MGIC Investment Corporation 2002 Executive Bonus Plan

Summary

MGIC Investment Corporation established an Executive Bonus Plan for 2002, covering certain officers, including executive officers. If the company met a minimum net income threshold, eligible executives could receive a bonus of up to 120-200% of their base salary, based on individual performance and applicable limits. Executives could choose to receive up to one-third of their bonus in restricted stock, which vested in one year, and for each share so elected, they would receive an additional one and a half shares of restricted stock vesting in three years.

EX-10.6 7 sdc369e.txt EXECUTIVE BONUS PLAN EXHIBIT 10.6 EXECUTIVE BONUS PLAN OF MGIC INVESTMENT CORPORATION (the "Company") The Executive Bonus Plan of the Company in effect for 2002 (which is not contained in a formal plan document), applied to certain officers of the Company, including the executive officers of the Company identified in the Form 10-K for the year ended December 31, 2002. Under the Executive Bonus Plan, if the Company achieved a minimum level of net income for 2002, an executive officer was eligible for a bonus, depending upon the executive officer's individual performance, of up to 120-200% of such executive officer's base salary, depending on the maximum applicable to the executive officer. The officer could elect to receive up to one-third of the bonus in restricted stock of the Company that vested in one year. For each share of restricted stock so elected, the Company awarded one and one-half shares of restricted stock that vested in three years.