Document:

Management Agreement dated January 22, 1997

 Exhibit 10.23 
 MANAGEMENT AGREEMENT 
 This Agreement entered into between Vesta County Mutual Insurance Company of
Dallas, Texas (the “Company”) and Vesta Management Corporation of Texas (the “Manager”), a Texas corporation and a wholly owned subsidiary of Vesta Insurance Group, Inc., a Delaware company. 
 WITNESSETH 
 1. Company does hereby
grant Manager global authority to act as manager of the Company pursuant to the terms and conditions hereof, and Manager accepts such authority and agrees to perform all such authority, as well as the express duties contained herein, in a reasonable
and prudent manner and to comply with all the laws, rules, and regulations of the State of Texas and the Texas Department of Insurance with respect thereto. Manager’s authority as manager of Company, shall be complete and without limitation,
except for any authority which must by law be retained by Company. Manager’s authority shall include, but not be limited to, the preparing and filing of all reports, returns, and documents required by law, appointing of local agents and general
agents, entering into agency agreements on behalf of Company, paying expenses and taxes (including premium taxes and all federal and state income taxes) on behalf of Company, or with Company funds, preparing and filing annual convention statements,
performing all accounting and bookkeeping functions, performing underwriting and claims services, and, generally, performing any and all acts which are necessary to operate and manage Company on a day to day basis. In consideration of the foregoing,
Company agrees to pay to Manager an amount equal to the net earnings of the Company, less investment income of the Company, after accounting for and reserving for any taxes or liabilities of the Company, taking into consideration the Company’s
minimum surplus requirements and reserves required for the business retained by the Company net of reinsurance. Such payments of the Company’s net earnings, less investment income, may be paid monthly on an estimated basis with the final
calculations to be made at the end of the calendar year. Monthly payments may be made at any time within 120 days following each month and the payment for the annual settlement between Manager and Company will occur after final calculations are
made. Investment income of the Company shall be paid to Manager annually as soon as reasonably possible after Company’s Annual Statement has been filed with the Texas Department of Insurance for the previous calendar year, provided that prior
to making such payment, Company shall give prior notice to the Commissioner of Insurance of its intent to make such payment pursuant to Article 21.49-1 §4(d) (2) of the Texas Insurance Code. Notwithstanding any other provision hereof,
compensation to Manager shall be reduced to the extent necessary, if at all, so that the Company will maintain at all times at least the minimum surplus required by law. 
 2. The Company or its designated representatives shall have free access at any reasonable time to all records of Manager which pertain in any way to this Agreement. 
 3. This Agreement shall continue from its effective date until terminated by mutual agreement of the parties, or by Manager with good cause upon thirty
(30) days notice to Company, or by Company with good cause upon thirty (30) days notice to Manager. The term “good cause” pursuant hereto shall mean the failure or refusal of a party hereto (other than the terminating party) to
act in accordance with its agreement hereunder if such failure or refusal is 

 
unreasonable and is materially adverse to the interests of the terminating party. It is provided, however, that there shall be a reasonable period in which
to cure any matter designated as good cause for termination, such period to begin running upon receipt of the terminating party’s notice of termination for good cause. Failure to cure such matter within such reasonable period shall cause the
termination of this Agreement. “Reasonable period” as used herein shall be presumed, in the absence of justification, to be thirty (30) days. In the event of termination of this Agreement for any reason whatsoever, the parties shall
account for and pay one another all amounts due or to become due in accordance with the terms and agreements hereof. Notice shall be deemed to have occurred by actual delivery to the party receiving notice at its home office or by the mailing of
notice to such party, properly addressed to its home office, by certified or registered mail. 
 4. Manager agrees to conduct its duties
herein in a lawful manner and to comply with all laws and regulations governing its actions which are within the scope of this Agreement. 
 5. This Agreement shall be deemed a Texas contract and construed in accordance with the laws of the State of Texas. 
 6. This
Agreement shall be binding upon, and shall inure to the benefit of, the successors, assigns, or legal representatives of the parties hereto. 
 7. In the event any provision hereof is contrary to any law or regulation governing the parties hereto, such provision shall be modified if possible to conform to any such contrary statute or regulation so as to accomplish the intention of
the parties as nearly as possible. 
 8. This Agreement shall supersede any prior Management Agreement between Ranger County Mutual Insurance
Company and Ranger General Agency, Inc., and its predecessors and assignors. 
 9. This Agreement having been approved by the Company’s
policyholders and having been filed with the Commissioner of Insurance of the State of Texas pursuant to Article 21.49-1 §4 or §5 of the Texas Insurance Code, the Commissioner has issued his “No Action” letter dated
January 21, 1997, thereby authorizing this Agreement to take effect. 
 10. This Agreement shall be deemed effective January 22,
1997 at 12:01 a.m. C.S.T. 
 Executed as of January 22, 1997. 
  

			
	Vesta County Mutual Insurance Company
		
	By:	 	 /s/ [Signature Illegible]

	Its:	 	Senior Vice President
	
	Vesta Management Corporation of Texas
		
	By:	 	 /s/ [Signature Illegible]

	Its:	 	Executive Vice President

 ASSIGNMENT OF MANAGEMENT AGREEMENT 
 OF MERCURY COUNTY MUTUAL INSURANCE COMPANY 
 (Formerly known as Elm County
Mutual Insurance Company 
 and Vesta County Mutual Insurance Company) 
 This Assignment of the Management Agreement dated January 22, 1997 (the “Management Agreement”) of Mercury County Mutual Insurance Company
(“MCM”) is made by Mercury General Corporation (“MGC”) in favor of Mercury Insurance Services, LLC (“MISLLC”). 
 MGC hereby assigns the Management Agreement to MISLLC effective the 1st day of July, 2002 and MISLLC hereby accepts such assignment and assumes all of the rights and obligations of MGC under the Management Agreement. 
 MCM joins herein by duly adopted resolution of the Board of Directors of MCM to approve and ratify the assignment of the Management Agreement by MISLLC.

 Whereas, the parties have executed this Assignment on the 6th day of June, 2002. 
  

			
	MERCURY GENERAL CORPORATION
		
	By:	 	 /s/ Gabe Tirador

	Its:	 	President
	
	MERCURY COUNTY MUTUAL INSURANCE COMPANY
		
	By:	 	 /s/ George Joseph

	Its:	 	President
	
	MERCURY INSURANCE SERVICES, LLC
		
	By:	 	 /s/ Gabe Tirador

	Its:	 	President2006 Short Term Incentive Plan of John H. Heyman

 Exhibit 10.17 
 2006 STI Plan – CEO, John Heyman 
 NOTE: All figures below are in US dollars unless otherwise
indicated. For individuals based outside the U.S. and paid in local currency, bonus potential is based on percentage of base salary in local currency. 
 I. Objectives & Principles 
 This document summarizes the Short Term Incentive (“STI”) Plan for
individuals in the CEO role. The objectives of this STI Plan are aligned with overall company compensation program objectives: 
  

	 	•	 	 Provide total potential compensation equal to or greater than market for the role 

  

	 	•	 	 Incent healthy cross-functional behavior and reward results that are aligned with company business objectives and our shareholders 

  

	 	•	 	 Keep the plan simple 

 Some key
principles of our STI plan include: 
  

	 	•	 	 Self funding – STI payout is funded via financial metrics (team profitability), based on the 12-month financial plan. 

  

	 	•	 	 Annual payout except for sales-oriented roles. With base salary ranges at market, STI reinforces the pay-for-performance culture. 

  

	 	•	 	 Payout triggered on financial milestones aligned with Budget and Target (see Section VI for definitions of Budget and Target). Partial payout of STI occurs at
Budget with linear payout of remaining STI up to Target. There is opportunity for upside for above Target performance. 

  

	 	•	 	 ROI to shareholders – our STI plans reflect a philosophy to provide an acceptable return to shareholders before rewarding management or employees for
delivering results. 

 If you have questions or feedback on our compensation program or this STI Plan, please contact the
Compensation Manager. 
 II. Effective Date 
 January 1 – December 31, 2006. All STI plans are reviewed annually during Q4 for the upcoming fiscal year, to ensure that these compensation plans are aligned with the company’s financial and
operational objectives. 
 III. Target STI 
 Target STI potential for individuals in this role is $318.750, with opportunity to earn upside for above Target performance. 
 IV. Focus of
Role 
  

	 	•	 	 Profitability – measured via Operating Income (“Op Income”). See Section VI for definition of Op Income. 

 V. STI Plan Structure 
  

	 	A.	Base Salary – individuals are eligible for base salary increase during the annual salary review cycle. 

  

	 	B.	STI – structured and paid as follows. 

  

	 	1.	Op Income – STI will be paid as follows based on Op Income. 

  

	 	a)	Budget – 67% of annual STI is associated with Budget level performance. See Section VI for definition of Budget. 

  

	 	1)	Quarterly – 20% of annual STI will be paid quarterly (5% each quarter) based on cumulative quarterly CM Budget, since it is important for the Executives to be
focused on helping the company achieve its quarterly financial objectives throughout the year. There is no “catch up” — if the cumulative quarterly Budget is not met for a particular quarter, then the quarterly payout is forfeited. No
additional STI will be paid out on a quarterly basis. 

  

	 	2)	Annual –47% of annual STI will be paid at year-end if annual CM Budget is met. 

  

	 	b)	Target – the remaining 33% of annual STI will be paid at year-end in a linear fashion between annual Budget and annual Target. See Section VI for definition of
Target. 

  

	 	c)	Upside – Upside is discretionary and will be determined by Radiant’s Compensation Committee based on year-end results. A guideline calculation might be
approximately 5% on every dollar above annual Target for Op Income. 

 Example 1: Assume annual STI potential is $318,750, Op
Income Budget is $10 million, Op Income Target is $15 million, and Actual Op Income $13 million. Assume also that cumulative quarterly Budget for Op Income is achieved 3 of the 4 quarters. 
  

	 	•	 	 20% of annual STI ($63,750, or $15,938 per quarter) is associated with quarterly Budget performance. $15,938 per quarter would be paid out in each of the 3 quarters
that cumulative quarterly Budget for CM was achieved. 

  

	 	•	 	 47% of annual STI ($149,813) is associated with annual Budget performance. The full $149,813 would be paid out since the annual Budget was achieved.

  

	 	•	 	 The remaining 33% of annual STI ($105,187) is associated with Target level performance and is earned ratably between Budget and Target. 2.1% of each dollar between
Budget and Target is earned as STI ($105,187 STI divided by $5,000,000 difference between Budget and Target = 2.1%). Therefore, $63,112 would be earned (2.1% x $3,000,000 difference between Actual and Budget = $63,112). 

 

	 	•	 	 Total STI earned = $260,739 ($47,814 on quarterly Budget performance + $149,813 on annual Budget performance + $63,112 on annual performance between Budget and
Target). 

 VI. Definitions and Calculations 
  

	 	•	 	 Operating Income = Operating Income per published financial reports, excluding Taxes, Interest and non-recurring items such as Acquisition Amortization.

  

	 	•	 	 Budget = formerly known as Threshold. Minimum performance level where a partial payout of STI occurs. Budget assumes moderate revenue and profit growth year over
year and will vary from Industry Group to Industry Group based on growth assumptions in each Industry’s financial plan. 

  

	 	•	 	 Target = formerly known as Plan. Performance level where full payout of STI occurs. 

 VII. Eligibility and Other Details 
  

	 	•	 	 This STI plan applies to the individual in the CEO role, unless otherwise specified and approved by the CEO, Division President and VP-HR.

  

	 	•	 	 The individual must be employed at year-end to earn STI for that year. If an individual’s employment is terminated, all future STI is forfeited.

  

	 	•	 	 Transfers must be in the new group for a full quarter to be eligible for pro-rata payout in the new group. Therefore, payouts for transfers will be calculated as
follows: 

  

	 	•	 	 Q1 transfer — 1 quarter in old group, 3 quarters in new group 

  

	 	•	 	 Q2 transfer — 2 quarters in old group, 2 quarters in new group 

  

	 	•	 	 Q3 transfer — 3 quarters in old group, 1 quarter in new group 

  

	 	•	 	 Q4 transfer — 4 quarters in old group, next year in new group 

  

	 	•	 	 Annual payouts are based on annual results, prorated according to the above schedule. 

  

	 	•	 	 If the individual is on a reduced work load, part-time schedule, or on leave of absence, the STI calculation will be adjusted based on base wages earned that year
per Payroll. 

  

	 	•	 	 Accounting owns the calculation and approval process. HR owns plan documentation. BU leadership owns communication. 

  

	 	•	 	 STI is calculated and processed after year-end earnings are released and internal financial reports are published, approximately eight weeks after year-end.
Approvals are required from BU leadership, VP-HR, CFO, and CEO. Projected timing of Q4 06 earnings release is February 21, 2007, and projected timing for annual STI payout for 2006 is March 31, 2007. 

  

	 	•	 	 There are certain exceptions to annual STI payout. For those exceptions, STI will be calculated and processed after quarterly earnings are released and internal
financial reports are published, approximately eight weeks after quarter-end. Approvals are required from BU leadership, VP-HR, CFO and CEO. Projected timing for payout of 2006 quarterly STI/commissions is as follows: 

 

									
	 	  	Q1 06	  	Q2 06	  	Q3 06	  	Q4 06
	 earnings release
	  	26-Apr-06	  	26-Jul-06	  	25-Oct-06	  	21-Feb-07
	 in paychecks-U.S.
	  	26-May-06	  	1-Sep-06	  	24-Nov-06	  	30-Mar-07
	 in paychecks-Geelong & Prague
	  	30-May-06	  	31-Aug-06	  	30-Nov-06	  	31-Mar-07

  

	 	•	 	 Once approved, STI will be submitted to Payroll for processing. All STI will be paid out net of applicable taxes. 

  

	 	•	 	 If you have questions about this STI plan or a specific STI calculation, please contact your manager. S/he will involve others from Accounting, BU leadership, and
HR as appropriate. 

  

	 	•	 	 The CEO, Division President and VP-HR must approve any exceptions to this STI plan in advance. 

 VIII. Individual Targets/Quotas 
  

	 	•	 	 2006 Op Income as follows. These figures must be achieved after any STI is paid. 

  

																
	 	  	Q1 06	 	 	Q2 06	 	 	Q3 06	 	 	Q4 06	 	 	Annual	 
	 Budget
	  	[xxxx	]*	 	[xxxx	]*	 	[xxxx	]*	 	[xxxx	]*	 	[xxxx	]*
	 Budget—cumulative qtrly
	  	[xxxx	]*	 	[xxxx	]*	 	[xxxx	]*	 	[xxxx	]*	 		
	 Target—Annual only
	  	—  	 	 	—  	 	 	—  	 	 	—  	 	 	[xxxx	]*

	*	Filed under an application for confidential treatment.

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