form8kervin20090918.htm
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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): September 17, 2009
AMERICAN SAFETY INSURANCE HOLDINGS, LTD.
(Exact name of registrant as specified in its charter)
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Bermuda
(State or Other Jurisdiction
of Incorporation or Organization) |
001-04795
(Commission
File Number) |
Not applicable
(I.R.S. Employer
Identification No.) |
The Boyle Building, 2nd Floor
31 Queen Street
Hamilton, Bermuda HM 11
(Address of principal executive offices, including zip code)
(441) 296-8560
(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):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Securities Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) 12 under the Securities Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) 12 under the Securities Act (17 CFR 240.13e-2(c)) |
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Item 5.02. |
Departure of Directors of Certain Officers; Election of Directors; appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On August 28, 2009, Laura L. Ervin resigned as the Chief Accounting Officer of the Company. On September 17, 2009, American Safety Administrative Services, Inc., a wholly-owned subsidiary of the Company, and Ms. Ervin entered into an Agreement and
General Release pursuant to which Ms. Ervin will receive (i) severance pay of $63,070 payable in a lump sum; (ii) accrued but unpaid base salary and vacation pay, if any; (iii) accelerated vesting of 2,812.75 shares of restricted stock previously awarded, valued at $47,451; (iv) accelerated vesting of options to purchase 3,000 shares of the Company’s common stock at an average exercise price of $19.25 per share; (v) payment of the employee’s portion of the cost of COBRA continuation coverage
for 12 months, payable in a lump sum of $10,463; and (vi) outplacement services for a period of six months.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. The following exhibit is being furnished herewith:
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10.1 |
Agreement and General Release with Laura L. Ervin |
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
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AMERICAN SAFETY INSURANCE HOLDINGS, LTD. |
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Registrant |
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Date: September 18, 2009 |
By: |
/s/ Stephen R. Crim |
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Stephen R. Crim |
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President/CEO |