Separation Agreement and Release

November 22, 2006

Mr. J. Donald Oldham
19 Colburn Circle
Sudbury, MA 01776

Re: Separation Agreement and Release

Dear Don:

This letter agreement will confirm our mutual understanding with respect to the arrangements we have made in connection with the termination of your position as an officer of Lightbridge, Inc. (“Lightbridge” or the “Company”) and the termination of your employment.

You hereby agree to terminate your position as an officer of the Company effective November 24, 2006. Your status as an employee and all employee benefits will also be terminated effective November 24, 2006.

You will continue to perform in a professional manner your current duties through the date of termination of your employment.

Provided that you remain an employee in good standing through the date of termination of your employment, you will receive (i) your current base salary for a period of four weeks beyond the date of termination of your employment, and (ii) thereafter, if you sign and return a copy of this letter agreement to the Company on or before December 15, 2006, your current base salary through May 24, 2007. The payments pursuant to clause (ii) above shall become effective only upon the expiration of the seven-day period immediately following your indication of acceptance of the terms of this letter agreement as specified below. All payments will continue to be paid on the normal payroll cycle (less required withholdings and deductions for taxes). You agree that the payments described in this letter agreement are above and beyond and in full satisfaction of any payments or compensation otherwise owed to you under the terms of your employment with Lightbridge or as required by law.

All accrued but unused vacation time or paid time off earned through November 24, 2006 will be paid on that date.

You will return all property, equipment, materials and confidential information of the Company to the Company by November 24, 2006.

6. COBRA Group Insurance Coverage .

After November 24, 2006, you and your family members will be eligible to continue your group health insurance coverage in accordance with the federal COBRA law. If you or any of your family members elect to continue this coverage, you and the Company will continue to pay the same share of the monthly premium (subject to any applicable carrier or Company rate adjustments) as if you were still employed throughout the salary continuation period. After such salary continuation period ends, if you or any of your family members elect to continue COBRA coverage, you will be responsible for all of the premium payments. Information about your rights under COBRA and forms for electing COBRA continuation coverage will be provided to you via a home mailing from Ceridian Benefit Services.

7. Outplacement Assistance .

To assist you in regard to outplacement, the Company will pay up to $10,000.00 for outplacement services which are provided to you by a Company-approved agency prior to the earlier of May 27, 2007 or the date you commence new employment. Appropriate invoices for outplacement services should be submitted promptly to the Company.

8. Confidential Information .

You understand and agree that the Company’s confidential information belongs exclusively to the Company, and that the confidential information of the Company’s customers or of other organizations with which the Company does business remains their exclusive property. You agree that you will not use or disclose any such confidential information, whether for your benefit or for the benefit of another, and that you will hold and treat such information as confidential information, unless you have specific prior written authorization from the Company to disclose it. Incorporated herein is a confidentiality and non-competition agreement that was signed by you on or about August 28, 2006 and which remains in effect according to its terms.

9. Non-Disparagement .

You agree that you will not make any disparaging statements about the Company or any of its subsidiaries, affiliates, officers, directors or employees, or its business or prospects.

In exchange for the cons