Document:

exh_10-2.htm

Exhibit 10-2

 

 

CANCELLATION AGREEMENT

This CANCELLATION AGREEMENT (this “Agreement”), dated February 24, 2011 (the “Effective Date”), by and among, VGTEL, INC. (the “ Company” and/or “VGTL”) a New York Corporation, and JOSEPH INDOVINA (the “Canceling Party”).  VGTL/Company and Canceling Party are also hereinafter individually and jointly referred to as “P(p)arty” and/or “P(p)arties”.

BACKGROUND

           Concurrently herewith, VGTL is entering into an ‘Agreement and Plan of Share Exchange’ (“Exchange Agreement”) with Venture Industries, Inc. (“VII”), pursuant to which VGTL will cancel 2,714,489 shares of VGTL common stock, par value $0.0001 per share, issued to the Canceling Party (“Subject Shares”) in exchange for a payment of $150,000.00 (“Cancellation Payment”) by VGTL to the Canceling Party.  After the cancellation of the Subject Shares, the Canceling Party will own 608,334 shares of common stock of VGTL. 

           It is a condition precedent to the consummation of the Exchange Agreement that the Canceling Party will enter into this Agreement, which will effectuate the cancellation of the Subject Shares.  The Canceling Party is entering into this Agreement to, amongst other things, induce VGTL to enter into the Exchange Agreement and the Canceling Party acknowledges that VGTL would not consummate the transactions contemplated by the Exchange Agreement unless the transactions contemplated hereby are effectuated in accordance herewith.

AGREEMENT

In consideration of the mutual promises herein contained and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereto agree as follows:

           1.           Cancellation of Subject Shares. On the Effective Date, the Canceling Party will deliver to VGTL the necessary documentation for the cancellation of the stock certificates representing the Subject Shares, along with duly executed medallion guaranteed stock powers covering the Subject Shares (or such other documents acceptable to the Company’s transfer agent) and hereby irrevocably instructs the Company and the Company’s transfer agent to cancel the Subject Shares such that the Subject Shares will no longer be outstanding on the stock ledger of the Company and such that the Canceling Party shall no longer have any interest in the Subject Shares whatsoever.  The Company shall immediately deliver to the Company’s transfer agent irrevocable instructions providing for the cancellation of the Subject Shares.

           2.           Closing Date.   Upon the confirmation of the cancellation of the Subject Shares by Seller, the payment of the Cancellation Payment to the Canceling Party shall occur on or about ten (10) days from the Company’s filing of the Form 8K, Form 10 (“Closing Date”).  The transactions to occur at such place and time with respect to this Agreement are referred to herein as the “Closing”.

           3.           Representations by the Canceling Party.   (a)  The Canceling Party owns the Subject Shares of record and beneficially free and clear of all liens, claims, charges, security interests, and/or encumbrances of any kind whatsoever.  The Canceling Party has sole control over the Subject Shares and/or sole discretionary authority over any account in which they are held.  Except for this Agreement, no person/entity has any option or right to purchase or otherwise acquire the Subject Shares, whether by contract of sale or otherwise, nor is there a “short position” as to the Subject Shares.

                      (b)           The Canceling Party has full right, power and authority to execute, deliver and perform this Agreement and to carry out the transactions contemplated hereby. This Agreement has been duly and validly executed and delivered by the Canceling Party and constitutes a valid, binding obligation of the Canceling Party, enforceable against it in accordance with its terms (except as such enforceability may be limited by laws affecting creditor's rights generally).

                      (c)           Canceling Party represents and warrants that its has obtained all the necessary consents and has the requisite authority and capacity to enter into this Agreement, as well as carry out the terms/conditions referenced herein.  Additionally, Canceling Party represents and warrants that its compliance with the terms and conditions of this Agreement and will not violate any instrument relating to the conduct of its business, or any other agreement which it may be a party, or any Federal and State rules or regulations applicable to either party.

           3.           Further Assurances.   Each Party to this Agreement will use its best efforts to take all action and to do all things necessary, proper, or advisable in order to consummate and make effective the transactions contemplated by this Agreement (including the execution and delivery of such other documents and agreements as may be necessary to effectuate the cancellation of the Subject Shares).

           4.           Amendment and Waiver.   No amendment, modification, termination or waiver of any provision of this Agreement, and no consent to any departure therefrom, shall in any event be effective unless the same shall be in writing and signed by both Parties.  Any such waiver or consent shall be effective only in the specific instance and for the specific purpose for which it was given.

           5.           Survival of Agreements, Representations and Warranties, etc.   All representations and warranties contained herein shall survive the execution and delivery of this Agreement. 

           6.           Successors and Assigns.   This Agreement shall bind and inure to the benefit of and be enforceable by the Parties and their respective successors and assigns. 

           7.           Governing Law.   This Agreement and the obligations, rights and remedies of the Parties hereto are to be construed in accordance with and governed by the laws of the State of New York, with any action/dispute concerning this Agreement to be venued in the County of Suffolk.

           8.           Miscellaneous.  This Agreement embodies the entire agreement and understanding between the parties hereto and supersedes all prior agreements and understandings relating to the subject matter hereof.   If any provision of this Agreement shall be held invalid or unenforceable for whatever reason, the remainder of this Agreement shall not be affected thereby and every remaining provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.  This Agreement may be executed in any number of counterparts and by the Parties hereto on separate counterparts but all such counterparts shall together constitute but one and the same instrument.

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first above written.

VGTEL, INC.

By:_______________________

Name:                      Joseph Indovina,

Title:           President and Chief Executive Officer

By:_______________________

JOSPEH INDOVINA, IndividuallyExhibit 10.1

                   TERRITORY EXCLUSIVE LICENSE AGREEMENT FOR
                             INTELLECTUAL PROPERTY

     AGREEMENT
     ---------

AGREEMENT EFFECTIVE as of September 25, 2007 "Effective Date") by mutual consent
of  Competitive Technologies, Inc., a Delaware corporation (hereinafter referred
to  as  "CTT")  a  company  having  a  place  of  business  at:

                         Competitive Technologies, Inc.
                                777 Commerce Dr.
                              Fairfield, CT  06825

and  Daeyang  E&C Co., Ltd., a South Korean corporation (hereinafter referred to
as  "DAEYANG"),  a  company  having  a  place  of  business  at:

                             Daeyang E&C Co., Ltd.
                              17F Samsung Fire B/D
                               1329, Seocho-2dong
                            Seocho-gu, Seoul, Korea

CTT  and DAEYANG being sometimes hereinafter referred to singularly as a "Party"
and  collectively  as  "Parties".

     WITNESSETH:
     ----------

WHEREAS, CTT has the rights to a patented device that treats drug-resistant pain
through  a  biophysical  rather  than a biochemical approach.  The non-invasive,
pain-free  treatment  is  by  means  of  a  multi-processor  device  able  to
simultaneously  treat  multiple  pain  areas  by  applying  single-use  surface
electrodes  to  the  skin.

WHEREAS,  CTT  has  the  exclusive  right to license these patents to others for
worldwide  markets;  and

WHEREAS,  DAEYANG  desires to obtain a license, in the Territory, from CTT under
the  Licensed Technology for the purposes of producing, the Licensed Product (as
hereinafter defined) during the term of this Agreement and market and distribute
the  Licensed  Product  in  Korea;  and

WHEREAS,  CTT  is  willing  to  grant DAEYANG a license, to produce the Licensed
Technology  in  accordance with the terms herein and market the Licensed Product
in  Korea.

NOW  THEREFORE,  in  consideration of these premises and of the mutual covenants

                                CTTC8K3411003
<PAGE>
hereinafter  set  forth, CTT and DAEYANG mutually covenant and agree as follows:

ARTICLE  1.0  -  DEFINITIONS
----------------------------

For  the purpose of this Agreement, the following terms shall have the indicated
meanings:

1.1     The  term  "LICENSED  TECHNOLOGY"  shall  mean the intellectual property
listed  in  EXHIBIT  A.  (The  Pain  Management  Device)

1.2     The  term  "INVENTION" shall mean the invention as disclosed and claimed
in  the  Licensed  Technology  and  any  related  patents.

1.3     The  term  "CUSTOMER"  shall  mean an end-use customer of DAEYANG or its
Affiliate(s).  Internal  transfers,  or  other  internal  sales by DAEYANG to an
Affiliated  or  Related Interest are not Commercial Sales unless such Affiliated
or  Related  Interest  is  purchasing  Licensed  Product  in  an  arm's  length
transaction  at  market  price.

1.4     The  term "LICENSED PRODUCT(S)" shall mean any product sold to Customers
that  but  for the license granted hereunder, would infringe or otherwise embody
any  Licensed  Technology.

1.5     The  term  "NET SELLING PRICE" shall mean the actual gross selling price
of  each Licensed Product upon its Commercial Sale (as hereinafter defined), but
less  freight  out, royalty withholding taxes and export duty if included in the
gross price as routinely calculated by DAEYANG in its normal course of business.

1.6     The  term  "COMMERCIAL  SALE"  shall  mean  Licensed  Product  sold  to
Customers.

1.7     The  term  "AN  AFFILIATED  OR RELATED INTEREST" shall mean an entity in
which DAEYANG has a direct or indirect ownership interest of fifty percent (50%)
or  more,  or  any  entity  which directly or indirectly, or through one or more
intermediaries,  controls,  is  controlled  by,  or is under common control with
DAEYANG.

1.8     The  term  "TERRITORY"  shall  mean  Worldwide.

                                CTTC8K3411004
<PAGE>

ARTICLE 2.0 - GRANT BY CTT
--------------------------

2.1     Subject  to  and  expressly conditioned upon the terms and conditions of
this  Agreement (including without limitation the royalty provisions hereof) and
to the rights that the United States Government may claim in and to any licensed
patent(s)  under  35  U.S.C.  200  et. seq., CTT agrees to grant and does hereby
grant  to  DAEYANG an exclusive license (the "License"), in the Territory, under
the  Licensed  Technology,  to  make and supply Licensed Product to CTT or CTT's
designated  customers.

2.2     The  License hereby granted by CTT does not include the right of DAEYANG
to  grant  any sublicenses except to an entity which is an Affiliated or Related
Interest.

2.3     The  License hereby granted by CTT does not include the right of DAEYANG
to transfer the License to another entity without prior written approval by CTT.

2.4     Absent  any event of default by DAEYANG, the License as to DAEYANG shall
terminate  in  accordance  with  the  termination  provisions  of  ARTICLE  5.0.

2.5     No  license  is  granted  by  CTT  to  DAEYANG,  either  directly  or by
implication,  estoppel  or  otherwise,  under  any patents or other intellectual
property  other  than  patents  that may be included in the Licensed Technology.

ARTICLE 3.0 - REMITTANCES UNDER THE LICENSE
-------------------------------------------

3.1     LICENSE  FEES.
        -------------

3.1.1     Upon  the  execution  of  this Agreement, DAEYANG shall remit to CTT a
nonrefundable  and  noncreditable  License fee of one thousand dollars ($1,000);
and,  within  thirty  (30) days of the execution of this License Agreement.  CTT
shall  provide  DAEYANG  the  License  Technology  in  Exhibit  A.

3.1.2     Within  two  hundred  forty  (240) days from the date of receiving all
manufacturing  information of the License Technology in Exhibit A, DAEYANG shall
produce  commercial  devices  with  the  Licensed  Technology.  CTT  may, at its
discretion,  extend  the  two hundred forty (240) day period up to an additional
ninety  (90)  days.  A License year will be measured from the date of commercial
production  ("License  Year").  in  South  Korea.

                                CTTC8K3411005
<PAGE>
3.1.3     Payment  to  CTT  may  be  made  by  wire  transfer  as  follows:

BANK  NAME:               BANK  OF  AMERICA
BANK  ADDRESS:            ONE  LANDMARK  SQUARE
                          STAMFORD,  CT  06904
ABA  NUMBER:              [Confidential  Information  Omitted]
SWIFT  CODE:              [Confidential  Information  Omitted]
FOR  FURTHER  CREDIT  TO: COMPETITIVE  TECHNOLOGIES,  INC.
ACCOUNT  NUMBER:          [Confidential  Information  Omitted]

3.2     ROYALTY  RATE.  DAEYANG  and  CTT  will  share  profits of [Confidential
        -------------
Information  Omitted]% each from sales of Licensed Products produced by DAEYANG.

3.3     ROYALTIES  AFTER  TERMINATION.  In  addition  to  the foregoing, DAEYANG
        -----------------------------
agrees  to  pay  to  CTT  for  each Licensed Product sold after termination, but
produced,  manufactured or made and placed in inventory prior to termination, 5%
of  royalty  of  the  Net  Selling  Price  of  such  Licensed  Product.

ARTICLE 4.0 - ACCOUNTING PROVISIONS
-----------------------------------

4.1     Royalty  payments shall be computed on a monthly basis for each month of
each  calendar  year.

4.2     Payments  of  royalties  shall  be  made in United States Dollars within
thirty  (30)  days  following  the  end of each monthly royalty period, and such
payments  shall  include  all  royalties  that  have accrued during said monthly
period.

4.3     All  royalty  payments  made  hereunder shall be accompanied by a report
certified  by  an  officer  of  DAEYANG setting forth the quantity and prices of
Licensed Product sold by DAEYANG. Such report shall also be made if no royalties
are due in any such monthly period. The payments and reports shall be considered
confidential  to  DAEYANG  and shall not be disclosed to any third party without
written  consent  of  DAEYANG.

4.4     For  a  period  of  three  (3)  years  after  each  royalty  period  in
SUBPARAGRAPH  4.1,  DAEYANG shall keep records pertaining to such royalty period
in sufficient detail to permit the determination of royalties payable hereunder,
and  at  the request and expense of CTT upon no less than thirty (30) days prior
written  notice  will permit an independent Certified Public Accountant (CPA) or
its  Korean equivalent, selected by CTT and reasonably acceptable to DAEYANG, or
any  other person acceptable to both CTT and DAEYANG, to examine during ordinary
business  hours  once  in each calendar year such records as may be necessary to
verify  or determine royalties paid or payable under this Agreement. Such CPA or
other  person  shall report to CTT only the amount of royalties due and payable.
Such  examination  shall  be  at  CTT's  expense, unless the examination reports
underpayment in excess of five percent (5.0%) at which time said expense will be
borne  solely  by  DAEYANG.
--------------------------------------------------------------------------------
Confidential Treatment Requested by Competitive Technologies, Inc. Pursuant to
Rule 24b-2 of the Exchange Act.
--------------------------------------------------------------------------------

                                CTTC8K3411006
<PAGE>

4.5     Upon termination or expiration of this Agreement for any reason, DAEYANG
shall  pay  to  CTT within sixty (60) days after such termination or expiration,
all  unpaid  royalties  accrued  prior  to  such  termination  or  expiration.

ARTICLE  5.0  -  TERMINATION
----------------------------

5.1     The  term  of  this  Agreement  shall  be  for  ten  (10) years from the
Effective  Date,  unless  earlier terminated as provided below. Thereafter, this
License  Agreement  will  be  automatically  renewed for subsequent one (1) year
terms  unless  earlier  terminated in accordance with the provisions established
herein;  or,  if  no less than ninety (90) days prior to the end of the ten (10)
year  period, or any subsequent renewal period thereafter, one Party informs the
other  of  its  desire  not  to  renew.

5.2     BANKRUPTCY

5.2.1     If  DAEYANG  shall  become  bankrupt  or  insolvent,  or  if DAEYANG's
business shall be placed in the hands of a receiver, assignee or trustee whether
by  the  voluntary  act  of  DAEYANG  or  otherwise, CTT shall have the right to
terminate this Agreement upon ten (10) days prior written notice to DAEYANG; and

5.2.2     If  CTT shall become bankrupt or insolvent, or if CTT's business shall
be  placed  in  the  hands  of  a  receiver, assignee or trustee, whether by the
voluntary  act of CTT or otherwise, DAEYANG may elect to retain its rights under
this  Agreement if the receiver, assignee, trustee or other entity so authorized
by  a  federal  bankruptcy  court  seeks to reject DAEYANG's License. If DAEYANG
elects  to  retain  its  rights, it shall not be subject to any claim seeking to
prevent  it  from  exercising its License rights, and the rights and remedies of
the  Parties  shall  continue  to  be  governed  by the terms of this Agreement.

5.3     If  DAEYANG  shall,  at  any  time,  be  in  substantial  default in any
obligation  under  this  Agreement, including but not limited to failing to make
any report, pay License fees, pay any royalties, or permit the inspection of its
books  and  records as hereinabove required, and such default shall not be cured
within  thirty (30) days after written notice from CTT to DAEYANG specifying the
nature  of the default, CTT shall have the right to terminate this Agreement and
the  License  granted  to  DAEYANG  hereunder by giving written second notice to
DAEYANG.

5.4     Any  termination  of this Agreement shall not relieve DAEYANG nor CTT of
any  obligation  or  liability  accrued  hereunder prior to such termination, or
rescind  or give rise to any right to rescind anything done or any payments made
or  other  considera-tion  given  hereunder  prior  to the time such termination
becomes  effective;  and  such  termination  shall not affect in any manner, any
right, or any remedy of either Party arising out of this Agreement prior to such
termination.

5.5     DAEYANG  may terminate this Agreement by giving notice to CTT in writing
at  least  sixty  (60)  days  prior  to  termination.

                                CTTC8K3411007
<PAGE>

ARTICLE 6.0 - NOTICE
--------------------

6.1     Any  payment,  notice or other communication required or permitted to be
made  or  given  to  any  Party  hereto  pursuant  to  this  Agreement  shall be
sufficiently  made  or  given  on  the  date of mailing if sent to such Party by
certified  United States Postal Service Express Mail, or by utilizing an express
courier  service  (such as FedEx, UPS, DHL, etc.), addressed as set forth below,
or  to  such  other  address  as  the recipient shall have designated by written
notice  given  to  the  other  Party  as  follows:

                              IN THE CASE OF CTT:
                              ------------------

                                 Mr. Aris Despo
                 Executive Vice President, Business Development
                         Competitive Technologies, Inc.
                               777 Commerce Drive
                              Fairfield, CT  06825

                                WITH A COPY TO:
                                --------------

                                Mr. John B.Nano
                          Chairman, President and CEO
                         Competitive Technologies, Inc.
                               777 Commerce Drive
                              Fairfield, CT  06825

                     IN THE CASE OF DAEYANG E&C CO., LTD.:
                     ------------------------------------

                                Mr. Seung B. Oh
                            Executive Vice President
                             Daeyang E&C Co., Ltd.
                              17F Samsung Fire B/D
                               1329, Seocho-2dong
                            Seocho-gu, Seoul, Korea

                                WITH A COPY TO:
                                --------------

                               Ms. Young Hyun Lim
                            Chief Executive Officer
                             Daeyang E&C Co., Ltd.
                              17F Samsung Fire B/D
                              1329-3, SeoCho-2Dong
                            SeoCho-Gu, Seoul, Korea

                                CTTC8K3411008
<PAGE>

ARTICLE 7.0 - TOOLING AND PRODUCTION
------------------------------------

7.1     TOOLING.     At  the termination of this License Agreement, CTT reserves
the  right  to  purchase from DAEYANG, or have destroyed by DAEYANG, all tooling
from  which  Licensed  Product  is  made.

7.2     MANUFACTURING.     The  manufacturing  facility  utilized by DAEYANG for
        -------------
the  production  of  Licensed  Product  will  be  ISO 13485:2003 certified. Such
certification  requires  the  implementation  and  maintenance  of  a  quality
management  system appropriate for the production, installation and servicing of
medical  device(s)  of  class  (I,  II,  III).

ARTICLE 8.0 - MISCELLANEOUS PROVISIONS
--------------------------------------

8.1     WARRANTY.  CTT  warrants  and  represents that it has the full right and
        --------
power  to enter into this Agreement and to grant the License granted herein, and
that  there  are  no  outstanding  agreements,  assignments,  or  encumbrances
inconsistent  with  the  provisions  of  this Agreement other than expressly set
forth herein and that no entity other than CTT has claimed any title or interest
to  the  Licensed  Technology.  CTT  makes  no other representation or warranty,
expressed  or implied, including warranty, guarantee or representation as to the
safety  and  efficacy  of the Inventions except as provided for herein, nor does
CTT  assume  any  liability  in  respect of any infringement of patents or other
rights  of  third  parties  due  to DAEYANG's operation under the License herein
granted.

8.2     INDEMNIFICATION.  DAEYANG  will  indemnify and hold harmless CTT against
        ---------------
any  and  all  actions, suits, claims, demands, prosecutions, liabilities, costs
and  expenses (including actual attorney's fees) based on or arising out of this
Agreement, including without limitation, the use, performance, and reliance upon
the  Licensed  Product,  or  the  use  of  the Licensed Patent by DAEYANG or its
Customers, and any representation made or warranty given by DAEYANG with respect
to  the results obtained by use of a Licensed Product. DAEYANG's indemnification
shall  not apply to any liability, damage, loss or expense to the extent that it
is  attributable  to  the grossly negligent activities, reckless, or intentional
misconduct  of  CTT.

8.3     ASSIGNMENT.  This Agreement, and the License herein granted shall not be
        ----------
assignable  by  DAEYANG  without  the  prior  written consent of CTT except that
DAEYANG  may  assign this Agreement and the License herein granted in connection
with  the  sale  and transfer of substantially all of DAEYANG's capital stock or
business  assets  relating  to  the  subject  matter  of  this  Agreement, or of
DAEYANG's  con-solidation  or  merger  with  another company; provided that such
assignee  shall assume, in writing, all of the obligations of DAEYANG hereunder.

                                CTTC8K3411009
<PAGE>

8.4     COMPLIANCE.  DAEYANG  agrees  that  marketing  and  performance  of  the
        ----------
Licensed  Product, and Licensed Technology under this Agreement will comply with
all  applicable  Federal, state, and local laws, rules, regulations, and orders,
and  that it shall comply with all governmental requests regarding the efficacy,
safety,  and  marketing  of  the  Licensed  Product.

8.5     SEVERABILITY.  If any provision(s) of this Agreement shall be held to be
        ------------
invalid, illegal, or unenforceable, the validity, legality and enforceability of
the  remaining  provisions shall not in any way be affected or impaired thereby.

8.6     CONSTRUCTION.  This  Agreement  embodies the entire understanding of the
        ------------
Parties and supersedes any other agreement or understandings between the Parties
relating  to  the subject matter hereof. No waiver, amendment or modification of
this  Agreement  shall  be  valid  or  binding  upon such Parties unless made in
writing  and  signed  on  behalf  of  each  such  Party by its respective proper
officers  thereunto  duly  authorized.

8.7     EXECUTION.  This Agreement will not be binding upon the Parties until it
        ---------
has  been  signed  hereinbelow  by or on behalf of each Party, in which event it
shall  be  effective  on the Effective Date. No amendment or modification hereof
shall  be valid or binding upon the Parties unless made in writing and signed as
aforesaid.

8.8     HEADINGS,  NUMBER, AND GENDER.  The headings of the several sections are
        -----------------------------
inserted  for  convenience of reference only, and are not intended to be part of
or to affect the meaning or interpretation of this Agreement. In this Agreement,
where  the  context  so permits, the singular shall include the plural, and vice
versa,  and  references  to  a particular gender shall include the other gender.

8.9      NO  WAIVER.  Failure  by  any  Party  to  enforce any provision of this
        -----------
Agreement  or  assert  a claim on account of breach hereof shall not be deemed a
waiver  of  its  right  to enforce the same or any other provision hereof on the
occasion  of  a  subsequent  breach.

8.10      REMEDIES.  The  remedies  provided in this Agreement are not and shall
          --------
not  be  deemed  to  be exclusive and shall be in addition to any other remedies
which  any  Party  may  have  at  law  or  in  equity.

8.11       INDEPENDENT  CONTRACTORS.  The  Parties  hereto  are  independent
           ------------------------
contractors  and  are  not  and  shall  not  be  considered  as joint venturers,
partners, employers, or agents of each other and neither shall have the power to
bind  or  obligate  the  other  except  as  set  forth  in  this  Agreement.

                                 CTTC8K3411010
<PAGE>

8.12       COUNTERPARTS.  This  Agreement  may  be  executed  in two (2) or more
           ------------
counterparts,  each  of  which  shall  be  deemed  an original, but all of which
together  shall  constitute  one  and  the  same  instrument.

8.13       FORCE MAJEURE.  None of the Parties hereto shall be liable in damages
           -------------
or  have  the  right  to  cancel  this  Agreement  for  any  delay or default in
performing hereunder if such delay or default is caused by conditions beyond its
control,  including  acts of God, government restrictions, war or insurrections.

8.14     PATENT  INFRINGEMENT.  DAEYANG  shall  promptly  inform  CTT  of  any
         ---------------------
suspected  infringement  of the Licensed Technology by a third party. CTT agrees
to  pursue  appropriate  action  against  any  such  third  party.

8.15     DISPUTES.  This  Agreement  is  governed by and construed in accordance
         --------
with  the  law  of  the  State of Connecticut and the United States, but without
regard  to  any  choice  of  law  provisions.  Any dispute, controversy or claim
arising  out of or relating to this Agreement (hereinafter collectively referred
to as "Dispute") shall be attempted to be settled by the Parties, in good faith,
by  submitting  each  such  Dispute  to  appropriate  senior management or legal
representatives  of  each  Party,  in  an effort to affect a mutually acceptable
resolution  thereof.  In  the  event  no  mutually acceptable resolution of such
Dispute  is  achieved  in  accordance with this subparagraph within a reasonable
period  of time, then either Party shall be entitled to seek final settlement of
such Dispute by any administrative or judicial mechanism which may be available.
Officers  of  the  Parties  having  the  rank  of vice president or higher shall
constitute  senior  management  under  this subparagraph. Any disputes hereunder
shall be resolved in the state or federal courts in Connecticut, and the Parties
hereby  consent  to  exclusive  jurisdiction  in  such  courts.

The  prevailing  Party  in any lawsuit brought for enforcement or breach of this
Agreement,  or  for infringement of the Licensed Technology shall be awarded its
attorney  fees  from  the  Party  so  charged.

8.16     PATENT  MATTERS.     CTT  shall  control  all  aspects  of  filing,
prosecuting and maintaining patents. CTT shall notify DAEYANG of the issuance of
any  patents  to  be  included  in  Licensed  Technology.

                                     *****

                                 CTTC8K3411011
<PAGE>

IN  WITNESS  WHEREOF,  the Parties hereto have executed this Agreement as of the
Effective  Date  first  set  forth  above.

FOR     COMPETITIVE TECHNOLOGIES, INC.    FOR     DAEYANG E&C CO., LTD.

BY:     //S//                             BY:     //S//
        ------------------------------            ---------------------

NAME:   JOHN B. NANO                      NAME:   YOUNG H. LIM

TITLE:  CHAIRMAN, PRESIDENT AND CEO       TITLE:  PRESIDENT AND CEO

DATE:   10/17/07                          DATE:   10/17/07
        ------------------------------            ---------------------

                                 CTTC8K3411012

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00185-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00185-of-00352.parquet"}]]