Document:

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                                                                    EXHIBIT 10.2

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                              SAFETY HOLDINGS, INC.

                             STOCKHOLDERS AGREEMENT

                          Dated as of October 16, 2001

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                                TABLE OF CONTENTS
                             (Not Part of Agreement)

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                                                                            PAGE
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Recitals       ...............................................................1

                                    ARTICLE I

                               Certain Definitions

                                   ARTICLE II

                                   Management

Section 2.1    Registration of Common Stock...................................7
Section 2.2    No Conflict with Agreement.....................................7

                                   ARTICLE III

                              Corporate Governance

Section 3.1    Board of Directors.............................................8
Section 3.2    Vacancies......................................................9
Section 3.3    Covenant to Vote...............................................9
Section 3.4    Restrictions On Other Agreements...............................9
Section 3.5    Consent of Management Director.................................9

                                   ARTICLE IV

                               Transfers of Stock

Section 4.1    Restrictions on Transfer......................................10
Section 4.2    Exceptions to Restrictions....................................10
Section 4.3    Endorsement of Certificates...................................11
Section 4.4    Transfers to Competitors......................................12
Section 4.5    Improper Transfer.............................................12
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                                TABLE OF CONTENTS
                             (Not Part of Agreement)

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                                    ARTICLE V

                     Rights of First Offer; New Securities;

Section 5.1    Transfers by a Stockholder....................................12
Section 5.2    Transfer of Offered Shares to Third Parties...................13
Section 5.3    Purchase of Offered Shares....................................14
Section 5.4    Waiting Period with Respect to Subsequent Transfers...........14
Section 5.5    Right of First Refusal for New Securities.....................14
Section 5.6    Right to Join in Sale.........................................15
Section 5.7    Take Along....................................................16
Section 5.8    Call Rights Upon Failure to Obtain Necessary Approval.........17
Section 5.9    Legally Binding Obligation; Power of Attorney; Personal
               Rights........................................................17

                                   ARTICLE VI

                               Registration Rights

Section 6.1    Demand Registrations..........................................18
Section 6.2    Piggyback Registrations.......................................20
Section 6.3    Registration Procedures.......................................21
Section 6.4    Indemnification...............................................24
Section 6.5    Contribution..................................................26
Section 6.6    Rule 144......................................................27
Section 6.7    Limitations on Subsequent Registration Rights.................27

                                   ARTICLE VII

                                   Termination

Section 7.1    Certain Terminations..........................................27
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                                TABLE OF CONTENTS
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                                  ARTICLE VIII

                                  Miscellaneous

Section 8.1    Successors and Assigns........................................28
Section 8.2    Amendment and Modification; Waiver of Compliance; Conflicts...28
Section 8.3    Notices.......................................................28
Section 8.4    Entire Agreement..............................................29
Section 8.5    Inspection....................................................29
Section 8.6    Headings......................................................29
Section 8.7    Recapitalizations, Exchanges, Etc., Affecting the Common
               Stock; New Issuances..........................................29
Section 8.8    Ratification of Prior Acts of Board of Directors of Company;
               Right to Negotiate............................................30
Section 8.9    LITIGATION....................................................30
Section 8.10   No Strict Construction........................................30
Section 8.11   Counterparts..................................................31
Section 8.12   New Stockholders..............................................31
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                                    EXHIBITS

Exhibit A      Stockholder Schedule

Exhibit B      Form of Jordan Investor Subscription Agreement

Exhibit C      Form of Management Subscription Agreement

Exhibit D      Form of 2001 Restricted Stock Plan

Exhibit E      Form of Purchase Agreement

Exhibit F      Form of Stock Purchase Agreement

Exhibit G      Form of By-Laws of the Company

Exhibit H      Form of Management Consulting Agreement

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                             STOCKHOLDERS AGREEMENT

     THIS STOCKHOLDERS AGREEMENT, dated as of October 16, 2001 (this
"AGREEMENT"), is by and among Safety Holdings, Inc., a Delaware corporation (the
"COMPANY"), JZ Equity Partners, PLC, a public limited company incorporated in
England and Wales ("JZEP"), the Jordan Investors (as hereinafter defined) that
are signatories hereto, and certain directors, officers and employees of the
Company who are signatories hereto (the "MANAGEMENT STOCKHOLDERS").

                              W I T N E S S E T H:
                              - - - - - - - - - -

     WHEREAS, on the date hereof, the Company is authorized by its Restated
Certificate of Incorporation (as amended, restated or otherwise modified from
time to time, the "CERTIFICATE OF INCORPORATION") to issue an aggregate of
500,000 shares of capital stock, consisting of (i) 400,000 shares of Common
Stock, par value $0.01 per share ("COMMON STOCK") and (ii) 100,000 shares of
Preferred Stock, par value $0.001 per share (the "PREFERRED STOCK"). Each class
of Stock (as defined below) has the respective voting powers, designations,
preferences and relative qualifications, limitations and restrictions set forth
with respect thereto in the Certificate of Incorporation;

     WHEREAS, as of the date hereof and after giving effect to the transactions
contemplated hereby, the Stockholders (as defined below) will beneficially own
the number of shares of Stock as set forth in the Stockholder Schedule attached
as EXHIBIT A hereto (the "STOCKHOLDER SCHEDULE");

     WHEREAS, the Company has entered into the Jordan Investors Subscription
Agreement, dated as of the date hereof and in substantially the form of EXHIBIT
B attached hereto (as amended, restated or otherwise modified from time to time,
the "JORDAN INVESTOR SUBSCRIPTION AGREEMENT"), by and among the Company and the
Jordan Investors, pursuant to which the Jordan Investors are purchasing 90,875
shares of Common Stock;

     WHEREAS, the Company has entered into the Management Subscription
Agreement, dated as of the date hereof and in substantially the form of EXHIBIT
C attached hereto (as amended, restated or otherwise modified from time to time,
the "MANAGEMENT SUBSCRIPTION AGREEMENT"), by and among the Company and the
Management Investors, pursuant to which the Management Investors will purchase
57,000 shares of Common Stock;

     WHEREAS, the Company has adopted the 2001 Restricted Stock Plan, dated as
of the date hereof and substantially in the form of EXHIBIT D hereto (as
amended, restated or otherwise modified from time to time, the "RESTRICTED STOCK
PLAN") and authorized the issuance to each of David F. Brussard and Daniel D.
Loranger of 10,000 and 2,500 shares of Common Stock, respectively.

     WHEREAS, the Company has entered into the Purchase Agreement, dated as of
the date hereof and in substantially the form of EXHIBIT E hereto (as amended,
restated or otherwise modified, from time, the "PURCHASE AGREEMENT"), by and
among the Company and JZEP, pursuant to which JZEP will purchase $30 million of
the Company's 13.00% Senior

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Subordinated Notes (the "SUBORDINATED NOTES"), 22,400 shares of Preferred Stock
and 89,625 shares of Common Stock;

     WHEREAS, the parties hereto deem it in their best interests and in the best
interests of the Company to set forth their respective rights and obligations in
connection with their investment in the Company;

     WHEREAS, the parties hereto also desire to restrict the sale, assignment,
transfer, encumbrance or other disposition of certain shares of capital stock of
the Company, including issued and outstanding shares of Common Stock, and to
provide for certain rights and obligations in respect thereto as hereinafter
provided;

     NOW, THEREFORE, in consideration of the mutual agreements and
understandings set forth herein, the parties hereto hereby agree as follows:

                                    ARTICLE I

                               CERTAIN DEFINITIONS

     As used in this Agreement, the following terms shall have the following
respective meanings:

     "AFFILIATE" of any specified Person shall mean any other Person (a) that
directly or indirectly through one or more intermediaries controls, or is
controlled by, or is under common control with, such specified Person, (b) that
beneficially owns or holds 10% or more of the Voting Stock of such specified
Person or (c) 10% or more of the Voting Stock (or in the case of a Person that
is not a corporation, 10% or more of the equity interests) of which is
beneficially owned or held by such specified Person or one of its subsidiaries.
The term "CONTROL" means the possession, directly or indirectly, of the power to
direct or cause the direction of the management and policies of a Person,
whether through the ownership of Voting Stock, by contract or otherwise.
Notwithstanding the foregoing, (i) the Principals and their respective
Affiliates shall be deemed to be Affiliates of the Company and (ii) none of JZEP
nor any of its Affiliates, shall be deemed, because of their investment in the
Stock, to be Affiliates of the Company.

     "AGREEMENT" shall mean this Agreement as in effect on the date hereof and
as hereafter from time to time amended, modified or supplemented in accordance
with the terms hereof.

     "BOARD OF DIRECTORS" shall mean the Board of Directors of the Company, as
duly constituted in accordance with this Agreement, or any committee thereof
duly constituted in accordance with this Agreement, the By-laws and applicable
law and duly authorized to make the relevant determination or take the relevant
action.

     "BY-LAWS" shall mean the By-Laws of the Company as amended and in effect on
the date hereof, substantially in the form of EXHIBIT G hereto, and as hereafter
further amended or restated in accordance with the terms hereof and pursuant to
applicable law.

     "CERTIFICATE OF INCORPORATION" shall have the meaning specified in the
first recital.

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     "CHANGE OF CONTROL" means any of the following: (i) the closing of any
merger, combination, consolidation or similar business transaction involving the
Company in which the holders of Common 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 the Company of all or
substantially all of its assets to an acquiring person in which the holders of
Common 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, (iii) the closing of any sale by the holders of Common Stock of an
amount of Common Stock that equals or exceeds a majority of the shares of Common
Stock immediately prior to such closing to a person in which the holders of the
Common 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
or (iv) the voluntary liquidation or dissolution of the Company; provided,
however, that the term "Change of Control" shall not include any liquidation,
dissolution or other transaction mandated under any agreement, instrument or
commitment of the Company or its subsidiaries for borrowed money or other
extension of credit, whether now existing or hereafter created.

     "COMMISSION" shall mean the U.S. Securities and Exchange Commission and any
successor commission or agency having similar powers.

     "COMMON STOCK" shall have the meaning specified in the first recital.

     "COMPANY" shall have the meaning specified in the Preamble.

     "COMPANY SECURITIES" shall have the meaning specified in SECTION 6.1(f).

     "DATE OF DELIVERY" means, for purposes of ARTICLE V, the date that a
particular notice is received or deemed to be received.

     "DISPOSING STOCKHOLDER" shall have the meaning specified in SECTION 5.6(a).

     "EXCHANGE ACT" shall mean the Securities Exchange Act of 1934, as amended,
or any similar federal statute then in effect, and a reference to a particular
section thereof shall include a reference to the comparable section, if any, of
such similar federal statute.

     "FIRST OFFER PRICE" shall have the meaning specified in SECTION 5.1(a).

     "GAAP" shall mean the generally accepted accounting principles in the
United States of America in effect from time to time, applied on a consistent
basis both as to classification of items and amounts.

     "HOLDER REQUEST" shall have the meaning specified in SECTION 6.1(a).

     "INVESTMENT AGREEMENT" shall have the meaning specified in the
Introduction.

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     "JORDAN INVESTORS" shall mean the Persons signatories to the Jordan
Investor Subscription Agreement, and any Permitted Transferee of any of them who
becomes a Stockholder in accordance with the terms hereof.

     "JORDAN INVESTOR SUBSCRIPTION AGREEMENT" shall have the meaning specified
in the Introduction.

     "JZEP" shall mean JZ Equity Partners PLC, a public limited liability
company incorporated in England and Wales under the Companies Act (1985) and its
nominees.

     "MANAGEMENT CONSULTING AGREEMENT" shall mean the Management Consulting
Agreement, of even date herewith, by and among TJC Management, the Company and
its Subsidiaries substantially in the form attached hereto as EXHIBIT H, as
amended, restated or otherwise modified from time to time.

     "MANAGEMENT INVESTORS" shall mean any officer or managerial employee of the
Company or any of its Subsidiaries who acquires any shares of Common Stock from
the Company pursuant to the Management Subscription Agreement, or any other
subscription agreement presented by the Company to an officer or managerial
employee of the Company, and enters into or becomes subject to this Agreement
(including execution of a counterpart to this Agreement), and any Permitted
Transferee of any of such Persons who becomes a Stockholder in accordance with
the terms hereof (including execution of a counterpart to this Agreement).

     "MANAGEMENT STOCKHOLDERS" shall have the meaning specified in the preamble.

     "MANAGEMENT SUBSCRIPTION AGREEMENT" shall have the meaning specified in the
fourth recital.

     "MANAGING UNDERWRITER" shall mean the investment banker (or investment
bankers) that shall manage or act as "book runner" for any offering of the
Company's Stock.

     "NASD" shall mean the National Association of Securities Dealers, Inc.

     "NEW SECURITIES NOTICE" shall have the meaning specified in SECTION 5.5(c).

     "NOTICE OF EXERCISE" shall have the meaning specified in SECTION 5.1(b).

     "NOTICE OF INTENTION" shall have the meaning specified in SECTION 5.1(a).

     "OFFERED SECURITIES" shall have the meaning specified in SECTION 5.1(a).

     "PERCENTAGE OWNERSHIP" means, with respect to any Stockholder at any time,
(i) the number of shares of Common Stock that such Stockholder beneficially owns
(or, without duplication, has the right to acquire pursuant to any securities
convertible into or exchangeable for Common Stock, options, warrants and other
irrevocable rights to purchase or subscribe for Common Stock or securities
convertible into or exchangeable for Common Stock) at such time, including,
without limitation, the Restricted Shares that are vested under the Restricted
Stock

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Plan, divided by (ii) the total number of shares of Common Stock outstanding at
such time and all shares described in the parenthetical in clause (i) of this
definition for any Stockholder.

     "PERMITTED TRANSFEREE" shall mean, (i) the Company or any Jordan Investor
and (ii) those Persons to whom transfers of Stock are permitted to be made
pursuant to SECTIONS 4.1, 4.2, 5.1 and 5.2.

     "PERSON" shall mean an individual, a corporation, limited liability
company, association, partnership, joint venture, organization, business, trust,
or any other entity or organization, including a government or any subdivision
or agency thereof.

     "PREFERRED STOCK" shall have the meaning specified in the first recital and
shall include any payment-in-kind dividends thereon.

     "PRINCIPALS" shall mean The Jordan Company, LLC and its Affiliates,
principals, partners, stockholders, members and employees, family members of any
of the foregoing and trusts for the benefit of any of the foregoing.
Notwithstanding the foregoing, JZEP, shall not be deemed to be a Principal or an
Affiliate of a Principal.

     "PROPOSED PURCHASER" shall have the meaning specified in SECTION 5.6(b).

     "PUBLIC DISTRIBUTION" shall mean a Public Offering of Common Stock, at the
conclusion of which the aggregate number of shares of Common Stock that have
been sold to the public pursuant to one or more effective registration
statements under the Securities Act equals at least 5% of the shares of Common
Stock then outstanding (on a fully diluted basis) after giving effect to such
sale and results in the Company receiving at least $25 million in gross proceeds
from such sale.

     "PUBLIC OFFERING" shall mean a bona fide underwritten public offering and
sale of equity securities of the Company pursuant to an effective registration
statement under the Securities Act.

     "PURCHASE OFFER" shall have the meaning set forth in SECTION 5.6(b).

     "QIB" shall mean a "qualified institutional buyer" as defined under Rule
144A of the Securities Act that is a financial or institutional investor.

     "REGISTRABLE SECURITIES" shall mean the following:

     (a) all shares of Common Stock outstanding on the date hereof and now or
hereafter owned of record by the Stockholders;

     (b) all shares of Common Stock which have vested under the Restricted Stock
Plan; and

     (c) any shares of Common Stock issued or issuable by the Company in respect
of any shares of Common Stock referred to in the foregoing clauses (a) or (b) by
way of a stock

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dividend or stock split or in connection with a combination or subdivision of
shares, reclassification, recapitalization, merger, consolidation or other
reorganization of the Company.

     As to any particular Registrable Securities that have been issued, such
securities shall cease to be Registrable Securities when (i) a registration
statement with respect to the sale of such securities shall have become
effective under the Securities Act and such securities shall have been disposed
of under such registration statement, (ii) they shall have been distributed to
the public pursuant to Rule 144, (iii) they shall have been otherwise
transferred or disposed of, and new certificates therefor not bearing a legend
restricting further transfer shall have been delivered by the Company, and
subsequent transfer or disposition of them shall not require their registration
or qualification under the Securities Act or any similar state law then in
force, or (iv) they shall have ceased to be outstanding.

     "REGISTRATION EXPENSES" shall mean any and all out-of-pocket expenses
incident to the Company's performance of or compliance with ARTICLE VI hereof,
including, without limitation, all Commission, stock exchange or NASD
registration and filing fees, all fees and expenses of complying with securities
and blue sky laws (including the reasonable fees and disbursements of
underwriters' counsel in connection with blue sky qualifications and NASD
filings), all fees and expenses of the transfer agent and registrar for the
Registrable Securities, all printing expenses, the fees and disbursements of
counsel for the Company and of its independent public accountants, including the
expenses of any special audits and/or "cold comfort" letters required by or
incident to such performance and compliance, and one firm of counsel (other than
in-house counsel) retained by the holders of Registrable Securities held by each
of JZEP and the Jordan Investors, but excluding underwriting discounts and
commissions and applicable transfer and documentary stamp taxes, if any, which
shall be borne by the seller of the securities in all cases.

     "REQUESTING STOCKHOLDER" shall have the meaning specified in
SECTION 6.1(a).

     "SALE PROPOSAL" shall have the meaning specified in SECTION 5.1(a).

     "SECURITIES ACT" shall mean, as of any date, the Securities Act of 1933, as
amended, or any similar federal statute then in effect, and in reference to a
particular section thereof shall include a reference to the comparable section,
if any, of any such similar federal statute and the rules and regulations
thereunder.

     "SELLING INVESTORS" shall have the meaning specified in SECTION 5.7.

     "SELLING STOCKHOLDER" shall have the meaning specified in SECTION 5.1(a).

     "STOCK" shall mean (a) the Common Stock and the Preferred Stock issued and
outstanding at the date hereof, (b) any Restricted Shares and (c) any Common
Stock, Preferred Stock or other capital stock of the Company hereafter acquired
by any Stockholder, including pursuant to ARTICLE V of this Agreement, or
pursuant to any convertible security, option, warrant or other right to acquire
Common Stock, Preferred Stock or capital stock of the Company, whether or not
held by them as of the date hereof.

     "STOCK PURCHASE AGREEMENT" shall have the meaning specified in the
Recitals.

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     "STOCKHOLDER" shall mean any of the Jordan Investors, JZEP and the
Management Investors, and any Permitted Transferee of any such Person or other
transferee who becomes a party to or bound by the provisions of this Agreement
in accordance with the terms hereof.

     "STOCKHOLDER SCHEDULE" shall have the meaning specified in the Recitals.

     "SUBORDINATED NOTES" shall have the meaning specified in the Recitals.

     "SUBSIDIARY" shall mean as to any Person a corporation of which outstanding
shares of stock having ordinary voting power (other than stock having such power
only by reason of the happening of a contingency) to elect a majority of the
Board of Directors of such corporation are at the time owned, directly or
indirectly through one or more intermediaries, or both, by such Person.

     "TJC MANAGEMENT" shall mean TJC Management Corp., a Delaware corporation,
or its designee.

     "TRANSFER" shall have the meaning set forth in SECTION 4.1.

     "UNDERWRITTEN OFFERING" shall have the meaning specified in SECTION 6.1(b).

     "VOTING STOCK" shall mean capital stock of the Company (other than
Preferred Stock) of any class or classes, the holders of which are ordinarily,
in the absence of contingencies, entitled to vote for the election of corporate
directors (or Persons performing similar functions).

     "VOTING STOCKHOLDER" shall mean a Stockholder who holds, without
duplication, Voting Stock or retains, by proxy or otherwise, the power to vote
such Voting Stock.

                                   ARTICLE II

                                   MANAGEMENT

     Section 2.1 REGISTRATION OF COMMON STOCK. In the event of a Public Offering
of the Company's Common Stock, each Voting Stockholder shall, at a meeting
convened for the purpose of amending the Certificate of Incorporation, vote to
increase or decrease the number of authorized shares of Common Stock and, if
necessary, increase or decrease the number of issued and outstanding shares of
Common Stock, whether by stock split, stock dividend, reverse stock split or
otherwise, or change in its par value, as recommended in good faith by a
majority of the members of the Board of Directors in order to facilitate such
Public Offering.

     Section 2.2 NO CONFLICT WITH AGREEMENT. Each Voting Stockholder shall vote
his shares of Voting Stock to ensure that the Certificate of Incorporation and
By-Laws do not, at any time, conflict with the provisions of this Agreement.

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                                   ARTICLE III

                              CORPORATE GOVERNANCE

     Section 3.1 BOARD OF DIRECTORS. (a) The Stockholders hereby agree that at
all times after the date hereof, the Board of Directors of the Company shall
consist of not less than one (1) nor more than four (4) members. Promptly after
the date hereof, the Stockholders shall take all actions necessary to elect, or
to cause the Board of Directors to approve and appoint, the designees described
below to be members of the Company's Board of Directors:

          (i) three (3) individuals designated by the Jordan Investors ("JORDAN
     DIRECTORS"), which Jordan Directors initially shall be John W. Jordan II,
     David W. Zalaznick and A. Richard Caputo, Jr.; and

          (ii) one (1) individual designated by the Management Stockholders
     ("MANAGEMENT DIRECTOR"), which Management Director initially shall be David
     F. Brussard; PROVIDED, HOWEVER in the event that (x) the Management
     Director ceases to be employed by the Company or its Subsidiaries for any
     reason or (y) the Company shall exercise its repurchase rights with respect
     to the Stock owned by Mr. Brussard pursuant to Section 8 of the Management
     Subscription Agreement, then the Stockholders shall promptly take all
     actions necessary to cause the resignation or removal of the Management
     Director and elect or cause the Board of Directors to approve and appoint,
     an individual designated by the Management Stockholders then employed by
     the Company or its subsidiaries; and, PROVIDED, FURTHER, that if the
     Company exercises its purchase rights pursuant to Section 5.8 of this
     Agreement, then the Stockholders shall promptly take all actions necessary
     to cause the resignation or removal of the Management Director and elect,
     or cause the Board of Directors to approve and appoint, an individual
     designated by the Jordan Investors and, at all times thereafter, the Jordan
     Investors shall have the right to appoint all four members of the Board of
     Directors and the Management Stockholders shall no longer have the right to
     appoint any members of the Board of Directors.

     (b) Each Stockholder hereby agrees to vote all shares of Voting Stock owned
or held of record by such Stockholder at each annual or special meeting of
stockholders of the Company at which directors of the Company are to be elected,
in favor of, or to take all actions by written consent in lieu of any such
meeting as are necessary to cause, the election as members of the Board of
Directors of those individuals described in SECTION 3.1(a) in accordance with,
and to otherwise effect the intent of, the provisions of SECTION 3.1(a). A
Director may be removed from the Board of Directors only by the Stockholders
entitled to designate such Director pursuant to this ARTICLE III, PROVIDED, that
any Management Director may be removed, upon the vote of a majority of the
Jordan Directors, as set forth in SECTION 3.1(a)(ii).

     (c) Except as provided in this SECTION 3.1, directors shall be elected by a
plurality of the votes cast at annual meetings of Stockholders, and each
director so elected shall hold office until the next annual meeting and until
his successor is duly elected and qualified, or until his earlier

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resignation or removal. Any director may resign at any time upon notice to the
Company. Directors need not be stockholders.

     Section 3.2 VACANCIES. Subject to SECTION 3.1(a)(ii), in the event that a
vacancy is created on the Board of Directors at any time by the death,
disability, retirement, resignation or removal of any member of the Board of
Directors, or for any other reason there shall exist or occur any vacancy on the
Board of Directors, each Stockholder hereby agrees to take such actions as will
result in the election or appointment as a director of an individual designated
or elected to fill such vacancy and serve as a director by the Stockholders that
had, pursuant to SECTION 3.1(a), designated or elected the director whose death,
disability, retirement, resignation or removal resulted in such vacancy on the
Board of Directors. During the period, from the time the vacancy is created
until a new director is designated pursuant to SECTION 3.1(a), the remaining
Jordan Directors may appoint a replacement to act as a director until a new
director is duly elected.

     Section 3.3 COVENANT TO VOTE. Each Stockholder hereby agrees to take all
actions necessary to call, or cause the Company and the appropriate officers and
directors of the Company to call, an annual meeting (and when circumstances so
require, a special meeting) of stockholders of the Company and to vote all
Voting Stock owned or held of record by such Stockholder at any such meeting and
at any other annual or special meeting of stockholders in favor of, or take all
actions by written consent in lieu of any such meeting as may be necessary to
cause, the election as members of the Board of Directors of those individuals so
designated in accordance with, and to otherwise effect the intent of, this
ARTICLE III.

     Section 3.4 RESTRICTIONS ON OTHER AGREEMENTS. No Stockholder shall grant
any proxy or enter into or agree to be bound by any voting trust with respect to
the Stock nor shall any Stockholder enter into any other agreements or
arrangements of any kind with any Person with respect to the Stock on terms
which conflict with the provisions of this Agreement (whether or not such proxy,
voting trust, agreements or arrangements are with other Stockholders, holders of
Stock that are not parties to this Agreement or otherwise), including but not
limited to, agreements or arrangements with respect to the acquisition,
disposition or voting of shares of Stock inconsistent herewith.

     Section 3.5 CONSENT OF MANAGEMENT DIRECTOR. All matters requiring the
approval of the Board of Directors, which shall include any transaction that
constitutes a Change of Control, including, but not limited to transfers of
shares pursuant to SECTION 5.7 below, shall be decided by the affirmative vote
of a majority of the members of the Board of Directors in office, as set forth
in the By-Laws, Certificate of Incorporation or as otherwise provided by law;
PROVIDED, HOWEVER that the affirmative vote of the Management Director shall be
required to effect a Change of Control. Notwithstanding the foregoing, a
majority of the members of the Board of Directors may cause the Company to
effectuate a Change of Control provided the Company first exercises its right to
repurchase the shares of Common Stock held by the Management Investors as set
forth in SECTION 5.8 below.

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                                   ARTICLE IV

                               TRANSFERS OF STOCK

     Section 4.1 RESTRICTIONS ON TRANSFER. Each Stockholder agrees that such
Stockholder will not, directly or indirectly, whether by operation of law or
otherwise, offer, sell, transfer, assign or otherwise dispose of (or make any
exchange, gift, assignment or pledge of) any Stock or any rights or interests
therein (collectively, a "TRANSFER"), except (a) as provided in SECTION 4.2; (b)
in accordance with ARTICLE V; or (c) with regard to any bona fide pledge,
hypothecation or similar charge by JZEP and any foreclosure in connection
therewith. In addition to the other restrictions noted in this ARTICLE IV, each
Stockholder agrees that it will not, directly or indirectly, Transfer any of its
Stock except as permitted under the Securities Act and other applicable
securities laws.

     Section 4.2 EXCEPTIONS TO RESTRICTIONS. The provisions of SECTION 4.1 and
ARTICLE V shall not apply to any of the following Transfers:

     (a) (i) From any of the Jordan Investors to any of the other Jordan
Investors or JZEP, (ii) from any Jordan Investor to any trust, partnership,
limited liability company or similar entity solely for such Jordan Investor's
benefit or the benefit of such Jordan Investor's family members, or (iii) from
any of the Jordan Investors to any corporation, partnership or other entity that
is controlled by and whose owners or beneficiaries are Jordan Investors or a
trust created solely for the benefit of a Jordan Investor or the spouse or
children of a Jordan Investor, or (iv) any pension, profit sharing, 401(k) or
similar plan for such Jordan Investor's benefit; provided, that with respect to
clause (ii) such Jordan Investor acts as trustee and retains the sole power to
direct the voting and disposition of such shares; and PROVIDED, FURTHER, that in
the case referred to in clauses (i), (ii) and (iii), each such Person including
any such entity shall execute a counterpart of and become a party to this
Agreement and shall agree in a writing in form and substance satisfactory to the
Company to be bound and becomes bound by the terms of this Agreement as a
Stockholder.

     (b) (i) From any Management Investor to any trust, partnership, limited
liability company or similar entity solely for such Management Investor's
benefit or the benefit of such Management Investor's family members, or (ii) any
pension, profit sharing, 401(k) or similar plan for such Management Investor's
benefit; PROVIDED, that, with respect to clause (i), such Management Investor
acts as trustee and retains the sole power to direct the voting and disposition
of such Stock; and PROVIDED, FURTHER, that in the case referred to in clause
(i), each such Person including any such trust shall execute a counterpart of
and become a party to this Agreement and shall agree in a writing in form and
substance satisfactory to the Company to be bound and becomes bound by the terms
of this Agreement as a Stockholder.

     (c) From any Management Investor or Permitted Transferee of a Management
Investor to the Company pursuant to SECTION   of the Management Subscription
Agreement.

     (d) Pursuant to a Public Offering or pursuant to Rule 144 under the
Securities Act.

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     (e) From any Jordan Investor or any Management Investor to the family
members of such Stockholders, PROVIDED, that such Person shall execute a
counterpart and become a party to this Agreement and shall agree in a writing in
form and substance satisfactory to the Company to be bound by the terms of the
Agreement as a Stockholder.

     (f) From any Jordan Investor to any foundations, charitable remainder
trust, or charitable, religious or non-profit organization.

     (g) From any Stockholder to any Person pursuant to SECTIONS 5.6 and 5.7.

     (h) From any Stockholder to the Company.

     (i) From JZEP to any Institutional Holder, under and as defined in the
Purchase Agreement.

     (j) From any Institutional Holder to any of its Affiliates (or any
successor to all or substantially all of its assets).

     Section 4.3 ENDORSEMENT OF CERTIFICATES.

     (a) Upon the execution of this Agreement, in addition to any other legend
which the Company may deem advisable under the Securities Act and applicable
state securities laws, all certificates representing shares of issued and
outstanding Common Stock and Preferred Stock shall be endorsed at all times
prior to any Public Offering of such shares or sale of such shares pursuant to
Rule 144 under the Securities Act as follows:

          THIS CERTIFICATE IS SUBJECT TO, AND IS TRANSFERABLE ONLY UPON
     COMPLIANCE WITH, THE PROVISIONS OF A STOCKHOLDERS AGREEMENT, DATED
     OCTOBER 16, 2001 AMONG THE COMPANY AND ITS STOCKHOLDERS. REFERENCE ALSO IS
     MADE TO THE RESTRICTIVE PROVISIONS OF THE CERTIFICATE OF INCORPORATION AND
     BY-LAWS OF THE COMPANY. COPIES OF THE ABOVE REFERENCED AGREEMENTS ARE ON
     FILE AT THE OFFICE OF THE COMPANY C/O THE JORDAN COMPANY, LLC AT 767 FIFTH
     AVENUE, 48TH FLOOR, NEW YORK, NEW YORK 10153.

          THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
     REGISTERED UNDER THE SECURITIES ACT OF 1933 AND MAY NOT BE TRANSFERRED
     EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, OR AN EXEMPTION
     FROM REGISTRATION, UNDER SAID ACT.

     At the request of the Stockholder, the Company shall remove the legend
referring to the Securities Act at such time as the Stock becomes eligible for
resale pursuant to Rule 144(k) under the Securities Act. At the request of the
Stockholder, the Company shall remove the legend referring to the Stockholders
Agreement and any applicable Subscription Agreement at such time as such
Agreements no longer restrict the Transfer of the Stock.

                                       11
<Page>

     (b) Except as otherwise expressly provided in this Agreement, all
certificates representing shares of Stock hereafter issued to or acquired by any
of the Stockholders or their successors hereto shall bear the legends set forth
above, and the shares of Stock represented by such certificates shall be subject
to the applicable provisions of this Agreement. The rights and obligations of
each party hereto shall inure to and be binding upon each transferee to whom
Stock is Transferred by any party hereto, whether or not such Transfer is
permitted under the terms of this Agreement, except for Transfers described in
SECTION 4.2(d). Prior to consummation of any Transfer, except for Transfers
described in SECTION 4.2(d), such party shall cause the transferee to execute an
agreement in form and substance reasonably satisfactory to the other parties
hereto, providing that such transferee shall fully comply with the terms of this
Agreement. Any Stockholder wishing to Transfer Stock shall give written notice
to the Company prior to any transfer (whether or not to a Permitted Transferee)
of any Stock.

     Section 4.4 TRANSFERS TO COMPETITORS. Notwithstanding SECTIONS 4.1, 4.2 and
ARTICLE V, and except as provided in SECTION 5.7, no Stockholder will Transfer
any Stock to any person that competes, directly or indirectly, with the business
conducted or then proposed to be conducted by the Company and its Subsidiaries.

     Section 4.5 IMPROPER TRANSFER. Any attempt to Transfer or encumber any
Stock not in accordance with this Agreement shall be null and void and neither
the Company nor any transfer agent of such securities shall give any effect to
such attempted transfer or encumbrance in its stock records.

                                    ARTICLE V

                     RIGHTS OF FIRST OFFER; NEW SECURITIES;

                       TAG ALONG RIGHTS; DRAG ALONG RIGHTS

     Section 5.1 TRANSFERS BY A STOCKHOLDER.

     (a) Except for Transfers permitted by SECTIONS 4.1 or 4.2, if at any time
any Stockholder shall desire to sell any Stock owned by such Stockholder (such
Stockholder desiring to sell shares of such Stock being referred to herein as a
"SELLING STOCKHOLDER"), then such Selling Stockholder shall deliver written
notice of its desire to sell such Stock (a "NOTICE OF INTENTION"), accompanied
by a copy of a proposal relating to such sale (the "SALE PROPOSAL"), to each of
the other Stockholders and to the Company, setting forth such Selling
Stockholder's desire to make such sale (which shall be for cash only), the
number and class of shares of Stock proposed to be transferred (the "OFFERED
SECURITIES") and the price at which such Selling Stockholder proposes to sell
the Offered Securities (the "FIRST OFFER PRICE") and other terms applicable
thereto.

     (b) Upon receipt of the Notice of Intention, the Company and the other
Stockholders shall then have the right to purchase at the First Offer Price and
on the other terms specified in the Sale Proposal all or, subject to
SECTION 5.1(d), any portion of the Offered Securities in the following order of
priority: (i) if the Selling Stockholder is a Management Investor or a Permitted
Transferee of a Management Investor, the Company shall have the first right to

                                       12
<Page>

purchase the Offered Securities, and thereafter, the Stockholders shall have the
right to purchase the Offered Securities allocated on a pro rata basis among the
Stockholders so electing to purchase according to their Percentage Ownership (or
in such other proportion as such other Stockholders may agree) and (ii) if the
Selling Stockholder is a Jordan Investor or JZEP or a Permitted Transferee of a
Jordan Investor or JZEP, the other Jordan Investors, JZEP and any such Permitted
Transferee shall have the first right to purchase the Offered Securities
allocated on a pro rata basis among those of the Jordan Investors, JZEP and any
such Permitted Transferee so electing to purchase according to their Percentage
Ownership (or in such other proportion as such Jordan Investors, JZEP and any
such Permitted Transferee may agree), thereafter, the Company shall have the
right to purchase the Offered Securities, and thereafter, all other Stockholders
shall have the right to purchase the Offered Securities allocated on a pro rata
basis among the Stockholders so electing to purchase (or in such other
percentages as such other Stockholders may agree). The rights of the
Stockholders and the Company pursuant to this SECTION 5.1(b) shall be
exercisable by the delivery of notice to the Selling Stockholder (the "NOTICE OF
EXERCISE"), within 30 calendar days from the Date of Delivery of the Notice of
Intention. The Notice of Exercise shall state the total number of shares of the
Offered Securities such Stockholder (or the Company) is willing to purchase
without regard to whether or not other Stockholders purchase any shares of the
Offered Securities. A copy of such Notice of Exercise shall also be delivered by
each Stockholder to the Company and each other Stockholder. The rights of the
Stockholders and the Company pursuant to this SECTION 5.1(b) shall terminate if
no Notice of Exercise is delivered within 30 calendar days after the Date of
Delivery of the Notice of Intention.

     (c) Subject to SECTION 5.1(d), in the event that the Stockholders or the
Company exercise their rights to purchase Offered Securities in accordance with
SECTION 5.1(b), then the Selling Stockholder must sell the Offered Securities to
such Stockholders (or, as the case may be, the Company) in accordance with
SECTION 5.3. If the Stockholders collectively request to purchase more than the
amount of Offered Securities, then, subject to the priorities established in
SECTION 5.1(b), such Stockholders will be allocated such Offered Securities
based upon the priorities set forth in SECTION 5.1(b) and then on a pro rata
basis according to their Percentage Ownership within such group of Stockholders.

     (d) Notwithstanding the foregoing provisions of this SECTION 5.1, unless
the Selling Stockholder shall have consented to the purchase of less than all of
the Offered Securities, no Stockholder or Stockholders nor the Company may
purchase any Offered Securities hereunder unless all of the Offered Securities
are to be so purchased.

     (e) For purposes of this ARTICLE V, any Person who has failed to give
notice of the election of an option hereunder within the specified time period
will be deemed to have waived its rights on the day after the last day of such
period.

     (f) Each Stockholder in its capacity only as a stockholder (i) agrees and
acknowledges that the Company may purchase or acquire Common Stock pursuant to
SECTION 5.1(b) hereof and (ii) approves such purchases and acquisitions, and
waives any objection or claim relating thereto, whether against the Company, the
Board of Directors or otherwise.

                                       13
<Page>

     Section 5.2 TRANSFER OF OFFERED SHARES TO THIRD PARTIES. If all notices
required to be given pursuant to SECTION 5.1 by a Selling Stockholder have been
duly given and the Stockholders and the Company do not exercise their respective
options to purchase all of the Offered Securities at the First Offer Price and
the Selling Stockholder does not desire to sell less than all the Offered
Securities or if with the consent of the Selling Stockholder, the other
Stockholders and the Company purchase less than all of the Offered Securities
pursuant to the provisions hereof, then in either such event the Selling
Stockholder shall have the right, subject to compliance by the Selling
Stockholder with the provisions of SECTIONS 4.3 and 4.4 hereof, for a period of
120 calendar days from the earlier of (i) the expiration of the other
Stockholders' or Company's rights to purchase such Stock pursuant to SECTION 5.1
with respect to such Sale Proposal or (ii) the date on which such Selling
Stockholder receives notice from all of the other Stockholders and the Company
that they will not exercise in whole or in part the rights granted pursuant to
SECTION 5.1, to sell to any third party all (but not less than all) of the
Offered Securities remaining unsold at a price of not less than 95% of the First
Offer Price, and on the other terms specified in the Sale Proposal.

     Section 5.3 PURCHASE OF OFFERED SHARES. The consummation of any purchase
and sale pursuant to SECTION 5.1 shall take place on such date, not later than
30 calendar days after the expiration of the option period pursuant to SECTION
5.1 with respect to such option, as the Selling Stockholder shall select. Prior
to the date selected by the Selling Stockholder, the purchasers shall execute an
agreement in form and substance reasonably satisfactory to the other parties
hereto, providing that such purchasers shall fully comply with the terms of this
Agreement. Upon the consummation of any such purchase and sale, the Selling
Stockholder shall deliver certificates evidencing the Offered Securities sold
duly endorsed, or accompanied by written instruments of transfer in form
satisfactory to the purchaser duly executed by the Selling Stockholder free and
clear of any liens, against delivery of the First Offer Price, payable in the
manner specified in SECTION 5.1(a).

     Section 5.4 WAITING PERIOD WITH RESPECT TO SUBSEQUENT TRANSFERS. In the
event that the Stockholders and the Company do not exercise their options to
purchase all of the Offered Securities, and the Selling Stockholder shall not
have sold the remaining Offered Securities to a third party for any reason
before the expiration, as applicable, of the 120-day period described in SECTION
5.2, then such Selling Stockholder shall not deliver another Notice of Intention
pursuant to SECTION 5.1 for a period of 120 calendar days after the last day of
such 120-day period.

     Section 5.5 RIGHT OF FIRST REFUSAL FOR NEW SECURITIES.

     (a) The Company hereby grants to each of the Stockholders a right of first
refusal to purchase shares of any New Securities (as defined below) which the
Company may, from time to time, propose to issue and sell. Such right of first
refusal shall allow each Stockholder to purchase its pro rata share based on its
Percentage Ownership of the New Securities proposed to be issued, provided, that
if the New Securities are Preferred Stock, then the holders of then outstanding
Preferred Stock will have the first and prior right of first refusal with
respect to such Preferred Stock, and the other Stockholders will only be
entitled to exercise their right of first refusal to the extent such Preferred
Stockholders do not exercise their right of first refusal. In the event a
Stockholder does not purchase any or all of its pro rata share based on its
Percentage

                                       14
<Page>

Ownership of New Securities, the remaining Stockholders shall each have the
right to purchase its pro rata share based on its Percentage Ownership of such
unpurchased New Securities until all of the New Securities are purchased or
until no other Stockholder desires to purchase any more New Securities. The
right of first refusal granted hereunder shall terminate if unexercised within
30 calendar days after receipt of the New Securities Notice described in
SECTION 5.5(c) below.

     (b) "NEW SECURITIES" shall mean any authorized but unissued shares, and any
treasury shares, of capital stock of the Company and all rights, options or
warrants to purchase capital stock, and securities of any type whatsoever that
are, or may become, convertible into, or exchangeable for, capital stock;
PROVIDED, HOWEVER, that the term "NEW SECURITIES" does not include (i)
securities issued pursuant to the acquisition of another corporation by the
Company by merger, purchase of all or substantially all of the assets or other
reorganization whereby the Company shall become the owner of 50% or more of the
voting power of such corporation; (ii) shares of Common Stock issued in
connection with any stock split or stock dividend of the Company; (iii) subject
to compliance with the Stock Purchase Agreement, if applicable, shares of Common
Stock including warrants, options or other rights to purchase capital stock, or
that are convertible into or exchangeable for capital stock of the Company
(collectively, "CAPITAL STOCK RIGHTS"), issued in connection with any senior
subordinated or other debt financing or preferred stock financing of the Company
and its Subsidiaries provided by persons who are not Affiliates of the Company;
PROVIDED, HOWEVER, that such Common Stock or Capital Stock Rights shall not be
excluded from the definition of New Securities to the extent a Stockholder
agrees to purchase or subscribe for the entire strip of financing or securities
relating to such Common Stock or Capital Stock Rights in the same proportion as
being offered to a third-party investor; (iv) Restricted Shares issued under the
Restricted Stock Plan; (v) shares of Common Stock issued pursuant to any Public
Offering; (vi) shares of Common Stock issued to a member of the management of
the Company employed by the Company subsequent to the date hereof under any
incentive plan or upon exercise of options granted under any incentive stock
option plan; or (viii) shares of Preferred Stock issued as "payment-in-kind"
dividends thereon as provided in the Certificate of Incorporation.

     (c) In the event the Company proposes to undertake an issuance of New
Securities, it shall promptly give each Stockholder written notice ("NEW
SECURITIES NOTICE") of its intention, describing the class and number of
securities intended to be issued as New Securities, the purchase price therefor
(which shall be payable solely in cash) and the terms and conditions upon which
the Company proposes to issue the same. Each Stockholder shall have 30 calendar
days from the Date of Delivery of the New Securities Notice to determine whether
to purchase all or any portion of the Stockholder's pro rata share based on its
Percentage Ownership of such New Securities for the purchase price and upon the
terms specified in the notice by giving written notice to the Company and
stating therein the quantity of New Securities to be purchased.

     (d) The Company shall have 180 days from the expiration of the period set
forth in SECTION 5.5(c) to issue, sell or exchange all or any part of such New
Securities which Stockholders have not elected to purchase, but only upon terms
and conditions which are not materially more favorable, in the aggregate, to the
acquiring person or persons or less favorable to the Company than those set
forth in the New Securities Notice.

                                       15
<Page>

     Section 5.6 RIGHT TO JOIN IN SALE.

     (a) In addition to the requirements imposed by SECTION 5.1, if any
Stockholder proposes to Transfer (other than Transfers permitted pursuant to
SECTIONS 4.1 or 4.2), its or their outstanding Common Stock (or securities
convertible into, or exchangeable or exercisable for shares of Common Stock at
the right of the holder) (each, a "DISPOSING STOCKHOLDER"), such person shall
refrain from effecting such transaction or transactions unless, prior to the
consummation thereof, each other Stockholder shall have been afforded the
opportunity to join in such transaction or transactions on a pro rata basis, as
hereinafter provided.

     (b) Prior to consummation of any proposed Transfer of shares of Common
Stock described in SECTION 5.6(a), the Disposing Stockholder or Stockholders
shall cause the person or group that proposes to acquire such shares (the
"PROPOSED PURCHASER") to offer (the "PURCHASE OFFER") in writing to each other
Stockholder to purchase shares of Common Stock owned or acquirable by such
Stockholder, such that the number of shares of such Common Stock so offered to
be purchased from such Stockholder shall be equal to the product of (i) the
total number of shares of Common Stock (including the Restricted Shares, to the
extent vested under the Restricted Stock Plan) then owned by such Stockholder
multiplied by (ii) a fraction, the numerator of which is the aggregate number of
shares of Common Stock (including the Restricted Shares, to the extent vested
under the Restricted Stock Plan) proposed to be purchased by the Proposed
Purchaser from all Stockholders and the denominator of which is the aggregate
number of shares of Common Stock (including the Restricted Shares, to the extent
vested under the Restricted Plan) then outstanding. Such purchase shall be made
at the highest price per share and on such other terms and conditions as the
Proposed Purchaser has offered to purchase shares of Common Stock to be sold by
the Disposing Stockholder or Stockholders. Each Stockholder shall have 20
calendar days from the date of receipt of the Purchase Offer to accept such
Purchase Offer, and the closing of such purchase shall occur within 30 calendar
days after such acceptance or at such other time as such Stockholder and the
Proposed Purchaser may agree. The number of shares of Common Stock to be
Transferred to the Proposed Purchaser by the Disposing Stockholder or
Stockholders shall be reduced by the aggregate number of shares of Common Stock
purchased by the Proposed Purchaser from the other Stockholders pursuant to the
provisions of this SECTION 5.6(b). In the event that a Transfer subject to this
SECTION 5.6 is to be made to a Proposed Purchaser that is not a Stockholder, the
Disposing Stockholder shall notify the Proposed Purchaser that the Transfer is
subject to this SECTION 5.6 and shall ensure that no Transfer is consummated
without the Proposed Purchaser first complying with this SECTION 5.6. It shall
be the responsibility of each Disposing Stockholder to determine whether any
transaction to which it is a party is subject to this SECTION 5.6.

     (c) Anything in this Agreement to the contrary notwithstanding, compliance
by any Stockholder with any provision contained in SECTION 5.1 thereof shall not
be deemed a waiver to comply with the terms and conditions of SECTION 5.6
hereof. Such compliance by any Stockholder of SECTIONS 5.1 and 5.6 hereof may be
exercised concurrently.

     Section 5.7 TAKE ALONG. Subject to SECTION 3.5, if at any time Stockholders
representing a majority of the shares of Common Stock beneficially owned by the
Jordan Investors (being referred to in this SECTION 5.7 as the "SELLING
INVESTORS") shall determine to sell or exchange (in a

                                       16
<Page>

business combination or otherwise) all of their aggregate shares of Common Stock
in a bona fide arm's-length transaction to a third party in which the same price
per share shall be payable in respect of all shares of any class of the Common
Stock, then, upon the written request of such Selling Investors, each other
Stockholder shall be obligated to, and shall, if so requested by such third
party, (a) sell, transfer and deliver or cause to be sold, transferred and
delivered to such third party, all shares of Common Stock owned by them at the
same price per share and on the same terms as are applicable to the Selling
Investors, (b) if stockholder approval of the transaction is required, vote his,
her or its shares of Voting Stock in favor thereof, and (c) convert, exercise or
exchange, as the case may be, into Common Stock any convertible securities,
warrants, options or other rights to acquire Common Stock that are held by such
Stockholder.

     Section 5.8 CALL RIGHTS UPON FAILURE TO OBTAIN NECESSARY APPROVAL. In the
event that the Board of Directors intends to effectuate a Change of Control
where the affirmative vote of the Management Director is required, but has not
been obtained with respect to such action, then prior, and as a condition to
causing the Company to effectuate such action, the Company shall have, and shall
be required to offer to purchase from the Management Investors all, but not less
than all, of the shares of Common Stock (other than shares of Common Stock
issued pursuant to the Restricted Stock Plan) held by the Management Investors
by giving the Management Investors notice within 30 days following such vote of
the Board of Directors at a price per share equal to the quotient of (x) $42.5
million divided by (y) the aggregate number of shares of Common Stock (other
than shares of Common Stock issued pursuant to the Restricted Stock Plan) issued
and outstanding on a fully-diluted basis as of the date hereof. For this
purpose, "FULLY-DILUTED BASIS" shall assume the full exercise of all options,
warrants, calls and other similar securities and the full conversion (if
dilutive) of all convertible stock, notes or other convertible securities, among
other things.

     Section 5.9 LEGALLY BINDING OBLIGATION; POWER OF ATTORNEY; PERSONAL RIGHTS.
The making of a written offer, giving or failing to give written notice within
the stated period, accepting an offer or making a decision or election, in each
case as provided in SECTION 5.1 or 5.2, shall create a legally binding
obligation to buy or sell, or an obligation not to buy or sell, as the case may
be, the subject Stock as provided in such SECTION 5.1 or 5.2.

                                       17
<Page>

                                   ARTICLE VI

                               REGISTRATION RIGHTS

     Section 6.1 DEMAND REGISTRATIONS.

     (a) At any time and from time to time from and after the first anniversary
of a Public Offering, the Stockholders holding two-thirds of the issued and
outstanding Registrable Securities (the "REQUESTING STOCKHOLDERS") may request
in writing that the Company effect the registration under the Securities Act of
all or part of such holder's or holders' Registrable Securities, specifying in
the request the number and type of Registrable Securities to be registered by
each such holder and the intended method of disposition thereof (such notice is
hereinafter referred to as a "HOLDER REQUEST"). Upon receipt of such Holder
Request, the Company will promptly give written notice of such requested
registration to all other holders of Registrable Securities, which other holders
shall have the right to include the Registrable Securities held by them in such
registration, and thereupon the Company will, as expeditiously as possible, use
its best efforts to effect the registration under the Securities Act of:

          (i) the Registrable Securities which the Company has been so requested
     to register by such Requesting Stockholder; and

          (ii) all other Registrable Securities which the Company has been
     requested to register by any other holder thereof by written request given
     to the Company within 30 calendar days after the giving of such written
     notice by the Company (which request shall specify the intended method of
     disposition of such Registrable Securities), all to the extent necessary to
     permit the disposition (in accordance with the intended methods thereof as
     aforesaid) of the Registrable Securities so to be registered;

PROVIDED, HOWEVER, that the Company shall not be obligated to file a
registration statement relating to any Holder Request under this SECTION 6.1(a):

          (x) with regard to more than two Holder Requests by the Stockholders
     other;

          (y) unless the Company shall have received requests for such
     registration with respect to at least 5% of the shares of Common Stock then
     outstanding, and unless the aggregate purchase price of the Registrable
     Securities to be included in the requested registration (determined by
     reference to the offering price on the cover of the registration statement
     proposed to be filed) is greater than $25 million; or

          (z) other than a registration statement on Form S-3 or a similar short
     form registration statement, within a period of 6 months after the
     effective date of any other registration statement relating to any
     registration request under this SECTION 6.1(a) that was not effected on
     Form S-3 (or any similar short form);

PROVIDED, FURTHER, HOWEVER, that the Company may postpone for not more than 30
calendar days, on one occasion only with respect to each request for
registration made under this SECTION 6.1(a), the filing or effectiveness of a
registration statement under this SECTION 6.1(a) if the Company

                                       18
<Page>

believes that such registration might reasonably be expected to have an adverse
effect on any proposal or plan by the Company to engage in any acquisition of
assets (other than in the ordinary course of business) or any merger,
consolidation, tender offer of similar transaction; PROVIDED, that in such
event, the Requesting Stockholder will be entitled to withdraw such request, and
if such request is withdrawn such registration will not count as one of the
permitted registrations under this SECTION 6.1. In any event, the Company will
pay all Registration Expenses in connection with any registration initiated
under this SECTION 6.1.

     (b) If the Company proposes to effect a registration requested pursuant to
this SECTION 6.1 by the filing of a registration statement on Form S-3 (or any
similar short-form registration statement), the Company will comply with any
request by the Managing Underwriter to effect such registration on another
permitted form if such Managing Underwriter advises the Company that, in its
opinion, the use of another form of registration statement is of material
importance of such proposed offering.

     (c) A registration requested pursuant to SECTION 6.1(a) will not be deemed
to have been effected unless it has become effective; PROVIDED, that if after it
has become effective, the offering of Registrable Securities pursuant to such
registration is interfered with by any stop order, injunction or other order or
requirement of the Commission or other governmental agency or court, such
registration will be deemed not to have been effected.

     (d) The Company will pay all Registration Expenses in connection with each
of the registrations of Registrable Securities effected by it pursuant to this
SECTION 6.1.

     (e) The Company shall have the right to select the Managing Underwriter,
provided, that such Managing Underwriter is reasonably acceptable to the holders
of a majority of the Registrable Securities requested to be sold in such a firm
commitment underwriting through a nationally recognized underwriter (an
"UNDERWRITTEN OFFERING").

     (f) In connection with any offering pursuant to this SECTION 6.1, the only
shares that may be included in such offering are (i) Registrable Securities, and
(ii) shares of authorized but unissued Common Stock that the Company elects to
include in such offering ("COMPANY SECURITIES").

     (g) If in connection with any Underwritten Offering pursuant to this
SECTION 6.1 the Managing Underwriter shall advise the Company that, in its
judgment, the number of shares proposed to be included in such offering should
be limited due to market conditions, then the Company will promptly so advise
each holder of Registrable Securities that has requested registration and shares
shall be excluded from such offering in the following order until the number of
shares to be included in such offering has been reduced to a level acceptable to
the Managing Underwriter: any Company Securities requested to be registered, if
any, shall be excluded until all such Registrable Securities have been excluded;
and thereafter the Registrable Securities requested to be registered by the
Management Stockholders, if any, shall be excluded pro rata until all such
Registrable Securities have been excluded; and thereafter the Registrable
Securities requested by any other holders of Registrable Securities to be
included in such

                                       19
<Page>

offering shall be excluded pro rata, based on the respective number of
Registrable Securities as to which registration has been so requested by such
Persons.

     Section 6.2 PIGGYBACK REGISTRATIONS.

     (a) If the Company at any time proposes to register any of its equity
securities under the Securities Act (other than a registration on Form S-4 or
S-8 or any successor or similar forms thereto and other than pursuant to a
registration under SECTION 6.1), whether or not for sale for its own account, on
a form and in a manner that would permit registration of Registrable Securities
for sale to the public under the Securities Act, it will give written notice to
all the holders of Registrable Securities promptly of its intention to do so,
describing such securities and specifying the form and manner and the other
relevant facts involved in such proposed registration (including, without
limitation, (x) whether or not such registration will be in connection with an
Underwritten Offering of Registrable Securities and, if so, the identity of the
Managing Underwriter and whether such offering will be pursuant to a "best
efforts" or "firm commitment" underwriting and (y) the price (net of any
underwriting commissions, discounts and the like) at which the Registrable
Securities are reasonably expected to be sold). Upon the written request of any
such holder delivered to the Company within 30 calendar days after the receipt
of any such notice (which request shall specify the Registrable Securities
intended to be disposed of by such holder and the intended method of disposition
thereof), the Company will use commercially reasonable best efforts to effect
the registration under the Securities Act of all of the Registrable Securities
that the Company has been so requested to register; PROVIDED, HOWEVER, that:

          (i)  If, at any time after giving such written notice of its intention
     to register any securities and prior to the effective date of the
     registration statement filed in connection with such registration, the
     Company shall determine for any reason not to register such securities, the
     Company may, at its election, give written notice of such determination to
     each holder of Registrable Securities who made a request as herein above
     provided and thereupon the Company shall be relieved of its obligation to
     register any Registrable Securities in connection with such registration
     (but not from its obligation to pay the Registration Expenses in connection
     therewith), without prejudice, however, to the rights, of Requesting
     Holders to request that such registration be effected as a registration
     under SECTION 6.1.

          (ii) If such registration involves an Underwritten Offering, all
     holders of Registrable Securities requesting to be included in the
     Company's registration must sell their Registrable Securities to the
     underwriters selected by the Company on the same terms and conditions as
     apply to the Company, PROVIDED, HOWEVER, that such holders shall not be
     required to make any representations about the Company's business and will
     not be required to indemnify the underwriters for an amount which exceeds
     the net proceeds received by such holder.

No registration effected under this SECTION 6.2 shall relieve the Company of its
obligation to effect registration upon request under SECTION 6.1.

                                       20
<Page>

     (b) The Company shall not be obligated to effect any registration of
Registrable Securities under this SECTION 6.2 incidental to the registration of
any of its securities in connection with mergers, acquisitions, exchange offers,
dividend reinvestment plans or stock option or other employee benefit plans.

     (c) The Registration Expenses incurred in connection with each registration
of Registrable Securities requested pursuant to this SECTION 6.2 shall be paid
by the Company.

     (d) If a registration pursuant to this SECTION 6.2 involves an Underwritten
Offering and the Managing Underwriter advises the issuer that, in its opinion,
the number of securities proposed to be included in such registration should be
limited due to market conditions, then the Company will include in such
registration (i) the securities the Company proposes to sell and (ii) the number
of Registrable Securities requested by holders thereof to be included in such
registration that, in the opinion of such Managing Underwriter, can be sold,
such amount to be allocated among all such holders of Registrable Securities pro
rata on the basis of the respective number of Registrable Securities each such
holder has requested to be included in such registration.

     (e) In connection with any Underwritten Offering with respect to which
holders of Registrable Securities shall have requested registration pursuant to
this SECTION 6.2, the Company shall have the right to select the Managing
Underwriter with respect to the offering; PROVIDED, that such Managing
Underwriter is reasonably acceptable to the holders of a majority of the
Registrable Securities requested to be sold in such Underwritten Offering.

     Section 6.3 REGISTRATION PROCEDURES.

     (a) If and whenever the Company is required to effect or cause the
registration of any Registrable Securities under the Securities Act as provided
in SECTION 6.1 or 6.2, the Company will, as expeditiously as possible:

          (i) Prepare and, in any event within 60 calendar days after the end of
     the period within which requests for registration may be given to the
     Company, (or in the event that the Company has postponed a registration
     statement pursuant to SECTION 6.1(a), not later than 30 days after the date
     to which the Company postponed such registration statement), file with the
     Commission a registration statement with respect to such Registrable
     Securities and use its best efforts to cause such registration statement to
     become and remain effective; PROVIDED, that in the case of a registration
     provided for in SECTION 6.1 or 6.2, before filing a registration statement
     or prospectus or any amendments or supplements thereof, the Company will
     furnish to one counsel selected by JZEP, and one counsel selected by the
     Jordan Investors copies of all such documents proposed to be filed, which
     documents will be subject to the review of such counsel; and, PROVIDED,
     FURTHER, that the Company may discontinue any registration of its
     securities that is being effected pursuant to SECTION 6.2 at any time prior
     to the effective date of the registration statement relating thereto in
     accordance with the terms hereof.

                                       21
<Page>

          (ii) Prepare and file with the Commission such amendments (including
     post-effective amendments) and supplements to such registration statement
     and the prospectus used in connection therewith as may be necessary to keep
     such registration statement effective for at least nine months (or until
     all the shares are sold) and to comply with the provisions of the
     Securities Act with respect to the disposition of all Common Stock covered
     by such registration statement during such period in accordance with the
     intended methods of disposition by the seller or sellers thereof set forth
     in such registration statement.

          (iii) Furnish to each holder of Registrable Securities covered by the
     registration statement and to each underwriter, if any, of such Registrable
     Securities, such number of copies of a final prospectus and preliminary
     prospectus for delivery in conformity with the requirements of the
     Securities Act, and such other documents, as such Person may reasonably
     request, in order to facilitate the public sale or other disposition of the
     Registrable Securities.

          (iv) Use its commercially reasonable best efforts to register or
     qualify such Registrable Securities covered by such registration statement
     under such other securities or blue sky laws of such jurisdictions as each
     seller shall reasonably request, and do any and all other acts and things
     which may be reasonably necessary or advisable to enable such seller to
     consummate the disposition of the Registrable Securities owned by such
     seller, in such jurisdictions, except that the Company shall not for any
     such purpose be required (A) to qualify to do business as a foreign
     corporation in any jurisdiction where, but for the requirements of this
     SECTION 6.3(a)(iv), it is not then so qualified, or (B) to subject itself
     to taxation in any such jurisdiction, or (C) to take any action which would
     subject it to general or unlimited service of process in any such
     jurisdiction where it is not then so subject.

          (v) Use its commercially reasonable best efforts to cause such
     Registrable Securities covered by such registration statement to be
     registered with or approved by such other governmental agencies or
     authorities as may be necessary to enable the seller or sellers thereof to
     consummate the disposition of such Registrable Securities.

          (vi) Immediately notify each seller of Registrable Securities covered
     by such registration statement, at any time when a prospectus relating
     thereto is required to be delivered under the Securities Act within the
     appropriate period mentioned in SECTION 6.3(a)(ii), if the Company becomes
     aware that the prospectus included in such registration statement, as then
     in effect, includes an untrue statement of a material fact or omits to
     state any material fact required to be stated therein or necessary to make
     the statements therein not misleading in the light of the circumstances
     then existing, and, at the request of any such seller, promptly deliver a
     reasonable number of copies of an amended or supplemental prospectus as may
     be necessary so that, as thereafter delivered to the purchasers of such
     Registrable Securities, such prospectus shall not include an untrue
     statement of a material fact or omit to state a material fact required to
     be stated therein or necessary to make the statements therein not
     misleading in the light of the circumstances then existing.

                                       22
<Page>

          (vii) Otherwise use its commercially reasonable best efforts to comply
     with all applicable rules and regulations of the Commission and make
     generally available to its security holders, in each case as soon as
     practicable, but not later than 45 calendar days after the close of the
     period covered thereby (90 calendar days in case the period covered
     corresponds to a fiscal year of the Company), an earnings statement of the
     Company which will satisfy the provisions of Section 11(a) of the
     Securities Act.

          (viii) Use its commercially reasonable best efforts in cooperation
     with the underwriters to list such Registrable Securities on each
     securities exchange or NASDAQ as they may reasonably designate.

          (ix) In the event the offering is an Underwritten Offering, use its
     commercially reasonable best efforts to obtain a "cold comfort" letter from
     the independent public accountants for the Company and a legal opinion
     letter from counsel to the Company, each in customary form and covering
     such matters of the type customarily covered by such letters.

          (x) Execute and deliver all instruments and documents (including in an
     Underwritten Offering an underwriting agreement in customary form) and take
     such other actions and obtain such certificates and opinions in order to
     effect an underwritten public offering of such Registrable Securities.

          (xi) provide a transfer agent and registrar for all Registrable
     Securities registered pursuant hereto and a CUSIP number for all such
     Registrable Securities, in each case not later than the effective date of
     such registration.

     (b) Each holder of Registrable Securities will, upon receipt of any notice
from the Company of the happening of any event of the kind described in
SECTION 6.3(a)(vi), forthwith discontinue disposition of the Registrable
Securities pursuant to the registration statement covering such Registrable
Securities until such holder's receipt of the copies of the supplemented or
amended prospectus contemplated by SECTION 6.3(a)(vi).

     (c) In connection with the Company's initial public offering, each
Stockholder agrees, whether or not such Stockholder's Stock are included in such
registration, not to effect any public sale or distribution, including any sale
pursuant to Rule 144 under the Securities Act, of any Common Stock, or of any
security convertible into or exchangeable or exercisable for Common Stock (other
than as part of such Underwritten Offering), without the consent of the Managing
Underwriter, during a period commencing seven calendar days before and ending
180 calendar days (or such lesser number as the Managing Underwriter shall
designate) after the effective date of such registration.

     (d) If a registration pursuant to SECTION 6.1 or 6.2 involves an
Underwritten Offering, the Company agrees, if so required by the Managing
Underwriter, not to effect any public sale or distribution of any of its equity
or debt securities, as the case may be, or securities convertible into or
exchangeable or exercisable for any of such equity or debt securities, as the
case may be, during a period commencing seven calendar days before and ending
180 calendar days after the

                                       23
<Page>

effective date of such registration, except for such Underwritten Offering or
except in connection with a registration statement with respect to a stock
option plan, stock purchase plan, savings or similar plan, or an acquisition,
merger or exchange offer.

     (e) If a registration pursuant to SECTION 6.1 or 6.2 involves an
Underwritten Offering, any holder of Registrable Securities requesting to be
included in such registration may elect, in writing, prior to the effective date
of the registration statement filed in connection with such registration, not to
register such securities in connection with such registration, unless such
holder has agreed with the Company or the Managing Underwriter to limit its
rights under this SECTION 6.3.

     (f) It is understood that in any Underwritten Offering, in addition to any
shares of Common Stock (the "INITIAL SHARES") the underwriters have committed to
purchase, the underwriting agreement may grant the underwriters an option to
purchase up to a number of additional shares of authorized but unissued shares
of Common Stock (the "OPTION SHARES") equal to 15% of the initial shares (or
such other maximum amount as the NASD may then permit), solely to cover
over-allotments. Shares of Common Stock proposed to be sold by the Company and
the other sellers shall be allocated between initial shares and option shares as
agreed by the Company and such other sellers or, in the absence of agreement,
pursuant to SECTION 6.1(h) or 6.2(d), as the case may be. The number of initial
shares and option shares to be sold by requesting holders shall be allocated pro
rata among all such holders on the basis of the relative number of shares of
Registrable Securities each such holder has requested to be included in such
registration.

     Section 6.4 INDEMNIFICATION.

     (a) In the event of any registration of any securities of the Company under
the Securities Act pursuant to SECTION 6.1 or 6.2, the Company will, and it
hereby agrees to, indemnify and hold harmless, to the extent permitted by law,
each seller of any Stock covered by such registration statement, such seller's
directors and officers or general and limited partners, each other Person who
participates as an underwriter in the offering or sale of such securities and
each other Person, if any, who controls such seller or any such underwriter
within the meaning of the Securities Act or the Exchange Act, as follows:

          (i) against any and all loss, liability, claim, damage or expense
     (joint or several) whatsoever arising out of or based upon (x) an untrue
     statement or alleged untrue statement of a material fact contained in any
     registration statement (including any preliminary or final prospectus
     contained therein or any amendment or supplement thereto), including all
     documents incorporated therein by reference; (y) the omission or alleged
     omission therefrom of a material fact required to be stated therein or
     necessary to make the statements therein not misleading, or arising out of
     an untrue statement or alleged untrue statement of a material fact
     contained in any preliminary prospectus or final prospectus (or any
     amendment or supplement thereto) or the omission or alleged omission
     therefrom of a material fact necessary in order to make the statements
     therein not misleading; or (z) any violation or alleged violation by the
     Company of the Securities

                                       24
<Page>

     Act or the Exchange Act, any state securities law or any rule or regulation
     promulgated under the Securities Act or the Exchange Act or any state
     securities law.

          (ii) against any and all loss, liability, claim, damage and expense
     whatsoever to the extent of the aggregate amount paid in settlement of any
     litigation, or investigation or proceeding by any governmental agency or
     body, commenced or threatened, or of any claim whatsoever based upon any
     such untrue statement or omission, or any such alleged untrue statement or
     omission, if such settlement is effected with the written consent of the
     Company; and

          (iii) against any and all expense reasonably incurred by such seller
     in connection with investigating, preparing or defending against any
     litigation, or investigation or proceeding by any governmental agency or
     body, commenced or threatened, or any claim whatsoever based upon the
     circumstances set forth in clauses (x), (y) and (z) above, to the extent
     that any such expense is not paid under subparagraph (i) or (ii) above;

PROVIDED, HOWEVER, that this indemnity does not apply to any loss, liability,
claim, damage or expense to the extent arising out of an untrue statement or
alleged untrue statement or omission or alleged omission made in reliance upon
and in conformity with written information furnished to the Company by or on
behalf of any such seller expressly for use in the preparation of any
registration statement (or any amendment thereto) or any preliminary prospectus
or final prospectus (or any amendment or supplement thereto); and PROVIDED,
FURTHER, that the Company will not be liable to any Person who participates as
an underwriter in the offering or sale of Stock or any other Person, if any, who
controls such underwriter within the meaning of the Securities Act, under the
indemnity agreement in this SECTION 6.4(a) with respect to any preliminary
prospectus or final prospectus or final prospectus as amended or supplemented,
as the case may be, to the extent that any such loss, claim, damage or liability
of such underwriter or controlling Person results from the fact that such
underwriter sold Stock to a Person to whom there was not sent or given, at or
prior to the written confirmation of such sale, a copy of the final prospectus
or of the final prospectus as then amended or supplemented, whichever is most
recent, if the Company has previously furnished copies thereof to such
underwriter. Such indemnity shall remain in full force and effect regardless of
any investigation made by or on behalf of such seller or any such director,
officer, general or limited partner, investment advisor or agent, underwriter or
controlling Person and shall survive the transfer of such securities by such
seller.

     (b) The Company may require, as a condition to including any Stock in any
registration statement filed in accordance with SECTION 6.1 or 6.2, that the
Company shall have received an undertaking in customary form from the
prospective seller of such Stock or any underwriter, to indemnify and hold
harmless (in the same manner and to the same extent as set forth in
SECTION 6.4(a)) the Company with respect to any statement or alleged statement
in or omission or alleged omission from such registration statement, any
preliminary, final or summary prospectus contained therein, or any amendment or
supplement, if such statement or alleged statement or omission or alleged
omission was made in reliance upon and in conformity with written information
furnished to the Company by or on behalf of such seller or underwriter
specifically stating that it is for use in the preparation of such registration
statement, preliminary, final or

                                       25
<Page>

summary prospectus or amendment or supplement. Such indemnity shall remain in
full force and effect regardless of any investigation made by or on behalf of
the Company or any such director, officer or controlling Person and shall
survive the transfer of such securities by such seller.

          The obligations of the Company and such sellers pursuant to this
SECTION 6.4 are to be several and not joint; PROVIDED, HOWEVER, that with
respect to each claim pursuant to this Section, the Company shall be liable for
the full amount of such claim, and each such seller's liability under this
SECTION 6.4 shall be limited to an amount equal to the net proceeds (after
deducting the underwriting discount and expenses) received by such seller from
the sale of Stock held by such seller pursuant to such registration statement.

     (c) Promptly after receipt by an indemnified party hereunder of written
notice of the commencement of any action or proceeding involving a claim
referred to in this SECTION 6.4, such indemnified party will, if a claim in
respect thereof is to be made against an indemnifying party, give written notice
to such indemnifying party of the commencement of such action; PROVIDED,
HOWEVER, that the failure of any indemnified party to give notice as provided
herein shall not relieve the indemnifying party of its obligations under this
SECTION 6.4, except to the extent that the indemnifying party is actually
prejudiced by such failure to give notice. In case any such action is brought
against an indemnified party, unless in such indemnified party's reasonable
judgment a conflict of interest between such indemnified and indemnifying
parties may exist in respect of such claim (in which case the indemnifying party
shall not be liable for the fees and expenses of more than one firm of counsel
in each jurisdiction for a majority of the sellers of Stock, or more than one
firm of counsel in each jurisdiction for the underwriters in connection with any
one action or separate but similar or related actions), the indemnifying party
will be entitled to participate in and to assume the defense thereof, jointly
with any other indemnifying party similar notified, to the extent that it may
wish with counsel reasonably satisfactory to such indemnified party, and after
notice from the indemnifying party to such indemnified party of its election so
to assume the defense thereof, the indemnifying party will not be liable to such
indemnified party for any legal or other expenses subsequently incurred by such
indemnifying party in connection with the defense thereof.

     (d) The Company and each seller of Stock shall provide for the foregoing
indemnity in any underwriting agreement with respect to any required
registration or other qualification of securities under any federal or state law
or regulation of any governmental authority.

     Section 6.5 CONTRIBUTION. In order to provide for just and equitable
contribution in circumstances under which the indemnity contemplated by
SECTION 6.4 is for any reason not available, the parties required to indemnify
by the terms thereof shall contribute to the aggregate losses, liabilities,
claims, damages and expenses of the nature contemplated by such indemnity
agreement incurred by the Company, any seller of Stock and one or more of the
underwriters, except to the extent that contribution is not permitted under
Section 11(f) of the Securities Act. In determining the amounts which the
respective parties shall contribute, there shall be considered the relative
benefits received by each party from the offering of the Stock (taking into
account the portion of the proceeds of the offering realized by each), the
parties' relative knowledge and access to information concerning the matter with
respect to which the claim was

                                       26
<Page>

asserted, the opportunity to correct and prevent any statement or omission and
any other equitable considerations appropriate under the circumstances. The
Company and each Person selling securities agree with each other that no seller
of Stock shall be required to contribute any amount in excess of the amount such
seller would have been required to pay to an indemnified party if the indemnity
under SECTION 6.4(b) were available. The Company and each such seller agree with
each other and the underwriters of the Stock, if requested by such underwriters,
that it would not be equitable if the amount of such contribution were
determined by pro rata or per capita allocation (even if the underwriters were
treated as one entity for such purpose) or for the underwriters' portion of such
contribution to exceed the percentage that the underwriting discount bears to
the initial public offering price of the Stock. For purposes of this
SECTION 6.5, each Person, if any, who controls an underwriter within the meaning
of Section 15 of the Securities Act shall have the same rights to contribution
as such underwriter, and each director and each officer of the Company who
signed the registration statement, and each Person, if any, who controls the
Company or a seller of Stock within the meaning of Section 15 of the Securities
Act shall have the same rights to contribution as the Company or a seller of
Stock, as the case may be.

     Section 6.6 RULE 144. If the Company shall have filed a registration
statement pursuant to the requirements of Section 12 of the Exchange Act or a
registration statement pursuant to the requirements of the Securities Act, the
Company covenants that it will file the reports required to be filed by it under
the Securities Act and the Exchange Act and the rules and regulations adopted by
the Commission thereunder (or, if the Company is not required to file such
reports, it will, upon the request of any holder of Registrable Securities, make
publicly available other information), and it will take such further action as
any holder of Registrable Securities may reasonably request, all to the extent
required from time to time to enable such holder to sell shares of Registrable
Securities without registration under the Securities Act within the limitation
of the exemptions provided by (i) Rule 144 under the Securities Act, as such
Rule may be amended from time to time, or (ii) any similar rule or regulation
hereafter adopted by the Commission. Upon the request of any holder of
Registrable Securities, the Company will deliver to such holder a written
statement as to whether it has complied with such requirements.

     Section 6.7 LIMITATIONS ON SUBSEQUENT REGISTRATION RIGHTS. The Company
shall not enter into any agreement (other than this Agreement) with any holder
or prospective holder of any securities of the Company which grant such holder
or prospective holder rights to include securities of the Company in a
registration statement, unless such rights to include securities in a
registration initiated by the Company or by Stockholders are not superior or
prior to the rights of the Stockholders.

                                   ARTICLE VII

                                   TERMINATION

     Section 7.1 CERTAIN TERMINATIONS. ARTICLES II, III, IV, and V shall
terminate on the date on which any of the following events first occurs: (i) a
merger or consolidation of the Company with or into another Person that is not
an Affiliate of the Company, as a result of which the Stockholders immediately
prior to such event own less than 51% of the outstanding shares of

                                       27
<Page>

Voting Stock of the surviving or resulting corporation, (ii) the sale or other
disposition of all or substantially all the assets of the Company to a Person
that is not an Affiliate of the Company, or (iii) a Public Offering.

                                  ARTICLE VIII

                                  MISCELLANEOUS

     Section 8.1 SUCCESSORS AND ASSIGNS. Except as otherwise provided herein,
all of the terms and provisions of this Agreement shall be binding upon, shall
inure to the benefit of and shall be enforceable by the respective successors
and assigns of the parties hereto. No Stockholder may Transfer any of its rights
hereunder to any Person other than in accordance with this Agreement. The
Company may not assign any of its rights hereunder other than by operation of
law. If any transferee of any Stockholder shall acquire any Stock, in any
manner, whether by operation of law or otherwise, such shares shall be held
subject to all of the terms of this Agreement, and by taking and holding such
shares such Person shall be entitled to receive the benefits of and be
conclusively deemed to have agreed to be bound by and to comply with all of the
terms and provisions of this Agreement.

     Section 8.2 AMENDMENT AND MODIFICATION; WAIVER OF COMPLIANCE; CONFLICTS.

     (a) This Agreement may be amended only by a written instrument duly
executed by (x) the Company, and (y) the holders of a majority of Stock held by
the Jordan Investors and JZEP. Notwithstanding the foregoing: (i) without the
consent of all Stockholders, this Agreement may not be amended in a manner which
unequally or disproportionately affects holders of the same class or series of
Stock; (ii) without the consent of each affected Stockholder, this Agreement may
not be amended to require a Stockholder to vote its Stock in a particular
manner, and (iii) the addition of another Person as a party to this Agreement in
accordance with the terms hereof, including any Permitted Transferee, and any
resulting change to the Stockholder Schedules will not be deemed to be an
amendment to this Agreement. The Company shall give prompt written notice of any
amendment of this Agreement to any Stockholder that did not consent in writing
to such amendment.

     (b) Except as otherwise provided in this Agreement, any failure of any of
the parties to comply with any obligation, covenant, agreement or condition
herein may be waived by the party entitled to the benefits thereof only by a
written instrument signed by the party granting such waiver, but such waiver or
failure to insist upon strict compliance with such obligation, covenant,
agreement or condition shall not operate as a waiver of, or estoppel with
respect to, any subsequent or other failure.

     Section 8.3 NOTICES. Any notice, request, claim, demand, document and other
communication hereunder to any party shall be effective upon receipt (or refusal
of receipt) and shall be in writing and delivered personally or sent by
facsimile (with such facsimile confirmed promptly in writing sent by certified
or registered mail, return receipt requested), or first class mail, or by
Federal Express, United Parcel Service or other similar courier or other similar
means of communication, as follows:

                                       28
<Page>

          (i) If to the Company, addressed to the Company c/o The Jordan
     Company, LLC, 48th Floor, 767 Fifth Avenue, New York, New York 10153;
     Attention: A. Richard Caputo, Jr.;

          (ii) If to any Jordan Investor, addressed to the Company or to such
     Jordan Investor c/o The Jordan Company, LLC, 48th Floor, 767 Fifth Avenue,
     New York, New York 10153; Attention: A. Richard Caputo, Jr.

          (iii) If to JZEP, addressed to JZEP, c/o Jordan/Zalaznick Advisers,
     Inc., 48th Floor, 767 Fifth Avenue, New York, New York 10153; Attention:
     Melissa Chuilli.

          (iv) If to a Stockholder other than the Jordan Investors or JZEP, to
     the address of such Stockholder set forth in the stock records of the
     Company,

or, in each case, to such other address or facsimile number as such party may
designate in writing to each Stockholder and the Company by written notice given
in the manner specified herein.

     All such communications shall be deemed to have been given, delivered or
made when so delivered by hand or sent by facsimile, on the next business day if
sent by overnight courier service or five business days after being so mailed.

     Section 8.4 ENTIRE AGREEMENT. The provisions of this Agreement and the
other writings referred to herein or delivered pursuant hereto which form a part
hereof contain the entire agreement among the parties hereto with respect to the
subject transactions contemplated thereby and supersede all prior oral and
written agreements and memoranda and undertakings among the parties hereto with
regard to such subject matter. The Company represents to the Stockholders that
the rights granted to the Stockholders hereunder do not in any way conflict with
and are not inconsistent with the rights granted or obligations accepted under
any other agreement (including the Certificate of Incorporation) to which the
Company is a party.

     Section 8.5 INSPECTION. For so long as this Agreement shall be in effect,
this Agreement shall be made available for inspection by any Stockholder at the
principal executive offices of the Company.

     Section 8.6 HEADINGS. The section and paragraph headings contained in this
Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement.

     Section 8.7 RECAPITALIZATIONS, EXCHANGES, ETC., AFFECTING THE COMMON STOCK;
NEW ISSUANCES. The provisions of this Agreement shall apply, to the full extent
set forth herein with respect to the Common Stock and the Preferred Stock and to
any and all equity or debt securities of the Company or any successor or assign
of the Company (whether by merger, consolidation, sale of assets, or otherwise)
which may be issued in respect of, in exchange for, or in substitution of, such
equity or debt securities and shall be appropriately adjusted for any stock
dividends, splits, reverse splits, combinations, reclassifications,
recapitalizations, reorganizations and the like occurring after the date hereof.

                                       29
<Page>

     Section 8.8 RATIFICATION OF PRIOR ACTS OF BOARD OF DIRECTORS OF COMPANY;
RIGHT TO NEGOTIATE. Each of the Stockholders hereby adopts, ratifies and confirm
all of the actions heretofore taken by the Board of Directors in all respects.
Each of the Stockholders hereby agrees that nothing in this Agreement (apart
from ARTICLE V hereof) shall be deemed to restrict or prohibit the Company from
purchasing Stock from any Stockholder at any time upon such terms and conditions
and at such price as may be mutually agreed upon between the Company and such
Stockholder, whether or not at the time of such purchase, circumstances exist
which specifically grant the Company the right to purchase, or such Stockholder
the right to sell, Stock pursuant to the terms of this Agreement.

     Section 8.9 LITIGATION. THIS AGREEMENT SHALL BE GOVERNED BY, CONSTRUED,
APPLIED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE. EACH
OF THE PARTIES HERETO ACKNOWLEDGES AND AGREES THAT IN THE EVENT OF ANY BREACH OF
THIS AGREEMENT, THE NON-BREACHING PARTY WOULD BE IRREPARABLY HARMED AND COULD
NOT BE MADE WHOLE BY MONETARY DAMAGES, AND THAT, IN ADDITION TO ANY OTHER REMEDY
TO WHICH THEY MAY BE ENTITLED AT LAW OR IN EQUITY, THE PARTIES SHALL BE ENTITLED
TO SUCH EQUITABLE OR INJUNCTIVE RELIEF AS MAY BE APPROPRIATE. EACH PARTY AGREES
THAT JURISDICTION AND VENUE WILL BE PROPER IN THE SOUTHERN DISTRICT OF NEW YORK
AND WAIVES ANY OBJECTIONS BASED UPON FORUM NON CONVENIENS. EACH PARTY WAIVES
PERSONAL SERVICE OF PROCESS AND AGREES THAT A SUMMONS AND COMPLAINT COMMENCING
AN ACTION OR PROCEEDING SHALL BE PROPERLY SERVED AND SHALL CONFER PERSONAL
JURISDICTION IF SERVED BY REGISTERED OR CERTIFIED MAIL TO THE PARTY AT THE
ADDRESS SET FORTH IN THIS AGREEMENT, OR AS OTHERWISE PROVIDED BY THE LAWS OF THE
STATE OF DELAWARE OR THE UNITED STATES. THE CHOICE OF FORUM SET FORTH IN THIS
SECTION 8.9 SHALL NOT BE DEEMED TO PRECLUDE THE ENFORCEMENT OF ANY JUDGMENT
OBTAINED IN ANY OTHER FORUM OR THE TAKING OF ANY ACTION UNDER THIS AGREEMENT TO
ENFORCE SAME IN ANY OTHER APPROPRIATE JURISDICTION.

     Section 8.10 NO STRICT CONSTRUCTION. The language used in this Agreement
will be deemed to be the language chosen by the parties hereto to express their
mutual intent, and no rule of strict construction will be applied against any
person.

     Section 8.11 COUNTERPARTS. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

     Section 8.12 NEW STOCKHOLDERS. If the requirements of this Agreement
otherwise have been met, new holders of Stock may become parties to this
Agreement by executing a counterpart to this Agreement, at which time the
Company shall revise EXHIBIT A as may be necessary or appropriate.

                                       30
<Page>

     IN WITNESS WHEREOF, each of the undersigned has signed this Agreement as of
the date first above written:

                                        SAFETY HOLDINGS, INC.

                                        By:/s/A. Richard Caputo, Jr.
                                           ---------------------------------
                                           Name:  A. Richard Caputo, Jr.
                                           Title:

                                        JZ EQUITY PARTNERS PLC

                                        By:/s/David W. Zalaznick
                                           ---------------------------------
                                           Name:  David W. Zalaznick
                                           Title:

                                        LEUCADIA INVESTORS, INC.

                                        By:/s/Joseph Orlando
                                           ---------------------------------
                                           Name:  Joseph Orlando
                                           Title:

                                        JOHN W. JORDAN II REVOCABLE TRUST

                                        By:/s/John W. Jordan II
                                           ---------------------------------
                                           Name:   John W. Jordan II
                                           Title:  Trustee

                                        /s/David W. Zalaznick
                                        ------------------------------------
                                        David W. Zalaznick

                                        /s/Jonathan F. Boucher
                                        ------------------------------------
                                        Jonathan F. Boucher

<Page>

                                        /s/Adam E. Max
                                        ------------------------------------
                                        Adam E. Max

                                        /s/A. Richard Caputo, Jr.
                                        ------------------------------------
                                        A. Richard Caputo, Jr.

                                        /s/Paul Rodzevik
                                        ------------------------------------
                                        Paul Rodzevik

                                        /s/Douglas J. Zych
                                        ------------------------------------
                                        Douglas J. Zych

                                        /s/Brian Higgins
                                        ------------------------------------
                                        Brian Higgins

                                        /s/Robert D. Mann
                                        ------------------------------------
                                        Robert D. Mann

                                        MANAGEMENT STOCKHOLDERS:

                                        /s/David F. Brussard
                                        ------------------------------------
                                        David F.  Brussard

                                        /s/Edward N. Patrick, Jr.
                                        ------------------------------------
                                        Edward N. Patrick, Jr.

                                        /s/William J. Begley, Jr.
                                        ------------------------------------
                                        William J. Begley, Jr.

                                        /s/Daniel F. Crimmins
                                        ------------------------------------
                                        Daniel F. Crimmins

<Page>

                                        /s/Robert J. Kerton
                                        ------------------------------------
                                        Robert J. Kerton

                                        /s/David E. Krupa
                                        ------------------------------------
                                        David E. Krupa

                                        /s/Daniel D. Loranger
                                        ------------------------------------
                                        Daniel D. Loranger<Page>

                                                                    EXHIBIT 10.3

                                                                [EXECUTION COPY]

                               PURCHASE AGREEMENT,

                          dated as of October 15, 2001,

                                     between

                             SAFETY HOLDINGS, INC.,

                                 as the Issuer,

                                       and

                             JZ EQUITY PARTNERS PLC,

                                as the Purchaser,

                                       for

                         $30,000,000 Principal Amount of
                      13.0% SHI Notes due October 31, 2011,

                    22,400 6.0% SHI Series A Preferred Shares

                                       and

                            89,625 SHI Common Shares.

<Page>

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                                      PAGE
<S>                <C>                                                                                  <C>
                                                 ARTICLE I
                                                DEFINITIONS

SECTION 1.1.       Defined Terms.........................................................................2
SECTION 1.2.       Senior Loan Agreement Terms..........................................................21
SECTION 1.3.       Use of Defined Terms.................................................................22
SECTION 1.4.       Cross References.....................................................................22
SECTION 1.5.       Accounting and Financial Determinations..............................................22

                                                 ARTICLE II
                                 PURCHASES AND SALES OF SUBJECT SECURITIES

SECTION 2.1.       Purchase Commitments.................................................................22
SECTION 2.2.       Issue Price..........................................................................22
SECTION 2.3.       Closing..............................................................................23
SECTION 2.4.       Purchaser's Representations..........................................................23

                                                ARTICLE III
                                           CONDITIONS TO CLOSING

SECTION 3.1.       Certificates of Incorporation........................................................24
SECTION 3.2.       Resolutions, ETC.....................................................................24
SECTION 3.3.       Other Stockholder Purchases..........................................................24
SECTION 3.4.       Preemption Letter....................................................................25
SECTION 3.5.       OTBC Acquisition.....................................................................25
SECTION 3.6.       STBC Filing Document.................................................................26
SECTION 3.7.       Certain Affiliate Agreements.........................................................26
SECTION 3.8.       Effectiveness, ETC. of Senior Loan Agreement.........................................27
SECTION 3.9.       Performance; No Default..............................................................27
SECTION 3.10.      Absence of Litigation, ETC...........................................................27
SECTION 3.11.      Certificate as to Compliance, ETC....................................................28
SECTION 3.12.      Certificate as to Solvency, ETC......................................................28
SECTION 3.13.      Opinion of Counsel...................................................................28
SECTION 3.14.      Legal Expenses.......................................................................28
SECTION 3.15.      Legal Investment.....................................................................28
SECTION 3.16.      Satisfactory Legal Form..............................................................28

                                                 ARTICLE IV
                                        PAYMENTS, REGISTRATION, ETC

SECTION 4.1.       Place of Payment.....................................................................28
SECTION 4.2.       Home Office Payment..................................................................29
SECTION 4.3.       Optional Payments....................................................................29
SECTION 4.4.       Mandatory Prepayments of PIK Notes...................................................29
SECTION 4.5.       Allocation...........................................................................30
SECTION 4.6.       Mandatory Redemption of Notes........................................................30
</Table>

                                       -i-
<Page>

                                TABLE OF CONTENTS
                                   (continued)

<Table>
<Caption>
                                                                                                      PAGE
<S>                <C>                                                                                  <C>
SECTION 4.7.       Registration, Transfer, ETC..........................................................30
SECTION 4.8.       Transfer and Exchange................................................................31
SECTION 4.9.       Replacement..........................................................................31
SECTION 4.10.      Taxes................................................................................31
SECTION 4.11.      Representative Noteholder............................................................33
SECTION 4.11.1.    Actions..............................................................................33
SECTION 4.11.2.    Exculpation..........................................................................33
SECTION 4.11.3.    Status as Noteholder.................................................................33
SECTION 4.11.4.    Credit Decisions.....................................................................33

                                                 ARTICLE V
                                              WARRANTIES, ETC

SECTION 5.1.       Organization, Power, Authority, ETC..................................................34
SECTION 5.2.       Due Authorization....................................................................34
SECTION 5.3.       Validity, ETC........................................................................34
SECTION 5.4.       Financial Information................................................................35
SECTION 5.5.       Absence of Material Adverse Change...................................................35
SECTION 5.6.       Continuing Indebtedness..............................................................36
SECTION 5.7.       Contingencies........................................................................36
SECTION 5.8.       Litigation, ETC......................................................................36
SECTION 5.9.       Capitalization.......................................................................36
SECTION 5.10.      Margin Regulations...................................................................37
SECTION 5.11.      Government Regulation................................................................37
SECTION 5.12.      Title to and Condition of Properties, ETC............................................37
SECTION 5.13.      Patents, Trademarks, ETC.............................................................37
SECTION 5.14.      Taxes................................................................................38
SECTION 5.15.      Pension and Welfare Plans............................................................38
SECTION 5.16.      Environmental Matters................................................................38
SECTION 5.17.      Special Purpose Corporations.........................................................39
SECTION 5.18.      Subsidiaries, ETC....................................................................39
SECTION 5.19.      Offering of Subject Securities.......................................................40
SECTION 5.20.      Accuracy of Information..............................................................40

                                                 ARTICLE VI
                                                 COVENANTS

SECTION 6.1.       Certain Affirmative Covenants........................................................40
SECTION 6.1.1.     Financial Information, ETC...........................................................41
SECTION 6.1.2.     Notice of Default, Litigation, ETC...................................................42
SECTION 6.1.3.     Use of Proceeds......................................................................43
SECTION 6.1.4.     Perform Senior Loan Agreement........................................................44
SECTION 6.1.5.     Conforming Changes...................................................................44
SECTION 6.1.6.     Books and Records....................................................................44
</Table>

                                      -ii-
<Page>

                                TABLE OF CONTENTS
                                   (continued)

<Table>
<Caption>
                                                                                                      PAGE
<S>                <C>                                                                                  <C>
SECTION 6.1.7.     Ownership, ETC. of Subsidiaries......................................................45
SECTION 6.2.       Certain Negative Covenants...........................................................45
SECTION 6.2.1.     Business Activities..................................................................45
SECTION 6.2.2.     Indebtedness and Disqualified Capital Stock..........................................46
SECTION 6.2.3.     Liens................................................................................47
SECTION 6.2.4.     Financial Test.......................................................................48
SECTION 6.2.5.     Restricted Payments, ETC.............................................................48
SECTION 6.2.6.     Investments..........................................................................49
SECTION 6.2.7.     Consolidation, Merger, ETC...........................................................49
SECTION 6.2.8.     Modification of Senior Loan Documents................................................50
SECTION 6.2.9.     Modification of Subordinated Notes...................................................51
SECTION 6.2.10.    Modification of SHI Stockholders' Agreement..........................................51
SECTION 6.2.11.    Negative Pledges, Upstream Restrictions, ETC.........................................51
SECTION 6.2.12.    Transactions with Affiliates.........................................................52

                                                ARTICLE VII
                                             EVENTS OF DEFAULT

SECTION 7.1.       Events of Default....................................................................52
SECTION 7.1.1.     Non-Payment of Obligations...........................................................52
SECTION 7.1.2.     Default on Other Indebtedness........................................................53
SECTION 7.1.3.     Bankruptcy, Insolvency, ETC..........................................................53
SECTION 7.1.4.     Breach of Warranty...................................................................54
SECTION 7.1.5.     Non-Performance of Certain Undertakings..............................................54
SECTION 7.1.6.     Non-Performance of Other Undertakings................................................54
SECTION 7.1.7.     Judgments............................................................................54
SECTION 7.1.8.     Pension Plans........................................................................54
SECTION 7.2.       Action if Bankruptcy.................................................................54
SECTION 7.3.       Action if Other Event of Default.....................................................55
SECTION 7.4.       Suits for Enforcement................................................................55
SECTION 7.5.       Remedies Cumulative..................................................................55

                                                ARTICLE VIII
                                 SUBORDINATION IN SUBSTANTIVE CONSOLIDATION

SECTION 8.1.       Payment Over Upon Dissolution, ETC...................................................55
SECTION 8.2.       Turnover.............................................................................56
SECTION 8.3.       Payment Otherwise Permitted, ETC.....................................................56
SECTION 8.4.       Subrogation to Rights of Holders of Senior Indebtedness..............................56
SECTION 8.5.       No Waiver of Subordination Provisions................................................57
SECTION 8.6.       Proving, ETC. Claims.................................................................57
SECTION 8.7.       Reliance on Judicial Order or Certificate of Liquidating Agent.......................57
SECTION 8.8.       Amendment of Subordination, ETC. Provisions..........................................58
</Table>

                                      -iii-
<Page>

                                TABLE OF CONTENTS
                                   (continued)

<Table>
<Caption>
                                                                                                      PAGE
<S>                <C>                                                                                  <C>
                                                 ARTICLE IX
                                               MISCELLANEOUS

SECTION 9.1.       Waivers, Amendments, ETC.............................................................58
SECTION 9.2.       Notices..............................................................................59
SECTION 9.3.       Costs and Expenses...................................................................59
SECTION 9.4.       Indemnification......................................................................59
SECTION 9.5.       Survival.............................................................................60
SECTION 9.6.       Severability.........................................................................60
SECTION 9.7.       Headings.............................................................................60
SECTION 9.8.       Counterparts.........................................................................60
SECTION 9.9.       Governing Law; Entire Agreement......................................................60
SECTION 9.10.      Successors and Assigns...............................................................60
SECTION 9.11.      Jurisdiction.........................................................................61
SECTION 9.12.      Waiver of Jury Trial.................................................................61

SCHEDULE I       -   Disclosure Schedule
SCHEDULE II      -   Senior Loan Agreement Terms
EXHIBIT A        -   Note
EXHIBIT B        -   Certificate as to Certificate of Incorporation
EXHIBIT C        -   Certificate as to Authorizing Resolutions, ETC.
EXHIBIT D        -   Certificate as to Other Stockholder Purchases
EXHIBIT E        -   Preemption Letter
EXHIBIT F        -   Certificate as to OTBC Acquisition
EXHIBIT G        -   Certificate as to STBC Filing Document
EXHIBIT H        -   Certificate as to Affiliate Agreements
EXHIBIT I        -   Certificate as to Senior Loan Agreement
EXHIBIT J        -   Certificate as to Compliance
EXHIBIT K        -   Certificate as to Solvency
EXHIBIT L        -   Opinion of Counsel
</Table>

                                      -iv-
<Page>

                               PURCHASE AGREEMENT

     THIS PURCHASE AGREEMENT, dated as of October 15, 2001, between SAFETY
HOLDINGS, INC., a Delaware corporation (alternatively, "SHI" or the "COMPANY"),
and JZ EQUITY PARTNERS PLC, a public limited liability company incorporated in
England and Wales under the Companies Act (1985) (alternatively, "JZEP" or the
"PURCHASER"),

                              W I T N E S S E T H:
                              - - - - - - - - - -

     WHEREAS, the Jordan Parties (such and other capitalized terms are used
herein with the meanings provided in SECTION 1.1) have formed the Company and
its direct, wholly-owned Subsidiary Safety Merger Co., Inc., a Delaware
corporation ("SMCI"), to acquire Thomas Black Corporation, a Massachusetts
corporation (alternatively, "OTBC" and "OLD THOMAS BLACK"), which owns all of
the Capital Stock of Safety Insurance Company, a Massachusetts corporation
("SAFETY INSURANCE"), which, together with its Subsidiaries, is engaged in
providing property and casualty insurance (including passenger and commercial
automobile, homeowner, fire, umbrella and business owner coverages) through
independent insurance agents to the Massachusetts market from the 18 Persons
(collectively, the "OTBC SELLERS") named in ITEM 3.7 ("OTBC Sellers") of the
Disclosure Schedule for an aggregate consideration equal to the SUM of (x) the
EXCESS of $112,805,063 OVER certain Transaction Costs PLUS (y) the lesser of (i)
$12,000,000 pro rated from January 1, 2001 through the Closing Date and (ii) 55%
of pre-Closing Date FY 2001 adjusted consolidated after-tax net earnings; and

     WHEREAS, SMCI and the Company are parties to a merger agreement, dated as
of May 31, 2001 and amended as of July 17, 2001 (as so executed and delivered,
together with all further amendments thereto consented to by the Purchaser, the
"OTBC ACQUISITION AGREEMENT"), with the OTBC Sellers pursuant to which SMCI will
acquire all of the outstanding Capital Stock of Old Thomas Black (the "OTBC
ACQUISITION"); and

     WHEREAS, immediately upon the effectiveness of the OTBC Acquisition, (x)
SMCI will merge with and into Old Thomas Black (the "OTBC MERGER") with the
surviving Massachusetts corporation being named "Thomas Black Corporation"
(alternatively, "STBC" or "SURVIVING THOMAS BLACK") and (y) Surviving Thomas
Black will continue to transact the business previously conducted by Old Thomas
Black and will be a direct, wholly-owned Subsidiary of the Company; and

     WHEREAS, SMCI is a party to a revolving credit and term loan agreement, to
be dated as of October 16, 2001 (as so originally executed and delivered, the
"SENIOR LOAN AGREEMENT"), with Fleet National Bank ("FLEET"), as lender
(together with such other institutional lenders as are or from time to time
hereafter become parties thereto, the "SENIOR LENDERS") and as the
administrative agent (the "SENIOR AGENT") for the Senior Lenders, pursuant to
which the Senior Lenders will extend credit to SMCI and Surviving Thomas Black
in an aggregate principal amount not to exceed $75,000,000 at any one time
outstanding; and

     WHEREAS, the Company is entering into with each Person (collectively, the
"SHI STOCKHOLDERS") identified in ITEM 3.3 ("SHI Stockholders") of the
Disclosure Schedule a stockholders' agreement, to be dated the Closing Date (the
"SHI STOCKHOLDERS' AGREEMENT"), and

<Page>

related subscription agreements pursuant to which each of the following groups
of SHI Stockholders will agree to purchase Capital Stock of the Company as
follows:

          (a)  the SHI Management Stockholders, collectively, 69,500 SHI Common
     Shares, including 12,500 SHI Restricted Common Shares;

          (b)  the individuals named under the caption "Providers (non-Jordan
     Parties), E.G., Brokers, ET AL." of such ITEM 3.3, collectively, 1,250 SHI
     Common Shares; and

          (c)  various Jordan Parties, collectively, 89,625 SHI Common Shares;
     and

     WHEREAS, the Company has authorized the sale to the Purchaser, and the
Purchaser is willing on the terms and conditions hereinafter set forth
(including ARTICLE III) to purchase, directly or through nominees, on the
Closing Date

          (a)  at par, $30,000,000 principal amount of 13.0% unsecured
     promissory notes in the form of EXHIBIT A hereto due October 31, 2011;

          (b)  22,400 6.0% SHI Series A Preferred Shares, representing on the
     Closing Date 100%, of the SHI Preferred Shares which will then be issued
     and outstanding; and

          (c)  89,625 SHI Common Shares, representing in the aggregate on the
     Closing Date 35.85 % of the authorized SHI Common Shares which will then be
     issued and outstanding on a Fully-Diluted Basis.

     NOW, THEREFORE, the parties hereto agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

     SECTION 1.1. DEFINED TERMS. The following terms (whether or not italicized)
when used in this Agreement, including its preamble and recitals, shall, except
where the context otherwise requires, have the following meanings (such meanings
to be equally applicable to the singular and plural forms thereof):

     "ADDITIONAL ACQUISITION" means any acquisition of a business by Surviving
Thomas Black, whether directly or indirectly by or as one of its Subsidiaries,
after the Closing Date in accordance with CLAUSE (d) of SECTION 6.2.7.

     "ADDITIONAL SELLER" means a holder of Capital Stock of a business acquired
in an Additional Acquisition.

     "ADDITIONAL SELLER SUBORDINATED NOTE" means each unsecured promissory note
(x) which is issued from time to time after the Closing Date by the Company or
any Subsidiary to an Additional Seller and (y) which conforms to the
requirements of CLAUSE (b) and CLAUSE (l) of SECTION 6.2.2.

                                       -2-
<Page>

     "AFFILIATE" means, relative to any Person, any other Person which, directly
or indirectly, controls or is controlled by or under common control with such
Person (EXCLUDING, HOWEVER, any trustee under, or any committee with
responsibility for administering, any Plan). For the purposes of this
definition, "CONTROL" (including the correlative terms "CONTROLLING",
"CONTROLLED BY" and "UNDER COMMON CONTROL WITH") means, relative to any Person,
the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such Person, whether through the
ownership of Voting Stock, by agreement or otherwise; PROVIDED, HOWEVER, that
(x) beneficial ownership of 10% or more of the Voting Stock of a Person shall be
deemed to be control and (y) any of the foregoing to the contrary
notwithstanding, the term "Affiliate," relative to the Company and Subsidiaries,
shall not include JZEP.

     "THIS AGREEMENT" means, on any date, this Purchase Agreement as originally
in effect and as thereafter from time to time amended, supplemented or otherwise
modified in accordance with the terms hereof and in effect on such date.

     "APPLICABLE LAW" means, relative to any Person, (x) all provisions of laws,
statutes, ordinances, rules, regulations, requirements, restrictions, permits,
certificates or orders of any Governmental Authority applicable to such Person
or any of its assets or property and (y) all judgments, injunctions, orders and
decrees of all courts and arbitrators in proceedings or actions in which such
Person is a party or by which any of its assets or properties are bound.

     "APPROVAL" means, relative to any Person, each approval, license, permit,
consent, exemption, filing or registration by or with any Governmental Authority
necessary to (x) authorize or permit the execution, delivery or performance of,
or for the validity or enforceability of, any Transaction Document or (y) its
conduct of its business.

     "AUTHORIZED OFFICER" means, relative to the Company, those of its officers
whose signatures and incumbency shall have been certified to the Purchaser
pursuant to CLAUSE (a)(ii) of SECTION 3.2.

     "BUSINESS DAY" means any day, EXCLUDING, HOWEVER, a Saturday, Sunday and
each legal holiday on which banks are authorized or required to close in Boston,
Massachusetts or New York, New York.

     "CAPITALIZED LEASE LIABILITY" means, relative to any Person, any monetary
obligation under any leasing or similar arrangement which, in accordance with
GAAP, is classified as a capitalized lease, and, for purposes of this Agreement
and each other Purchase Document, the amount of any such obligation shall be the
capitalized amount thereof determined in accordance with GAAP, and the stated
maturity thereof shall be determined in accordance with GAAP.

     "CAPITAL STOCK" means, relative to any Person, any and all shares,
partnership or membership interests, participations, rights or other equivalents
(however designated) of corporate stock, including (w) capital shares of such
Person (whether voting or non-voting), (x) if such Person is a partnership,
capital partnership interests (whether general or limited), (y) any other
indicia of ownership of such Person and (z) all warrants, options, purchase
rights, conversion or exchange rights, voting rights, calls or any claims of any
character with respect thereto, EXCLUDING, HOWEVER, SARs.

                                       -3-
<Page>

     "CASH EQUIVALENT INVESTMENT" shall refer to "Cash Equivalents" as defined
in the Senior Loan Agreement; PROVIDED, HOWEVER, that references therein to
"Borrower" shall refer to the Company.

     "CHANGE OF CONTROL" means

          (a)  the sale, lease or transfer (EXCLUDING, HOWEVER, any direct or
     indirect transfer (x) involving the granting of a Lien by Surviving Thomas
     Black, Safety Indemnity or Safety Insurance on Non-Admitted Insurance
     Assets pursuant to any Senior Loan Document and (y) not involving any
     foreclosure or other exercise of remedies pursuant to any Senior Loan
     Document) of all or substantially all the assets of the Company, Safety
     Insurance or Safety Indemnity to any Person or group (as such term is
     defined in Section 13(d)(3) of the Exchange Act) other than the Jordan
     Investors and any Institutional Holder;

          (b)  the liquidation or dissolution of (or the adoption of a plan of
     liquidation by) the Company, Safety Insurance or Safety Indemnity, except
     as permitted by CLAUSE (c) of SECTION 6.2.7;

          (c)  the acquisition by any Person or group (as so defined) (other
     than the Jordan Investors and all Institutional Holders) of a direct or
     indirect majority in interest (more than 50%) of the issued and outstanding
     Voting Stock of the Company by way of merger or consolidation or otherwise;

          (d)  any transaction the result of which is that any Person or group
     (as so defined) (other than the Jordan Investors and all Institutional
     Holders) beneficially owns, directly or indirectly, more of the issued and
     outstanding Voting Stock of the Company than is owned beneficially,
     directly or indirectly, by the Jordan Investors and all Institutional
     Holders in the aggregate;

          (e)  after the first sale of common equity by the Company pursuant to
     a registration statement under the Securities Act that results in at least
     20% of the then issued and outstanding Voting Stock of the Company being
     held by the public,

               (i)  the Jordan Investors and all Institutional Holders own
          beneficially, directly or indirectly, in the aggregate less than 25%
          of the issued and outstanding Voting Stock of the Company, or

               (ii) during any period of two consecutive years, individuals who
          at the beginning of such period constituted the Board of Directors of
          the Company (together with any new directors whose election by such
          Board of Directors or whose nomination for election by the
          stockholders of the Company was approved by a vote of at least 66 2/3%
          of the directors then still in office who were either directors at the
          beginning of such period or whose election or nomination for election
          was previously so approved) cease for any reason to constitute a
          majority of the Board of Directors of the Company then in office; or

                                       -4-
<Page>

          (f)  for so long as any Indebtedness shall remain outstanding (or any
     unused commitments shall remain in effect) under the Senior Loan Agreement,
     any other event constituting an "Event of Default" of the nature referred
     to in Section 13.1(t) of the Senior Loan Agreement.

     "CLOSING" is defined in SECTION 2.3.

     "CLOSING DATE" is defined in SECTION 2.3.

     "CODE" means the Internal Revenue Code of 1986, as amended, reformed or
otherwise modified from time to time.

     "COMPANY" is defined in the PREAMBLE.

     "CONSOLIDATED ESTATE" is defined in ARTICLE VIII.

     "CONTINGENT LIABILITY" means, relative to any Person, any agreement,
undertaking or arrangement by which such Person guarantees, endorses or
otherwise becomes or is contingently liable upon (by direct or indirect
agreement, contingent or otherwise, to provide funds for payment, to supply
funds to, or otherwise to invest in, a debtor, or otherwise to assure a creditor
against loss) the Indebtedness, obligation or any other liability of any other
Person (other than by endorsements of instruments in the course of collection),
or guarantees the payment of dividends or other distributions upon the Capital
Stock of any other Person. The amount of any Person's Contingent Liability shall
(SUBJECT, HOWEVER, to any limitation set forth therein) be deemed to be the
outstanding principal amount (or maximum principal amount, if larger) of the
Indebtedness, obligation or other liability guaranteed thereby.

     "CONTRACTUAL UNDERTAKING" means, relative to any Person, any provision of
any debt or equity security issued by it or of any Instrument or undertaking to
which it is a party or by which it or any of its property is bound or subject.

     "CONTROLLED GROUP" means all members of a controlled group of corporations
and all members of a controlled group of trades or businesses (whether or not
incorporated) under common control which, together with the Company, are treated
as a single employer under Section 414(b) or 414(c) of the Code or section
4001(b)(1) of ERISA.

     "DEFAULT" means

          (a)  any Event of Default or any act, condition or event which, after
     notice or lapse of time or both, would constitute an Event of Default; and

          (b)  any material act, condition or event which has resulted in, or
     would (including after notice or lapse of time or both) permit, any or all
     of the monetary obligations of SMCI or Surviving Thomas Black or any of its
     Subsidiaries under the Senior Loan Agreement to be declared immediately due
     and payable prior to their stated maturity;

     "DEFAULT CIRCUMSTANCE" means (x) any Default shall have occurred and be
continuing or (y) any PIK Note shall have been issued and remain outstanding.

                                       -5-
<Page>

     "DIRECTOR INDEMNIFICATION PAYMENT" means any payment by the Company or
Subsidiary pursuant to the director indemnification provisions of its
Organizational Documents.

     "DISCLOSURE SCHEDULE" means SCHEDULE I hereto.

     "DISQUALIFIED CAPITAL STOCK" means any Capital Stock which, by its terms
(or by the terms of any security into which it is convertible or for which it is
exchangeable at the option of the holder thereof), or upon the happening of any
event, matures (excluding any maturity as the result of an optional redemption
by the issuer thereof) or is mandatorily redeemable, pursuant to a sinking fund
obligation or otherwise, or redeemable at the sole option of the holder thereof
(except, in each case, upon the occurrence of a change of control or asset
disposition and excluding put or call repurchase obligations or rights in
respect of SHI Common Shares held by any Management SHI Stockholder), on or
prior to the date that is 91 days after the maturity date of the Notes.

     "EMPLOYEE BENEFIT PLAN" means any "employee benefit plan" as defined in
Section 3(3) of ERISA which is covered by ERISA and (x) which is currently
maintained or contributed to by the Company, (y) which was at any time during
the last six years maintained, contributed to or terminated by Old Thomas Black
or the Company or (z) with respect to which there is any potential or
outstanding liability of the Company.

     "ENVIRONMENTAL CLAIM" is defined in clause (b) of SECTION 5.16.

     "ENVIRONMENTAL LAW" means all present and future Applicable Laws imposing
liability or standards of conduct relating to the environment, industrial
hygiene, land use or the protection of human health and safety, natural
resources, pollution (including Hazardous Materials) or waste management.

     "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended, and any successor statute of similar import, together with the
regulations thereunder, in each case as in effect from time to time. References
to sections of ERISA also refer to any successor sections.

     "EVENT OF DEFAULT" is defined in SECTION 7.1.

     "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended.

     "FINANCING MEMORANDUM" is defined in SECTION 5.20.

     "FISCAL QUARTER" or "FQ" means any period of three consecutive calendar
months comprising one quarter of a Fiscal Year; references to a Fiscal Quarter
with numbers corresponding to a calendar year and a number corresponding to a
Fiscal Quarter (E.G., "2001 FQ 1") refer to such Fiscal Quarter (I.E., the
first) of such Fiscal Year.

     "FISCAL YEAR" or "FY" means a period of 12 consecutive calendar months
ending on each December 31; references to a Fiscal Year with a number
corresponding to any calendar year (E.G., "the 2001 Fiscal Year" or "2001 FY")
refer to the Fiscal Year ending on December 31 of such calendar year.

                                       -6-
<Page>

     "FLEET" is defined in the FOURTH RECITAL.

     "F.R.S. BOARD" means the Board of Governors of the Federal Reserve System
or any successor thereto.

     "FULLY-DILUTED BASIS" means, relative to the number of SHI Common Shares
included in the initial Subject Securities, the percentage which such SHI Common
Shares is of the SUM of

          (a)  all SHI Common Shares issued on the Closing Date (after giving
     effect to the Transaction),

PLUS

          (b)  a number of SHI Common Shares equal to all SHI Common Shares
     added to the Management SHI Restricted Stock Plan (above the 12,500 SHI
     Common Shares initially subject thereto) by amendments from time to time
     made thereto in accordance with the SHI Stockholders Agreement.

FOR CLARITY'S SAKE, "FULLY-DILUTED BASIS" is not adjusted to reflect the (x)
economic value of Management SHI SARs which may be from time to time awarded or
issued by the Company or (y) the number of shares of Capital Stock of the
Company into which the Management SHI SARs may be converted in the event of a
first sale of common equity by the Company pursuant to a registration statement
under the Securities Act.

     "FUNDED DEBT TO STATUTORY SURPLUS RATIO" shall have the meaning provided in
the Senior Loan Agreement as in effect on the Closing Date; PROVIDED, HOWEVER,
that references therein to (x) the "Borrower" shall refer to SMCI (and, after
the effectiveness of the STBC Filing Document, Surviving Thomas Black) and (y)
defined terms used in such definition shall refer to the definitions of all such
terms provided in the Senior Loan Agreement as in effect on the Closing Date.

     "GAAP" shall have the meaning provided in the Senior Loan Agreement as in
effect on the Closing Date; PROVIDED, HOWEVER, that references to (x) the
"Borrower" shall refer to SMCI (and, after the effectiveness of the STBC Filing
Document, Surviving Thomas Black), (y) references herein to GAAP which relate to
financial information as of the close of any period other than a Fiscal Year
shall not require footnotes or year-end adjustments or reserves and (z) defined
terms used in such definition shall refer to the definitions of all such terms
provided in the Senior Loan Agreement as in effect on the Closing Date.

     "GOVERNMENTAL AUTHORITY" means any international, national, federal, state,
provincial, local, municipal or other governmental department, commission,
board, bureau, agency or instrumentality, or any court, in each case whether of
the United States or foreign.

     "HAZARDOUS MATERIAL" means:

          (a)  any substances that are defined or listed in, or otherwise
     classified pursuant to, any applicable Environmental Laws as "hazardous
     substances", "hazardous materials", "hazardous wastes", "toxic substances",
     "contaminants", "pollutants" or any

                                       -7-
<Page>

     other formulation intended to define, list or classify substances by reason
     of adverse effects on the environment or deleterious properties such as
     ignitability, corrosivity, reactivity, carcinogenicity, reproductive
     toxicity or "TLCP" toxicity or "EP" toxicity;

          (b)  any oil, petroleum or petroleum derived substances, natural gas,
     natural gas liquids or synthetic gas and drilling fluids, produced waters
     and other wastes associated with the exploration, development or production
     of crude oil, natural gas or geothermal resources;

          (c)  any flammable substances or explosives or any radioactive
     materials; or

          (d)  any asbestos in any form or electrical equipment which contains
     any oil or dielectric fluid containing levels of polychlorinated biphenyls
     in excess of fifty parts per million.

     "HEDGING LIABILITY" means, relative to any Person, all liabilities of such
Person under interest rate and currency swap, cap and collar agreements and all
other Instruments designed to protect such Person against fluctuations in
interest or currency exchange rates.

     "HEREIN", "HEREOF", "HERETO", "HEREUNDER" and similar terms contained in
this Agreement or any other Purchase Document refer to this Agreement or such
other Purchase Document, as the case may be, as a whole and not to any
particular Article, Section, paragraph or provision of this Agreement or such
other Purchase Document.

     "HOLDER" is defined, relative to a Note, in SECTION 4.7.

     "INCLUDING" means including without limiting the generality of any
description preceding such term.

     "INDEBTEDNESS" means, relative to any Person, without duplication:

          (a)  all obligations of such Person for borrowed money (including all
     notes payable and drafts accepted representing extensions of credit) and
     all obligations evidenced by bonds, debentures, notes or other similar
     instruments on which interest charges are customarily paid;

          (b)  all obligations, contingent or otherwise, relative to the face
     amount of all letters of credit, whether or not drawn, and bankers'
     acceptances issued for the account of such Person;

          (c)  all Capitalized Lease Liabilities of such Person;

          (d)  net monetary liabilities of such Person under all Hedging
     Liabilities (calculated, at any time, as the aggregate amount (giving
     effect to any netting agreements) that such Person would be required to pay
     if the agreements giving rise to such Hedging Liabilities were terminated
     at such time);

                                       -8-
<Page>

          (e)  all obligations of such Person to pay the deferred purchase price
     of property or services that, in accordance with GAAP, would be classified
     as indebtedness on the liability side of the balance sheet of such Person
     as of the date at which Indebtedness is to be determined;

          (f)  all indebtedness referred to in CLAUSE (a), (b), (c), (d) or (e)
     secured by a Lien on property owned or being purchased by such Person
     (including indebtedness arising under conditional sales or other title
     retention agreements), whether or not such indebtedness shall have been
     assumed by such Person or is limited in recourse; PROVIDED, HOWEVER, that,
     in the case of any such Indebtedness which is by its terms non-recourse to
     such Person, the amount of such Indebtedness shall, for the purpose of this
     clause, be deemed to be the LESSER of (x) the aggregate unpaid principal
     amount of such Indebtedness and (y) the fair market value of the property
     subject to such Lien, as determined by such Person in good faith; and

          (g)  all Contingent Liabilities of such Person in respect of any
     Indebtedness of any other Person.

     "INDEMNIFIED LIABILITY" is defined in SECTION 9.4.

     "INDEMNIFIED PARTY" is defined in SECTION 9.4.

     "INITIAL NOTE" means each 13.0% note of the Company, issued on the Closing
Date in accordance with SECTION 2.3, in the form of EXHIBIT A hereto (as such
promissory note may be amended, endorsed or otherwise modified from time to
time) and all other promissory notes accepted from time to time in substitution,
replacement or renewal therefor, including pursuant to SECTION 4.8 or 4.9.

     "INSTITUTIONAL HOLDER" means, relative to any Note or other Subject
Security, the Purchaser (so long as it or its nominee shall hold a Note or other
Subject Security) and each other financial institution, private equity fund or
mezzanine fund which shall hold a Note or other Subject Security (EXCLUDING,
HOWEVER, any financial institution, private equity fund or mezzanine fund which
is not a holder of a Note and acquired all of the other Subject Securities held
by it in a distribution to the public or a sale pursuant to an offering circular
in accordance with Rule 144A under the Securities Act or as the direct or
indirect transferee of other Subject Securities acquired in such a distribution
or sale); FOR THE SAKE OF CLARITY, references herein (including in the term
"Change of Control") to a financial institution, private equity fund or
mezzanine fund which shall hold a Note or other Subject Security and which shall
also hold other Capital Stock or other securities of the Company as an
Institutional Holder shall refer to such financial institution solely as the
holder (and shall include only its holdings) of such Note or other Subject
Security and shall not refer to such financial institution, private equity fund
or mezzanine fund as the holder (and shall exclude its holdings) of such other
Capital Stock or securities.

     "INSTRUMENT" means any contract, agreement, indenture, mortgage, document
or other writing (whether by formal agreement, letter or otherwise) under which
any obligation is evidenced, assumed or undertaken or any Lien (or right or
interest therein) is granted or perfected.

                                       -9-
<Page>

     "INSURANCE REGULATORY AUTHORITY" shall have the meaning provided in the
Senior Loan Agreement as in effect of the Closing Date.

     "INSURANCE SUBSIDIARY" means, at any time, Safety Insurance, Safety
Indemnity and each other Subsidiary of Surviving Thomas Black which is then
regulated by an Insurance Regulatory Authority.

     "INTELLECTUAL PROPERTY" is defined in SECTION 5.13.

     "INTERCOMPANY CONSULTING AGREEMENT" is defined in CLAUSE (c) of SECTION
3.7.

     "INTEREST PAYMENT DATE" means, relative to any Note, each April 30 and
October 31, commencing with April 30, 2002.

     "INVESTMENT" means, relative to any Person, all investments by such Person
in any other Person (including Affiliates) in the forms of (v) loans or advances
(EXCLUDING, HOWEVER, commission, travel and similar advances to officers and
employees of such Person made in the ordinary course of business), (w)
Contingent Liabilities of such Person incurred with respect to Indebtedness of
any other Person, (x) capital contributions or purchases (or other acquisitions
for consideration) of Indebtedness, equity interests or other securities, (y)
payments in respect of tax savings or liabilities made by such Person to or for
the benefit of any other Person with whom such Person files a consolidated tax
return which are not reimbursed by such other Person and (z) any other items
that are or would be classified as investments on a balance sheet prepared in
accordance with GAAP. The amount of any Investment shall be the original
principal or capital amount thereof LESS all returns of principal or equity, or
distributions or dividends paid, thereon and shall, if made by the transfer or
exchange of property other than cash, be deemed to have been made in an original
principal or capital amount equal to the fair value of such property at the time
of such Investment.

     "JI PARTNERS" means JI Partners Limited Partnership, an Illinois limited
partnership.

     "JORDAN INDUSTRIES" or "JI" means Jordan Industries, Inc., an Illinois
corporation.

     "JORDAN INVESTOR" means any Jordan Party or JZEP.

     "JORDAN PARTY" means TJC, Jordan Industries, JI Partners and their
respective Affiliates and Subsidiaries (EXCLUDING, HOWEVER, the Company and
Subsidiaries) and, relative to each of the foregoing,

          (a)  each general partner, limited partner, stockholder, member,
     principal or employee thereof or any Affiliate thereof;

          (b)  any 50% (or more) owned Subsidiary of any one (or jointly of more
     than one of any) Person specified in CLAUSE (a); and

          (c)  the spouse or any immediate family member of any Person specified
     in CLAUSE (a) or any trust, investment fund or vehicle solely for the
     benefit of any such Person or the spouse or any immediate family member of
     such Person.

                                      -10-
<Page>

     "JORDAN PAYMENT" means any payment to any Jordan Party of management fees,
consulting fees, advisory fees, investment banking fees, director's fees or
other fees for services provided to the Company or any Subsidiary, whether
pursuant to the TJC Consulting Agreement or otherwise (EXCLUDING, HOWEVER,
amounts paid as (x) reimbursement of out-of-pocket expenses paid to Persons who
are not Affiliates in connection with the delivery of such services and (y)
Director Indemnification Payments).

     "JZAI" means Jordan/Zalaznick Advisers, Inc., a Delaware corporation.

     "JZEP" is defined in the PREAMBLE.

     "JZEP COMMITMENT LETTER" means the letter, dated July 17, 2001, from JZEP
to the Company as to JZEP's providing the debt and equity financing contemplated
thereby for the OTBC Acquisition.

     "LIEN" means (x) any mortgage, pledge, hypothecation, assignment, deposit
arrangement, encumbrance, lien (statutory or other) or preference, priority or
other security agreement, whether or not filed, recorded or otherwise perfected
under Applicable Law and (y) any option or other agreement to sell or to provide
any Instrument or financing statement of the nature referred to in ITEM (x) or
(y).

     "MANAGEMENT EMPLOYMENT AGREEMENT" means each employment and non-competition
agreement, to be dated the Closing Date, between Surviving Thomas Black and each
Management SHI Stockholder.

     "MANAGEMENT NOTE" is defined in CLAUSE (c) of SECTION 6.2.6.

     "MANAGEMENT SHI RESTRICTED STOCK PLAN" means the restricted stock plan
established by the Company (x) to the Management SHI Stockholders on the Closing
Date representing in the aggregate 12,500 SHI Common Shares and (y) to any
director, officer or employee of the Company or any Subsidiary from time to time
after the Closing Date.

     "MANAGEMENT SHI SAR" means the SARs which may be awarded or issued from
time to time by the Company (x) to the Management SHI Stockholders on the
Closing Date representing in the aggregate the equivalent of 4,453 SHI Common
Shares and (y) to any director, officer of employee of the Company or any
Subsidiary from time to time after the Closing Date.

     "MANAGEMENT SHI STOCKHOLDER" means each SHI Stockholder identified under
the caption "Initial Management ET AL." of ITEM 3.3 ("SHI Stockholders") of the
Disclosure Schedule and their permitted transferees in accordance with the SHI
Stockholders' Agreement. At any time after the Closing Date, "MANAGEMENT SHI
STOCKHOLDER" also means any other officer, director or employee of the Company
or any Subsidiary who shall be granted any SHI Restricted Common Shares and who
shall in connection therewith have executed a Management SHI Subscription
Agreement and the SHI Stockholders' Agreement and their permitted transferees in
accordance with the SHI Stockholders' Agreement.

     "MANAGEMENT SHI SUBORDINATED NOTE" means each non-negotiable, junior
promissory note issued by the Company pursuant to (and as defined in) the
Management SHI Subscription

                                      -11-
<Page>

Agreement to a Management SHI Stockholder (or his estate) in the form of Exhibit
5 attached thereto.

     "MANAGEMENT SHI SUBSCRIPTION AGREEMENT" means the management subscription
agreement in the form of Exhibit C to the SHI Stockholders' Agreement between
the Company and each Management SHI Stockholder.

     "MATERIALLY ADVERSE EFFECT" means (x) a material adverse effect on the
financial condition, business, assets, operations or properties of the Company
and Subsidiaries, taken as a whole or (y) a material impairment of the ability
of the Company to perform its respective payment obligations under the Purchase
Documents to which it is or will be a party.

     "NAIC" shall have the meaning provided in the Senior Loan Agreement as in
effect on the Closing Date.

     "NON-ADMITTED INSURANCE ASSET" means a "Non-Admitted Asset" as defined in
the Senior Loan Agreement as in effect on the Closing Date.

     "NON-INSURANCE SUBSIDIARY" means at any time any Subsidiary of Surviving
Thomas Black which is not an Insurance Subsidiary.

     "NON-U.S. NOTEHOLDER" is defined in SECTION 4.10.

     "NOTE" means each Initial Note and each PIK Note, if any.

     "NOTEHOLDER" means at any time each Person (including the Purchaser) then
registered in accordance with SECTION 2.3, 4.8 or 4.9 as the owner or holder of
a Note; PROVIDED, HOWEVER, that no Person which is an Affiliate of the Company
shall be deemed to be a Noteholder for purposes of SECTION 9.1 or any other
action requiring the consent, concurrence or other action of each Noteholder.

     "OBLIGATION" means all obligations of the Company with respect to the
repayment or performance of all obligations (monetary or otherwise) of the
Company arising under or in connection with the Notes or under this Agreement or
any other Purchase Document in respect of the Notes exclusively, the
Indebtedness evidenced thereby or to any Person as the holder of a Note (and not
as the holder of any other Subject Security).

     "OLD THOMAS BLACK" is defined in the FIRST RECITAL.

     "OR" is not exclusive.

     "ORGANIZATIONAL DOCUMENT" means, relative to any Person, each Instrument
that (x) defines its corporate existence, including its articles or certificate
of incorporation (or formation), as filed or recorded with an applicable
Governmental Authority or (y) governs its internal affairs, including its
by-laws, limited liability company agreement, partnership agreement and all
shareholder agreements, voting trusts and similar arrangements applicable to any
of its authorized shares of Capital Stock, in each case as amended, supplemented
or restated.

                                      -12-
<Page>

     "OTBC" is defined in the FIRST RECITAL.

     "OTBC ACQUISITION" is defined in the SECOND RECITAL.

     "OTBC ACQUISITION AGREEMENT" is defined in the SECOND RECITAL.

     "OTBC ACQUISITION DOCUMENT" means each of the OTBC Acquisition Agreement
and the Management Employment Agreements.

     "OTBC MERGER" is defined in the THIRD RECITAL.

     "OTBC SELLER" is defined in the FIRST RECITAL.

     "OUTSTANDING" means, at any time relative to the Notes, any Notes
theretofore issued pursuant to SECTION 2.3, 4.8 or 4.9 and not surrendered
pursuant to SECTION 4.8 or 4.9 but EXCLUDING, HOWEVER, all Notes which are (x)
deemed pursuant to SECTION 4.9 to be not outstanding or (y) owned by any Jordan
Party.

     "PERMITTED JUNIOR PAYMENT" means any Restricted Payment which may be made
by the Company or any Subsidiary pursuant to CLAUSE (b) or (c) of SECTION 6.2.5
and any time when, and only if, after giving effect thereto (in the good faith
determination of the chief financial Authorized Officer of the Company), (x) the
funds then available to the Company are sufficient (and are reasonably expected
to continue to be sufficient) to make the next scheduled payment of interest to
become due, and all other payments due and to become due in the next 190 days,
on the Notes and (y) no Default shall have occurred and be continuing (or would
reasonably be expected to occur within the next 190 days).

     "PERMITTED LIEN" means the following types of Liens (other than any such
Lien imposed pursuant to Section 401(a)(29) or 412(n) of the Internal Revenue
Code or by ERISA):

          (a)  Liens for taxes, assessments or governmental charges or claims
     the payment of which is not, at the time, required by SECTION 6.1.4;

          (b)  statutory Liens of landlords, Liens of carriers, warehousemen,
     mechanics, suppliers, materialmen and repairmen and other like Liens
     arising in the ordinary course of business for sums not yet more than 10
     days delinquent or being contested in good faith, if such reserve or other
     appropriate provision, if any, as shall be required by GAAP shall have been
     made therefor;

          (c)  Liens incurred or deposits made in the ordinary course of
     business in connection with workers' compensation, unemployment insurance
     and other types of social security, or to secure the performance of
     tenders, statutory obligations, surety and appeal bonds, bids, leases,
     government contracts, trade contracts, performance and return-of-money
     bonds and other similar obligations (EXCLUDING, HOWEVER, obligations for
     the payment of borrowed money);

                                      -13-
<Page>

          (d)  leases or subleases granted to others not interfering in any
     material respect with the ordinary course of the business of Surviving
     Thomas Black or any of its Subsidiaries;

          (e)  easements, rights-of-way, restrictions (including zoning
     restrictions), minor defects, encroachments or irregularities in title and
     other similar charges or encumbrances not interfering in any material
     respect with the ordinary course of the business of Surviving Thomas Black
     or any of its Subsidiaries;

          (f)  any (w) interest or title of a lessor or sublessor under any
     operating lease, (x) restriction or encumbrance to which the interest or
     title of such lessor or sublessor may be subject, (y) subordination of the
     interest of the lessee or sublessee under such lease to any restriction or
     encumbrance referred to in ITEM (x) or (z) Liens arising from filing
     Uniform Commercial Code financing statements regarding operating leases;

          (g)  Liens in favor of customs and revenue authorities arising as a
     matter of law to secure payment of customs duties in connection with the
     importation of goods;

          (h)  Liens (including extensions, renewals and replacements thereof)
     upon property acquired (the "ACQUIRED PROPERTY") by Surviving Thomas Black
     or any of its Subsidiaries after the Closing Date; PROVIDED, HOWEVER, that
     (w) any such Lien is created solely for the purpose of securing
     Indebtedness representing, or incurred to finance, refinance or refund, the
     cost (including the cost of construction) of the acquired property, (x) the
     principal amount of the Indebtedness secured by such Lien does not exceed
     100% of the cost of the acquired property, (y) such Lien does not extend to
     or cover any property other than the acquired property and any improvements
     on such acquired property and (z) the incurrence of the Indebtedness to
     purchase the acquired property is permitted by SECTION 6.2.2;

          (i)  Liens granted by Old Thomas Black or any of its Subsidiaries
     prior to the Closing Date and permitted to exist thereafter by the Senior
     Loan Agreement;

          (j)  Liens encumbering deposits made to secure obligations arising
     from statutory, regulatory, contractual or warranty requirements;

          (k)  Liens arising out of consignment or similar arrangements for the
     sale of goods entered into by Surviving Thomas Black or any of its
     Subsidiaries in the ordinary course of business;

          (l)  judgment and attachment Liens not giving rise to an Event of
     Default;

          (m)  Liens in favor of the Company granted by Surviving Thomas Black
     or any of its Subsidiaries; and

          (n)  additional Liens granted by Surviving Thomas Black or any of its
     Subsidiaries at any one time outstanding in respect of properties or assets
     having, on the date such Lien is granted, an aggregate fair market value
     not to exceed $2,500,000.

                                      -14-
<Page>

     "PERSON" means any natural person, corporation, firm, association,
partnership, limited liability partnership, limited liability company,
government, trust, governmental agency or any other entity, whether acting in an
individual, fiduciary or other capacity.

     "PIK NOTE" means each 15.0% promissory note of the Company, in
substantially the form of EXHIBIT A hereto (as such note may be amended,
endorsed or otherwise modified from time to time) and all other promissory notes
accepted from time to time in substitution, replacement or renewal therefor,
including pursuant to SECTION 4.8 or 4.9 which (x) is issued on any Interest
Payment Date in payment, IN LIEU of cash, of interest then accrued and due on
any Note, (y) IS ACCEPTED BY THE HOLDER OF SUCH NOTE IN ITS SOLE AND ABSOLUTE
DISCRETION (OR IS REQUIRED TO BE ACCEPTED BY THE HOLDER OF SUCH NOTE UPON THE
CONSENT OF THE REQUIRED NOTEHOLDERS GIVEN IN ACCORDANCE WITH THE PROVISO TO
CLAUSE (b) OF SECTION 9.1 IN THEIR SOLE AND ABSOLUTE DISCRETION) upon the
satisfaction of such conditions as such holder (or such Required Noteholders)
shall require (including the payment of fees, the obtaining of consents or
acknowledgments under other Contractual Undertakings or the undertaking or
cessation by the Company of certain activities) and (z) is authorized by a
resolution of the Company's board of directors that accepts such requirements.
EXCEPT AS OTHERWISE PROVIDED IN THE PROVISO TO CLAUSE (b) OF SECTION 9.1,
NEITHER THE INCLUSION OF THIS DEFINITION IN THIS AGREEMENT NOR ANY REFERENCE TO
THE TERM "PIK NOTE" CONTAINED IN ANY PURCHASE DOCUMENT SHALL BE CONSTRUED AS
IMPOSING AT ANY TIME ANY OBLIGATION ON ANY HOLDER OF A NOTE TO ACCEPT A PIK NOTE
IN PAYMENT, IN LIEU OF CASH, OF INTEREST DUE ON ANY NOTE, IT BEING THE EXPRESS
INTENTION OF THE PARTIES THAT INTEREST WILL BE PAID IN CASH WHEN DUE IN
ACCORDANCE WITH THE TERMS OF THE NOTES.

     "PLAN" means (x) a "pension plan," as such term is defined in section 3(2)
of ERISA, which is subject to Title IV of ERISA (other than a multiemployer plan
as defined in section 4001(a)(3) of ERISA), and to which the Company or any
corporation, trade or business that is, along with the Company, a member of a
Controlled Group, may have liability, including any liability by reason of
having been a substantial employer within the meaning of section 4063 of ERISA
at any time during the preceding five years, or by reason of being deemed to be
a contributing sponsor under section 4069 of ERISA or (y) a "welfare plan," as
such term is defined in section 3(1) of ERISA.

     "POST-PETITION INTEREST" means, relative to any Senior Indebtedness, all
interest accrued or accruing on such Senior Indebtedness after the commencement
of any insolvency or liquidation proceeding against such Person in accordance
with and at the contract rate, including any rate applicable upon default,
specified in the Instrument creating, evidencing or governing such Senior
Indebtedness, whether or not, pursuant to Applicable Law or otherwise, the claim
for such interest is allowed as a claim in such insolvency or liquidation
proceeding.

     "PREEMPTION LETTER" is defined in SECTION 3.4.

     "PRO FORMA BALANCE SHEET" is defined in CLAUSE (d) of SECTION 5.4.

     "PROJECTIONS" means the projections and calculations for the periods from
the Closing Date (assuming the Closing Date had occurred on January 1, 2002)
through the close of each Fiscal Year through and including the 2008 Fiscal Year
set forth in the Financing Memorandum,

                                      -15-
<Page>

including the projected income and cash flow statements, the EBITDA, balance
sheets, amortization and capitalization calculations, the ratio analyses and the
revenue and related cost assumptions.

     "PURCHASE DOCUMENT" means this Agreement, the Notes and each other
Instrument executed and delivered from time to time by the Company or any
Subsidiary to the Purchaser or any other Noteholder pursuant hereto (and, FOR
THE SAKE OF CLARITY, not including the SHI Stockholders' Agreement, the SHI
Certificate of Incorporation or any other Organizational Document of the
Company), whether or not mentioned herein.

     "PURCHASER" is defined in the PREAMBLE.

     "RATABLY" means, relative to the Noteholders, ratably according to the
aggregate outstanding principal amount of all Notes (or, as appropriate, all
Notes of any type) held by each Noteholder.

     "REORGANIZATION SECURITY" means, relative to any insolvency or liquidation
proceeding involving any Obligor, any Capital Stock or other securities of such
Obligor as reorganized or readjusted (or Capital Stock or any other securities
of any other Person provided for by a plan of reorganization or readjustment
involving such Obligor) which (x) are subordinated, at least to the same extent
as the Notes, to the payment of all outstanding Senior Indebtedness after giving
effect to such plan of reorganization or readjustment (including as such Senior
Indebtedness may be exchanged for Capital Stock or other securities pursuant to
such plan) and authorized by an order or decree of a court of competent
jurisdiction in a reorganization proceeding under any applicable bankruptcy,
insolvency or similar law, giving effect, and stating in such order or decree
that effect has been given, to ARTICLE VIII and (y) contain terms materially no
less advantageous to the holders of Senior Indebtedness than the terms contained
in the Purchase Documents.

     "REPRESENTATIVE NOTEHOLDER" means JZEP (or, at any time when JZEP shall no
longer comprise the Required Noteholders, such Noteholder as shall be designated
in accordance with SECTION 4.11) acting as the representative for all
Noteholders under this Agreement and any other Purchase Document.

     "REQUIRED NOTEHOLDERS" means, at any time, Noteholders owning more than
50.0% of the then aggregate outstanding principal amount of all Initial Notes;
PROVIDED, HOWEVER, that

          (a)  with respect to any amendment, waiver or modification which would
     modify in a manner adverse to the Noteholders (or less restrictive upon the
     Company or its Affiliates) the definition of the term "Change of Control",
     "Restricted Payment" or "Permitted Junior Payment" or any requirement of,
     or otherwise permit any action to be taken which is prohibited by, SECTIONS
     4.6, 6.2.5 or 6.2.12, "REQUIRED NOTEHOLDER" means, at any time, Noteholders
     owning more than 75.0% of the then aggregate outstanding principal amount
     of all Initial Notes; and

          (b)  any Initial Notes which from time to time is held by any
     Affiliate of the Company shall be deemed to be not outstanding for all
     purposes of (x) SECTIONS 7.3 and

                                      -16-
<Page>

     9.1 and (y) any other determination to be made by, or action to be taken by
     or at the direction of, the Required Noteholders.

     "RESTRICTED PAYMENT" means

          (a)  relative to any Capital Stock of the Company,

               (i)   any dividend or other distribution (in cash, property or
          obligations), direct or indirect, by the Company on account of (x) any
          shares of any class of such Capital Stock (now or hereafter
          outstanding) or (y) any warrants, options or other rights with respect
          to any shares of any class of such Capital Stock (now or hereafter
          outstanding), EXCLUDING, HOWEVER, in each case, dividends or
          distributions payable in such Capital Stock, or warrants to purchase
          such Capital Stock, or split-ups or reclassifications of such Capital
          Stock into additional or other shares of its Capital Stock),

               (ii)  any redemption, retirement, sinking fund or similar
          payment, purchase or other acquisition for value, direct or indirect,
          by the Company or any Subsidiary of any shares of any class of such
          Capital Stock (now or hereafter outstanding), and

               (iii) any payment by the Company or any Subsidiary made to
          retire, or to obtain the surrender of, any outstanding warrants,
          options or other rights to acquire shares of any class of such Capital
          Stock now or hereafter outstanding;

          (b)  any payment or prepayment by the Company or any Subsidiary of
     principal of, premium, if any, or interest on, or redemption, purchase,
     retirement, defeasance (including in-substance or legal defeasance),
     sinking fund or similar payment with respect to, any Indebtedness
     contractually or structurally subordinated in right of payment to the
     Obligations, including any Management SHI Subordinated Notes or any
     Additional Seller Subordinated Notes;

          (c)  any Jordan Payment by the Company or any Subsidiary; and

          (d)  any deposit to fund any of the foregoing.

     "SAFETY INSURANCE" is defined in the FIRST RECITAL.

     "SAFETY INDEMNITY" means Safety Indemnity Insurance Company, a
Massachusetts corporation and a wholly-owned Subsidiary of Safety Insurance.

     "SAR" means, relative to any Person, any stock appreciation, phantom stock,
incentive stock or similar contractual rights arising under stock-based
incentive or compensation plans or programs established by such Person for
employees of such Person or its Subsidiaries which do not involve any issuance
of any Capital Stock or other securities convertible thereinto.

         "SEC" means the Securities and Exchange Commission.

                                      -17-
<Page>

     "SECURITIES ACT" means the Securities Act of 1933, as amended.

     "SENIOR AGENT" is defined in the FOURTH RECITAL and also refers to any
replacement or successor agent under a successor Senior Loan Agreement as
provided in CLAUSE (a) of the definition of such term.

     "SENIOR LENDER" is defined in the FOURTH RECITAL and also refers to any
replacement or successor senior lenders under a successor Senior Loan Agreement
as provided in CLAUSE (a) of the definition of such term.

     "SENIOR LOAN" means a loan outstanding from time to time under the Senior
Loan Agreement.

     "SENIOR LOAN AGREEMENT" is defined in the FOURTH RECITAL. At any time after
the Closing Date, "SENIOR LOAN AGREEMENT" also means the Senior Loan Agreement
as originally executed and delivered, together with

          (a)  each successor Instrument pursuant to which Surviving Thomas
     Black obtains from other financial institutions revolving or term loans or
     commitments or other extensions of credit to refinance Indebtedness
     outstanding under the Senior Loan Agreement in effect on the date of such
     refinancing; PROVIDED, HOWEVER, that

               (i)  such successor Instrument shall contain no restricted
          payment limitation of the nature referred to in CLAUSE (b) of SECTION
          6.2.8 which are collectively more restrictive in any material respect
          than the comparable limitations contained in the Senior Loan Agreement
          in effect on the date of such refinancing, and

               (ii) if the final maturity of such loans is less than 365 days
          prior to October 31, 2011, such refinancing shall comply with the
          requirements of CLAUSE (c) of SECTION 6.2.8 as if such financing were
          an extension of the stated maturity of the Senior Loans under the
          Senior Loan Agreement then in effect; and

          (b)  all amendments, supplements, extensions, renewals and other
     modifications made thereto or to any such successor Instrument from time to
     time after the Closing Date in accordance with SECTION 6.2.8.

     "SENIOR LOAN DOCUMENT" means any "Loan Document" as defined in the Senior
Loan Agreement as in effect on the Closing Date. At any time after the Closing
Date, "SENIOR LOAN DOCUMENT" also means all Instruments which are analogous to
the "Loan Documents" (as defined on the Closing Date in the Senior Loan
Agreement) under each successor Instrument which qualifies as the "Senior Loan
Agreement" in accordance with CLAUSE (a) of the definition of such term.

     "SENIOR LOAN INDEBTEDNESS" means (x) the aggregate outstanding principal
amount of all Indebtedness, all unpaid interest accrued thereon (including
Post-Petition Interest) and all other Senior Loan Liabilities outstanding from
time to time under the Senior Loan Documents and (y) all Hedging Liabilities
owing to a Senior Lender or any Affiliate thereof with respect to

                                      -18-
<Page>

Indebtedness outstanding under the Senior Loan Agreement; PROVIDED, HOWEVER,
that the aggregate principal amount of all such Senior Indebtedness of the
nature referred to in ITEM (x) shall never exceed the aggregate principal amount
of Indebtedness permitted by ITEM (x) of CLAUSE (c) of SECTION 6.2.2 to be
outstanding under the Senior Loan Agreement.

     "SENIOR LOAN LIABILITY" means all "Obligations" under (and as defined on
the Closing Date in) the Senior Loan Agreement of Surviving Thomas Black and its
Subsidiaries. At any time after the Closing Date, "SENIOR LOAN LIABILITY" also
means all liabilities or obligations of Surviving Thomas Black and its
Subsidiaries under each successor Instrument which qualifies as the "Senior Loan
Agreement" in accordance with CLAUSE (a) of the definition of such term which
are analogous to the "Obligations" of Surviving Thomas Black and its
Subsidiaries as defined on the Closing Date in the Senior Loan Agreement.

     "SHI" is defined in the PREAMBLE.

     "SHI CERTIFICATE OF INCORPORATION" means the amended and restated
certificate of incorporation of the Company in substantially the form furnished
to the Purchaser prior to the execution and delivery of this Agreement.

     "SHI COMMON SHARE" means a share of common stock, $0.01 par value per
share, of the Company as authorized by the SHI Certificate of Incorporation.

     "SHI'S KNOWLEDGE" means, at any time and relative to any matter, knowledge
which any Authorized Officer of the Company would have as to such matters.

     "SHI PREFERRED SHARE" means a share of preferred stock, $0.001 par value
per share, of the Company as authorized by the SHI Certificate of Incorporation.

     "SHI RESTRICTED COMMON SHARES" means any SHI Common Shares issued pursuant
to the Management SHI Restricted Stock Plan.

     "SHI SERIES A PREFERRED SHARE" means a SHI Preferred Share issued as a 6.0%
Series A Preferred Share.

     "SHI STOCKHOLDER" is defined in the FIFTH RECITAL. At any time after the
Closing Date, "SHI STOCKHOLDER" also means any employee of the Company becoming
a "Management SHI Stockholder" in accordance with the SECOND SENTENCE of the
definition of such term.

     "SHI STOCKHOLDERS' AGREEMENT" is defined in the FIFTH RECITAL.

     "SIGNIFICANT NOTEHOLDER" is defined in SECTION 6.1.6.

     "SMCI" is defined in the FIRST RECITAL.

     "STATUTORY ACCOUNTING PRACTICES" or "SAP" shall have the meaning provided
in the Senior Loan Agreement as in effect on the Closing Date.

                                      -19-
<Page>

     "STATUTORY ANNUAL FINANCIAL STATEMENTS" shall have the meaning provided in
the Senior Loan Agreement as in effect on the Closing Date.

     "STATUTORY QUARTERLY FINANCIAL STATEMENTS" shall have the meaning provided
in the Senior Loan Agreement as in effect on the Closing Date.

     "STBC" is defined in the THIRD RECITAL.

     "STBC FILING DOCUMENT" means the certificate, plan or agreement of merger
in due form for filing with the Secretaries of the States of Delaware and
Massachusetts pursuant to which SMCI shall merge with and into Old Thomas Black.

     "SUBJECT SECURITY" means (x) all Initial Notes and other securities
purchased on the Closing Date pursuant to SECTION 2.3 and (y) all PIK Notes, if
any, accepted from time to time by the holders of any Notes, together, in each
case, with all other securities issued in replacement or exchange therefor or as
a distribution thereon.

     "SUBSIDIARY" means, relative to any Person, (x) any corporation,
association or other business entity more than 50.0% of the outstanding shares
of Voting Stock of which is owned directly or indirectly by such Person and (y)
any partnership in which such Person is a general partner. Except as otherwise
indicated herein, references to Subsidiaries refer to Subsidiaries of the
Company.

     "TAX" is defined in SECTION 4.10.

     "TAX INDEMNITY AGREEMENT" is defined in CLAUSE (j) of SECTION 3.5.

     "TAX INDEMNITY PAYMENT" means any payment made by the Company to a
Management SHI Stockholder which is a party to the Tax Indemnity Agreement of
such Management SHI Stockholder's Tax Loss (as defined in the Tax Indemnity
Agreement) pursuant to Section 2 of the Tax Indemnity Agreement.

     "TAX SHARING AGREEMENT" is defined in CLAUSE (a) of SECTION 3.7.

     "TJC" means The Jordan Company LLC, a New York limited liability company.

     "TJC CONSULTING AGREEMENT" is defined in CLAUSE (b) of SECTION 3.7.

     "TJC MANAGEMENT" means TJC Management Corp., a Delaware corporation, or its
designees, successors or assigns.

     "TRANSACTION" means, collectively,

          (a)  the issuance by the Company of the initial Subject Securities in
     accordance with this Agreement,

                                      -20-
<Page>

          (b)  the issuance by the Company of all other shares of Capital Stock,
     and the capitalization by the Company of SMCI, all in accordance with
     SECTION 5.9 and the Financing Memorandum,

          (c)  the incurrence by Surviving Thomas Black of all of the
     Indebtedness to be incurred on the Closing Date under the Senior Loan
     Agreement,

          (d)  the consummation of all of the transactions comprising the OTBC
     Acquisition, and

          (e)  the filing of the STBC Filing Document

and, in each case, all of the other transactions contemplated hereby (including
in accordance with ARTICLE III) to occur on the Closing Date or incidental
thereto, including the payment of Transaction Costs.

     "TRANSACTION COST" means any fee, cost or expense payable on the Closing
Date by the Company or any Subsidiary in connection with the Transaction.

     "TRANSACTION DOCUMENT" means the Purchase Documents, the SHI Certificate of
Incorporation, the SHI Stockholders' Agreement, the OTBC Acquisition Documents,
the Management SHI Subordinated Notes, the TJC Consulting Agreement, the
Intercompany Consulting Agreement, the Tax Sharing Agreement, the Management SHI
Restricted Stock Plan, the Management SHI SAR Agreement, the Tax Indemnity
Agreement, the STBC Filing Document and the Senior Loan Documents and all
schedules, exhibits, documents, certificates and Instruments delivered in
connection with any thereof.

     "2000 OTBC AUDITED FINANCIAL STATEMENT" is defined in CLAUSE (a) of SECTION
5.4.

     "2001 OTBC INTERIM FINANCIAL STATEMENT" is defined in CLAUSE (c) of SECTION
5.4.

     "TYPE" means, relative to the Notes, all Notes which are either Initial
Notes or PIK Notes, respectively.

     "VOTING STOCK" means, relative to any Person, Capital Stock of any class or
kind (including any Capital Stock of such Person of any other class or kind
which is then convertible Capital Stock of such class or kind) ordinarily having
the power to vote (and irrespective of whether at the time Capital Stock of such
Person of any other class or kind shall or might upon the occurrence of a
contingency have voting power) for the election of directors, managers or other
voting members of the governing body of such Person.

     "WHOLLY-OWNED SUBSIDIARY" means, relative to any Person, any Subsidiary of
such Person all of the Capital Stock (and all rights and options to purchase
such Capital Stock) of which, other than directors' qualifying shares, are
owned, beneficially and of record, by such Person or its wholly-owned
Subsidiaries.

     SECTION 1.2. SENIOR LOAN AGREEMENT TERMS. On the Closing Date, the Company
and the Purchaser will, for ease of reference, attach to this Agreement as
SCHEDULE II hereto a

                                      -21-
<Page>

restatement of all defined terms which are stated in SECTION 1.1 to be used
herein with meanings provided or referred to in the Senior Loan Agreement as in
effect on the Closing Date. In the event of any inconsistency between such
restatement and the meanings provided in the Senior Loan Agreement as in effect
on the Closing Date, such defined terms will be understood to conform to the
meanings so provided in the Senior Loan Agreement.

     SECTION 1.3. USE OF DEFINED TERMS. Unless otherwise defined or the context
otherwise requires, terms for which meanings are provided in this Agreement
shall have such meanings when used in the Disclosure Schedule, each Note and any
other Purchase Document or any notice or other communication delivered from time
to time in connection with any Purchase Document.

     SECTION 1.4. CROSS REFERENCES. Unless otherwise specified, references in
this Agreement and in each other Purchase Document to any Article or Section are
references to such Article or Section of this Agreement or such other Purchase
Document, as the case may be, and unless otherwise specified, references in any
Article, Section or definition to any item or clause are references to such item
or clause of such Article, Section or definition.

     SECTION 1.5. ACCOUNTING AND FINANCIAL DETERMINATIONS. Unless otherwise
specified, all accounting terms used herein or in any other Purchase Document
shall be interpreted, all accounting determinations and computations hereunder
or thereunder for periods after the Closing Date shall be made and all financial
statements required to be delivered hereunder or thereunder shall be prepared,
in accordance with GAAP; PROVIDED, HOWEVER, that, relative to all Insurance
Subsidiaries, all accounting terms, all accounting determinations and
computations and all financial statements may be interpreted, made or prepared,
as the case may be, in accordance with Statutory Accounting Practices.

                                   ARTICLE II

                    PURCHASES AND SALES OF SUBJECT SECURITIES

     SECTION 2.1. PURCHASE COMMITMENTS. The Purchaser hereby agrees, SUBJECT,
HOWEVER, to the terms and conditions of this Agreement (including ARTICLE III),
to purchase from the Company, and the Company hereby agrees to sell to the
Purchaser, at the Closing the following securities:

          (a)  $30,000,000 principal amount of Initial Notes, at par;

          (b)  22,400 6.0% SHI Series A Preferred Shares, at $1,000 per share;
     and

          (c)  89,625 SHI Common Shares, at $10.00 per share.

     SECTION 2.2. ISSUE PRICE. The Company and the Purchaser agree that, for
purposes of section 1271 ET SEQ. of the Code, the issue price of each Initial
Note is 100% of its principal amount and the issue price of each initial SHI
Series A Preferred Share and SHI Common Share is the price set forth
respectively for such Subject Security in SECTION 2.1, and that this agreement

                                      -22-
<Page>

is intended to constitute an agreement as to the issue price for all Federal and
other income tax purposes.

     SECTION 2.3. CLOSING. The purchase of the Initial Notes and the other
initial Subject Securities shall take place at a closing (the "CLOSING") at the
offices of Bingham Dana LLP, 150 Federal Street, Boston, Massachusetts, at 10:00
a.m., local time, on October 16, 2001 or such other Business Day on or prior to
November 30, 2001 as may be agreed upon by the Company and the Purchaser (the
"CLOSING DATE"); PROVIDED, HOWEVER, that if the Closing Date shall not have
occurred on or prior to October 19, 2001, then, the Company will give the
Purchaser at least three Business Days' notice of any later Closing Date. At the
Closing, the Company will deliver to the Purchaser

          (a)  a single Initial Note in the aggregate principal amount set forth
     in CLAUSE (a) of SECTION 2.1, dated the Closing Date, and registered in the
     Purchaser's name,

          (b)  a certificate representing the aggregate number of 6.0% SHI
     Series A Preferred Shares set forth in CLAUSE (b) of SECTION 2.1, dated the
     Closing Date, and registered in the Purchaser's name, and

          (c)  a certificate representing the aggregate number of SHI Common
     Shares set forth in CLAUSE (c) of SECTION 2.1, dated the Closing Date, and
     registered in the Purchaser's name,

each against delivery by the Purchaser to the Company of immediately available
funds in the amount of the purchase price therefor. If, at the Closing, the
Company shall fail to tender to the Purchaser any initial Subject Security as
provided in this Section or any of the conditions specified in ARTICLE III shall
not have been fulfilled to the Purchaser's satisfaction, the Purchaser shall, at
its election, be relieved of all further obligations under this Agreement,
without thereby waiving any other rights the Purchaser may have by reason of
such failure or such nonfulfillment.

     SECTION 2.4. PURCHASER'S REPRESENTATIONS. The Purchaser represents and
warrants that (v) the Purchaser is an "accredited investor" within the meaning
of Regulation 501(a) under the Securities Act and the Subject Securities to be
acquired by it pursuant to this Agreement are being acquired for its own account
and without a view to, or for resale in connection with, any distribution
thereof or any interest therein in violation of the Securities Act; (w) the
execution, delivery and performance of this Agreement and the purchase of the
Subject Securities pursuant hereto are within the Purchaser's powers and have
been duly and validly authorized; (x) this Agreement has been duly executed and
delivered by and constitutes a valid and binding agreement of the Purchaser; (y)
the Purchaser has such knowledge and experience in financial and business
matters so as to be capable of evaluating the merits and risks of its investment
in the Subject Securities and is capable of bearing the economic risks of such
investment; and (z) no form of general solicitation or general advertising was
used in connection with the purchase or sale of the Subject Securities. All
subsequent holders of Notes or other Subject Securities shall, as a condition to
their acquisition thereof, be required to make the representations and
warranties set forth in ITEMS (v), (y) and (z) for the benefit of the Company;
PROVIDED, HOWEVER, that the

                                      -23-
<Page>

representation and warranty set forth in ITEM (z) may be qualified to the
knowledge of such subsequent holder.

                                   ARTICLE III

                              CONDITIONS TO CLOSING

     The Purchaser's obligation to purchase and pay for the initial Subject
Securities is SUBJECT, HOWEVER, to the fulfillment, to the Purchaser's
satisfaction, prior to, at or concurrently with the Closing, of all of the
following conditions:

     SECTION 3.1. CERTIFICATES OF INCORPORATION. Each of the following shall
have occurred (and the Purchaser, including as the Representative Noteholder,
shall have received from the Company and SMCI a certificate, dated the Closing
Date, of its Secretary or Assistant Secretary in the form of EXHIBIT B hereto
confirming, as applicable, INTER ALIA that):

          (a)  the Company and SMCI shall have adopted and duly filed with the
     Secretary of State of the State of Delaware the SHI Certificate of
     Incorporation and the SMCI Certificate of Incorporation, respectively; and

          (b)  in each case, no further amendments or modifications to any such
     certificate of incorporation shall have been adopted or filed (EXCLUDING,
     HOWEVER, in the case of SMCI, the STBC Filing Document).

     SECTION 3.2. RESOLUTIONS, ETC. The Purchaser, including as the
Representative Noteholder, shall have received:

          (a)  from the Company, a certificate, dated the Closing Date, in the
     form of EXHIBIT C hereto as to:

               (i)  resolutions of its Board of Directors then in full force and
          effect authorizing the issuance of the initial Subject Securities and
          the execution, delivery and performance of this Agreement and each
          other Purchase Document to be executed by it and the SHI Stockholders'
          Agreement, and

               (ii) the incumbency and signatures of those of its officers
          authorized to act with respect to this Agreement, each other Purchase
          Document executed by it and the SHI Stockholders' Agreement); and

          (b)  such other documents (certified if requested) as the Purchaser
     may reasonably request with respect to any Organizational Document or
     Contractual Undertaking of, or Approval affecting, the Company, SMCI or
     Surviving Thomas Black.

     SECTION 3.3. OTHER STOCKHOLDER PURCHASES. Each of the following shall have
occurred (and the Purchaser, including as the Representative Noteholder, shall
have received a certificate, dated the Closing Date, in the form of EXHIBIT D
hereto confirming INTER ALIA that):

                                      -24-
<Page>

          (a)  the Company shall have entered into with each SHI Stockholder
     (other than the Purchaser) the SHI Stockholders' Agreement and related
     subscription agreements, each in substantially the form furnished to the
     Purchaser prior to the execution and delivery of this Agreement; and

          (b)  the Company shall have sold to all SHI Stockholders (other than
     the Purchaser) pursuant to the SHI Stockholders' Agreement and related
     subscription agreements the respective number of shares of Capital Stock
     shown in ITEM 3.3 ("SHI STOCKHOLDERS") of the Disclosure Schedule and shall
     have received payment in full therefor in Management Notes or good funds in
     accordance with the terms of such subscription agreements.

     SECTION 3.4. PREEMPTION LETTER. The Company shall have delivered to the
Purchaser a duly executed letter, dated the Closing Date (the "PREEMPTION
LETTER"), in the form of EXHIBIT E hereto.

     SECTION 3.5. OTBC ACQUISITION. Each of the following shall have occurred
(and the Purchaser, including as the Representative Noteholder, shall have
received a certificate, dated the Closing Date, in the form of EXHIBIT F hereto
confirming INTER ALIA that):

          (a)  the OTBC Acquisition Agreement shall be in full force and effect,
     and no material term or condition thereof shall have been amended, waived
     or otherwise modified;

          (b)  all Approvals necessary or advisable in connection with the OTBC
     Acquisition, including from the Insurance Division of the Commonwealth of
     Massachusetts, shall have been obtained and be in full force and effect
     (except where the failure to obtain any such Approval from a non-Insurance
     Regulatory Authority would not reasonably be expected to have a Material
     Adverse Effect), and all applicable waiting periods shall have expired
     without any action being taken or threatened by any Governmental Authority
     which would restrain, prevent or otherwise impose adverse conditions on the
     OTBC Acquisition or the financing thereof;

          (c)  no pending or threatened material litigation, proceeding or
     investigation shall exist which contests the consummation of the OTBC
     Acquisition;

          (d)  no material adverse change shall have occurred in the
     consolidated financial condition, business, assets, operations or
     properties of Old Thomas Black and its Subsidiaries, taken as a whole since
     December 31, 2000;

          (e)  except with the consent of the Representative Noteholder (which
     shall not be unreasonably withheld or delayed), all material conditions in
     the OTBC Acquisition Agreement to the consummation of the OTBC Acquisition
     (including as to the continuing accuracy of all representations and
     warranties made thereunder) shall have been satisfied without recourse to
     any provision permitting the waiver by the Company or SMCI of any
     condition, obligation, covenant or other requirement;

                                      -25-
<Page>

          (f)  the OTBC Acquisition shall be consummated simultaneously with the
     Closing in the manner contemplated in all material respects by the OTBC
     Acquisition Agreement and the Financing Memorandum, including in exchange
     for cash consideration not to exceed $112,805,063 at Closing;

          (g)  taken collectively, the Non-Insurance Subsidiaries of Old Thomas
     Black shall not, for the 12 month period ending on the date (the "REPORTING
     DATE") of the most recent quarterly financial statement then delivered
     pursuant to OTBC Acquisition Agreement, have contributed more than 10% of
     the consolidated cash flow of Old Thomas Black and its Subsidiaries for
     such period;

          (h)  each Management SHI Stockholder shall have entered into a
     Management Employment Agreement;

          (i)  the Purchaser shall have received true and complete copies of the
     OTBC Acquisition Agreement and, to the extent reasonably requested by the
     Purchaser, all other certificates, filings, documents, consents, approvals,
     board of directors resolutions and opinions furnished pursuant to or in
     connection with the OTBC Acquisition Agreement and the OTBC Acquisition and
     all such items shall be satisfactory in all respects to the Purchaser;

          (j)  the Company and certain of the Management SHI Stockholders shall
     have entered into a tax indemnity agreement (as so originally executed and
     delivered, the "TAX INDEMNITY AGREEMENT"); and

          (k)  the Transaction Costs shall be reasonably expected to not exceed
     $9,000,000.

     SECTION 3.6. STBC FILING DOCUMENT. Each of the following shall have
occurred (and the Purchaser, including as the Representative Noteholder, shall
have received a certificate, dated the Closing Date, in the form of EXHIBIT G
hereto confirming INTER ALIA that):

          (a)  the STBC Filing Document, in recordable form, shall have been
     duly executed by the parties thereto;

          (b)  counterparts of the STBC Filing Document shall be available for
     filing with the Secretaries of State of the States of Massachusetts and
     Delaware (which filings shall have been authorized by all parties thereto);
     and

          (c)  such filings shall be consummated substantially concurrently with
     the Closing.

     SECTION 3.7. CERTAIN AFFILIATE AGREEMENTS. Each of the following shall have
occurred (and the Purchaser, including as the Representative Noteholder, shall
have received a certificate, dated the Closing Date, in the form of EXHIBIT H
hereto confirming INTER ALIA that):

          (a)  the Company, Surviving Thomas Black and Safety Insurance shall
     have entered into a tax sharing agreement (as so originally executed and
     delivered, the "TAX SHARING AGREEMENT"),

                                      -26-
<Page>

          (b)  the Company shall have entered into with TJC Management an
     agreement for the provision of management consulting and transaction
     advisory services (as so originally executed and delivered, the "TJC
     CONSULTING AGREEMENT"), and

          (c)  the Company and Surviving Thomas Black shall have entered into an
     intercompany consulting agreement (as so originally executed and delivered,
     the "INTERCOMPANY CONSULTING AGREEMENT"),

in each case in substantially the form furnished to the Purchaser prior to the
execution and delivery of this Agreement.

     SECTION 3.8. EFFECTIVENESS, ETC. OF SENIOR LOAN AGREEMENT. Each of the
following shall have occurred (and the Purchaser, including as the
Representative Noteholder, shall have received a certificate, dated the Closing
Date, in the form of EXHIBIT I hereto confirming INTER ALIA that):

          (a)  SMCI and Fleet and the other Senior Lenders shall have executed
     and delivered the Senior Loan Agreement in substantially the form furnished
     to the Purchaser prior to the execution and delivery of this Agreement
     (including without any amendment or other modification of any of the
     definitions of Section 1.1 thereof which are stated in SECTION 1.1 to be
     used herein with meanings provided or referred to therein); and

          (b)  all conditions in the Senior Loan Agreement to obtaining the
     initial Senior Loans (including Sections 11.13, 11.18, 11.19 and 12.1
     thereof) shall have been satisfied without recourse to any provision
     permitting the waiver by any party thereto of any condition, obligation,
     covenant or other requirement, and SMCI shall have received proceeds of the
     initial Senior Loans in an aggregate principal amount not to exceed
     $72,000,000.

     SECTION 3.9. PERFORMANCE; NO DEFAULT. At the time of the Closing (and after
giving effect to the Transaction),

          (a)  the representations and warranties of the Company contained in
     this Agreement and those made in writing by or on behalf of the Company in
     connection with any other Purchase Document delivered on the Closing Date
     shall be true and correct;

          (b)  the Company shall have performed and complied with all agreements
     and conditions contained in this Agreement required to be performed or
     complied with by it prior to or at the Closing; and

          (c)  no Default shall have occurred and be continuing.

     SECTION 3.10. ABSENCE OF LITIGATION, ETC. Except as disclosed pursuant to
SECTION 5.7,

          (a)  no material litigation, arbitration or governmental investigation
     or proceeding shall be pending or, to SHI's Knowledge, threatened against
     either Old Thomas Black or any of its Subsidiaries or the Company or any
     Subsidiary which (x) affects any of their respective financial condition,
     business, assets, operations or properties and which would,

                                      -27-
<Page>

     in the opinion of the Purchaser, reasonably be expected to have a
     Materially Adverse Effect or (y) relates to the Transaction; and

          (b)  no development shall have occurred in any such litigation,
     arbitration or governmental investigation or proceeding so disclosed, which
     would, in the opinion of the Purchaser, reasonably be expected to have a
     Materially Adverse Effect.

     SECTION 3.11. CERTIFICATE AS TO COMPLIANCE, ETC. The Purchaser, including
as the Representative Noteholder, shall have received from the Company a
certificate, dated the Closing Date, of its chief executive or financial
Authorized Officer as to satisfaction of the conditions set forth in SECTIONS
3.9 and 3.10 in the form of EXHIBIT J hereto.

     SECTION 3.12. CERTIFICATE AS TO SOLVENCY, ETC. The Purchaser, including as
the Representative Noteholder, shall have received a certificate, dated the
Closing Date, of the chief accounting and financial Authorized Officer of the
Company, in the form of EXHIBIT K hereto.

     SECTION 3.13. OPINION OF COUNSEL. The Purchaser, including as the
Representative Noteholder, shall have received an opinion, dated the Closing
Date, from Mayer, Brown & Platt, counsel to the Company, substantially in the
form of EXHIBIT L hereto.

     SECTION 3.14. LEGAL EXPENSES. The Company shall have made payment in full
of all fees and expenses of counsel to the Purchaser which shall have been
invoiced to the Company on or prior to the Closing Date (including amounts
invoiced on account).

     SECTION 3.15. LEGAL INVESTMENT. On the Closing Date, the Purchaser's
purchase of the initial Subject Securities shall not be prohibited by any
Applicable Law and shall not subject it to any penalty or, in the Purchaser's
reasonable judgment, other onerous condition under or pursuant to any Applicable
Law.

     SECTION 3.16. SATISFACTORY LEGAL FORM. All documents executed or submitted
pursuant hereto by or on behalf of the Company or any Subsidiary shall be
reasonably satisfactory in form and substance to the Purchaser and its counsel;
the Purchaser and its counsel shall have received all information, and such
counterpart originals or such certified or other copies of all Instruments, as
the Purchaser or its counsel may reasonably request; and all legal matters
incident to the transactions contemplated by this Agreement shall be reasonably
satisfactory to counsel to the Purchaser.

                                   ARTICLE IV

                          PAYMENTS, REGISTRATION, ETC.

     SECTION 4.1. PLACE OF PAYMENT. Payments of principal and interest becoming
due and payable on the Notes and any dividends or other payments on or in
respect of any other Subject Securities shall be made at the office of HSBC Bank
USA, 452 Fifth Avenue, 26th Floor, New York, New York 10018.

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     SECTION 4.2. HOME OFFICE PAYMENT. So long as the Purchaser or its nominee
shall be the holder of any Subject Security, and notwithstanding anything
contained in SECTION 4.1 or in any Subject Security to the contrary, the Company
will pay all sums becoming due for principal of and interest on such Note and
all dividends or other payments on or in respect of any other Subject Security,
not later than 12:00 o'clock noon, New York City time, on the date such payment
is due, in immediately available funds,

          (a)  in accordance with the payment instructions set forth below the
     Purchaser's signature hereto with instructions to the payee identified in
     such instructions to telephone advice of credit in accordance with such
     instructions, or

          (b)  by such other method or at such other address or bank account as
     the Purchaser may designate in writing,

without the presentation or surrender of such Note or other Subject Security or
the making of any notation thereon, except that any Note paid or prepaid (or any
other Subject Security redeemed) in full shall be surrendered to the Company at
its principal office for cancellation. Prior to any sale or other disposition of
any Note held by the Purchaser, the Purchaser will, at its election, either
endorse thereon the amount of principal paid thereon and the last date to which
interest has been paid thereon or surrender such Note to the Company in exchange
for a new Note or Notes, as the case may be, pursuant to SECTION 4.8. The
Company will afford the benefits of this Section to any Institutional Holder
which is the direct or indirect transferee of any Subject Security purchased by
the Purchaser under this Agreement and which has made the same agreement
relating to such Subject Security as the Purchaser has made in this Section.

     SECTION 4.3. OPTIONAL PAYMENTS. The Company may, at its option, prepay at
any time, without premium or penalty, all or any part (in an integral multiple
of $1,000) of the outstanding principal amount of, or of interest due or to
become due on the next semi-annual payment date under, the Notes; PROVIDED,
HOWEVER, that no prepayment of principal of any Initial Notes shall be made at
any time when any PIK Notes shall remain outstanding. Prepayments of principal
of Notes of any type shall be in the amount so prepaid and be accompanied by
payment in full of all interest accrued on such principal amount and not yet
paid. Each prepayment of Notes of any type shall be SUBJECT, HOWEVER, to the
Company having given each Noteholder written notice of such prepayment not more
than 30 days and not less than five days prior to the date fixed for such
prepayment, in each case specifying (w) such date, (x) the aggregate principal
amount, if any, of (and the amount of unpaid interest accrued on such principal
amount), or the amount of unpaid interest on the Notes of such type to be
prepaid on such date, and (y) the principal amount, if any, of (and the amount
of unpaid interest accrued on such principal amount), or the amount of unpaid
interest on, each Note of such type held by such Noteholder to be prepaid on
such date. Such notice shall be accompanied by an officers' certificate
certifying that the procedures for such prepayment have been honored and
specifying the particulars thereof.

     SECTION 4.4. MANDATORY PREPAYMENTS OF PIK NOTES. The Company shall make
prepayments of principal of all PIK Notes issued on any Interest Payment Date,
together with all interest accrued on the principal amount then prepaid, when
and to the full extent permitted to be made from time to time thereafter by the
terms of Section 9.4(b) of the Senior Loan Agreement as each such Section is in
effect on such Interest Payment Date and after giving

                                      -29-
<Page>

effect to any amendment to such Section which became effective as a condition to
the Noteholders' acceptance of such PIK Notes. Prepayments required to be made
pursuant to this Section of principal of PIK Notes issued on more than one
Interest Payment Date shall be applied first to the prepayment in full of all
outstanding principal of all PIK Notes issued on the earliest Interest Payment
Date and thereafter, to the extent of such required prepayment, to the
prepayment in full of all outstanding principal of all PIK Notes issued on each
subsequent Interest Payment Date, in each case in the chronological order of
such Interest Payment Dates.

     SECTION 4.5. ALLOCATION. Each partial prepayment paid or to be prepaid of
principal of Notes of any type and each prepayment of interest paid or to be
prepaid shall be allocated Ratably (in integral multiples of $1,000) among all
Notes of such type at the time outstanding, as nearly as practicable, with
adjustments, to the extent practicable, to compensate for any prior prepayments
not made exactly in such proportion. In the case of each voluntary prepayment of
principal of or interest on Notes of any type, the principal amount to be
prepaid, if any, (together with interest on such principal amount accrued to
such date), or the amount of interest to be prepaid, as the case may be, shall
mature and become due and payable on the date fixed for such prepayment. From
and after the date of any such prepayment of principal, unless the Company shall
fail to pay such principal amount when so due and payable, together with the
interest, as aforesaid, interest on such principal amount shall cease to accrue.
Any Note paid or prepaid in full shall be surrendered to the Company and
cancelled and shall not be reissued, and no Note shall be issued IN LIEU of any
prepaid principal amount of any Note.

     SECTION 4.6. MANDATORY REDEMPTION OF NOTES. Upon the earliest to occur of

          (a)  any Change of Control,

          (b)  the Company or any Subsidiary entering into any written or other
     arrangement which will give rise to a Change of Control, or

          (c)  the Company having notice that any other Person has entered into
     a written or other arrangement which will give rise to a Change of Control,

the Company will immediately give written notice of such transaction or event to
each Noteholder, which notice shall describe such transaction or event in
reasonable detail. Immediately upon (and concurrently with) the occurrence of
any Change of Control, the Company will purchase from each Noteholder all of the
outstanding Notes held by it at a purchase price, payable in immediately
available funds, equal to the unpaid principal amount thereof together with all
unpaid interest accrued on all Notes to the date of such purchase.

     SECTION 4.7. REGISTRATION, TRANSFER, ETC. The Company will keep at its
principal office a register in which the Company will provide for the
registration of the Notes and their transfer. The Company may treat the Person
in whose name any Note is registered on such register as the owner thereof for
the purpose of receiving payment of the principal of and interest on such Note
and for all other purposes, whether or not such Note shall be overdue, and the
Company shall not be affected by any notice to the contrary from any Person
other than the applicable Noteholder. All references in this Agreement to a
"holder" of any Note shall mean the Person in whose name such Note is at the
time registered on such register.

                                      -30-
<Page>

     SECTION 4.8. TRANSFER AND EXCHANGE. Upon surrender of any Note for
registration of transfer or for exchange to the Company at its principal office,
the Company at its expense will execute and deliver in exchange therefor a new
Note or Notes, as the case may be, of the same type in denominations of at least
$100,000 (except a Note may be issued in a lesser principal amount if the unpaid
principal amount of the surrendered Note is not evenly divisible by, or is less
than, $100,000), as requested by the holder or transferee, which aggregate the
unpaid principal amount of such Note, registered as such holder or transferee
may request, dated so that there will be no loss of interest on such surrendered
Note and otherwise of like tenor.

     SECTION 4.9. REPLACEMENT. Upon receipt of evidence reasonably satisfactory
to the Company of the loss, theft, destruction or mutilation of any Note and, in
the case of any such loss, theft or destruction of any Note, upon delivery of an
indemnity bond in such reasonable amount as the Company may determine (or, in
the case of any Note or Notes held by the Purchaser or another Institutional
Holder or the Purchaser's nominee, of an unsecured indemnity agreement from the
Purchaser or such other holder reasonably satisfactory to the Company), or, in
the case of any such mutilation, upon the surrender of such Note for
cancellation to the Company at its principal office, the Company at its expense
will execute and deliver, IN LIEU thereof, a new Note of the same type and of
like tenor, dated so that there will be no loss of interest on (and registered
in the name of the holder of) such lost, stolen, destroyed or mutilated Note.
Any Note IN LIEU of which any such new Note has been so executed and delivered
by the Company shall be deemed to be not outstanding for any purpose of this
Agreement.

     SECTION 4.10. TAXES. Except as otherwise provided in this Section, all
payments by the Company of principal of, and interest on, the Notes, and all
other amounts payable hereunder shall be made free and clear of and without
deduction for any present or future income, excise, stamp or franchise taxes and
other taxes, fees, duties, withholdings or other charges of any nature
whatsoever imposed by any taxing authority, EXCLUDING, HOWEVER, franchise taxes
and taxes imposed on or measured by the Purchaser's or any other Noteholder's
net income or receipts (such non-excluded items being called "TAXES"). In the
event that any withholding or deduction from any payment to be made by the
Company hereunder is required in respect of any Taxes pursuant to any Applicable
Law, then, the Company will

          (a)  pay directly to the relevant authority the full amount required
     to be so withheld or deducted;

          (b)  promptly forward to the Purchaser and each other Noteholder an
     official receipt or other documentation satisfactory to the Purchaser and
     each other Noteholder evidencing such payment to such authority; and

          (c)  except as otherwise provided in this Section, pay to the
     Purchaser and each other Noteholder such additional amount or amounts as is
     necessary to ensure that the net amount actually received by each
     Noteholder will equal the full amount such Noteholder would have received
     had no such withholding or deduction been required.

Moreover, if any Taxes are directly asserted against the Purchaser or any
Noteholder with respect to any payment received by the Purchaser or such
Noteholder hereunder, the Purchaser or such Noteholder may pay such Taxes, and,
except as otherwise provided in this Section, the

                                      -31-
<Page>

Company will promptly pay such additional amount (including any penalties,
interest or expenses) as is necessary in order that the net amount received by
the Purchaser or such Noteholder after the payment of such Taxes (including any
Taxes on such additional amount) shall equal the amount the Purchaser or such
Noteholder would have received had no such Taxes been asserted.

     If the Company fails to pay any Taxes when due to the appropriate taxing
authority or fails to remit to the Purchaser and the other Noteholders the
required receipts or other required documentary evidence, the Company shall
indemnify the Purchaser and the other Noteholders for any incremental Taxes,
interest or penalties that may become payable by the Purchaser or any other
Noteholder as a result of any such failure. For purposes of this Section, a
distribution hereunder by the Purchaser or any other Noteholder to or for the
account of any Noteholder shall be deemed a payment by the Company.

     The Purchaser shall provide to the Company on or prior to the due date of
the first payment under the Notes (and any Noteholder which is not a United
States person (as such term is defined in Section 7701(a)(30) of the Code) for
U.S. Federal income tax purposes (a "NON-U.S. NOTEHOLDER") that becomes a
Noteholder under this Agreement after the Closing shall, upon the date of such
Noteholder becoming a Noteholder hereunder, provide to the Company) either (i)
two duly completed copies of either (x) Internal Revenue Service Form W-8BEN
claiming a complete exemption from U.S. federal withholding tax under a
provision of an applicable tax treaty or (y) Internal Revenue Service Form
W-8ECI claiming a complete exemption from U.S. federal withholding tax under the
Code because payments hereunder are effectively connected with the conduct by
such Non-U.S. Noteholder of a trade or business in the United States, or in
either case an applicable successor form or (ii) in the case of a Non-U.S.
Noteholder (including the Purchaser) that is not legally entitled to deliver
either form listed in ITEM(i), (x) a certificate of a duly authorized officer of
such Non-U.S. Noteholder to the effect that such Non-U.S. Noteholder is not (A)
a "bank" within the meaning of Section 881(c)(3)(A) of the Code, (B) a "10
percent shareholder" of the Company with the meaning of Section 881(c)(3)(B) of
the Code or (C) a controlled foreign corporation receiving interest from a
related person within the meaning of Section 881(c)(3)(C) of the Code and (y)
two duly completed copies of Internal Revenue Service Form W-8BEN or applicable
successor form. To the extent legally entitled to do so, on or before the date
any such form expires or becomes obsolete or after the occurrence of any event
requiring a change in the most recent form previously delivered by it to the
Company, and otherwise from time to time upon the reasonable written request of
the Company after the Closing, each Noteholder (including the Purchaser) that is
a Non-U.S. Noteholder will provide to the Company two original signed copies of
any forms or certificates required pursuant to this paragraph.

     Notwithstanding anything to the contrary contained in this Section, the
Company shall be entitled, to the extent it is required to do so by law, to
deduct or withhold income or similar taxes imposed by the United States (or any
political subdivision or taxing authority thereof or therein) from interest,
fees or other amounts payable hereunder for the account of any Noteholder that
is a Non-U.S. Noteholder and that has not provided to the Company the forms
required to be provided to the Company pursuant to the PRECEDING PARAGRAPH, and
the Company shall have no obligation to pay any additional amount to a Non-U.S.
Noteholder with respect to such withheld amounts or with respect to Taxes
incurred by such Non-U.S. Noteholder to the extent such

                                      -32-
<Page>

withholding would not have been required or such Taxes would not have been
incurred if such Non-U.S. Noteholder would have provided such forms to the
Company in the manner required by the PRECEDING PARAGRAPH.

     SECTION 4.11. REPRESENTATIVE NOTEHOLDER. The Representative Noteholder
shall act in accordance with and be entitled to the benefits of SECTIONS 4.11.1
through 4.11.4. At any time when JZEP shall no longer comprise the Required
Noteholders, then the Required Noteholders shall designate in writing to the
Company a Noteholder as the Representative Noteholder.

     SECTION 4.11.1. ACTIONS. Each Noteholder authorizes the Representative
Noteholder (x) to act as a "representative" (as defined in Article 1 of the
Uniform Commercial Code as in effect in the State of New York) of the
Noteholders for purposes of actions to be taken for their benefit and under this
Agreement and each other Purchase Document and (y) at the direction of the
Required Noteholders, to exercise such powers thereunder as are specifically
delegated to or required of the Representative Noteholder by the terms thereof,
together with such powers as may be reasonably incidental thereto. Each
Noteholder agrees to reimburse the Representative Noteholder Ratably for all
reasonable out-of-pocket expenses (including attorneys' fees) incurred by the
Representative Noteholder under the Purchase Documents or in connection
therewith or in enforcing the obligations of the Company thereunder and for
which the Representative Noteholder is not reimbursed by the Company. The
Representative Noteholder shall not be required to take any action under the
Purchase Documents, or to prosecute or defend any suit in respect thereof,
unless indemnified to its satisfaction by each Noteholder against loss, costs,
liability and expense. If any indemnity furnished to the Representative
Noteholder shall become impaired, it may call for additional indemnity and cease
to do the acts indemnified against until such additional indemnity is given.

     SECTION 4.11.2. EXCULPATION. Neither the Representative Noteholder nor any
of its directors, officers, employees or agents shall be liable to any
Noteholder for any action taken or omitted to be taken by it or them under any
Purchase Document, or in connection therewith, except for its own willful
misconduct or gross negligence, nor responsible for any recitals or warranties
herein or therein, nor for the effectiveness, enforceability, validity or due
authorization, execution or delivery of any Purchase Document, nor to make any
inquiry respecting the performance by the Company of its obligations under any
Purchase Document. The Representative Noteholder shall be entitled to rely upon
advice of legal advisers (including counsel to the Company) concerning legal
matters and upon any notice, consent, certificate, statement or writing which it
believes to be genuine and to have been presented by a proper Person.

     SECTION 4.11.3. STATUS AS NOTEHOLDER. The Representative Noteholder shall
have the same rights and powers with respect to the Notes held by it as any
Noteholder and may exercise the same as if it were not the Representative
Noteholder, and the term "Noteholder" shall include the Representative
Noteholder in its individual capacity.

     SECTION 4.11.4. CREDIT DECISIONS. Each holder of Subject Securities
acknowledges that it has, independently of the Representative Noteholder and
each other holder of Subject Securities and based on the financial information
referred to in SECTION 5.4 and such other documents, information and
investigations as it has deemed appropriate, made its own credit

                                      -33-
<Page>

decision to purchase its Subject Securities. Each holder of a Note also
acknowledges that it will, independently of the Representative Noteholder and
each other Noteholder and based on such other documents, information and
investigations as it shall deem appropriate at any time, continue to make its
own credit decisions as to exercising or not exercising from time to time any
rights and privileges available to it under any Purchase Document.

                                    ARTICLE V

                                WARRANTIES, ETC.

     To induce the Purchaser to enter into this Agreement and to purchase the
initial Subject Securities hereunder, the Company represents and warrants unto
the Purchaser, including as the Representative Noteholder, as follows (and, for
all purposes of this Agreement, all of such representations and warranties shall
be understood to be made by the Company on (and only on) the date of execution
and delivery of this Agreement by the Company and the Closing Date; PROVIDED,
HOWEVER, that (x) the representations in SECTION 5.4 and 5.20 relative to any
financial, other information or projections delivered from time to time pursuant
to this Agreement or any other Purchase Document shall also be understood to be
made with respect thereto on the date of delivery thereof and (y) the
representations in SECTIONS 5.1, 5.2 and 5.3 relative to Notes and Subject
Securities shall also be understood to be made on the date, if any, of each
issuance of any PIK Note.

     SECTION 5.1. ORGANIZATION, POWER, AUTHORITY, ETC. The Company is a
corporation validly organized and existing and in good standing under the laws
of the jurisdiction of its incorporation and has full power and authority and
holds all requisite Approvals to own and hold its property and to conduct its
business substantially as currently conducted by it. The Company has full power
and authority to enter into and perform its obligations under this Agreement,
the initial Subject Securities, each other Purchase Document to which it is a
party and the SHI Stockholders' Agreement.

     SECTION 5.2. DUE AUTHORIZATION. The execution and delivery by the Company
of this Agreement, the initial Subject Securities, each other Purchase Document
to which it is a party and the SHI Stockholders' Agreement, the performance by
the Company of its obligations hereunder and thereunder, and the issuance of the
initial Subject Securities by the Company have been duly authorized by all
necessary corporate action, do not and will not require any Approval, do not and
will not conflict with, result in any violation of, or constitute any default
under, any provision of any Organizational Document, any Applicable Law or
material Contractual Undertaking and will not result in or require the creation
or imposition of any Lien on any of its properties pursuant to the provisions of
any material Contractual Undertaking (EXCLUDING, HOWEVER, Permitted Liens).

     SECTION 5.3. VALIDITY, ETC. This Agreement constitutes, and the Notes and
other initial Subject Securities, each other Purchase Document to which the
Company is a party and the SHI Stockholders' Agreement will on the due execution
and delivery thereof constitute, the legal, valid and binding obligations of the
Company enforceable in accordance with their respective terms, SUBJECT, HOWEVER,
as to enforcement only, to bankruptcy, insolvency, reorganization,

                                      -34-
<Page>

moratorium or similar laws at the time in effect affecting the enforceability of
the rights of creditors generally.

     SECTION 5.4. FINANCIAL INFORMATION. All balance sheets, all statements of
income, of stockholders' equity and of cash flows and all other financial
information of Old Thomas Black and its Subsidiaries which have been furnished
by or on behalf of the Company to the Purchaser for the purposes of or in
connection with the Transaction, including

          (a)  the Consolidated Financial Statements and Additional Information,
     dated December 31, 2000 and December 31, 1999, of Old Thomas Black and its
     Subsidiaries certified by PricewaterhouseCoopers LLP (the most recent of
     such information being the "2000 OTBC AUDITED FINANCIAL STATEMENTS"),

          (b)  the "Safety Insurance Consolidated Financial Statements and
     Related Materials To Company with Statutory Filing Requirements" for the
     years ended December 31, 2000 and December 31, 1999 certified by
     PricewaterhouseCoopers LLP, and

          (c)  the PRO FORMA consolidated balance sheet at June 30, 2001 (and
     after giving effect to the Transaction assuming it had occurred on such
     date), of each of the Company and Subsidiaries and of Surviving Thomas
     Black and its Subsidiaries (collectively, the "PRO FORMA BALANCE SHEETS"),
     contained in the Financing Memorandum,

have been prepared in accordance with generally accepted accounting principles
consistently applied throughout the periods involved (except (x) as disclosed
therein and (y) all financial information contained therein relating to Safety
Insurance and its Subsidiaries having been prepared in accordance with Statutory
Accounting Practices or GAAP) and present fairly (SUBJECT, HOWEVER, in the case
of the Pro Forma Balance Sheets, to the assumptions specified therein, including
as to the occurrence of the Transaction at an earlier date) the consolidated
financial condition of the corporations covered thereby as at the dates thereof
and the results of their operations for the periods then ended. All financial
information as to the Company and Subsidiaries and of Surviving Thomas Black and
its Subsidiaries which shall hereafter from time to time be furnished by or on
behalf of the Company to the Purchaser and other Noteholders for the purposes of
or in connection with this Agreement or any transaction contemplated hereby will
be prepared in accordance with GAAP consistently applied throughout the periods
involved (except (x) as disclosed therein and (y) all financial information
contained therein relating to Insurance Subsidiaries will be prepared in
accordance with Statutory Accounting Practices or GAAP) and will present fairly
(SUBJECT, HOWEVER, in the case of PRO FORMA financial information, to the
assumptions specified therein) the consolidated financial condition of the
corporations covered thereby as at the dates thereof and the results of their
operations for the periods then ended.

     SECTION 5.5. ABSENCE OF MATERIAL ADVERSE CHANGE. There have been no
occurrences, events or changed circumstances since December 31, 2000 (EXCLUDING,
HOWEVER, the Transaction and the demise of Richard B. Simches) which,
individually, as part of a series or in the aggregate, have had a materially
adverse effect on the financial condition, business, assets, operations or
properties of Old Thomas Black and its Subsidiaries taken as a whole.

                                      -35-
<Page>

     SECTION 5.6. CONTINUING INDEBTEDNESS. The Pro Forma Balance Sheets fairly
present all long-term Indebtedness of the Company, Surviving Thomas Black and
its Subsidiaries on a consolidated basis expected to be outstanding immediately
after giving effect to the Transaction, including as disclosed in ITEM 5.6
("Continuing Indebtedness") of the Disclosure Schedule.

     SECTION 5.7. CONTINGENCIES. Neither Old Thomas Black nor any of its
Subsidiaries has any contingent liability for taxes, long-term leases or unusual
forward or long-term commitments or material unrealized or unanticipated losses
from unfavorable commitments which would, individually or in the aggregate,
reasonably be expected to have a Materially Adverse Effect and which are not
reflected in the financial statements described in CLAUSE (a), (b), (c) or (d)
of SECTION 5.4 or in the notes thereto or in ITEM 5.7 ("Contingencies, ETC.") of
the Disclosure Schedule.

     SECTION 5.8. LITIGATION, ETC. There is no pending or, to the SHI's
Knowledge, threatened litigation, arbitration or governmental investigation or
proceeding against, or labor controversy affecting, either Old Thomas Black or
any of its Subsidiaries or the Company or any Subsidiary or to which any of the
properties, assets or revenues of any thereof is subject (x) which would, if
adversely determined, reasonably be expected, individually or in the aggregate,
to have a Materially Adverse Effect, except as disclosed in ITEM 5.8
("Litigation, ETC.") of the Disclosure Schedule or (y) which relates to the
Transaction.

     SECTION 5.9. CAPITALIZATION. On the Closing Date, the authorized Capital
Stock of the Company will be 500,000 shares, consisting of 100,000 SHI Preferred
Shares and 400,000 SHI Common Shares, of which

          (a)  22,400 6.0% SHI Series A Preferred Shares, and

          (b)  250,000 SHI Common Shares, including 12,500 SHI Restricted Common
               Shares,

will be issued and outstanding in conformity with ITEM 3.3 ("SHI Stockholders")
of the Disclosure Schedule. Of the 100,000 authorized SHI Preferred Shares and
400,000 authorized SHI Common Shares which will be unissued on the Closing Date,
77,600 SHI Preferred Shares and 150,000 SHI Common Shares will be unissued and
unreserved and will be subject to the restrictions on issuance contained in the
Preemption Letter and Section 5.5 of the SHI Stockholders' Agreement. The SHI
Common Shares and the SHI Preferred Shares to be issued to the Purchaser will
have been duly authorized for issuance and, when sold and delivered against
payment therefor as provided herein, will be validly issued, fully paid and
non-assessable and will be free and clear of all preemptive rights and Liens
except as provided in the SHI Stockholders' Agreement and restrictions under
applicable securities laws and will be entitled to the respective voting powers,
designations, preferences and relative, participating, optional or other special
rights and qualifications, limitations or restrictions thereof as are set forth
with respect thereto in the SHI Certificate of Incorporation. The Company does
not have outstanding any Capital Stock or securities convertible into or
exchangeable for any shares of its Capital Stock, nor does it have outstanding
any rights or options to subscribe for or to purchase any Capital Stock or
securities convertible into or exchangeable for any of its shares of Capital
Stock except for the Management SHI SARs. Except as disclosed in ITEM 5.9
("Repurchase, ETC.

                                      -36-
<Page>

Agreements") of the Disclosure Schedule, the Company is not subject to any
obligation (contingent or otherwise) to repurchase or otherwise acquire or
retire any shares of its Capital Stock. Except for the SHI Stockholders'
Agreement, none of the Company or any Subsidiary is party to an agreement to
register any of its securities under the Securities Act.

     SECTION 5.10. MARGIN REGULATIONS. The Company is not engaged principally,
or as one of its important activities, in the business of extending credit for
the purpose of purchasing or carrying margin stock, and less than 25% of the
assets of the Company, individually and on a consolidated basis with all
Subsidiaries, consists of margin stock. Terms for which meanings are provided in
F.R.S. Board Regulation U or any regulations substituted therefor, as from time
to time in effect, are used in this Section with such meanings.

     SECTION 5.11. GOVERNMENT REGULATION. Neither the Company nor any Subsidiary
is (or shall upon the consummation of the Transaction become) (x) an "investment
company" within the meaning of the Investment Company Act of 1940, as amended,
or a "holding company," or a "subsidiary company" of a "holding company," or an
"affiliate" of a "holding company" or of a "subsidiary company" of a "holding
company," within the meaning of the Public Utility Holding Company Act of 1935,
as amended, or (y) subject to regulation under the Federal Power Act, the
Interstate Commerce Act, the Commodity Exchange Act or any Applicable Law
limiting its ability to incur or assume Indebtedness for borrowed money
(EXCLUDING, HOWEVER, in the case of any Insurance Subsidiary, the regulations of
its relevant Insurance Regulatory Authority).

     SECTION 5.12. TITLE TO AND CONDITION OF PROPERTIES, ETC. Each of the
Company, Surviving Thomas Black and their respective Subsidiaries (x) has good
and marketable title to all of the real property, and valid title to all of the
personal properties and other assets (tangible, intangible or mixed), which it
purports to own, free and clear of all Liens (EXCLUDING, HOWEVER, the failure to
own properties which would not reasonably be expected to have a Material Adverse
Effect and Liens permitted by SECTION 6.2.3) and (y) enjoys peaceful and
undisturbed possession under all leases to which it is a party as lessee
(EXCLUDING, HOWEVER, leases the absence of which would not reasonably be
expected, individually or in the aggregate, to have a Materially Adverse
Effect). All material Contractual Undertakings to which the Company or Surviving
Thomas Black or any of their respective Subsidiaries is a party are valid and
binding and in full force and effect, and no default has occurred or is
continuing thereunder which would reasonably be expected, individually or in the
aggregate, to have a Materially Adverse Effect. No consent need be obtained from
any Person (which is not required by ARTICLE III to be obtained on or prior to
the Closing Date) in respect of any such Contractual Undertaking in connection
with the Transaction which, if not obtained, would reasonably be expected,
individually or in the aggregate, to have a Materially Adverse Effect.

     SECTION 5.13. PATENTS, TRADEMARKS, ETC. The Company and Surviving Thomas
Black and their respective Subsidiaries own, or are licensed under, and have the
rights to use, all material patents, trademarks, trade names, copyrights,
technology, recipes, know-how and processes (collectively, "INTELLECTUAL
PROPERTY") necessary for the conduct of their businesses as set forth in the
Financing Memorandum, and the consummation of the Transaction does not alter or
impair any such rights. Except as disclosed in ITEM 5.13 ("Patents, Trademarks,
ETC.") of the Disclosure Schedule, there is no (x) claim which has been asserted
by any Person to the use of

                                      -37-
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any Intellectual Property or challenging or questioning the validity or
effectiveness of any license or agreement related thereto or (y) valid basis for
any such claim or any claim that the use of such Intellectual Property by the
Company, Surviving Thomas Black or their respective Subsidiaries infringes or
will infringe on the rights of any Person.

     SECTION 5.14. TAXES. Each of Old Thomas Black and each of its Subsidiaries
has filed all tax returns and reports required by Applicable Law to have been
filed by it and has paid all taxes and governmental charges thereby shown to be
owing, EXCLUDING, HOWEVER, any such taxes or charges which are being diligently
contested in good faith by appropriate proceedings and for which adequate
reserves in accordance with GAAP shall have been set aside on its books.

     SECTION 5.15. PENSION AND WELFARE PLANS. Except as contemplated by the OTBC
Acquisition Documents, during the 12 consecutive-month period prior to the
Closing Date, no steps have been taken to terminate any Plan, and no
contribution failure has occurred with respect to any Plan sufficient to give
rise to a Lien under section 302(f) of ERISA. No condition exists or event or
transaction has occurred with respect to any Plan which would reasonably be
expected to result in the incurrence by the Company or any member of the
Controlled Group of any material liability, fine or penalty. Except as disclosed
in ITEM 5.15 ("Employee Benefit Plans") of the Disclosure Schedule, neither Old
Thomas Black nor any of its Subsidiaries nor any member of the Controlled Group
has any contingent liability with respect to any post-retirement benefit under a
Plan, other than liability for continuation coverage described in Part 6 of
Title I of ERISA.

     SECTION 5.16. ENVIRONMENTAL MATTERS. Except as disclosed in ITEM 5.16
("Environmental Matters") of the Disclosure Schedule,

          (a)  all facilities and property (including underlying groundwater)
     owned or leased by Old Thomas Black or any of its Subsidiaries are owned or
     leased by it in material compliance with all applicable Environmental Laws,

          (b)  there have been no unresolved past, and there are, to SHI's
     Knowledge, no pending or threatened claims, complaints or notices of
     violations received by Old Thomas Black or any of its Subsidiaries with
     respect to any alleged violation of any Environmental Law, or complaints,
     notices or claims to Old Thomas Black or any of its Subsidiaries regarding
     potential liability under any Environmental Law (collectively,
     "ENVIRONMENTAL CLAIMS"),

          (c)  there have been no material releases of Hazardous Materials at,
     on or under any property, to SHI's Knowledge, now or previously owned or
     leased by Old Thomas Black or any of its Subsidiaries except in material
     compliance with applicable Environmental Laws,

          (d)  no property now or previously owned or leased by Old Thomas Black
     or any of its Subsidiaries is listed or, to SHI's Knowledge, proposed for
     listing (with respect to owned property only) on the National Priorities
     List pursuant to CERCLA, on the CERCLIS or on any similar state list of
     sites requiring investigation or clean-up,

                                      -38-
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          (e)  none of Old Thomas Black or any of its Subsidiaries has received
     notice from any Governmental Authority that Old Thomas Black or any of its
     Subsidiaries is potentially responsible for clean-up or other corrective
     action under any Environmental Law,

          (f)  to SHI's Knowledge here are no underground storage tanks, active
     or abandoned, including petroleum storage tanks, on or under any property
     now or previously owned or leased by Old Thomas Black or any of its
     Subsidiaries,

          (g)  to SHI's Knowledge neither Old Thomas Black nor any of its
     Subsidiaries has directly transported or directly arranged for the
     transportation of any Hazardous Material to any location which is listed on
     the National Priorities List pursuant to CERCLA or on any similar federal,
     state or provincial list or which is the subject of federal, state,
     provincial or local enforcement actions which would reasonably be expected
     to lead to material claims against the Company or any Subsidiary for any
     remedial work, damage to natural resources or personal injury, including
     claims under CERCLA,

          (h)  to SHI's Knowledge, no conditions exist at, on or under any
     property now or previously owned or leased by Old Thomas Black or any of
     its Subsidiaries which, with the passage of time, or the giving of notice
     or both, would be reasonably likely to give rise to material liability
     under any Environmental Law,

except, in any and all such cases, as would not reasonably be expected,
individually or in the aggregate, to have a Materially Adverse Effect.

     SECTION 5.17. SPECIAL PURPOSE CORPORATIONS. Each of the Company and SMCI as
of the Closing Date (and prior to giving effect to the Transaction), (x) will
have been created solely for purposes of consummating the Transaction and (y)
will not have any Indebtedness, liabilities (whether direct or contingent) or
commitments other than in connection with the Transaction, pursuant to the
Transaction Documents or representing Transaction Costs.

     SECTION 5.18. SUBSIDIARIES, ETC. As of the Closing Date,

          (a)  the Company will have no Subsidiaries other than SMCI (and after
     the effectiveness of the STBC Filing Document, Surviving Thomas Black and
     its Subsidiaries);

          (b)  the Company will be the record and beneficial owner, free of
     Liens, of 100% of the issued and outstanding Capital Stock of SMCI (and
     after the effectiveness of the STBC Filing Document, Surviving Thomas
     Black);

          (c)  Surviving Thomas Black will have no Subsidiaries and no other
     Investments in any joint venture, partnership or other Person, except as
     disclosed in ITEM 5.18 ("Old Thomas Black Subsidiaries, ETC.") of the
     Disclosure Schedule; and

          (d)  Surviving Thomas Black will be the record and beneficial owner,
     free of Liens (except under the Senior Loan Documents), of 100% of the
     issued and outstanding Capital Stock of Safety Insurance.

                                      -39-
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     SECTION 5.19. OFFERING OF SUBJECT SECURITIES. Neither the Company, nor Old
Thomas Black or any Jordan Party (or anyone acting on behalf of any of them) has
taken or will take any action which would subject the issuance or sale of the
Notes, SHI Common Shares or SHI Preferred Shares to the provisions of Section 5
of the Securities Act or to the registration or qualification requirements of
any securities or blue sky law of any applicable jurisdiction.

     SECTION 5.20. ACCURACY OF INFORMATION. All factual information (and, FOR
THE SAKE OF CLARITY, not including any projections) heretofore or
contemporaneously furnished by or on behalf of the Company in writing to the
Purchaser for purposes of or in connection with the Transaction, including the
financing memorandum, dated June 2001 (as updated by TJC's letter, dated October
10, 2001, and by the revised projections, dated August 3, 2001, the "FINANCING
MEMORANDUM"), prepared by TJC and transmitted under JZAI's letter, dated June
15, 2001, to JZEP, and true and complete copies of which were furnished to the
Purchaser prior to the execution and delivery of this Agreement, is
collectively, and all other such factual information hereafter furnished by or
on behalf of the Company or any Subsidiary to the Purchaser, the Representative
Noteholder or any Noteholder, taken as a whole with all other information
furnished concurrently therewith, will be true and accurate in every material
respect taken as a whole on the date as of which such information is dated or
certified, and such information is not, or shall not be, as the case may be,
incomplete by omitting to state any material fact necessary to make such
information not misleading. There is, to SHI's Knowledge, no fact that the
Company or Surviving Thomas Black has not disclosed to the Purchaser in writing
that would, individually or in the aggregate, reasonably be expected to have a
Materially Adverse Effect. All projections (including the Projections)
heretofore, contemporaneously and hereafter furnished by or on behalf of the
Company or any Subsidiary in writing to the Purchaser, the Representative
Noteholder or any Noteholder for purposes of this Agreement or any transaction
contemplated hereby are and will be based on good faith estimates and
assumptions which the Company believes are fair and reasonable in light of the
historical financial performance of Old Thomas Black and current and reasonably
foreseeable business conditions, and, to SHI's Knowledge, there are or will be
no facts or circumstances existing at the time such projections are furnished
which would, individually or in the aggregate, reasonably be expected to cause a
material adverse change in such projections, IT BEING RECOGNIZED, HOWEVER, by
the Purchaser that projections as to future events are not to be viewed as fact
and that actual results during the period or periods covered by any such
projections may differ from the projected results and that the differences may
be material.

                                   ARTICLE VI

                                    COVENANTS

     SECTION 6.1. CERTAIN AFFIRMATIVE COVENANTS. The Company agrees with

          (a)  each Noteholder that, until all Obligations have been paid and
     performed in full, the Company will perform all of the covenants contained
     in SECTION 6.1;

          (b)  the Purchaser and each other Institutional Holder which holds at
     least 5,000 SHI Series A Preferred Shares, the Company will perform for the
     benefit of the Purchaser

                                      -40-
<Page>

     or such Institutional Holder the covenants contained in CLAUSE (b) of
     SECTION 6.1.1 as if it were the holder of a Note; and

          (c)  the Purchaser that, for so long as it shall hold any Subject
     Security (other than a Note), the Company will perform for the benefit of
     the Purchaser the covenants contained in CLAUSES (c) and (e) of SECTION
     6.1.1 as if the Purchaser were the holder of a Note and in SECTION 6.1.6 as
     if it were the Representative Noteholder; PROVIDED, HOWEVER, that the
     Purchaser may not exercise its rights under this clause in respect of
     SECTION 6.1.6 more than once in any Fiscal Year.

     SECTION 6.1.1. FINANCIAL INFORMATION, ETC. The Company will furnish, or
will cause to be furnished, to each Noteholder copies of the following financial
statements, reports and information:

          (a)  promptly when available and in any event when furnished pursuant
     to the Senior Loan Agreement, copies of all financial statements,
     certificates, audit and other reports, filings, projections, management
     letters and other information furnished pursuant to Section 8.4 (EXCLUDING,
     HOWEVER, clauses (c), (h) and (i) thereof) thereof (and the Company hereby
     agrees that (x) each Noteholder is hereby entitled to rely on such
     information as if it were required to have been furnished directly pursuant
     to this Agreement and (y) all certifications and representations made
     therein shall be deemed to be made directly to each Noteholder as if such
     information was expressly addressed to them);

          (b)  promptly when available and in any event within 120 days after
     the close of each Fiscal Year (and only if, and to the extent, financial
     information is not being furnished pursuant to CLAUSE (a)),

               (i)  a consolidated balance sheet as of the end of such Fiscal
          Year, and consolidated statements of income, of stockholders' equity
          and of cash flow for such Fiscal Year, of the Company and
          Subsidiaries, prepared, commencing with the 2003 Fiscal Year, on a
          comparative basis with the preceding Fiscal Year and certified without
          qualification by PricewaterhouseCoopers LLP (or other independent
          public accountants of recognized national standing selected by the
          Company and consented to by the Required Noteholders, such consent not
          be unreasonably withheld or delayed),

               (ii) an unaudited consolidating balance sheet as of the end of
          such Fiscal Year, and consolidating statements of income, of
          stockholders' equity and of cash flow for such Fiscal Year, of the
          Company and Subsidiaries, prepared, commencing with the 2003 Fiscal
          Year, on a comparative basis with the preceding Fiscal Year and
          certified by the chief accounting, executive or financial Authorized
          Officer, and

               (iii) Statutory Annual Financial Statements as of the end of and
          for such Fiscal Year;

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          (c)  promptly when available and in any event within 60 days after the
     close of each of the first three Fiscal Quarters of each Fiscal Year (and
     only if, and to the extent, financial information is not being furnished
     pursuant to CLAUSE (a)),

               (i)  consolidated and consolidating balance sheets at the close
          of such Fiscal Quarter, and the related consolidated and consolidating
          statements of income, of stockholders' equity and of cash flow for
          such Fiscal Quarter and for the period commencing at the close of the
          previous Fiscal Year and ending with the close of such Fiscal Quarter,
          of the Company and Subsidiaries (with, commencing with the 2003 FQ4,
          comparative information at the close of and for the corresponding
          Fiscal Quarter of the prior Fiscal Year and for the corresponding
          portion of such prior Fiscal Year), certified by the chief accounting,
          executive or financial Authorized Officer; and

               (ii) Statutory Quarterly Financial Statements as of the end of
          such Fiscal Quarter, and for the period commencing as of the close of
          the previous Fiscal Year and ending with the close of such Fiscal
          Quarter;

          (d)  together with each set of financial statements delivered from
     time to time as at the close of any Fiscal Year or Fiscal Quarter, a
     certificate of the chief accounting, executive or financial Authorized
     Officer stating that (x) no Default had occurred or was continuing at the
     close of such Fiscal Year or Fiscal Quarter, as the case may be, or, if a
     Default had occurred and was continuing, a description thereof and a
     statement as to whether it is continuing and as to what actions are being
     taken to cure it and (y) to SHI's Knowledge, no event had occurred and was
     continuing at the close of such Fiscal Year or Fiscal Quarter, as the case
     may be, as the result of which the Company will not be able to make payment
     when due on account of principal of or accrued and unpaid interest on the
     Notes or, if such an event had occurred and was continuing, a description
     of the event and what action the Company is taking or proposing to take
     with respect thereto; and

          (e)  such other information with respect to the financial condition,
     business, property, assets, revenues and operations of the Company or any
     Subsidiary as the Required Noteholders may from time to time reasonably
     request.

For purposes of any consolidating financial statements delivered pursuant to
CLAUSES (b)(iii) and (c)(i), any Non-Insurance Subsidiary may be treated on a
consolidated basis with all of its Non-Insurance Subsidiaries.

     SECTION 6.1.2. NOTICE OF DEFAULT, LITIGATION, ETC. The Company will
furnish, or will cause to be furnished, to each Noteholder prompt notice (with a
description in reasonable detail) of:

          (a)  the occurrence, to SHI's Knowledge, of any Default;

          (b)  each amendment, waiver or other modification to the Senior Loan
     Agreement (and each approval, consent, notice, communication or other
     writing delivered, received or exchanged pursuant to Section 8.5.1, 8.5.2,
     8.5.3, 8.5.4, 8.5.5(b), 8.5.6, 8.7, 8.13(a),

                                      -42-
<Page>

     13.1 or 13.2 of the Senior Loan Agreement) and, in each case, enclosing
     therewith a copy of such modification or approval, ETC.;

          (c)  if, and to the extent that, notice thereof is not being furnished
     pursuant to CLAUSE (b):

               (i)  the occurrence of any litigation, any arbitration or any
          governmental investigation, inquiry or proceeding or any labor
          controversy (EXCLUDING, HOWEVER, litigation and proceedings asserted
          by insureds in the ordinary course of business against any Insurance
          Subsidiary) not previously disclosed by the Company pursuant hereto
          (x) which has been instituted or, to SHI's Knowledge, is threatened
          against, the Company or any Subsidiary or to which any properties,
          assets or revenues of any thereof is subject and (y) which would, if
          adversely determined, reasonably be expected to have a Materially
          Adverse Effect,

               (ii) any material adverse development which shall occur in any
          litigation, any arbitration or any governmental investigation, inquiry
          or proceeding or any labor controversy previously disclosed by the
          Company,

               (iii) any circumstance which would reasonably be expected to have
          a Materially Adverse Effect of the nature referred to in CLAUSE (a) of
          the definition thereof,

               (iv) any steps by the Company or any other Person to terminate
          any Plan, or the failure to make a required contribution to any Plan
          if such failure is sufficient to give rise to a Lien under section
          302(f) of ERISA, or of any action with respect to a Plan which could
          result in the requirement that the Company or any Subsidiary furnish a
          bond or other security with the PBGC or such Plan, or any event with
          respect to any Plan which could result in the incurrence by the
          Company or any Subsidiary of any material liability, fine or penalty,
          or any material increase in the Contingent Liability of the Company or
          any Subsidiary with respect to any post-retirement Plan benefit,
          notice thereof and copies of all documentation relating thereto, and

               (v) material written claims, complaints, notices or inquiries
          relating to the condition of any facilities and properties of the
          Company or any Subsidiary and compliance with Environmental Laws.

     SECTION 6.1.3. USE OF PROCEEDS. The proceeds of the Initial Notes and other
initial Subject Securities, together with other funds available to the Company,
shall be applied by the Company to fund the OTBC Acquisition, to pay Transaction
Costs and to provide working capital for Surviving Thomas Black and its
Subsidiaries. No portion of the proceeds of any Subject Securities shall be used
by the Company in any manner that might cause the issuance and sale of the
Subject Securities or the application of such proceeds to violate F.R.S. Board
Regulation T, U or X or any other regulation of such Board or to violate the
Exchange Act, in each case as in effect on the date or dates of such issuance
and sale and such use of proceeds.

                                      -43-
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     SECTION 6.1.4. PERFORM SENIOR LOAN AGREEMENT. The Company will, and will
cause each Subsidiary to perform, comply with and be bound by at all times (and
whether or not the Senior Loan Agreement shall continue to remain in effect
among the parties thereto) all of its agreements, covenants and obligations,
contained in Sections 8.6, 8.7, 8.8, 8.10 and 8.13(c) of the Senior Loan
Agreement as in effect on the Closing Date, such Sections, and all other terms
of the Senior Loan Agreement to which reference is made herein, together with
all related definitions and ancillary provisions, being hereby incorporated into
this Agreement by reference as though specifically set forth in this Agreement;
PROVIDED, HOWEVER, that:

          (a) all references to the "Agent" and the "Lenders" shall be deemed to
     refer to the Representative Noteholder and the Noteholders, respectively
     hereunder;

          (b)  all references to the "Borrower" shall be deemed to refer to the
     Company and SMCI (and, after the effectiveness of the STBC Filing Document,
     Surviving Thomas Black);

          (c)  all references to the "Loans", the "Notes" or the "Commitments"
     shall be deemed to refer to the Notes outstanding hereunder, and references
     to the "Obligations" shall be deemed to refer to the Obligations hereunder;

          (d)  all references to "Default" and "Event of Default" shall be
     deemed to refer to a Default and Event of Default, respectively, hereunder;
     and

          (e)  all references to "this Agreement" and "herein", "hereof" and
     words of similar purport shall, except where the context otherwise
     requires, be deemed to refer to this Agreement.

All such Sections and other terms, definitions and provisions of the Senior Loan
Agreement shall, except as otherwise provided in this Section or consented to by
the Required Noteholders for purposes of this Agreement, continue in full force
and effect for the benefit of all Noteholders as if they were the Lenders (as
defined in the Senior Loan Agreement), whether or not the Commitments and Loans
(as so defined) remain outstanding or the Senior Loan Agreement remains in
effect between the parties thereto.

     SECTION 6.1.5. CONFORMING CHANGES. Concurrently with the execution and
delivery by Surviving Thomas Black of a successor Instrument which qualifies as
the Senior Loan Agreement in accordance with CLAUSE (a) of the definition of
such term, the Company will enter into an amendment to this Agreement clarifying
or correcting, as shall be necessary or appropriate, all references herein
(including in SECTIONS 1.1, 2.4, 3.7, 4.4, 6.1.1, 6.1.2, 6.1.4, 6.2.2, 6.2.3,
6.2.6, 6.2.7 and 6.2.8) to the Senior Loan Agreement to refer to such successor
Instrument and its terms and provisions, and each Noteholder shall, SUBJECT,
HOWEVER, to such amendment being in form reasonably satisfactory to the Required
Noteholders, execute and deliver a counterpart thereof.

     SECTION 6.1.6. BOOKS AND RECORDS. The Company will, and will cause each
Subsidiary to, keep books and records reflecting all of its business affairs and
transactions in accordance with GAAP (or, in the case of any Insurance
Subsidiary, the regulations of its relevant Insurance Regulatory Authority) and
permit the Representative Noteholder and each

                                      -44-
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other Noteholder owning more than 30% of the then outstanding principal amount
of the Notes (each a "SIGNIFICANT NOTEHOLDER") or any of their respective
representatives, at reasonable times and intervals and on reasonable notice, to
visit all of its offices, to discuss its financial matters with its officers and
independent public accountant (and hereby authorizes such independent public
accountant to discuss its financial matters with the Representative Noteholder
and each Significant Noteholder or their respective representatives whether or
not any representative of the Company is present) and to examine (and, at the
expense of the Company, photocopy extracts from) any of its books or other
corporate records; PROVIDED, HOWEVER, that neither the Representative Noteholder
nor any Significant Noteholder shall be entitled (EXCLUDING, HOWEVER, at any
time when a Default Circumstance shall have occurred and be continuing) to
excise its rights under the FOREGOING SENTENCE more often than once in any
Fiscal Year. The Company shall pay any fees of such independent public
accountant incurred in connection with the Representative Noteholder's exercise
of its rights pursuant to this Section.

     SECTION 6.1.7. OWNERSHIP, ETC. OF SUBSIDIARIES. The Company will continue
to own directly, and free of Liens, all of the outstanding shares of Capital
Stock of Surviving Thomas Black, and Surviving Thomas Black will continue to own
directly and free of any Liens (except Permitted Liens and Liens under Senior
Loan Documents) all of the outstanding shares of Capital Stock of Safety
Insurance, and Safety Insurance will continue to own directly and free of any
Liens (except as aforesaid) all of the outstanding shares of Capital Stock of
Safety Indemnity.

     SECTION 6.2. CERTAIN NEGATIVE COVENANTS. The Company agrees with

          (a)  each Noteholder that, until all Obligations have been paid and
     performed in full, the Company will perform all of the covenants contained
     in SECTION 6.2; and

          (b)  the Purchaser that, for so long as it shall hold any Subject
     Security (other than a Note), the Company will perform for the benefit of
     the Purchaser the covenants contained in SECTION 6.2.5 (solely insofar as
     it relates to Jordan Payments) and ITEM (y) of SECTION 6.2.10, in each case
     as if the Purchaser were the holder of a Note.

     SECTION 6.2.1. BUSINESS ACTIVITIES. The Company will not and will not
permit any Subsidiary to, engage in any business activity, EXCLUDING, HOWEVER,

          (a)  in the case of the Company, its consummation of the Transaction
     and its performance from time to time of its obligations under the
     Transaction Documents,

          (b)  in the case of Surviving Thomas Black and its Subsidiaries, the
     engaging in activities in which Old Thomas Black and its Subsidiaries were
     engaged or proposed to be engaged on the Closing Date, and

          (c)  in the case of Insurance Subsidiaries acquired by Surviving
     Thomas Black from time to time as Additional Acquisitions, the engaging,
     within States which are contiguous or in close proximity to Massachusetts,
     in providing insurance coverages of the types provided by Old Thomas Black
     and its Subsidiaries on the Closing Date,

and, in each case, activities incidental and related thereto.

                                      -45-
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     SECTION 6.2.2. INDEBTEDNESS AND DISQUALIFIED CAPITAL STOCK. The Company
will not, and will not permit any Subsidiary to, (x) create, incur, assume or
suffer to exist or otherwise become or be liable in respect of any Indebtedness
or (y) issue any Disqualified Capital Stock, other than:

          (a)  Indebtedness in respect of the Notes and other Obligations;

          (b)  Indebtedness of the Company in respect of any Management SHI
     Subordinated Note or any Additional Seller Subordinated Note; PROVIDED,
     HOWEVER, that the Company is the sole obligor in respect of the payment of
     all principal of, interest on and other obligations relating to such
     Management SHI Subordinated Note or Additional Seller Subordinated Note;

          (c)  Indebtedness of Surviving Thomas Black (x) under (and of
     Non-Insurance Subsidiaries as guarantors of) the Senior Loan Documents in
     an aggregate principal amount at any time outstanding not to exceed the
     EXCESS of $103,500,000 OVER the aggregate amount of all permanent payments
     and prepayments of principal, and (without duplication) all permanent
     reductions to commitments, made from time to time thereunder (EXCLUDING,
     HOWEVER, all such payments and prepayments made from the proceeds of, and
     all such commitments replaced by, any refinancing provided under a
     successor Senior Loan Agreement as provided in CLAUSE (a) of the definition
     of such term) and (y) consisting of Hedging Liabilities owing to a Senior
     Lender;

          (d)  for so long as Surviving Thomas Black shall have any Indebtedness
     outstanding (or unused commitments in effect) under the Senior Loan
     Agreement, any other Indebtedness of Surviving Thomas Black or any of its
     Subsidiaries which shall then be permitted by Section 9.1 of the Senior
     Loan Agreement to be outstanding (EXCLUDING, HOWEVER, any Indebtedness
     incurred to any Additional Seller, its designees or assigns);

          (e)  at any time after payment in full of all Indebtedness of
     Surviving Thomas Black under the Senior Loan Agreement (and the expiration
     or termination of all commitments thereunder), other Indebtedness of
     Surviving Thomas Black and its Subsidiaries in an aggregate principal
     amount not to exceed $37,500,000 at any one time outstanding;

          (f)  Indebtedness of the Company in respect of the TJC Consulting
     Agreement, the Tax Sharing Agreement, the Tax Indemnity Agreement, the
     Management SHI SAR Agreement or any Director's Indemnification Payment;

          (g)  Indebtedness of the Company to Surviving Thomas Black in an
     aggregate principal amount not to exceed $25,000,000 at any time
     outstanding;

          (h)  Indebtedness owing among Surviving Thomas Black and its
     Subsidiaries;

          (i)  other unsecured Indebtedness of the Company incurred for money
     borrowed in an aggregate principal amount at any time outstanding not to
     exceed $25,000,000; and

                                      -46-
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          (j)  Indebtedness of any Insurance Subsidiary incurred in the ordinary
     course of its business in accordance with Applicable Laws;

PROVIDED, HOWEVER, that,

          (k)  no Indebtedness otherwise permitted pursuant to any of the
     foregoing clauses (EXCLUDING, HOWEVER, CLAUSE (a)) shall be permitted if
     such Indebtedness is acquired by a Jordan Party unless such Indebtedness is
     acquired by such Jordan Party in the ordinary course of its business for no
     more than its fair value; and

          (l)  no Additional Seller Subordinated Note otherwise permitted
     pursuant CLAUSE (b) and no other Indebtedness otherwise permitted pursuant
     to CLAUSE (g) or (i) shall be permitted unless it is, relative to all
     Obligations, subordinated and subject to postponement and standstill
     provisions during the pendency of a Default Circumstance, and it has terms
     of payment and other covenants, defaults, rights and privileges, in each
     case consented to by the Required Noteholders.

     SECTION 6.2.3. LIENS. The Company will not, and will not permit any
Subsidiary to, create, incur, assume or suffer to exist any Lien upon any of its
property, revenues or assets, whether now owned or hereafter acquired, except:

          (a)  Liens securing the Obligations;

          (b)  Liens granted by Surviving Thomas Black or any of its
     Non-Insurance Subsidiaries, and Liens granted by any Insurance Subsidiary
     on Non-Admitted Insurance Assets, to secure the Senior Loan Liabilities;

          (c)  Liens granted by Surviving Thomas Black or any of its
     Non-Insurance Subsidiaries, and Liens granted by any Insurance Subsidiary
     on Non-Admitted Insurance Assets, at any time on or after the Closing Date
     when Surviving Thomas Black has any Indebtedness outstanding (or unused
     commitments in effect) under the Senior Loan Agreement and which, when
     granted, were permitted by the Senior Loan Agreement to be granted and, if
     such Liens secure Indebtedness, such Indebtedness was then permitted by
     CLAUSE (d) of SECTION 6.2.2;

          (d)  Liens granted by the Company on SHI Common Shares repurchased by
     the Company in accordance with CLAUSE (a) of SECTION 6.2.5 to secure the
     Management SHI Subordinated Notes issued in payment therefor;

          (e)  Liens granted by any Insurance Subsidiary in the ordinary course
     of its business in accordance with Applicable Laws; and

          (f)  Permitted Liens;

PROVIDED, HOWEVER, that, except as permitted by CLAUSE (a), the Company will not
create, incur or suffer to be created or incurred or to exist any Lien or other
restriction of any kind upon any Capital Stock of Surviving Thomas Black owned
by the Company (EXCLUDING, HOWEVER, Section 13.1(v) of the Senior Loan
Agreement).

                                      -47-
<Page>

     SECTION 6.2.4. FINANCIAL TEST. The Company will not permit, on a cumulative
basis for any four consecutive Fiscal Quarters ending on the last day of a
Fiscal Quarter occurring during any period set forth below, Surviving Thomas
Black's "Funded Debt to Statutory Surplus Ratio" to be more than the ratio or
amount set forth below opposite such period and under such caption:

<Table>
<Caption>
                                                           Funded Debt
                                                           to Statutory
                           Period                         Surplus Ratio
                 -----------------------------            -------------
                 <S>                                           <C>
                 Closing Date through 2002 FQ3                 69.0%
                 2002 FQ4 through 2003 FQ3                     66.0%
                 2003 FQ4 through 2004 FQ3                     60.0%
                 2004 FQ4 through 2005 FQ3                     54.0%
                 2005 FQ4 and thereafter                       48.0%
</Table>

     SECTION 6.2.5. RESTRICTED PAYMENTS, ETC. On or after the Closing Date, the
Company will not, and will not permit any Subsidiary to, declare, pay, make,
apply any of its funds, property or assets to making or making any deposit to
fund any Restricted Payment, except:

          (a)  SUBJECT, HOWEVER, to no Default Circumstance having occurred and
     being continuing, the Company may make payments of interest accrued on and
     of principal of any Additional Seller Subordinated Note issued by it on the
     dates on which such payments are scheduled to be due by the terms thereof;
     PROVIDED, HOWEVER, that the aggregate amount of all payments of principal
     made by all Obligors pursuant to this clause shall not exceed $5,000,000
     until the aggregate amount of Senior Indebtedness of Surviving Thomas Black
     (and all unused continuing commitments of the Senior Lenders) under the
     Senior Loan Agreement permitted by CLAUSE (c) of SECTION 6.2.2 shall have
     been permanently reduced to less than $52,500,000;

          (b)  the Company may repurchase SHI Common Shares held by a Management
     SHI Stockholder pursuant to any put or call repurchase obligation or right
     contained in Section 7 of the Management SHI Subscription Agreement or
     pursuant to any similar payment obligation in Section 5.1 or 5.8 of the SHI
     Stockholders' Agreement upon the occurrence of any of the events referred
     to therein and solely in accordance with the terms of such Sections;
     PROVIDED, HOWEVER, that (x) no payment of cash shall be made to effect any
     such repurchase (or to make payment of interest on or principal of any
     Management SHI Subordinated Note issued IN LIEU of cash to effect any such
     repurchase) unless, after giving effect thereto, (1) such payment is
     permitted to be made as a Permitted Junior Payment and (2) the aggregate
     amount of all payments made by the Company pursuant to this clause shall
     not exceed $3,000,000 and (y) no payment of any Management SHI Subordinated
     Note shall be made prior to the date on which such payment is scheduled to
     be due by the terms thereof; and

          (c)  SUBJECT, HOWEVER, to each such payment then being permitted to be
     made as a Permitted Junior Payment, the Company may pay the Jordan Parties
     or their designees (v) closing fees on the Closing Date in an aggregate
     amount not to exceed 2% of the total

                                      -48-
<Page>

     cost of the OTBC Acquisition (including any deferred consideration and
     Transaction Costs), (w) consulting fees on a quarterly basis at an
     aggregate annual rate not to exceed 3% of net income before interest
     expense, depreciation, taxes, amortization and other non-cash charges for
     such Fiscal Year, (x) directors fees in an aggregate amount not to exceed
     $90,000 in any Fiscal Year, (y) disposition fees in an aggregate amount not
     to exceed 2% of either (1) the total sale proceeds on a sale of the equity
     capital of the Company or of all or substantially all of the assets of the
     Company and Subsidiaries or (2) the total market capitalization of the
     Company in connection with the first sale of common equity by the Company
     pursuant to a registration statement under the Securities Act and (z)
     without duplication of any of the foregoing, investment banking fees not to
     exceed 2% of the value to the Company of other transactional events
     (including acquisitions and financings).

     SECTION 6.2.6. INVESTMENTS. The Company will not make any Investments,
except:

          (a)  Investments in SMCI and Surviving Thomas Black (u) by way of the
     Company's issuance from time to time of Additional Seller Subordinated
     Notes, (v) on the Closing Date in the manner contemplated by the OTBC
     Acquisition Agreement and the Financing Memorandum, (x) from time to time
     pursuant to the Tax Sharing Agreement as in effect on the Closing Date, (y)
     from time to time when no Default Circumstance shall have occurred and be
     continuing, amounts representing the proceeds of the issuance by the
     Company of SHI Preferred Shares or SHI Common Shares in an amount equal to
     the principal amount of the related prepayment of the Senior Loans required
     to be made pursuant to Section 4.3.3(b) of the Senior Loan Agreement as in
     effect on the Closing Date;

          (b)  Cash Equivalent Investments;

          (c)  the promissory notes (the "MANAGEMENT NOTES") to be issued on the
     Closing Date to the Company by various Management SHI Stockholders
     identified in ITEM 3.4(b) ("Management Stockholder Loans") of the
     Disclosure Schedule in the respective original principal amounts specified
     in such item and in an aggregate original principal amount not to exceed
     $695,000; and

          (d)  promissory notes at any time outstanding issued from time to time
     after the Closing Date by various Management SHI Stockholders in payment
     for the purchase of additional shares of SHI Common Stock in an aggregate
     principal amount at any time outstanding not to exceed $1,000,000.

     SECTION 6.2.7. CONSOLIDATION, MERGER, ETC. The Company will not, and will
not permit any Subsidiary to,

          (a)  liquidate or dissolve, consolidate with, or merge into or with
     (EXCLUDING, HOWEVER, the OTBC Merger), any other corporation or purchase or
     otherwise acquire all or substantially all of the assets of any Person (or
     of any division thereof); or

          (b)  sell, transfer, convey or otherwise dispose of all or any
     substantial part of its assets;

                                      -49-
<Page>

PROVIDED, HOWEVER, that

          (c)  any Subsidiary may liquidate or dissolve voluntarily into, and
     may merge with and into any other Subsidiary;

          (d)  Surviving Thomas Black or any of its Subsidiaries may purchase or
     acquire all of the outstanding shares of Capital Stock of, or substantially
     all of the assets of, any Person (or any division thereof), if immediately
     after giving effect thereto, no Default Circumstance shall have occurred
     and be continuing;

          (e)  any Subsidiary of Surviving Thomas Black may merge with any other
     corporation permitted to be acquired pursuant to CLAUSE (d) and may be
     created and capitalized for such purposes;

          (f)  the Company may merge with Surviving Thomas Black; PROVIDED,
     HOWEVER, that Surviving Thomas Black shall expressly assume all obligations
     of the Company under this Agreement, the Notes and each other Purchase
     Document pursuant to an assumption agreement satisfactory to the Required
     Noteholders; and

          (g)  for so long as Surviving Thomas Black shall have any Indebtedness
     outstanding (or any unused commitments in effect) under the Senior Loan
     Agreement, any sale, transfer, conveyance or other disposition of assets,
     including a sale, transfer, conveyance or other disposition by Surviving
     Thomas Black of the Capital Stock of any of its Subsidiaries (other than
     Safety Insurance or Safety Indemnity), which is permitted by Section 9.5.2
     of the Senior Loan Agreement; PROVIDED, HOWEVER, that

               (i)  in connection therewith Surviving Thomas Black shall have
          made a permanent prepayment of principal of Senior Indebtedness
          outstanding (or of unused commitments under the Senior Loan Agreement)
          in the full amount required by Section 4.3.2 thereof as in effect on
          the Closing Date, and

               (ii) immediately after giving effect thereto, no Default
          Circumstance shall have occurred and be continuing.

     SECTION 6.2.8. MODIFICATION OF SENIOR LOAN DOCUMENTS. The Company will not,
and will not permit Surviving Thomas Black or any of its Subsidiaries to,
consent to or enter into any Instrument which amends, supplements, waives or
otherwise modifies any agreement, covenant or undertaking contained in any
Senior Loan Document in any of the following respects:

          (a)  so as to increase the maximum principal amount of Indebtedness
     (EXCLUDING, HOWEVER, Hedging Liabilities) permitted to be incurred and at
     any time be outstanding pursuant thereto above the maximum aggregate
     principal amount of Indebtedness then permitted to be outstanding
     thereunder by ITEM (x) of CLAUSE (c) of SECTION 6.2.2; or

          (b)  so as to alter in any respect adverse to the Noteholders Section
     4.3.2(b) or 9.4(b) of the Senior Loan Agreement; or

                                      -50-
<Page>

          (c)  so to extend the stated maturity of the Senior Loans (or the
     effectiveness of any commitments under the Senior Loan Agreement) to a date
     less than 365 days prior to October 31, 2011 without amending Section
     4.3.2(b) or 9.4(b) of the Senior Loan Agreement so that the Company may
     receive in accordance therewith "Net Equity Proceeds" or "Restricted
     Payments" (as defined therein) in an amount sufficient to make all payments
     of principal of and interest on the Notes when due.

     SECTION 6.2.9. MODIFICATION OF SUBORDINATED NOTES. The Company will not
consent or agree to any amendment, supplement or other modification of any
Additional Seller Subordinated Note or Management SHI Subordinated Note so as to

          (a)  increase the frequency or amount, or shorten the maturity, of any
     payments of principal of or interest on any Additional Seller Subordinated
     Note or Management SHI Subordinated Note;

          (b)  materially increase any of the rights or privilege of any holders
     of, or any of the obligations or duties of any Obligor under, any
     Additional Seller Subordinated Note or Management SHI Subordinated Note; or

          (c)  modify in any respect any of the subordination, postponement or
     standstill provisions applicable to any Additional Seller Subordinated Note
     or Management SHI Subordinated Note.

     SECTION 6.2.10. MODIFICATION OF SHI STOCKHOLDERS' AGREEMENT. The Company
will not (x) take any action to amend or modify any of the terms of the SHI
Stockholders' Agreement or the Management SHI Subscription Agreement so as, in
either case, to increase the obligations of the Company thereunder to call,
redeem or otherwise make payment for shares of SHI Common Stock acquired
pursuant thereto from any Management SHI Stockholder or (y) Article 4 or 5 of
the SHI Stockholders' Agreement (or the definition of "Permitted Transferee" as
used therein).

     SECTION 6.2.11. NEGATIVE PLEDGES, UPSTREAM RESTRICTIONS, ETC. The Company
will not, and will not permit any Subsidiary to, enter into any agreement,
EXCLUDING, HOWEVER, this Agreement the other Purchase Documents, any Senior Loan
Document as in effect on the Closing Date (or, if such Senior Loan Document is
specifically defined herein and the definition thereof permits waivers,
amendments and other modifications to from time to time be made thereto, such
Senior Loan Document as shall from time to time be in effect, SUBJECT, HOWEVER,
to its continuing qualification with the terms of such definition), which
expressly prohibits or restricts

          (a)  the creation or assumption of any Lien upon its properties,
     revenues or assets, whether now owned or hereafter acquired (EXCLUDING,
     HOWEVER, (x) any agreement governing any Indebtedness permitted by CLAUSE
     (d) of SECTION 6.2.2 as to the assets financed with the proceeds of such
     Indebtedness) (y) customary non-assignment provisions in operating leases
     entered into in the ordinary course of business as to the leasehold
     interest created thereby and (z) customary non-assignment provisions in
     contracts, to the extent such provisions prohibit Liens on the rights under
     such contracts);

                                      -51-
<Page>

          (b)  the ability of the Company or any Subsidiary to amend or
     otherwise modify, or to perform obligations under, this Agreement or any
     other Purchase Document;

          (c)  the ability of any Subsidiary to make any payments, directly or
     indirectly, to the Company by way of dividends, advances, repayments of
     loans or advances, reimbursements of management and other intercompany
     charges, expenses and accruals or other returns on Investments, or any
     other agreement or arrangement which restricts the ability of any such
     Subsidiary to make any payment, directly or indirectly, to the Company; or

          (d)  the performance by the Company or any Subsidiary of its
     obligations under this Agreement or any other Purchase Document.

     SECTION 6.2.12. TRANSACTIONS WITH AFFILIATES. The Company will not, and
will not permit any Subsidiary to, enter into, or cause, suffer or permit to
exist:

          (a)  any arrangement or contract with any of its other Affiliates of a
     nature customarily entered into by Persons which are Affiliates of each
     other (including management or similar contracts or arrangements relating
     to the allocation of revenues, taxes and expenses or otherwise) requiring
     any payments to be made by the Company or any Subsidiary to any Affiliate
     unless such arrangement is fair and equitable to the Company or such
     Subsidiary; or

          (b)  any other transaction, arrangement or contract with any of its
     other Affiliates which would not be entered into by a prudent Person in the
     position of the Company or such Subsidiary with, or which is on terms which
     are less favorable than are obtainable from, any Person which is not one of
     its Affiliates;

PROVIDED, HOWEVER, that this Section shall not be construed to restrict or
prohibit (x) any payment which is expressly permitted to be made pursuant to
SECTION 6.2.5 or (y) any payment made in accordance with the terms of any
Transaction Document or (z) Tax Indemnity Payments.

                                   ARTICLE VII

                                EVENTS OF DEFAULT

     SECTION 7.1. EVENTS OF DEFAULT. The term "EVENT OF DEFAULT" means any of
the following events:

     SECTION 7.1.1. NON-PAYMENT OF OBLIGATIONS. The Company shall default in the
payment or prepayment when due of any principal of any Note, or the Company
shall default (and such default shall continue unremedied for a period of 10
days) in the payment when due of interest on any Note or any other Obligation.
For purposes of this Section, the amount of interest due on any Interest Payment
Date on any Note shall be deemed to have been paid in full if the holder of such
Note shall, in its sole discretion, elect (or the Required Noteholders in
accordance with the PROVISO to CLAUSE (b) of SECTION 9.1 shall, in their sole
and absolute discretion, elect) to

                                      -52-
<Page>

accept, IN LIEU of cash, a PIK Note in an original principal amount equal to the
amount of such interest then due.

     SECTION 7.1.2. DEFAULT ON OTHER INDEBTEDNESS. Any default shall occur under
the terms applicable to any Indebtedness (EXCLUDING, HOWEVER, any Obligation)
outstanding in a principal amount exceeding $1,000,000 of the Company (treating
all Additional Seller Subordinated Notes issued in connection with any
Additional Acquisition, in each case, as a single obligation) or $5,000,000 of
any Subsidiary, in each case, representing any borrowing or financing or arising
under any other material agreement, and such default shall:

          (a)  consist of the failure to make any payment of principal or
     interest on, or any redemption (or to make any required offer to redeem)
     of, such Indebtedness when due (SUBJECT, HOWEVER, to any applicable grace
     period) in accordance with the terms thereof, and such failure, if it shall
     have occurred under the Senior Loan Agreement, shall continue unremedied
     and unwaived for a period of 90 days; or

          (b)  have resulted in any or all of such Indebtedness (EXCLUDING,
     HOWEVER, any Indebtedness which is, notwithstanding its acceleration, by
     its terms postponed and subordinate in right of payment to the prior
     payment in full in cash of all Obligations) having become (or, in the case
     of any Indebtedness of the Company, continue unremedied for a period of
     time sufficient to permit any holder of such Indebtedness to declare any or
     all of such Indebtedness to be) due and payable in accordance with its
     terms prior to its stated maturity, whether by declaration or otherwise.

     SECTION 7.1.3. BANKRUPTCY, INSOLVENCY, ETC. The Company or any Subsidiary
shall

          (a)  become insolvent or generally fail to pay, or admit in writing
     its inability to pay, debts as they become due;

          (b)  apply for, consent to or acquiesce in, the appointment of a
     trustee, receiver, sequestrator or other custodian for the Company or such
     Subsidiary or any property of any thereof or make a general assignment for
     the benefit of creditors;

          (c)  in the absence of such application, consent or acquiescence,
     permit or suffer to exist the appointment of a trustee, receiver,
     sequestrator or other custodian for the Company or such Subsidiary or for a
     substantial part of the property of any thereof, and such trustee,
     receiver, sequestrator or other custodian shall not be discharged within 60
     days;

          (d)  permit or suffer to exist the commencement of any bankruptcy,
     reorganization, debt arrangement or other case or proceeding under any
     bankruptcy or insolvency law, or any dissolution, winding up or liquidation
     proceeding, in respect of the Company or such Subsidiary, and, if such case
     or proceeding is not commenced by the Company or such Subsidiary, such case
     or proceeding shall be consented to or acquiesced in by the Company or such
     Subsidiary or shall result in the entry of an order for relief or shall
     remain for 60 days undismissed; or

                                      -53-
<Page>

          (e)  take any corporate action authorizing, or in furtherance of, any
     of the foregoing.

     SECTION 7.1.4. BREACH OF WARRANTY. Any warranty of the Company or any
Subsidiary hereunder or in any other Purchase Document or any other writing
furnished by or on behalf of the Company or any Subsidiary to any Noteholder for
the purposes of or in connection with this Agreement or any such Purchase
Document is or shall be incorrect when made in any material and adverse respect,
and such circumstance shall, if it is susceptible of being remedied, continue
unremedied for a period of 30 days after notice thereof shall have been given to
the Company by the Representative Noteholder or the Required Noteholders.

     SECTION 7.1.5. NON-PERFORMANCE OF CERTAIN UNDERTAKINGS. The Company shall
default in the due performance and observation of any agreement contained in
SECTION 6.1.7, 6.2.3 (solely as it relates to the Company), 6.2.4, 6.2.5, 6.2.7,
6.2.8, 6.2.9, 6.2.11 or 6.2.12.

     SECTION 7.1.6. NON-PERFORMANCE OF OTHER UNDERTAKINGS. Any Obligor shall
default in the due performance and observance of any other agreement contained
herein or in any other Purchase Document, and such default shall continue
unremedied for a period of 90 days at any time when the Senior Loan Agreement
shall continue to be in effect or, at any time thereafter, 30 days after notice
thereof shall have been given to the Company by the Representative Noteholder or
the Required Noteholders.

     SECTION 7.1.7. JUDGMENTS. A final judgment, to the extent not fully covered
by insurance, shall be rendered against the Company or any Subsidiary and (x) if
such judgment is rendered against the Company, such judgment, together with all
other such outstanding final judgments against the Company, exceeds (to the
extent of all such uninsured portions) an aggregate of $500,000 or (y) if such
judgment is rendered against Surviving Thomas Black or any of its Subsidiaries,
such judgment shall remain in force, undischarged, unsatisfied and unstayed for
more than 30 days, whether or not consecutive, and such judgment, together with
all other such outstanding final judgments against Surviving Thomas Black or any
of its Subsidiaries, exceeds (to the extent of all such uninsured portions) an
aggregate of $5,000,000.

     SECTION 7.1.8. PENSION PLANS. Any of the following events shall occur with
respect to any Plan

          (a) the institution of any steps by the Company, any member of its
     Controlled Group or any other Person to terminate a Plan if, as a result of
     such termination, the Company or any such member could be required to make
     a contribution to such Plan, or could reasonably expect to incur a
     liability or obligation to such Plan, in excess of $5,000,000; or

          (b) a contribution failure occurs with respect to any Pension Plan
     sufficient to (x) give rise to a Lien under Section 302(f) of ERISA and (y)
     have a Material Adverse Effect.

     SECTION 7.2. ACTION IF BANKRUPTCY. If any Event of Default described in
CLAUSES (a) through (d) of SECTION 7.1.3 shall occur with respect to the
Company, Surviving Thomas Black or Safety Insurance, the outstanding principal
amount of all outstanding Notes and all other

                                      -54-
<Page>

Obligations shall automatically be and become immediately due and payable,
without notice or demand.

     SECTION 7.3. ACTION IF OTHER EVENT OF DEFAULT. If any Event of Default
(EXCLUDING, HOWEVER, any Event of Default described in CLAUSES (a) through (d)
of SECTION 7.1.3 with respect to the Company, Surviving Thomas Black or Safety
Insurance), shall occur for any reason, whether voluntary or involuntary, and be
continuing, the Required Noteholders may, upon notice or demand, declare all or
any portion of the outstanding principal amount of the Notes to be due and
payable and any or all other Obligations to be due and payable, whereupon the
full unpaid amount of such Notes and any and all other Obligations which shall
be so declared due and payable shall be and become immediately due and payable,
without further notice, demand or presentment.

     SECTION 7.4. SUITS FOR ENFORCEMENT. If any Event of Default shall have
occurred and be continuing, the Required Noteholders may proceed to protect and
enforce the rights of the holders of such Notes, either by suit in equity or by
action at law, or both, whether for the specific performance of any covenant or
agreement contained in this Agreement or in aid of the exercise of any power
granted in this Agreement, and may proceed to enforce the payment of all sums
due upon such Notes, and such further amounts as shall be sufficient to cover
the costs and expenses of collection (including reasonable counsel fees and
disbursements), or to enforce any other legal or equitable right of the holder
of such Notes.

     SECTION 7.5. REMEDIES CUMULATIVE. No remedy conferred in this Agreement or
in the other Purchase Documents upon the Noteholders is intended to be exclusive
of any other remedy and each and every such remedy shall be cumulative and shall
be in addition to every other remedy given hereunder or now or hereafter
existing at law or in equity or otherwise.

                                  ARTICLE VIII

                                SUBORDINATION IN
                            SUBSTANTIVE CONSOLIDATION

     The Purchaser, on behalf of all Noteholders, hereby agrees, for the benefit
of all Senior Lenders, that, in the event of any substantive consolidation of
the estate of the Company with the estate of Surviving Thomas Black in any
bankruptcy, insolvency, liquidation, receivership, readjustment, reorganization
or similar proceeding involving the Company or Surviving Thomas Black or their
respective properties, all claims of the Noteholders under the Notes and this
Agreement with respect to such consolidated estates (the "CONSOLIDATED ESTATE")
shall be subordinate and subject in right of payment to the prior payment in
full in cash of all Senior Loan Liabilities in accordance with this Article.

     SECTION 8.1. PAYMENT OVER UPON DISSOLUTION, ETC. In the event of any
distribution, division or application, partial or complete, voluntary or
involuntary, by operation of law or otherwise, of all or any part of the
property, assets or business of the Consolidated Estate, or the proceeds
thereof, to any creditor or creditors of the Consolidated Estate or upon any
indebtedness of the Consolidated Estate, by reason of any liquidation,
dissolution or other

                                      -55-
<Page>

winding up of the Consolidated Estate or its business or by reason of any sale
of any of its assets, then, and in any such event, any payment or distribution
of any kind or character, whether in cash, property or securities (EXCLUDING,
HOWEVER, Reorganization Securities) which, but for the subordination provisions
of this Article, would otherwise be payable or deliverable upon or in respect of
the Notes, shall instead be paid over or delivered to the Senior Agent for
application to Senior Indebtedness, and, until the Senior Indebtedness has been
irrevocably repaid in full in cash, the Noteholders shall not receive any such
payment or distribution or benefit therefrom.

     SECTION 8.2. TURNOVER. In the event that, notwithstanding the foregoing
provisions of this Section, the holder of any Note shall have received, at any
time following the determination of the substantive consolidation of the estate
of the Company with the estate of Surviving Thomas Black any payment or
distribution (EXCLUDING, HOWEVER, Reorganization Securities) of assets of the
Consolidated Estate of any kind or character, whether in cash, property or
securities, including any such payment or distribution which may be payable or
deliverable by reason of the payment of any other Indebtedness of Consolidated
Estate being subordinated to the payment of the Notes, before all Senior
Indebtedness is paid in full in cash, then, and in such event, such payment or
distribution shall be held in trust for and paid over or delivered forthwith to
the Senior Agent or to the trustee in bankruptcy, receiver, liquidating trustee,
custodian, assignee, agent or other Person making payment or distribution of
assets of the Consolidated Estate for application to the payment of all Senior
Indebtedness remaining unpaid, to the extent necessary to pay all Senior
Indebtedness in full in cash, after giving effect to any concurrent payment or
distribution in cash to or for the holders of Senior Indebtedness.

     SECTION 8.3. PAYMENT OTHERWISE PERMITTED, ETC. Nothing contained in this
Article or elsewhere in this Agreement or in the Notes is intended to or shall
impair, as between the Company and the Consolidated Estate, on the one hand, and
the creditors thereof (other than the holders of Senior Indebtedness) and the
Noteholders, on the other hand, the obligation of the Company and the
Consolidated Estate, which is absolute and unconditional, to make payment to
each Noteholder of all amounts owing under the Notes and this Agreement as and
when such amounts become due and payable in accordance with their terms, or to
in any way affect the relative rights of the Noteholders and other creditors of
the Company or the Consolidated Estate (other than the holders of Senior
Indebtedness).

     SECTION 8.4. SUBROGATION TO RIGHTS OF HOLDERS OF SENIOR INDEBTEDNESS.
Subject to the irrevocable payment in full in cash of all Senior Indebtedness
(and the termination of all commitments of the Senior Lenders under the Senior
Loan Agreement), each Noteholder shall, to the extent of all payments or
distributions made to the holders of Senior Indebtedness pursuant to this
Article which would otherwise be payable in respect of Obligations, be
subrogated to the rights of the holders of Senior Indebtedness to receive
payments and distributions of cash, property and securities applicable to the
Senior Indebtedness until the principal of and interest on the Notes and all
other Obligations shall be irrevocably paid in full in cash. For purposes of
such subrogation, no payments or distributions to the holders of Senior
Indebtedness of any cash, property or securities to which any Noteholder would
be entitled except for the provisions of this Article, and no payments over
pursuant to the provisions of this Article to the holders of Senior Indebtedness
by the Noteholders, shall, as between Consolidated Estate and its creditors
(other than holders of Senior Indebtedness), and the Noteholders, be deemed to
be a payment or distribution by the Consolidated Estate to or on account of the
Senior Indebtedness.

                                      -56-
<Page>

     SECTION 8.5. NO WAIVER OF SUBORDINATION PROVISIONS. No right of any present
or future holder of any Senior Indebtedness to enforce subordination as herein
provided shall at any time in any way be prejudiced or impaired by any act or
failure to act on the part of the Company or by any non-compliance by the
Company with the terms, provisions and covenants of this Agreement, regardless
of any knowledge thereof any such holder may have or be otherwise charged with.
Without in any way limiting the generality of the foregoing, the holders of
Senior Indebtedness may, at any time and from time to time, without the consent
of or notice to any Noteholder, without incurring responsibility to any
Noteholder and without impairing or releasing the subordination provided in this
Article or the obligations hereunder of the Noteholders to the holders of Senior
Indebtedness, do any one or more of the following:

          (a) rescind, amend, waive, supplement or otherwise modify in any
     manner any Senior Loan Document; PROVIDED, HOWEVER, that any such
     modification of such Senior Loan Document without the consent of the
     Noteholders, if required pursuant to SECTION 6.2.8, shall nevertheless
     constitute a breach by the Company of the covenants contained herein, and
     the Noteholders shall not in any way be deemed by the provisions of this
     Section to have limited or waived any of their rights and remedies against
     any Person (other than the holders of any Senior Indebtedness) under this
     Agreement with respect to such SECTION 6.2.8;

          (b) exercise or refrain from exercising its rights to, foreclose upon,
     seize, sell, exchange, release or otherwise deal with any property pledged,
     mortgaged or otherwise securing Senior Indebtedness;

          (c) release any Person liable in any manner for the collection of
     Senior Indebtedness; and

          (d) exercise or refrain from exercising any rights, remedies, powers
     or privileges against any Obligor and any other Person, whether under the
     Senior Loan Documents, Applicable Law or otherwise, including any waiver,
     consent, extension, indulgence or other action or inaction in respect of
     any thereof.

     SECTION 8.6. PROVING, ETC. CLAIMS. If the Representative Noteholder or
Noteholders have not filed, proved or voted, as the case may be, in any
proceeding involving the Consolidated Estate, the Senior Agent, upon 15 days
prior written notice to the Representative Noteholder (and unless the
Representative Noteholder or Noteholders do file, prove or vote, as the case may
be during such period), may so file, prove or vote, as the case may be, in the
name of the Noteholders or otherwise, with respect to any and all claims of the
Noteholders relating to the Obligations of any Obligor.

     SECTION 8.7. RELIANCE ON JUDICIAL ORDER OR CERTIFICATE OF LIQUIDATING
AGENT. Upon any payment or distribution of assets of the Consolidated Estate
referred to in this Article, the Noteholders shall be entitled to rely upon any
order or decree entered by any court of competent jurisdiction in which such
insolvency, bankruptcy, receivership, liquidation, reorganization, dissolution,
winding up or similar case or proceeding is pending and giving effect (and
stating in such order or decree that effect has been given) to this Article, or
a certificate so stating of the trustee in bankruptcy, receiver, liquidating
trustee, custodian, assignee for the benefit of

                                      -57-
<Page>

creditors, agent or other Person making such payment or distribution, delivered
to the Noteholders, for the purpose of ascertaining the Persons entitled to
participate in such payment or distribution, the holders of Senior Indebtedness
and other Indebtedness of such Obligor, the amount thereof or payable thereon,
the amount or amounts paid or distributed thereon and all other facts pertinent
thereto or to this Article.

     SECTION 8.8. AMENDMENT OF SUBORDINATION, ETC. PROVISIONS. The
subordination, postponement, standstill and other provisions contained in this
Article are for the benefit of the holders of Senior Indebtedness and may not be
rescinded, cancelled, amended or modified in any way without the prior written
consent thereto of the Required Lenders under (and as defined in) the Senior
Loan Agreement.

                                   ARTICLE IX

                                  MISCELLANEOUS

     SECTION 9.1. WAIVERS, AMENDMENTS, ETC. The provisions of this Agreement and
of each other Purchase Document may from time to time be amended, waived or
otherwise modified, if such amendment, waiver or modification is in writing and
consented to by the Company and the Required Noteholders; PROVIDED, HOWEVER,
that no such amendment, waiver or modification:

          (a) which would modify any requirement hereunder that any particular
     action be taken by each Noteholder or by the Required Noteholders shall be
     effective unless consented to by each Noteholder;

          (b) which would modify this Section or change the definition of
     "Required Noteholders" or which would extend the due date for, or reduce
     the amount of, any payment or prepayment of principal of or interest on any
     Note (or reduce the rate of interest on any Note) shall be made without the
     consent of the holder of such Note; PROVIDED, HOWEVER, that, with the
     consent of the Required Noteholders, the Company may, make on any (but not
     more than two) Interest Payment Date payment of all accrued interest then
     due on each Note by delivering to the holder thereof, IN LIEU of cash, a
     PIK Note; or

          (c) which would amend the subordination provisions of ARTICLE VIII
     shall be effective unless made in accordance with SECTION 8.8.

No failure or delay on the part of any Noteholder or the Representative
Noteholder in exercising any power or right under this Agreement or any other
Purchase Document shall operate as a waiver thereof, nor shall any single or
partial exercise of any such power or right preclude any other or further
exercise thereof or the exercise of any other power or right. No notice to or
demand on any Obligor in any case shall entitle it to any notice or demand in
similar or other circumstances. No waiver or approval by any Noteholder, the
Representative Noteholder under this Agreement or any other Purchase Document
shall, except as may be otherwise stated in such waiver or approval, be
applicable to subsequent transactions. No waiver or approval hereunder shall
require any similar or dissimilar waiver or approval thereafter to be granted
hereunder.

                                      -58-
<Page>

     SECTION 9.2. NOTICES. All notices and other communications provided to any
party hereto under this Agreement or any other Purchase Document shall be in
writing and addressed or delivered to it at its address set forth below its
signature hereto or at such other address as may be designated by such party in
a notice to the other parties. Any notice, if sent by mail or courier and
properly addressed and prepaid, shall be deemed given when received; any notice,
if transmitted by facsimile, shall be deemed given when transmitted and
electronically confirmed.

     SECTION 9.3. COSTS AND EXPENSES. The Company agrees to pay all expenses of
the Purchaser or Representative Noteholder (including reasonable fees and
expenses of counsel) for the negotiation, preparation, execution and delivery of
the JZEP Commitment Letter, this Agreement, including Schedules and Exhibits
hereto, each other Purchase Document and any Subject Security and any
amendments, waivers, consents, supplements or other modifications as may from
time to time hereafter be required, whether or not the Transaction is
consummated, and to pay all expenses of the Purchaser or Representative
Noteholder (including reasonable fees and expenses of counsel) incurred from
time to time after the Closing Date in connection with the administration hereof
and thereof, the consideration of legal questions relevant hereto and thereto or
the enforcement or preservation of rights as to, or restructuring or "work-out"
of, any Obligations or the rights and preferences of any Subject Security. The
Company also agrees to reimburse each Noteholder upon demand for all reasonable
out-of-pocket expenses (including reasonable attorneys' fees and legal expenses)
incurred by such Noteholder to enforce or to preserve rights as to, or to
restructure or "work out", any Obligations.

     SECTION 9.4. INDEMNIFICATION. In consideration of the execution and
delivery of this Agreement by the Purchaser, the Company hereby indemnifies,
exonerates and holds the Purchaser, the Representative Noteholder and each other
Noteholder and each of their respective officers, directors, employees, trustees
and agents (the "INDEMNIFIED PARTIES") free and harmless from and against any
and all actions, causes of action, suits, losses, costs, liabilities and damages
and expenses actually incurred in connection therewith (irrespective of whether
such Indemnified Party is a party to the action for which indemnification
hereunder is sought), including reasonable attorneys' fees and disbursements
(the "INDEMNIFIED LIABILITIES"), incurred by the Indemnified Parties or any of
them as a result of, or arising out of, or relating to

          (a) any transaction financed or to be financed in whole or in part,
     directly or indirectly, with the proceeds of any Note,

          (b) the entering into and performance of this Agreement and any other
     Purchase Document by any of the Indemnified Parties (including any action
     brought by or on behalf of the Company as the result of any determination
     by the Purchaser pursuant to ARTICLE III to not purchase the Subject
     Securities), or

          (c) any investigation, litigation or proceeding related to the
     Transaction,

EXCLUDING, HOWEVER, any such Indemnified Liabilities arising for the account of
a particular Indemnified Party by reason of the relevant Indemnified Party's
gross negligence or willful misconduct. If, and to the extent that, the
foregoing undertaking may be unenforceable for any reason, the Company hereby
agrees to make the maximum contribution to the payment and satisfaction of each
of the Indemnified Liabilities which is permissible under Applicable Law.

                                      -59-
<Page>

     SECTION 9.5. SURVIVAL. The obligations of the Company under CLAUSES (b) and
(c) of SECTION 6.1 and CLAUSE (b) of SECTION 6.2 shall survive the payment in
full of all Obligations and the termination of any other provisions of this
Agreement or any other Purchase Document and shall continue for the benefit of
the Purchaser for so long as it shall hold any of the relevant Subject
Securities. The obligations of the Company UNDER SECTION 9.4 shall remain in
full force and effect, regardless of any investigation made by or on behalf of
any Indemnified Party, and the obligations of the Company under SECTIONS 9.3 and
9.4 shall survive the payment or prepayment of the Notes, at maturity, upon
redemption or otherwise, any transfer of the Notes by the Purchaser, and any
termination of this Agreement and the other Purchase Documents. The
representations and warranties made by the Company and any Obligor in this
Agreement and in each other Purchase Document shall survive the execution and
delivery of this Agreement and each such other Purchase Document.

     SECTION 9.6. SEVERABILITY. Any provision of this Agreement or any other
Purchase Document which is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition
or unenforceability without invalidating the remaining provisions of this
Agreement or such Purchase Document or affecting the validity or enforceability
of such provision in any other jurisdiction.

     SECTION 9.7. HEADINGS. The various headings of this Agreement and of each
other Purchase Document are inserted for convenience only and shall not affect
the meaning or interpretation of this Agreement or such Purchase Document or any
provisions hereof or thereof.

     SECTION 9.8. COUNTERPARTS. This Agreement may be executed by the parties
hereto in several counterparts, each of which shall be executed by the Company
and the Purchaser and be deemed to be an original and all of which shall
constitute together but one and the same agreement.

     SECTION 9.9. GOVERNING LAW; ENTIRE AGREEMENT. This Agreement, the Notes and
each other Purchase Document shall each be deemed to be a contract made under
and governed by the internal laws of the State of New York. This Agreement, the
Notes, the other Purchase Documents and the SHI Stockholders' Agreement
constitute the entire understanding among the parties hereto with respect to the
subject matter hereof and supersede any prior agreements, written or oral, with
respect thereto, including the JZEP Commitment Letter.

     SECTION 9.10. SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon
and shall inure to the benefit of the parties hereto and their respective
successors and assigns; PROVIDED, HOWEVER, that:

          (a)  the Company may not assign or transfer its rights or obligations
     hereunder without the prior written consent of all Noteholders; and

          (b)  the rights of sale, assignment, and transfer of the Notes are
     subject to SECTIONS 2.4 and 4.7.

All Noteholders may rely upon all certificates, opinions and other writings
delivered to the Purchaser as the Representative Noteholder pursuant to ARTICLE
III.

                                      -60-
<Page>

     SECTION 9.11. JURISDICTION. For purpose of any action or proceeding
involving this Agreement or any other Purchase Document, the Company hereby
expressly submits to the jurisdiction of all Federal and State Courts located in
the City of New York, State of New York and consents that it may be served with
any process or paper by registered mail or by personal service within or without
the State of New York, provided a reasonable time for appearance is allowed.

     SECTION 9.12. WAIVER OF JURY TRIAL. THE PURCHASER AND THE COMPANY HEREBY
KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A
TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF,
UNDER OR IN CONNECTION WITH, THIS AGREEMENT OR ANY OTHER PURCHASE DOCUMENT, OR
ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN)
OR ACTIONS OF THE PURCHASER OR THE COMPANY. THIS PROVISION IS A MATERIAL
INDUCEMENT FOR THE PURCHASER ENTERING INTO THIS AGREEMENT.

                                      -61-
<Page>

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their respective officers thereunto duly authorized as of the day
and year first above written.

                             SAFETY HOLDINGS, INC.

                             By  /s/A. Richard Caputo, Jr.
                                 -----------------------------------------------
                                Name:   A. Richard Caputo, Jr.
                                Title:  Vice President

                             Address:      c/o The Jordan Company
                                           767 Fifth Avenue
                                           New York, New York  10153
                             Facsimile:    212-755-5263

                             Attention:    A. Richard Caputo, Jr.

                             JZ EQUITY PARTNERS PLC

                             By  /s/David W. Zalaznick
                                 -----------------------------------------------
                                Name:   David W. Zalaznick
                                Title:  Authorized Signatory

                             Notices:      c/o Jordan/Zalaznick Advisers, Inc.
                                           767 Fifth Avenue
                                           New York, New York  10153

                             Facsimile:    212-980-4280

                             Attention:    Ms. Melissa A. Chuilli

                             Copy to:      Jay Parry Monge, Esq.
                                           Mayer, Brown & Platt
                                           1675 Broadway
                                           New York, New York 10019-5820

                                      -62-
<Page>

                       Payments to:  For investment and return on investment:
                                         Account No.: 134-038-398
                                                (JZEP Capital Account)
                                     For interest, dividends and other payments:
                                         Account No.: 134-038-401
                                                (JZEP Income Account)
                                     HSBC Bank USA
                                     (ABA No. 021-001-088)
                                     452 Fifth Avenue - 26th Floor
                                     New York, New York  10018

                   Confirmation to:  Ms. Melissa A. Chuilli
                                     c/o Jordan/Zalaznick Advisers, Inc.

                  Telephone No.:     212-572-0826
                                     212-572-0800 (Main)

                                      -63-

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