LAUER DALE E 4

4 · SAFECO CORP · Filed Oct 18, 2005

Form 4

Period: 2005-10-14

Exec. VP, Safeco Ins. Cos.

Transactions

Award
Phantom Stock Units
[F1][F2]
2005-10-14$33.49/sh+43.542$1,458→ 16,082.909 total
→ Common Stock (43.542 underlying)
Award
Phantom Stock Units
[F1][F3]
2005-10-14$33.49/sh+17.417$583→ 16,100.326 total
→ Common Stock (17.417 underlying)
Award
Phantom Stock Units
[F1][F2]
2005-10-14$33.49/sh+13.063$437→ 16,113.389 total
→ Common Stock (13.063 underlying)

Footnotes (3)

[F1]These Phantom Stock Units may be converted to shares of Safeco stock as follows: The number of Phantom Stock Units acquired multiplied by the price of Phantom Stock Units on the transaction date divided by the closing price of Safeco stock on the transaction date.
[F2]These Phantom Stock Units were acquired under the Safeco Deferred Compensation Plan for Executives (the "Plan") as a result of a deferral of compensation in excess of IRC limits and will be settled in cash following termination of the reporting person's service as an officer of Safeco Corporation, or may be reallocated to another investment option pursuant to the terms of the Plan.
[F3]These Phantom Stock Units were acquired under the Plan as a result of an employer matching contribution related to the excess deferral in (2) above and will be settled in cash following termination of the reporting person's service as an officer of Safeco Corporation, or may be reallocated to another investment option pursuant to the terms of the Plan.

Signature

SoYoung Kwon, Attorney-in-fact for Dale E. Lauer|2005-10-18

Documents

1 file