Document:

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STATE OF NORTH CAROLINA
                                                                 EXHIBIT 10.17.1
                                                           LEASE AMENDMENT NO. 1

COUNTY OF WAKE

         THIS LEASE AMENDMENT is made this 5th day of March 2002, by and between
PARKER-RALEIGH DEVELOPMENT XXX, LLC ("Landlord") and LIPOSCIENCE, INC.
("Tenant").

         WHEREAS, Landlord and Tenant (collectively the "Parties") entered into
a written agreement of Lease executed October 4, 2001 (the "Lease") whereby the
Landlord leased to Tenant approximately 85,000 square feet of space located at
2500 Sumner Boulevard, Raleigh, North Carolina 27615 (the "Premises"); and,

         WHEREAS, the Tenant name has been changed and the parties wish to amend
the Lease to reflect the change; and,

         WHEREAS, the parties desire to further amend and modify the Lease as
hereinafter set forth.

         NOW, THEREFORE, by mutual agreement of the parties and in consideration
of the mutual promises and obligations hereinafter set forth, the Lease is
hereby amended and modified as follows:

1.        Delete "LipoMed, Inc." wherever it appears in the Lease and Amendment
          No. 1 and substitute in its place:

                                LipoScience, Inc.

         In the event of a conflict between the terms and conditions of the
Lease and this Amendment, this Amendment shall govern and control. All terms
defined in the Lease shall have the same meaning herein. Except as modified
herein all terms and conditions of the Lease are ratified and confirmed in all
other respects.

         IN WITNESS WHEREOF, the parties hereto have hereunto executed this
Lease Amendment No. 2 in triplicate causing their respective seals to be affixed
hereto the day and year first above written.

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                                      LANDLORD:

                                      PARKER-RALEIGH DEVELOPMENT
                                      XXX, LLC
                                      By: Parker Lincoln Developers, Inc.,
                                      Its Managing Agent

ATTEST:

/s/ Vickie B. Poor                    By:/s/ David L. Brady, CEO      (SEAL)
---------------------------              -----------------------------
Asst.  Secretary                               Vice President

(CORPORATE SEAL)

                                         TENANT:

                                         LIPOSCIENCE, INC.
                                              a Delaware corporation
ATTEST:

/s/  James D. Otvos                      By: /s/ Richard A. Franco       (SEAL)
---------------------------              -----------------------------
James D. Otvos  Secretary                Title: Chairman
                                         Name:  Richard A. Franco
(CORPORATE SEAL)                                Type or Print

                                   Page 2 of 2<PAGE>
                                                                 EXHIBIT 10.21.1
                     SECOND AMENDMENT TO SECURITY AGREEMENT

     THIS SECOND AMENDMENT TO SECURITY AGREEMENT (the "First Amendment") is
entered into as of the 19th day of March, 2002 by and between LIPOSCIENCE, INC.,
a Delaware corporation, formerly known as LipoMed, Inc. ("Debtor"), and FIRST
UNION NATIONAL BANK, a national banking association ("Bank").

                               W I T N E S S E T H
                              ---------------------
     WHEREAS, Debtor and Bank entered into a Security Agreement dated as of
October 6, 2000 as amended by First Amendment to Security Agreement dated as of
December 19, 2001, (as amended, the "Security Agreement"); and

     WHEREAS, the parties now desire to further amend the Security Agreement
effective as of the date hereof;

     NOW THERFORE, in consideration of mutual promises between the parties and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereby agree to the following amendments to the
Security Agreement:

1.   References to the "Loan Documents" in the Security Agreement are hereby
     modified to include that Amended, Restated and Substituted Promissory Note
     in the principal amount of $5,000,000.00 dated of even date herewith (the
     "Note") and that Loan Agreement between Debtor and Bank dated October 6,
     2000, as modified by the Renewal Agreement, amended by First Amendment to
     Loan Agreement dated December 19, 2001 and Second Amendment to Loan
     Agreement dated of even date herewith, and as they may be modified,
     extended or renewed from time to time.

2.   The Security Agreement is modified to provide that the security interest
     granted therein shall secure all obligations of Borrower under the Note and
     Loan Agreement, as amended, and the other Loan Documents, as amended, as
     well as all obligations of Borrower in connection with any letters of
     credit issued by Bank for the account of Borrower under the terms of the
     Loan Agreement, as amended.

3.   Schedule A to the Security Agreement is hereby deleted in its entirety and
     Schedule A to this Second Amendment is hereby substituted in lieu thereof.

4.   Except as modified as set forth above, all terms and conditions of the
     Security Agreement remain in full force and effect. The Security Agreement
     as modified by this Second Amendment, and all documents executed in
     connection therewith are ratified and confirmed by the parties, with those
     of said documents executed therewith applying to the Security Agreement now
     applying with full force and effect to the Security Agreement, as modified
     by this Second Amendment.

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5.   This Second Amendment may be executed in multiple counterparts which, taken
     together, shall be deemed one original.

     IN WITNESS WHEREOF, the parties have caused this Second Amendment to be
executed by their duly authorized officers as of the date first above written.

                                    BORROWER:

                                    LIPOSCIENCE, INC., formerly known as
                                    LipoMed, Inc.

                                    By: /s/ F. Ronald Stanton
                                        ---------------------
                                    Print Name: F. Ronald Stanton
                                                -----------------
                                    Title: President and Chief Executive Officer
                                           -------------------------------------

                                    (AFFIX CORPORATE SEAL)

                                    BANK:

                                    FIRST UNION NATIONAL BANK

                                    By: /s/ C. Douglass Riddle
                                        ----------------------
                                    Print Name: C. Douglass Riddle
                                                ------------------
                                    Title: Senior Vice President
                                           ---------------------

<PAGE>

                                   SCHEDULE A
                     TO SECURITY AGREEMENT/LOAN AGREEMENT

Existing Liens, Encumbrances:

1. Certain equipment used in connection with the Debtor's business and located
(or to be located) at the Debtor's facility are subject to a security agreement
and lien in favor of Oxford Venture Finance, LLC ("Oxford") and GE Capital
Corporation pursuant to the terms of a Master Loan and Security Agreement dated
September 27, 2000 between Debtor and Oxford (the "Master Loan Agreement"). The
equipment financed under the Master Loan Agreement will be owned by Debtor and
subject to a first priority lien in favor of Oxford. Debtor has currently
financed $1,268,008 in equipment under this facility and has the right to
finance up to $3,000,000 of equipment under the terms of this agreement. UCC
financings statements have been filed in connection with each equipment loan
advance made to date.

2. Debtor has pledged Certificate of Deposit Accounts maintained at Centura Bank
in the aggregate amount of $135,000 as collateral to secure Debtor's obligations
under Lease Agreements dated April 8, 1998, July 16, 1998 and March 29, 1999,
respectively, between Debtor and Centura Bank. Centura Bank has filed UCC
financing statements on the equipment leased under these agreements.

3. Debtor has entered into several equipment lease agreements for office and
related equipment used in its business, pursuant to which the Lessors have filed
UCC financing statements covering the leased equipment.<PAGE>

                                                                  EXHIBIT 10.22

December 18, 2000

Mr. John Scott Grainger
204 Chalon Drive
Cary, NC 27511

Dear Scott,

LipoMed, Inc. would like to extend to you an offer of full time employment
effective January 1, 2001. As Chief Information Officer, the main focus of the
position, which reports to the CEO, would be to examine and implement software
and hardware solutions for LipoMed's information needs. This will include
managing an IT staff and intensive interactions with other departments.
LipoMed's goals for next year include generating 240,000 total tests and
attaining $18.2 million in sales.

Scott, your duties will include selecting, hiring and training the IT staff and
training other employees that use IT resources. You will need to set clear
expectations of the staff and users and manage their objectives and goals. Your
duties include securing and maintaining the appropriate personnel, software and
equipment for LipoMed to meet its sales and operational objectives. Helping
develop new products, redesign work processes, work with outside vendors,
interface with the scientific staff, support the marketing information needs,
support the accounting and billing needs are also among your responsibilities.
You will be part of the executive team and on a peer level with the other
executives. As such, you have responsibilities to the overall direction and
strategy of the firm. These duties could change over time.

An outline of the offer is as follows:

Salary----$12,500.00 to be paid monthly while you are employed at LipoMed
($150,000 per year)

Bonus----$0-$40,000, depending on performance

Benefits----You will be entitled to the current company benefits which include
four weeks vacation, Health Insurance, 401K plan, Life Insurance, Accidental
Death and Dismemberment, Long term Disability Insurance, Unemployment Insurance,
and Worker's Compensation.

Stock Options----You will receive an incentive stock option of 30,000 shares at
a price of $0.50 per share. The term will be for ten years. Vesting will begin
on January 1, 2001 and 25% will vest after the first year. Thereafter, 1/36th of
the remainder will vest each month over the next three years. The total time for
the entire option to vest is four years.

Employment at LipoMed, Inc. is terminable at will, with or without cause, at the
instance of either the Company or the employee. As Chief Information Officer,
your employment is contingent upon having a pre-employment physical at LipoMed's
expense and to be physically able to fulfill your responsibilities.

<PAGE>

The initial term of your employment shall be one year commencing upon January 1,
2001 (the "Initial Term"). Any continued employment by LipoMed following the
expiration of the Initial Term shall be at will unless otherwise agreed to in
writing by the parties. Such continued employment plus the Initial Term shall be
referred to herein collectively as the "Employment Period". The Company shall
have the right to terminate you at any time during the Employment Period with or
without cause. Upon any termination during the Employment Period, you shall be
entitled to receive, through the date of such termination, your base salary plus
any other benefits to which you are entitled pursuant to this letter agreement;
provided, however, that if the Company terminates you other than "for cause" (as
hereinafter defined) or due to your death or permanent disability or the
liquidation, dissolution or discontinuance of business of the Company, you shall
be entitled to receive, in addition to your base salary and benefits listed
above, the Severance Pay. For the purposes of this letter agreement, "Severance
Pay" shall mean an amount equal to your base salary for four months. The
Severance Pay will be paid in accordance with the then-current payroll schedule
and other normal payroll practices of the Company and subject to normal
withholding. The Severance Pay shall not be paid or accorded to you and will be
forfeited if you breach or violate your Non-Competition Agreement with the
Company. The Company's obligations under this paragraph with respect to the
Severance Pay will survive the termination of this Agreement.

For the purposes of this letter agreement, "for cause" shall mean: (i) any
material breach of the terms of this letter agreement by you or your failure to
diligently and properly perform your duties for the Company, such breach or
failure to be determined in the reasonable judgment of the Board of Directors of
the Company and which breach or failure is not corrected within thirty (30) days
after written notice of such failure by the Board of Directors; (ii) any
material failure by you to comply with the policies or directives of the Board
of Directors which failure is not corrected within thirty (30) days after
written notice of such failure; (iii) any action by you that is illegal,
dishonest or not in good faith which is materially detrimental to the interest
and well-being of the Company; (iv) any failure by you to fully disclose any
material conflict of interest you may have with the Company in a transaction
between the Company and any third party; or (v) any adverse act or omission by
you which would be required to be disclosed pursuant to public securities laws
or which would limit the ability of the Company or any entity affiliated with
the Company to sell securities under any Federal or state law or which would
disqualify the Company or any affiliated entity from any exemption otherwise
available to it, all of which are materially detrimental to the interest and
well-being of the Company.

Scott, I am excited by your enthusiasm, managerial experience, and skills will
add value to the company and help in building the IT team.

<PAGE>

If you are agreeable, please sign below and return to me.

Regards,

/s/ Stephen K. Markham, Ph.D.
-----------------------------
Stephen K. Markham, Ph.D.
Chief Financial Officer

Agreed to and accepted this 21/st day of December, 2000.

/s/ John Scott Grainger
-----------------------
John Scott Grainger

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