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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECURITIES
        AND EXCHANGE COMMISSION</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington,
        D.C. 20549</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FORM
        8-K</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT
        REPORT</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
        to Section 13 or 15(d) of the</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Securities
        Exchange Act of 1934</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
        of
        Report (Date of earliest event reported): June 22, 2005</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 24pt; FONT-FAMILY: Times New Roman"><strong>Shells
        Seafood Restaurants, Inc.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
        name of issuer as specified in its charter)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Delaware</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State
        or
        other jurisdiction of incorporation)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
        <div align="left">
          <table border="0" cellpadding="0" cellspacing="0" width="100%">

              <tr>
                <td valign="top" width="13%" style="BORDER-BOTTOM: medium none">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0-28258</font></div>
                </td>
                <td valign="top" width="13%" style="BORDER-BOTTOM: medium none">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">65-0427966</font></div>
                </td>
              </tr>
              <tr>
                <td valign="top" width="13%" style="BORDER-BOTTOM: medium none">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Commission
                    File Number)</font></div>
                </td>
                <td valign="top" width="13%" style="BORDER-BOTTOM: medium none">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(IRS
                    Employer Identification No.)</font></div>
                </td>
              </tr>
              <tr>
                <td valign="top" width="13%">&#160;</td>
                <td valign="top" width="13%">&#160;</td>
              </tr>

          </table>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16313
        N.
        Dale Mabry Hwy, Suite 100, Tampa, FL 33618 </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
        of Principal Executive Offices)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registrant&#8217;s
        telephone number, including area code </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(813)
        961-0944</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Not
        Applicable</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Former
        Name or Former Address, if Changed Since Last Report.)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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):</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -54pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#168;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Written
        communications pursuant to Rule 425 under the Securities Act </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -54pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -54pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#168;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Soliciting
        material pursuant to Rule 14a-12 under the Exchange Act </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -54pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -54pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#168;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
        communications pursuant to Rule 14d-2(b) under the Exchange Act </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -54pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -54pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#168;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
        communications pursuant to Rule 13e-4(c) under the Exchange Act </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
          1.01.</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Entry
          into a Material Definitive Agreement.</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
          April
          28, 2005, the Board of Directors of Shells Seafood Restaurants, Inc. (the
          &#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Company</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8221;)
          adopted, subject to stockholder approval at the annual meeting, an amendment
          (the &#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Amendment</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8221;)
          to the
          Company&#8217;s 2002 Equity Incentive Plan (the &#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Plan</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8221;).
          The
          Company&#8217;s stockholders approved the Amendment at the Annual Meeting of
          Stockholders held on June 22, 2005. The Amendment to the Plan (i) increases
          the
          number of shares of Common Stock available for issuance under the Plan
          by
          3,150,000 shares from 1,850,000 shares to 5,000,000 shares, (ii) prohibits
          the
          grant of options with an exercise price that is less than the fair market
          value
          of the Common Stock on the date of grant, (iii) prohibits the repricing
          of
          options without stockholder approval, (iv) eliminates the Company&#8217;s ability to
          make loans to award recipients to facilitate the exercise of options or
          the
          purchase of shares under the Plan and (v) increases the number of options
          or
          other awards that may be granted under the Plan to any employee during
          </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">any
          calendar year from 800,000 to 1,000,000. The foregoing description </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of
          the
          material terms of the Amendment, </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">is
          qualified in its entirety by reference to the Plan, as</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
          so</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
          amended
          by the Amendment, a copy of which is filed herewith as Exhibit 10.1.
</font><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
          June
          22, 2005, the Compensation Committee and the Board of Directors of the
          Company
          approved the acceleration of vesting of certain unvested </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and
          &#8220;out-of-the-money&#8221;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
          stock
          options with exercise prices equal to or greater than </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$0.85</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
          per
          share previously awarded to its employees, including its executive officers,
          and
          its directors under the </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Plan</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
          that
          were originally scheduled to vest during 2006. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          acceleration of vesting is effective for stock options outstanding as of
          June
          22, 2005. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Options
          to purchase approximately 295,000 shares of common stock or 18.5% of the
          Company&#8217;s outstanding unvested options (of which options to purchase
          approximately 233,000 shares or 14.6% of the Corporation&#8217;s outstanding unvested
          options are held by the Corporation&#8217;s executive officers and directors) are
          subject to the acceleration. The weighted average exercise price of the
          options
          subject to the acceleration is $1.10. </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          purpose of the acceleration is to enable the Company to avoid recognizing
          compensation expense associated with these options in future periods in
          its
          consolidated statements of income, upon adoption of FASB Statement No.
          123 R
          (Share-Based Payment) in December, 2005. The pre-tax charge which the Company
          expects to avoid in 2006 amounts to approximately $87,000 based on the
          original
          vesting periods. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          Company also believes that because many of the options to be accelerated
          have
          exercise prices in excess of the current market value of the Company&#8217;s common
          stock, these options have limited economic value and are not fully achieving
          their original objective of incentive compensation and employee
          retention.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
          both
          June 13 and June 22, 2005, each of Philip R. Chapman, Robert S. Ellin,
          Gary L.
          Herman, Michael R. Golding, Christopher D. Illick and Jay A. Wolf, the
          non-employee directors of the Company, was awarded an option to purchase
          20,000
          shares of the Company&#8217;s common stock</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
          at
          exercise prices of $0.76 and $0.85 per share, respectively. The June 13,
          2005
          awards were made subject to stockholder approval of the Amendment. In general,
          these options will vest on a monthly basis with respect to 1/12th increments
          during</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
          each of
          the first six months following the date of grant and with respect to
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">all
          remaining shares</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
          on
          December 31, 2005. The foregoing description is qualified in its entirety
          by
          reference to the Company&#8217;s form of stock option agreement for non-employee
          directors</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
          a copy
          of which is filed herewith as Exhibit 10.2.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
              June
              13, 2005, each of Leslie Christon, Warren Nelson and Guy Kathman, executive
              officers of the Company, was awarded, subject to stockholder approval
              of the
              Amendment, an option to purchase 450,000, 125,000 and 125,000 shares
              of the
              Company&#8217;s common stock, respectively, at an exercise price of $0.76 per share.
              In general, these options will vest on an annual basis with respect
              to 1/3
              during each of the three years following the date of grant, except
              that those
              increments that would have otherwise vested on the first anniversary
              in 2006
              based on the foregoing schedule will instead vest on December 31, 2005.
              In
              addition, options to purchase an aggregate of 173,000 shares of the
              Company&#8217;s
              common stock were awarded, subject to stockholder approval of the Amendment,
              to
              37 non-executive officer employees of the Company on the same terms.
              The
              foregoing description is qualified in its entirety by reference to
              the Company&#8217;s
              form of stock option agreement for employees, a copy of which is filed
              herewith
              as Exhibit 10.3.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
                9.01.</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Financial
                Statements and Exhibits.</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(c)</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Exhibits</strong></font></div>
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                Seafood Restaurants, Inc. 2002 Equity Incentive Plan, as amended.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.2</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
                of
                Stock Option Agreement for Non-Employee Directors.</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.3</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
                of
                Stock Option Agreement for Employees.</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(All
                other items on this report are inapplicable.)</font><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURES</strong></font><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
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                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.</font></div>
            </div>
          </div>
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                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SHELLS
                  SEAFOOD RESTAURANT, INC.</strong></font></div>
                <div><font size="2">(Registrant)</font></div>
              </td>
            </tr>
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              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
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              <td style="BORDER-BOTTOM: #ffffff solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:&#160;June
                28, 2005</font></td>
              <td style="BORDER-BOTTOM: #ffffff solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:&#160;&#160;</font></td>
              <td style="BORDER-BOTTOM: #000000 thin solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
                Leslie J. Christon</font></td>
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              <td>
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Name:&#160;
                  Leslie J. Christon</font></div>
                <div><font size="2">Title:&#160;&#160;&#160; President and
                  Chief Executive
                  Officer</font></div>
              </td>
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{"company-data": {"conformed-name": "SHELLS SEAFOOD RESTAURANTS INC", "cik": "0000935066", "assigned-sic": "5812", "irs-number": "650427966", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-28258", "film-number": "05919647"}, "business-address": {"street1": "16313 N DALE MABRY HWY", "street2": "STE 100", "city": "TAMPA", "state": "FL", "zip": "33618", "phone": "8139610944"}, "mail-address": {"street1": "16313 NORTH DALE MABRY", "street2": "SUITE 100", "city": "TAMPA", "state": "FL", "zip": "33618"}}
Unassociated Document
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): June 22, 2005
Shells
        Seafood Restaurants, Inc.
(Exact
        name of issuer as specified in its charter)
Delaware
(State
        or
        other jurisdiction of incorporation)
0-28258
65-0427966
(Commission
                    File Number)
(IRS
                    Employer Identification No.)
16313
        N.
        Dale Mabry Hwy, Suite 100, Tampa, FL 33618
(Address
        of Principal Executive Offices)
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):
¨
Written
        communications pursuant to Rule 425 under the Securities Act
¨
Soliciting
        material pursuant to Rule 14a-12 under the Exchange Act
¨
Pre-commencement
        communications pursuant to Rule 14d-2(b) under the Exchange Act
¨
Pre-commencement
        communications pursuant to Rule 13e-4(c) under the Exchange Act
Item
          1.01.
Entry
          into a Material Definitive Agreement.
On
          April
          28, 2005, the Board of Directors of Shells Seafood Restaurants, Inc. (the
          "
Company
")
          adopted, subject to stockholder approval at the annual meeting, an amendment
          (the "
Amendment
")
          to the
          Company's 2002 Equity Incentive Plan (the "
Plan
").
          The
          Company's stockholders approved the Amendment at the Annual Meeting of
          Stockholders held on June 22, 2005. The Amendment to the Plan (i) increases
          the
          number of shares of Common Stock available for issuance under the Plan
          by
          3,150,000 shares from 1,850,000 shares to 5,000,000 shares, (ii) prohibits
          the
          grant of options with an exercise price that is less than the fair market
          value
          of the Common Stock on the date of grant, (iii) prohibits the repricing
          of
          options without stockholder approval, (iv) eliminates the Company's ability to
          make loans to award recipients to facilitate the exercise of options or
          the
          purchase of shares under the Plan and (v) increases the number of options
          or
          other awards that may be granted under the Plan to any employee during
any
          calendar year from 800,000 to 1,000,000. The foregoing description
of
          the
          material terms of the Amendment,
is
          qualified in its entirety by reference to the Plan, as
so
amended
          by the Amendment, a copy of which is filed herewith as Exhibit 10.1.
On
          June
          22, 2005, the Compensation Committee and the Board of Directors of the
          Company
          approved the acceleration of vesting of certain unvested
and
          "out-of-the-money"
stock
          options with exercise prices equal to or greater than
$0.85
per
          share previously awarded to its employees, including its executive officers,
          and
          its directors under the
Plan
that
          were originally scheduled to vest during 2006.
The
          acceleration of vesting is effective for stock options outstanding as of
          June
          22, 2005.
Options
          to purchase approximately 295,000 shares of common stock or 18.5% of the
          Company's outstanding unvested options (of which options to purchase
          approximately 233,000 shares or 14.6% of the Corporation's outstanding unvested
          options are held by the Corporation's executive officers and directors) are
          subject to the acceleration. The weighted average exercise price of the
          options
          subject to the acceleration is $1.10.
The
          purpose of the acceleration is to enable the Company to avoid recognizing
          compensation expense associated with these options in future periods in
          its
          consolidated statements of income, upon adoption of FASB Statement No.
          123 R
          (Share-Based Payment) in December, 2005. The pre-tax charge which the Company
          expects to avoid in 2006 amounts to approximately $87,000 based on the
          original
          vesting periods.
The
          Company also believes that because many of the options to be accelerated
          have
          exercise prices in excess of the current market value of the Company's common
          stock, these options have limited economic value and are not fully achieving
          their original objective of incentive compensation and employee
          retention.
On
          both
          June 13 and June 22, 2005, each of Philip R. Chapman, Robert S. Ellin,
          Gary L.
          Herman, Michael R. Golding, Christopher D. Illick and Jay A. Wolf, the
          non-employee directors of the Company, was awarded an option to purchase
          20,000
          shares of the Company's common stock
at
          exercise prices of $0.76 and $0.85 per share, respectively. The June 13,
          2005
          awards were made subject to stockholder approval of the Amendment. In general,
          these options will vest on a monthly basis with respect to 1/12th increments
          during
each of
          the first six months following the date of grant and with respect to
all
          remaining shares
on
          December 31, 2005. The foregoing description is qualified in its entirety
          by
          reference to the Company's form of stock option agreement for non-employee
          directors
,
          a copy
          of which is filed herewith as Exhibit 10.2.
On
              June
              13, 2005, each of Leslie Christon, Warren Nelson and Guy Kathman, executive
              officers of the Company, was awarded, subject to stockholder approval
              of the
              Amendment, an option to purchase 450,000, 125,000 and 125,000 shares
              of the
              Company's common stock, respectively, at an exercise price of $0.76 per share.
              In general, these options will vest on an annual basis with respect
              to 1/3
              during each of the three years following the date of grant, except
              that those
              increments that would have otherwise vested on the first anniversary
              in 2006
              based on the foregoing schedule will instead vest on December 31, 2005.
              In
              addition, options to purchase an aggregate of 173,000 shares of the
              Company's
              common stock were awarded, subject to stockholder approval of the Amendment,
              to
              37 non-executive officer employees of the Company on the same terms.
              The
              foregoing description is qualified in its entirety by reference to
              the Company's
              form of stock option agreement for employees, a copy of which is filed
              herewith
              as Exhibit 10.3.
Item
                9.01.
Financial
                Statements and Exhibits.
(c)
Exhibits
10.1
Shells
                Seafood Restaurants, Inc. 2002 Equity Incentive Plan, as amended.
10.2
Form
                of
                Stock Option Agreement for Non-Employee Directors.
10.3
Form
                of
                Stock Option Agreement for Employees.
(All
                other items on this report are inapplicable.)
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 RESTAURANT, INC.
(Registrant)
Date: June
                28, 2005
By:
/s/
                Leslie J. Christon
Name: 
                  Leslie J. Christon
Title:    President and
                  Chief Executive
                  Officer