Item 5.02. Departure of Directors of Certain Officers; Election of Directors;
appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.
On March 31, 2009, William C. Tepe resigned as the Chief Financial Officer of
the Company. On April 20, 2009, American Safety Administrative Services, Inc., a
wholly-owned subsidiary of the Company, and Mr. Tepe entered into an Agreement
and General Release pursuant to which Mr. Tepe will receive (i) severance pay of
$435,000 payable in equal semi-monthly installments over a 16 month period; (ii)
accrued but unpaid base salary and vacation pay, if any; (iii) accelerated
vesting of 7,322 shares of restricted stock previously awarded, valued at
$70,320; (iv) reimbursement of the cost of COBRA continuation coverage for up to
16 months, valued at up to $15,000; and (v) outplacement services for a period
of six months.
