EXHIBIT 10.16
Agreement dated June 13, 2001,
between Xxxxxx X. Xxxxxx ("Xxxxxx")
and Competitive Technologies, Inc. ("CTT")
1. Reference is made to Article IV of the By-laws of CTT
("Article IV"), a copy of which is attached hereto.
2. The Securities and Exchange Commission has entered a
Formal Order of Private Investigation in the Matter of Trading in
the Securities of Competitive Technologies, Inc., File No. B-1698
(the "SEC Proceeding"). CTT has been served with a subpoena in
the SEC Proceeding requesting (among other things) certain
documents relating to Xxxxxx or any entity that he controls,
including but not limited to Central Maintenance Services, Inc.
3. Xxxxxx has retained his own counsel in connection with
the SEC Proceeding and this agreement.
4. CTT has agreed, pursuant to Article IV, to advance to
Xxxxxx, under subsection (e) of Article IV, Fodale's expenses
incurred in connection with the SEC Proceeding.
5. Xxxxxx agrees and undertakes to repay any amounts so
advanced unless it shall ultimately be determined that he is
entitled to be indemnified by CTT as authorized in Article IV.
6. The determination made by CTT under subsection (d) is
preliminary and is based substantially on representations by
Xxxxxx to CTT. Xxxxxx agrees that, should further facts be
developed in the SEC Proceeding that result in a decision by CTT
to change its determination under subsection (d), further
advances will cease under this agreement.
Competitive Technologies, Inc.
s/ Xxxxxx X. Xxxxxx By: s/ Xxxxx X. XxXxxx, Xx.
Xxxxxx X. Xxxxxx Xxxxx X. XxXxxx, Xx.
President
