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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 in
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