Exhibit 10.3
LUNA INNOVATIONS
INCORPORATED
AMENDMENT TO EMPLOYMENT
AGREEMENT
This Amendment to the employment
agreement is made as of March 31, 2009, by and between Luna
Innovations Incorporated (the “Company”), and Scott
Graeff (“Executive”).
RECITALS
WHEREAS , the Company and Executive entered into an
employment agreement dated as of January 1, 2007, as amended
December 31, 2008 (the “Agreement”).
WHEREAS , the Agreement provides for a fixed term ending
on third anniversary of the effective date of the
Agreement;
WHEREAS , the Company and Executive desire to amend the
Agreement to extend the initial term of the Agreement to
June 30, 2010 and to provide that the Agreement will
automatically renew for successive additional one-year terms
thereafter unless either party provides written notice of
non-renewal to the other party at least ninety (90) days prior
to a renewal date.
NOW, THEREFORE
, the Company and Executive agree
that in consideration of the foregoing and the promises and
covenants contained herein, the parties agree as
follows:
AGREEMENT
1. Term . Section 2,
“Term” is deleted and replaced with the
following:
“2. Term . The period
of Executive’s employment under this Agreement is referred to
herein as the “ Employment Term .” The Agreement
shall have an initial term from the Effective Date of the Agreement
through June 30, 2010 (“ Initial Term ”).
At the end of the Initial Term and on each annual anniversary of
such date thereafter, the Agreement automatically will renew for
successive additional one (1) year terms, unless either party
provides the other party with written notice of non-renewal at
least ninety (90) days prior to the date of the automatic
renewal.”
2. Full Force and Effect . To
the extent not expressly amended hereby, the Agreem
