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                                                                   EXHIBIT 10.23

                              SAFETY HOLDINGS, INC.
                           2001 RESTRICTED STOCK PLAN

                                    SECTION 1

                                     GENERAL

     1.1  PURPOSE. The Safety Holdings, Inc. 2001 Restricted Stock Plan (the
"PLAN") has been established by Safety Holdings, Inc. (the "COMPANY") to attract
and retain employees and other persons providing services to the Company and the
Related Companies (as defined below) through compensation that is based on the
Company's shares of common stock (the "STOCK"), thereby further identifying
Participants' interests with those of the Company's stockholders and promoting
the long-term financial interest of the Company and the Related Companies. The
term "RELATED COMPANY" means any company during any period in which it is a
"subsidiary corporation" (as that term is defined in section 424(f) of the
Internal Revenue Code of 1986, as amended (the "CODE")) with respect to the
Company.

     1.2  ADMINISTRATION. The authority to manage and control the operation and
administration of the Plan shall be vested in the "ADMINISTRATOR." The
Administrator shall be the full Board of Directors of the Company (the "BOARD"),
or a duly authorized committee thereof. The Administrator shall have the
authority and discretion to (a) manage and control the operation of the Plan,
(b) interpret and construe the provisions of the Plan, and prescribe, amend and
rescind rules and regulations relating to the Plan, (c) grant Restricted Stock
Awards (as defined in SECTION 2.1) under SECTION 2 of the Plan, in such amounts
and subject to such restrictions, limitations and conditions as it deems
appropriate, (d) subject to the provisions of SECTION 4, modify the terms of,
cancel or suspend Restricted Stock Awards, (e) prescribe the form of agreement,
certificate or other instrument evidencing any Restricted Stock Award under the
Plan, (f) correct any defect or omission and reconcile any inconsistency in the
Plan or in any award of Stock hereunder, and (g) make all other determinations
and take all other actions as it deems necessary or desirable for the
implementation and administration of the Plan. The determination of the
Administrator on matters within its authority shall be conclusive and binding on
the Company and all other persons.

     1.3  PARTICIPATION. Subject to the terms and conditions of the Plan, the
Administrator shall determine and designate from among the Eligible Individuals,
those persons who will be granted Restricted Stock Awards under the Plan and
thereby become "PARTICIPANTS" in the Plan. For purposes of the Plan, the term
"ELIGIBLE INDIVIDUAL" shall mean any employee of the Company or Related
Companies or such employee's designee.

                                    SECTION 2

     2.1  DEFINITION. Subject to the terms of this SECTION 2, a "Restricted
Stock Award" under the Plan is a grant of shares of Stock to a Participant, the
vesting of which is subject to one or more conditions established by the
Administrator. Such conditions may relate to events (such as performance or
continued employment) occurring before or after the date the Restricted Stock
Award is granted, or the date the Stock is vested in the Participant. If the
vesting of Restricted

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Stock Awards is subject to conditions occurring after the date of grant, the
period beginning on the date of grant of a Restricted Stock Award and ending on
the vesting or forfeiture of such Stock (as applicable) is referred to as the
"Restricted Period". Restricted Stock Awards may provide for delivery of the
shares of Stock at the time of grant, or may provide for a deferred delivery
date.

     2.2  ELIGIBILITY. The Administrator shall designate the Participants to
whom Restricted Stock Awards are to be granted, and the number of shares of
Stock that are subject to each such Award.

     2.3  TERMS AND CONDITIONS OF AWARDS. Except as otherwise provided in the
applicable Award Agreement (as defined herein), Restricted Stock Awards granted
to Participants under the Plan shall be subject to the following terms and
conditions:

     (a)  Beginning on the date of grant (or, if later, the date of
          distribution) of shares of Stock comprising a Restricted Stock Award,
          and including any applicable Restricted Period, the Participant as
          owner of such shares shall have the right to vote such shares;
          PROVIDED, HOWEVER, that, if requested by the Administrator, the
          Participant agrees to place such shares in a voting trust until the
          Stock has vested.

     (b)  Any Participant who is not a signatory to the Stockholders Agreement,
          dated October __, 2001, by and among all of the Stockholders of the
          Company shall, on or prior to the date of grant, become a signatory to
          the Stockholders Agreement.

     (c)  Any Participant who is not a signatory to the Management Subscription
          Agreement, dated October __, 2001, by and among the Company and the
          signatories thereto, shall, on or prior to the date of grant become a
          signatory to the Management Subscription Agreement.

     (d)  Payment of dividends with respect to Restricted Stock Awards shall be
          subject to the following:

          (i) On and after the date that a Participant has a fully vested right
          to the shares comprising a Restricted Stock Award, and the shares have
          been distributed to the Participant, the Participant shall have all
          Dividend Rights (and other rights) of a stockholder with respect to
          such shares.

          (ii) Prior to the date that a Participant has a fully vested right to
          the shares comprising a Restricted Stock Award, the Administrator, in
          its sole discretion, may award Dividend Rights (and any other rights)
          with respect to such shares.

          (iii) A "DIVIDEND RIGHT" with respect to shares comprising a
          Restricted Stock Award shall entitle the Participant, as of each
          dividend payment date, to an amount equal to the dividends payable
          with respect to a share of Stock multiplied by the number of such
          shares. Dividend Rights shall be settled in cash or in shares of
          Stock, as determined by the Administrator, shall be payable at the
          time and in the form determined by the Administrator, and shall be
          subject to such other terms and conditions as the Administrator may
          determine.

                                       -2-
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     2.4  VESTING. Unless provided otherwise by the Administrator or in the
applicable Award Agreement, Restricted Stock Awards granted to any Participant
before January 1, 2002 shall initially be non-vested and shall not become vested
until the last day of each calendar year commencing with 2002 as set forth
below. Restricted Stock Awards granted to Participants on or after January 1,
2002 shall become vested in accordance with the terms established by the
Administrator at the time the Restricted Stock Award is granted.

<Table>
<Caption>
                                                Percentage of total
                                                shares awarded
                                                which become
                 Year Ended:                    vested on such date:
                 -----------                    -------------------
                 <S>                            <C>
                 December 31, 2002               0.0%
                 December 31, 2003               0.0%
                 December 31, 2004               60.0%
                 December 31, 2005               80.0%
                 December 31, 2006              100.0%
</Table>

Notwithstanding the foregoing provisions of this SECTION 2.4 and, except as
otherwise provided in the applicable Award Agreement, (i) a Participant must
remain in the employ of the Company or the Related Companies as of the last day
of any year in order to become vested in the portion of the shares that first
become vested as of the last day of that year, and (ii) if a Participant
terminates employment with the Company or the Related Companies for any reason
prior to December 31, 2006, any shares under his Restricted Stock Award which
have not become vested on or before his termination date shall be deemed
forfeited.

                                    SECTION 3

                          OPERATION AND ADMINISTRATION

     3.1  EFFECTIVE DATE. The Plan became effective as of October __, 2001, the
date it was adopted by the Board.

     3.2  SHARES SUBJECT TO PLAN. The shares of Stock with respect to which
Restricted Stock Awards may be made under the Plan shall be shares currently
authorized but unissued or currently held or subsequently acquired by the
Company as treasury shares, including shares purchased in the open market or in
private transactions. The number of shares of Stock which may be issued with
respect to Restricted Stock Awards under the Plan shall not exceed 12,500 shares
of Stock as of the date the Plan is adopted by the Board, subject to adjustment
in accordance with SECTION 3.3. Any shares of Stock granted under a Restricted
Stock Award which are forfeited for any reason shall again become available for
Restricted Stock Awards under the Plan.

     3.3  ADJUSTMENTS TO SHARES RESERVED. In the event of any merger,
consolidation, reorganization, recapitalization, spinoff, stock dividend, stock
split, reverse stock split, exchange or other distribution with respect to
shares of Stock or other change in the corporate structure or capitalization
affecting the Stock (each an "EXTRAORDINARY EVENT"), the type and number of
shares

                                       -3-
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of stock which are or may be subject to Restricted Stock Awards under the Plan
and the terms of any outstanding Restricted Stock Awards shall be equitably
adjusted by the Administrator, in its reasonable discretion, to preserve the
value of benefits awarded or to be awarded to Participants under the Plan.
Notwithstanding the foregoing: (i) unvested shares of stock under a Restricted
Stock Award that have been issued prior to the Extraordinary Event and not
forfeited pursuant to SECTION 2.4 prior to the Extraordinary Event shall be
entitled, in connection with the Extraordinary Event, to receive the same
distributions or consideration per share, and otherwise to be treated in all
respects the same, as other then issued and outstanding shares of Stock not
covered by the Plan, and (ii) the aggregate purchase price and forfeiture price
for shares of Stock covered by a Restricted Stock Award (including any
securities received in connection with the Extraordinary Event in respect of
such shares) shall not be changed.

     3.4  LIMITATIONS ON DISTRIBUTIONS. Distribution of shares of Stock or other
amounts under the Plan shall be subject to the following:

     (a)  Notwithstanding any other provision of the Plan, the Company shall
          have no liability to deliver any shares of Stock under the Plan unless
          such delivery or distribution would comply with all applicable laws
          and the applicable requirements of any securities exchange or similar
          entity.

     (b)  In the case of a Participant who is or becomes subject to Section
          16(a) and 16(b) of the Securities Exchange Act of 1934, as amended,
          the Administrator may, at any time, add such conditions and
          limitations to any Restricted Stock Award granted to such Participant,
          or any feature of any such Restricted Stock Award, as the
          Administrator, in its reasonable discretion, deems necessary to comply
          with Section 16(a) or 16(b) and the rules and regulations thereunder
          or to obtain any exemption therefrom.

     (c)  To the extent that the Plan provides for issuance of certificates to
          reflect the transfer of shares of Stock, the transfer of such shares
          may be effected on a non-certificated basis, to the extent not
          prohibited by applicable law or the rules of any stock exchange.

     3.5  WITHHOLDING. All Restricted Stock Awards and other payments under the
Plan are subject to withholding of all applicable taxes, if any, which
withholding obligations may be satisfied, with the consent of the Administrator,
through the surrender of shares of Stock which the Participant already owns, or
to which the Participant is otherwise entitled under the Plan.

     3.6  TRANSFERABILITY. Other than as set forth in any other agreement to
which the Company is a party, non-vested shares of Stock may not be sold,
assigned, transferred, pledged or otherwise encumbered during the Restricted
Period applicable to such shares. Each certificate issued with respect to shares
of Stock granted under the Plan which are distributed prior to the lapse of the
Restricted Period may, at the discretion of the Administrator, be deposited in a
bank designated by the Administrator. Each such certificate shall bear the
following (or a similar) legend:

                                       -4-
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          "THE TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES OF STOCK
     REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS (INCLUDING
     FORFEITURE) CONTAINED IN THE SAFETY HOLDINGS, INC. 2001 RESTRICTED STOCK
     PLAN AND THE STOCKHOLDERS AGREEMENT ENTERED INTO BETWEEN THE REGISTERED
     OWNER AND SAFETY HOLDINGS, INC. A COPY OF SUCH PLAN AND AGREEMENT IS ON
     FILE IN THE OFFICE OF THE SECRETARY OF SAFETY HOLDINGS, INC.; C/O THE
     JORDAN COMPANY; 767 FIFTH AVENUE, 48TH FLOOR; NEW YORK, NEW YORK 10153;
     ATTENTION: A. RICHARD CAPUTO, JR."

     3.7  NOTICES. All notices, requests, claims, demands and other
communications hereunder shall be in writing and shall be deemed duly given when
delivered in person, by confirmed facsimile transmission, confirmed courier
service, or by registered or certified mail (postage prepaid, return receipt
requested) to the Administrator, in care of the Company, at its principal
executive offices.

     3.8  AGREEMENT WITH COMPANY. At the time a Restricted Stock Award is
granted to a Participant under the Plan, the Administrator may require the
Participant to enter into an agreement with the Company (the "AWARD AGREEMENT")
in a form specified by the Administrator, agreeing to the terms and conditions
of the Plan and to such additional terms and conditions, not inconsistent with
the Plan, as the Administrator may, in its reasonable discretion, prescribe.

     3.9  NO CONTRACT OF EMPLOYMENT. The Plan does not constitute a contract of
employment, and selection as a Participant will not give any employee the right
to be retained in the employ of the Company or any Related Company, nor any
right or claim to any benefit under the Plan, unless such right or claim has
specifically accrued under the terms of the Plan. Except as otherwise provided
in the Plan or in any award, no award under the Plan shall confer upon the
holder thereof any right as a stockholder of the Company prior to the date on
which he fulfills all requirements and other conditions for receipt of such
rights.

     3.10 EVIDENCE. Evidence required of anyone under the Plan may be by
certificate, affidavit, document or other information which the person acting on
it reasonably considers pertinent and reliable, and signed, made or presented by
the proper party or parties.

     3.11 GENDER AND NUMBER. Where the context admits, words in one gender shall
include the other gender, words in the singular shall include the plural and the
plural shall include the singular.

     3.12 EFFECT OF VESTING. Shares of Stock that become vested shall, upon such
vesting, cease to be subject to the terms of this Plan but shall remain subject
to the terms of the Stockholders Agreement and Management Subscription
Agreement.

                                       -5-
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                                    SECTION 4

                            AMENDMENT AND TERMINATION

     4.1  The Board may, at any time, amend or terminate the Plan; PROVIDED that
subject to SECTION 3.3 (relating to certain adjustments to shares), no amendment
or termination may adversely affect the rights of any Participant under any
Restricted Stock Award granted under the Plan prior to the date such amendment
is adopted by the Board.

                                       -6-<Page>

                                                                   EXHIBIT 10.24

                            SAFETY INSURANCE COMPANY
                      EXECUTIVE INCENTIVE COMPENSATION PLAN

                                    SECTION 1
                                     GENERAL

     1.1. PURPOSE. The Safety Insurance Company Executive Incentive Compensation
Plan (the "Plan") has been established by Safety Insurance Company (the
"Company") so each of the Employers may provide its eligible executive and
management employees with an opportunity to build additional financial security,
thereby aiding such companies in attracting and retaining employees of
exceptional ability.

     1.2. PARTICIPATION. Subject to the terms and conditions of the Plan, the
Board shall determine and designate, from time to time, from among those
individuals who are executive and management employees of the Company and any
Related Company during any Plan Year, those individuals who shall be eligible to
participate in the allocation of the bonus pool for the year.

     1.3. OPERATION, ADMINISTRATION, AND DEFINITIONS. The operation and
administration of the Plan shall be subject to the provisions of Section 5
(relating to operation and administration). Capitalized terms in the Plan shall
be defined as set forth in the Plan (including the definition provisions of
Section 9).

                                    SECTION 2
                                  BONUS AMOUNT

     2.1. ALLOCATION TO BONUS POOL. As of the last day of each Plan Year,
beginning with calendar year 2002, and ending with the Plan Year that ends
before the Plan Year in which a Change in Control occurs, an annual Allocation
Amount (if any) shall be allocated to the bonus pool for the year. The annual
"Allocation Amount" for each year shall be equal to the product of (i) the
Allocation Percentage for the year MULTIPLIED BY (ii) the Net Income for the
year. However, there shall be no Allocation Amount for a year if, during such
year, an Event of Default occurs, and there shall be no Allocation Amount for a
year if any such default would result from the allocation of the Allocation
Amount.

     2.2. ALLOCATION OF BONUS POOL TO EMPLOYEES. After the end of each Plan
Year, the Board will review the performance of the individuals who are
designated as eligible to participate in the allocation of the bonus pool for
the year described in subsection 2.1, and the Board, in its sole discretion,
will allocate the entire amount in the bonus pool among such individuals. Except
as otherwise expressly provided by the Board, no bonus shall be payable with
respect to any individual for any year if the individual's Date of Termination
occurs prior to the last day of the year. The Board will not be required to
establish the method for allocation of the bonus pool in advance.

     2.3. CREDITING OF BONUS AMOUNT TO ACCOUNT. The portion of the bonus pool
allocated to an individual for any year in accordance with subsection 2.2 shall
be credited to an Account established for the individual in accordance with
Section 3. Such amounts shall be credited to

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the individual's Account as soon as practicable after the amount to be allocated
for the individual has been determined.

                                    SECTION 3
                                  PLAN ACCOUNTS

     3.1. ACCOUNTS. To the extent provided in subsection 2.3, the Company shall
credit amounts to an Account established on the Company's books for each
individual for whom amounts are to be credited in accordance with subsection
2.3. During the period in which amounts are allocated to an individual's
Account, such amounts shall not accrue interest or earn income of any kind.

     3.2. STATEMENT OF ACCOUNTS. As soon as practicable after the end of each
Plan Year, the Company shall provide each Participant having an Account with a
statement of the transactions in his Account during that year and his Account
balance as of the end of the year.

                                    SECTION 4
                                  DISTRIBUTIONS

     4.1. GENERAL. Subject to this Section 4, the balance of a Participant's
Account shall be distributed to the Participant in a lump sum as soon as
practicable after the Participant's Date of Termination, regardless of the
reason for such termination.

     4.2. DISTRIBUTIONS TO DISABLED PERSONS. Notwithstanding the provisions of
this Section 4, if, in the opinion of the Board, a Participant or beneficiary is
under a legal disability or is in any way incapacitated so as to be unable to
manage his financial affairs, the Board may direct that payment be made to a
relative or friend of such person for his benefit until claim is made by a
conservator or other person legally charged with the care of his person or his
estate, and such payment shall be in lieu of any such payment to such
Participant or beneficiary. Thereafter, any benefits under the Plan to which
such Participant or beneficiary is entitled shall be paid to such conservator or
other person legally charged with the care of his person or his estate.

                                    SECTION 5
                          OPERATION AND ADMINISTRATION

     5.1. EFFECTIVE DATE. The "Effective Date" of the Plan shall be the
Effective Time as that term is defined in the Merger Agreement.

     5.2. BENEFITS MAY NOT BE ASSIGNED. The interests of a Participant under the
Plan are not subject in any manner to anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance, attachment, or garnishment by creditors of the
Participant or the Participant's beneficiary. The Participant's rights under the
Plan are not transferable other than as designated by the Participant by will or
by the laws of descent and distribution.

     5.3. BENEFITS UNDER OTHER PLANS. Amounts allocated to the Account of any
Participant under the Plan, and benefits payable under the Plan, shall be
disregarded for purposes of determining the benefits under any plan that is
intended to be qualified under section 401(a) of the Internal Revenue Code of
1986 and any other plan or arrangement maintained by the

                                        2
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Company or any Related Company, except as otherwise specifically provided to the
contrary in such other plan or arrangement.

     5.4. PLAN NOT CONTRACT OF EMPLOYMENT. The Plan does not constitute a
contract of employment, and participation in the Plan will not give any employee
the right to be retained in the employ of any Employer nor any right or claim to
any benefit under the Plan, unless such right or claim has specifically accrued
under the terms of the Plan.

     5.5. HEIRS AND SUCCESSORS. The Plan shall be binding upon, and inure to the
benefit of, the Company and its successors and assigns, and upon any person
acquiring, whether by merger, consolidation, purchase of assets or otherwise,
all or substantially all of the Company's assets and business. If any benefits
deliverable to a Participant under the Plan have not been delivered at the time
of the Participant's death, such benefits shall be delivered to the Designated
Beneficiary in accordance with the provisions of the Plan. The "Designated
Beneficiary" shall be the beneficiary or beneficiaries designated by a
Participant in a writing filed with the Board in such form and at such time as
the Board shall require. If a deceased Participant fails to designate a
beneficiary, or if the Designated Beneficiary does not survive the Participant,
any benefits distributable to the Participant shall be distributed to the legal
representative of the estate of the Participant. If a deceased Participant
designates a beneficiary and the Designated Beneficiary survives the Participant
but dies before the complete distribution of benefits to the Designated
Beneficiary under the Plan, then any benefits distributable to the Designated
Beneficiary shall be distributed to the legal representative of the estate of
the Designated Beneficiary.

     5.6. APPLICABLE LAWS. Except to the extent that not preempted by the laws
of the United States of America, the Plan shall be construed and administered
with the laws of the state of New York; provided that no doctrine of choice of
law shall be used to apply any law other than that of New York, and no defense,
counterclaim or right of set-off given or allowed by the laws of any other state
or jurisdiction, or arising out of the enactment, modification or repeal of any
law, regulation, ordinance or decree of any foreign jurisdiction, shall be
interposed in any action hereon.

     5.7. GENDER AND NUMBER. Where the context admits, words in any gender shall
include any other gender, words in the singular shall include the plural and the
plural shall include the singular.

     5.8. EVIDENCE. Evidence required of anyone under the Plan may be by
certificate, affidavit, document or other information which the person acting on
it considers pertinent and reliable, and signed, made or presented by the proper
party or parties.

                                    SECTION 6
                           SOURCE OF BENEFIT PAYMENTS

     6.1. LIABILITY FOR BENEFIT PAYMENTS. Subject to the provisions of this
Section 6, an Employer shall be liable for payment of benefits under the Plan
with respect to any Participant to the extent that such benefits are
attributable to services rendered by the Participant to that Employer. Any
disputes relating to liability of Employers for benefit payments shall be
resolved by the Board.

                                        3
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     6.2. NO GUARANTEE. Neither a Participant nor any other person shall, by
reason of the Plan, acquire any right in or title to any assets, funds or
property of the Employers whatsoever, including, without limitation, any
specific funds, assets, or other property which the Employers, in their sole
discretion, may set aside in anticipation of a liability under the Plan. A
Participant shall have only a contractual right to the amounts, if any, payable
under the Plan, unsecured by any assets of the Employers. Nothing contained in
the Plan shall constitute a guarantee by any of the Employers that the assets of
the Employers shall be sufficient to pay any benefits to any person.

                                    SECTION 7
                                      BOARD

     7.1. ADMINISTRATION. The authority to control and manage the operation and
administration of the Plan shall be vested in the Board in accordance with this
Section 7.

     7.2. POWERS OF BOARD. The Board's administration of the Plan shall be
subject to the following:

(a)  Subject to the provisions of the Plan, the Board will have the authority
     and discretion to select from among the executive and management employees
     of the Company and any Related Company those persons who shall be eligible
     to participate in the bonus pool.

(b)  The Board will have the authority and discretion to interpret the Plan, to
     establish, amend, and rescind any rules and regulations relating to the
     Plan, and to make all other determinations that may be necessary or
     advisable for the administration of the Plan.

(c)  Any interpretation of the Plan by the Board and any decision made by it
     under the Plan is final and binding on all persons.

     7.3. DELEGATION BY BOARD. Except to the extent prohibited by applicable
law, the Board may allocate all or any portion of its responsibilities and
powers to any one or more of its members and may delegate all or any part of its
responsibilities and powers to any person or persons selected by it. Any such
allocation or delegation may be revoked by the Board at any time.

     7.4. INFORMATION TO BE FURNISHED TO BOARD. The Company and Related
Companies shall furnish the Board with such data and information as it
determines may be required for it to discharge its duties. The records of the
Company and Related Companies as to an employee's or Participant's employment,
termination of employment, leave of absence, reemployment and compensation shall
be conclusive on all persons unless determined to be incorrect. Participants and
other persons entitled to benefits under the Plan must furnish the Board such
evidence, data or information as the Board considers desirable to carry out the
terms of the Plan.

                                    SECTION 8
                            AMENDMENT AND TERMINATION

     The Board may, at any time, amend or terminate the Plan, provided that no
amendment or termination may materially adversely affect the rights of any
Participant or beneficiary under the

                                        4
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Plan with respect to Plan Years that have ended prior to the date on which such
amendment or termination is adopted by the Board.

                                    SECTION 9
                                  DEFINED TERMS

     In addition to the other definitions contained herein, the following
definitions shall apply:

(a)  ALLOCATION PERCENTAGE. The "Allocation Percentage" as of the Effective Date
     shall be 1.75%.

(b)  BOARD. The term "Board" means the Board of Directors of the Company.

(c)  CHANGE OF CONTROL. The term "Change of Control" means any of the following:
     (i) the closing of any merger, combination, consolidation or similar
     business transaction involving Holdings in which the holders of Stock
     immediately prior to such closing are not the holders, directly or
     indirectly, of a majority of the ordinary voting securities of the
     surviving person in such transaction immediately after such closing, (ii)
     the closing of any sale or transfer by Holdings of all or substantially all
     of its assets to an acquiring person in which the holders of Stock
     immediately prior to such closing are not the holders of a majority of the
     ordinary voting securities of the acquiring person immediately after such
     closings, or (iii) the closing of any sale by the holders of Stock of an
     amount of Stock that equals or exceeds a majority of the shares of Stock
     immediately prior to such closing to a person in which the holders of the
     Stock immediately prior to such closing are not the holders of a majority
     of the ordinary voting securities of such person immediately after such
     closing.

(d)  DATE OF TERMINATION. A Participant's "Date of Termination" means the first
     day on which the Participant is not employed by the Company or any Related
     Company, regardless of the reason for the termination of employment;
     provided that a termination of employment shall not be deemed to occur by
     reason of a transfer of the Participant between the Company and a Related
     Company or between two Related Companies; and further provided that the
     Participant's employment shall not be considered terminated while the
     Participant is on a leave of absence from the Company or a Related Company
     approved by the Participant's employer. If, as a result of a sale or other
     transaction, the Participant's employer ceases to be a Related Company (and
     the Participant's employer is or becomes an entity that is separate from
     the Company), and the Participant is not, at the end of the 30-day period
     following the transaction, employed by the Company or an entity that is
     then a Related Company, then the occurrence of such transaction shall be
     treated as the Date of Termination.

(e)  EMPLOYER. The term "Employer" means the Company and each of the Related
     Companies that adopts the Plan.

(f)  EVENT OF DEFAULT. The term "Event of Default" means a financial covenant or
     payment default in any agreement, instrument or commitment, whether now
     existing or hereafter in effect, relating to the indebtedness of Holdings
     or its subsidiaries.

                                        5
<Page>

(g)  HOLDINGS. "Holdings" means Safety Holdings, Inc.

(h)  INSURANCE SUBSIDIARIES. The term "Insurance Subsidiaries" shall mean the
     Company and Safety Indemnity Insurance Company.

(i)  MERGER AGREEMENT. The "Merger Agreement" shall mean the Merger Agreement by
     and among Safety Holdings, Inc., Safety Acquisition, Inc., Thomas Black
     Corporation, and the shareholders of Thomas Black Corporation dated as of
     May 31, 2001 as amended, restated or otherwise modified from time to time.

(j)  NET INCOME. The term "Net Income" means the combined statutory net income
     from the Insurance Subsidiaries before distributions to Thomas Black
     Corporation or other payments made by the Insurance Subsidiaries in
     connection with Thomas Black Corporation's debt service or the annual
     management fee under the Management Consulting Agreement, dated as of the
     date hereof, between TJC Management Corp. and Holdings, as amended,
     restated or otherwise modified from time to time.

(k)  PARTICIPANT. The term "Participant" means an individual for whom an Account
     has been established, or who has been designated as eligible to participate
     in the bonus pool.

(l)  PLAN YEAR. The term "Plan Year" means the calendar year.

(m)  RELATED COMPANIES. The term "Related Company" means Holdings and any
     corporation, partnership, joint venture or other entity during any period
     in which at least fifty percent of the voting power of all classes entitled
     to vote with respect to such entity is owned, directly or indirectly, by
     Holdings.

(n)  STOCK. The term "Stock" means the common stock of Holdings.

                                        6

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