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): September 15,
2010
PATIENT
SAFETY TECHNOLOGIES, INC.
(Exact
Name of Registrant as Specified in its Charter)
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DELAWARE
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001-09727
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13-3419202
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(State
or Other Jurisdiction
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(Commission
File Number)
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(IRS
Employer
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of
Incorporation)
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Identification
No.)
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2
VENTURE, SUITE 350, IRVINE, CALIFORNIA 92618
(Address
of Principal Executive Offices) (Zip Code)
(951)
587-6201
(Registrant's
telephone number, including area code)
5
CAUFIELD PLACE, SUITE 102, NEWTOWN, PENNSYLVANIA 18940
(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 (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. (the “Company”) entered
into an Office Building Lease (the “Agreement”) with Olen
Commercial Realty Corp., a Nevada corporation (the “Landlord”) on
September 15, 2010, commencing September 20, 2010 (the “Effective Date”) to
lease the premises located at 2 Venture, Irvine, CA 92616 (the “Premises”) for use as
the Company’s principal headquarters.
The term
of the Agreement commences on the Effective Date and expires on midnight of
December 19, 2013 (the “Term”), with an
option to extend the Term of the Agreement for one additional
year. The Company will pay an initial base rent of $5,610 per month
in monthly installments. The initial base rent will be adjusted to
(a) $5,778.30 for the period of September 20, 2011 through September 19, 2012,
(b) $5,951.65 for the period of September 20, 2012 through September 19, 2013,
and (c) $6,130.20 for the period of September 20, 2013 through December 19,
2013. The Landlord has agreed to a rental abatement for the months of
October, November and December 2010 of the Term, subject to the Company
remaining in compliance with the Agreement.
As
compared to the monthly payments made under the Company’s lease agreement for
its previous principal headquarters in Temecula, California, which expires in
December of 2010, the monthly payments made under the Agreement represent a
substantial reduction in required monthly rental payments.
The
Agreement also contains customary provisions concerning assignment and
subletting, holding over and default. The foregoing description of
the Agreement does not purport to be complete and is qualified in its entirety
by the full text of such Agreement, 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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Office
Building Lease dated September 15, 2010 between Patient Safety
Technologies, Inc. and Olen Commercial Realty
Corp.
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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:
September 20, 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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Office
Building Lease dated September 15, 2010 between Patient Safety
Technologies, Inc. and Olen Commercial Realty
Corp.
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