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, 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.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits. The following exhibit is being furnished herewith:

Exhibit No. Description

10.1 Agreement and General Release with William C. Tepe

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