UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT PURSUANT TO SECTION 13 OR 15(d)
OF
THE SECURITIES EXCHANGE ACT OF 1934
January
19, 2007 (January 17, 2007)
Date
of
Report (Date of earliest event reported)
COMPETITIVE
TECHNOLOGIES, INC.
(Exact
name of registrant as specified in its charter)
|
Delaware
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1-8696
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36-2664428
|
|
(State
or other jurisdiction of incorporation)
|
(Commission
File Number )
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(I.R.S.
Employer Identification No.)
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777
Commerce Drive, Suite 100, Fairfield, Connecticut 06825
(Address
of principal executive offices) (Zip Code)
(203)
368-6044
(Registrant’s
telephone number, including area code)
Not
Applicable
(Former
Name or Former Address, if Changed Since Last Report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
□
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
□
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
□
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
□
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
8.01. Other
Events.
Competitive
Technologies, Inc. (the “Company”), previously disclosed that it had received a
demand letter from an attorney representing two of our officers (neither of
whom
were our Chief Executive, Operating or Financial Officers), demanding
approximately $300,000 in total for commission payments alleged to be due them
for fiscal year 2006 under our prior annual incentive compensation plan, which
was terminated in November 2005. The letter also claimed that these individuals
anticipated that they would be entitled to at least an aggregate additional
$350,000 in commission payments in fiscal year 2007. The Company also previously
disclosed, on January 11, 2007, that it had resolved all outstanding issues
with
one of these two individuals.
During
the quarter ended January 31, 2007, the Company expects to take a charge of
approximately $150,000 in severance costs in full and final settlement of any
claims against the Company, pursuant to the terms of a separation agreement
effective January 17, 2007, with the other of the two individuals (the
“Agreement”). Pursuant to the Agreement, the individual also agreed to resign
his employment, and executed a release in favor of the Company. The severance
payments will include an initial $50,000 payment with the remainder to be paid
in bi-weekly installments over a six month period.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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COMPETITIVE
TECHNOLOGIES, INC.
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| Date: January
19, 2007 |
By: |
/s/
Michael D. Davidson |
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Name: Michael
D. Davidson
Title: Senior
Vice President and
Chief
Financial Officer
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