X0202 4 2005-01-31 0 0000935066 SHELLS SEAFOOD RESTAURANTS INC SHLL 0001070413 CHAPMAN PHILIP R 175 E 64TH ST NEW YORK NY 10021 1 0 1 0 Common Stock, $0.01 par per share 2005-01-31 4 X 0 2891515 0.16 A 4454015 I Shares were acquired by Banyon Investment, LLC for which Mr Chapman is a co-managing member. Options to purchase Common Stock, $0.01 par value Options to purchase Common Stock, $0.01 par value 36000 36000 D Exercise price ranges from $0.24 to $9.50 per share All options are fully vested Options expire at various times between May 20, 2007 and February 29, 2012 upon the 10th anniversary of the grant date Philip R. Chapman 2005-02-08