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) June 30, 2005
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PRESSURE BIOSCIENCES, INC.
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(Exact Name Of Registrant As Specified In Its Charter)
MASSACHUSETTS
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(State or Other Jurisdiction of Incorporation)
0-21615 04-2652826
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(Commission File Number) (I.R.S. Employer Identification No.)
321 Manley Street, West Bridgewater, MA 02379
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(Address of Principal Executive Offices) (Zip Code)
(508) 580-1818
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(Registrant's Telephone Number, Including Area Code)
N/A
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(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.
On June 30, 2005, Pressure BioSciences, Inc. (the "Company") entered into a
letter agreement (the "Agreement") with Richard T. Schumacher ("Mr.
Schumacher"), President, Chief Executive Officer and a director of the Company.
Under the terms of the Agreement, the Company will pay Mr. Schumacher a lump sum
payment of $400,000 (the "Payment") (i) as a reimbursement of costs and
expenses, as well as lost wages and severance benefits, resulting from his
termination of employment in February 2003, and (ii) as a bonus to reward Mr.
Schumacher for his valuable contributions to the Company and the Company's
stockholders in the overall restructuring and repositioning of the Company over
the past two years. Simultaneously with the Company's payment, Mr. Schumacher
will pay the Company all unpaid interest accrued to date in the amount of
$174,382.09 on his $1,000,000 outstanding indebtedness to the Company. Mr.
Schumacher's indebtedness to the Company has been previously disclosed in the
Company's filings with the Securities and Exchange Commission. In addition, Mr.
Schumacher agreed to release the Company from any and all claims.
The disclosure contained in this Item 1.01 represents a summary description of
the Agreement and is qualified in its entirety by reference to the full text of
the Agreement, which is attached as Exhibit 10.1 to this Current Report on Form
8-K and is hereby incorporated herein by reference in its entirety.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits
Exhibit Exhibit
Number Description
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10.1 Letter Agreement dated June 30, 2005 by and between Pressure
BioSciences, Inc. and Richard T. Schumacher
SIGNATURES
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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, thereunto duly authorized.
Dated: July 7, 2005 PRESSURE BIOSCIENCES, INC.
By: /s/ RICHARD T. SCHUMACHER
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Richard T. Schumacher, President and
Chief Executive Officer
EXHIBIT INDEX
Exhibit Exhibit
Number Description
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10.1 Letter Agreement dated June 30, 2005 by and between Pressure
BioSciences, Inc. and Richard T. Schumacher