Amendment to Section 5(g) of Competitive Technologies, Inc. 2000 Directors Stock Option Plan

Summary

This amendment revises the rules for when stock options granted to directors of Competitive Technologies, Inc. can be exercised after a director leaves the board. If a director leaves due to death or permanent disability, the option can be exercised within one year. If the departure is for any other reason, the option can be exercised within 180 days. The board may allow for longer periods at its discretion, but no option can be exercised after its original expiration date. The board's decision on permanent disability is final.

EX-10.1 4 ex10-1.txt Exhibit 10.1 Effective November 18, 2002, Section 5(g) of the Competitive Technologies, Inc. 2000 Directors Stock Option Plan was revised and amended to read as follows: (g) Termination of Option. An Option shall terminate and shall not be exercisable if Grantee ceases to be a Director of the Company, as follows: (i) if such Grantee's directorship is terminated on account of death or permanent disability, Grantee or his or her successors or assigns may at any time within one year after termination of Grantee's directorship exercise the Option and (ii) if such Grantee's directorship is terminated for any reason other than death or permanent disability, Grantee or his or her successors or assigns may at any time within 180 days after termination of Grantee's directorship exercise the Option; provided that the Board shall have the discretion to amend Options previously granted to provide that such Options may continue to be exercisable for specified additional periods following termination of a Grantee's directorship, as authorized by the Board. Notwithstanding the foregoing provisions of this Section 5(g), an Option may not be exercised to any extent by anyone after the expiration of its term. For purposes of this Section 5(g), "permanent disability" shall mean a physical or mental impairment which is expected to be of long and continuous duration or expected to end in death, which impairment prevents the Grantee from performing his duties as a Director. The determination of the Board as to whether a Grantee is permanently disabled shall be final and binding on all persons.