UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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 5, 2006 PATRIOT SCIENTIFIC CORPORATION (Exact Name of Registrant as Specified in Charter) DELAWARE 0-22182 84-1070278 (State or other Jurisdiction (Commission (I.R.S. Employer of Incorporation) File Number) Identification No.) CARLSBAD CORPORATE PLAZA 6183 PASEO DEL NORTE, SUITE 180 CARLSBAD, CA 92011 (Address of principal executive offices) (858) 674-5000 (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): o Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) o Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) o Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (127 CFR 240.13e-4(c)) ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT On June 5, 2006, the Compensation Committee of the Board of Directors of Patriot Scientific Corporation (the "Company"), approved the entering into of a Non-Qualified Stock Option Agreement (the "Agreement") by and between the Company and David H. Pohl, President, Chief Executive Officer and Director of the Company. Under the terms of the Agreement, the Company granted Mr. Pohl the right, privilege and option ("Option") to purchase 1,500,000 shares of the common stock of the Company at an exercise price of $0.165 per share. The Option was fully vested upon grant and must be exercised within the earlier of (i) August 15, 2007, or (ii) three months after the first date that Mr. Pohl is no longer an officer or director of the Company. The Option's exercise price can be paid (a) in cash or certified bank or cashier's check, (b) in securities of the Company having a fair market value equal to the exercise price, (c) by cashless exercise, or (d) any combination of the above. Mr. Pohl will have no rights as a stockholder with respect to any stock underlying the Option until the date of issuance of a certificate for such stock. The description of the Agreement and its terms is only a summary and is qualified in its entirety by the full text of such document, which is filed as an exhibit hereto and is incorporated by reference herein. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS. (d) Exhibits. NO. DESCRIPTION 10.2 Non-Qualified Stock Option Agreement by and between Patriot Scientific Corporation and David H. Pohl, entered into as of June 5, 2006. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf of the undersigned hereunto duly authorized. Patriot Scientific Corporation (Registrant) Date: June 8, 2006 By: /s/ David H. Pohl -------------------------