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): November 22,
2010
PATIENT
SAFETY TECHNOLOGIES, INC.
(Exact
Name of Registrant as Specified in its Charter)
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DELAWARE
(State
or Other Jurisdiction
of
Incorporation)
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001-09727
(Commission
File Number)
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13-3419202
(IRS Employer
Identification
No.)
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2
VENTURE PLAZA, SUITE 350, IRVINE, CALIFORNIA 92618
(Address
of Principal Executive Offices) (Zip Code)
(949)
387-2277
(Registrant's
telephone number, including area code)
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 (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
1.01. Entry Into a Material Definitive Agreement.
Patient
Safety Technologies, Inc. (“we,” or the “Company”) entered
into a sub-sublease (the “Sub-Sublease”) with
Centrak, Inc., a Delaware corporation (the “Sub-Subtenant”),
dated as of November 18, 2010, effective November 22, 2010 (as described
below). The space is comprised of approximately 5,670 square feet of
office space located at 5 Caufield Place, Newtown, Pennsylvania and was
previously subleased by the Company from Reliance Life Sciences, Inc. (“Reliance”).
The term
of the Sub-Sublease commenced on November 22, 2010, the date on which we and the
Sub-Subtenant received the written consent of both Reliance and the Master
Landlord (as defined in the Sub-Sublease) to the Sub-Sublease. The Sub-Sublease
term expires on April 30, 2013 (the “Term”), unless
earlier terminated in accordance with the Sub-Sublease. The base rent
due under the Sub-Sublease is (i) $8,225.00 per month for each month during
months one (1) through twelve (12), (ii) $8,697.00 per month for months thirteen
(13) through twenty four (24), and (iii) $9,170.00 per month for months twenty
five (25) through the expiration of the Sub-Sublease. Base rent includes
landlord operating expenses, taxes and utilities that a reasonable tenant making
comparable use of the subleased premises to that being made by the Sub-Subtenant
would typically incur. The Sub-Subtenant will be responsible for any additional
utility costs that are not our responsibility.
The
foregoing description of the Sub-Sublease does not purport to be complete and is
qualified in its entirety by the full text of such Sub-Sublease, which is filed
as Exhibit 10.1 hereto and incorporated by reference herein.
Item
9.01. Financial Statements and Exhibits.
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10.1
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Sub-Sublease
Agreement dated as of November 18, 2010 (and effective November 22, 2010)
between Patient Safety Technologies, Inc. and Centrak,
Inc.
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SIGNATURE
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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Date:
November 30, 2010
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Patient
Safety Technologies, Inc.
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By:
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/s/ Brian E.
Stewart
Brian
E. Stewart
President
and Chief Executive Officer
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Exhibit
Index
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10.1
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Sub-Sublease
Agreement dated as of November 18, 2010 (and effective November 22, 2010)
between Patient Safety Technologies, Inc. and Centrak,
Inc.
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