Amendment to Key Executive Employment and Severance Agreement between MGIC Investment Corporation and Employee (April 7, 2009)
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Summary
This letter agreement amends the Key Executive Employment and Severance Agreement (KEESA) between MGIC Investment Corporation and the employee. The amendment removes the company's obligation to make Section 409A Gross-Up Payments by replacing the relevant subsection with "Intentionally omitted" and deleting related language. All other terms of the original agreement remain unchanged. The amendment is effective upon the employee's signature and does not affect any other provisions of the KEESA.
EX-10.11.3 2 c50511exv10w11w3.htm EX-10.11.3 exv10w11w3
Exhibit 10.11.3

April 7, 2009
[Employee Name]
[Employee Address]
[Employee Address]
Re: | Key Executive Employment and Severance Agreement between you and MGIC Investment Corporation (the Company) dated as of December 2, 2008 (the KEESA) |
Dear [Employee Name]:
In Subsection 10(b)(vi) of the KEESA, the Company agreed, under certain circumstances, to pay you amounts described in that subsection as the Section 409A Gross-Up Payment. For the reasons discussed with you, the Company is proposing to eliminate its obligations to make such payments by replacing all of the text of Subsection 10(b)(vi) of the KEESA with the words Intentionally omitted and deleting the phrase (including any Section 409A Gross-Up Payment under Subsection 10(b)(vi)) from Subsection 10(b)(ii) of the KEESA.
If you agree to these changes, please so indicate by signing and returning, to Ralph Gundrum, a copy of this letter agreement. Except as set forth above, the provisions of the KEESA are and shall remain in full force and effect. From and after the date hereof, all references made in the KEESA to the Agreement shall be a reference to the KEESA as amended by this letter agreement.
Very truly yours, | ||||||
MGIC INVESTMENT CORPORATION | ||||||
By: | ||||||
Name: | Ralph Gundrum | |||||
Title: | Assistant Secretary |
Acknowledged and agreed to as of April 7, 2009 by:
By: | ||||||
[Executive Name] |
MGIC Plaza, P.O. Box 488, Milwaukee, Wisconsin 53201