LIGHTBRIDGE Corp — Director's Dealing 2006

Mar 28, 2006

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: NOVASTAR RESOURCES LTD. (NVAS)
CIK: 0001084554
Period of Report: 2006-03-17

Reporting Person: GRAE SETH (Director, CEO and President)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.001 par value	6000000	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (Right to Buy)	$0.795	2016-02-14	Common Stock, $0.001 par value (7200000)		Direct

Footnotes

F1: The option vests with respect to 6/48 of the total number of shares granted on August 14, 2006 and thereafter vests in equal monthly installment of 1/48 over a four year term until all shares underlying the option have vested. The option immediately and automatically vests in full upon a Change of Control, the termination of Seth Grae's employment by the Company without Cause, or the cessation of Seth Grae's employment at the Company by Seth Grae for Good Reason. "Change of Control", "Cause", and "Good Reason" are each defined in that certain employment agreement between Seth Grae and the Company, effective as of February 14, 2006 (such employment agreement was filed as Exhibit 10.2, and the stock option agreement was filed as Exhibit 10.3, to a Current Report on Form 8-K of the Company that was filed on February 21, 2006).