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
Date
of
Report (Date of earliest event reported) February
29, 2008
Shells
Seafood Restaurants, Inc.
(Exact
Name of Registrant as Specified in its Charter)
|
Delaware
|
0-28258
|
65-0427966
|
||
|
(State
or Other Jurisdiction
of
Incorporation)
|
(Commission
File
Number)
|
(IRS
Employer
Identification
No.)
|
|
16313
N. Dale Mabry Hwy, Suite 100, Tampa, FL
|
33618
|
|
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
Registrant’s
telephone number, including area code: (813)
961-0944
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 (see General Instruction A.2 below):
o
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule
14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant
to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant
to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c))
| ITEM 1.02 |
TERMINATION
OF A MATERIAL DEFINITIVE
AGREEMENT.
|
On
February 29, 2008, Shells Seafood Restaurants, Inc. (the “Company”) announced
that effective immediately Leslie Christon, the Company’s Chief Executive
Officer and President had left the Company to pursue other opportunities and
Warren R. Nelson, Executive Vice President and Chief Financial Officer of the
Company had been named the Company’s interim President. Mr. Nelson,
56,
has
served as the Company’s Executive Vice President of Finance, Chief Financial
Officer, Treasurer and Secretary since June 1993.
In
connection with Ms. Christon leaving the Company her amended and restated
employment agreement, dated July 1, 2007 (the “Employment Agreement”) was
terminated. Pursuant to the terms of the Employment Agreement, in connection
with the termination thereof, Ms. Christon shall receive as severance for a
period commencing on February 29, 2008 and ending on the earlier of (i) the
six
month anniversary of such date or (ii) the date she commences employment with
another entity or person, her then effective base salary (payable in equal
installments in accordance with the Company’s normal salary and payment
policies) and healthcare benefits. The aforementioned severance payments are
conditioned upon Ms. Christon’s execution of a general release of all claims
against the Company, its officer, directors and affiliates.
A
copy of
the press release issued by the Company in connection with the foregoing is
furnished as Exhibit 99.1 to this report and is incorporated herein by
reference.
| ITEM 5.02 |
DEPARTURE
OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF
DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY
ARRANGEMENTS OF CERTAIN
OFFICERS.
|
The
discussion under Item 1.02 of this Report is incorporated under this Item 5.02
as if set forth herein.
| ITEM 9.01 |
FINANCIAL
STATEMENTS AND EXHIBITS.
|
(d) Exhibits.
| Item No. | Description |
| 99.1 |
Press
release issued by the Company on February 29,
2008
|
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.
|
|
SHELLS
SEAFOOD RESTAURANTS, INC.
|
|
Date
: March 5, 2008
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By:
/s/ Warren R.
Nelson
|
|
|
Name:
Warren R. Nelson
|
|
|
Title:
President and Chief Financial
Officer
|
Exhibit
99.1 Press
Release dated February 29, 2008