Document:

Exhibit 10.3

 Exhibit 10.3 
  
 REVISED 
 August 13, 2005 
  
 Robert Lenk 
 12595 FM1097 
 Willis, TX 77318 
  
 Dear Dr. Lenk: 
  
 I am pleased to extend you an invitation to join Luna Innovations in the position of CEO of Luna nano Works, a division of Luna Innovations, reporting to
me, at your earliest convenience. 
  
 Your responsibilities will
include the setting strategy of Luna nano Works (LnW) with a medical products/MRI contrast agent focus. In addition to the leadership role at LnW, your background and skills are needed in leading and assisting the commercialization of various
medical and biotech product development efforts within Luna Innovations. Our efforts will be focused on getting LnW prepared to be spun out as a separate company and it is expected as equity is built and the spinoff is created that all will be
rewarded with ownership in LnW and share in the creation of value as it is harvested with other opportunities as well. As an example, Luna Quest, and other medical and biomedical and any other opportunities where value is added, created and
liquidity is created through spinoff ownership, licensing or outright sale of the technology. 
  
 The purpose of this offer letter is to align ourselves to a shared goal of building equity and share in the value created. 
  
 We can offer you a monthly salary of $14,825.00. You will be eligible for a bonus that will, in sum, be equal to 35% of your salary, payable quarterly,
based on achievement of agreed upon milestones. For your first year your goals are: 
  

	 	•	 	Filing of an agreed upon Investigational New Drug (IND) application with the Food and Drug Administration; 

  

	 	•	 	Production and testing of a suitable method for scaling up production of Trimetasphere and Single Wall Carbon Nano Tube (SWCNT) synthesis, separation and purification processes; and

  

	 	•	 	Produce and begin to execute a plan to develop the Nano business. 

  
 The payout of the first, second and third quarter bonuses will be based on satisfactory reports showing appropriate progress towards achievement of the
above first year goals. You will provide these reports to me on a timely basis. The fourth quarter bonus payout will be contingent upon full achievement of the above first year goals. 

 In addition, you will be provided with a stock option grant to purchase 100,000 shares of Luna
Innovations Common Stock at an exercise price equal to the current fair market value ($0.20/share), vesting 25% after one year, and monthly pro-rata over the following three years. And, you will be eligible for future options as the company grows
and your contributions continue. 
  
 Your benefits under
Luna’s comprehensive benefits program will begin on your first day of employment, with the exception of the 401(K) plan which you can participate in after 3 full months of employment. In addition to our generous 401(k) retirement plan, our
benefits include a Paid Time Off program, 10 paid holidays, health insurance, dental plan, life insurance and short and long-term disability. We can also offer relocation benefits for your move to the Danville, Virginia area, to include physical
move of household goods, temporary housing and storage up to 90 days if required. 
  
 As is our practice with all new employees, we will ask you to sign an Employee Confidentiality agreement and provide a full disclosure of your involvement in all outside corporate, civic, professional, and
business-related activities. 
  
 We are excited about the work you
have done with Luna to date, and the work we can do together in the future. Upon acceptance of our offer, we would like to have a press release with wide circulation noting your affiliation with the Luna Group. 
  
 I think you will find the position professionally stimulating and
challenging, and I believe your contributions will greatly assist the continued growth and success of Luna. It has been a great pleasure working with you as a consultant for the past few months, and I look forward to continuing this relationship as
you become a full time Luna employee. 
  
 Should you have
questions relative to our offer of employment or if you require further information on any point that we may have failed to cover, do not hesitate to contact the Human Resources Department at 540-953-4275. After careful consideration of our total
employment package, we hope to receive a written affirmative response from you as soon as possible. Please address your response to Ms. Lori Engebritson. 
  

	
	 Sincerely,

	
	/S/    KENT A. MURPHY, PH.D.
        
	Kent A. Murphy, Ph.D.
	President & Chief Executive OfficerExhibit 10.4

 Exhibit 10.4 
  
 September 20, 2005 
  
 John Goehrke 
  
 Dear John: 
  
 I am pleased to
extend you an invitation to join Luna Innovations in the position of Chief Operating Officer, reporting to me. This position will be exempt. 
  
 We can offer a monthly salary of $16,667.00. During the 4th quarter of calendar year 2005, you will be eligible for a one-fourth of a 25% ($12,500.00) bonus based on Luna Innovations milestones to be mutually determined at a later date. Starting
January 1, 2006, you will be eligible for up to a 50% bonus, payable quarterly, based on achievement of a Luna Innovations milestone bonus plan also to be mutually determined at a later date. You will continue to be eligible for the Luna
Technologies bonus plan through the end of the 2005 calendar year, and payout will be as follows: 
  

	 	•	 	If Q3 YTD Revenue of $2,123k is met, 75% ($75,000.00) of annual bonus will be payable in October 2005. 

  

	 	•	 	If Q4 YTD Revenue of $3,338k is met, remaining 25% ($25,000.00) of annual bonus will be paid in January 2006. 

  
 We will recommend to the Board of Directors that, at the first Board meeting
following your employment, you will be provided with a stock option grant to purchase 300,000 shares of Luna Innovations Common Stock at an exercise price equal fair market value at time of hire. 50% of the shares shall vest twelve (12) months
after the vesting commencement date, and the balance of the shares subject to the option shall vest monthly pro-rata over three (3) years thereafter on the same day of the month as the vesting commencement date, subject to continued service on
such dates. In addition to a generous 401(k) retirement plan, our benefits include a Paid Time Off program, 10 paid holidays, health insurance, dental plan, life insurance, short and long-term disability. These benefits will be reviewed with you on
your first day of employment. You will receive PTO at the level of a 5 year employee. This means that you would have 184 hours or 23 days of Paid Time Off per year available to you (prorated based on your start date). Luna also will pay 100% of
expenses associated with your temporary relocation to Blacksburg. This is limited to travel expenses between Blacksburg, VA and Cary, NC, and associated hotel costs. This benefit will continue until you relocate to Roanoke, Virginia. 
  
 I think you will find the position professionally stimulating and
challenging. Our programs cover a cross-section of interesting activities/assignments. Luna’s mission and operating style is focused and straightforward, and is essentially embodied in our primary goal – “Solutions for today, products
for tomorrow.” I believe your contributions will greatly assist the continued growth and success of Luna. 

 Should you have questions relative to our offer of employment or if you require further information on
any point that we may have failed to cover, do not hesitate to contact the Human Resources Department at 540-953-4275. 
  
 This offer of employment by Luna Innovations is contingent upon your review, agreement and acceptance of the Letter Agreement attached as Exhibit A
to this offer letter. By signing in the noted area at the end of this letter, and at the end of Exhibit A, you knowingly and voluntarily agree to all terms and conditions of the agreement as noted in this offer letter and in Exhibit A.

  
 After careful consideration of our total employment package,
we hope to receive a written affirmative response from you by September 29, 2005. 
  

			
	 Sincerely,

	
	 /s/ Kent A. Murphy, Ph.D.

	 Kent A. Murphy, Ph.D.
 President & Chief Executive Officer

	
	 ACCEPTED AND AGREED TO:

	
	 /s/ John Goerke

	 (Signature)

	
	 John Goerke

	 (Print Name)

		
	 Date:Exhibit 10.5

 Exhibit 10.5 
  
 October 24, 2005 
  
 Mr. Kenneth Ferris 
 1449 Etzler Road 
 Troutville, VA 24175 
  
 Dear Ken:

  
 I am pleased to extend you an invitation to join Luna Innovations in the
position of President, Advanced Systems, reporting to the Luna Innovations Chief Operating Officer, and starting at your earliest convenience. This position will be exempt. 
  
 We can offer a monthly salary of $13,750.00. You will be eligible for a 25% bonus, payable quarterly, based on achievement of a milestone
bonus plan to be mutually determined within 45 days of your date of hire. We will recommend to the Board of Directors that, at the first Board meeting following your employment, you be provided with a stock option grant to purchase 100,000 shares of
Luna Innovations Common Stock at an exercise price equal fair market value at time of hire. The grant will be subject to the normal vesting schedule. In addition to a generous 401(k) retirement plan, our benefits include a Paid Time Off program, 10
paid holidays, health insurance, dental plan, life insurance, short and long-term disability. These benefits will be reviewed with you on your first day of employment. In addition, your original hire date with Luna Innovations of May 13, 2002
will be used in determining your 401(K) vesting. And, you will receive PTO at the level of a 5 year employee. This means that you would have 184 hours or 23 days of Paid Time Off per year available to you (prorated based on your start date).

  
 I think you will find the position professionally stimulating and challenging.
Our programs cover a cross-section of interesting activities/assignments. Luna’s mission and operating style is focused and straightforward, and is essentially embodied in our primary goal – “Solutions for today, products for
tomorrow.” I believe your contributions will greatly assist the continued growth and success of Luna. 
  
 Should you have questions relative to our offer of employment or if you require further information on any point that we may have failed to cover, do not hesitate to contact the Human Resources Department at
540-953-4275. After careful consideration of our total employment package, we hope to receive a written affirmative response from you as soon as possible. Please address your response to Ms. Lori Engebritson. 
  

	
	 Sincerely,

	
	/S/    KENT A. MURPHY,
PH.D.        
	 Kent A. Murphy, Ph.D.
 President & Chief Executive Officer

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