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:
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Filing of an
agreed upon Investigational New Drug (IND) application with the
Food and Drug Administration;
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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
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Produce and
begin to execute a pla
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