Document:

Exhibit 10.2

                              SETTLEMENT AGREEMENT
                              --------------------

THIS  SETTLEMENT  AGREEMENT  ("Settlement")  dated March 31, 2011 is made by and
between Competitive Technologies, Inc. ("CTTC"), and Life Episteme SARL ("LEG"),
collectively  referred  to  as  the  "parties."

                                    RECITALS

     A.     On February 16, 2009, CTTC entered into a distribution agreement
("Agreement") with Dr. Domenico Pecorini for the Calmare MC-5A pain device
("Unit") covering Italy and certain other countries.

     B.     Dr. Pecorini assigned the Agreement to LEG on October 21, 2009.

     C.     The  Agreement contained a minimum purchase requirement for the
number of

Units  that  LEG must purchase from CTTC for resale in order for LEG to meet its
obligations  under  the  Agreement.

     D.     The Agreement calls for LEG to prepay for Units ordered by LEG from
CTTC.

     E.     Between September 29, 2009 and July 21, 2010, CTTC shipped 110 units
to LEG.

     F.     LEG  has  made payment to CTTC for 55 Units, but has not paid CTTC
for 55 units ("55 unpaid Units"). LEG has objected to payment for the 55 Unpaid
Units raising technical and administrative issues, but CTTC has not accepted
those objections as valid.

     G.     LEG organized Life Episteme Italia srl ("LEI") as a joint venture
company to be a sub-distributor of Units; Hospital Consulting s.p.a. acquired
49% of this joint venture company at the end of 2009.

     H.     On December 21, 2010, CTTC gave LEG notice of the termination of the
Agreement.

     (I.     Intentionally Omitted)

<PAGE>

     J.     On January 18, 2011, CTTC gave LEG notice of the exercise of CTTC's
reclamation rights to the 55 unpaid Units under the applicable laws of the State
of Connecticut, U.S.A. The 55 unpaid Units have now been reclaimed by CTTC and
have been contracted for sale to LEI under an agreed purchase and payment
schedule.

     K.     As a consequence of CTTC's exercise of the right of reclamation as
mentioned above, CTTC and LEG acknowledge that the 55 unpaid Units are the
exclusive property of CTTC which has successfully reclaimed the Units and that
LEG releases any claim to any right, title or interest in those 55 Units in
accordance with this Agreement.

     L.     CTTC and LEG desire to enter into this Settlement Agreement
("Settlement")

to settle fully and finally all matters.

NOW,  THEREFORE,  in consideration of the mutual covenants and agreements of the
parties  in  this Settlement, and for other good and valuable consideration, the
receipt  and  sufficiency of which are hereby acknowledged, the parties agree as
follows:

1.     Rescission  of  Sale of 55 Unpaid Units. The parties acknowledge that LEG
       ----------------------------------------
has  not paid CTTC for 55 Units, and that CTTC has undisputed ownership of those
55  unpaid  Units following CTTC's rescission of the sale, reclamation of the 55
unpaid  Units,  and  issuance of a notice "zeroing out" the previous invoice for
those  55  unpaid  Units.

2.     New  Sale  of 53 Unpaid Units.  The Parties acknowledge that CTTC has now
       ------------------------------
sold  to  LEI 53 out of those 55 unpaid reclaimed Units, LEG hereby executes the
legal  and  administrative  documentation  (attached  addendum  A:  formal
"liberatoria")  for  transfer  to  LEI  of  warehouse  tickets  to the 52 Units,
currently  deposited  at "Magazzini Generali della Brianza" in Concorezzo as the
outsourced

<PAGE>

warehouseman  contracted by LEG an 1 unit currently located at European Hospital
in  Rome. LEG shall provide all necessary assistance to the forwarder contracted
by  CTTC to execute the physical transfer to CTTC or its designee of custody and
control  of  the  53  Units  in  Concorezzo  and  Rome.

3.     No-Charge Demonstration Loans. Both Parties acknowledge that 2 Units, out
       ------------------------------
of  the  55  unpaid  Units  reclaimed  by  CTTC,  are  now  subject to no-charge
demonstration  loans  made  by LEG to Hospital Bambino Gesu in Rome. The Parties
acknowledge  that  CTTC  shall retain all right, title and interest in these two
Units,  and  LEG  confirms  that it has no right, title or interest in those two
Units.

4.     Confirmation  of  Termination  of Distributorship. The parties agree that
       --------------------------------------------------
all  of LEG'S distribution and LEI's sub-distribution rights for the sale of the
Units  are  terminated. LEG shall not have any right to purchase Units from CTTC
or  to  resell  Units  to  any other party. Beyond the 55 unpaid Units discussed
above  in  which  LEG  relinquishes  all  rights  by  this Agreement, any future
distribution rights of LEI would be subject of a separate agreement to which LEG
shall  not  be  a  party.  LEG's  Distributor  Agreement  and  all  involvement,
liabilities,  obligations  of  any nature of LEG with the Units, customers, CTTC
and LEI shall be terminated upon execution of this Agreement, provided, however,
that  any  transitional  involvement of any member or principal of LEG shall not
exceed  that which is necessary to facilitate the physical transfer of the Units
or  otherwise  to  effectuate  this  Agreement.

<PAGE>
5.     Further  Consideration;Execution  of Necessary Additional Documents. Each
       --------------------------------------------------------------------
of  the parties covenants and agrees to execute such additional documents as may
reasonably  required  in  order  to  complete  this  Settlement.

6.     Entire  Understanding; Modification; Waiver. This Settlement contains the
       --------------------------------------------
entire  understanding  of  the  parties  relating  to  the  subject  matter  and
supersedes  all  prior  and  contemporaneous  understandings,  representations,
agreements, and courses of dealing, whether oral or written, between the parties
concerning  this subject matter. This Settlement may not be modified orally, and
no  change,  termination  or  waiver  of any provision contained herein shall be
binding  unless in writing and signed by the party to be bound. No waiver by any
party  of  a  breach of any provision of this Settlement shall be construed as a
waiver  of  any  subsequent  or  other  breach.  Time  is  of the essence in the
performance  of  this Settlement. No party shall be a third-party beneficiary of
this  Settlement  or  underlying  Agreement.

7.     Construction;  Severability;  Jurisdiction.  This  Settlement  shall  be
       -------------------------------------------
enforced,  governed,  and  construed in accordance with the laws of the State of
Connecticut,  U.S.A.,  without  resort to its choice of law or other conflict of
laws  provisions.  The  invalidity  or unenforceability of any provision of this
Settlement  shall  not invalidate or render unenforceable any other provision of
this  Settlement.  The  parties agree that any dispute between the parties shall
be  brought  before  the  American  Arbitration Association in Washington, D.C.,
U.S.A.,  and  that  only  a court in the State of Connecticut, U.S.A. shall have
jurisdiction  or venue over any dispute and consequent arbitration. LEG consents
to  jurisdiction  in  Connecticut.

<PAGE>
8.     Costs  and  Attorney's  Fees. Each party shall be responsible for its own
       -----------------------------
attorney's  fees,  expenses  and costs in connection with the Agreement and this
Settlement  In  the event of any dispute between the parties that results in the
commencement  of  any  action  or proceeding by one party against the other, the
unsuccessful  party  in such action or proceeding shall reimburse the successful
party  for  its  reasonable  attorney's  fees,  expenses  and  costs incurred in
connection  with  that  action  or  proceeding.

9.     Counterparts  and  Faxed  Signatures.  This  Settlement  Agreement may be
       -------------------------------------
executed in separate counterparts, each of which shall be considered an original
and  all  of  which  together  shall be deemed to be one and the same agreement.

10.     Notices.  All  notices to be provided by one party to the other shall be
        --------
in  writing  and  shall  be  deemed  sufficiently  given  when  sent  facsimile
transmission  with confirmation received, e-mail with acknowledgment received or
hand  delivery  to  the  other  party  at  the  following  addresses:

     To CTTC:

     Stephen Sale, Esq. 910 16th Street,
     N.W. Suite 500
     Washington,  D.C.  20006
     Tel:  (202)  872-4713
     Fax:  (202)  887-5137
     Email:  sscsq@aol.com
     ---------------------

     To LEG

     Life Episteme SAGL
     Via Gregoriana, 5
     00187 Rome RM
     Italy

     Tel. +39 06 9970-2925
     Email: d.pecorini@lifeepisteme.eu
            --------------------------
            cbn.cioffi@email.com
            --------------------

<PAGE>

     With a copy to:

     Avv. Giuseppe Belcastro
     Piazza Cavour 1700193
     Roma

     tel. +39 063242704 fax +39 063215142
     avv.giuseppebeicastro@gmail.com
     -------------------------------

Each  party  may change its recipient(s) for notice by delivering written notice
of  such change to the other parties. All notices shall be deemed received three
days  after  delivery  by  confirmed  fax  or  acknowledged  email.

11.     Release of Claims by CTTC against LEG. In consideration for the promises
        --------------------------------------
in this Settlement, CTTC, and its employees, agents, successors and assigns each
agree  to  release, and do release and forever discharge Life Episteme SARL, its
employees,  agents,  successors  and  assigns  (collectively,  the "LEG Released
Parties")  from any claim, obligation or liability up to and through the time of
this  Settlement.  Notwithstanding the foregoing, this Release shall not release
LEG  Released  Parties  from  performing their respective obligations under this
Settlement.

12.     Release of Claims by LEG against CTTC. In consideration for the promises
        --------------------------------------
in  this  Settlement  and  the  underlying  Agreement,  LEG  and its principals,
members, employees, agents, successors and assigns each agree to release, and do
release  and  forever  discharge, CTTC and its employees, agents, successors and
assigns  (collectively,  the "CTTC Released Parties") from any claim, obligation
or  liability up to and through the time of this Settlement. Notwithstanding the
foregoing,  this Release shall not release CTTC Released Parties from performing
their  obligations  under  this Settlement. In addition, LEG and its principals,
members  employees, agents, successors and assigns acknowledge both that Umberto
Marangoni,  previously  General Manager of LEG, is now employed by CTTC and that
this  release includes any claim, obligation or liability related to the present
employment of Mr. Marangoni by CTTC or the former employment of Mr. Marangoni by
LEG.

<PAGE>
13.     No  Payment;  Cooperation.  CTTC  and LEG mutually acknowledge and agree
        --------------------------
that  no payment whatsoever is due from each Party to the other as a consequence
of the present Settlement so long as LEG cooperates fully in the transfer of all
right,  title,  interest  and  control  of  the 55 Unpaid Units pursuant to this
Agreement.  LEG  (a)  shall  transfer all warehouse receipts for Unpaid Units as
directed by CTTC and (b) shall advise the warehouseman for the Unpaid Units that
only  CTTC  or  its  designee may direct any further disposition of those Unpaid
Units.

14.     Non-Disparagement  and  Non-interference.  In  consideration  for  the
        -----------------------------------------
promises in this Settlement, LEG and its principals, members, employees, agents,
successors  and  assigns  agree  (a) that the business of LEG and its employees,
agents, successors and assigns shall no longer be involved with any distributor,
customer, manufacturer or inventor of the Calmare units and (b) that LEG and its
employees,  agents, successors and assigns shall not interfere with the business
of  or disparage CTTC, its business, its employees, agents, successors, assigns,
distributors,  customers,  manufacturer,  inventor,  the  Calmare  Unit  or
incorporated  technology.  In consideration for the promises in this Settlement,
CTTC and its employees, agents, successors and assigns agree that they shall not
interfere  with  the  business  of  or  disparage  LEG or its employees, agents,
successors,  or  assigns  so  long  as LEG shall refrain from involvement in any
further business with any distributor, customer, manufacturer or inventor of the
Calmare  units.

15.     Signatures  and Execution. This Settlement shall not be binding upon the
        -------------------------
Parties  until it has been duly executed by or on behalf of each Party, in which
event it shall be effective on the Effective Date. The Parties' pdf version, and
a  print-out  of  that pdf version, of this Agreement shall have the effect, and
shall  be fully binding on the parties in the same fashion, as the document with
original  signatures,  provided,  however,  that  the  Settlement  with original
signatures  shall  be  provided  to  the  other  Party  as  soon  as  possible.

<PAGE>
16.  Authority.  The  undersigned  LEG,  Dr. Domenico Pecorini, Simona Musio and
     ---------
Paolo Pepe hereby warrant (a) that they are authorized to execute this Agreement
personally  and  on behalf of LEG, (b) that all corporate formalities shall have
been  fully  complied  with  and fulfilled, and (c) that they shall provide CTTC
with  any  required  shareholder consent or ratification no later than April 11,
2011.  A  copy  of  the document showing the authority of Dr. Domenico Pecorini,
Simona  Musio  and  Paolo  Pepe  to  execute  this Agreement on behalf of LEG is
attached  to  the  Agreement  as  Addendum  B.

IN WITNESS WHEREOF, the parties hereto have executed this Settlement Agreement
effective as of the date set forth above.

LIFE EPISTEME SARL
------------------
                                             \s\ Simona Musio
                                             ----------------
By \s\ xxxx                                  Simona Musio
-----------

COMPETITIVE TECHNOLOGIES, INC.               \s\ Dr. Domenico Pecorini
------------------------------               -------------------------
                                             Dr. Domenico Pecorini

By \s\ Johnnie D. Johnson                    \s\ Paolo Pepe
-------------------------                    --------------
Johnnie D. Johnson                           Paolo Pepe
Chief Executive Officerex10-12.htm

Exhibit 10.12

 

DIRECTOR’S AGREEMENT

 

This Director’s Agreement (this “Agreement”) is made and entered into effective as of the 22nd day of March, 2011 (the “Effective Date”), by and between Graham A. Karklin (hereinafter referred to as “Director”) and Texas Rare Earth Resources Corp. (“Company”).

 

WITNESSETH:

 

WHEREAS, the Board of Directors (the “Board”) of the Company wish to elect Director to serve on the Board of the Company, and Director has agreed to serve at the pleasure of the Board and on the terms and conditions below;

 

NOW, THEREFORE, the parties hereto, intending to be legally bound, agree as follows:

1. Appointment as Director

 

Company shall appoint Director to the Board of the Company, and, upon such appointment, Director agrees that Director will devote the amount of time, skill, and efforts during the term of this Agreement to the affairs of the Company as may be reasonably requested and required of Director and in accordance with the duties and obligations imposed upon directors of corporations by applicable law.

2. Compensation

 

As compensation for serving as a member of the Board of the Company, Company agrees upon the execution and delivery of this Agreement to grant to Director a five-year option to purchase 60,000 shares of restricted common stock of the Company, at an exercise price of $2.50 per share.  Upon each anniversary of this Agreement, the board of directors will consider additional equity awards to be issued to Director.  Company will reimburse Director for all reasonable costs associated with attending meetings and otherwise fulfilling his services hereunder.

3. Confidential and Proprietary Information; Documents

 

3.1           Director recognizes and acknowledges that Director will have access to certain information of the Company that is confidential and proprietary and constitutes valuable and unique property of the Company. Director agrees that Director will not at any time, either during or subsequent to the term of this Agreement, disclose to others, use, copy or permit to be copied, except in pursuance of Director’s duties on behalf of the Company, its successors, assigns or nominees, or as required by the order of any tribunal having jurisdiction or by mandatory provisions of applicable law, any confidential information or know-how of the Company without the prior written consent of the Board of the Company. Director further agrees to maintain in confidence any confidential information of third parties received as a result of Director’s relationship with the Company.

3.2           Director further agrees to deliver to the Company promptly after his resignation, removal or failure to be nominated or elected as a member of the Board, all materials correspondence, memoranda, notes, records, plans, or other documents and all copies thereof (all of which are hereafter referred to as the “Documents”), made, composed or received by Director, solely or jointly with others, and which are in Director’s possession, custody, or control at such date and which are related in any manner to the past, present, or anticipated business of the Company.

  

  

  

3.3           In the event of a breach or threatened breach of any of the provisions of Section 3, or any breach by Director of his fiduciary obligation to the Company and its shareholders, Company shall be entitled to an injunction ordering the return of such Documents and any and all copies thereof and restraining Director from using or disclosing, for Director’s benefit or the benefit of others, in whole or in part, any confidential information.

4. Conflicts of Interest

 

4.1           In keeping with Director’s fiduciary duties to the Company, Director agrees that Director shall not, directly or indirectly, become involved in any conflict of interest, or upon discovery thereof, allow such a conflict to continue.  Moreover, Director agrees that Director shall promptly disclose to the Board of the Company any facts which might involve any reasonable possibility of a conflict of interest as the Company is currently and in the future configured and practicing business.

4.2           It is agreed that any direct or indirect interest in, connection with, or benefit from any outside activities, particularly commercial activities, which interest might in any way adversely affect the Company or any of its subsidiaries or affiliates, involves a possible conflict of interest. Circumstances in which a conflict of interest on the part of Director would or might arise, and which should be reported immediately by Director to an officer of the Company, include, without limitation, the following: (a) ownership of a material interest in, acting in any capacity for, or accepting directly or indirectly any payments, services or loans from a supplier, contractor, subcontractor, customer or other entity with which the Company does business; (b) misuse of information or facilities to which Director has access in a manner which will be detrimental to the Company’s interest; (c) disclosure or other misuse of information of any kind obtained through the Director’s connection with the Company; (d) acquiring or trading in, directly or indirectly, other properties or interests adjacent to the properties and by the Company; (e) the appropriation to the Director or the diversion to others, directly or indirectly, of any opportunity in which it is known or could reasonably be anticipated that the Company would be interested unless the Company is precluded from or chooses not to pursue such opportunity; and (f) the ownership, directly or indirectly, of a material interest in an enterprise in direct competition with the Company or acting as a director, officer, partner, consultant, Director or agent of any enterprise which is in direct competition with the Company.

5. Remedies

 

Director and the Company agree that, because damages at law for any breach or nonperformance of this Agreement by Director, while recoverable, are and will be inadequate, this Agreement may be enforced in equity by specific performance, injunction, accounting or otherwise.

  

  

  

6. Miscellaneous

 

6.1           This Agreement is made and entered into as of the Effective Date and the rights and obligations of the parties hereto shall be binding upon the heirs and legal representatives of the Director and the successors and assigns of the Company.  This Agreement may be assigned by the Company (including assignment by operation of law to any successor to the business of the Company by merger, consolidation or other business combination) without the consent of Director but is personal to the Director and no rights, duties, and obligations of Director hereunder may be assigned without the consent of the Company or its assigns, which may be granted or withheld in its sole discretion.

6.2           No waiver or non-action with respect to any breach by the other party of any provision of this Agreement, nor the waiver or non-action with respect to any breach of the provisions of similar agreements with other Directors shall be construed to be a waiver of any succeeding breach of such provision, or as a waiver of the provision itself.

6.3            Should any portions hereof be held to be invalid or wholly or partially unenforceable, such holding shall not invalidate or void the remainder of this Agreement.  The portions held to be invalid or unenforceable shall be revised and reduced in scope so as to be valid and enforceable, or, if such is not possible, then such portions shall be deemed to  have been wholly excluded with the same force and effect as it if had never been included herein.

6.4           Director’s obligations with regards Section 3 of this Agreement to the Company shall survive Director’s resignation, removal or failure to be nominated or elected as a member of the Board of the Company.

6.5           This Agreement supersedes, replaces and merges any and all prior and contemporaneous understandings, representations, agreements and discussions relating to the same or similar subject matter as that of this Agreement between Director and the Company and constitutes the sole and entire agreement between the Director and the Company with respect to the subject matter of this Agreement.

6.6           The laws of the State of Texas, excluding any conflicts of law rule or principle that might otherwise refer to the substantive law of another jurisdiction, will govern the interpretation, validity and effect of this Agreement without regard to the place of execution or the place for performance thereof, and the Company and Director agree that the state and federal courts in Harris county, Texas, shall have personal jurisdiction and venue over the Company and Director to hear all disputes arising under this Agreement.  This Agreement is to be at least partially performed in Harris County, Texas.

6.7           All notices and other communications required or permitted hereunder or necessary or convenient in connection herewith shall be in writing and shall be deemed to have given when mailed by registered mail or certified mail, return receipt requested, as follows:

  

  

  

If to the Company, to:

Mr. Dan Gorski

Texas Rare Earth Resources Corp.

3 Riverway, Suite 1800

Houston, TX  77056

If to Director, to:

Graham A. Karklin

1043 Chaster Road

Gibsons, B.C.

V0N 1V4

or to such other addresses as either party may designate by notice to the other party hereto in the manner specified in this section.

6.8           This Agreement may not be changed or terminated orally, and no change, termination or waiver of this Agreement or of any of the provisions herein contained shall be binding unless made in writing and signed by both parties, and in the case of the Company, by an authorized officer of the Company.  Any change or changes, from time to time, in Director’s compensation shall not be deemed to be, a change, termination or waiver of this Agreement or of any of the provisions herein contained.

 

IN WITNESS WHEREOF, the undersigned have hereby caused this Agreement to be effective as of the date first written above.

Texas Rare Earth Resources Corp.

	  	  
	
By: /s/  Dan Gorski

	
/s/ Graham A. Karklin

	
Dan Gorski, CEO

	
Graham A. Karklin

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