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<TITLE>Form 8-K</TITLE>
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<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
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<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
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<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
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<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 OR 15(d) of The Securities Exchange Act of 1934</B>
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<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report (Date of earliest event reported): May 27, 2009</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>Safeguard Scientifics, Inc.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>

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<TD nowrap align="center" valign="top"><B>Pennsylvania
</B></TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top"><B>1-5620
</B></TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top"><B>23-1609753</B></TD>
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<TD align="center" valign="top">(State or other jurisdiction<BR>
of incorporation)
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">(Commission File Number)
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<TD>&nbsp;</TD>
<TD align="center" valign="top">(IRS Employer Identification No.)</TD>
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<TD align="center" valign="top"><B>435 Devon Park Drive, Building 800, <BR>
Wayne, PA
</B></TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top"><B>&nbsp;<BR>19087</B></TD>
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<TD align="center" valign="top">(Address of principal executive offices)
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<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number, including area code: <B>610-293-0600</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Not applicable</B></DIV>

<DIV align="center" style="font-size: 10pt"><FONT style="border-top: 1px solid #000000">(Former name or former address, if changed since last report.)</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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: </DIV>

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<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
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<TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
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<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
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<TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
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<TD width="1%">&nbsp;</TD>
<TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD>
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<TD style="font-size: 6pt">&nbsp;</TD>
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<TD width="1%">&nbsp;</TD>
<TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD>
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<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio --> </DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>ITEM 1.01.</B> <U><B>Entry into a Material Definitive Agreement</B></U><B>.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Safeguard Scientifics, Inc. (&#147;Safeguard&#148;), Safeguard Delaware, Inc. (&#147;SDI&#148;) and Safeguard
Scientifics (Delaware), Inc. (&#147;SSDI&#148;) entered into an Amended and Restated Loan and Security
Agreement dated as of May&nbsp;27, 2009 (the &#147;Amended SVB Loan Agreement&#148;), by and among Silicon Valley
Bank (&#147;Bank&#148;), Safeguard, SDI and SSDI. SDI and SSDI are wholly owned subsidiaries of Safeguard.
The principal terms of the Amended SVB Loan Agreement, including the $50&nbsp;million credit
availability, rate of interest and payment terms, remain substantially the same as the terms
contained in the original Loan and Security Agreement dated as of February&nbsp;6, 2009, by and among
Safeguard, SDI, SSDI and the Bank.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The information set forth above is qualified in its entirety by reference to the Amended and
Restated Loan and Security Agreement attached hereto as Exhibit&nbsp;10.1, which exhibit is incorporated
herein by reference.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>ITEM
9.01. </B><U><B>Financial Statements and Exhibits</B></U><B>.</B>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt">(d)&nbsp;<U>Exhibits</U>.
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    <TD align="right" valign="top">10.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Amended and Restated Loan and Security Agreement dated as of May&nbsp;27, 2009, by
and among Silicon Valley Bank, Safeguard Scientifics, Inc., Safeguard Delaware, Inc.
and Safeguard Scientifics (Delaware), Inc.</DIV></TD>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt">SIGNATURES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">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.
</DIV>

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    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Safeguard Scientifics, Inc.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Dated: May 28, 2009&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ BRIAN J. SISKO
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Brian J. Sisko&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Senior Vice President and General Counsel&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
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<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
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Form 8-K
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): May 27, 2009
Safeguard Scientifics, Inc.
(Exact name of registrant as specified in its charter)
Pennsylvania
1-5620
23-1609753
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
435 Devon Park Drive, Building 800,
Wayne, PA
19087
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code:
610-293-0600
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:
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 1.01.
Entry into a Material Definitive Agreement
.
Safeguard Scientifics, Inc. ("Safeguard"), Safeguard Delaware, Inc. ("SDI") and Safeguard
Scientifics (Delaware), Inc. ("SSDI") entered into an Amended and Restated Loan and Security
Agreement dated as of May 27, 2009 (the "Amended SVB Loan Agreement"), by and among Silicon Valley
Bank ("Bank"), Safeguard, SDI and SSDI. SDI and SSDI are wholly owned subsidiaries of Safeguard.
The principal terms of the Amended SVB Loan Agreement, including the $50 million credit
availability, rate of interest and payment terms, remain substantially the same as the terms
contained in the original Loan and Security Agreement dated as of February 6, 2009, by and among
Safeguard, SDI, SSDI and the Bank.
The information set forth above is qualified in its entirety by reference to the Amended and
Restated Loan and Security Agreement attached hereto as Exhibit 10.1, which exhibit is incorporated
herein by reference.
ITEM
9.01.
Financial Statements and Exhibits
.
(d)
Exhibits
.
10.1
Amended and Restated Loan and Security Agreement dated as of May 27, 2009, by
and among Silicon Valley Bank, Safeguard Scientifics, Inc., Safeguard Delaware, Inc.
and Safeguard Scientifics (Delaware), Inc.
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.
Safeguard Scientifics, Inc.
Dated: May 28, 2009
By:
/s/ BRIAN J. SISKO
Brian J. Sisko
Senior Vice President and General Counsel