Document:

Lightbridge Corp.: Exhibit 10.25 - Filed by newsfilecorp.com

Exhibit 10.25 

CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR THE REDACTED
PORTIONS OF THIS EXHIBIT. THE REDACTIONS ARE INDICATED WITH “*[REDACTED]*”. A
COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED WITH THE U.S. SECURITIES AND
EXCHANGE COMMISSION. 

DATED 

22/06/2014 

RELATIONSHIP DEED 

between 

LLOYD'S REGISTER EMEA 

and 

LIGHTBRIDGE CORPORATION 

	CONTENTS 	  
	  	  	  
	CLAUSE 	  
	1.
      	Interpretation
      	1
      
	2.
      	Commencement
      and duration 	2
      
	3.
      	Provision
      of Work 	2
      
	4.
      	Payment
      	2
      
	5.
      	Duties,
      powers and restrictions 	3
      
	6.
      	Liability
      	3
      
	7.
      	Termination
      	4
      
	8.
      	Entire
      agreement 	4
      
	9.
      	Notices
      	5
      
	10.
      	Governing
      law and jurisdiction 	6
      
	11.
      	Confidentiality
      	6
      
	12.
      	Counterparts
      	6
      
	  	  	  
	SCHEDULE 	  
	  	  	  
	SCHEDULE
      1 SERVICES TO BE PERFORMED BY LR 	7
      
	  	  	  
	SCHEDULE
      2 SERVICES TO BE PERFORMED BY LB 	8
      
	  	  	  
	SCHEDULE
      3 LIGHTBRIDGE HOURLY RATES 	9
      

THIS DEED is dated 22/06/2014 

PARTIES 

	(1) 	
      LLOYD'S REGISTER EMEA (registered number IP29592R)
      an Industrial Society registered in England and Wales, whose principal
      branch office in Abu Dhabi is at Suite No. 401/A, the Blue Tower, P.O. Box
      997, Sheikh Khalifa Street, Abu Dhabi, United Arab Emirates, commercial
      registration no. CN- 1001482 ("LR").

	 	 
	(2) 	
      LIGHTBRIDGE CORPORATION, whose principal office is
      at 1600 Tysons Boulevard, Suite 550, Tysons Corner, VA 22102 USA,
      ("LB").

Hereinafter each a "party" and together the "parties".

BACKGROUND 

	(A) 	
      WHEREAS the parties have already, or intend to,
      enter into a tripartite agreement with the Federal Authority for Nuclear
      Regulation, established pursuant to United Arab Emirates Federal Law No.
      (6) of 2009, whose principal offices are at Crescent Tower, Mezzanine
      Floor, Sheikh Zayed First Street, Khalidiya, P.O. Box 112021, Abu Dhabi,
      United Arab Emirates and Al Ahlia Tower, Mezzanine Floor, Khalidiya, P.O.
      Box 112021, Abu Dhabi, United Arab Emirates ("FANR") in respect of
      certain project management, construction inspection and oversight
      services, in relation to the Barakah nuclear power plants in the United
      Arab Emirates, and related work (the "FANR Agreement")

	 	 
	(B) 	
      WHEREAS the parties wish to clarify their
      relationship in respect of the FANR Agreement by means of this
  Deed.

AGREED TERMS 

	1. 	
      INTERPRETATION

	 	1.1 	
      The schedules form part of this Deed and shall have
      effect as if set out in full in the body of this Deed. Any reference to
      this Deed includes the schedules.

	 	 	 
	 	1.2 	
      Unless the contract otherwise requires, words in the
      singular include the plural and in the plural include the
  singular.

	 	 	 
	 	1.3 	
      A reference to a statute or statutory provision is a
      reference to it as amended, extended or re-enacted from time to time and
      includes any subordinate legislation made from time to time under
    it.

	 	 	 
	 	1.4 	
      A reference to writing or written includes
      faxes and e-mail.

	 	 	 
	 	1.5 	
      Any words following the terms include, including, in
      particular or for example or any similar expression shall be construed
      as illustrative and shall not limit the sense of the words, description,
definition, phrase or term preceding them. 

1 

	2. 	
      COMMENCEMENT AND DURATION

	 	 
		
      This Deed shall be deemed to commence on the earlier of:
      (i) the signing of this Deed; or (ii) the entering into force of the FANR
      Agreement. It shall continue on the terms of this Deed until it is
      terminated in accordance with clause 7.

	 	 
	3. 	
      PROVISION OF WORK

	 	 
		
      The parties agree that their relative scopes of work are
      described in Schedules 1 and 2 (which may be updated from time to time by
      the written agreement of the parties, such agreement not to be
      unreasonably withheld or delayed). In accordance with Schedule 3, LB will
      invoice LR at the rates set out in the FANR Agreement
      *[Redacted]*.

	 	 
	4. 	
      PAYMENT

	 	4.1 	
      Clause 9.1 of the FANR Agreement states that: "the
      Consultant shall submit to FANR no more than one (1) invoice per calendar
      month", and that the account details are to be shown on the invoice.
      For the avoidance of doubt, the relevant bank account shall be LR's bank
      account.

	 	 	 
	 	4.2 	
      LB shall raise invoices to LR in respect of the relevant
      orders which they have undertaken, together with any relevant accompanying
      documents such as weekly timesheets.

	 	 	 
	 	4.3 	
      In the event of an order in which both LR and LB are
      providing services, the parties shall agree between themselves the
      relative value of their contributions and fee entitlement.

	 	 	 
	 	4.4 	
      LR shall pay LB's valid invoices within 30 days of
      receiving them, provided that the relevant payment has been received by LR
      from FANR.

	5. 	
      DUTIES, POWERS AND
RESTRICTIONS

	 	5.1 	
      Each party shall at all times comply with and shall
      ensure that all of their personnel comply with (i) all applicable laws,
      statutes, regulations and codes relating to anti-bribery and
      anti-corruption including but not limited to the UK Bribery Act 2010 and
      the US Foreign Corrupt Practices Act of 1977, and (ii) Lloyd's Register's
      Anti-Bribery and Anti-Corruption Policy (available at
      http://www.lr.org/documents/223207-antibribery-and-
      anticorruption-policy.aspx), as updated from time to time. In
      particular, the parties must not offer or pay bribes, and must report to
      LR any requests for bribes received. In the event of a breach of this
      clause 5.1, the non-offending party may terminate this Deed without notice
      and the offending party will not be entitled to claim any compensation or
      further remuneration. Furthermore, the offending party shall be liable
for and shall indemnify the other party against any and all claims, actions,
liabilities, losses, damages or expenses (including legal expenses) incurred.

__________________________________________
*
*[Redacted]* indicates confidential information that has been
omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934. The
confidential information has been submitted separately to the U.S. Securities
and Exchange Commission. 

2 

	 	5.2 	
      During the duration of this Deed and for a period of
      twelve (12) months thereafter, the parties shall not (without the prior
      written consent of the other party), solicit for employment, or offer
      employment to, or enter into any contract for services with, any
      individual employed or subcontracted by the other party (or any individual
      who was employed or subcontracted by the other party in the preceding
      twelve (12) months, as calculated from the date of such solicitation or
      offer).

	6. 	
      LIABILITY

	 	6.1 	
      Notwithstanding any other provision in the FANR Agreement
      to the contrary, in the event of a claim arising, the defaulting party
      (who are in breach of either the FANR Agreement or this Deed) shall
      indemnify the other party, their estates and successors from and against
      all liabilities, costs, expenses, damages and losses and all other
      reasonable professional costs and expenses) resulting from that breach,
      without prejudice to any other right or remedy of the other party
      howsoever arising. In no event will the defaulting party's liability
      arising under this clause 6.1 exceed the other party's liability arising
      under the FANR Agreement.

	 	 	 
	 	6.2 	
      Each party will be responsible directly to third parties
      for any demands, suits, costs, claims, expenses, actions, proceedings, or
      damages of any kind or nature, including attorney's fees and costs, to the
      extent caused by the negligence or other fault of the responsible party or
      any of its directors, officers, employees, agents, or subcontractors. If
      the third party files an action against one party, who believes the other
      party is at fault, either wholly or partially, then the defending party
      may bring the responsible party into the action to answer directly to the
      third party. Nothing in this clause shall preclude either party from
      raising any defense available in law and or any relevant
    jurisprudence.

	 	 	 
	 	6.3 	
      Neither party shall be liable for any indirect,
      consequential, special and/or punitive loss arising out of or related to
      this Deed, provided that nothing in this clause 6.3 is intended to
      prevent, limit or exclude the party's liability for fraud, wilful
      misconduct or gross negligence, or any breach by either party of clauses 5
      or 11 of this Deed.

	 	 	 
	 	6.4 	
      In the event of disagreement about the issue of who is
      liable and the degree of culpability, this will be dealt with as per
      clause 10 of this Deed.

	7. 	
      TERMINATION

	 	7.1 	
      This Deed shall terminate immediately upon the
      termination of the FANR Agreement.

3 

	 	7.2 	
      Each party may terminate this Deed by giving written
      notice to the other party if:

	 	(a) 	
      the other party commits any serious breach or persistent
      breaches of this Deed which remain uncured for thirty (30) days after
      notice of such breach being given to the relevant party; or

	 	 	 
	 	(b) 	
      the other party has a bankruptcy order made against it,
      enters into any composition or arrangement with or for the benefit of his
      creditors, or other similar actions; or

	 	 	 
	 	(c) 	
      is guilty of conduct which, in the reasonable opinion of
      the other party, is likely to have a serious adverse effect on the
      provision of services under the FANR Agreement;

	 	 	 
	 	(d) 	
      the other party is in breach of clause 32 of the FANR
      Agreement (Conflicts).

	8. 	
      ENTIRE AGREEMENT

	 	8.1 	
      This Deed constitutes the entire agreement between the
      parties (other than the FANR Agreement, which shall be subject to the
      terms of this Deed) and supersedes and extinguishes all previous
      agreements, promises, assurances, warranties, representations and
      understandings between them, whether written or oral, relating to its
      subject matter. This Deed may be updated and/or varied from time to time
      with the express written agreement of both parties, such agreement not to
      be unreasonably withheld or delayed.

	 	 	 
	 	8.2 	
      No party shall have a claim for innocent or negligent
      misrepresentation (or negligent misstatement) based upon any statement in
      this Deed.

	 	 	 
	 	8.3 	
      Nothing in this clause shall limit or exclude any
      liability for fraud.

	9. 	
      NOTICES

	 	9.1 	
      A notice given to a party under or in connection with
      this Deed shall be in writing and sent to the party at the address or DX
      number or to the fax number or e-mail address given in this Deed or as
      otherwise notified in writing to the other party

	 	 	 
	 	9.2 	
      The following table sets out methods by which a notice
      may be sent and, if sent by that method, the corresponding deemed delivery
      date and time:

	Delivery method 	Deemed delivery date and time
  
	Delivery by hand. 	On signature of a delivery receipt or at the
      time the notice is left at the address. 
	Pre-paid first class recorded delivery post or other next
      working day delivery service providing proof of postage. 	9.00 am on the second business day after
      posting or at the time recorded by the delivery service. 
	Pre-paid airmail providing proof of postage. 	9.00 am on the fifth business day after posting
      or at the time recorded by the delivery service. 
	Fax. 	At the time of transmission. 
	E-mail 	At the time of transmission.

4 

	 	9.3 	
      For the purpose of clause 9.2 and calculating deemed
      receipt:

	 	(a) 	
      all references to time are to local time in the place of
      deemed receipt; and

	 	 	 
	 	(b) 	
      if deemed receipt would occur in the place of deemed
      receipt on a weekend or a public holiday when banks are not open for
      business, deemed receipt is deemed to take place at 9.00 am on the day
      when business next starts in the place of
receipt.

	 	9.4 	
      This clause does not apply to the service of any
      proceedings or other documents in any legal action or, where applicable,
      any arbitration or other method of dispute resolution.

	 	 	 
	 	9.5 	
      A notice given under or in connection with this Deed is
      valid if sent by e-

	10. 	
      GOVERNING LAW AND
JURISDICTION

	 	10.1 	
      This agreement and any dispute or claim arising out of or
      in connection with it or its subject matter or formation (including non-
      contractual disputes or claims) shall be governed by and construed in
      accordance with the law of England and Wales.

	 	 	 
	 	10.2 	
      The parties irrevocably agree that the courts of England
      and Wales have exclusive jurisdiction to settle any dispute or claim
      arising out of or in connection with this Deed or its subject matter or
      formation (including non-contractual disputes or
claims).

	11. 	
      CONFIDENTIALITY

	 	 
		
      Each party undertakes that it will not at any time
      hereafter use, divulge or communicate to any person, except to its
      professional representatives or advisers or as may be required by law or
      any legal or regulatory authority, any confidential information relating
      to this Deed

5 

	12. 	
      COUNTERPARTS

	 	 
		
      This Deed may be executed in any number of counterparts,
      each of which when executed shall constitute a duplicate original, but all
      the counterparts shall together constitute the one Deed.

	 	 
	13. 	
      DOCUMENTS AND RECORDS

	 	13.1 	
      Both parties shall have the right at any time until seven
      years after completion of the services to carry out an audit of the other
      party's books and records relating to the services (except where a party
      can show that the information is commercially sensitive) upon reasonable
      notice. All documents and records relating to the services shall be
      retained by the parties for seven years.

	 	 	 
	 	13.2 	
      The record keeping and audit obligations set out in
      clause 13 shall extend to all payments made by the parties in connection
      with this Deed.

6 

Schedule 1 Services to be Performed by LR 

FANR TSO Resources — Lloyd's Register

Key roles: 

	 	•	Project Manager 
	 	 	 
	 	•	Technical Manager 

	Inspection Programme Management 
	•	Plans
      for each inspection; (technical lead) 
	•	Development and coordination of resource plans and schedules;
      (LR) 
	•	Monitoring plans and the execution of schedules; 
	•	Specification, development and maintenance of FANR inspection
      database; 
	 	(LR) 
	•	Document and records management (LR) 
	 	 
	UAE Inspection (Site/ ENEC etc) 
	*[Redacted]* 
	 	 
	Management Systems/Quality Assurance 
	 	 
	Mechanical Installation 
	•	Reactor
      Vessel and RV internals 
	•	Piping
      and Support Systems 
	•	HVAC
  
	 	 
	Welding/ NDE
	 	 
	 	 
	Electrical/ instrumentation and control,

	•	Electrical Cable Installation Activities 
	•	Electrical Component Installation 
	•	Instrumentation Component 
	 	 
	 	 
	Engineering Design Verification (EDV) inspection
      on the design authority (Korea) 
	 	 
	Vendor Inspections 
	 	 
	*[Redacted]* 
	- Korea / Japan 
	- Europe (Germany) 
	- US 	 

__________________________________________
*
*[Redacted]* indicates confidential information that has been
omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934. The
confidential information has been submitted separately to the U.S. Securities
and Exchange Commission. 

7 

Schedule 2 Services to be Performed by LB 

FANR TSO Resources —Lloyd’s Register

Key Roles: 

	 	•	Chief Nuclear Officer 

	Inspection Programme Management 
	•	Annual
      Inspection Plan / Programme (for each unit) (LB) 
	•	plans for each inspection; (technical lead)
    
	UAE Inspection (Site/ ENEC etc) 
	*[Redacted]* 
	Management Systems/Quality Assurance — as
      needed 
	Structures 
	•	Geotechnical and Foundation 
	•	Structural Concrete 
	•	Containment 
	Mechanical Installation (if needed) 
	•	Reactor
      Vessel and RV internals 
	•	Piping
      and Support Systems 
	•	HVAC 
	 	Welding/ NDE (if needed)
	Electrical/ instrumentation and control,

	•	Electrical Cable Installation Activities 
	•	Electrical Component Installation 
	•	Instrumentation Component 
	Fire protection 
	 	 
	Engineering Design Verification (EDV) inspection
      on the design authority (Korea) —as needed 
	Vendor Inspections 
	*[Redacted]* 
	- Korea / Japan As required 
	- Europe (Germany) As Required 
	- US—As required 

__________________________________________
*
*[Redacted]* indicates confidential information that has been
omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934. The
confidential information has been submitted separately to the U.S. Securities
and Exchange Commission. 

8 

Schedule 3 Lightbridge Hourly Rates 

Lightbridge Corporation will invoice Lloyds Register EMEA at
FANR agree rates *[Redacted]*. FANR rates listed in table below 

	
Grade 	2014 Hourly 
Rate
      (AED) 	2015 Hourly 
Rate
      (AED) 	2016 Hourly 
Rate
      (AED) 	2017 Hourly Rate
      
(AED) 
	Expert Technical Specialist 	*[Redacted]* 	*[Redacted]* 	*[Redacted]* 	*[Redacted]* 
	Senior Technical Specialist 	*[Redacted]* 	*[Redacted]* 	*[Redacted]* 	*[Redacted]* 
	Technical Specialist 	*[Redacted]* 	*[Redacted]* 	*[Redacted]* 	*[Redacted]* 
	Experienced Technical Staff 	*[Redacted]* 	*[Redacted]* 	*[Redacted]* 	*[Redacted]* 
	Technical Staff 	*[Redacted]* 	*[Redacted]* 	*[Redacted]* 	*[Redacted]* 
	Entry Level Technical Staff 	 *[Redacted]* 	 *[Redacted]* 	 *[Redacted]* 	 *[Redacted]* 
	Project Management Staff 	*[Redacted]* 	*[Redacted]* 	*[Redacted]* 	*[Redacted]* 
	Support Staff 	*[Redacted]* 	*[Redacted]* 	*[Redacted]* 	*[Redacted]*

__________________________________________
*
*[Redacted]* indicates confidential information that has been
omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934. The
confidential information has been submitted separately to the U.S. Securities
and Exchange Commission. 

9 

This document has been executed as a deed and is delivered and
takes effect on the date stated at the beginning of it. 

	Signed as a deed by LLOYD'S 	) 	  
	REGISTER EMEA acting 	) 	  
	by N.D.A.M. Nooren, a director 	) 	/s/
      N.D.A.M. Nooren 22/06/2014 
	in the presence of: 	) 	Director 

	Witness Signature 	 
	 	 
	Witness Name (block capitals) 	 
	 	 
	Witness Address 	 

	Signed as a deed by LIGHTBRIDGE 	) 	  
	CORPORATION acting 	) 	  
	By Seth Grae, a director 	) 	/s/
      Seth Grae 
	in the presence of: 	) 	Director 

	Witness Signature 	/s/
      Jon Johnson 
	 	 
	Witness Name (block capitals) 	Jon
      Johnson 
	 	 
	Witness Address 	1600
      Tysons Blvd Suite 550, McLean VA 22102 USA 

10Lightbridge Corp.: Exhibit 10.26 - Filed by newsfilecorp.com

Exhibit 10.26 

STRATEGIC ALLIANCE AGREEMENT 

This STRATEGIC' ALLIANCE
AGREEMENT (including the exhibits and schedules hereto, this "Agreement")
is made and entered into this 16 day of August. 2012 (the "Effective
Date") by and between Lightbridge Corporation, a Nevada Corporation
("Lightbridge"), and Lloyds Register FNMA, acting through its office in
Abu Dhabi ("Lloyds" and. together with Lightbridge. the
"Parties"). 

BACKGROUND 

Lightbridge and Lloyds believe
that, by cooperatively combining their considerable experience, expertise and
financial and market resources, they can increase the volume of business they
can conduct in in the area of nuclear consulting and strategic advisory services
in the United Arab Emirates. Accordingly, in consideration of the foregoing and
of the mutual representations, warranties, covenants and agreements contained in
this Agreement and of other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties, intending to be
legally bound by this Agreement, agree as follows: 

ARTICLE I 
DEFINITIONS 

As used in this Agreement: 

"Affiliate" shall mean,
with respect to any referenced Person, any other Person that directly or
indirectly, through one or more intermediaries, controls, is controlled by or is
under common control with such referenced Person. 

"Business Day" shall mean
any day other than a Saturday, a Sunday or a day on which commercial banks in
New York or London are generally authorized or required to close. 

"Confidential Information"
shall mean, as to any Party as a Recipient, (a) all non-public written,
graphic, oral, electromagnetic or other information (including technical,
financial and business information regarding models, market studies, business
plans. clients' names, reports, plans. projections, data or any other
information) relating to the business, strategy, prospects or plans of the other
Party or any of the other Party's Affiliates and (b) any reproductions, copies,
notes, analyses, work papers. compilations, studies, interpretations or any
other document or information derived from any of the foregoing. 

"Project" shall mean any
undertaking involving the provision of nuclear consulting or strategic advisory
services to any entity in the United Arab Emirates. 

"Government Authority"
shall mean any national, federal, provincial, state, prefectural or
municipal governmental tribunal or organization, or any political subdivision.
instrumentality. Ministry, department, legislative body, agency, court,
tribunal, authority, corporation, commission or other body or entity of, or
under the direct or indirect control of, any of the foregoing, including any
central bank or other fiscal, monetary or other authority. 

- 1 - 

“Law” shall mean any law,
statute, ordinance, act, legislation, bill, enactment, policy, treaty,
international agreement, ordinance, judgment, injunction, award, decree, rule,
regulation, interpretation, determination, requirement, writ or order of, or any
term of any license or permit issued by, any Government Authority. 

“Person” shall mean any
individual, corporation, partnership, limited liability company, joint venture,
association, trust, unincorporated organization or other entity. 

"Recipient" shall mean
each Party. whenever it has received or is receiving Confidential Information
directly or indirectly from the other Party or any of its Affiliates.

ARTICLE II 
GENERAL SCOPE; RELATIONSHIP OF THE
PARTIES 

Section 2.1      General Scope.
During the term of this Agreement, the Parties shall actively seek attractive
Projects and, in pursuit of any potential Project, shall promote the
Lightbridge-Lloyds strategic alliance whenever given the opportunity to do so.
Each Party shall present to the other Party every potential Project which such
Party desires to pursue. 

Section 2.2      Relationship of
Parties. With respect to any Project, regardless of which Party
identified such Project, the Parties agree that Lloyds shall act as prime
contractor on any Project and that Lightbridge shall have a right of first
refusal to participate in such Project as a sub-contractor to Lloyds, and shall
be entitled to perform such work which would generate up to twenty-five percent
(25%) of the total fees payable to Lloyds as general contractor under the
Project. 

Section 2.3      Identification of
Projects. Upon identification of a Project, the Parties shall jointly
prepare a proposed plan for the acquisition and execution of the Project, which
shall include a detailed forecasted budget therefore. Upon the award of a prime
contract regarding a Project to Lloyds, the Parties shall attempt in good faith
to negotiate and enter into a subcontract agreement whereby the scope of
Lightbridge's services on the Project, and compensation to Lightbridge
therefore, shall be specified. 

Section 2.4      No Commitment. Notwithstanding anything to the contrary, the Parties understand and agree
that each Party shall have the right, at all times and in their sole and
absolute discretion, to pursue or not pursue or continue with or not continue
with a Project and that neither Party shall have any obligation or liability to
the other Party arising out of or relating to a decision not to pursue a Project
for any reason. Each Party agrees that it shall not pursue any damages against
the other Party or any of its Affiliates arising out of or relating to a
decision by such Party or any of its Affiliates not to pursue or continue with a
Project, regardless of' the reason for such decision. 

ARTICLE III 
COMPLIANCE WITH LAWS 

Each Party shall, and shall
cause its Affiliates to. at all times, comply in all respects with all
applicable Laws in connection with the transactions contemplated by this
Agreement. Without limiting the generality of the foregoing, each Party (the
"Relevant Party") shall not, and shall cause its Affiliates not to, do or cause to be done
any of the following in connection with the transactions contemplated by this
Agreement: (a) directly or indirectly through any other Person. pay, offer to
pay, promise to pay, or authorize the payment of any monies or anything of value
to any official or employee of any Government Authority or any political party
or candidate for political office for the purpose of illegally or improperly
inducing or rewarding any action by such official, employee or candidate
favorable to the Relevant Party or any of its Affiliate or (b) take any other
action that, if taken by a Person subject to United States law, would violate
the United States Foreign Corrupt Practices Act. Each Party acknowledges and
agrees that is familiar with the United States Foreign Corrupt Practices Act. 

- 2 - 

ARTICLE IV 

CONFIDENTIALITY 

Section 4.1      Obligation to
  Maintain and Protect Confidentiality. The Recipient agrees that it shall
  receive, protect and maintain the Confidential Information in the strictest
  confidence. The Recipient agrees to keep all of the Confidential Information
  confidential, not to use that Confidential Information other than for the
  purpose of this Agreement and not to disclose the same to any Person other than
  in accordance with this Agreement without the prior written consent of the Party
from whom such Confidential Information was received, unless: 

(a)     
the Recipient is required to make the disclosure by Law or under any
administrative guideline or directive (whether or not having the force of Law)
the observance of which, if not having the force of Law, is in accordance with
the practice of responsible persons similarly situated; 

(b)     
the disclosure is necessary for the purpose of obtaining any consent,
authorization, approval or license from any Government Authority with respect to
the transactions effected pursuant to this Agreement; 

(c)      it
is necessary that the disclosure be made to any taxation or fiscal authority;

(d)     
the disclosure is made in accordance with Section 4.3 to the officers,
employees, or agents of the Recipient, or to the professional advisors of the
Recipient for the purpose of obtaining professional advice in
relation to this Agreement or any matter the subject thereof or otherwise for
the purpose of consulting those professional advisors;

 (e)       the disclosure is
  necessary or desirable in relation to any procedure for discovery of documents
  and any proceedings before any court, tribunal (including any arbitral tribunal)
  or regulatory body; or 

In respect of any Confidential Information to be disclosed by
the Recipient pursuant to the exceptions referred to in this Section 4.1, the
Recipient must, prior to such disclosure, notify the Party from whom the
Confidential Information was received of the need or intention to disclose. 

Section 4.2      Exceptions to
Confidentiality. The confidentiality provisions contained in this
Agreement do not apply to information or details of the Confidential Information
which: 

- 3 - 

(a)     
are part of the public domain at the time acquired by the Recipient; 

(b)     
are not acquired by the Recipient. either directly or indirectly, from the
disclosing Party or its Affiliates; 

(c)     
are made known to the Recipient by a Person who did not acquire knowledge of the
information or of the details, either directly or indirectly, under an
obligation of confidentiality or has an independent right to disclose same; 

(d)     
after being made known to the Recipient, becomes part of the public domain
through no fault of the Recipient or of any Person to which the Recipient has
disclosed details of the Confidential Information; or 

(e)     
the Recipient can establish were in its possession prior to the date of
disclosure of such details by the disclosing Party. 

Section 4.3      Disclosure to
Affiliates; Safekeeping. The Recipient agrees that prior to disclosure of
Confidential Information to any Affiliate, it will inform the Affiliate of the
confidential nature of the Confidential Information and require such Affiliate
to treat the Confidential Information as confidential according to this
Agreement as if such Affiliate were a Recipient. The Recipient shall, and shall
cause each of its Affiliate to, use its best endeavors to procure and ensure at
all times the safe and confidential storage of Confidential Information in their
possession or control. Without limiting the foregoing, the Recipient shall, and
shall cause its Affiliate to, safeguard the Confidential Information to the same
extent as if it were information of or pertaining to the Recipient. and the
Recipient acknowledges that the release, publication or dissemination of the
Confidential Information could be harmful to a Project or a Party. 

Section 4.4       Return of
Confidential Information. The Recipient agrees that upon the written request
of the disclosing Party it will promptly (a) return all Confidential Information
and any and all copies thereof to the disclosing Party and shall require each of
its Affiliate to do likewise or (b) destroy the same and deliver a certificate
of destruction to the disclosing Party. 

Section 4.5       Survival of
Confidentiality Obligations. This Article IV shall survive termination of
this Agreement. 

ARTICLE V 
EVENTS OF DEFAULT; TERM AND TERMINATION

Section 5.1       Events of Default. Each of the following events constitutes an event of default (an "Event
of Default") by a Party (the "Defaulting Party") under this
Agreement: 

5.1.1      the Defaulting Party fails to perform in any material
  respect any obligation under this Agreement. or any representation or warranty
  made by the Defaulting Party in this Agreement is untrue in any material
  respect, and such failure is not cured within 30 days after the non-Defaulting
  Party notifies the Defaulting Party of such failure; or

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5.1.2       the
Defaulting Party: 

(a)     
files a petition or otherwise commences, or authorizes or acquiesces in the
commencement of. a proceeding or cause under any bankruptcy, winding up,
liquidation. insolvency, receivership or similar law for the protection of
creditors or has such a petition filed or proceeding commenced against it.
which, in the case of an involuntary petition or proceeding, remains undismissed
and unstayed for 90 days; or 

(b)      is
otherwise adjudicated insolvent or unable to pay its debts as they become due,
otherwise makes an assignment for the benefit of its creditors or is dissolved
or otherwise terminated. 

Section 5.2        Remedies. Upon
the occurrence and during the continuation of any Event of Default, the
non-Defaulting Party may immediately terminate this Agreement by giving notice
to the Defaulting Party. The non-Defaulting Party's remedy set forth in the
immediately preceding sentence is not intended to be exclusive and is in
addition to, and may be exercised concurrently with, any other right or remedy
that may otherwise be available to the Non-Defaulting Party at law or in equity.
Without limiting the foregoing and for the avoidance of doubt, the
Non-Defaulting Party may recover damages against the Defaulting Party even if
this Agreement is terminated (including damages arising out of such
termination). 

Section 5.3       Term and
Termination. This Agreement is effective on the Effective Date and shah
continue in effect until the earlier of (a) the fifth (5th)
anniversary of the Effective Date, and (b) termination by either Party for any
reason upon thirty (30) days' written notice to the other Party; provided,
however, that no Party shall be able to terminate this Agreement so long as
such Party is a Defaulting Party under this Agreement. The occurrence of the
Termination Date shall not relieve either Party of any unfulfilled obligation or
undischarged liability of such Party relating to the period prior to the
Termination Date. 

ARTICLE VI 
NOTICE 

Section 6.1       Notices. All
notices, consents, demands or other communications (collectively, the
"Notices") made pursuant to this Agreement shall be in writing, in the
English language and signed and correctly dated by the Party sending same. All
Notices shall he delivered personally (by courier or otherwise) or by facsimile
to the receiving Party at the address given below: 

	If to Lightbridge 	With copy to: 
	Addressed to: 	  
	  	  
	Lightbridge Corporation 	Pillsbury Winthrop Shaw Pittman LLP 
	1600 Tysons Boulevard 	2300 N Street, NW 
	Tysons Corner, VA 22102 	Washington, DC 20037 
	Attn: James D. Guerra 	Attn: Louis A. Bevilacqua 
	Tel.: 571-730-1200 	Tel.: 202-663-8158 

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	If to Lloyds 	With copy to: 
	Addressed to: 	  
	  	  
	Energy Area Business Manager 	Global Nuclear Director 
	Lloyd's Register, EMEA 	Lloyd's Register 
	Festival Office Tower, Suite 2001 	71 Fenchurch Street 
	Dubai Festival City 	London 
	Al Rebat Street 	EC3M 4BS 
	Ras Al Khor, Deira 	United Kingdom 
	Dubai 	Tel: +44 20 7423 1677 
	United Arab Emirates 	  
	Tel.: +971 4 701 4236 	  

Section 6.2        Effective Date of
Notices. Any Notice delivered personally shall be deemed to have been
given on the date it is so delivered, or upon attempted delivery if acceptance
of delivery is refused, and any notice delivered by facsimile transmission shall
be deemed to have been given on the first Business Day it is received (or on the
first Business Day after it is received, if received on other than a Business
Day). Notice given in any other manner shall be deemed to have been given on the
first Business Day it is received (or on the first Business Day after it is
received, if received on other than a Business Day). 

Section 6.3       Change of Address
for Notices. A Party may change the address to which Notices hereunder are
to be sent to it by giving Notice of such change of address in the manner
provided in Section 11.1. 

ARTICLE VII 
MISCELLANEOUS 

Section 7.1        No Partnership; No
Agency. Nothing contained in this Agreement shall be construed so as to
create a partnership, joint venture or common enterprise between the Parties.
Neither Party shall be liable for the debts or obligations of the other Party.
Each Party shall limit its activities pursuant to the terms of this Agreement to
that of the functions and related services expressly set forth herein. Without
limiting the foregoing, neither Party is authorized to assume or create any
obligation, liability, or responsibility, expressed or implied, on behalf of or
in the name of the other Party or any of its Affiliates or to bind the other
Party or any of its Affiliates in any manner whatsoever, and neither Party shall
hold itself out as an agent or legal representative of the other Party or any of
its Affiliates. 

Section 7.2       Governing Law. The terms of this Agreement shall be governed by and construed in accordance
with the laws of England. 

- 6 - 

Amendment and Modifications. This Agreement may be
amended, modified or supplemented at any time by the Parties but only pursuant
to an instrument in writing signed by both of them. 

Section 7.4        Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Parties
and their respective successors and permitted assigns. 

Section 7.5       Assignment. No
Party may assign this Agreement without the prior written consent of the other
Party. 

Section 7.6       Entire Agreement. This Agreement, together with that certain Non-Circumvention and
Confidentiality Agreement, dated December 16, 2011, between Lightbridge and
Lloyd's Register Group Services Limited, contains the entire Agreement of the
Parties with respect to the transactions contemplated hereby and supersedes all
prior understandings and agreements of the Parties with respect to the subject
matter hereof. 

Section 7.7       Severability. If any provision of this Agreement is held invalid or unenforceable. all
other provisions will not be affected. With respect to the provision held
invalid or unenforceable, the Parties will amend this Agreement as necessary to
effect the original intent of the parties to this Agreement as closely as
possible. 

Section 7.8       No Third-Party
Beneficiaries. Nothing in this Agreement, expressed or implied, is intended
to confer any rights or remedies under or by reason of this Agreement on any
Person other than the Parties and their respective successors and permitted
assigns, nor is anything in this Agreement intended to relieve or discharge any
obligation of any third person to any Party or give any third person any right
of subrogation or action against any Party. 

Section 7.9        Execution in
Counterparts. This Agreement may be executed in any number of counterparts
and by different Parties in separate counterparts, each of which when so
executed and delivered shall be deemed to be an original and all of which taken
together shall constitute but one and the same instrument. Delivery of an
executed counterpart of the signature page of this Agreement by facsimile
transmission shall he equally as effective as delivery of a manually executed
counterpart of this Agreement. 

Section 7.10       Expenses. Each of the Parties shall pay its own costs incurred in connection
with the negotiation, preparation and execution of this Agreement. 

[THE REST OF THIS PAGE IS LEFT INTENTIONALLY BLANK] 

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IN WITNESS WHEREOF, the Parties
hereto have caused this Agreement to be duly executed as of the day and year
first above written. 

	Lightbridge Corporation 
	  	  
	By: 	 
             /s/ James D. Guerra 
	  	Name: James D. Guerra 
	  	Title: COO 

	Lloyds Register EMEZ 
	  	  
	By: 	 
             /s/ N.D.A.M. Nooren 
	  	Name: N.D.A.M. Nooren 
	  	Title: AREA Business Manager – Energy MEAA
  

- 8 -

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