P align=justify>Kathleen Kennedy Townsend</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">[_] </TD>
    <TD>
      <P align=justify>Daniel B. Magraw</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Approve the ratification of Anderson Bradshaw PLLC as the
      Company&#146;s independent registered public accountants for fiscal year
      2014.</P></TD></TR></TABLE>
<P align=justify><B>FOR</B>
[_]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>AGAINST</B>
[_]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>ABSTAIN</B> [_] </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>Advisory non-binding vote for the approval of the
      Company&#146;s executive compensation.</P></TD></TR></TABLE>
<P align=justify><STRONG>FOR
[_]&nbsp;</STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<STRONG>AGAINST
[_]&nbsp;</STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<STRONG>ABSTAIN [_]</STRONG> </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>In their discretion, the proxies are authorized to vote
      upon such other business as may properly come before the Meeting, and any
      adjournment or adjournments thereof.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_38></A>
<P align=justify><B>THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE
MANNER DIRECTED; IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED</B>
<B><I>FOR</I></B> <B>ALL DIRECTOR NOMINEES,</B> <B><I>FOR</I></B> <B>THE
RATIFICATION OF THE SELECTION OF ANDERSON BRADSHAW PLLC, AS THE COMPANY&#146;S
INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS, AND</B> <B><I>FOR</I></B> <B>THE
APPROVAL OF THE COMPANY&#146;S EXECUTIVE COMPENSATION. IN THEIR DIRECTION, THE
PROXIES ARE ALSO AUTHORIZED TO VOTE UPON SUCH OTHER MATTERS AS MAY PROPERLY COME
BEFORE THE MEETING, INCLUDING THE ELECTION OF ANY PERSON TO THE BOARD OF
DIRECTORS WHERE A NOMINEE NAMED IN THE PROXY STATEMENT DATED APRIL 25, 2014 IS
UNABLE TO SERVE OR WILL NOT SERVE.</B> </P>
<P align=justify>I (we) acknowledge receipt of the Notice of Annual Meeting of
Stockholders and the Proxy Statement dated April 25, 2014 and the 2013 Annual
Report to Stockholders and ratify all that the proxies, or either of them, or
their substitutes may lawfully do or cause to be done by virtue hereof and
revoke all former proxies. </P>
<P align=justify><B>Please sign, date and mail this proxy immediately in the
enclosed envelope.</B> </P>
<P style="MARGIN-LEFT: 50%" align=justify>Name
_________________________________</P>
<P style="MARGIN-LEFT: 50%" align=justify>Name <I>(if joint)</I>
<BR>______________________________________<BR>Date _____________, 2014 </P>
<P style="MARGIN-LEFT: 50%" align=justify>Please sign your name exactly as it
appears hereon. When signing as attorney, executor, administrator, trustee or
guardian, please give your full title as it appears hereon. When signing as
joint tenants, all parties in the joint tenancy must sign. When a proxy is given
by a corporation, it should be signed by an authorized officer and the corporate
seal affixed. No postage is required if returned in the enclosed envelope. </P>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
