<SEC-DOCUMENT>0001062993-15-003361.txt : 20150612
<SEC-HEADER>0001062993-15-003361.hdr.sgml : 20150612
<ACCEPTANCE-DATETIME>20150612171918
ACCESSION NUMBER:		0001062993-15-003361
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20150610
FILED AS OF DATE:		20150612
DATE AS OF CHANGE:		20150612
EFFECTIVENESS DATE:		20150612

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:		15929398

	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>def14a.htm
<DESCRIPTION>FORM DEF 14A
<TEXT>
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<HEAD>
   <TITLE>Lightbridge Corporation: Schedule 14A - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
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<P align=center dir="ltr"><B><FONT size=5>UNITED STATES</FONT></B><BR><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION</FONT></B><BR><B>Washington, D.C.
20549</B><BR></P>
<P align=center dir="ltr"><B><FONT size=5>SCHEDULE 14A </FONT></B></P>
<P align=center dir="ltr">Proxy Statement Pursuant to Section 14(a) of <BR>the Securities
Exchange Act of 1934 (Amendment No. )<BR></P>
<P align=center dir="ltr">Filed by the Registrant [X] <br>
<BR>Filed by a Party other than the
Registrant [ &nbsp;] </P>
<P align=center dir="ltr">Check the appropriate box: </P>
<P align=center dir="ltr">[&nbsp; ] Preliminary Proxy Statement <BR>[&nbsp; ]
<B>Confidential, for Use of the Commission Only (as permitted by Rule
14a-6(e)(2)) <BR></B>[X] Definitive Proxy Statement <BR>[&nbsp; ] Definitive
Additional Materials <BR>[&nbsp; ] Soliciting Material under &#167;240.14a -12</P>
<P align=center dir="ltr"><B><U><FONT size=5>LIGHTBRIDGE CORPORATION
</FONT></U></B><BR>(Name of Registrant as Specified In Its Charter)<BR></P>
<P align=center dir="ltr">______________________________________________________<BR>(Name
of Person(s) Filing Proxy Statement, if other than the Registrant) </P>
<P align=left dir="ltr">Payment of Filing Fee (Check the appropriate box):</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 dir="ltr">

  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr" >
    <p dir="ltr">[X] </TD>
    <TD align=left width="95%" dir="ltr">
    <p dir="ltr">No fee required. </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr" >
    <p dir="ltr">[&nbsp; ] </TD>
    <TD align=left width="95%" dir="ltr">
    <p dir="ltr">Fee computed on table below per Exchange Act
      Rules 14a-6(i)(1) and 0-11. </TD></TR></TABLE>
<p dir="ltr"><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST dir="ltr">

  <TR>
    <TD width="5%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">(1) </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">Title of each class of securities to which transaction
      applies:</P></TD></TR>
  <TR>
    <TD width="5%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD dir="ltr">
    <p dir="ltr">______________________________________________&nbsp;</TD></TR>
  <TR>
    <TD width="5%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">(2) </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">Aggregate number of securities to which transaction
      applies:</P></TD></TR>
  <TR>
    <TD width="5%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD dir="ltr">
    <p dir="ltr">_______________________________________________&nbsp;</TD></TR>
  <TR>
    <TD width="5%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">(3) </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">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></TD></TR>
  <TR>
    <TD width="5%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD dir="ltr">
    <p dir="ltr">_____________________________________________________________________________________&nbsp;</TD></TR>
  <TR>
    <TD width="5%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">(4) </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">Proposed maximum aggregate value of
transaction:</P></TD></TR>
  <TR>
    <TD width="5%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD dir="ltr">
    <p dir="ltr">____________________________________________&nbsp;</TD></TR>
  <TR>
    <TD width="5%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">(5) </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">Total fee paid:</P></TD></TR>
  <TR>
    <TD width="5%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=top width="5%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD dir="ltr"
  >
    <p dir="ltr">______________________________________________&nbsp;</TD></TR></TABLE>
<p dir="ltr"><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST dir="ltr">

  <TR>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">[&nbsp; ] </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">Fee paid previously with preliminary materials.</P></TD></TR>
  <TR>
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">[ &nbsp;] </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">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></TD></TR></TABLE>
<p dir="ltr"><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST dir="ltr">

  <TR>
    <TD width="5%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">(1) </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">Amount Previously Paid:
      ________________________________________</P></TD></TR>
  <TR>
    <TD width="5%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">(2) </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">Form, Schedule or Registration Statement No.:
      ________________________</P></TD></TR>
  <TR>
    <TD width="5%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">(3) </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">Filing Party:
      __________________________________________________</P></TD></TR>
  <TR>
    <TD width="5%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">(4) </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">Date Filed:
      ___________________________________________________</P></TD></TR></TABLE>
<p dir="ltr"><BR>
</p>
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<!--$$/page=--><A name=page_2></A>
<P align=center dir="ltr"><IMG src="def14ax2x1.jpg" border=0 width="309" height="85"> </P>
<P align=center dir="ltr"><B>Lightbridge Corporation<BR></B>1600 Tysons Boulevard, Suite
550 <BR>McLean, VA 22102 USA<BR>571.730.1200</P>
<P align=center dir="ltr"><B>NOTICE OF ANNUAL MEETING OF STOCKHOLDERS</B> <BR><B>TO BE
HELD ON JULY 14, 2015</B> </P>
<P align=justify dir="ltr">Dear Stockholder:</P>
<P align=justify dir="ltr">Notice is hereby given that the Annual Meeting of Stockholders
(the &#147;annual meeting&#148;) of Lightbridge Corporation, a Nevada corporation (the
&#147;Company&#148;), will be held on Tuesday, July 14, 2015 at 10:00 a.m., local time, at
the offices of Hogan Lovells US LLP located at 555 Thirteenth Street, NW,
Washington, DC 20004, 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 dir="ltr">

  <TR>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">1. </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">To elect the five persons named in the accompanying proxy
      statement to the Board of Directors of the Company;</P></TD></TR>
  <TR>
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">2. </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">To ratify the selection by the Audit Committee of BDO
      USA, LLC as the Company&#146;s independent registered public accounting firm
      for the fiscal year ending December 31, 2015;</P></TD></TR>
  <TR>
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">3. </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">To approve the Lightbridge Corporation 2015 Equity
      Incentive Plan;</P></TD></TR>
  <TR>
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">4. </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">To approve, on an advisory basis, our executive
      compensation; and</P></TD></TR>
  <TR>
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">5. </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">To transact such other business as may properly come
      before the annual meeting or any adjournment
thereof.</P></TD></TR></TABLE>
<P align=justify dir="ltr">If you owned our common stock at the close of business on May
26, 2015, you may attend and vote at the annual meeting.</P>
<P align=justify dir="ltr">A proxy statement describing the matters to be considered at
the annual meeting is attached to this notice. Our 2014 Annual Report
accompanies this notice, but it is not deemed to be part of the proxy
statement.</P>
<HR style="PAGE-BREAK-AFTER: always" color=black
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<!--$$/page=--><A name=page_3></A>
<P align=justify dir="ltr"><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 dir="ltr">

  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="50%" dir="ltr">
    <p dir="ltr">Sincerely, </TD></TR>
  <TR>
    <TD dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD width="50%" dir="ltr">
    <p dir="ltr">&nbsp; </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%" dir="ltr">
    <p dir="ltr">/s/
      Thomas Graham, Jr. </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="50%" dir="ltr">
    <p dir="ltr">Thomas Graham, Jr. </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="50%" dir="ltr">
    <p dir="ltr">Chairman and Corporate Secretary </TD></TR>
  <TR>
    <TD dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD width="50%" dir="ltr">
    <p dir="ltr">&nbsp; </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="50%" dir="ltr">
    <p dir="ltr">June 12, 2015 </TD></TR></TABLE>
<p dir="ltr"><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 dir="ltr">

  <TR vAlign=top dir="ltr">
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center dir="ltr">
    <p dir="ltr"><B>IMPORTANT NOTICE REGARDING THE AVAILABILITY OF
      PROXY MATERIALS</B> <BR><B>FOR THE STOCKHOLDER MEETING TO BE HELD ON JULY
      14, 2015</B> <BR><BR>This Notice, our proxy statement and our 2014 Annual
      Report are available online at <BR><U>http://www.edocumentview.com/LTBR</U></TD></TR>
  </TABLE>
<p dir="ltr"><BR>
</p>
<HR style="PAGE-BREAK-AFTER: always" color=black
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<!--$$/page=--><A name=page_4></A>
<P align=center dir="ltr"><B><U>TABLE OF CONTENTS </U></B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 dir="ltr">

  <TR vAlign=top dir="ltr">
    <TD noWrap align=left bgColor=#eeeeee dir="ltr">
    <p dir="ltr"><B>LETTER TO STOCKHOLDERS FROM OUR
      CHAIRMAN</B> </TD>
    <TD noWrap align=center width="5%" bgColor=#eeeeee dir="ltr" >
    <p dir="ltr">[*]
</TD></TR>
  <TR>
    <TD align=left dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="5%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left bgColor=#eeeeee dir="ltr">
    <p dir="ltr"><B>QUESTIONS AND ANSWERS ABOUT THE ANNUAL
      MEETING</B> </TD>
    <TD align=center width="5%" bgColor=#eeeeee dir="ltr" >
    <p dir="ltr">1</TD></TR>
  <TR>
    <TD align=left dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="5%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left bgColor=#eeeeee dir="ltr">
    <p dir="ltr"><B>DIRECTORS AND EXECUTIVE OFFICERS</B> </TD>
    <TD align=center width="5%" bgColor=#eeeeee dir="ltr" >
    <p dir="ltr">7</TD></TR>
  <TR>
    <TD align=left dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="5%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left bgColor=#eeeeee dir="ltr">
    <p dir="ltr"><B>SECTION 16(A) BENEFICIAL OWNERSHIP
      REPORTING COMPLIANCE</B> </TD>
    <TD align=center width="5%" bgColor=#eeeeee dir="ltr" >
    <p dir="ltr">11</TD></TR>
  <TR>
    <TD align=left dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="5%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left bgColor=#eeeeee dir="ltr">
    <p dir="ltr"><B>CORPORATE GOVERNANCE</B> </TD>
    <TD align=center width="5%" bgColor=#eeeeee dir="ltr" >
    <p dir="ltr">11</TD></TR>
  <TR>
    <TD align=left dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="5%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left bgColor=#eeeeee dir="ltr">
    <p dir="ltr">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>Corporate Governance
      Guidelines</B> </TD>
    <TD align=center width="5%" bgColor=#eeeeee dir="ltr" >
    <p dir="ltr">11</TD></TR>
  <TR>
    <TD align=left dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="5%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left bgColor=#eeeeee dir="ltr">
    <p dir="ltr">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>The Board and
      Committees of the Board</B> </TD>
    <TD align=center width="5%" bgColor=#eeeeee dir="ltr" >
    <p dir="ltr">12</TD></TR>
  <TR>
    <TD align=left dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="5%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left bgColor=#eeeeee dir="ltr">
    <p dir="ltr">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>Governance
      Structure</B> </TD>
    <TD align=center width="5%" bgColor=#eeeeee dir="ltr" >
    <p dir="ltr">12</TD></TR>
  <TR>
    <TD align=left dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="5%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left bgColor=#eeeeee dir="ltr">
    <p dir="ltr">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>The Board&#146;s Role in
      Risk Oversight</B> </TD>
    <TD align=center width="5%" bgColor=#eeeeee dir="ltr" >
    <p dir="ltr">12</TD></TR>
  <TR>
    <TD align=left dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="5%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left bgColor=#eeeeee dir="ltr">
    <p dir="ltr">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>Independent
      Directors</B> </TD>
    <TD align=center width="5%" bgColor=#eeeeee dir="ltr" >
    <p dir="ltr">13</TD></TR>
  <TR>
    <TD align=left dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="5%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left bgColor=#eeeeee dir="ltr">
    <p dir="ltr">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>Audit Committee</B> </TD>
    <TD align=center width="5%" bgColor=#eeeeee dir="ltr" >
    <p dir="ltr">13</TD></TR>
  <TR>
    <TD align=left dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="5%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left bgColor=#eeeeee dir="ltr">
    <p dir="ltr">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>Compensation
      Committee</B> </TD>
    <TD align=center width="5%" bgColor=#eeeeee dir="ltr" >
    <p dir="ltr">14</TD></TR>
  <TR>
    <TD align=left dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="5%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left bgColor=#eeeeee dir="ltr">
    <p dir="ltr">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>Governance and
      Nominating Committee</B> </TD>
    <TD align=center width="5%" bgColor=#eeeeee dir="ltr" >
    <p dir="ltr">15</TD></TR>
  <TR>
    <TD align=left dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="5%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left bgColor=#eeeeee dir="ltr">
    <p dir="ltr">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>Executive Committee</B>
    </TD>
    <TD align=center width="5%" bgColor=#eeeeee dir="ltr" >
    <p dir="ltr">16</TD></TR>
  <TR>
    <TD align=left dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="5%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left bgColor=#eeeeee dir="ltr">
    <p dir="ltr">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>Code of Ethics</B> </TD>
    <TD align=center width="5%" bgColor=#eeeeee dir="ltr" >
    <p dir="ltr">16</TD></TR>
  <TR>
    <TD align=left dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="5%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left bgColor=#eeeeee dir="ltr">
    <p dir="ltr">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>Stockholder
      Communication with the Board of Directors</B> </TD>
    <TD align=center width="5%" bgColor=#eeeeee dir="ltr" >
    <p dir="ltr">16</TD></TR>
  <TR>
    <TD align=left dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="5%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left bgColor=#eeeeee dir="ltr">
    <p dir="ltr"><B>EXECUTIVE COMPENSATION</B> </TD>
    <TD align=center width="5%" bgColor=#eeeeee dir="ltr" >
    <p dir="ltr">17</TD></TR>
  <TR>
    <TD align=left dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="5%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left bgColor=#eeeeee dir="ltr">
    <p dir="ltr"><B>OUTSTANDING EQUITY AWARDS AT FISCAL YEAR
      END</B> </TD>
    <TD align=center width="5%" bgColor=#eeeeee dir="ltr" >
    <p dir="ltr">18</TD></TR>
  <TR>
    <TD align=left dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="5%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left bgColor=#eeeeee dir="ltr">
    <p dir="ltr"><B>DIRECTOR COMPENSATION</B> </TD>
    <TD align=center width="5%" bgColor=#eeeeee dir="ltr" >
    <p dir="ltr">19</TD></TR>
  <TR>
    <TD align=left dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="5%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left bgColor=#eeeeee dir="ltr">
    <p dir="ltr"><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
    MANAGEMENT</B> <B>&nbsp;</B></TD>
    <TD align=center width="5%" bgColor=#eeeeee dir="ltr" >
    <p dir="ltr">20</TD></TR>
  <TR>
    <TD align=left dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="5%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left bgColor=#eeeeee dir="ltr">
    <p dir="ltr"><B>CHANGES IN CONTROL</B> </TD>
    <TD align=center width="5%" bgColor=#eeeeee dir="ltr" >
    <p dir="ltr">22</TD></TR>
  <TR>
    <TD align=left dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="5%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left bgColor=#eeeeee dir="ltr">
    <p dir="ltr"><B>TRANSACTIONS WITH RELATED PERSONS AND
      CONTROL PERSONS</B> </TD>
    <TD align=center width="5%" bgColor=#eeeeee dir="ltr" >
    <p dir="ltr">24</TD></TR>
  <TR>
    <TD align=left dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="5%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left bgColor=#eeeeee dir="ltr">
    <p dir="ltr"><B>PROPOSAL 1 - ELECTION OF DIRECTORS</B>
    </TD>
    <TD align=center width="5%" bgColor=#eeeeee dir="ltr" >
    <p dir="ltr">24</TD></TR>
  <TR>
    <TD align=left dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="5%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left bgColor=#eeeeee dir="ltr">
    <p dir="ltr"><B>PROPOSAL 2 - RATIFICATION OF SELECTION
      OF INDEPENDENT AUDITORS</B> </TD>
    <TD align=center width="5%" bgColor=#eeeeee dir="ltr" >
    <p dir="ltr">28</TD></TR>
  <TR>
    <TD align=left dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="5%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left bgColor=#eeeeee dir="ltr">
    <p dir="ltr"><B>PROPOSAL 3 </B>&#150; <B>APPROVAL OF
      LIGHTBRIDGE CORPORATION 2015 EQUITY INCENTIVE</B> <B>PLAN</B> </TD>
    <TD align=center width="5%" bgColor=#eeeeee dir="ltr" >
    <p dir="ltr">30</TD></TR>
  <TR>
    <TD align=left dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="5%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left bgColor=#eeeeee dir="ltr">
    <p dir="ltr"><B>PROPOSAL 4 - ADVISORY VOTE ON EXECUTIVE
      COMPENSATION</B> </TD>
    <TD align=center width="5%" bgColor=#eeeeee dir="ltr" >
    <p dir="ltr">37</TD></TR></TABLE>
<p dir="ltr"><BR>
<A name=page_5></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 dir="ltr">

  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr">
    <p dir="ltr"><B>STOCKHOLDER PROPOSALS, ANNUAL REPORT AND OTHER
      MATTERS</B> </TD>
    <TD align=center width="5%" dir="ltr">
    <p dir="ltr">38</TD></TR>
  <TR>
    <TD align=left bgColor=#eeeeee dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="5%" bgColor=#eeeeee dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr">
    <p dir="ltr"><B>APPENDIX A - LIGHTBRIDGE CORPORATION 2015 EQUITY
      INCENTIVE PLAN</B> </TD>
    <TD align=center width="5%" dir="ltr">
    <p dir="ltr">40</TD></TR></TABLE>
<p dir="ltr"><BR>
</p>
<HR style="PAGE-BREAK-AFTER: always" color=black
noShade SIZE=5 dir="ltr">
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<P align=center dir="ltr"><IMG src="def14ax6x1.jpg" border=0 width="310" height="82"> </P>
<P align=center dir="ltr"><B>Lightbridge Corporation<BR></B>1600 Tysons Boulevard, Suite
550 <BR>McLean, VA 22102 USA<BR>571.730.1200<B>
<BR><BR>__________________<BR><BR>PROXY
STATEMENT<BR>__________________</B></P>
<P align=justify dir="ltr">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
2015 Annual Meeting of Stockholders (the &#147;annual meeting&#148;). The annual meeting
will be held on Tuesday, July 14, 2015 at 10:00 a.m., local time, at the offices
of Hogan Lovells US LLP located at 555 Thirteenth Street, NW, Washington, DC
20004. </P>
<P align=center dir="ltr"><B>QUESTIONS AND ANSWERS ABOUT THE ANNUAL MEETING</B></P>
<P align=justify dir="ltr"><B><I>What is this proxy statement?</I></B></P>
<P align=justify dir="ltr">You are receiving this proxy statement and our annual report
because our Board is soliciting your proxy to vote your shares at the 2015
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. The Company is
making this proxy statement and the accompanying proxy first available on or
about June 12, 2015. </P>
<P align=justify dir="ltr"><B><I>What is the purpose of the annual meeting?</I></B></P>
<P align=justify dir="ltr">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;);
approval of the 2015 Equity Incentive Plan; 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=center dir="ltr">1 </P>
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<P align=justify dir="ltr"><B><I>Who can attend the annual meeting?</I></B></P>
<P align=justify dir="ltr">All stockholders of record at the close of business on May 26,
2015, the record date, or their duly appointed proxies, may attend the annual
meeting.</P>
<P align=justify dir="ltr"><B><I>What proposals will be voted on at the annual
meeting?</I></B> </P>
<P align=justify dir="ltr">Stockholders will vote on four proposals at the annual
meeting:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 dir="ltr">

  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr" >
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
    <p dir="ltr">the election of directors; </TD></TR>
  <TR>
    <TD align=center dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="95%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr" >
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
    <p dir="ltr">the ratification of BDO USA, LLP as the
      Company&#146;s independent auditors for the fiscal year ending December 31,
      2015; </TD></TR>
  <TR>
    <TD align=center dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="95%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr" >
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
    <p dir="ltr">approval of the Lightbridge Corporation 2015
      Equity Incentive Plan; and </TD></TR>
  <TR>
    <TD align=center dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="95%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr" >
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
    <p dir="ltr">an advisory vote on executive compensation.
  </TD></TR></TABLE>
<P align=justify dir="ltr"><B><I>What are the Board&#146;s recommendations? </I></B></P>
<P align=justify dir="ltr">Our Board recommends that you vote: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 dir="ltr">

  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr" >
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
    <p dir="ltr"><B>FOR </B>election of the nominated directors;
    </TD></TR>
  <TR>
    <TD align=center dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="95%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr" >
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
    <p dir="ltr"><B>FOR </B>ratification of BDO USA, LLP as the
      Company&#146;s independent auditors for the fiscal year ending December 31,
      2015; </TD></TR>
  <TR>
    <TD align=center dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="95%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr" >
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
    <p dir="ltr"><B>FOR </B>adoption of the Lightbridge
      Corporation 2015 Equity Incentive Plan; and </TD></TR>
  <TR>
    <TD align=center dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="95%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr" >
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
    <p dir="ltr"><B>FOR </B>approval of the compensation of our
      named executive officers. </TD></TR></TABLE>
<P align=justify dir="ltr"><B><I>Will there be any other business on the
agenda?</I></B></P>
<P align=justify dir="ltr">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 dir="ltr"><B><I>Who is entitled to vote?</I></B></P>
<P align=justify dir="ltr">Only stockholders of record at the close of business on May 26,
2015, 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 18,082,874 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 dir="ltr"><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 dir="ltr"><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 statement and our Annual
Report have been sent directly to you by us.</P>
<P align=center dir="ltr">2 </P>
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<P align=justify dir="ltr"><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 statement 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 with your proxy
materials.</P>
<P align=justify dir="ltr"><B><I>How do I vote my shares?</I></B></P>
<P align=justify dir="ltr">Stockholders can vote in person at the annual meeting or by
proxy. There are three ways to vote by proxy:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 dir="ltr">

  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr">
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
    <p dir="ltr">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; </TD></TR>
  <TR>
    <TD align=center dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD width="95%" dir="ltr">
    <p dir="ltr">&nbsp; </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr">
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
    <p dir="ltr">By Internet &#151; You can vote over the Internet
      going to the link provided on your enclosed proxy card and following the
      instructions; or </TD></TR>
  <TR>
    <TD align=center dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD width="95%" dir="ltr">
    <p dir="ltr">&nbsp; </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr">
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
    <p dir="ltr">By Mail &#151; You can vote by mail by signing,
      dating and mailing the enclosed proxy card. </TD></TR></TABLE>
<P align=justify dir="ltr">Telephone and Internet voting facilities for stockholders of
record will be available 24 hours a day and will close at 11:59 p.m. (EDT) on
July 13, 2015.</P>
<P align=justify dir="ltr">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 dir="ltr">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>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 dir="ltr">

  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr">
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
    <p dir="ltr"><B>FOR </B>the election of the five nominees
      for director; </TD></TR>
  <TR>
    <TD align=center dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="95%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr">
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
    <p dir="ltr"><B>FOR </B>the ratification of BDO USA, LLP as
      the Company&#146;s independent auditors for the fiscal year ending December 31,
      2015; </TD></TR>
  <TR>
    <TD align=center dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="95%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr">
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
    <p dir="ltr"><B>FOR </B>adoption of the Lightbridge
      Corporation 2015 Equity Incentive Plan; and </TD></TR>
  <TR>
    <TD align=center dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="95%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr">
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
    <p dir="ltr"><B>FOR </B>the approval of the compensation of
      our named executive officers. </TD></TR></TABLE>
<P align=center dir="ltr">3 </P>
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<P align=justify dir="ltr"><B><I>What constitutes a quorum?</I></B></P>
<P align=justify dir="ltr">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 dir="ltr"><B><I>What is a &#147;broker non-vote&#148; and what is its effect on
voting?</I></B></P>
<P align=justify dir="ltr">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 under the relevant
securities exchange rules. The &#147;routine&#148; treatment of this proposal does not
affect the seriousness with which we treat it. 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 by such organization.</P>
<P align=justify dir="ltr"><B><I>What is required to approve each item?</I></B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 dir="ltr">

  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr" >
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
      <P align=justify dir="ltr">For Proposal No. 1 (election of directors), a plurality
      of the votes cast is required for the election of directors. This means
      that the five director nominees receiving the greatest number of &#147;for&#148;
      votes will be elected to the Board of Directors. You may vote &#147;for&#148; or
      &#147;withhold&#148; with respect to the election of directors. Only votes &#147;for&#148; are
      counted in determining whether a plurality has been cast in favor of a
      director. Abstentions and broker non-votes are not counted for purposes of
      the election of directors. </P></TD></TR>
  <TR>
    <TD align=center dir="ltr" >
    <p dir="ltr">&nbsp; </TD>
    <TD width="95%" dir="ltr">
      <P align=justify dir="ltr"> </P></TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr" >
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
      <P align=justify dir="ltr">For each of Proposal No. 2 (ratification of independent
      auditors), Proposal No. 3 (adoption of the 2015 Equity Incentive Plan),
      and Proposal No. 4 (advisory vote on executive compensation), the number
      of affirmative votes cast in favor of the proposal must exceed the number
      of votes cast against the proposal for approval of each proposal.
      Abstentions and broker non-votes are not counted for purposes of any of
      Proposal No. 2, Proposal No. 3 or Proposal No. 4. </P></TD></TR>
  <TR>
    <TD align=center dir="ltr" >
    <p dir="ltr">&nbsp; </TD>
    <TD width="95%" dir="ltr">
      <P align=justify dir="ltr"> </P></TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr" >
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
      <P align=justify dir="ltr">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></TD></TR></TABLE>
<P align=justify dir="ltr">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=center dir="ltr">4 </P>
<HR style="PAGE-BREAK-AFTER: always" color=black
noShade SIZE=5 dir="ltr">
<!--$$/page=--><A name=page_10></A>
<P align=justify dir="ltr"><B><I>How will shares of common stock represented by properly
executed proxies be voted?</I></B></P>
<P align=justify dir="ltr">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=justify dir="ltr"><B><I>Can I change my vote or revoke my proxy?</I></B></P>
<P align=justify dir="ltr">Yes. 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>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 dir="ltr">

  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr" >
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
    <p dir="ltr">submitting a written notice of revocation of
      your proxy by mail to: </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify dir="ltr">Lightbridge Corporation <BR>1600 Tysons
Boulevard, Suite 550 <BR>McLean, VA 22102 <BR>Attention: Corporate
Secretary,</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 dir="ltr">

  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr" >
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
    <p dir="ltr">submitting a properly signed proxy card bearing
      a later date to the address immediately above, </TD></TR>
  <TR>
    <TD align=center dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="95%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr" >
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
    <p dir="ltr">voting over the Internet or by telephone per
      the instruction included herein, or </TD></TR>
  <TR>
    <TD align=center dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="95%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr" >
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
    <p dir="ltr">voting in person at the annual meeting.
  </TD></TR></TABLE>
<P align=justify dir="ltr"><B><I>What does it mean if I receive more than one
proxy?</I></B></P>
<P align=justify dir="ltr">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 dir="ltr"><B><I>Who paid for this proxy solicitation?</I></B></P>
<P align=justify dir="ltr">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=center dir="ltr">5 </P>
<HR style="PAGE-BREAK-AFTER: always" color=black
noShade SIZE=5 dir="ltr">
<!--$$/page=--><A name=page_11></A>
<P align=justify dir="ltr"><B><I>How do I learn the results of the voting at the annual
meeting?</I></B></P>
<P align=justify dir="ltr">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 dir="ltr"><B><I>How are proxies solicited?</I></B></P>
<P align=justify dir="ltr">In addition to the solicitation of proxies by mail, 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 dir="ltr"><B><I>What is &#147;householding?&#148;</I></B></P>
<P align=justify dir="ltr">&#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 dir="ltr">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>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 dir="ltr">

  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr" >
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
    <p dir="ltr">by sending a written request by mail to:
  </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify dir="ltr">Lightbridge Corporation<BR>1600 Tysons
Boulevard, Suite 550 <BR>McLean, VA 22102 <BR>Attention: Corporate Secretary</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 dir="ltr">

  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr" >
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
    <p dir="ltr">by calling our Corporate Secretary, at
      571-730-1200. </TD></TR></TABLE>
<P align=justify dir="ltr">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=justify dir="ltr"><B><I>Can I receive future stockholder communications
electronically through the Internet?</I></B></P>
<P align=justify dir="ltr">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 dir="ltr">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=center dir="ltr">6 </P>
<HR style="PAGE-BREAK-AFTER: always" color=black
noShade SIZE=5 dir="ltr">
<!--$$/page=--><A name=page_12></A>
<P align=justify dir="ltr"><B><I>Whom may I contact for further assistance?</I></B></P>
<P align=justify dir="ltr">If you have any questions about giving your proxy or require
any assistance, please contact our Corporate Secretary:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 dir="ltr">

  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr">
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
    <p dir="ltr">by mail, to: </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify dir="ltr">Lightbridge Corporation<BR>1600 Tysons
Boulevard, Suite 550 <BR>McLean, VA 22102 <BR>Attention: Corporate Secretary</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 dir="ltr">

  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr">
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
    <p dir="ltr">by telephone, at 571-730-1200.
</TD></TR></TABLE>
<P align=justify dir="ltr"><B>Directors and Executive Officers</B></P>
<P align=justify dir="ltr">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 dir="ltr">

  <TR vAlign=top dir="ltr">
    <TD noWrap align=center dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD noWrap align=center width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=center width="10%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD noWrap align=center width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=center width="29%" dir="ltr">
    <p dir="ltr"><B>Position with the</B> </TD>
    <TD noWrap align=center width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=center width="29%" dir="ltr">
    <p dir="ltr"><B>Term as Director of</B> </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap
      align=center dir="ltr">
    <p dir="ltr"><B>Name</B> </TD>
    <TD noWrap align=center width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="10%" dir="ltr">
    <p dir="ltr"><B>Age</B> </TD>
    <TD noWrap align=center width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="29%" dir="ltr">
    <p dir="ltr"><B>Company</B> </TD>
    <TD noWrap align=center width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="29%" dir="ltr">
    <p dir="ltr"><B>Company</B> </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left bgColor=#e6efff dir="ltr">
    <p dir="ltr">Seth Grae </TD>
    <TD align=center width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="10%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">52 </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="29%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">President, CEO and Director </TD>
    <TD align=center width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="29%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">April 2006 &#150; Present </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr">
    <p dir="ltr">Thomas Graham, Jr. </TD>
    <TD align=center width="2%" dir="ltr">
    <p dir="ltr"></TD>
    <TD align=center width="10%" dir="ltr">
    <p dir="ltr">81 </TD>
    <TD align=left width="2%" dir="ltr">
    <p dir="ltr"></TD>
    <TD align=left width="29%" dir="ltr">
    <p dir="ltr">Chairman and Corporate Secretary </TD>
    <TD align=center width="2%" dir="ltr">
    <p dir="ltr"></TD>
    <TD align=center width="29%" dir="ltr">
    <p dir="ltr">April 2006 &#150; Present </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left bgColor=#e6efff dir="ltr">
    <p dir="ltr">Victor E. Alessi </TD>
    <TD align=center width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="10%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">75 </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="29%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">Director </TD>
    <TD align=center width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="29%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">August 2006 &#150; Present </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr">
    <p dir="ltr">Kathleen Kennedy Townsend </TD>
    <TD align=center width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="10%" dir="ltr">
    <p dir="ltr">63 </TD>
    <TD align=left width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="29%" dir="ltr">
    <p dir="ltr">Director </TD>
    <TD align=center width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="29%" dir="ltr">
    <p dir="ltr">October 2013 &#150; Present </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left bgColor=#e6efff dir="ltr">
    <p dir="ltr">Daniel B. Magraw </TD>
    <TD align=center width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="10%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">68 </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="29%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">Director </TD>
    <TD align=center width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="29%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">October 2006 &#150; Present </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr">
    <p dir="ltr">Linda Zwobota </TD>
    <TD align=center width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="10%" dir="ltr">
    <p dir="ltr">64 </TD>
    <TD align=left width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="29%" dir="ltr">
    <p dir="ltr">Chief Financial Officer </TD>
    <TD align=center width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="29%" dir="ltr">
    <p dir="ltr">- </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left bgColor=#e6efff dir="ltr">
    <p dir="ltr">Andrey Mushakov </TD>
    <TD align=center width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD align=center width="10%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">38 </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD align=left width="29%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">Executive Vice President &#150;
      International Nuclear Operations </TD>
    <TD align=center width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD align=center width="29%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">- </TD></TR></TABLE>
<p dir="ltr"><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 dir="ltr">

  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr">
    <p dir="ltr"><B>Name</B> </TD>
    <TD align=left width="90%" dir="ltr">
    <p dir="ltr"><B>Position with the Company and Principal
      Occupations</B> </TD></TR>
  <TR>
    <TD dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD width="90%" dir="ltr">
    <p dir="ltr">&nbsp; </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr">
    <p dir="ltr"><B>Seth Grae</B> </TD>
    <TD align=left width="90%" dir="ltr">
      <P align=justify dir="ltr">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 dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD width="90%" dir="ltr">
      <P align=justify dir="ltr"></P></TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr">
    <p dir="ltr"></TD>
    <TD align=left width="90%" dir="ltr">
      <P align=justify dir="ltr">Mr. Grae is a member of the Civil Nuclear Trade Advisory
      Committee to the U.S. Secretary of Commerce and 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. </P></TD></TR></TABLE>
<P align=center dir="ltr">7 </P>
<HR style="PAGE-BREAK-AFTER: always" color=black
noShade SIZE=5 dir="ltr">
<!--$$/page=-->
<p dir="ltr"><A name=page_13></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 dir="ltr">

  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr" >
    <p dir="ltr"><B>Thomas</B> <BR><B>Graham, Jr.</B> </TD>
    <TD align=left width="90%" dir="ltr">
      <P align=justify dir="ltr">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 dir="ltr" >
    <p dir="ltr">&nbsp; </TD>
    <TD width="90%" dir="ltr">
      <P align=justify dir="ltr"> </P></TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr" >
    <p dir="ltr"></TD>
    <TD align=left width="90%" dir="ltr">
      <P align=justify dir="ltr">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. (NYSE MKT: MXC) until his resignation in 2011. Ambassador Graham
      received an A.B. in 1955 from Princeton University 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>
  <TR>
    <TD dir="ltr" >
    <p dir="ltr">&nbsp; </TD>
    <TD width="90%" dir="ltr">
    <p dir="ltr">&nbsp; </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr" >
    <p dir="ltr"><B>Victor E. Alessi</B> </TD>
    <TD align=left width="90%" dir="ltr">
      <P align=justify dir="ltr">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 dir="ltr">8 </P>
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cellSpacing=0 cellPadding=0 width="100%" border=0 dir="ltr">

  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr" >
    <p dir="ltr"><B>Kathleen</B> <BR><B>Kennedy</B>
      <BR><B>Townsend</B> </TD>
    <TD align=left width="90%" dir="ltr">
      <P align=justify dir="ltr">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 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 dir="ltr" >
    <p dir="ltr">&nbsp; </TD>
    <TD width="90%" dir="ltr">
      <P align=justify dir="ltr"> </P></TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr" >
    <p dir="ltr"></TD>
    <TD align=left width="90%" dir="ltr">
      <P align=justify dir="ltr">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 dir="ltr" >
    <p dir="ltr">&nbsp; </TD>
    <TD width="90%" dir="ltr">
      <P align=justify dir="ltr"> </P></TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr" >
    <p dir="ltr"></TD>
    <TD align=left width="90%" dir="ltr">
      <P align=justify dir="ltr">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 dir="ltr" >
    <p dir="ltr">&nbsp; </TD>
    <TD width="90%" dir="ltr">
      <P align=justify dir="ltr"> </P></TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr" >
    <p dir="ltr"></TD>
    <TD align=left width="90%" dir="ltr">
      <P align=justify dir="ltr">She has been appointed Special Advisor at the Department
      of State, and 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 dir="ltr" >
    <p dir="ltr">&nbsp; </TD>
    <TD width="90%" dir="ltr">
      <P align=justify dir="ltr"> </P></TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr" >
    <p dir="ltr"></TD>
    <TD align=left width="90%" dir="ltr">
      <P align=justify dir="ltr">She chairs the 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 dir="ltr" >
    <p dir="ltr">&nbsp; </TD>
    <TD width="90%" dir="ltr">
      <P align=justify dir="ltr"> </P></TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr" >
    <p dir="ltr"></TD>
    <TD align=left width="90%" dir="ltr">
      <P align=justify dir="ltr">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 dir="ltr" >
    <p dir="ltr">&nbsp; </TD>
    <TD width="90%" dir="ltr">
      <P align=justify dir="ltr"> </P></TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr" >
    <p dir="ltr"></TD>
    <TD align=left width="90%" dir="ltr">
      <P align=justify dir="ltr">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. Ms. Townsend&#146;s book, <i>Failing America&#146;s Faithful: How
      Today&#146;s Churches Mixed God with</i> <i>Politics and Lost Their Way </i>was
      published by Warner Books in March 2007. </P></TD></TR></TABLE>
<P align=center dir="ltr">9 </P>
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cellSpacing=0 cellPadding=0 width="100%" border=0 dir="ltr">

  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr" >
    <p dir="ltr"><B>Daniel B.</B> <BR><B>Magraw</B> </TD>
    <TD align=left width="90%" dir="ltr">
      <P align=justify dir="ltr">Mr. Magraw became a director of the Company on October
      23, 2006. Mr. Magraw is a leading expert on international environmental
      law and policy, as well as on international human rights. Mr. Magraw is a
      Senior 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, during which time he also
      served at the White House (2000-2001) and as Acting Assistant
      Administrator of the EPA&#146;s Office of International Activities. He was a
      member of the Trade and Environment Policy Advisory Committee to the
      Office of the U.S. Trade Representative (TEPAC) from 2002-2010, 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 member
      of the U.S. Department of State Study Group on International Business
      Transactions, and was Chair of the 15,000-member Section of International
      Law and Practice of the ABA. 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 law and has received many awards. He graduated
      from Harvard University with High Honors in Economics, where he was
      student body president, and from the University of California, Berkeley
      Law School, where he was Editor-in- Chief of the Law Review. While working
      as an economist for the Peace Corps in India from 1968 to 1972, Mr. Magraw
      helped develop and managed the largest and most successful cooperative of
      its type (wholesale, retail, furniture manufacturing and food processing)
      in India. In 1996, Mr. Magraw became 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 dir="ltr" >
    <p dir="ltr">&nbsp; </TD>
    <TD width="90%" dir="ltr">
      <P align=justify dir="ltr"> </P></TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr" >
    <p dir="ltr"><B>Linda Zwobota</B> </TD>
    <TD align=left width="90%" dir="ltr">
      <P align=justify dir="ltr">Ms. Zwobota was appointed the Chief Financial Officer of
      the Company on March 25, 2015. Prior to her appointment as Chief Financial
      Officer, Ms. Zwobota was the Company&#146;s interim Chief Financial Officer
      since November 2014. Prior to that appointment, Ms. Zwobota served as the
      Company&#146;s Controller, a position she held since October 2009, when she
      joined the Company. </P></TD></TR>
  <TR>
    <TD dir="ltr" >
    <p dir="ltr">&nbsp; </TD>
    <TD width="90%" dir="ltr">
      <P align=justify dir="ltr"> </P></TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr">
    <p dir="ltr"></TD>
    <TD align=left width="90%" dir="ltr">
      <P align=justify dir="ltr">From May 2000 until October 2009, Ms. Zwobota held the
      position of Associate at Resources Global Professionals (&#147;RGP&#148;), a
      consulting firm, where she provided RGP clients with a broad range of
      services, including accounting, regulatory reporting, internal audit, and
      IT system support. Prior to joining RGP, from 1999 to May 2000, Ms.
      Zwobota held the position of Senior Internal Auditor for BAA, USA, Inc., a
      subsidiary of BAA plc, a developer and manager of retail, food and
      beverage concessions at airports. Ms. Zwobota performed high-level,
      risk-based audits of BAA plc&#146;s investments in North America, including
      World Duty Free Americas, World Duty Free Inflight, airport and retail
      operations, and development activities. Prior to joining BAA, USA, Inc.,
      from 1997 through 1999, Ms. Zwobota was the Revenue Accounting Manager for
      World Duty Free, another BAA plc company with global operations, sales of
      $43 million denominated in 54 different currencies worldwide, servicing 23
      airline concessions, at 31 stations in 18 countries. From 1992-1997, Ms.
      Zwobota worked at a subsidiary of Wartsila, a global power solutions
      company, as a Senior Accountant and as the Assistant Treasurer. Ms.
      Zwobota earned a Bachelors Degree from the University of Maryland, College
      Park. She has been a certified public accountant since November 1991 and a
      Certified Internal Auditor (CIA&#174;) since May 1999. </P></TD></TR>
  <TR>
    <TD dir="ltr" >
    <p dir="ltr">&nbsp; </TD>
    <TD width="90%" dir="ltr">
      <P align=justify dir="ltr"> </P></TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr" >
    <p dir="ltr"><B>Andrey</B> <BR><B>Mushakov</B> </TD>
    <TD align=left width="90%" dir="ltr">
      <P align=justify dir="ltr">Dr. Mushakov oversees the nuclear fuel technology
      division of Lightbridge Corporation and is an expert in cost modeling and
      the economics of the nuclear fuel cycle. He has been with Lightbridge
      since 2000, and in 2006 he was named executive vice president for
      international nuclear operations. </P></TD></TR>
  <TR>
    <TD dir="ltr" >
    <p dir="ltr">&nbsp; </TD>
    <TD width="90%" dir="ltr">
      <P align=justify dir="ltr"> </P></TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr" >
    <p dir="ltr"></TD>
    <TD align=left width="90%" dir="ltr">
      <P align=justify dir="ltr">In 2009, Dr. Mushakov led Lightbridge&#146;s efforts to
      establish its Russian Branch Office in Moscow and oversaw its successful
      operation from 2009 to 2014 when Lightbridge made a decision to move its
      critical path fuel development and demonstration activities out of Russia
      due to increased political risk. Since mid-2014, Dr. Mushakov has been
      spearheading an effort within Lightbridge to establish cooperation
      agreements with Canadian Nuclear Laboratories in Canada, and more
      recently, with Institute for Energy Technology in Norway to enable
      successful execution of fuel sample fabrication and irradiation work
      according to our schedule. </P></TD></TR></TABLE>
<P align=center dir="ltr">10 </P>
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<TABLE
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  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr"  >
    <p dir="ltr"></TD>
    <TD align=left width="90%" dir="ltr">
      <P align=justify dir="ltr">He was also 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
      led a Lightbridge technical team that successfully completed these
      collaborative projects with AREVA over a period of two years. </P></TD></TR>
  <TR>
    <TD dir="ltr"  >
    <p dir="ltr">&nbsp;</TD>
    <TD width="90%" dir="ltr">
      <P align=justify dir="ltr"> </P></TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr"  >
    <p dir="ltr"></TD>
    <TD align=left width="90%" dir="ltr">
      <P align=justify dir="ltr">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. </P></TD></TR>
  <TR>
    <TD dir="ltr"  >
    <p dir="ltr">&nbsp;</TD>
    <TD width="90%" dir="ltr">
      <P align=justify dir="ltr"> </P></TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr"  >
    <p dir="ltr"></TD>
    <TD align=left width="90%" dir="ltr">
      <P align=justify dir="ltr">He earned a Ph.D. in economics from St. Petersburg State
      University of Economics and Finance, an M.S. degree in management from
      Hult International Business School, and a B.S. degree in banking and
      finance from the Financial University under the Government of the Russian
      Federation. </P></TD></TR></TABLE>
<P align=justify dir="ltr"><B>Section 16(a) Beneficial Ownership Reporting
Compliance</B></P>
<P align=justify dir="ltr">Under U.S. securities laws, directors, executive officers and
persons beneficially owning more than 10% of our common stock must report their
initial ownership of the common stock, and any changes in that ownership, to the
SEC. The SEC has designated specific due dates for these reports. Based solely
on our review of copies of such reports filed with the SEC and written
representations of our directors and executive officers, we believe that all
persons subject to reporting filed the required reports on time in fiscal year
2014, except for the following: A Form 3 disclosing Ms. Linda Zwobota&#146;s
beneficial ownership of our common stock upon her appointment as our Interim
Chief Financial Officer on November 26, 2014 was filed on March 27, 2015, after
her appointment as Chief Financial Officer on March 25, 2015. In addition, Forms
4 disclosing beneficial ownership of stock options granted on May 5, 2014 to Mr.
Seth Grae, Mr. James Guerra, Mr. Andrey Mushakov, Mr. Victor Alessi, Mr. Daniel
Magraw, and Ms. Kathleen Kennedy Townsend were filed on June 3, 2014.</P>
<P align=center dir="ltr"><B>CORPORATE GOVERNANCE</B></P>
<P align=justify dir="ltr">Our current corporate governance practices and policies are
designed to promote stockholder value. 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 dir="ltr"><B>Corporate Governance Guidelines</B></P>
<P align=justify dir="ltr">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=center dir="ltr">11 </P>
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<P align=justify dir="ltr"><B>The Board and Committees of the Board</B></P>
<P align=justify dir="ltr">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 seven times in 2014. 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. Each director attended at least 75% of all meetings of the
Board of Directors and each committee on which he or she served during 2014.
</P>
<P align=justify dir="ltr"><B>Governance Structure</B></P>
<P align=justify dir="ltr">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 stockholders well over the years.</P>
<P align=justify dir="ltr">We encourage our stockholders to learn more about our Company&#146;s
governance practices at our website, <U>www.ltbridge.com</U>.</P>
<P align=justify dir="ltr"><B>The Board&#146;s Role in Risk Oversight</B></P>
<P align=justify dir="ltr">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=center dir="ltr">12 </P>
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<P align=justify dir="ltr">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 dir="ltr">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>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 dir="ltr">

  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr" >
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
      <P align=justify dir="ltr">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></TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr" >
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
      <P align=justify dir="ltr">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></TD></TR></TABLE>
<P align=justify dir="ltr"><B>Independent Directors</B></P>
<P align=justify dir="ltr">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 dir="ltr"><B>Audit Committee</B></P>
<P align=justify dir="ltr">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 is our Audit Committee financial expert as
that term is defined by the applicable SEC rules. The Audit Committee is
responsible for, among other things:</P>
<P align=center dir="ltr">13 </P>
<HR style="PAGE-BREAK-AFTER: always" color=black
noShade SIZE=5 dir="ltr">
<!--$$/page=-->
<p dir="ltr"><A name=page_19></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 dir="ltr">

  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr" >
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
    <p dir="ltr">selecting our independent auditors and
      pre-approving all auditing and non-auditing services permitted to be
      performed by our independent auditors; </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr" >
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
    <p dir="ltr">reviewing with our independent auditors any
      audit problems or difficulties and management&#146;s response; </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr" >
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
    <p dir="ltr">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; </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr" >
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
    <p dir="ltr">discussing the annual audited financial
      statements with management and our independent auditors; </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr" >
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
    <p dir="ltr">reviewing major issues as to the adequacy of
      our internal controls and any special audit steps adopted in light of
      significant internal control deficiencies; </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr" >
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
    <p dir="ltr">annually reviewing and reassessing the adequacy
      of our Audit Committee charter; </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr" >
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
    <p dir="ltr">meeting separately and periodically with
      management and our internal and independent auditors; </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr" >
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
    <p dir="ltr">reporting regularly to the full Board ; and
  </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr" >
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
    <p dir="ltr">such other matters that are specifically
      delegated to our Audit Committee by our Board from time to time.
  </TD></TR></TABLE>
<P align=justify dir="ltr">All members of the Audit Committee met by telephone or in
person four times during the fiscal year ended December 31, 2014.</P>
<P align=justify dir="ltr"><B>Compensation Committee</B></P>
<P align=justify dir="ltr">Our Compensation 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. 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 chief
financial officer may not be present at any committee meeting during which his
or her compensation is deliberated. The Compensation Committee is responsible
for, among other things:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 dir="ltr">

  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr" >
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
      <P align=justify dir="ltr">approving and overseeing the compensation package for our
      executive officers; </P></TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr" >
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
      <P align=justify dir="ltr">reviewing and making recommendations to the Board with
      respect to the compensation of our directors; </P></TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr" >
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
      <P align=justify dir="ltr">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></TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr" >
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
      <P align=justify dir="ltr">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></TD></TR></TABLE>
<P align=justify dir="ltr">Under its charter, 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=center dir="ltr">14 </P>
<HR style="PAGE-BREAK-AFTER: always" color=black
noShade SIZE=5 dir="ltr">
<!--$$/page=--><A name=page_20></A>

<P align=justify dir="ltr">Our Compensation Committee met one time during the fiscal year
ended December 31, 2014. All members were in attendance. </P>
<P align=justify dir="ltr"><B>Governance and Nominating Committee</B></P>
<P align=justify dir="ltr">Our Governance and Nominating 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 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>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 dir="ltr">

  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr" >
    <p dir="ltr">&#149; </TD>
    <TD width="95%" align=left style="text-align: justify" dir="ltr">
    <p dir="ltr">identifying and recommending to the Board
      nominees for election or re-election to the Board, or for appointment to
  fill any vacancy; </TD></TR>
  <TR>
    <TD align=center dir="ltr" >
    <p dir="ltr">&nbsp; </TD>
  <TD width="95%" style="text-align: justify" dir="ltr">
  <p dir="ltr">&nbsp; </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr" >
    <p dir="ltr">&#149; </TD>
    <TD width="95%" align=left style="text-align: justify" dir="ltr">
    <p dir="ltr">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; </TD></TR>
  <TR>
    <TD align=center dir="ltr" >
    <p dir="ltr">&nbsp; </TD>
  <TD width="95%" style="text-align: justify" dir="ltr">
  <p dir="ltr">&nbsp; </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr" >
    <p dir="ltr">&#149; </TD>
    <TD width="95%" align=left style="text-align: justify" dir="ltr">
    <p dir="ltr">identifying and recommending to the Board the
  directors to serve as members of the Board&#146;s committees; and </TD></TR>
  <TR>
    <TD align=center dir="ltr" >
    <p dir="ltr">&nbsp; </TD>
  <TD width="95%" style="text-align: justify" dir="ltr">
  <p dir="ltr">&nbsp; </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr" >
    <p dir="ltr">&#149; </TD>
    <TD width="95%" align=left style="text-align: justify" dir="ltr">
    <p dir="ltr">monitoring compliance with our code of business
  conduct and ethics. </TD></TR></TABLE>
<P align=justify dir="ltr">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>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 dir="ltr">

  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr" >
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
    <p dir="ltr">by sending a written request by mail to:
  </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify dir="ltr">Lightbridge Corporation<BR>1600 Tysons
Boulevard, Suite 550 <BR>McLean, VA 22102 <BR>Attention: Corporate Secretary</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 dir="ltr">

  <TR vAlign=top dir="ltr">
    <TD align=center dir="ltr" >
    <p dir="ltr">&#149; </TD>
    <TD align=left width="95%" dir="ltr">
    <p dir="ltr">by calling our Corporate Secretary, at
      571-730-1200. </TD></TR></TABLE>
<P align=justify dir="ltr">Our Governance and Nominating Committee met one time during the
fiscal year ended December 31, 2014. All members attended that meeting. </P>
<P align=center dir="ltr">15 </P>
<HR style="PAGE-BREAK-AFTER: always" color=black
noShade SIZE=5 dir="ltr">
<!--$$/page=--><A name=page_21></A>
<P align=justify dir="ltr"><B>Executive Committee</B></P>
<P align=justify dir="ltr">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 dir="ltr"><B>Code of Ethics</B></P>
<P align=justify dir="ltr">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><font color="#0000FF">http://ir.ltbridge.com/corporate-governance.cfm</font></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, 2014, there were no waivers of our Code of Ethics.</P>
<P align=justify dir="ltr"><B>Stockholder Communication with the Board of
Directors</B></P>
<P align=justify dir="ltr">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 dir="ltr">16 </P>
<HR style="PAGE-BREAK-AFTER: always" color=black
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<!--$$/page=--><A name=page_22></A>
<P align=center dir="ltr"><B>EXECUTIVE COMPENSATION</B></P>
<P align=justify dir="ltr">The following table sets forth information concerning all cash
and non-cash compensation awarded to, earned by or paid to our chief executive
officer, our two most next highly compensated executive officers, and our former
chief financial officer, whom we collectively refer to as our named executive
officers<U>,</U> for services rendered in all capacities during the noted
periods.</P>
<P align=justify dir="ltr"><B><U>Summary Compensation Table</U></B></P>
<DIV dir="ltr">
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 dir="ltr">

  <TR vAlign=top dir="ltr">
    <TD width="5%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=left dir="ltr">
    <p dir="ltr"><B>Name and</B> </TD>
    <TD noWrap align=center width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=center width="8%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD noWrap align=center width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=center width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=right width="8%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD noWrap align=right width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=right width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=right width="8%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD noWrap align=right width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=right width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=right width="8%" dir="ltr">
    <p dir="ltr"><B>Option</B> </TD>
    <TD noWrap align=right width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=right width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=right width="8%" dir="ltr">
    <p dir="ltr"><B>All Other</B> </TD>
    <TD noWrap align=right width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=right width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=right width="8%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD noWrap align=center width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=left dir="ltr">
    <p dir="ltr"><B>Principal</B> </TD>
    <TD noWrap align=center width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=center width="8%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD noWrap align=center width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=center width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=right width="8%" dir="ltr">
    <p dir="ltr"><B>Salary</B> </TD>
    <TD noWrap align=right width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=right width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=right width="8%" dir="ltr">
    <p dir="ltr"><B>Bonus</B> </TD>
    <TD noWrap align=right width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=right width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=right width="8%" dir="ltr">
    <p dir="ltr"><B>Awards</B> </TD>
    <TD noWrap align=right width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=right width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=right width="8%" dir="ltr">
    <p dir="ltr"><B>Compensation</B> </TD>
    <TD noWrap align=right width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=right width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=right width="8%" dir="ltr">
    <p dir="ltr"><B>Total</B> </TD>
    <TD noWrap align=center width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=left dir="ltr">
    <p dir="ltr"><B>Position</B> </TD>
    <TD noWrap align=center width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=center width="8%" dir="ltr">
    <p dir="ltr"><B>Year</B> </TD>
    <TD noWrap align=center width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=center width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=right width="8%" dir="ltr">
    <p dir="ltr"><B>($)</B> </TD>
    <TD noWrap align=right width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=right width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=right width="8%" dir="ltr">
    <p dir="ltr"><B>($)</B> </TD>
    <TD noWrap align=right width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=right width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=right width="8%" dir="ltr">
    <p dir="ltr"><B>($)</B> </TD>
    <TD noWrap align=right width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=right width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=right width="8%" dir="ltr">
    <p dir="ltr"><STRONG>($) <SUP>(1)</SUP></STRONG> </TD>
    <TD noWrap align=right width="2%" dir="ltr">
    <p dir="ltr"></TD>
    <TD noWrap align=right width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=right width="8%" dir="ltr">
    <p dir="ltr"><B>($)</B> </TD>
    <TD noWrap align=center width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left bgColor=#e6efff dir="ltr">
    <p dir="ltr">Seth Grae </TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">2014 </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">412,290 </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">277,630 </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">21,380 </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">711,299 </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="8%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=right width="8%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="8%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=right width="8%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=right width="8%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=right width="8%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left bgColor=#e6efff dir="ltr">
    <p dir="ltr">CEO, President <BR>and Director </TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD align=center width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">2013 </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD align=right width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">412,290 </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD align=right width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">56,824 </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD align=left width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD align=right width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">21,146 </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD align=right width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">490,260 </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD></TR>
  <TR>
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="8%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=right width="8%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=right width="8%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="8%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=right width="8%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=right width="8%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left bgColor=#e6efff dir="ltr">
    <p dir="ltr">Thomas Graham, </TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">2014 </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">178,833 </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">240 </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">179,073 </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="8%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=right width="8%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="8%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="8%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=right width="8%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=right width="8%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left bgColor=#e6efff dir="ltr">
    <p dir="ltr">Jr. Chairman <SUP>(2)</SUP> </TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">2013 </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">178,833 </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">245 </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">179,078 </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="8%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD width="8%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD width="8%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD width="8%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD width="8%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD width="8%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left bgColor=#e6efff dir="ltr">
    <p dir="ltr">James Guerra </TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">2014 </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">277,686 </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">174,767 </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">21,915 </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">474,368 </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="8%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=right width="8%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="8%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=right width="8%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=right width="8%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=right width="8%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left bgColor=#e6efff dir="ltr">
    <p dir="ltr">Former CFO and <BR>COO <SUP>(3)</SUP> </TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD align=center width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">2013 </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD align=right width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">277,686 </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD align=right width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">39,222 </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD align=left width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD align=right width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">18,751 </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD align=right width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">335,659 </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD></TR>
  <TR>
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="8%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=right width="8%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=right width="8%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="8%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=right width="8%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=right width="8%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left bgColor=#e6efff dir="ltr">
    <p dir="ltr">Linda Zwobota <BR>CFO <SUP>(4)</SUP> </TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD align=center width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">2014 </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD align=right width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">112,802 </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD align=left width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD align=right width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">34,601 </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD align=right width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">21,810 </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD align=right width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">169,213 </TD>
    <TD align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD></TR></TABLE></DIV>
<p dir="ltr"><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST dir="ltr">

  <TR>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr"><sup>(1) </sup> </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">The heading "All Other Compensation" includes life
      insurance, disability insurance, medical insurance and dental
      insurance.</P></TD></TR>
  <TR>
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr"><sup>(2) </sup> </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">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%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr"><sup>(3) </sup> </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">On November 26, 2014, the Company provided notice to
      James D. Guerra, the Company&#146;s Chief Financial Officer, Chief Operating
      Officer and Executive Vice President, that it was terminating his
      employment with the Company without cause, and that his duties with such
      positions would be terminated immediately. Mr. Guerra received salary and
      benefit compensation under his employment agreement through December 31,
      2014. The Company also discontinued the office of Chief Operating
      Officer.</P></TD></TR>
  <TR>
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr"><sup>(4) </sup> </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">On November 26, 2014, the Company appointed Linda Zwobota
      as the Company&#146;s interim Chief Financial Officer. On March 25, 2015, Ms.
      Zwobota was appointed as the Company&#146;s Chief Financial
  Officer.</P></TD></TR></TABLE>
<P align=justify dir="ltr"><U>Narrative Disclosure to Summary Compensation Table</U></P>
<P align=justify dir="ltr">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 the
year ended December 31, 2013, Mr. Grae earned a bonus in the amount of $56,824,
which was paid to him in May 2014. In May 2014, Mr. Grae was granted 155,308
stock options with a fair market value of $277,630 and a five year term that
vest 1/3 on each anniversary of the grant date. </P>
<P align=center dir="ltr">17 </P>
<HR style="PAGE-BREAK-AFTER: always" color=black
noShade SIZE=5 dir="ltr">
<!--$$/page=--><A name=page_23></A>

<P align=justify dir="ltr">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 dir="ltr">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 dir="ltr">On October 23, 2007, the Company entered into an employment
agreement with Mr. Guerra. Mr. Guerra was also eligible to receive raises and
discretionary bonuses, as well as stock based compensation over the term of the
agreement. In May 2013, Mr. Guerra earned a bonus in the amount of $39, 222,
which was paid to him in May 2014. Mr. Guerra was granted options in May 2014,
however these options were forfeited prior to vesting. Mr. Guerra was paid his
full annual salary of $277,686 plus benefits through December 31, 2014. The
Company has not made any severance payments to Mr. Guerra. The Company believes
that it is no longer required to pay severance to Mr. Guerra because he failed
to deliver the Company a release as required by his employment agreement. Mr.
Guerra has filed a lawsuit against the Company as described under the Section
captioned &#147;Legal Proceedings&#148; in the Company&#146;s Form 10-K filed on March 25,
2015. </P>
<P align=justify dir="ltr">On November 26, 2014, Ms. Zwobota agreed to assume the role of
Interim CFO of the Company. Prior to that appointment, Ms. Zwobota served as the
Company&#146;s Controller, a position she held since October 2009, when she joined
the Company. Ms. Zwobota is employed by the Company at-will. She received an
annual base compensation of $112,802 and $112,344 in 2014 and 2013 respectively,
and was eligible to receive an annual incentive award of between 10% and 40%
(with a target of 25%) of her annual base salary provided that applicable
performance goals were satisfied. Ms. Zwobota earned a bonus in the amount of
$8,662 in 2013, which was paid in May 2014. In May 2014, Ms. Zwobota was granted
19,356 options with a term of five years and a fair market value of $34,601
which vest 1/3 on each anniversary date of the grant over three years. </P>
<P align=justify dir="ltr">In 2015, the Board of Directors of the Company appointed Ms.
Zwobota as its CFO, and her salary was increased to $178,690, beginning April
2015.</P>
<P align=justify dir="ltr"><B><U>Outstanding Equity Awards at Fiscal Year End </U></B></P>
<P align=justify dir="ltr">The following table sets forth all outstanding equity awards to
our named executive officers as of December 31, 2014. The market value of all
restricted stock awards is based on the closing price of our common stock as of
December 31, 2014 ($1.55) .</P>
<P align=center dir="ltr">18 </P>
<HR style="PAGE-BREAK-AFTER: always" color=black
noShade SIZE=5 dir="ltr">
<!--$$/page=-->
<p dir="ltr"><A name=page_24></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 dir="ltr">

  <TR>
    <TD vAlign=bottom noWrap align=center dir="ltr" width="16%">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr"><B>Equity</B>&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="7%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="3%" dir="ltr"
>
  <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom noWrap align=center dir="ltr" width="16%">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr"><B>Incentive</B> </TD>
    <TD vAlign=bottom noWrap align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="7%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="3%" dir="ltr"
>
  <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom noWrap align=center dir="ltr" width="16%">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr"><B>Plan</B> </TD>
    <TD vAlign=bottom noWrap align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="7%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="3%" dir="ltr"
>
  <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom noWrap align=center dir="ltr" width="16%">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr"><B>Awards:</B> </TD>
    <TD vAlign=bottom noWrap align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="7%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="3%" dir="ltr"
>
  <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom noWrap align=center dir="ltr" width="16%">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr"><B>Number of</B> </TD>
    <TD vAlign=bottom noWrap align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr"><B>Number of</B> </TD>
    <TD vAlign=bottom noWrap align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr"><B>Number of</B> </TD>
    <TD vAlign=bottom noWrap align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="7%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="3%" dir="ltr"
>
  <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom noWrap align=center dir="ltr" width="16%">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr"><B>Securities</B> </TD>
    <TD vAlign=bottom noWrap align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr"><B>Securities</B> </TD>
    <TD vAlign=bottom noWrap align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr"><B>Securities</B> </TD>
    <TD vAlign=bottom noWrap align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="7%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="3%" dir="ltr"
>
  <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom noWrap align=center dir="ltr" width="16%">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr"><B>Underlying</B> </TD>
    <TD vAlign=bottom noWrap align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr"><B>Underlying</B> </TD>
    <TD vAlign=bottom noWrap align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr"><B>Underlying</B> </TD>
    <TD vAlign=bottom noWrap align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="7%" dir="ltr">
    <p dir="ltr"><B>Option</B> </TD>
    <TD vAlign=bottom noWrap align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="3%" dir="ltr"
>
  <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom noWrap align=center dir="ltr" width="16%">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr"><B>Unexercised</B> </TD>
    <TD vAlign=bottom noWrap align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr"><B>Unexercised</B> </TD>
    <TD vAlign=bottom noWrap align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr"><B>Unexercised</B> </TD>
    <TD vAlign=bottom noWrap align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="7%" dir="ltr">
    <p dir="ltr"><B>Exercise</B> </TD>
    <TD vAlign=bottom noWrap align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr"><B>Option</B> </TD>
    <TD vAlign=bottom noWrap align=center width="3%" dir="ltr"
>
  <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom noWrap align=center dir="ltr" width="16%">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr"><B>Options (#)</B> </TD>
    <TD vAlign=bottom noWrap align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr"><B>Options (#)</B> </TD>
    <TD vAlign=bottom noWrap align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr"><B>Unearned</B> </TD>
    <TD vAlign=bottom noWrap align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="7%" dir="ltr">
    <p dir="ltr"><B>Price</B> </TD>
    <TD vAlign=bottom noWrap align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr"><B>Expiration</B> </TD>
    <TD vAlign=bottom noWrap align=center width="3%" dir="ltr"
>
  <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom noWrap align=center dir="ltr" width="16%">
    <p dir="ltr" align="left"><B>Name</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr"><B>Exercisable</B> </TD>
    <TD vAlign=bottom noWrap align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr"><B>Unexercisable</B> </TD>
    <TD vAlign=bottom noWrap align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr"><B>Options (#)</B> </TD>
    <TD vAlign=bottom noWrap align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="6%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="7%" dir="ltr">
    <p dir="ltr"><B>($)</B> </TD>
    <TD vAlign=bottom noWrap align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr"><B>Date</B> </TD>
    <TD vAlign=bottom noWrap align=center width="3%" dir="ltr"
>
  <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center dir="ltr" width="16%">
    <p dir="ltr">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%" dir="ltr">
    <p dir="ltr"><STRONG>(1)</STRONG> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="3%" dir="ltr" >
    <p dir="ltr"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="6%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="7%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="3%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="12%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="3%" dir="ltr" >
  <p dir="ltr">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgcolor="#E6EFFF" dir="ltr" width="16%">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgcolor="#E6EFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgcolor="#E6EFFF" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom width="3%" bgcolor="#E6EFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="2%" bgcolor="#E6EFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgcolor="#E6EFFF" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom width="3%" bgcolor="#E6EFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="2%" bgcolor="#E6EFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgcolor="#E6EFFF" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom width="3%" bgcolor="#E6EFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="6%" bgcolor="#E6EFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="7%" bgcolor="#E6EFFF" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom width="3%" bgcolor="#E6EFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="2%" bgcolor="#E6EFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgcolor="#E6EFFF" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom width="3%" bgcolor="#E6EFFF" dir="ltr" >
  <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" width="16%">
    <p dir="ltr">Seth Grae </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">240,000 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&#151; </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&#151; </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">$</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&nbsp;23.85 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">2/14/2016 </TD>
  <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
  <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" width="16%">
    <p dir="ltr">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">36,311 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&#151; </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&#151; </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">$</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&nbsp;10.50 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">12/5/2017 </TD>
  <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
  <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" width="16%">
    <p dir="ltr">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">166,667 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&#151; </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&#151; </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">$</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&nbsp;13.50 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">12/5/2015 </TD>
  <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
  <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" width="16%">
    <p dir="ltr">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">112,868 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&#151; </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&#151; </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">$</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&nbsp;5.70 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">7/14/2019 </TD>
  <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
  <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" width="16%">
    <p dir="ltr">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">66,638 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&#151; </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&#151; </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">$</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&nbsp;8.65 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">3/11/2020 </TD>
  <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
  <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" width="16%">
    <p dir="ltr">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">42,604 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&#151; </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&#151; </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">$</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&nbsp;5.53 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
  <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
  <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" width="16%">
    <p dir="ltr">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="7%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">3/19/2021 </TD>
  <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
  <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" width="16%">
    <p dir="ltr">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">155,308 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&#151; </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">$</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&nbsp;2.55 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">5/5/2019 </TD>
  <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
  <p dir="ltr">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgcolor="#FFFFFF" dir="ltr" width="16%">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgcolor="#FFFFFF" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom width="3%" bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="2%" bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgcolor="#FFFFFF" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom width="3%" bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="2%" bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgcolor="#FFFFFF" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom width="3%" bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="6%" align="right" vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="7%" bgcolor="#FFFFFF" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom width="3%" bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="2%" bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgcolor="#FFFFFF" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom width="3%" bgcolor="#FFFFFF" dir="ltr" >
  <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left vAlign=bottom bgcolor="#FFFFFF" dir="ltr" width="16%">
    <p dir="ltr">Thomas Graham </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#FFFFFF" dir="ltr">
    <p dir="ltr">50,000 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#FFFFFF" dir="ltr">
    <p dir="ltr">&#151; </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#FFFFFF" dir="ltr">
    <p dir="ltr">&#151; </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">$</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#FFFFFF" dir="ltr">
    <p dir="ltr">&nbsp;14.70 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#FFFFFF" dir="ltr">
    <p dir="ltr">7/27/2016 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
  <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left vAlign=bottom bgcolor="#FFFFFF" dir="ltr" width="16%">
    <p dir="ltr">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#FFFFFF" dir="ltr">
    <p dir="ltr">9,615 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#FFFFFF" dir="ltr">
    <p dir="ltr">&#151; </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#FFFFFF" dir="ltr">
    <p dir="ltr">&#151; </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">$</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#FFFFFF" dir="ltr">
    <p dir="ltr">&nbsp;10.50 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#FFFFFF" dir="ltr">
    <p dir="ltr">12/5/2017 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
  <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left vAlign=bottom bgcolor="#FFFFFF" dir="ltr" width="16%">
    <p dir="ltr">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#FFFFFF" dir="ltr">
    <p dir="ltr">50,000 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#FFFFFF" dir="ltr">
    <p dir="ltr">&#151; </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#FFFFFF" dir="ltr">
    <p dir="ltr">&#151; </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">$</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#FFFFFF" dir="ltr">
    <p dir="ltr">&nbsp;8.10 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#FFFFFF" dir="ltr">
    <p dir="ltr">7/5/2017 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
  <p dir="ltr">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgcolor="#E6EFFF" dir="ltr" width="16%">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgcolor="#E6EFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgcolor="#E6EFFF" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom width="3%" bgcolor="#E6EFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="2%" bgcolor="#E6EFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgcolor="#E6EFFF" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom width="3%" bgcolor="#E6EFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="2%" bgcolor="#E6EFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgcolor="#E6EFFF" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom width="3%" bgcolor="#E6EFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="6%" align="right" vAlign=bottom bgcolor="#E6EFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="7%" bgcolor="#E6EFFF" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom width="3%" bgcolor="#E6EFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="2%" bgcolor="#E6EFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgcolor="#E6EFFF" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom width="3%" bgcolor="#E6EFFF" dir="ltr" >
  <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" width="16%">
    <p dir="ltr">James Guerra </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">33,334 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&#151; </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&#151; </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">$</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&nbsp;7.05 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">3/26/2015 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
  <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" width="16%">
    <p dir="ltr">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">1,863 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&#151; </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&#151; </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">$</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&nbsp;10.50 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">3/26/2015 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
  <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" width="16%">
    <p dir="ltr">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">32,942 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&#151; </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&#151; </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">$</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&nbsp;5.70 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">3/26/2015 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
  <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" width="16%">
    <p dir="ltr">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">19,449 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&#151; </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&#151; </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">$</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&nbsp;8.65 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">3/26/2015 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
  <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" width="16%">
    <p dir="ltr">&nbsp; </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">26,819 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&#151; </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&#151; </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">$</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">&nbsp;5.53 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#e6efff" dir="ltr">
    <p dir="ltr">3/26/2015 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#e6efff" dir="ltr" >
  <p dir="ltr">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom bgcolor="#FFFFFF" dir="ltr" width="16%">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgcolor="#FFFFFF" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom width="3%" bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="2%" bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgcolor="#FFFFFF" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom width="3%" bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="2%" bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgcolor="#FFFFFF" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom width="3%" bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="6%" align="right" vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="7%" bgcolor="#FFFFFF" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom width="3%" bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="2%" bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgcolor="#FFFFFF" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom width="3%" bgcolor="#FFFFFF" dir="ltr" >
  <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left vAlign=bottom bgcolor="#FFFFFF" dir="ltr" width="16%">
    <p dir="ltr">Linda <BR>Zwobota </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#FFFFFF" dir="ltr">
    <p dir="ltr">&#151; </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#FFFFFF" dir="ltr">
    <p dir="ltr">19,356 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#FFFFFF" dir="ltr">
    <p dir="ltr">&#151; </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">$</TD>
    <TD width="7%" align=right vAlign=bottom bgcolor="#FFFFFF" dir="ltr">
    <p dir="ltr">&nbsp;2.55 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#FFFFFF" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#FFFFFF" dir="ltr">
    <p dir="ltr">5/5/2019 </TD>
    <TD width="3%" align=left vAlign=bottom bgcolor="#FFFFFF" dir="ltr"
>
  <p dir="ltr">&nbsp;</TD></TR></TABLE>
<p dir="ltr"><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST dir="ltr">

  <TR>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr"><sup>(1) </sup> </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">1/3 of the unexercisable options become exercisable on
      May 5, 2015, 2016, and 2017.</P></TD></TR></TABLE>
<P align=justify dir="ltr"><B>Director Compensation </B></P>
<P align=justify dir="ltr">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, 2014. Neither Mr. Grae nor Mr. Graham were
compensated for their service as directors in 2014.</P>
<DIV dir="ltr">
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 dir="ltr">

  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom noWrap align=center dir="ltr" width="30%">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="22%" dir="ltr">
    <p dir="ltr"><B>Fees Earned or</B></TD>
    <TD vAlign=bottom noWrap align=center width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="20%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="3%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="20%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="3%" dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom noWrap align=center dir="ltr" width="30%">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="22%" dir="ltr">
    <p dir="ltr"><B>Paid in Cash</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="20%" dir="ltr">
    <p dir="ltr"><B>Option</B> </TD>
    <TD vAlign=bottom noWrap align=center width="3%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="20%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="3%" dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom noWrap align=center dir="ltr" width="30%">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="22%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="20%" dir="ltr">
    <p dir="ltr"><STRONG>Awards
      <SUP>(1)</SUP></STRONG> </TD>
    <TD vAlign=bottom noWrap align=center width="3%" dir="ltr">
    <p dir="ltr"></TD>
    <TD vAlign=bottom noWrap align=center width="20%" dir="ltr">
    <p dir="ltr"><B>Total</B> </TD>
    <TD vAlign=bottom noWrap align=center width="3%" dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom noWrap align=center dir="ltr" width="30%">
    <p dir="ltr" align="left"><B>Name</B> </TD>
    <TD vAlign=bottom noWrap align=center width="22%" dir="ltr">
    <p dir="ltr"><B>($)</B> </TD>
    <TD vAlign=bottom noWrap align=center width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="20%" dir="ltr">
    <p dir="ltr"><B>($)</B> </TD>
    <TD vAlign=bottom noWrap align=center width="3%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="20%" dir="ltr">
    <p dir="ltr"><B>($)</B> </TD>
    <TD vAlign=bottom noWrap align=center width="3%" dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom align=left bgColor=#e6efff dir="ltr" width="30%">
    <p dir="ltr">Victor Alessi </TD>
    <TD vAlign=bottom align=center width="22%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">$30,400 </TD>
    <TD vAlign=bottom align=center width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=center width="20%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">$34,955 </TD>
    <TD vAlign=bottom align=center width="3%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=center width="20%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">$65,355 </TD>
    <TD vAlign=bottom align=left width="3%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom align=left dir="ltr" width="30%">
    <p dir="ltr">Daniel Magraw </TD>
    <TD vAlign=bottom align=center width="22%" dir="ltr">
    <p dir="ltr">$30,400 </TD>
    <TD vAlign=bottom align=center width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=center width="20%" dir="ltr">
    <p dir="ltr">$34,955 </TD>
    <TD vAlign=bottom align=center width="3%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=center width="20%" dir="ltr">
    <p dir="ltr">$65,355 </TD>
    <TD vAlign=bottom align=left width="3%" dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom align=left bgColor=#e6efff dir="ltr" width="30%">
    <p dir="ltr">Kathleen Kennedy Townsend </TD>
    <TD vAlign=bottom align=center width="22%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">$32,000 </TD>
    <TD vAlign=bottom align=center width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=center width="20%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">$34,955 </TD>
    <TD vAlign=bottom align=center width="3%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=center width="20%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">$66,955 </TD>
    <TD vAlign=bottom align=left width="3%"
  bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR></TABLE>
</DIV>
<P align=center dir="ltr">19 </P>
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</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST dir="ltr">

  <TR>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr"><sup>(1) </sup> </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">Each of Messrs. Alessi and Magraw individually had an
      aggregate of 39,015 option awards outstanding as of December 31, 2014.
      Ms. Kennedy Townsend had 36,221 option awards outstanding as of
      December 31, 2014.</P></TD></TR></TABLE>
<P align=justify dir="ltr"><U>Narrative to Director Compensation Table</U></P>
<P align=justify dir="ltr">We currently have three independent, non-employee directors:
Victor Alessi, Kathleen Kennedy Townsend, 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. 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 dir="ltr">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=center dir="ltr"><B>SECURITY OWNERSHIP OF CERTAIN <BR>BENEFICIAL OWNERS
AND MANAGEMENT </B></P>
<P align=justify dir="ltr">The following table sets forth information known to us with
respect to the beneficial ownership of our common stock as of May 26, 2015, for:
(i) each person known by us to beneficially own more than 5% of our voting
securities, (ii) each named executive officer, (iii) each of our directors and
nominees, and (iv) all of our current executive officers and directors as a
group.</P>
<P align=justify dir="ltr">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>
<P align=center dir="ltr">20 </P>
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</p>
<DIV align=left dir="ltr">
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 dir="ltr">

  <TR vAlign=top dir="ltr">
    <TD vAlign=center noWrap align=center dir="ltr" width="25%">
    <p dir="ltr" align="left"><B>Name and Address of</B>
      <BR><B>Beneficial Owner <SUP>(1)</SUP></B></TD>
    <TD vAlign=center noWrap align=center width="25%" dir="ltr">
    <p dir="ltr"><B>Title</B>
    </TD>
    <TD vAlign=center noWrap align=center width="25%" dir="ltr">
    <p dir="ltr"><B>Amount and</B>
      <BR><B>Nature of</B> <BR><B>Beneficial</B> <BR><B>Ownership</B> <BR><B>(1)
      (2) (6)</B> </TD>
    <TD vAlign=center noWrap align=center width="25%" dir="ltr">
    <p dir="ltr"><B>Percent of Common</B>
      <BR><B>Stock <SUP>(3)</SUP></B> </TD></TR>
  <TR>
    <TD vAlign=bottom noWrap align=center bgColor=#e6efff dir="ltr" width="25%">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="25%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=center width="25%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;
    </TD>
    <TD vAlign=bottom noWrap align=center width="25%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;
    </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom noWrap align=center colspan="4" dir="ltr" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" width="25%">
    <p dir="ltr"><STRONG>Officers and
      Directors</STRONG>&nbsp;&nbsp;&nbsp; </TD>
    </TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom align=left bgColor=#e6efff dir="ltr" style="border-top-style: solid; border-top-width: 1" width="25%">
    <p dir="ltr">Seth Grae </TD>
    <TD vAlign=bottom align=left width="25%" bgColor=#e6efff dir="ltr" style="border-top-style: solid; border-top-width: 1">
    <p dir="ltr">President, CEO
      and Director </TD>
    <TD vAlign=bottom align=center width="25%" bgColor=#e6efff dir="ltr" style="border-top-style: solid; border-top-width: 1">
    <p dir="ltr">1,541,200 </TD>
    <TD vAlign=bottom align=center width="25%" bgColor=#e6efff dir="ltr" style="border-top-style: solid; border-top-width: 1">
    <p dir="ltr">7.95% </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom align=left dir="ltr" width="25%">
    <p dir="ltr">Thomas Graham, Jr. </TD>
    <TD vAlign=bottom align=left width="25%" dir="ltr">
    <p dir="ltr">Chairman and Corporate Secretary
    </TD>
    <TD vAlign=bottom align=center width="25%" dir="ltr">
    <p dir="ltr">215,245 </TD>
    <TD vAlign=bottom align=center width="25%" dir="ltr">
    <p dir="ltr">1.18% </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom align=left bgColor=#e6efff dir="ltr" width="25%">
    <p dir="ltr">Andrey Mushakov </TD>
    <TD vAlign=bottom align=left width="25%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">Executive VP &#150;
      International Nuclear <BR>Operations </TD>
    <TD vAlign=bottom align=center width="25%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">341,997 </TD>
    <TD vAlign=bottom align=center width="25%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">1.86% </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom align=left dir="ltr" width="25%">
    <p dir="ltr">Linda Zwobota </TD>
    <TD vAlign=bottom align=left width="25%" dir="ltr">
    <p dir="ltr">CFO </TD>
    <TD vAlign=bottom align=center width="25%" dir="ltr">
    <p dir="ltr">61,599 </TD>
    <TD vAlign=bottom align=center width="25%" dir="ltr">
    <p dir="ltr">* </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom align=left bgColor=#e6efff dir="ltr" width="25%">
    <p dir="ltr">James Guerra <SUP>(4)</SUP>
    </TD>
    <TD vAlign=bottom align=left width="25%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">Former CFO and
      COO </TD>
    <TD vAlign=bottom align=center width="25%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD vAlign=bottom align=center width="25%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom align=left dir="ltr" width="25%">
    <p dir="ltr">Dan Magraw </TD>
    <TD vAlign=bottom align=left width="25%" dir="ltr">
    <p dir="ltr">Director </TD>
    <TD vAlign=bottom align=center width="25%" dir="ltr">
    <p dir="ltr">89,922 </TD>
    <TD vAlign=bottom align=center width="25%" dir="ltr">
    <p dir="ltr">* </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom align=left bgColor=#e6efff dir="ltr" width="25%">
    <p dir="ltr">Victor Alessi </TD>
    <TD vAlign=bottom align=left width="25%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">Director </TD>
    <TD vAlign=bottom align=center width="25%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">55,565 </TD>
    <TD vAlign=bottom align=center width="25%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">* </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom align=left dir="ltr" width="25%">
    <p dir="ltr">Kathleen Kennedy Townsend </TD>
    <TD vAlign=bottom align=left width="25%" dir="ltr">
    <p dir="ltr">Director </TD>
    <TD vAlign=bottom align=center width="25%" dir="ltr">
    <p dir="ltr">42,541 </TD>
    <TD vAlign=bottom align=center width="25%" dir="ltr">
    <p dir="ltr">* </TD></TR>
  <TR>
    <TD vAlign=bottom bgColor=#e6efff dir="ltr" width="25%">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom width="25%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom align=center width="25%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom align=center width="25%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp; </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom align=left dir="ltr" width="25%">
    <p dir="ltr">Current Directors and Officers as a Group
      <BR>(seven people) </TD>
    <TD vAlign=bottom align=left width="25%" dir="ltr">
    <p dir="ltr"></TD>
    <TD vAlign=bottom align=center width="25%" dir="ltr">
    <p dir="ltr">2,348,069 </TD>
    <TD vAlign=bottom align=center width="25%" dir="ltr">
    <p dir="ltr">11.62% </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom align=left bgColor=#e6efff colspan="4" dir="ltr" style="border-bottom-style: solid; border-bottom-width: 1" bordercolor="#000000" width="25%">
    <p align="center" dir="ltr">&nbsp;<STRONG>5%
      Stockholders</STRONG>&nbsp;</TD>
    </TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom align=left dir="ltr" style="border-top-style: solid; border-top-width: 1" width="25%">
    <p dir="ltr">Seth Grae </TD>
    <TD vAlign=bottom align=left width="25%" dir="ltr" style="border-top-style: solid; border-top-width: 1">
    <p dir="ltr">President, CEO and Director </TD>
    <TD vAlign=bottom align=center width="25%" dir="ltr" style="border-top-style: solid; border-top-width: 1">
    <p dir="ltr">1,541,200 </TD>
    <TD vAlign=bottom align=center width="25%" dir="ltr" style="border-top-style: solid; border-top-width: 1">
    <p dir="ltr">7.95% </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom align=left bgColor=#e6efff dir="ltr" width="25%">
    <p dir="ltr">Austin Marxe <SUP>(5)</SUP>
      <BR>527 Madison Ave., Suite 2600 <BR>New York, NY 10022 </TD>
    <TD vAlign=bottom align=left width="25%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD vAlign=bottom align=center width="25%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">3,614,766
      <SUP>(5)</SUP> </TD>
    <TD vAlign=bottom align=center width="25%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">19.99%
      <SUP>(5)</SUP> </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom align=left dir="ltr" width="25%">
    <p dir="ltr">David Greenhouse <SUP>(5)</SUP> <BR>527
      Madison Ave., Suite 2600 <BR>New York, NY 10022 </TD>
    <TD vAlign=bottom align=left width="25%" dir="ltr">
    <p dir="ltr"></TD>
    <TD vAlign=bottom align=center width="25%" dir="ltr">
    <p dir="ltr">3,614,766 <SUP>(5)</SUP> </TD>
    <TD vAlign=bottom align=center width="25%" dir="ltr">
    <p dir="ltr">19.99% <SUP>(5)</SUP> </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom align=left bgColor=#e6efff dir="ltr" width="25%">
    <p dir="ltr">Adam C. Stettner
      <SUP>(5)</SUP> <BR>527 Madison Ave., Suite 2600 <BR>New York, NY 10022 </TD>
    <TD vAlign=bottom align=left width="25%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"></TD>
    <TD vAlign=bottom align=center width="25%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">3,614,766
      <SUP>(5)</SUP> </TD>
    <TD vAlign=bottom align=center width="25%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">19.99%
      <SUP>(5)</SUP> </TD></TR></TABLE></DIV>
<P align=justify dir="ltr">* 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 dir="ltr">

  <TR>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr"><sup>(1) </sup> </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">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 stockholder is a direct or indirect beneficial
      owner of those shares</P></TD></TR>
  <TR>
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr"><sup>(2) </sup> </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">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></TABLE>
<P align=center dir="ltr">21 </P>
<HR style="PAGE-BREAK-AFTER: always" color=black
noShade SIZE=5 dir="ltr">
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</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST dir="ltr">

  <TR>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr"><sup>(3) </sup> </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">A total of 18,082,874 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 May 26, 2015. For each
      beneficial owner above, any options exercisable within 60 days have been
      included in the denominator.</P></TD></TR>
  <TR>
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr"><sup>(4) </sup> </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">On November 26, 2014, the Company provided notice to
      James D. Guerra, the Company&#146;s Chief Financial Officer, Chief Operating
      Officer and Executive Vice President, that it was terminating his
      employment with the Company without cause, and that his duties with such
      positions would be terminated immediately.</P></TD></TR>
  <TR>
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr"><sup>(5) </sup> </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">Austin Marxe, David Greenhouse, and Adam Stettner 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 and together
      with QP and Cayman, the Funds). QP owns 728,444 shares of the Company&#146;s
      common stock and warrants to purchase 2,336,680 shares of the Company&#146;s
      common stock. Cayman owns 246,121 shares of the Company&#146;s common stock and
      warrants to purchase 788,961 shares of the Company&#146;s common stock. PE owns
      225,389 shares of the Company&#146;s common stock and warrants to purchase
      634,923 shares of the Company&#146;s common stock. 454,546 of the warrants
      owned by the Funds have an exercise price of $9.00 per share. 571,428 of
      the warrants owned by the Funds have an exercise price of $2.30 per share.
      2,734,590 of the warrants owned by the Funds have an exercise price of
      $2.31 per share. We obtained this information from a Form 3 filed by AWM
      Investment Company, Inc., a Delaware corporation (AWM), on February 10,
      2015, and a Form 4 filed by AWM on May 20, 2015. AWM is the investment
      adviser to the Funds. Austin W. Marxe (Marxe), David M. Greenhouse
      (Greenhouse) and Adam C. Stettner (Stettner) are the controlling
      principals of AWM. The Form 3 filed by AWM on February 10, 2015 states
      that certain of the warrants described above may be exercised to the
      extent that the total number of shares of common stock then beneficially
      owned does not exceed 4.99% of the outstanding shares, that the holder may
      request an increase of up to 9.99% of the outstanding shares, effective on
      the 61st day after notice is given to the Company, and that as to certain
      other warrants of the holder, the holder may request an increase of up to
      19.99% of the outstanding shares, effective on the 61st day after notice
      is given to the Company.</P></TD></TR>
  <TR>
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr"><sup>(6) </sup> </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">The number of shares underlying options are 947,280
      granted to Mr. Grae, 109,615 granted to Mr. Graham, 253,595 granted to Mr.
      Mushakov, 57,437 granted to Ms. Zwobota, 39,015 granted to Mr. Alessi,
      39,015 granted to Mr. Magraw, and 36,221 granted to Ms. Kennedy
      Townsend.</P></TD></TR></TABLE>
<P align=justify dir="ltr"><B>Changes in Control</B> </P>
<P align=justify dir="ltr">There are no arrangements known to us, including any pledge by
any person of our securities, the operation of which may at a subsequent date
result in a change in control of the Company. </P>
<P align=justify dir="ltr"><B>Securities Authorized for Issuance Under Equity Compensation
Plans</B></P>
<P align=justify dir="ltr">The following table sets forth certain information about the
securities authorized for issuance under our 2006 Second Amended and Restated
Stock Plan as of December 31, 2014. Options exercisable for all of the
securities shown in column (a) below were granted under our Stock Option Plan.
</P>
<P align=center dir="ltr">22 </P>
<HR style="PAGE-BREAK-AFTER: always" color=black
noShade SIZE=5 dir="ltr">
<!--$$/page=-->
<p dir="ltr"><A name=page_28></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 dir="ltr">

  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom noWrap align=center dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="22%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="22%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="22%" dir="ltr">
    <p dir="ltr">Number of securities </TD>
    <TD vAlign=bottom noWrap align=center width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom noWrap align=center dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="22%" dir="ltr">
    <p dir="ltr">Number of securities </TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="22%" dir="ltr">
    <p dir="ltr">Weighted-average </TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="22%" dir="ltr">
    <p dir="ltr">remaining available for
      future </TD>
    <TD vAlign=bottom noWrap align=center width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom noWrap align=center dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="22%" dir="ltr">
    <p dir="ltr">to be issued upon </TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="22%" dir="ltr">
    <p dir="ltr">exercise price of </TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="22%" dir="ltr">
    <p dir="ltr">issuance under equity
</TD>
    <TD vAlign=bottom noWrap align=center width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom noWrap align=center dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="22%" dir="ltr">
    <p dir="ltr">exercise of </TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="22%" dir="ltr">
    <p dir="ltr">outstanding </TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="22%" dir="ltr">
    <p dir="ltr">compensation plans </TD>
    <TD vAlign=bottom noWrap align=center width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom noWrap align=center dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="22%" dir="ltr">
    <p dir="ltr">outstanding options, </TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="22%" dir="ltr">
    <p dir="ltr">options, warrants </TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="22%" dir="ltr">
    <p dir="ltr">(excluding securities
      reflected </TD>
    <TD vAlign=bottom noWrap align=center width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom noWrap align=center dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="22%" dir="ltr">
    <p dir="ltr">warrants and rights </TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="22%" dir="ltr">
    <p dir="ltr">and rights </TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="22%" dir="ltr">
    <p dir="ltr">in column (a)) </TD>
    <TD vAlign=bottom noWrap align=center width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom noWrap align=center dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="22%" dir="ltr">
    <p dir="ltr">(a) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="22%" dir="ltr">
    <p dir="ltr">(b) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=right width="22%" dir="ltr">
    <p dir="ltr">(c) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom noWrap
    align=center width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom align=left bgColor=#e6efff dir="ltr">
    <p style="text-indent: -15pt; margin-left: 15pt" dir="ltr">Equity compensation plans
      approved by security holders </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=right width="22%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">2,026,564 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">$</TD>
    <TD vAlign=bottom align=right width="22%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;9.19 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=right width="22%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">401,896</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"><SUP>(1)</SUP>
  </TD></TR>
  <TR>
    <TD vAlign=bottom dir="ltr">
    <p style="text-indent: -15pt; margin-left: 15pt" dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="22%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="22%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="22%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom align=left bgColor=#e6efff dir="ltr">
    <p style="text-indent: -15pt; margin-left: 15pt" dir="ltr">Equity compensation plans not
      approved by security holders </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=right width="22%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&#151; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=right width="22%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&#151; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=right width="22%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&#151; </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom dir="ltr">
    <p style="text-indent: -15pt; margin-left: 15pt" dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="22%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="22%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="22%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom width="2%" dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom align=left bgColor=#e6efff dir="ltr">
    <p style="text-indent: -15pt; margin-left: 15pt" dir="ltr">Total </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=right width="22%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">2,026,564 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">$</TD>
    <TD vAlign=bottom align=right width="22%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;9.19 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=right width="22%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">401,896</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff dir="ltr">
    <p dir="ltr"><SUP>(1)</SUP>
  </TD></TR></TABLE>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST dir="ltr">

  <TR>
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">&nbsp;</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr"><sup>(1) </sup> </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">Includes 401,896 shares of restricted stock that were
      available for future issuance under our 2006 Second Amended and Restated
      Stock Plan as of December 31, 2014.<B> </B></P></TD></TR></TABLE>
<P align=center dir="ltr"><B><U>REPORT OF THE AUDIT COMMITTEE</U></B><U> </U></P>
<P align=justify dir="ltr">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 407(d) 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 financial 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 dir="ltr">Following the end of the fiscal year ended December 31, 2014,
the Audit Committee (1) reviewed and discussed the audited financial statements
for the fiscal year ended December 31, 2014 with Company management; (2) discussed with the
independent auditors the matters required to be discussed by Auditing Standard
No. 16 (Communications with Audit Committees), as may be modified or
supplemented; and (3) received the written disclosures and the letter from the
independent accountants required by applicable requirements of the Public
Company Accounting Oversight Board regarding the independent accountant&#146;s
communications with the audit committee concerning independence, and has
discussed with the independent accountant its independence. </P>
<P align=center dir="ltr">23 </P>
<HR style="PAGE-BREAK-AFTER: always" color=black
noShade SIZE=5 dir="ltr">
<!--$$/page=--><A name=page_29></A>

<P align=justify dir="ltr">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, 2014 for filing with the SEC. </P>
<P align=justify dir="ltr">Members of the Audit Committee:<BR><I>Kathleen Kennedy Townsend
<BR>Victor E. Alessi <BR>Daniel B. Magraw</I><B> </B></P>
<P align=center dir="ltr"><B>TRANSACTIONS WITH RELATED PERSONS, <BR>PROMOTERS AND
CERTAIN CONTROL PERSONS</B></P>
<P align=justify dir="ltr">None of our directors, director nominees, executive officers,
5% stockholders, or immediate family members 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 dir="ltr"><B>PROPOSAL 1</B></P>
<P align=center dir="ltr"><B>ELECTION OF DIRECTORS</B></P>
<P align=justify dir="ltr">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 dir="ltr">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 annual meeting, five directors will be
elected. The individuals who have been nominated for election to the Board at
the annual meeting are listed in the table below. Each of the nominees is a
current director of the Company.</P>
<P align=justify dir="ltr">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 annual 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.
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 dir="ltr">24 </P>
<HR style="PAGE-BREAK-AFTER: always" color=black
noShade SIZE=5 dir="ltr">
<!--$$/page=--><A name=page_30></A>

<P align=center dir="ltr"><B>The Board recommends a vote FOR the election of the nominees
listed below.</B></P>
<P align=center dir="ltr"><B>NOMINEES</B></P>
<P align=justify dir="ltr">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 dir="ltr">

  <TR vAlign=top dir="ltr">
    <TD noWrap align=center dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD noWrap align=center width="2%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=center width="10%" dir="ltr" >
    <p dir="ltr">&nbsp; </TD>
    <TD noWrap align=center width="2%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=center width="27%" dir="ltr">
    <p dir="ltr"><B>Position with the</B> </TD>
    <TD noWrap align=center width="2%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD>
    <TD noWrap align=center width="27%" dir="ltr">
    <p dir="ltr"><B>Term as Director of</B> </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap
      align=center dir="ltr">
    <p dir="ltr"><B>Name</B> </TD>
    <TD noWrap align=center width="2%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%" dir="ltr"
    >
    <p dir="ltr"><B>Age</B> </TD>
    <TD noWrap align=center width="2%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="27%" dir="ltr">
    <p dir="ltr"><B>Company</B> </TD>
    <TD noWrap align=center width="2%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="27%" dir="ltr">
    <p dir="ltr"><B>Company</B> </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left bgColor=#e6efff dir="ltr">
    <p dir="ltr">Seth Grae </TD>
    <TD align=center width="2%"  bgColor=#e6efff dir="ltr"
    >
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="10%" bgColor=#e6efff dir="ltr" >
    <p dir="ltr">52 </TD>
    <TD align=left width="2%"  bgColor=#e6efff dir="ltr"
    >
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="27%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">President, CEO and Director </TD>
    <TD align=center width="2%"  bgColor=#e6efff dir="ltr"
    >
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="27%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">April 2006 &#150; Present </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr">
    <p dir="ltr">Thomas Graham, Jr. </TD>
    <TD align=center width="2%" dir="ltr"  >
    <p dir="ltr"></TD>
    <TD align=center width="10%" dir="ltr" >
    <p dir="ltr">81 </TD>
    <TD align=left width="2%" dir="ltr"  >
    <p dir="ltr"></TD>
    <TD align=left width="27%" dir="ltr">
    <p dir="ltr">Chairman and Corporate Secretary </TD>
    <TD align=center width="2%" dir="ltr"  >
    <p dir="ltr"></TD>
    <TD align=center width="27%" dir="ltr">
    <p dir="ltr">April 2006 &#150; Present </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left bgColor=#e6efff dir="ltr">
    <p dir="ltr">Victor E. Alessi </TD>
    <TD align=center width="2%"  bgColor=#e6efff dir="ltr"
    >
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="10%" bgColor=#e6efff dir="ltr" >
    <p dir="ltr">75 </TD>
    <TD align=left width="2%"  bgColor=#e6efff dir="ltr"
    >
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="27%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">Director </TD>
    <TD align=center width="2%"  bgColor=#e6efff dir="ltr"
    >
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="27%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">August 2006 &#150; Present </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr">
    <p dir="ltr">Kathleen Kennedy Townsend </TD>
    <TD align=center width="2%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="10%" dir="ltr" >
    <p dir="ltr">63 </TD>
    <TD align=left width="2%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="27%" dir="ltr">
    <p dir="ltr">Director </TD>
    <TD align=center width="2%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="27%" dir="ltr">
    <p dir="ltr">October 2013 &#150; Present </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left bgColor=#e6efff dir="ltr">
    <p dir="ltr">Daniel B. Magraw </TD>
    <TD align=center width="2%"  bgColor=#e6efff dir="ltr"
    >
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="10%" bgColor=#e6efff dir="ltr" >
    <p dir="ltr">68 </TD>
    <TD align=left width="2%"  bgColor=#e6efff dir="ltr"
    >
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="27%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">Director </TD>
    <TD align=center width="2%"  bgColor=#e6efff dir="ltr"
    >
    <p dir="ltr">&nbsp;</TD>
    <TD align=center width="27%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">October 2006 &#150; Present
  </TD></TR></TABLE>
<P align=justify dir="ltr"><B><U>General Information</U></B><U> </U></P>
<P align=justify dir="ltr">See &#147;Directors and Executive Officers&#148; above for biographical
summaries for each of our director nominees. 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 dir="ltr">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=justify dir="ltr"><B>Director Qualifications</B></P>
<P align=justify dir="ltr">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 dir="ltr">25 </P>
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<!--$$/page=--><A name=page_31></A>
<P align=justify dir="ltr"><B><I>Qualifications for All Directors</I></B></P>
<P align=justify dir="ltr">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 dir="ltr">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 dir="ltr">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 dir="ltr"><B><I>Qualifications, Attributes, Skills and Experience to be
Represented on the Board as a Whole</I></B></P>
<P align=justify dir="ltr">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=justify dir="ltr"><B><I>Summary of Qualifications of 2015 Nominees for
Director</I></B></P>
<P align=justify dir="ltr">Set forth below are the specific qualifications, attributes,
skills and experiences of our directors.</P>
<P align=center dir="ltr">26 </P>
<HR style="PAGE-BREAK-AFTER: always" color=black
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<!--$$/page=--><A name=page_32></A>
<P align=justify dir="ltr"><U>Seth Grae</U></P>
<P align=justify dir="ltr">Mr. Grae&#146;s service as the Company&#146;s president and chief
executive officer and his extensive experience in the nuclear industry provide
valuable insight to the Board about the Company and the nuclear industry more
generally. </P>
<P align=justify dir="ltr"><U>Thomas Graham, Jr.</U></P>
<P align=justify dir="ltr">Mr. Graham's service as the Company&#146;s chairman of the board, his
experience as chairman of the board of several other companies, his extensive
experience and knowledge related to nuclear non-proliferation, his knowledge of
international law, and his experience as a senior US diplomat provide valuable
insight to the Board about the Company, and about nuclear policy and
international law more generally. </P>
<P align=justify dir="ltr"><U>Victor E. Alessi</U></P>
<P align=justify dir="ltr">Dr. Alessi&#146;s service as a director of the company since August
2006, his expertise in nuclear physics, his experience as the president of a
large organization, his technological experience, his work on nuclear
non-proliferation and policy, his experience with government entities both
within the US and internationally, and his experience working as a senior DOE
official provide valuable insight to the Board about the Company, and about
nuclear policy, organizational strategy and compliance more generally. </P>
<P align=justify dir="ltr">The Company&#146;s corporate governance guidelines provide that
outside directors generally will not be nominated for re-election at any annual
meeting following their 75th birthday. The Board and the Governance and
Nominating Committee determined to nominate Mr. Alessi, who is 75, for
re-election at the annual meeting because of his substantial contributions to
the Board and knowledge of the Company. </P>
<P align=justify dir="ltr"><U>Kathleen Kennedy Townsend</U> </P>
<P align=justify dir="ltr">Ms. Kennedy 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 which provide
valuable insights to the board related to financial performance, the
understanding of financial statements, and compliance provide valuable insight
to the Board about the Company, and about financial performance and controls
more generally. </P>
<P align=justify dir="ltr"><U>Daniel B. Magraw</U></P>
<P align=justify dir="ltr">Mr. Magraw&#146;s experience as a director of the Company since
October 2006, his expertise on international environmental law and policy and
international business law, as well as his long history of leadership roles
provide valuable insight to the Board about the Company, and about nuclear
policy and international law more generally. </P>

<P align=center dir="ltr">27 </P>
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noShade SIZE=5 dir="ltr">
<!--$$/page=--><A name=page_33></A>
<P align=center dir="ltr"><b>PROPOSAL 2</b></P>
<P align=center dir="ltr"><B>RATIFICATION OF SELECTION OF INDEPENDENT AUDITORS</B></P>
<P align=justify dir="ltr">The Audit Committee has selected BDO USA, LLC (&#147;BDO&#148;) to serve
as the independent registered public accounting firm of the Company for the
fiscal year ending December 31, 2015. 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&#148;). At
or about the same time, Anderson Bradshaw PLLC (&#147;Anderson Bradshaw&#148;) 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, 2014, 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 dir="ltr">As the Company disclosed in the Current Report on Form 8-K,
filed with the SEC on June 10, 2015, the Audit Committee completed a competitive
process to determine the Company&#146;s independent registered public accounting firm
for the fiscal year ending December 31, 2015. As a result of that process, on
June 10, 2015, the Committee notified Anderson Bradshaw that it had determined
to dismiss Anderson Bradshaw as the Company&#146;s independent registered public
accounting firm, effective as of that same date. On and effective as of that
same date, the Company appointed BDO as the Company&#146;s independent registered
public accounting firm for the fiscal year ending December 31, 2015 and BDO will
immediately conduct a review of the Company&#146;s unaudited financial statements for
the quarter ended March 31, 2015. The appointment of BDO as the Company&#146;s
independent registered public accountant was approved by the Committee. </P>
<P align=justify dir="ltr">Anderson Bradshaw&#146;s reports on the Company&#146;s consolidated
financial statements for the fiscal years ended December 31, 2014 and December
31, 2013 contained no adverse opinion or disclaimer of opinion and were not
qualified or modified as to uncertainty, audit scope or accounting principles.
</P>
<P align=justify dir="ltr">During the Company&#146;s two most recent fiscal years and the
subsequent interim period preceding Anderson Bradshaw&#146;s dismissal, there were:
(i) no &#147;disagreements&#148; (within the meaning of Item 304(a) of Regulation S-K)
with Anderson Bradshaw on any matter of accounting principles or practices,
financial statement disclosure or auditing scope or procedure, which
disagreements, if not resolved to the satisfaction of Anderson Bradshaw, would
have caused it to make reference to the subject matter of the disagreements in
its reports on the consolidated financial statements of the Company; and (ii) no
&#147;reportable events&#148; (as such term is defined in Item 304(a)(1)(v)(A)-(D) of
Regulation S-K). </P>
<P align=justify dir="ltr">The Company provided Anderson Bradshaw with a copy of its
Current Report on Form 8-K filed with the SEC on June 10, 2015 prior to its
filing with the SEC and requested Anderson Bradshaw to furnish to the Company a
letter addressed to the SEC stating that it agrees with the statementsmade above. A copy of Anderson Bradshaw&#146;s letter dated June 10,
2015 is attached as Exhibit 16.1 to the Current Report on Form 8-K. </P>
<P align=center dir="ltr">28 </P>
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<!--$$/page=--><A name=page_34></A>

<P align=justify dir="ltr">During the Company&#146;s two most recent fiscal years and the
subsequent interim period up to the date of BDO&#146;s engagement, neither the
Company nor anyone on the Company&#146;s behalf consulted with BDO regarding: (i) the
application of accounting principles to a specified transaction, either
completed or proposed; (ii) the type of audit opinion that might be rendered on
the Company&#146;s financial statements; (iii) the provision of written or oral
advice that would be an important factor considered by the Company in reaching a
decision as to any accounting, auditing or financial reporting issues; or (iv)
any matter that was the subject of a &#147;disagreement&#148; or a &#147;reportable event&#148;
(within the meaning of Item 304(a)(1)(iv) of Regulation S-K and Item
304(a)(1)(v) of Regulation S-K, respectively). </P>
<P align=justify dir="ltr">We are asking our stockholders to ratify the selection of BDO
as our independent registered public accounting firm. Although ratification is
not required by our bylaws or otherwise, the Board is submitting the selection
of BDO 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 dir="ltr">The Company has been advised by each of BDO and 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 BDO and Anderson Bradshaw will be available via
teleconference during the annual meeting, at which time they may make any
statement they consider appropriate and will respond to appropriate questions
raised at the annual meeting.</P>
<P align=justify dir="ltr"><B>Independent Registered Public Accounting Firm&#146;s Fees</B></P>
<P align=justify dir="ltr">No fees were billed to us by BDO, our current independent
registered public accounting firm, during fiscal years ended December 31, 2014
and 2013. The following are the fees billed to us by Anderson Bradshaw, our
former independent registered public accounting firm, during fiscal years ended
December 31, 2014 and 2013:</P>
<DIV align=center dir="ltr">
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0 dir="ltr">

  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom noWrap align=left dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=left width="1%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr"><B>2014</B> </TD>
    <TD vAlign=bottom noWrap align=right width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="1%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=right width="12%" dir="ltr">
    <p dir="ltr"><B>2013</B> </TD>
    <TD vAlign=bottom noWrap align=left width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom align=left bgColor=#e6efff dir="ltr">
    <p dir="ltr">Audit Fees </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff dir="ltr">
    <p dir="ltr">$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;60,237 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff dir="ltr">
    <p dir="ltr">$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;45,803 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom align=left bgColor=#e6efff dir="ltr">
    <p dir="ltr">Audit Related Fees </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom align=left bgColor=#e6efff dir="ltr">
    <p dir="ltr">Tax Fees </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom align=left bgColor=#e6efff dir="ltr">
    <p dir="ltr">All Other Fees </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">11,450 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">14,480 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom width="1%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="12%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="1%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom width="12%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom width="2%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom align=left bgColor=#e6efff dir="ltr">
    <p dir="ltr"><B>Total</B> </TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff dir="ltr">
    <p dir="ltr"><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"
      bgColor=#e6efff dir="ltr">
    <p dir="ltr"><B>&nbsp;71,687</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
      bgColor=#e6efff dir="ltr">
    <p dir="ltr"><B>$</B></TD>
    <TD vAlign=bottom align=right width="12%"
      bgColor=#e6efff dir="ltr">
    <p dir="ltr"><B>&nbsp;64,260</B> </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR></TABLE></DIV>
<P align=justify dir="ltr"><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=center dir="ltr">29 </P>
<HR style="PAGE-BREAK-AFTER: always" color=black
noShade SIZE=5 dir="ltr">
<!--$$/page=--><A name=page_35></A>

<P align=justify dir="ltr"><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=justify dir="ltr"><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 dir="ltr"><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 dir="ltr">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 dir="ltr"><B>Pre-Approval Policies and Procedures</B></P>
<P align=justify dir="ltr">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 service
performed by the Company&#146;s former independent registered public account firm,
Anderson Bradshaw, for our consolidated financial statements as of and for the
year ended December 31, 2014.</P>
<P align=justify dir="ltr"><B>The Board recommends a vote FOR ratification of the
selection of BDO as the Company&#146;s independent registered public accounting firm
for the fiscal year ending December 31, 2015.</B></P>
<P align=center dir="ltr"><B>PROPOSAL 3</B> </P>
<P align=justify dir="ltr">The Board of Directors is asking stockholders to approve the
Lightbridge Corporation 2015 Equity Incentive Plan (the &#147;Plan&#148;). Long-term
incentives have been a critical component of our compensation programs and are
intended to reward our employees for long-term sustained performance that is
aligned with stockholder interests. The Board of Directors approved the Plan for
grants of restricted stock, stock options and other forms of incentive
compensation to our officers, employees, directors and consultants. The Plan was adopted on
March 25<U>,</U> 2015, subject to stockholder approval.</P>
<P align=justify dir="ltr">Approval of the Plan is needed to replenish the pool of shares
available for the grant of stock-based compensation. Only 3,685 shares remain
available as of May 26, 2015, for grant under our 2006 Second Amended and Restated Stock Plan. If stockholder
approval is not obtained, we will not be able to grant equity awards after those
shares are depleted.</P>
<P align=center dir="ltr">30 </P>
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<P style="MARGIN-LEFT: 5%" align=justify dir="ltr">The Plan incorporates key corporate
governance practices, including the following:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 dir="ltr">

  <TR vAlign=top dir="ltr">
    <TD width="5%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=left dir="ltr">
    <p dir="ltr">&#149; </TD>
    <TD align=left width="90%" dir="ltr">
    <p dir="ltr">Limits the number of shares available to
      3,000,000, which represents approximately 17% of our issued and
      outstanding common shares as of May 26, 2015; </TD></TR>
  <TR>
    <TD width="5%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=left dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="90%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR>
    <TD dir="ltr" >&nbsp;</TD>
    <TD align=left dir="ltr" >&#149;</TD>
    <TD align=left dir="ltr" >All shares granted in connection with awards other than options and stock appreciation rights count as two shares against the 3,000,000 share limit;</TD>
  </TR>
  <TR>
    <TD dir="ltr" >&nbsp;</TD>
    <TD align=left dir="ltr" >&nbsp;</TD>
    <TD align=left dir="ltr" >&nbsp;</TD>
  </TR>
  <TR vAlign=top dir="ltr">
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left dir="ltr">
    <p dir="ltr">&#149;&nbsp;&nbsp;</TD>
    <TD align=left width="90%" dir="ltr">
    <p dir="ltr">The price of any option may not be altered or
      repriced without stockholder approval; </TD></TR>
  <TR>
    <TD width="5%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=left dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="90%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left dir="ltr">
    <p dir="ltr">&#149;&nbsp;&nbsp;</TD>
    <TD align=left width="90%" dir="ltr">
    <p dir="ltr">Discounted stock options and stock appreciation
      rights are prohibited; </TD></TR>
  <TR>
    <TD width="5%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=left dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="90%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left dir="ltr">
    <p dir="ltr">&#149;&nbsp;&nbsp;</TD>
    <TD align=left width="90%" dir="ltr">
    <p dir="ltr">Reload options are not permitted; </TD></TR>
  <TR>
    <TD width="5%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=left dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="90%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left dir="ltr">
    <p dir="ltr">&#149;&nbsp;&nbsp;</TD>
    <TD align=left width="90%" dir="ltr">
  <p dir="ltr">Performance goals may be imposed on grants;  </TD></TR>
  <TR>
    <TD width="5%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=left dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="90%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left dir="ltr">
    <p dir="ltr">&#149; </TD>
    <TD align=left width="90%" dir="ltr">
    <p dir="ltr">No ability of participants to receive dividend
  payments with respect to restricted stock until the shares are vested;  </TD></TR>
  <TR>
    <TD width="5%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=left dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="90%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left dir="ltr">
    <p dir="ltr">&#149;&nbsp;&nbsp;</TD>
    <TD align=left width="90%" dir="ltr">
    <p dir="ltr">Liberal share counting is not permitted; </TD></TR>
  <TR>
    <TD width="5%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=left dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="90%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left dir="ltr">
    <p dir="ltr">&#149; </TD>
    <TD align=left width="90%" dir="ltr">
    <p dir="ltr">Payment of the exercise price or applicable
      taxes made by delivery of shares, or withholding of shares, in
      satisfaction of a participant&#146;s obligation, will not result in additional
      shares becoming available for subsequent awards under the Plan; </TD></TR>
  <TR>
    <TD width="5%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=left dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="90%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left dir="ltr">
    <p dir="ltr">&#149;&nbsp;&nbsp;</TD>
    <TD align=left width="90%" dir="ltr">
    <p dir="ltr">It is administered by a committee of
      independent directors; </TD></TR>
  <TR>
    <TD width="5%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=left dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="90%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left dir="ltr">
    <p dir="ltr">&#149; </TD>
    <TD align=left width="90%" dir="ltr">
    <p dir="ltr">Qualifies performance incentive awards as
      &#147;performance-based compensation&#148; under Section 162(m) of the Internal
      Revenue Code. </TD></TR></TABLE>
<P align=justify dir="ltr">The Plan is being submitted to the stockholders for approval in
order to comply with the applicable requirements of The NASDAQ Stock Market and
to qualify certain awards made to certain officers as deductible for federal
income tax purposes under section 162(m) of the Code. Stockholder approval is
also necessary under the federal income tax rules applicable to incentive stock
options.</P>
<P align=justify dir="ltr">The Board of Directors believes equity compensation is an
important component of our compensation programs. Our ability to attract, retain
and motivate top quality employees is material to our success, and we believe we
can better achieve these objectives with grants made under the Plan. In
addition, our Board of Directors believes that the interests of both our Company
and our stockholders are advanced by affording our employees, officers and
directors the opportunity to acquire or increase their proprietary interests in
our Company. In light of the above, we do not plan to increase base salary
levels of our employees and officers in 2015 and have not increased base salary
levels since 2012, except for Ms. Zwobota who was appointed as CFO on March 25,
2015. In lieu of higher salaries, our compensation program will instead
emphasize equity awards to employees and officers who merit greater compensation
as determined by our Compensation Committee and Board. </P>
<P align=center dir="ltr">31 </P>
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<P align=justify dir="ltr"><B><I>Significant Features of the Plan: </I></B></P>
<P align=justify dir="ltr">The following is a summary of certain significant features of
the 2015 Equity Incentive Plan. The information which follows is subject to, and
qualified in its entirety by reference to, the Plan document, which is attached
to this proxy statement as Appendix <U>A</U>. We urge you to read the Plan in
its entirety.</P>
<P align=justify dir="ltr">Awards that may be granted include: (a) Incentive Stock
Options, (b) Non-qualified Stock Options, (c) Stock Appreciation Rights, (d)
Restricted Awards, (e) Performance Share Awards, and (f) Performance
Compensation Awards. These awards offer the Company&#146;s officers, employees and
directors the possibility of future value, depending on the long-term price
appreciation of the Company&#146;s common stock and the award holder&#146;s continuing
service with the Company.</P>
<P align=justify dir="ltr">Stock options give the option holder the right to acquire from
the Company a designated number of shares of common stock at a purchase price
that is fixed upon the grant of the option. The exercise price will be not less
than the market price of the common stock on the date of grant. Stock options
granted may be either tax-qualified stock options (so-called &#147;incentive stock
options&#148;) or non-qualified stock options.</P>
<P align=justify dir="ltr">Stock appreciation rights (&#147;SARs&#148;), which may be granted alone
or in tandem with options, have an economic value similar to that of options.
When a SAR for a particular number of shares is exercised, the holder receives a
payment equal to the difference between the market price of the shares on the
date of exercise and the exercise price of the shares under the SAR. Again, the
exercise price for SARs normally is the market price of the shares on the date
the SAR is granted. Under the Plan, holders of SARs may receive this payment &#150;
the appreciation value &#150; either in cash or shares of common stock valued at the
fair market value on the date of exercise. The form of payment will be
determined by the Company.</P>
<P align=justify dir="ltr">Restricted shares are shares of common stock awarded to
participants at no cost. Restricted shares can take the form of awards of restricted stock, which represent issued and outstanding shares of our common stock subject to vesting criteria, or restricted stock units, which represent the right to receive shares of our common stock subject to satisfaction of the vesting criteria. Restricted shares are forfeitable and non-transferable
  until the shares vest. The vesting date or dates and other conditions for
  vesting are established when the shares are awarded.</P>
<P align=justify dir="ltr">The Plan also provides for performance compensation awards,
representing the right to receive a payment, which may be in the form of cash,
shares of common stock, or a combination, based on the attainment of
pre-established goals.</P>
<P align=justify dir="ltr">All of the permissible types of awards under the Plan are
described in more detail as follows: </P>
<P align=justify dir="ltr"> <B><I>Purposes of Plan:</I></B> The
purposes of the Plan are to: attract and retain officers, employees and
directors for the Company and its subsidiary; motivate them by means of
appropriate incentives to achieve long-range goals; provide incentive
compensation opportunities; and further align their interests with those of the
Company&#146;s stockholders through compensation that is based on the Company&#146;s
common stock.</P>
<P align=justify dir="ltr"><B><I>Administration of the Plan:</I></B> Administration of the
Plan is entrusted to the Compensation Committee of the Board of Directors (the
&#147;Committee&#148;). Among other things, the Committee has the authority to select
persons who will receive awards, determine the types of awards and the number of shares to be covered by awards, and to establish the
terms, conditions, performance criteria, restrictions and other provisions of
awards. The Committee has authority to establish, amend and rescind rules and
regulations relating to the Plan.</P>
<P align=center dir="ltr">32 </P>
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<P align=justify dir="ltr"><B><I>Eligible Recipients:</I></B> Persons eligible to receive
awards under the Plan will be those officers, employees, consultants, and
directors of the Company and its subsidiaries who are selected by the Company&#146;s
Board of Directors or the Committee of the Board administering the Plan. At May
26, 2015, approximately 13 individuals were eligible to participate in the Plan.
</P>
<P align=justify dir="ltr"><B><I>Shares Available Under the Plan:</I></B> The maximum
number of shares of our common stock that may be delivered to participants under
the Plan is 3,000,000, subject to adjustment for certain corporate changes
affecting the shares, such as stock splits. Shares subject to an award under the
Plan for which the award is canceled, forfeited or expires again become
available for grants under the Plan. Shares subject to an award that is settled
in cash will not again be made available for grants under the Plan. The maximum
number of shares that may be covered by awards to any single individual in any
year is 250,000 and the maximum cash payment that can be made to any individual
for any single or combined performance goals for any performance period is
$250,000.</P>
<P align=justify dir="ltr"><B><I>Stock Options: </I></B></P>
<P align=justify dir="ltr"><I>General.</I> Subject to the provisions of the Plan, the
Committee has the authority to determine all grants of stock options. That
determination will include: (i) the number of shares subject to any option; (ii)
the exercise price per share; (iii) the expiration date of the option; (iv) the
manner, time and date of permitted exercise; (v) other restrictions, if any, on
the option or the shares underlying the option; and (vi) any other terms and
conditions as the Committee may determine. </P>
<P align=justify dir="ltr"> <I>Option Price</I>. The exercise
price for stock options will be determined at the time of grant. Normally, the
exercise price will not be less than the fair market value on the date of grant.
As a matter of tax law, the exercise price for any incentive stock option
awarded may not be less than the fair market value of the shares on the date of
grant. However, incentive stock option grants to any person owning 10% or more
of the Company&#146;s voting stock must have an exercise price of not less than 110%
of the fair market value on the grant date.</P>
<P align=justify dir="ltr"><I>Exercise of Options.</I> An option may be exercised only in
accordance with the terms and conditions for the option agreement as established
by the Committee at the time of the grant. The option must be exercised by
notice to the Company, accompanied by payment of the exercise price. Payments
may be made in cash or, at the option of the Committee, by actual or
constructive delivery of shares of common stock to the holder of the option
based upon the fair market value of the shares on the date of exercise.</P>
<P align=justify dir="ltr"><I>Expiration or Termination.</I> Options, if not previously
exercised, will expire on the expiration date established by the Committee at
the time of grant. In the case of incentive stock options, such term cannot
exceed ten years provided that in the case of holders of 10% or more of the
Company&#146;s voting stock, such term cannot exceed five years. Options will
terminate before their expiration date if the holder&#146;s service with the Company
or a subsidiary terminates before the expiration date. The option may remain
exercisable for specified periods after certain terminations of employment,
including terminations as a result of death, disability or retirement, with the precise period during which the option may be
exercised to be established by the Committee and reflected in the grant
evidencing the award.</P>
<P align=center dir="ltr">33 </P>
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<P align=justify dir="ltr"><I>Incentive and Non-Qualified Options.</I> As described
elsewhere in this summary, an incentive stock option is an option that is
intended to qualify under certain provisions of the Internal Revenue Code of
1986, as amended (the &#147;Code&#148;) for more favorable tax treatment than applies to
non-qualified stock options. Any option that does not qualify as an incentive
stock option will be a non-qualified stock option. Under the Code, certain
restrictions apply to incentive stock options. For example, the exercise price
for incentive stock options may not be less than the fair market value of the
shares on the grant date and the term of the option may not exceed ten years. In
addition, an incentive stock option may not be transferred, other than by will
or the laws of descent and distribution, and is exercisable during the holder&#146;s
lifetime only by the holder. In addition, no incentive stock options may be
granted to a holder that is first exercisable in a single year if that option,
together with all incentive stock options previously granted to the holder that
also first become exercisable in that year, relate to shares having an aggregate
market value in excess of $100,000, measured at the grant date.</P>
<P align=justify dir="ltr"><B><I>Stock Appreciation Rights: </I></B>Awards of stock
appreciation rights or &#147;SARs&#148; may be granted alone or in tandem with stock
options. SARs provide the holder with the right, upon exercise, to receive a
payment, in cash or shares of stock, having a value equal to the excess of the
fair market value on the exercise date of the shares covered by the award over
the exercise price of those shares. Essentially, a holder of a SAR benefits when
the market price of the common stock increases, to the same extent that the
holder of an option does, but, unlike an option holder, the SAR holder need not
pay an exercise price upon exercise of the award.</P>
<P align=justify dir="ltr"><B><I>Stock Awards:</I></B> Stock Awards can also be granted
under the Plan. A stock award is a grant of shares of common stock or of a right
to receive shares in the future. These awards will be subject to such
conditions, restrictions and contingencies as the Committee shall determine at
the date of grant. Those may include requirements for continuous service and/or
the achievement of specified performance goals.</P>
<P align=justify dir="ltr"><B><I>Cash Awards: </I></B>A cash award is an award that may be
in the form of cash or shares of common stock or a combination, based on the
attainment of pre-established performance goals and other conditions,
restrictions and contingencies identified by the Committee.</P>
<P align=justify dir="ltr"><b><i>Section 162(m) of the Internal Revenue Code:</i></b> Section 162(m) of the Internal Revenue Code limits publicly-held companies to an annual deduction for U.S. federal income tax purposes of $1.0 million for compensation paid to each of their chief executive officer and their three highest compensated executive officers (other than the chief financial officer) determined at the end of each year, referred to as covered employees. However, performance-based compensation is excluded from this limitation. The Plan is designed to permit our Compensation Committee to grant awards that qualify as performance-based for purposes of satisfying the conditions of Section 162(m), but it is not required under the Plan that awards qualify for this exception.</P>
<P align=justify dir="ltr"><b><i>Performance Criteria</i></b><i>:</i> Under the Plan, one or more of the following performance criteria will be used by the Compensation Committee in establishing performance goals:</P><ul align=justify>
  <li>net earnings or net income (before or after taxes);</li>
  <li> basic or diluted earnings per share (before or after taxes); </li>
  <li>net revenue or net revenue growth;</li>
  <li> gross revenue;</li>
  <li> gross profit or gross profit growth;</li>
  <li> net operating profit (before or after taxes);</li>
  <li> return on assets, capital, invested capital, equity, or sales;</li>
  <li> cash flow (including, but not limited to, operating cash flow, free cash flow, and cash flow return on capital);</li>
  <li> earnings before or after taxes, interest, depreciation and/or amortization;</li>
  <li> gross or operating margins;</li>
  <li> improvements in capital structure;</li>
  <li> budget and expense management;</li>
  <li> productivity ratios;</li>
  <li> economic value added or other value added measurements;</li>
  <li> share price (including, but not limited to, growth measures and total shareholder return);</li>
  <li> expense targets;</li>
  <li> margins;</li>
  <li> operating efficiency;</li>
  <li> working capital targets;</li>
  <li> enterprise value;</li>
  <li> safety record;</li>
  <li> completion of acquisitions or business expansion;</li>
  <li> achieving research and development goals and milestones;</li>
  <li> achieving product commercialization goals; and</li>
  <li> other criteria as may be set by the Compensation Committee from time to time. </li>
</ul>
<p align=center dir="ltr">34 </p>
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<p>
  <!--$$/page=-->
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<p>Any one or more of the performance criteria may be used on an absolute or relative basis to measure the performance of the Company, as the Compensation Committee may deem appropriate, or as compared to the performance of a group of comparable companies, or published or special index that the Compensation Committee deems appropriate.</p>
<p> <i>Negative Discretion</i>. In determining the actual size of an individual performance compensation award, the Compensation Committee may reduce or eliminate the amount of the award through the use of negative discretion if, in its sole judgment, such reduction or elimination is appropriate. The Compensation Committee shall not have the discretion to (i) grant or provide payment in respect of performance compensation awards if the performance goals have not been attained or (ii) increase a performance compensation award above the maximum amount payable under the Plan. </p>
<P align=justify dir="ltr"><B><I>Other Material Provisions:</I></B> Awards will be
evidenced by a written agreement, in such form as may be approved by the
Committee. In the event of various changes to the capitalization of the Company,
such as stock splits, stock dividends and similar re-capitalizations, an
appropriate adjustment will be made by the Committee to the number of shares
covered by outstanding awards or to the exercise price of such awards. The
Committee is also permitted to include in the written agreement provisions that
provide for certain changes in the award in the event of a change of control of
the Company, including acceleration of vesting. Except as otherwise determined
by the Committee at the date of grant, awards will not be transferable, other
than by will or the laws of descent and distribution. Prior to any award
distribution, the Company is permitted to deduct or withhold amounts sufficient
to satisfy any employee withholding tax requirements. Our Board also has the
authority, at any time, to discontinue the granting of awards. The Board also
has the authority to alter or amend the Plan or any outstanding award or may
terminate the Plan as to further grants, provided that no amendment will,
without the approval of the Company&#146;s stockholders, to the extent that such
approval is required by law or the rules of an applicable exchange, increase the
number of shares available under the Plan, change the persons eligible for
awards under the Plan, extend the time within which awards may be made, or amend
the provisions of the Plan related to amendments. No amendment that would
adversely affect any outstanding award made under the Plan can be made without
the consent of the holder of such award.</P>
<P align=center dir="ltr">&nbsp;</P>
<P align=justify dir="ltr"><B><I>Federal Income Tax Consequences of Awards:</I></B> The
following is based on current laws, regulations and interpretations, all of
which are subject to change. It does not purport to be complete and does not
describe the state, local or foreign tax considerations or the consequences for
any particular individual.</P>

<P align=justify dir="ltr"> <I>Stock Options.</I> In general, the grant of a stock
option will not be a taxable event to the recipient and will not result in a tax
deduction to the Company. The tax consequences resulting from an exercise of a
stock option and the subsequent disposition of the shares acquired upon the
exercise depends, in part, on whether the option is an incentive stock option or
a non-qualified stock option.</P>
<P align=justify dir="ltr">Upon the exercise of a non-qualified stock option, the holder
will recognize ordinary compensation income in an amount equal to the excess of
the fair market value of the shares received upon exercise over the exercise
price (the &#147;spread&#148;). The Company will be able to claim a tax deduction for this
spread, provided it satisfies compensation reporting requirements under the Code
and is not otherwise precluded from taking a deduction because of Section 162(m)
deduction limitations described below. Any gain or loss upon the subsequent sale
or exchange of the shares by the holder will be capital gain or loss, long term
or short term, depending upon the holding period for the shares.</P>
<P align=justify dir="ltr">Upon the exercise of an incentive stock option, a holder will
generally not recognize taxable income at the time of exercise and no tax
deduction will be available to the Company, provided the option is exercised
when the holder is an employee of the Company or, in certain circumstances,
within a limited time thereafter. The difference between the exercise price and
the fair market value of the shares on the date of exercise is treated by the
holder as an item of adjustment for purposes of the alternative minimum tax. If
the shares acquired upon an exercise of an incentive stock option are
subsequently sold by the holder and such sale takes place after the statutory
&#147;holding period&#148; (which is the later of two years from the date of grant or one
year after the date of exercise), the gain or loss realized will be the
difference between the sales price and the exercise price and will be treated as
a long term capital gain or loss. If the sale takes place prior to expiration of
the holding period, the holder of the shares will recognize ordinary income at
the time of sale equal to the spread and the Company will be entitled to a tax
deduction in equal amount. The remaining gain to the holder, if any, will be
capital gain, either long term or short term.</P>
<P align=justify dir="ltr"><I>Stock Appreciation Rights.</I> No taxable income will be
realized by a recipient in connection with the grant of a SAR. Generally, when
the holder of a SAR exercises the SAR, the amount of cash or the fair market
value of the shares received upon exercise will be ordinary compensation income
to the holder and the Company will be entitled to a corresponding tax deduction,
subject to Section 162(m).</P>
<P align=center dir="ltr">35 </P>
<HR style="PAGE-BREAK-AFTER: always" color=black
noShade SIZE=5 dir="ltr">
<!--$$/page=--><A name=page_41></A>
<P align=justify dir="ltr"><I>Restricted Shares.</I> An award of restricted shares, like
the grant of an option, is not taxable to the recipient. The holder of
restricted shares generally will recognize ordinary compensation income at the
time the restrictions on the shares lapse, which is the vesting date thereof,
based on the fair market value of the Company&#146;s shares on that date. Subject to
the Section 162(m) limitations, this amount is deductible for federal income tax
purposes by the Company. Dividends paid with respect to restricted shares prior
to vesting will be taxable as ordinary compensation income to the holder (not as
&#147;qualifying dividends&#148;) and will be deductible by the Company. A holder of
restricted shares may elect under Section 83(b) of the Code, in lieu of the
treatment described above, to take immediate recognition of income at the time
the shares are received. In that event, the holder will recognize ordinary
compensation income equal to the fair market value of the shares at the date of
grant, which amount will be deductible by the Company, and dividends
subsequently paid to the holder with respect to the shares will be taxable to
the holder as &#147;qualifying dividends&#148; and will not be deductible by the
Company.</P>
<P align=justify dir="ltr"><I>Other Awards.</I> Cash awards are generally taxable as
ordinary compensation income in the year of receipt and will be deductible as
such by the Company. Restricted stock units, deferred cash awards and other
types of deferred awards are subject to Section 409A of the Code regarding
non-qualified deferred compensation Plans. The Company intends to use reasonable
efforts to design any such awards in a manner that avoids Section 409A or that
complies with Section 409A.</P>
<P align=justify dir="ltr"><I>Potential Limitation on Company
Deductions</I><B><I>.</I></B> The Company will generally be entitled to a tax
deduction in connection with awards in an amount equal to the ordinary income
recognized by a recipient and at the time the recipient realizes such income,
subject to Section 162(m) limitations of the Code, as discussed elsewhere in
this proxy statement.</P>
<P align=justify dir="ltr"><I>Recognition of Compensation Expense.</I> In accordance with
Statement of Financial Accounting Standards No.123R, &#147;Share-Based Payment,&#148; the
Company is required to recognize compensation expense in its income statement
for the grant-date fair value of stock options and other equity-based
compensation issued to its employees and directors, the amount of which can only
be determined at the time of grant.</P>
<P align=justify dir="ltr">The affirmative vote of a majority of the votes cast on the
proposal to approve the 2015 Equity Incentive Plan at a meeting at which a
quorum is present, either in person or by proxy, is required for approval of the
proposal. </P>
<P align=justify dir="ltr"><B>New Plan Benefits and Previously Awarded Options </B></P>
<P align=justify dir="ltr">The future awards, if any, that will be made to eligible
persons under the Plan are subject to the discretion of the Committee and,
therefore, we cannot currently determine the benefits or number of shares
subject to awards that may be granted in the future to our employees,
consultants and non-employee directors under the Plan. Therefore, a New Plan
Benefits Table is not provided.</P>
<P align=center dir="ltr">36 </P>
<HR style="PAGE-BREAK-AFTER: always" color=black
noShade SIZE=5 dir="ltr">
<!--$$/page=--><A name=page_42></A>
<P align=justify dir="ltr"><B><I>Previously Awarded Stock Options
</I></B></P>
<P align=justify dir="ltr">The following table sets forth
information with respect to all outstanding stock options granted under the 2015
Equity Incentive Plan as of close of business on May 26, 2015, to the persons
named below. Such equity awards have been granted subject to stockholder approval of the Plan. All other future grants under the Plan are within the discretion of the Compensation Committee and the benefits of such grants are, therefore, not determinable.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 dir="ltr">

  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom noWrap align=center dir="ltr" width="16%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center dir="ltr" width="26%">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="15%" dir="ltr">
    <p dir="ltr"><B><I>Stock
      Options</I></B> </TD>
    <TD vAlign=bottom noWrap align=center width="8%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="4%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="15%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="15%" dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom noWrap align=center dir="ltr" width="16%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center dir="ltr" width="26%">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="15%" dir="ltr">
    <p dir="ltr"><B><I>(d)</I></B> </TD>
    <TD vAlign=bottom noWrap align=center width="8%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="4%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="15%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="15%" dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom noWrap align=center dir="ltr" width="16%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center dir="ltr" width="26%">
    <p dir="ltr" align="left"><I>Named Executive Officers</I> </TD>
    <TD vAlign=bottom noWrap align=center width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="15%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="8%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="4%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="15%" dir="ltr">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="15%" dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom noWrap align=center dir="ltr" width="16%">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center dir="ltr" width="26%">
    <p dir="ltr">&nbsp; </TD>
    <TD vAlign=bottom noWrap align=center width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="15%" dir="ltr">
    <p dir="ltr">No. of shares </TD>
    <TD vAlign=bottom noWrap align=center width="8%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="4%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom noWrap align=center width="15%" dir="ltr">
    <p dir="ltr">Grant date fair value</TD>
    <TD vAlign=bottom noWrap align=center width="15%" dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom align=left dir="ltr" width="16%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff dir="ltr" width="26%">
    <p dir="ltr">&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Seth Grae </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=center width="15%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">203,747 </TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">$</TD>
    <TD vAlign=bottom align=center width="15%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;216,336</TD>
    <TD vAlign=bottom align=left width="15%" dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom align=left dir="ltr" width="16%">&nbsp;</TD>
    <TD vAlign=bottom align=left dir="ltr" width="26%">
    <p dir="ltr">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Thomas Graham, Jr. </TD>
    <TD vAlign=bottom align=left width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=center width="15%" dir="ltr">
    <p dir="ltr">28,249 </TD>
    <TD vAlign=bottom align=center width="8%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" dir="ltr">
    <p dir="ltr">$</TD>
    <TD vAlign=bottom align=center width="15%" dir="ltr">
    <p dir="ltr">&nbsp;29,995 </TD>
    <TD vAlign=bottom align=left width="15%" dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom align=left dir="ltr" width="16%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff dir="ltr" width="26%">
    <p dir="ltr">&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;James Guerra (a) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=center width="15%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">- </TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=center width="15%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">- </TD>
    <TD vAlign=bottom align=left width="15%" dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom align=left dir="ltr" width="16%">&nbsp;</TD>
    <TD vAlign=bottom align=left dir="ltr" width="26%">
    <p dir="ltr">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Linda Zwobota </TD>
    <TD vAlign=bottom align=left width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=center width="15%" dir="ltr">
    <p dir="ltr">71,272 </TD>
    <TD vAlign=bottom align=center width="8%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" dir="ltr">
    <p dir="ltr">$</TD>
    <TD vAlign=bottom align=center width="15%" dir="ltr">
    <p dir="ltr">&nbsp;75,676 </TD>
    <TD vAlign=bottom align=left width="15%" dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom align=left dir="ltr" width="16%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff dir="ltr" width="26%">
    <p dir="ltr">&nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Andrey Mushakov </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=center width="15%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">95,703 </TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">$</TD>
    <TD vAlign=bottom align=center width="15%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;101,616</TD>
    <TD vAlign=bottom align=left width="15%" dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom align=left dir="ltr" width="16%">&nbsp;</TD>
    <TD vAlign=bottom align=left dir="ltr" width="26%">
    <p dir="ltr"><I>All current executive officers as
      a</I>&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM>group</EM>&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4
      persons) </TD>
    <TD vAlign=bottom align=left width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=center width="15%" dir="ltr">
    <p dir="ltr">398,971 </TD>
    <TD vAlign=bottom align=center width="8%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" dir="ltr">
    <p dir="ltr">$</TD>
    <TD vAlign=bottom align=center width="15%" dir="ltr">
    <p dir="ltr">&nbsp;423,623 </TD>
    <TD vAlign=bottom align=left width="15%" dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom align=left dir="ltr" width="16%">&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff dir="ltr" width="26%">
    <p dir="ltr"><I>All current employees,
      excluding</I>&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM>current executive
      officers, as
      a</EM>&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM>group</EM>&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6
      persons) (b) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=center width="15%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">333,063 </TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">$</TD>
    <TD vAlign=bottom align=center width="15%" bgColor=#e6efff dir="ltr">
    <p dir="ltr">&nbsp;353,642</TD>
    <TD vAlign=bottom align=left width="15%" dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD vAlign=bottom align=left dir="ltr" width="16%">&nbsp;</TD>
    <TD vAlign=bottom align=left dir="ltr" width="26%">
    <p dir="ltr"><I>All current
      non-employee</I>&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM>directors as a
      group</EM>&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3 persons) (c) </TD>
    <TD vAlign=bottom align=left width="1%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=center width="15%" dir="ltr">
    <p dir="ltr">84,747 </TD>
    <TD vAlign=bottom align=center width="8%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=bottom align=right width="4%" dir="ltr">
    <p dir="ltr">$</TD>
    <TD vAlign=bottom align=center width="15%" dir="ltr">
    <p dir="ltr">&nbsp;89,983 </TD>
    <TD vAlign=bottom align=left width="15%" dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR></TABLE>
<p dir="ltr"><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST dir="ltr">

  <TR>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">(a) </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">On November 26, 2014, the Company provided notice to
      James D. Guerra, the Company&#146;s Chief Financial Officer, Chief Operating
      Officer and Executive Vice President, that it was terminating his
      employment with the Company without cause, and that his duties with such
      positions would be terminated immediately. Mr. Guerra received salary and
      benefit compensation under his employment agreement through December 31,
      2014. The Company also discontinued the office of Chief Operating
      Officer.</P></TD></TR>
  <TR>
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">(b) </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">For purposes of this table, &#147;current employees&#148; includes
      any consultants eligible to participate in the Plan.</P></TD></TR>
  <TR>
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">(c) </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">No stock option awards have been granted under the Plan
      to any (i) nominee for election as a non-employee director, or (ii) any
      associate of a non-employee director, nominee or executive officer, and no
      other person has been granted five percent or more of the total amount of
      awards that may be granted under the Plan.</P></TD></TR>
  <TR>
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">(d) </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">All grants of stock options under the Plan are subject to
      the approval of the stockholders and filing of a Registration Statement on
      Form S-8 by the Company.</P></TD></TR></TABLE>
<P align=justify dir="ltr"><B>The Board of Directors recommends that the stockholders vote
&#147;FOR&#148; the approval of the 2015 Equity Incentive Plan. </B></P>
<P align=center dir="ltr"><B>PROPOSAL 4</B></P>
<P align=center dir="ltr"><B>ADVISORY VOTE ON EXECUTIVE COMPENSATION</B></P>
<P align=justify dir="ltr">The 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=center dir="ltr">37 </P>
<HR style="PAGE-BREAK-AFTER: always" color=black
noShade SIZE=5 dir="ltr">
<!--$$/page=--><A name=page_43></A>
<P align=justify dir="ltr">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 dir="ltr">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 dir="ltr">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
stockholders at the 2011 annual meeting of stockholders 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 annual
meeting, the next advisory vote on the compensation of our named executive
officers is expected to occur at our 2016 annual meeting of stockholders.</P>
<P align=justify dir="ltr"><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 dir="ltr"><B>STOCKHOLDER PROPOSALS FOR THE 2016 ANNUAL MEETING</B></P>
<P align=justify dir="ltr">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 February 28, 2016. 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 dir="ltr">38 </P>
<HR style="PAGE-BREAK-AFTER: always" color=black
noShade SIZE=5 dir="ltr">
<!--$$/page=--><A name=page_44></A>

<P align=center dir="ltr"><B>ANNUAL REPORT ON FORM 10-K</B></P>
<P align=justify dir="ltr">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 dir="ltr"><B>OTHER MATTERS</B></P>
<P align=justify dir="ltr">As of the date of this proxy statement, the Board has no
knowledge of any business which will be presented for consideration at the
annual meeting other than the election of directors, the ratification of the
appointment of the accountants of the Company, approval of the 2015 Equity
Incentive Plan<STRIKE> </STRIKE>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 dir="ltr">

  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr" >
    <p dir="ltr">June 12, 2015 </TD>
    <TD align=left width="50%" dir="ltr">
    <p dir="ltr">By Order of the Board of Directors </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr" >
    <p dir="ltr">&nbsp; </TD>
    <TD align=left width="50%" dir="ltr">
    <p dir="ltr">/s/ Thomas Graham </TD></TR>
  <TR>
    <TD align=left dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%" dir="ltr"
    >
    <p dir="ltr">&nbsp;</TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr" >
    <p dir="ltr">&nbsp; </TD>
    <TD align=left width="50%" dir="ltr">
    <p dir="ltr">Thomas Graham, Jr. </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr" >
    <p dir="ltr">&nbsp; </TD>
    <TD align=left width="50%" dir="ltr">
    <p dir="ltr">Chairman and Corporate Secretary
</TD></TR></TABLE>
<P align=center dir="ltr">39 </P>
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<P align=center dir="ltr"><B>APPENDIX A </B></P>
<P align=center dir="ltr"><B>LIGHTBRIDGE CORPORATION </B></P>
<P align=center dir="ltr"><B>2015 EQUITY INCENTIVE PLAN</B></P>
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  <TR>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">1. </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr"><U>Purpose; Eligibility</U>.</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%" dir="ltr">1.1 &nbsp;&nbsp;&nbsp;&nbsp;<U>General Purpose</U>. The name of this plan is the
Lightbridge Corporation 2015 Equity Incentive Plan (the &#147;<B>Plan</B>&#148;). The
purposes of the Plan are to (a) enable Lightbridge Corporation, a Nevada
corporation (the &#147;<B>Company</B>&#148;), and any Affiliate to attract and retain the
types of Employees, Consultants and Directors who will contribute to the
Company's long range success; (b) provide incentives that align the interests of
Employees, Consultants and Directors with those of the shareholders of the
Company; and (c) promote the success of the Company's business. </P>
<P align=justify style="text-indent:5%" dir="ltr">1.2 &nbsp;&nbsp;&nbsp;&nbsp;<U>Eligible Award Recipients</U>. The persons eligible to
receive Awards are the Employees, Consultants and Directors of the Company and
its Affiliates and such other individuals designated by the Committee who are
reasonably expected to become Employees, Consultants and Directors after the
receipt of Awards. </P>
<P align=justify style="text-indent:5%" dir="ltr">1.3 &nbsp;&nbsp;&nbsp;&nbsp;<U>Available Awards</U>. Awards that may be granted under
the Plan include: (a) Incentive Stock Options, (b) Non-qualified Stock Options,
(c) Stock Appreciation Rights, (d) Restricted Awards, (e) Performance Share
Awards, and (f) Performance Compensation Awards. </P>
<TABLE
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  <TR>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">2. </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr"><U>Definitions</U>.</P></TD></TR></TABLE>
<P align=justify style="text-indent:5%" dir="ltr">&#147;<B>Affiliate</B>&#148; means a corporation or other entity that,
directly or through one or more intermediaries, controls, is controlled by or is
under common control with, the Company.</P>
<P align=justify style="text-indent:5%" dir="ltr">&#147;<B>Applicable Laws</B>&#148; means the requirements related to or
implicated by the administration of the Plan under applicable state corporate
law, United States federal and state securities laws, the Code, any stock
exchange or quotation system on which the shares of Common Stock are listed or
quoted, and the applicable laws of any foreign country or jurisdiction where
Awards are granted under the Plan. </P>
<P align=justify style="text-indent:5%" dir="ltr">&#147;<B>Award</B>&#148; means any right granted under the Plan,
including an Incentive Stock Option, a Non-qualified Stock Option, a Stock
Appreciation Right, a Restricted Award, a Performance Share Award or a
Performance Compensation Award. </P>
<P align=justify style="text-indent:5%" dir="ltr">&#147;<B>Award Agreement</B>&#148; means a written agreement, contract,
certificate or other instrument or document evidencing the terms and conditions
of an individual Award granted under the Plan which may, in the discretion of
the Company, be transmitted electronically to any Participant. Each Award Agreement shall
be subject to the terms and conditions of the Plan. </P>
<P align=center dir="ltr">40</P>
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<P align=justify style="text-indent:5%" dir="ltr">&#147;<B>Beneficial Owner</B>&#148; has the meaning assigned to such term
in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating
the beneficial ownership of any particular &#147;person&#148; (as that term is used in
Section 13(d)(3) of the Exchange Act), such &#147;person&#148; shall be deemed to have
beneficial ownership of all securities that such &#147;person&#148; has the right to
acquire by conversion or exercise of other securities, whether such right is
currently exercisable or is exercisable only after the passage of time. The
terms &#147;Beneficially Owns&#148; and &#147;Beneficially Owned&#148; have a corresponding
meaning.</P>
<P align=justify style="text-indent:5%" dir="ltr">&#147;<B>Board</B>&#148; means the Board of Directors of the Company, as
constituted at any time.</P>
<P align=justify style="text-indent:5%" dir="ltr">&#147;<B>Cause</B>&#148; means: </P>
<P align=justify style="text-indent:10%" dir="ltr">With respect to any Employee or Consultant: (a) If the
Employee or Consultant is a party to an employment or service agreement with the
Company or its Affiliates and such agreement provides for a definition of Cause,
the definition contained therein; or (b) If no such agreement exists, or if such
agreement does not define Cause: (i) the commission of, or plea of guilty or no
contest to, a felony or a crime involving moral turpitude or the commission of
any other act involving willful malfeasance or material fiduciary breach with
respect to the Company or an Affiliate; (ii) conduct that results in or is
reasonably likely to result in harm to the reputation or business of the Company
or any of its Affiliates; (iii) gross negligence or willful misconduct with
respect to the Company or an Affiliate; or (iv) material violation of state or
federal securities laws. </P>
<P align=justify style="text-indent:10%" dir="ltr">With respect to any Director, a determination by a majority of
the disinterested Board members that the Director has engaged in any of the
following: (a) malfeasance in office; (b) gross misconduct or neglect; (c) false
or fraudulent misrepresentation inducing the director's appointment; (d) willful
conversion of corporate funds; or (e) repeated failure to participate in Board
meetings on a regular basis despite having received proper notice of the
meetings in advance. </P>
<P align=justify style="text-indent:10%" dir="ltr">The Committee, in its absolute discretion, shall determine the
effect of all matters and questions relating to whether a Participant has been
discharged for Cause.</P>
<P align=justify style="text-indent:5%" dir="ltr">&#147;<B>Change in Control</B>&#148; means (a) The direct or indirect
sale, transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or a series of related transactions, of all or
substantially all of the properties or assets of the Company and its
subsidiaries, taken as a whole, to any Person that is not a subsidiary of the
Company; (b) The Incumbent Directors cease for any reason to constitute at least
a majority of the Board; (c) The date which is 10 business days prior to the
consummation of a complete liquidation or dissolution of the Company; (d) The
acquisition by any Person of Beneficial Ownership of more than 50% (on a fully
diluted basis) of either (i) the then outstanding shares of Common Stock of the
Company, taking into account as outstanding for this purpose such Common Stock
issuable upon the exercise of options or warrants, the conversion of convertible stock or debt, and the
exercise of any similar right to acquire such Common Stock (the &#147;Outstanding
Company Common Stock&#148;) or (ii) the combined voting power of the then outstanding
voting securities of the Company entitled to vote generally in the election of
directors (the &#147;Outstanding Company Voting Securities&#148;); provided, however, that
for purposes of this Plan, the following acquisitions shall not constitute a
Change in Control: (A) any acquisition by the Company or any Affiliate, (B) any
acquisition by any employee benefit plan sponsored or maintained by the Company
or any subsidiary, (C) any acquisition which complies with clauses, (i), (ii)
and (iii) of subsection (e) of this definition or (D) in respect of an Award
held by a particular Participant, any acquisition by the Participant or any
group of persons including the Participant (or any entity controlled by the
Participant or any group of persons including the Participant); or (e) The
consummation of a reorganization, merger, consolidation, statutory share
exchange or similar form of corporate transaction involving the Company that
requires the approval of the Company's shareholders, whether for such
transaction or the issuance of securities in the transaction (a &#147;Business
Combination&#148;), unless immediately following such Business Combination: (i) more
than 50% of the total voting power of (A) the entity resulting from such
Business Combination (the &#147;Surviving Company&#148;), or (B) if applicable, the
ultimate parent entity that directly or indirectly has beneficial ownership of
sufficient voting securities eligible to elect a majority of the members of the
board of directors (or the analogous governing body) of the Surviving Company
(the &#147;Parent Company&#148;), is represented by the Outstanding Company Voting
Securities that were outstanding immediately prior to such Business Combination
(or, if applicable, is represented by shares into which the Outstanding Company
Voting Securities were converted pursuant to such Business Combination), and
such voting power among the holders thereof is in substantially the same
proportion as the voting power of the Outstanding Company Voting Securities
among the holders thereof immediately prior to the Business Combination; (ii) no
Person (other than any employee benefit plan sponsored or maintained by the
Surviving Company or the Parent Company) is or becomes the Beneficial Owner,
directly or indirectly, of 50% or more of the total voting power of the
outstanding voting securities eligible to elect members of the board of
directors of the Parent Company (or the analogous governing body) (or, if there
is no Parent Company, the Surviving Company); and (iii) at least a majority of
the members of the board of directors (or the analogous governing body) of the
Parent Company (or, if there is no Parent Company, the Surviving Company)
following the consummation of the Business Combination were Board members at the
time of the Board's approval of the execution of the initial agreement providing
for such Business Combination. </P>
<P align=center dir="ltr">41</P>
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<P align=justify style="text-indent:5%" dir="ltr">&nbsp;&#147;<B>Code</B>&#148; means the Internal Revenue Code of 1986, as
it may be amended from time to time. Any reference to a section of the Code
shall be deemed to include a reference to any regulations promulgated
thereunder. </P>
<P align=justify style="text-indent:5%" dir="ltr">&#147;<B>Committee</B>&#148; means a committee of one or more members of
the Board appointed by the Board to administer the Plan in accordance with
<B><I>Section </I>3.3</B> and <B><I>Section </I>3.4</B>.</P>
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<P align=justify style="text-indent:5%" dir="ltr">&#147;<B>Common Stock</B>&#148; means the common stock, $0.001 par value
per share, of the Company, or such other securities of the Company as may be
designated by the Committee from time to time in substitution thereof.&nbsp;</P>
<P align=justify style="text-indent:5%" dir="ltr">&nbsp;&#147;<B>Company</B>&#148; means Lightbridge Corporation, a Nevada
corporation, and any successor thereto.</P>
<P align=justify style="text-indent:5%" dir="ltr">&#147;<B>Consultant</B>&#148; means any individual who is engaged by the
Company or any Affiliate to render consulting or advisory services. </P>
<P align=justify style="text-indent:5%" dir="ltr">&#147;<B>Continuous Service</B>&#148; means that the Participant's
service with the Company or an Affiliate, whether as an Employee, Consultant or
Director, is not interrupted or terminated. The Participant's Continuous Service
shall not be deemed to have terminated merely because of a change in the
capacity in which the Participant renders service to the Company or an Affiliate
as an Employee, Consultant or Director or a change in the entity for which the
Participant renders such service, <I>provided that</I> there is no interruption
or termination of the Participant's Continuous Service; <I>provided further
that</I> if any Award is subject to Section 409A of the Code, this sentence
shall only be given effect to the extent consistent with Section 409A of the
Code. For example, a change in status from an Employee of the Company to a
Director of an Affiliate will not constitute an interruption of Continuous
Service. The Committee or its delegate, in its sole discretion, may determine
whether Continuous Service shall be considered interrupted in the case of any
leave of absence approved by that party, including sick leave, military leave or
any other personal or family leave of absence.</P>
<P align=justify style="text-indent:5%" dir="ltr">&#147;<B>Covered Employee</B>&#148; has the same meaning as set forth in
Section 162(m)(3) of the Code, as interpreted by IRS Notice 2007-49.</P>
<P align=justify style="text-indent:5%" dir="ltr">&#147;<B>Deferred Stock Units (DSUs)</B>&#148; has the meaning set forth
in <I>Section 7.2</I> hereof. </P>
<P align=justify style="text-indent:5%" dir="ltr">&#147;<B>Director</B>&#148; means a member of the Board.</P>
<P align=justify style="text-indent:5%" dir="ltr">&#147;<B>Disability</B>&#148; means that the Participant is unable to
engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment; <I>provided, however,</I> for
purposes of determining the term of an Incentive Stock Option pursuant to
<B><I>Section </I>6.10</B> hereof, the term Disability shall have the
meaning ascribed to it under Section 22(e)(3) of the Code. The determination of
whether an individual has a Disability shall be determined under procedures
established by the Committee. Except in situations where the Committee is
determining Disability for purposes of the term of an Incentive Stock Option
pursuant to <B><I>Section </I>6.10</B> hereof within the meaning of
Section 22(e)(3) of the Code, the Committee may rely on any determination that a
Participant is disabled for purposes of benefits under any long-term disability
plan maintained by the Company or any Affiliate in which a Participant
participates.</P>
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<P align=justify style="text-indent:5%" dir="ltr">&#147;<B>Disqualifying Disposition</B>&#148; has the meaning set forth in
<B><I>Section </I>14.12</B>. </P>
<P align=justify style="text-indent:5%" dir="ltr">&#147;<B>Effective Date</B>&#148; shall mean the date as of which this
Plan is adopted by the Board.</P>
<P align=justify style="text-indent:5%" dir="ltr">&#147;<B>Employee</B>&#148; means any person, including an Officer or
Director, employed by the Company or an Affiliate; <I>provided, that, </I>for
purposes of determining eligibility to receive Incentive Stock Options, an
Employee shall mean an employee of the Company or a parent or subsidiary
corporation within the meaning of Section 424 of the Code. Mere service as a
Director or payment of a director's fee by the Company or an Affiliate shall not
be sufficient to constitute &#147;employment&#148; by the Company or an Affiliate.</P>
<P align=justify style="text-indent:5%" dir="ltr">&#147;<B>Exchange Act</B>&#148; means the Securities Exchange Act of
1934, as amended.</P>
<P align=justify style="text-indent:5%" dir="ltr">&#147;<B>Fair Market Value</B>&#148; means, as of any date, the value of
the Common Stock as determined below. If the Common Stock is listed on any
established stock exchange or a national market system, including without
limitation, the New York Stock Exchange or the NASDAQ Stock Market, the Fair
Market Value shall be the closing price of a share of Common Stock (or if no
sales were reported the closing price on the date immediately preceding such
date) as quoted on such exchange or system on the day of determination, as
reported in the <I>Wall Street Journal</I> or similar publication. In the
absence of an established market for the Common Stock, the Fair Market Value
shall be determined in good faith by the Committee and such determination shall
be conclusive and binding on all persons.</P>
<P align=justify style="text-indent:5%" dir="ltr">&#147;<B>Free Standing Rights</B>&#148; has the meaning set forth in
<B><I>Section </I>7.1(a) </B>.</P>
<P align=justify style="text-indent:5%" dir="ltr">&nbsp;&#147;<B>Grant Date</B>&#148; means the date on which the Committee
adopts a resolution, or takes other appropriate action, expressly granting an
Award to a Participant that specifies the key terms and conditions of the Award
or, if a later date is set forth in such resolution, then such date as is set
forth in such resolution.</P>
<P align=justify style="text-indent:5%" dir="ltr">&#147;<B>Incentive Stock Option</B>&#148; means an Option intended to
qualify as an incentive stock option within the meaning of Section 422 of the
Code.</P>
<P align=justify style="text-indent:5%" dir="ltr">&#147;<B>Incumbent Directors</B>&#148; means individuals who, on the
Effective Date, constitute the Board, <I>provided that</I> any individual
becoming a Director subsequent to the Effective Date whose election or
nomination for election to the Board was approved by a vote of at least
two-thirds of the Incumbent Directors then on the Board (either by a specific
vote or by approval of the proxy statement of the Company in which such person
is named as a nominee for Director without objection to such nomination) shall
be an Incumbent Director. No individual initially elected or nominated as a
director of the Company as a result of an actual or threatened election contest
with respect to Directors or as a result of any other actual or threatened
solicitation of proxies by or on behalf of any person other than the Board shall
be an Incumbent Director.</P>
<p align="center" dir="ltr">44</p>
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<P align=justify style="text-indent:5%" dir="ltr">&#147;<B>Negative Discretion</B>&#148; means the discretion authorized by
the Plan to be applied by the Committee to eliminate or reduce the size of a
Performance Compensation Award in accordance with Section 7.4(d)(iv) of the
Plan; <I style="text-indent:5%">provided</I>, <I>that</I>, the exercise of such discretion would not
cause the Performance Compensation Award to fail to qualify as
&#147;performance-based compensation&#148; under Section 162(m) of the Code.</P>
<P align=justify style="text-indent:5%" dir="ltr">&#147;<B>Non-Employee Director</B>&#148; means a Director who is a
&#147;non-employee director&#148; within the meaning of Rule 16b-3.</P>
<P align=justify style="text-indent:5%" dir="ltr">&#147;<B>Non-qualified Stock Option</B>&#148; means an Option that by its
terms does not qualify or is not intended to qualify as an Incentive Stock
Option.</P>
<P align=justify style="text-indent:5%" dir="ltr">&#147;<B>Officer</B>&#148; means a person who is an officer of the
Company within the meaning of Section 16 of the Exchange Act and the rules and
regulations promulgated thereunder.</P>
<P align=justify style="text-indent:5%" dir="ltr">&#147;<B>Option</B>&#148; means an Incentive Stock Option or a
Non-qualified Stock Option granted pursuant to the Plan.</P>
<P align=justify style="text-indent:5%" dir="ltr">&#147;<B>Optionholder</B>&#148; means a person to whom an Option is
granted pursuant to the Plan or, if applicable, such other person who holds an
outstanding Option.</P>
<P align=justify style="text-indent:5%" dir="ltr">&#147;<B>Option Exercise Price</B>&#148; means the price at which a share
of Common Stock may be purchased upon the exercise of an Option.</P>
<P align=justify style="text-indent:5%" dir="ltr">&#147;<B>Outside Director</B>&#148; means a Director who is an &#147;outside
director&#148; within the meaning of Section 162(m) of the Code and Treasury
Regulations Section 1.162 -27(e)(3) or any successor to such statute and
regulation.</P>
<P align=justify style="text-indent:5%" dir="ltr">&#147;<B>Participant</B>&#148; means an eligible person to whom an Award
is granted pursuant to the Plan or, if applicable, such other person who holds
an outstanding Award.</P>
<P align=justify style="text-indent:5%" dir="ltr">&#147;<B>Performance Compensation Award</B>&#148; means any Award
designated by the Committee as a Performance Compensation Award pursuant to
Section 7.4 of the Plan.</P>
<P align=justify style="text-indent:5%" dir="ltr">&#147;<B>Performance Criteria</B>&#148; means the criterion or criteria
that the Committee shall select for purposes of establishing the Performance
Goal(s) for a Performance Period with respect to any Performance Compensation
Award under the Plan. The Performance Criteria that will be used to establish
the Performance Goal(s) shall be based on the attainment of specific levels of
performance of the Company (or Affiliate, division, business unit or operational
unit of the Company) and may include the following: (a) net earnings or net
income (before or after taxes); (b) basic or diluted earnings per share (before
or after taxes); (c) net revenue or net revenue growth; (d) gross revenue; (e)
gross profit or gross profit growth; (f) net operating profit (before or after
taxes); (g) return on assets, capital, invested capital, equity, or sales; (h)
cash flow (including, but not limited to, operating cash flow, free cash flow,
and cash flow return on capital); (i) earnings before or after taxes, interest, depreciation and/or amortization; (j) gross or operating margins; (k) improvements in capital structure; (l) budget and expense management; (m) productivity ratios; (n) economic value added or other value added
measurements; (o) share price (including, but not limited to, growth measures and total shareholder return); (p) expense targets; (q) margins; (r) operating efficiency; (s) working capital targets; (t) enterprise value; (u) safety record; (v)
completion of acquisitions or business expansion; (w) achieving research and development goals and milestones; (x) achieving product commercialization goals; and (y) other criteria as may be set by the Committee from time to time. </P>
<P align=center dir="ltr">45</P>
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<P align=justify style="text-indent:5%" dir="ltr">Any one or more of the Performance Criteria may be used on an absolute or relative basis to measure the performance of the Company and/or an Affiliate as a whole or any division, business unit or operational unit of the
  Company and/or an Affiliate or any combination thereof, as the Committee may deem appropriate, or as compared to the performance of a group of comparable companies, or published or special index that the Committee, in its sole discretion, deems
  appropriate, or the Committee may select Performance Criterion (o) above as compared to various stock market indices. The Committee also has the authority to provide for accelerated vesting of any Award based on the achievement of Performance Goals
  pursuant to the Performance Criteria specified in this paragraph. To the extent required under Section 162(m) of the Code, the Committee shall, within the first 90 days of a Performance Period (or, if longer or shorter, within the maximum period
  allowed under Section 162(m) of the Code), define in an objective fashion the manner of calculating the Performance Criteria it selects to use for such Performance Period. In the event that applicable tax and/or securities laws change to permit the
Committee discretion to alter the governing Performance Criteria without obtaining shareholder approval of such changes, the Committee shall have sole discretion to make such changes without obtaining shareholder approval.</P>
<P align=justify style="text-indent:5%" dir="ltr"><B>Performance Formula</B>&rdquo; means, for a Performance Period, the one or more objective formulas applied against the relevant Performance Goal to determine, with regard to the Performance Compensation Award
of a particular Participant, whether all, some portion but less than all, or none of the Performance Compensation Award has been earned for the Performance Period.</P>
<P align=justify style="text-indent:5%" dir="ltr"><B>Performance Goals</B>&rdquo; means, for a Performance Period, the one or more goals established by the Committee for the Performance Period based upon the Performance Criteria. The Committee is authorized at
any time during the first 90 days of a Performance Period (or, if longer or shorter, within the maximum period allowed under Section 162(m) of the Code), or at any time thereafter (but only to the extent the exercise of such authority after such
period would not cause the Performance Compensation Awards granted to any Participant for the Performance Period to fail to qualify as &ldquo;performance-based compensation&rdquo; under Section 162(m) of the Code), in its sole and absolute
discretion, to adjust or modify the calculation of a Performance Goal for such Performance Period to the extent permitted under Section 162(m) of the Code in order to prevent the dilution or enlargement of the rights of Participants based on the following events: (a) asset write-downs; (b) litigation or claim judgments or settlements; (c) the effect of changes in tax laws, accounting principles, or other laws or
regulatory rules affecting reported results; (d) any reorganization and restructuring programs; (e) extraordinary nonrecurring items as described in Accounting Principles Board Opinion No. 30 (or any successor or pronouncement thereto) and/or in
management's discussion and analysis of financial condition and results of operations appearing in the Company's annual report to shareholders for the applicable year; (f) acquisitions or divestitures; (g) any other specific unusual or nonrecurring
events, or objectively determinable category thereof; (h) foreign exchange gains and losses; and (i) a change in the Company's fiscal year. </P>

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<P align=justify style="text-indent:5%" dir="ltr"><B>Performance Period</B>&rdquo; means the one or more periods of time not less than one fiscal quarter in duration, as the Committee may select, over which the attainment of one or more Performance Goals will be
  measured for the purpose of determining a Participant's right to and the payment of a Performance Compensation Award.
</p>
<P align=justify style="text-indent:5%" dir="ltr"><B>Performance Share Award</B>&rdquo; means any Award granted pursuant to <B>Section 7.3</B> hereof.</P>
<P align=justify style="text-indent:5%" dir="ltr"><B>Performance Share</B>&rdquo; means the grant of a right to receive a number of actual shares of Common Stock or share units based upon the performance of the Company during a Performance Period, as determined
by the Committee. </P>
<P align=justify style="text-indent:5%" dir="ltr"><B>Permitted Transferee</B>&rdquo; means: (a) a member of the Optionholder's immediate family (child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew,
mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships), any person sharing the Optionholder's household (other than a tenant or employee), a trust in which these persons have
more than 50% of the beneficial interest, a foundation in which these persons (or the Optionholder) control the management of assets, and any other entity in which these persons (or the Optionholder) own more than 50% of the voting interests; (b)
third parties designated by the Committee in connection with a program established and approved by the Committee pursuant to which Participants may receive a cash payment or other consideration in consideration for the transfer of a Non-qualified
Stock Option; and (c) such other transferees as may be permitted by the Committee in its sole discretion. </P>
<P align=justify style="text-indent:5%" dir="ltr"><B>Plan</B>&rdquo; means this Lightbridge Corporation 2015 Equity Incentive Plan, as amended and/or amended and restated from time to time. </P>
<P align=justify style="text-indent:5%" dir="ltr"><B>Related Rights</B>&rdquo; has the meaning set forth in <B><I>Section </I>7.1(a) </B>. </P>
<P align=justify style="text-indent:5%" dir="ltr"><B>Restricted Award</B>&rdquo; means any Award granted pursuant to <B><I>Section </I>7.2(a) </B>.</P>

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<P align=justify style="text-indent:5%" dir="ltr"><B>Restricted Period</B>&rdquo; has the meaning set forth in <B><I>Section </I>7.2(a) </B>.</P>
<P align=justify style="text-indent:5%" dir="ltr"><B>Restricted Stock</B>&rdquo; has the meaning set forth in <B><I>Section </I>7.2(a) </B>. </P>
<P align=justify style="text-indent:5%" dir="ltr"><B>Restricted Stock Units</B>&rdquo; has the meaning set forth in <B><I>Section </I>7.2(a) </B>. </P>
<P align=justify style="text-indent:5%" dir="ltr"><B>Rule 16b-3</B>&rdquo; means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect from time to time. </P>
<P align=justify style="text-indent:5%" dir="ltr"><B>Securities Act</B>&rdquo; means the Securities Act of 1933, as amended.</P>
<P align=justify style="text-indent:5%" dir="ltr"><B>Stock Appreciation Right</B>&rdquo; means the right pursuant to an Award granted under <B><I>Section </I>7.1</B> to receive, upon exercise, an amount payable in cash or shares equal to the number of
shares subject to the Stock Appreciation Right that is being exercised multiplied by the excess of (a) the Fair Market Value of a share of Common Stock on the date the Award is exercised, over (b) the exercise price specified in the Stock
Appreciation Right Award Agreement.</P>
<P align=justify style="text-indent:5%" dir="ltr"><B>Stock for Stock Exchange</B>&rdquo; has the meaning set forth in <B><I>Section </I>6.4</B>. </P>
<P align=justify style="text-indent:5%" dir="ltr"><B>Ten Percent Shareholder</B>&rdquo; means a person who owns (or is deemed to own pursuant to Section 424(d) of the Code) stock possessing more than 10% of the total combined voting power of all classes of stock
of the Company or of any of its Affiliates. </P>
<TABLE BCLLIST style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0" dir="ltr">
<TR>
	<TD width=5% valign=top dir="ltr">
<p dir="ltr">3. 	</TD>
	<TD dir="ltr">
<P align="justify" dir="ltr"><U>Administration</U>.</P>
	</TD>
</TR>
</TABLE>
<P align=justify style="text-indent:5%" dir="ltr">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Authority of Committee</U>. The Plan shall be administered by the Committee or, in the Board's sole discretion, by the Board. Subject to the terms of the Plan, the Committee's charter and Applicable Laws, and in
addition to other express powers and authorization conferred by the Plan, the Committee shall have the authority:</P>
<P align=justify style="text-indent:10%" dir="ltr">
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to construe and interpret the Plan and apply its provisions;</P>
<P align=justify style="text-indent:10%" dir="ltr">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to promulgate, amend, and rescind rules and regulations relating to the administration of the Plan;</P>
<P align=justify style="text-indent:10%" dir="ltr">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to authorize any person to execute, on behalf of the Company, any instrument required to carry out the purposes of the Plan; </P>
<P align=justify style="text-indent:10%" dir="ltr">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to delegate its authority to one or more Officers of the Company with respect to Awards that do not involve Covered Employees or &ldquo;insiders&rdquo; within the meaning of Section 16 of the Exchange Act; </P>
<P align=justify style="text-indent:10%" dir="ltr">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to determine when Awards are to be granted under the Plan and the applicable Grant Date;</P>

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<P align=justify style="text-indent:10%" dir="ltr">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from time to time to select, subject to the limitations set forth in this Plan, those Participants to whom Awards shall be granted;</P>
<P align=justify style="text-indent:10%" dir="ltr">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to determine the number of shares of Common Stock to be made subject to each Award;</P>
<P align=justify style="text-indent:10%" dir="ltr">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to determine whether each Option is to be an Incentive Stock Option or a Non-qualified Stock Option;</P>
<P align=justify style="text-indent:10%" dir="ltr">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to prescribe the terms and conditions of each Award, including, without limitation, the exercise price and medium of payment and vesting provisions, and to specify the provisions of the Award Agreement relating to
such grant;</P>
<P align=justify style="text-indent:10%" dir="ltr">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to determine the target number of Performance Shares to be granted pursuant to a Performance Share Award, the performance measures that will be used to establish the performance goals, the performance period(s) and
the number of Performance Shares earned by a Participant;</P>
<P align=justify style="text-indent:10%" dir="ltr">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to designate an Award (including a cash bonus) as a Performance Compensation Award and to select the Performance Criteria that will be used to establish the Performance Goals;</P>
<P align=justify style="text-indent:10%" dir="ltr">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to amend any outstanding Awards, including for the purpose of modifying the time or manner of vesting, or the term of any outstanding Award; <I>provided, however</I>, that if any such amendment impairs a
Participant's rights or increases a Participant's obligations under his or her Award or creates or increases a Participant's federal income tax liability with respect to an Award, such amendment shall also be subject to the Participant's
consent;</P>
<P align=justify style="text-indent:10%" dir="ltr">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to determine the duration and purpose of leaves of absences which may be granted to a Participant without constituting termination of their employment for purposes of the Plan, which periods shall be no shorter than
the periods generally applicable to Employees under the Company's employment policies;</P>
<P align=justify style="text-indent:10%" dir="ltr">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to make decisions with respect to outstanding Awards that may become necessary upon a change in corporate control or an event that triggers anti-dilution adjustments;</P>
<P align=justify style="text-indent:10%" dir="ltr">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to interpret, administer, reconcile any inconsistency in, correct any defect in and/or supply any omission in the Plan and any instrument or agreement relating to, or Award granted under, the Plan; and</P>
<P align=justify style="text-indent:10%" dir="ltr">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to exercise discretion to make any and all other determinations which it determines to be necessary or advisable for the administration of the Plan.</P>

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<P align=justify style="text-indent:5%" dir="ltr">The Committee also may modify the purchase price or the exercise price of any outstanding Award, <I>provided that</I> if the modification effects a repricing, shareholder approval shall be required before the repricing
is effective.</P>
<P align=justify style="text-indent:5%" dir="ltr">3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Committee Decisions Final</U>. All decisions made by the Committee pursuant to the provisions of the Plan shall be final and binding on the Company and the Participants, unless such decisions are determined by a
court having jurisdiction to be arbitrary and capricious. </P>
<P align=justify style="text-indent:5%" dir="ltr">3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delegation</U>. The Committee, or if no Committee has been appointed, the Board, may delegate administration of the Plan to a committee or committees of one or more members of the Board, and the term
&ldquo;<B>Committee</B>&rdquo; shall apply to any person or persons to whom such authority has been delegated. The Committee shall have the power to delegate to a subcommittee any of the administrative powers the Committee is authorized to exercise
(and references in this Plan to the Board or the Committee shall thereafter be to the committee or subcommittee), subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the
Board. The Board may abolish the Committee at any time and revest in the Board the administration of the Plan. The members of the Committee shall be appointed by and serve at the pleasure of the Board. From time to time, the Board may increase or
decrease the size of the Committee, add additional members to, remove members (with or without cause) from, appoint new members in substitution therefor, and fill vacancies, however caused, in the Committee. The Committee shall act pursuant to a
vote of the majority of its members or, in the case of a Committee comprised of only two members, the unanimous consent of its members, whether present or not, or by the written consent of the majority of its members and minutes shall be kept of all
of its meetings and copies thereof shall be provided to the Board. Subject to the limitations prescribed by the Plan and the Board, the Committee may establish and follow such rules and regulations for the conduct of its business as it may determine
to be advisable.</P>
<P align=justify style="text-indent:5%" dir="ltr">3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Committee Composition</U>. Except as otherwise determined by the Board, the Committee shall consist solely of two or more Non-Employee Directors who are also Outside Directors. The Board shall have discretion to
determine whether or not it intends to comply with the exemption requirements of Rule 16b-3 and/or Section 162(m) of the Code. However, if the Board intends to satisfy such exemption requirements, with respect to Awards to any Covered Employee and
with respect to any insider subject to Section 16 of the Exchange Act, the Committee shall be a compensation committee of the Board that at all times consists solely of two or more Non-Employee Directors who are also Outside Directors. Within the
scope of such authority, the Board or the Committee may (a) delegate to a committee of one or more members of the Board who are not Outside Directors the authority to grant Awards to eligible persons who are either (i) not then Covered Employees and
are not expected to be Covered Employees at the time of recognition of income resulting from such Award or (ii) not persons with respect to whom the Company wishes to comply with Section 162(m) of the Code or (b) delegate to a committee of one or more members of the Board who are not Non-Employee Directors the authority to grant Awards to eligible persons who are not then subject to
Section 16 of the Exchange Act. Nothing herein shall create an inference that an Award is not validly granted under the Plan in the event Awards are granted under the Plan by a compensation committee of the Board that does not at all times consist
solely of two or more Non-Employee Directors who are also Outside Directors. </P>

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<P align=justify style="text-indent:5%" dir="ltr">3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification</U>. In addition to such other rights of indemnification as they may have as Directors or members of the Committee, and to the extent allowed by Applicable Laws, the Committee shall be indemnified
  by the Company against the reasonable expenses, including attorney's fees, actually incurred in connection with any action, suit or proceeding or in connection with any appeal therein, to which the Committee may be party by reason of any action
  taken or failure to act under or in connection with the Plan or any Award granted under the Plan, and against all amounts paid by the Committee in settlement thereof (<I>provided, however</I>, that the settlement has been approved by the Company,
  which approval shall not be unreasonably withheld) or paid by the Committee in satisfaction of a judgment in any such action, suit or proceeding, except in relation to matters as to which it shall be adjudged in such action, suit or proceeding that
  such Committee did not act in good faith and in a manner which such person reasonably believed to be in the best interests of the Company, or in the case of a criminal proceeding, had no reason to believe that the conduct complained of was unlawful;
<I>provided, however</I>, that within 60 days after institution of any such action, suit or proceeding, such Committee shall, in writing, offer the Company the opportunity at its own expense to handle and defend such action, suit or proceeding.</P>
<TABLE BCLLIST style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0" dir="ltr">
<TR>
	<TD width=5% valign=top dir="ltr">
<p dir="ltr">4. 	</TD>
	<TD dir="ltr">
<P align="justify" dir="ltr"><U>Shares Subject to the Plan</U>.</P>
	</TD>
</TR>
</TABLE>
<P align=justify style="text-indent:5%" dir="ltr">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to adjustment in accordance with <B><I>Section </I>11</B>, a total of three million (3,000,000) shares of Common Stock shall be available for the grant of Awards under the Plan. Any shares of Common
Stock granted in connection with Options and Stock Appreciation Rights shall be counted against this limit as one (1) share for every one (1) Option or Stock Appreciation Right awarded. Any shares of Common Stock granted in connection with Awards
other than Options and Stock Appreciation Rights shall be counted against this limit as two (2) shares of Common Stock for every one (1) share of Common Stock granted in connection with such Award. During the terms of the Awards, the Company shall
keep available at all times the number of shares of Common Stock required to satisfy such Awards.</P>
<P align=justify style="text-indent:5%" dir="ltr">4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of Common Stock available for distribution under the Plan may consist, in whole or in part, of authorized and unissued shares, treasury shares or shares reacquired by the Company in any manner. </P>

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<P align=justify style="text-indent:5%" dir="ltr">4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to adjustment in accordance with <B><I>Section </I>11</B>, no Participant shall be granted, during any one (1) year period, Options to purchase Common Stock and Stock Appreciation Rights with respect
to more than two hundred fifty thousand (250,000) shares of Common Stock in the aggregate or any other Awards with respect to more than two hundred fifty thousand (250,000) shares of Common Stock in the aggregate. If an Award is to be settled in
cash, the number of shares of Common Stock on which the Award is based shall count toward the individual share limit set forth in this Section 4.</P>
<P align=justify style="text-indent:5%" dir="ltr">4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any shares of Common Stock subject to an Award that is canceled, forfeited or expires prior to exercise or realization, either in full or in part, shall again become available for issuance under the Plan. Any shares
of Common Stock that again become available for future grants pursuant to this Section 4.4 shall be added back as one (1) share if such shares were subject to Options or Stock Appreciation Rights and as two (2) shares if such shares were subject to
other Awards. Notwithstanding anything to the contrary contained herein: shares subject to an Award under the Plan shall not again be made available for issuance or delivery under the Plan if such shares are (a) shares tendered in payment of an
Option, (b) shares delivered or withheld by the Company to satisfy any tax withholding obligation, or (c) shares covered by a stock-settled Stock Appreciation Right or other Awards that were not issued upon the settlement of the Award.</P>
<TABLE BCLLIST style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0" dir="ltr">
<TR>
	<TD width=5% valign=top nowrap dir="ltr">
<p dir="ltr">5. 	</TD>
	<TD nowrap dir="ltr">
<P align="justify" dir="ltr"><U>Eligibility</U>.</P>
	</TD>
</TR>
</TABLE>
<P align=justify style="text-indent:5%" dir="ltr">5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Eligibility for Specific Awards</U>. Incentive Stock Options may be granted only to Employees. Awards other than Incentive Stock Options may be granted to Employees, Consultants and Directors and those
individuals whom the Committee determines are reasonably expected to become Employees, Consultants and Directors following the Grant Date.</P>
<P align=justify style="text-indent:5%" dir="ltr">5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Ten Percent Shareholders</U>. A Ten Percent Shareholder shall not be granted an Incentive Stock Option unless the Option Exercise Price is at least 110% of the Fair Market Value of the Common Stock at the Grant
Date and the Option is not exercisable after the expiration of five years from the Grant Date.</P>
<P align="justify" dir="ltr">
6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Option Provisions</U>. Each Option granted under the Plan shall be evidenced by an Award Agreement. Each Option so granted shall be subject to the conditions set forth in this Section 6, and to such other conditions not inconsistent with the
Plan as may be reflected in the applicable Award Agreement. All Options shall be separately designated Incentive Stock Options or Non-qualified Stock Options at the time of grant, and, if certificates are issued, a separate certificate or
certificates will be issued for shares of Common Stock purchased on exercise of each type of Option. Notwithstanding the foregoing, the Company shall have no liability to any Participant or any other person if an Option designated as an Incentive
Stock Option fails to qualify as such at any time or if an Option is determined to constitute &ldquo;nonqualified deferred compensation&rdquo; within the meaning of Section 409A of the Code and the terms of such Option do not satisfy the requirements of Section 409A of the Code. The provisions of separate Options need not be identical, but each Option shall include (through incorporation of
provisions hereof by reference in the Option or otherwise) the substance of each of the following provisions:</P>

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<P align=justify style="text-indent:5%" dir="ltr">6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term</U>. Subject to the provisions of <B><I>Section </I>5.2</B> regarding Ten Percent Shareholders, no Incentive Stock Option shall be exercisable after the expiration of 10 years from the Grant Date. The
term of a Non-qualified Stock Option granted under the Plan shall be determined by the Committee; <I>provided, however</I>, no Non-qualified Stock Option shall be exercisable after the expiration of 10 years from the Grant Date. </P>
<P align=justify style="text-indent:5%" dir="ltr">6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exercise Price of An Incentive Stock Option</U>. Subject to the provisions of <B><I>Section </I>5.2</B> regarding Ten Percent Shareholders, the Option Exercise Price of each Incentive Stock Option shall be
not less than 100% of the Fair Market Value of the Common Stock subject to the Option on the Grant Date. Notwithstanding the foregoing, an Incentive Stock Option may be granted with an Option Exercise Price lower than that set forth in the preceding
sentence if such Option is granted pursuant to an assumption or substitution for another option in a manner satisfying the provisions of Section 424(a) of the Code.</P>
<P align=justify style="text-indent:5%" dir="ltr">6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exercise Price of a Non-qualified Stock Option</U>. The Option Exercise Price of each Non-qualified Stock Option shall be not less than 100% of the Fair Market Value of the Common Stock subject to the Option on
the Grant Date. Notwithstanding the foregoing, a Non-qualified Stock Option may be granted with an Option Exercise Price lower than that set forth in the preceding sentence if such Option is granted pursuant to an assumption or substitution for
another option in a manner satisfying the provisions of Section 409A of the Code. </P>
<P align=justify style="text-indent:5%" dir="ltr">6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Consideration</U>. The Option Exercise Price of Common Stock acquired pursuant to an Option shall be paid, to the extent permitted by applicable statutes and regulations, either (a) in cash or by certified or
bank check at the time the Option is exercised or (b) in the discretion of the Committee, upon such terms as the Committee shall approve, the Option Exercise Price may be paid: (i) by delivery to the Company of other Common Stock, duly endorsed for
transfer to the Company, with a Fair Market Value on the date of delivery equal to the Option Exercise Price (or portion thereof) due for the number of shares being acquired, or by means of attestation whereby the Participant identifies for delivery
specific shares of Common Stock that have an aggregate Fair Market Value on the date of attestation equal to the Option Exercise Price (or portion thereof) and receives a number of shares of Common Stock equal to the difference between the number of
shares thereby purchased and the number of identified attestation shares of Common Stock (a &ldquo;<B>Stock for Stock Exchange</B>&rdquo;); (ii) a &ldquo;cashless&rdquo; exercise program established with a broker; (iii) by reduction in the number of
shares of Common Stock otherwise deliverable upon exercise of such Option with a Fair Market Value equal to the aggregate Option Exercise Price at the time of exercise; (iv) any combination of the foregoing methods; or (v) in any other form of legal consideration that
may be acceptable to the Committee. Unless otherwise specifically provided in
the Option, the exercise price of Common Stock acquired pursuant to an Option
that is paid by delivery (or attestation) to the Company of other Common Stock
acquired, directly or indirectly from the Company, shall be paid only by shares
of the Common Stock of the Company that have been held for more than six months
(or such longer or shorter period of time required to avoid a charge to earnings
for financial accounting purposes). Notwithstanding the foregoing, during any
period for which the Common Stock is publicly traded (i.e., the Common Stock is
listed on any established stock exchange or a national market system) an
exercise by a Director or Officer that involves or may involve a direct or
indirect extension of credit or arrangement of an extension of credit by the
Company, directly or indirectly, in violation of Section 402(a) of the
Sarbanes-Oxley Act of 2002 shall be prohibited with respect to any Award under
this Plan.</P>

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<P align=justify style="text-indent:5%" dir="ltr">6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transferability of An
  Incentive Stock Option</U>. An Incentive Stock Option shall not be transferable
  except by will or by the laws of descent and distribution and shall be
  exercisable during the lifetime of the Optionholder only by the Optionholder.
  Notwithstanding the foregoing, the Optionholder may, by delivering written
  notice to the Company, in a form satisfactory to the Company, designate a third
  party who, in the event of the death of the Optionholder, shall thereafter be
entitled to exercise the Option.</P>
<P align=justify style="text-indent:5%" dir="ltr">6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transferability of a
Non-qualified Stock Option</U>. A Non-qualified Stock Option may, in the sole
discretion of the Committee, be transferable to a Permitted Transferee, upon
written approval by the Committee to the extent provided in the Award Agreement.
If the Non-qualified Stock Option does not provide for transferability, then the
Non-qualified Stock Option shall not be transferable except by will or by the
laws of descent and distribution and shall be exercisable during the lifetime of
the Optionholder only by the Optionholder. Notwithstanding the foregoing, the
Optionholder may, by delivering written notice to the Company, in a form
satisfactory to the Company, designate a third party who, in the event of the
death of the Optionholder, shall thereafter be entitled to exercise the
Option.</P>
<P align=justify style="text-indent:5%" dir="ltr">6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Vesting of Options</U>.
Each Option may, but need not, vest and therefore become exercisable in periodic
installments that may, but need not, be equal. The Option may be subject to such
other terms and conditions on the time or times when it may be exercised (which
may be based on performance or other criteria) as the Committee may deem
appropriate. The vesting provisions of individual Options may vary. No Option
may be exercised for a fraction of a share of Common Stock. The Committee may,
but shall not be required to, provide for an acceleration of vesting and
exercisability in the terms of any Award Agreement upon the occurrence of a
specified event. </P>
<P align=justify style="text-indent:5%" dir="ltr">6.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination of Continuous
Service</U>. Unless otherwise provided in an Award Agreement or in an employment
agreement the terms of which have been approved by the Committee, in the event
an Optionholder's Continuous Service terminates (other than upon the
Optionholder's death or Disability), the Optionholder may exercise his or her
Option (to the extent that the Optionholder was entitled to exercise such Option
as of the date of termination) but only within such period of time ending on the
earlier of (a) the date three months following the termination of the
Optionholder's Continuous Service or (b) the expiration of the term of the
Option as set forth in the Award Agreement; <I>provided that</I>, if the
termination of Continuous Service is by the Company for Cause, all outstanding
Options (whether or not vested) shall immediately terminate and cease to be
exercisable. If, after termination, the Optionholder does not exercise his or
her Option within the time specified in the Award Agreement, the Option shall
terminate.</P>
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<P align=justify style="text-indent:5%" dir="ltr">6.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Extension of Termination
Date</U>. An Optionholder's Award Agreement may also provide that if the
exercise of the Option following the termination of the Optionholder's
Continuous Service for any reason would be prohibited at any time because the
issuance of shares of Common Stock would violate the registration requirements
under the Securities Act or any other state or federal securities law or the
rules of any securities exchange or interdealer quotation system, then the
Option shall terminate on the earlier of (a) the expiration of the term of the
Option in accordance with <B><I>Section </I>6.1</B> or (b) the expiration
of a period after termination of the Participant's Continuous Service that is
three months after the end of the period during which the exercise of the Option
would be in violation of such registration or other securities law
requirements.</P>
<P align=justify style="text-indent:5%" dir="ltr">6.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disability of
Optionholder</U>. Unless otherwise provided in an Award Agreement, in the event
that an Optionholder's Continuous Service terminates as a result of the
Optionholder's Disability, the Optionholder may exercise his or her Option (to
the extent that the Optionholder was entitled to exercise such Option as of the
date of termination), but only within such period of time ending on the earlier
of (a) the date 12 months following such termination or (b) the expiration of
the term of the Option as set forth in the Award Agreement. If, after
termination, the Optionholder does not exercise his or her Option within the
time specified herein or in the Award Agreement, the Option shall terminate.</P>
<P align=justify style="text-indent:5%" dir="ltr">6.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Death of
Optionholder</U>. Unless otherwise provided in an Award Agreement, in the event
an Optionholder's Continuous Service terminates as a result of the
Optionholder's death, then the Option may be exercised (to the extent the
Optionholder was entitled to exercise such Option as of the date of death) by
the Optionholder's estate, by a person who acquired the right to exercise the
Option by bequest or inheritance or by a person designated to exercise the
Option upon the Optionholder's death, but only within the period ending on the
earlier of (a) the date 12 months following the date of death or (b) the
expiration of the term of such Option as set forth in the Award Agreement. If,
after the Optionholder's death, the Option is not exercised within the time
specified herein or in the Award Agreement, the Option shall terminate.</P>
<P align=justify style="text-indent:5%" dir="ltr">6.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Incentive Stock Option
$100,000 Limitation</U>. To the extent that the aggregate Fair Market Value
(determined at the time of grant) of Common Stock with respect to which
Incentive Stock Options are exercisable for the first time by any Optionholder
during any calendar year (under all plans of the Company and its Affiliates)
exceeds $100,000, the Options or portions thereof which exceed such limit
(according to the order in which they were granted) shall be treated as
Non-qualified Stock Options.</P>
<!--$$/page=-->
<p dir="ltr" align="center">55</p>
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noShade SIZE=5 dir="ltr">
<p dir="ltr" align="center"><br>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST dir="ltr">

  <TR>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">7. </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr"><U>Provisions of Awards Other Than
  Options</U>.</P></TD></TR></TABLE>
<p dir="ltr"><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST dir="ltr">

  <TR>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">7.1 </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr"><U>Stock Appreciation Rights</U>.</P></TD></TR></TABLE>
<P align=justify style="text-indent:10%" dir="ltr">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>General</B> </P>
<P align=justify style="text-indent:15%" dir="ltr">Each Stock Appreciation Right
granted under the Plan shall be evidenced by an Award Agreement. Each Stock
Appreciation Right so granted shall be subject to the conditions set forth in
this Section 7.1, and to such other conditions not inconsistent with the Plan as
may be reflected in the applicable Award Agreement. Stock Appreciation Rights
may be granted alone (&#147;<B>Free Standing Rights</B>&#148;) or in tandem with an Option
granted under the Plan (&#147;<B>Related Rights</B>&#148;). </P>
<P align=justify style="text-indent:10%" dir="ltr">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Grant Requirements</B> </P>
<P align=justify style="text-indent:15%" dir="ltr">Any Related Right that relates to
a Non-qualified Stock Option may be granted at the same time the Option is
granted or at any time thereafter but before the exercise or expiration of the
Option. Any Related Right that relates to an Incentive Stock Option must be
granted at the same time the Incentive Stock Option is granted.</P>
<P align=justify style="text-indent:10%" dir="ltr">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Term of Stock Appreciation Rights</B> </P>
<P align=justify style="text-indent:15%" dir="ltr">The term of a Stock Appreciation
Right granted under the Plan shall be determined by the Committee; <I>provided,
however</I>, no Stock Appreciation Right shall be exercisable later than the
tenth anniversary of the Grant Date. </P>
<P align=justify style="text-indent:10%" dir="ltr">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Vesting of Stock Appreciation Rights</B> </P>
<P align=justify style="text-indent:15%" dir="ltr">Each Stock Appreciation Right
may, but need not, vest and therefore become exercisable in periodic
installments that may, but need not, be equal. The Stock Appreciation Right may
be subject to such other terms and conditions on the time or times when it may
be exercised as the Committee may deem appropriate. The vesting provisions of
individual Stock Appreciation Rights may vary. No Stock Appreciation Right may
be exercised for a fraction of a share of Common Stock. The Committee may, but
shall not be required to, provide for an acceleration of vesting and
exercisability in the terms of any Stock Appreciation Right upon the occurrence
of a specified event. </P>
<P align=justify style="text-indent:10%" dir="ltr">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Exercise and Payment</B> </P>
<P align=justify style="text-indent:15%" dir="ltr">Upon exercise of a Stock
Appreciation Right, the holder shall be entitled to receive from the Company an
amount equal to the number of shares of Common Stock subject to the Stock
Appreciation Right that is being exercised multiplied by the excess of (i) the Fair Market Value of a share of Common Stock on the
date the Award is exercised, over (ii) the exercise price specified in the Stock
Appreciation Right or related Option. Payment with respect to the exercise of a
Stock Appreciation Right shall be made on the date of exercise. Payment shall be
made in the form of shares of Common Stock (with or without restrictions as to
substantial risk of forfeiture and transferability, as determined by the
Committee in its sole discretion), cash or a combination thereof, as determined
by the Committee.</P>
<P align=center dir="ltr">56</P>
<HR style="PAGE-BREAK-AFTER: always" color=black
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<P align=justify style="text-indent:10%" dir="ltr">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Exercise Price</B> </P>
<P align=justify style="text-indent:15%" dir="ltr">The exercise price of a Free
Standing Stock Appreciation Right shall be determined by the Committee, but
shall not be less than 100% of the Fair Market Value of one share of Common
Stock on the Grant Date of such Stock Appreciation Right. A Related Right
granted simultaneously with or subsequent to the grant of an Option and in
conjunction therewith or in the alternative thereto shall have the same exercise
price as the related Option, shall be transferable only upon the same terms and
conditions as the related Option, and shall be exercisable only to the same
extent as the related Option; <I>provided, however</I>, that a Stock
Appreciation Right, by its terms, shall be exercisable only when the Fair Market
Value per share of Common Stock subject to the Stock Appreciation Right and
related Option exceeds the exercise price per share thereof and no Stock
Appreciation Rights may be granted in tandem with an Option unless the Committee
determines that the requirements of <B><I>Section </I>7.1(b)</B> are
satisfied.</P>
<P align=justify style="text-indent:10%" dir="ltr">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Reduction in the Underlying Option Shares</B> </P>
<P align=justify style="text-indent:15%" dir="ltr">Upon any exercise of a Related
Right, the number of shares of Common Stock for which any related Option shall
be exercisable shall be reduced by the number of shares for which the Stock
Appreciation Right has been exercised. The number of shares of Common Stock for
which a Related Right shall be exercisable shall be reduced upon any exercise of
any related Option by the number of shares of Common Stock for which such Option
has been exercised.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST dir="ltr">

  <TR>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">7.2 </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr"><U>Restricted Awards</U>.</P></TD></TR></TABLE>
<P align=justify style="text-indent:10%" dir="ltr">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>General</B> </P>
<P align=justify style="text-indent:15%" dir="ltr">A Restricted Award is an Award of
actual shares of Common Stock (&#147;<B>Restricted Stock</B>&#148;) or hypothetical Common
Stock units (&#147;<B>Restricted Stock Units</B>&#148;) having a value equal to the Fair
Market Value of an identical number of shares of Common Stock, which may, but
need not, provide that such Restricted Award may not be sold, assigned,
transferred or otherwise disposed of, pledged or hypothecated as collateral for
a loan or as security for the performance of any obligation or for any other
purpose for such period (the &#147;<B>Restricted Period</B>&#148;) as the Committee shall
determine. Each Restricted Award granted under the Plan shall be evidenced by an
Award Agreement. Each Restricted Award so granted shall be subject to the
conditions set forth in this Section 7.2, and to such other conditions not
inconsistent with the Plan as may be reflected in the applicable Award
Agreement. </P>
<P align=center dir="ltr">57</P>
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</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST dir="ltr">

  <TR>
    <TD width="10%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">(b) </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr"><B>Restricted Stock and Restricted Stock
  Units</B></P></TD></TR></TABLE>
<p dir="ltr"><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST dir="ltr">

  <TR>
    <TD width="15%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">(i) </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">Each Participant granted Restricted Stock shall execute
      and deliver to the Company an Award Agreement with respect to the
      Restricted Stock setting forth the restrictions and other terms and
      conditions applicable to such Restricted Stock. If the Committee
      determines that the Restricted Stock shall be held by the Company or in
      escrow rather than delivered to the Participant pending the release of the
      applicable restrictions, the Committee may require the Participant to
      additionally execute and deliver to the Company (A) an escrow agreement
      satisfactory to the Committee, if applicable and (B) the appropriate blank
      stock power with respect to the Restricted Stock covered by such
      agreement. If a Participant fails to execute an agreement evidencing an
      Award of Restricted Stock and, if applicable, an escrow agreement and
      stock power, the Award shall be null and void. Subject to the restrictions
      set forth in the Award, the Participant generally shall have the rights
      and privileges of a shareholder as to such Restricted Stock, including the
      right to vote such Restricted Stock and the right to receive dividends;
      <I>provided that</I>, any cash dividends and stock dividends with respect
      to the Restricted Stock shall be withheld by the Company for the
      Participant's account, and interest may be credited on the amount of the
      cash dividends withheld at a rate and subject to such terms as determined
      by the Committee. The cash dividends or stock dividends so withheld by the
      Committee and attributable to any particular share of Restricted Stock
      (and earnings thereon, if applicable) shall be distributed to the
      Participant in cash or, at the discretion of the Committee, in shares of
      Common Stock having a Fair Market Value equal to the amount of such
      dividends, if applicable, upon the release of restrictions on such share
      and, if such share is forfeited, the Participant shall have no right to
      such dividends.</P></TD></TR>
  <TR>
    <TD width="15%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR>
    <TD width="15%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">(ii) </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">The terms and conditions of a grant of Restricted Stock
      Units shall be reflected in an Award Agreement. No shares of Common Stock
      shall be issued at the time a Restricted Stock Unit is granted, and the
      Company will not be required to set aside a fund for the payment of any
      such Award. A Participant shall have no voting rights with respect to any
      Restricted Stock Units granted hereunder. The Committee may also grant
      Restricted Stock Units with a deferral feature, whereby settlement is
      deferred beyond the vesting date until the occurrence of a future payment
      date or event set forth in an Award Agreement</P></TD></TR></TABLE>
<p dir="ltr" align="center">58<BR>
</p>
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<p dir="ltr"><A name=page_64></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST dir="ltr">

  <TR>
    <TD width="10%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">(c) </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr"><B>Restrictions</B></P></TD></TR></TABLE>
<p dir="ltr"><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST dir="ltr">

  <TR>
    <TD width="15%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">(i) </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">Restricted Stock awarded to a Participant shall be
      subject to the following restrictions until the expiration of the
      Restricted Period, and to such other terms and conditions as may be set
      forth in the applicable Award Agreement: (A) if an escrow arrangement is
      used, the Participant shall not be entitled to delivery of the stock
      certificate; (B) the shares shall be subject to the restrictions on
      transferability set forth in the Award Agreement; (C) the shares shall be
      subject to forfeiture to the extent provided in the applicable Award
      Agreement; and (D) to the extent such shares are forfeited, the stock
      certificates shall be returned to the Company, and all rights of the
      Participant to such shares and as a shareholder with respect to such
      shares shall terminate without further obligation on the part of the
      Company.</P></TD></TR>
  <TR>
    <TD width="15%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD width="5%" dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR>
    <TD width="15%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">(ii) </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">Restricted Stock Units and Deferred Stock Units awarded
      to any Participant shall be subject to (A) forfeiture until the expiration
      of the Restricted Period, and satisfaction of any applicable Performance
      Goals during such period, to the extent provided in the applicable Award
      Agreement, and to the extent such Restricted Stock Units or Deferred Stock
      Units are forfeited, all rights of the Participant to such Restricted
      Stock Units or Deferred Stock Units shall terminate without further
      obligation on the part of the Company and (B) such other terms and
      conditions as may be set forth in the applicable Award
  Agreement.</P></TD></TR></TABLE>
<p dir="ltr" align="center">59<BR>
</p>
<HR style="PAGE-BREAK-AFTER: always" color=black
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<p dir="ltr"><A name=page_65></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST dir="ltr">

  <TR>
    <TD width="15%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">(iii) </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">The Committee shall have the authority to remove any or
      all of the restrictions on the Restricted Stock, Restricted Stock Units
      and Deferred Stock Units whenever it may determine that, by reason of
      changes in Applicable Laws or other changes in circumstances arising after
      the date the Restricted Stock or Restricted Stock Units or Deferred Stock
      Units are granted, such action is appropriate.</P></TD></TR></TABLE>
<p dir="ltr"><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST dir="ltr">

  <TR>
    <TD width="10%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">(d) </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr"><B>Restricted Period</B></P></TD></TR></TABLE>
<P align=justify style="text-indent:15%" dir="ltr">With respect to Restricted
Awards, the Restricted Period shall commence on the Grant Date and end at the
time or times set forth on a schedule established by the Committee in the
applicable Award Agreement. </P>
<P align=justify style="text-indent:15%" dir="ltr">No Restricted Award may be
granted or settled for a fraction of a share of Common Stock. The Committee may,
but shall not be required to, provide for an acceleration of vesting in the
terms of any Award Agreement upon the occurrence of a specified event.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST dir="ltr">

  <TR>
    <TD width="10%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">(e) </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr"><B>Delivery of Restricted Stock and Settlement of
      Restricted Stock Units</B></P></TD></TR></TABLE>
<P align=justify style="text-indent:15%" dir="ltr">Upon the expiration of the
Restricted Period with respect to any shares of Restricted Stock, the
restrictions set forth in <B><I>Section </I>7.2(c)</B> and the applicable
Award Agreement shall be of no further force or effect with respect to such
shares, except as set forth in the applicable Award Agreement. If an escrow
arrangement is used, upon such expiration, the Company shall deliver to the
Participant, or his or her beneficiary, without charge, the stock certificate
evidencing the shares of Restricted Stock which have not then been forfeited and
with respect to which the Restricted Period has expired (to the nearest full
share) and any cash dividends or stock dividends credited to the Participant's
account with respect to such Restricted Stock and the interest thereon, if any.
Upon the expiration of the Restricted Period with respect to any outstanding
Restricted Stock Units, or at the expiration of the deferral period with respect
to any outstanding Deferred Stock Units, the Company shall deliver to the
Participant, or his or her beneficiary, without charge, one share of Common
Stock for each such outstanding vested Restricted Stock Unit or Deferred Stock
Unit (&#147;<B>Vested Unit</B>&#148;) and cash equal to any Dividend Equivalents credited
with respect to each such Vested Unit in accordance with <B><I>Section
</I>7.2(b)(ii)</B> hereof and the interest thereon or, at the discretion
of the Committee, in shares of Common Stock having a Fair Market Value equal to
such Dividend Equivalents and the interest thereon, if any; <I>provided,
however</I>, that, if explicitly provided in the applicable Award Agreement, the
Committee may, in its sole discretion, elect to pay cash or part cash and part
Common Stock in lieu of delivering only shares of Common Stock for Vested Units.
If a cash payment is made in lieu of delivering shares of Common Stock, the
amount of such payment shall be equal to the Fair Market Value of the Common
Stock as of the date on which the Restricted Period lapsed in the case of
Restricted Stock Units, or the delivery date in the case of Deferred Stock
Units, with respect to each Vested Unit.</P>
<P align=center dir="ltr">60</P>
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</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST dir="ltr">

  <TR>
    <TD width="10%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">(f) </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr"><B>Stock Restrictions</B></P></TD></TR></TABLE>
<P align=justify style="text-indent:15%" dir="ltr">Each certificate representing
Restricted Stock awarded under the Plan shall bear a legend in such form as the
Company deems appropriate.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST dir="ltr">

  <TR>
    <TD width="5%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">7.3 </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr"><U>Performance Share
Awards</U>.</P></TD></TR></TABLE>
<p dir="ltr"><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST dir="ltr">

  <TR>
    <TD width="10%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">(a) </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr"><B>Grant of Performance Share
Awards</B></P></TD></TR></TABLE>
<P align=justify style="text-indent:15%" dir="ltr">Each Performance Share Award
granted under the Plan shall be evidenced by an Award Agreement. Each
Performance Share Award so granted shall be subject to the conditions set forth
in this Section 7.3, and to such other conditions not inconsistent with the Plan
as may be reflected in the applicable Award Agreement. The Committee shall have
the discretion to determine: (i) the number of shares of Common Stock or
stock-denominated units subject to a Performance Share Award granted to any
Participant; (ii) the performance period applicable to any Award; (iii) the
conditions that must be satisfied for a Participant to earn an Award; and (iv)
the other terms, conditions and restrictions of the Award.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST dir="ltr">

  <TR>
    <TD width="10%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">(b) </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr"><B>Earning Performance Share
Awards</B></P></TD></TR></TABLE>
<P align=justify style="text-indent:15%" dir="ltr">The number of Performance Shares
earned by a Participant will depend on the extent to which the performance goals
established by the Committee are attained within the applicable Performance
Period, as determined by the Committee. No payout shall be made with respect to
any Performance Share Award except upon written certification by the Committee
that the minimum threshold performance goal(s) have been achieved. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST dir="ltr">

  <TR>
    <TD width="5%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">7.4 </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr"><U>Performance Compensation
Awards</U>.</P></TD></TR></TABLE>
<p dir="ltr"><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST dir="ltr">

  <TR>
    <TD width="10%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">(a) </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr"><B>General</B></P></TD></TR></TABLE>
<P align=justify style="text-indent:15%" dir="ltr">The Committee shall have the
authority, at the time of grant of any Award described in this Plan (other than
Options and Stock Appreciation Rights granted with an exercise price equal to or
greater than the Fair Market Value per share of Common Stock on the Grant Date),
to designate such Award as a Performance Compensation Award in order to qualify
such Award as &#147;performance-based compensation&#148; under Section 162(m) of the Code.
In addition, the Committee shall have the authority to make an Award of a cash
bonus to any Participant and designate such Award as a Performance Compensation
Award in order to qualify such Award as &#147;performance-based compensation&#148; under
Section 162(m) of the Code.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST dir="ltr">

  <TR>
    <TD width="10%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">(b) </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr"><B>Eligibility</B></P></TD></TR></TABLE>
<P align=justify style="text-indent:15%" dir="ltr">The Committee will, in its sole
discretion, designate within the first 90 days of a Performance Period (or, if
longer or shorter, within the maximum period allowed under Section 162(m) of the
Code) which Participants will be eligible to receive Performance Compensation Awards in respect of such Performance
Period. However, designation of a Participant eligible to receive an Award
hereunder for a Performance Period shall not in any manner entitle the
Participant to receive payment in respect of any Performance Compensation Award
for such Performance Period. The determination as to whether or not such
Participant becomes entitled to payment in respect of any Performance
Compensation Award shall be decided solely in accordance with the provisions of
this Section 7.4. Moreover, designation of a Participant eligible to receive an
Award hereunder for a particular Performance Period shall not require
designation of such Participant eligible to receive an Award hereunder in any
subsequent Performance Period and designation of one person as a Participant
eligible to receive an Award hereunder shall not require designation of any
other person as a Participant eligible to receive an Award hereunder in such
period or in any other period.</P>
<P align=center dir="ltr">61</P>
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<P align=justify style="text-indent:10%" dir="ltr">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Discretion of Committee
  with Respect to Performance Compensation Awards</B> With regard to a particular
  Performance Period, the Committee shall have full discretion to select the
  length of such Performance Period (provided any such Performance Period shall be
  not less than one fiscal quarter in duration), the type(s) of Performance
  Compensation Awards to be issued, the Performance Criteria that will be used to
  establish the Performance Goal(s), the kind(s) and/or level(s) of the
  Performance Goal(s) that is (are) to apply to the Company and the Performance
  Formula. Within the first 90 days of a Performance Period (or, if longer or
  shorter, within the maximum period allowed under Section 162(m) of the Code),
  the Committee shall, with regard to the Performance Compensation Awards to be
  issued for such Performance Period, exercise its discretion with respect to each
  of the matters enumerated in the immediately preceding sentence of this Section
7.4(c) and record the same in writing.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST dir="ltr">

  <TR>
    <TD width="10%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">(d) </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr"><B>Payment of Performance Compensation
  Awards</B></P></TD></TR></TABLE>
<p dir="ltr"><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST dir="ltr">

  <TR>
    <TD width="15%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">(i) </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr"><U>Condition to Receipt of
Payment</U></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 20%" align=justify dir="ltr">Unless otherwise provided in the
applicable Award Agreement, a Participant must be employed by the Company on the
last day of a Performance Period to be eligible for payment in respect of a
Performance Compensation Award for such Performance Period.</P>
<P style="MARGIN-LEFT: 15%" align=justify dir="ltr">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitation</U> </P>
<P style="MARGIN-LEFT: 20%" align=justify dir="ltr">A Participant shall be eligible to
receive payment in respect of a Performance Compensation Award only to the
extent that: (A) the Performance Goals for such period are achieved; and (B) the
Performance Formula as applied against such Performance Goals determines that
all or some portion of such Participant's Performance Compensation Award has
been earned for the Performance Period.</P>
<P align=center dir="ltr">62</P>
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</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST dir="ltr">

  <TR>
    <TD width="15%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">(iii) </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr"><U>Certification</U></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 20%" align=justify dir="ltr">Following the completion of a
Performance Period, the Committee shall review and certify in writing whether,
and to what extent, the Performance Goals for the Performance Period have been
achieved and, if so, calculate and certify in writing the amount of the
Performance Compensation Awards earned for the period based upon the Performance
Formula. The Committee shall then determine the actual size of each
Participant's Performance Compensation Award for the Performance Period and, in
so doing, may apply Negative Discretion in accordance with <I>Section
7.4(d)(iv)</I> hereof, if and when it deems appropriate.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST dir="ltr">

  <TR>
    <TD width="15%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">(iv) </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr"><U>Use of Discretion</U></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 20%" align=justify dir="ltr">In determining the actual size of an
individual Performance Compensation Award for a Performance Period, the
Committee may reduce or eliminate the amount of the Performance Compensation
Award earned under the Performance Formula in the Performance Period through the
use of Negative Discretion if, in its sole judgment, such reduction or
elimination is appropriate. The Committee shall not have the discretion to (A)
grant or provide payment in respect of Performance Compensation Awards for a
Performance Period if the Performance Goals for such Performance Period have not
been attained or (B) increase a Performance Compensation Award above the maximum
amount payable under Section 7.4(d)(vi) of the Plan.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST dir="ltr">

  <TR>
    <TD width="15%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">(v) </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr"><U>Timing of Award Payments</U></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 20%" align=justify dir="ltr">Performance Compensation Awards
granted for a Performance Period shall be paid to Participants as soon as
administratively practicable following completion of the certifications required
by this Section 7.4 but in no event later than 2 1/2 months following the end of
the fiscal year during which the Performance Period is completed. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST dir="ltr">

  <TR>
    <TD width="15%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">(vi) </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr"><U>Maximum Award Payable</U></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 20%" align=justify dir="ltr">Notwithstanding any provision
contained in this Plan to the contrary, the maximum Performance Compensation
Award payable to any one Participant under the Plan for a Performance Period
(excluding any Options and Stock Appreciation Rights) is two hundred fifty
thousand (250,000) shares of Common Stock or, in the event such Performance
Compensation Award is paid in cash, the equivalent cash value thereof on the
first or last day of the Performance Period to which such Award relates, as
determined by the Committee. The maximum amount that can be paid in any calendar
year to any Participant pursuant to a cash bonus Award described in the last
sentence of <B><I>Section </I>7.4(a)</B> shall be $250,000. Furthermore,
any Performance Compensation Award that has been deferred shall not (between the
date as of which the Award is deferred and the payment date) increase (A) with
respect to a Performance Compensation Award that is payable in cash, by a
measuring factor for each fiscal year greater than a reasonable rate of interest
set by the Committee or (B) with respect to a Performance Compensation Award
that is payable in shares of Common Stock, by an amount greater than the
appreciation of a share of Common Stock from the date such Award is deferred to
the payment date.</P>
<P align=center dir="ltr">63</P>
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<P align=justify dir="ltr">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Securities Law Compliance</U>. Each Award Agreement shall
provide that no shares of Common Stock shall be purchased or sold thereunder
unless and until (a) any then applicable requirements of state or federal laws
and regulatory agencies have been fully complied with to the satisfaction of the
Company and its counsel and (b) if required to do so by the Company, the
Participant has executed and delivered to the Company a letter of investment
intent in such form and containing such provisions as the Committee may require.
The Company shall use reasonable efforts to seek to obtain from each regulatory
commission or agency having jurisdiction over the Plan such authority as may be
required to grant Awards and to issue and sell shares of Common Stock upon
exercise of the Awards; <I>provided, however</I>, that this undertaking shall
not require the Company to register under the Securities Act the Plan, any Award
or any Common Stock issued or issuable pursuant to any such Award. If, after
reasonable efforts, the Company is unable to obtain from any such regulatory
commission or agency the authority which counsel for the Company deems necessary
for the lawful issuance and sale of Common Stock under the Plan, the Company
shall be relieved from any liability for failure to issue and sell Common Stock
upon exercise of such Awards unless and until such authority is obtained. </P>
<P align=justify dir="ltr">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Use of Proceeds from Stock</U>. Proceeds from the sale of
Common Stock pursuant to Awards, or upon exercise thereof, shall constitute
general funds of the Company.</P>
<P align=justify dir="ltr">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U>. </P>
<P align=justify style="text-indent:5%" dir="ltr">10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Acceleration of
Exercisability and Vesting</U>. The Committee shall have the power to accelerate
the time at which an Award may first be exercised or the time during which an
Award or any part thereof will vest in accordance with the Plan, notwithstanding
the provisions in the Award stating the time at which it may first be exercised
or the time during which it will vest.</P>
<P align=center dir="ltr">64</P>
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<P align=justify style="text-indent:5%" dir="ltr">10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Shareholder Rights</U>. Except as provided in the Plan or an Award Agreement, no Participant shall be deemed to be the holder of, or to have any of the rights of a holder with respect to, any shares of Common
Stock subject to such Award unless and until such Participant has satisfied all requirements for exercise of the Award pursuant to its terms and no adjustment shall be made for dividends (ordinary or extraordinary, whether in cash, securities or
other property) or distributions of other rights for which the record date is prior to the date such Common Stock certificate is issued, except as provided in </P>
<P align="justify" dir="ltr">
<B><I>Section </I>11</B> hereof.</P>
<P align=justify style="text-indent:5%" dir="ltr">10.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Employment or Other Service Rights</U>. Nothing in the Plan or any instrument executed or Award granted pursuant thereto shall confer upon any Participant any right to continue to serve the Company or an
Affiliate in the capacity in effect at the time the Award was granted or shall affect the right of the Company or an Affiliate to terminate (a) the employment of an Employee with or without notice and with or without Cause or (b) the service of a
Director pursuant to the By-laws of the Company or an Affiliate, and any applicable provisions of the corporate law of the state in which the Company or the Affiliate is incorporated, as the case may be.</P>
<P align=justify style="text-indent:5%" dir="ltr">10.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transfer; Approved Leave of Absence</U>. For purposes of the Plan, no termination of employment by an Employee shall be deemed to result from either (a) a transfer of employment to the Company from an Affiliate
or from the Company to an Affiliate, or from one Affiliate to another, or (b) an approved leave of absence for military service or sickness, or for any other purpose approved by the Company, if the Employee's right to reemployment is guaranteed
either by a statute or by contract or under the policy pursuant to which the leave of absence was granted or if the Committee otherwise so provides in writing, in either case, except to the extent inconsistent with Section 409A of the Code if the
applicable Award is subject thereto.</P>
<P align=justify style="text-indent:5%" dir="ltr">10.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Withholding Obligations</U>. To the extent provided by the terms of an Award Agreement and subject to the discretion of the Committee, the Participant may satisfy any federal, state or local tax withholding
obligation relating to the exercise or acquisition of Common Stock under an Award by any of the following means (in addition to the Company's right to withhold from any compensation paid to the Participant by the Company) or by a combination of such
means: (a) tendering a cash payment; (b) authorizing the Company to withhold shares of Common Stock from the shares of Common Stock otherwise issuable to the Participant as a result of the exercise or acquisition of Common Stock under the Award,
<I>provided, however</I>, that no shares of Common Stock are withheld with a value exceeding the minimum amount of tax required to be withheld by law; or (c) delivering to the Company previously owned and unencumbered shares of Common Stock of the
Company.</P>

<P align=center dir="ltr">65</P>

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<P align=justify dir="ltr">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustments Upon Changes in Stock</U>. In the event of
changes in the outstanding Common Stock or in the capital structure of the
Company by reason of any stock or extraordinary cash dividend, stock split,
reverse stock split, an extraordinary corporate transaction such as any
recapitalization, reorganization, merger, consolidation, combination, exchange,
or other relevant change in capitalization occurring after the Grant Date of any
Award, Awards granted under the Plan and any Award Agreements, the exercise
price of Options and Stock Appreciation Rights, the maximum number of shares of
Common Stock subject to all Awards stated in <B><I>Section </I>4</B> and
the maximum number of shares of Common Stock with respect to which any one
person may be granted Awards during any period stated in <B><I>Section
</I>4</B> and <I>Section 7.4(d)(vi)</I> will be equitably adjusted or
substituted, as to the number, price or kind of a share of Common Stock or other
consideration subject to such Awards to the extent necessary to preserve the
economic intent of such Award. In the case of adjustments made pursuant to this
Section 11, unless the Committee specifically determines that such adjustment is
in the best interests of the Company or its Affiliates, the Committee shall, in
the case of Incentive Stock Options, ensure that any adjustments under this
Section 11 will not constitute a modification, extension or renewal of the
Incentive Stock Options within the meaning of Section 424(h)(3) of the Code and
in the case of Non-qualified Stock Options, ensure that any adjustments under
this Section 11 will not constitute a modification of such Non-qualified Stock
Options within the meaning of Section 409A of the Code. Any adjustments made
under this Section 11 shall be made in a manner which does not adversely affect
the exemption provided pursuant to Rule 16b-3 under the Exchange Act. Further,
with respect to Awards intended to qualify as &#147;performance-based compensation&#148;
under Section 162(m) of the Code, any adjustments or substitutions will not
cause the Company to be denied a tax deduction on account of Section 162(m) of
the Code. The Company shall give each Participant notice of an adjustment
hereunder and, upon notice, such adjustment shall be conclusive and binding for
all purposes.</P>
<P align=justify dir="ltr">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effect of Change in Control</U>. </P>
<P align=justify style="text-indent:5%" dir="ltr">12.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the discretion of the
Board and the Committee, any Award Agreement may provide, or the Board or the
Committee may provide by amendment of any Award Agreement or otherwise,
notwithstanding any provision of the Plan to the contrary, that in the event of
a Change in Control, Options and/or Stock Appreciation Rights shall become
immediately exercisable with respect to all or a specified portion of the shares
subject to such Options or Stock Appreciation Rights, and/or the Restricted
Period shall expire immediately with respect to all or a specified portion of
the shares of Restricted Stock or Restricted Stock Units. </P>
<P align=justify style="text-indent:5%" dir="ltr">12.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, in the event of
a Change in Control, the Committee may in its discretion and upon at least 10
days&#146; advance notice to the affected persons, cancel any outstanding Awards and
pay to the holders thereof, in cash or stock, or any combination thereof, the
value of such Awards based upon the price per share of Common Stock received or
to be received by other shareholders of the Company in the event. In the case of
any Option or Stock Appreciation Right with an exercise price that equals or
exceeds the price paid for a share of Common Stock in connection with the Change
in Control, the Committee may cancel the Option or Stock Appreciation Right
without the payment of consideration therefor. </P>
<P align=center dir="ltr">66</P>
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<P align=justify style="text-indent:5%" dir="ltr">12.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the
Company under the Plan shall be binding upon any successor corporation or
organization resulting from the merger, consolidation or other reorganization of
the Company, or upon any successor corporation or organization succeeding to all
or substantially all of the assets and business of the Company and its
Subsidiaries, taken as a whole. </P>
<P align=justify dir="ltr">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment of the Plan and Awards</U>. </P>
<P align=justify style="text-indent:5%" dir="ltr">13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment of Plan</U>.
The Board at any time, and from time to time, may amend or terminate the Plan.
However, except as provided in <B><I>Section </I>11</B> relating to
adjustments upon changes in Common Stock and <B><I>Section </I>13.3</B>,
no amendment shall be effective unless approved by the shareholders of the
Company to the extent shareholder approval is necessary to satisfy any
Applicable Laws. At the time of such amendment, the Board shall determine, upon
advice from counsel, whether such amendment will be contingent on shareholder
approval.</P>
<P align=justify style="text-indent:5%" dir="ltr">13.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Shareholder Approval</U>.
The Board may, in its sole discretion, submit any other amendment to the Plan
for shareholder approval, including, but not limited to, amendments to the Plan
intended to satisfy the requirements of Section 162(m) of the Code and the
regulations thereunder regarding the exclusion of performance-based compensation
from the limit on corporate deductibility of compensation paid to certain
executive officers.</P>
<P align=justify style="text-indent:5%" dir="ltr">13.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Contemplated
Amendments</U>. It is expressly contemplated that the Board may amend the Plan
in any respect the Board deems necessary or advisable to provide eligible
Employees, Consultants and Directors with the maximum benefits provided or to be
provided under the provisions of the Code and the regulations promulgated
thereunder relating to Incentive Stock Options or to the nonqualified deferred
compensation provisions of Section 409A of the Code and/or to bring the Plan
and/or Awards granted under it into compliance therewith.</P>
<P align=justify style="text-indent:5%" dir="ltr">13.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Impairment of
Rights</U>. Rights under any Award granted before amendment of the Plan shall
not be impaired by any amendment of the Plan unless (a) the Company requests the
consent of the Participant and (b) the Participant consents in writing.</P>
<P align=justify style="text-indent:5%" dir="ltr">13.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment of Awards</U>.
The Committee at any time, and from time to time, may amend the terms of any one
or more Awards; <I>provided, however</I>, that the Committee may not affect any
amendment which would otherwise constitute an impairment of the rights under any
Award unless (a) the Company requests the consent of the Participant and (b) the
Participant consents in writing. </P>
<P align=center dir="ltr">67</P>
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<P align="justify" dir="ltr">
14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General Provisions</U>. </P>
<P align=justify style="text-indent:5%" dir="ltr">14.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Forfeiture Events</U>. The Committee may specify in an Award Agreement that the Participant's rights, payments and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture or
recoupment upon the occurrence of certain events, in addition to applicable vesting conditions of an Award. Such events may include, without limitation, breach of non-competition, non-solicitation, confidentiality, or other restrictive covenants
that are contained in the Award Agreement or otherwise applicable to the Participant, a termination of the Participant's Continuous Service for Cause, or other conduct by the Participant that is detrimental to the business or reputation of the
Company and/or its Affiliates. </P>
<P align=justify style="text-indent:5%" dir="ltr">14.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Clawback</U>. Notwithstanding any other provisions in this Plan, any Award which is subject to recovery under any law, government regulation or stock exchange listing requirement, will be subject to such
deductions and clawback as may be required to be made pursuant to such law, government regulation or stock exchange listing requirement (or any policy adopted by the Company pursuant to any such law, government regulation or stock exchange listing
requirement). </P>
<P align=justify style="text-indent:5%" dir="ltr">14.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other Compensation Arrangements</U>. Nothing contained in this Plan shall prevent the Board from adopting other or additional compensation arrangements, subject to shareholder approval if such approval is
required; and such arrangements may be either generally applicable or applicable only in specific cases.</P>
<P align=justify style="text-indent:5%" dir="ltr">14.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Sub-plans</U>. The Committee may from time to time establish sub-plans under the Plan for purposes of satisfying blue sky, securities, tax or other laws of various jurisdictions in which the Company intends to
grant Awards. Any sub-plans shall contain such limitations and other terms and conditions as the Committee determines are necessary or desirable. All sub-plans shall be deemed a part of the Plan, but each sub-plan shall apply only to the
Participants in the jurisdiction for which the sub-plan was designed. </P>
<P align=justify style="text-indent:5%" dir="ltr">14.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Deferral of Awards</U>. The Committee may establish one or more programs under the Plan to permit selected Participants the opportunity to elect to defer receipt of consideration upon exercise of an Award,
satisfaction of performance criteria, or other event that absent the election would entitle the Participant to payment or receipt of shares of Common Stock or other consideration under an Award. The Committee may establish the election procedures,
the timing of such elections, the mechanisms for payments of, and accrual of interest or other earnings, if any, on amounts, shares or other consideration so deferred, and such other terms, conditions, rules and procedures that the Committee deems
advisable for the administration of any such deferral program. </P>

<P align=center dir="ltr">68</P>

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<P align=justify style="text-indent:5%" dir="ltr">14.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Unfunded Plan</U>. The Plan shall be unfunded. Neither the Company, the Board nor the Committee shall be required to establish any special or separate fund or to segregate any assets to assure the performance of
its obligations under the Plan. </P>
<P align=justify style="text-indent:5%" dir="ltr">14.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Recapitalizations</U>. Each Award Agreement shall contain provisions required to reflect the provisions of <B><I>Section </I>11</B>.</P>
<P align=justify style="text-indent:5%" dir="ltr">14.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delivery</U>. Upon exercise of a right granted under this Plan, the Company shall issue Common Stock or pay any amounts due within a reasonable period of time thereafter. Subject to any statutory or regulatory
obligations the Company may otherwise have, for purposes of this Plan, 30 days shall be considered a reasonable period of time.</P>
<P align=justify style="text-indent:5%" dir="ltr">14.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Fractional Shares</U>. No fractional shares of Common Stock shall be issued or delivered pursuant to the Plan. The Committee shall determine whether cash, additional Awards or other securities or property
shall be issued or paid in lieu of fractional shares of Common Stock or whether any fractional shares should be rounded, forfeited or otherwise eliminated. </P>
<P align=justify style="text-indent:5%" dir="ltr">14.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other Provisions</U>. The Award Agreements authorized under the Plan may contain such other provisions not inconsistent with this Plan, including, without limitation, restrictions upon the exercise of the
Awards, as the Committee may deem advisable.</P>
<P align=justify style="text-indent:5%" dir="ltr">14.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section 409A</U>. The Plan is intended to comply with Section 409A of the Code to the extent subject thereto, and, accordingly, to the maximum extent permitted, the Plan shall be interpreted and administered to
be in compliance therewith. Any payments described in the Plan that are due within the &ldquo;short-term deferral period&rdquo; as defined in Section 409A of the Code shall not be treated as deferred compensation unless Applicable Laws require
otherwise. Notwithstanding anything to the contrary in the Plan, to the extent required to avoid accelerated taxation and tax penalties under Section 409A of the Code, amounts that would otherwise be payable and benefits that would otherwise be
provided pursuant to the Plan during the six (6) month period immediately following the Participant's termination of Continuous Service shall instead be paid on the first payroll date after the six-month anniversary of the Participant's separation
from service (or the Participant's death, if earlier). Notwithstanding the foregoing, neither the Company nor the Committee shall have any obligation to take any action to prevent the assessment of any excise tax or penalty on any Participant under
Section 409A of the Code and neither the Company nor the Committee will have any liability to any Participant for such tax or penalty. </P>
<P align=justify style="text-indent:5%" dir="ltr">14.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disqualifying Dispositions</U>. Any Participant who shall make a &ldquo;disposition&rdquo; (as defined in Section 424 of the Code) of all or any portion of shares of Common Stock acquired upon exercise of an
Incentive Stock Option within two years from the Grant Date of such Incentive Stock Option or within one year after the issuance of the shares of Common Stock acquired upon exercise of such
Incentive Stock Option (a &#147;<B>Disqualifying Disposition</B>&#148;) shall be required
to immediately advise the Company in writing as to the occurrence of the sale
and the price realized upon the sale of such shares of Common Stock.</P>

<P align=center dir="ltr">69</P>

<HR noshade size=5 color="black" style="page-break-after:always;" dir="ltr">

<!--$$/page=--><A name=page_75></A>
<P align=justify style="text-indent:5%" dir="ltr">14.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section 16</U>. It is
  the intent of the Company that the Plan satisfy, and be interpreted in a manner
  that satisfies, the applicable requirements of Rule 16b-3 as promulgated under
  Section 16 of the Exchange Act so that Participants will be entitled to the
  benefit of Rule 16b-3, or any other rule promulgated under Section 16 of the
  Exchange Act, and will not be subject to short-swing liability under Section 16
  of the Exchange Act. Accordingly, if the operation of any provision of the Plan
  would conflict with the intent expressed in this Section 14.13, such provision
  to the extent possible shall be interpreted and/or deemed amended so as to avoid
such conflict.</P>
<P align=justify style="text-indent:5%" dir="ltr">14.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section 162(m)</U>. To
the extent the Committee issues any Award that is intended to be exempt from the
deduction limitation of Section 162(m) of the Code, the Committee may, without
shareholder or grantee approval, amend the Plan or the relevant Award Agreement
retroactively or prospectively to the extent it determines necessary in order to
comply with any subsequent clarification of Section 162(m) of the Code required
to preserve the Company's federal income tax deduction for compensation paid
pursuant to any such Award.</P>
<P align=justify style="text-indent:5%" dir="ltr">14.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Beneficiary
Designation</U>. Each Participant under the Plan may from time to time name any
beneficiary or beneficiaries by whom any right under the Plan is to be exercised
in case of such Participant's death. Each designation will revoke all prior
designations by the same Participant, shall be in a form reasonably prescribed
by the Committee and shall be effective only when filed by the Participant in
writing with the Company during the Participant's lifetime. </P>
<P align=justify style="text-indent:5%" dir="ltr">14.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses</U>. The costs
of administering the Plan shall be paid by the Company. </P>
<P align=justify style="text-indent:5%" dir="ltr">14.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>. If any
of the provisions of the Plan or any Award Agreement is held to be invalid,
illegal or unenforceable, whether in whole or in part, such provision shall be
deemed modified to the extent, but only to the extent, of such invalidity,
illegality or unenforceability and the remaining provisions shall not be
affected thereby. </P>
<P align=justify style="text-indent:5%" dir="ltr">14.18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Plan Headings</U>. The
headings in the Plan are for purposes of convenience only and are not intended
to define or limit the construction of the provisions hereof. </P>
<P align=justify style="text-indent:5%" dir="ltr">14.19&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-Uniform
Treatment</U>. The Committee's determinations under the Plan need not be uniform
and may be made by it selectively among persons who are eligible to receive, or
actually receive, Awards. Without limiting the generality of the foregoing, the
Committee shall be entitled to make non-uniform and selective determinations,
amendments and adjustments, and to enter into non-uniform and selective Award Agreements. </P>
<P align=center dir="ltr">70</P>
<HR style="PAGE-BREAK-AFTER: always" color=black
noShade SIZE=5 dir="ltr">


<!--$$/page=-->
<A name="page_76"></A>
<P align="justify" dir="ltr">
  15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effective Date of Plan</U>. The Plan shall become effective as of the Effective Date, but no Award shall be exercised (or, in the case of a stock Award, shall be granted) unless and until the Plan has been approved by the shareholders of the
Company, which approval shall be within twelve (12) months before or after the date the Plan is adopted by the Board.</P>
<P align="justify" dir="ltr">
16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U> Termination or Suspension of the Plan</U>. The Plan shall terminate automatically on March 25, 2025. No Award shall be granted pursuant to the Plan after such date, but Awards theretofore granted may extend beyond that date. The Board may
suspend or terminate the Plan at any earlier date pursuant to <B><I>Section </I>13.1</B> hereof. No Awards may be granted under the Plan while the Plan is suspended or after it is terminated. Unless the Company determines to submit
<B><I>Section </I>7.4</B> of the Plan and the definition of &ldquo;Performance Goal&rdquo; and &ldquo;Performance Criteria&rdquo; to the Company's shareholders at the first shareholder meeting that occurs in the fifth year following the year
in which the Plan was last approved by shareholders (or any earlier meeting designated by the Board), in accordance with the requirements of Section 162(m) of the Code, and such shareholder approval is obtained, then no further Performance
Compensation Awards shall be made to Covered Employees under <B><I>Section </I>7.4</B> after the date of such annual meeting, but the Plan may continue in effect for Awards to Participants not in accordance with Section 162(m) of the
Code.</P>
<P align="justify" dir="ltr">
17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Choice of Law</U>. The law of the State of Nevada shall govern all questions concerning the construction, validity and interpretation of this Plan, without regard to such state's conflict of law rules.</P>
<P align=justify style="text-indent:5%" dir="ltr">As adopted by the Board of Directors of Lightbridge Corporation on March 25, 2015. </P>
<P align=justify style="text-indent:5%" dir="ltr">
As approved by the shareholders of Lightbridge Corporation on July 14, 2015. </P>

<P align=center dir="ltr">
71</P>

<HR noshade size=5 color="black" style="page-break-after:always;" dir="ltr">


<P align=center dir="ltr"><B>LIGHTBRIDGE CORPORATION A<BR>ANNUAL MEETING OF
STOCKHOLDERS <BR>TO BE HELD ON July 14, 2015</B> </P>
<P align=center dir="ltr"><B>This Proxy is Solicited on Behalf of the Board of
Directors</B></P>
<P align=justify dir="ltr">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 June 12, 2015, 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 2015 Annual Meeting of Stockholders to be
held on July 14, 2015, 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 dir="ltr">

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

  <TR>
    <TD width="5%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">2. </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">Approve the ratification of BDO USA, LLC as the Company&#146;s
      independent registered public accountants for fiscal year
  2015.</P></TD></TR></TABLE>
<p dir="ltr"><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 dir="ltr">

  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr">
    <p dir="ltr"><B>FOR </B>[_] </TD>
    <TD align=left width="33%" dir="ltr">
    <p dir="ltr"><B>AGAINST </B>[_] </TD>
    <TD align=left width="33%" dir="ltr">
    <p dir="ltr"><B>ABSTAIN </B>[_] </TD></TR></TABLE>
<p dir="ltr"><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST dir="ltr">

  <TR>
    <TD width="5%" dir="ltr"  >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">3. </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">Approve the adoption of the Lightbridge Corporation 2015
      Equity Incentive Plan.</P></TD></TR></TABLE>
<p dir="ltr"><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 dir="ltr">

  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr">
    <p dir="ltr"><B>FOR [_]</B> </TD>
    <TD align=left width="33%" dir="ltr">
    <p dir="ltr"><B>AGAINST [_]</B> </TD>
    <TD align=left width="33%" dir="ltr">
    <p dir="ltr"><B>ABSTAIN [_]</B> </TD></TR></TABLE>
<p dir="ltr" align="center">72<BR>
</p>
<HR style="PAGE-BREAK-AFTER: always" color=black
noShade SIZE=5 dir="ltr">
<!--$$/page=-->
<p dir="ltr"><A name=page_78></A><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST dir="ltr">

  <TR>
    <TD width="5%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">4. </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">Advisory non-binding vote for the approval of the
      Company&#146;s executive compensation.</P></TD></TR></TABLE>
<p dir="ltr"><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 dir="ltr">

  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr">
    <p dir="ltr"><B>FOR [_]</B> </TD>
    <TD align=left width="33%" dir="ltr">
    <p dir="ltr"><B>AGAINST [_]</B> </TD>
    <TD align=left width="33%" dir="ltr">
    <p dir="ltr"><B>ABSTAIN [_]</B> </TD></TR></TABLE>
<p dir="ltr"><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST dir="ltr">

  <TR>
    <TD width="5%" dir="ltr" >
    <p dir="ltr">&nbsp;</TD>
    <TD vAlign=top width="5%" dir="ltr">
    <p dir="ltr">5. </TD>
    <TD dir="ltr">
      <P align=justify dir="ltr">In their discretion, the proxies are authorized to vote
      upon such other business as may properly come before the annual meeting,
      and any adjournment or adjournments thereof.</P></TD></TR></TABLE>
<P align=justify dir="ltr"><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 BDO USA, LLC, AS THE COMPANY&#146;S INDEPENDENT
REGISTERED PUBLIC ACCOUNTANTS, <I>FOR</I> THE ADOPTION OF THE
LIGHTBRIDGE CORPORATION 2015 EQUITY INCENTIVE PLAN, 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 JUNE 12, 2015 IS
UNABLE TO SERVE OR WILL NOT SERVE.</B></P>
<P align=justify dir="ltr">I (we) acknowledge receipt of the Notice of Annual Meeting of
Stockholders and the Proxy Statement dated June 12, 2015, and the 2014 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 dir="ltr"><B>Please sign, date and mail this proxy immediately in the
enclosed envelope.</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 dir="ltr">

  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%" dir="ltr">
    <p dir="ltr">Name
    </TD></TR>
  <TR>
    <TD dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="50%" dir="ltr">
    <p dir="ltr">&nbsp; </TD></TR>
  <TR>
    <TD dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD width="50%" dir="ltr">
    <p dir="ltr">&nbsp; </TD></TR>
  <TR>
    <TD dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD width="50%" dir="ltr">
    <p dir="ltr">&nbsp; </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="50%" dir="ltr">
    <p dir="ltr">Name
      <I>(if joint)</I> <BR><BR></TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="50%" dir="ltr">
    <p dir="ltr">Date _____________ , 2015 </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="50%" dir="ltr">
    <p dir="ltr">&nbsp;</TD></TR>
  <TR>
    <TD dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD width="50%" dir="ltr">
    <p dir="ltr">&nbsp; </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="50%" dir="ltr">
    <p dir="ltr">Please sign your name </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="50%" dir="ltr">
    <p dir="ltr">exactly as it appears </TD></TR>
  <TR vAlign=top dir="ltr">
    <TD align=left dir="ltr">
    <p dir="ltr">&nbsp;</TD>
    <TD align=left width="50%" dir="ltr">
    <p dir="ltr">hereon. When signing as
      <br>
      attorney, executor, <br>
      administrator, trustee or <br>
      guardian, please
give <br>
your full title as it appears <br>
hereon. When signing as<br>
joint tenants, all
parties in <br>
the joint tenancy must <br>
sign. When a proxy is <br>
given by a corporation,
it <br>
should be signed by an <br>
authorized officer and the <br>
corporate seal affixed. No
<br>
postage is required if <br>
returned in the enclosed<br>
envelope.</TD></TR></TABLE>
<p dir="ltr" align="center">73<BR>
</p>
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