Loan Modification Agreement between Colonial Bank, N.A. and Shells Seafood Restaurants, Inc. (July 7, 2006)

Summary

Colonial Bank, N.A. and Shells Seafood Restaurants, Inc. have agreed to extend the maturity date of a $500,000 loan from June 28, 2006 to September 28, 2006. No defaults have occurred under the loan or promissory note up to this point. All other terms and conditions of the original loan and note remain unchanged and in effect.

EX-10.4 5 v047517_ex10-4.htm

Exhibit 10.4

July 7, 2006

Mr. Warren Nelson

Shells Seafood Restaurants, Inc.

16313 N. Dale Mabry Highway

Suite 100

Tampa, FL 33618

Re:	Colonial Bank, N.A. (the “Bank”)
	Loan to Shells Seafood Restaurants, Inc. (“Shells”)

Dear Mr. Nelson:

This letter will confirm that effective as of June 28, 2006, the Bank has agreed to extend the maturity date of Loan Number ###-###-#### (the “Loan”) and the repayment of the Promissory Note in the principal amount of $500,000 (the “Note”) issued thereunder from June 28, 2006 to September 28, 2006. The Bank acknowledges and agrees that no Event of Default has occurred under the Loan or the Note from the date it was entered into through the date of hereof. Except as set forth above, all of the terms and conditions of the Loan and the Note remain in full force and effect.

Please call me at ###-###-#### with any questions.

	Sincerely,

	COLONIAL BANK, N.A.


	By: /s/ David Ogburn
	Name: J. David Ogburn
	Title: Sr. Vice President