RESTRICTED STOCK RIGHTS AWARD AGREEMENT Issued under the Safeco Long-Term Incentive Plan of 1997Restricted Stock Rights Award Agreement • August 6th, 2004 • Safeco Corp • Fire, marine & casualty insurance
VESTING OF YOUR RESTRICTED STOCK RIGHTS WILL BE A TAXABLE EVENT AND WILL RESULT IN THE RECOGNITION BY YOU OF ORDINARY INCOME IN AN AMOUNT EQUAL TO THE FAIR MARKET VALUE OF THE SHARES SETTLED. ON EACH SETTLEMENT DATE SAFECO WILL BE REQUIRED TO COLLECT FROM YOU FEDERAL INCOME TAX WITHHOLDING AS WELL AS OTHER PAYROLL TAXES REQUIRED TO BE WITHHELD.
