secwatch.observer — SEC 8-K summary
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Issuer:     LUNA INNOVATIONS INC (—)
CIK:        0001239819
Form:       8-K
Filed at:   2024-07-23T23:59:59+00:00
Accession:  0001239819-24-000090
Event type: debt
Sentiment:  negative
Materiality: 0.75
Item codes: 1.01, 2.03, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Luna Innovations secures $15M White Hat loan with $9M drawn; appoints Kevin Ilcisin CEO
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- Up to $15M delayed-draw term loan with White Hat Capital; $9M drawn at July 19 closing.
- Loan matures Dec 31, 2024 (extendable to Apr 30, 2025 on sale milestones); interest at SOFR+10% (12% during extension).
- Obligations secured by second-priority lien on substantially all assets; mandatory prepayment from sale proceeds.
- Kevin Ilcisin named President & CEO effective Aug 1, 2024; also appointed to Board as Class I director.
- Ilcisin base salary $133,330/month ($100K cash + $33K deferred), target bonus $396K, and 628,141 RSUs granted.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1239819/000123981924000090/0001239819-24-000090-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1239819/000123981924000090/luna-20240723.htm
  HTML page:      https://secwatch.observer/filing/0001239819-24-000090

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer