Exhibit 10.1

RESTRICTED STOCK AGREEMENT

          THIS RESTRICTED STOCK AGREEMENT is made and entered into as of the
date indicated on the signature page under “Date of Agreement” by and between
MGIC Investment Corporation, a Wisconsin corporation (the “Company”), and the
employee of Mortgage Guaranty Insurance Corporation whose signature is set forth
on the signature page hereto (the “Employee”).

INTRODUCTION

          The Company is awarding shares of the Company’s Common Stock, $1.00
par value per share (the “Stock”), and to the extent, if any, indicated in this
instrument, Restricted Stock Units (“RSUs”), to the Employee under the MGIC
Investment Corporation 2002 Stock Incentive Plan (the “Plan”) and this
Agreement.

          This Agreement consists of this instrument and the Incorporated Terms
Dated As of January ___, 200___to Restricted Stock Agreement (the “Incorporated
Terms”), which although not attached to this instrument, are part of this
Agreement and were provided to the Employee as indicated in Paragraph 1(b)
below.

          The parties mutually agree as follows:

          1. Award of Restricted Stock or RSUs; Incorporated Terms.

               (a) Subject to the terms and conditions set forth herein, the
Company awards the Employee the number of shares of Stock as follows: the number
of shares set forth after “Shares of Base Restricted Stock” on the signature
page shall be the “Base Restricted Stock”; the number of shares set forth after
“Shares of Matching Restricted Stock” on the signature page shall be the
“Matching Restricted Stock”; the number of shares set forth after “Shares of
Time Vested Restricted Stock” shall be the “Time Vested Restricted Stock”; and
the number of shares set forth after “Shares of Performance Restricted Stock”
shall be the “Performance Restricted Stock,” except that if after “Restricted
Stock Units” on the signature page “Yes” appears, then all shares of Stock
indicated after “Time Vested Restricted Stock” shall be awarded in the form of
RSUs. The term “Restricted Stock” as used in the remainder of this Agreement
shall be applied separately to the Base Restricted Stock, the Matching
Restricted Stock, the Time Vested Restricted Stock and the Performance
Restricted Stock as if the term “Restricted Stock” were the term “Base
Restricted Stock,” “Matching Restricted Stock,” “Time Vested Restricted Stock,”
or “Performance Restricted Stock,” as the case may be.

               (b) The Incorporated Terms are incorporated in this instrument
with the same effect as if they were physically set forth in this instrument.
The Incorporated Terms and this instrument constitute a single agreement which
is referred to as “this Agreement.” The terms “herein,” “hereof,” “above” and
similar terms used in this Agreement refer to this Agreement as a whole. The
Incorporated Terms were attached to an e-mail sent in ___, 2005 to the Employee
from the Company’s Secretary which included other documents relating to the
Restricted Stock. The Company is hereby advising the Employee to

 

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print and retain a copy of the Incorporated Terms. The Employee agrees if there
is any difference between the text of the Incorporated Terms obtained as
indicated above and the text of the Incorporated Terms retained by the Company’s
Secretary, the text of the copy retained by the Secretary will control.

          IN WITNESS WHEREOF, the Company has caused this Agreement to be
executed by its duly authorized officer, and the Employee has hereunto affixed
his hand and seal, all as of the day and year set forth below.

         

  Date of Agreement:   As of January ___, 200_
 
       

      MGIC INVESTMENT CORPORATION
 
       

      By:

       

      Title:  

  Sign Here:      ð   (SEAL)

       

      Name:
 
       

      Shares of Base Restricted Stock:                                    
 
       

      Shares of Matching Restricted Stock:                            
 
       

      Shares of Time Vested Restricted Stock:                       
 
       

      Shares of Performance Restricted Stock:                       
 
       

      Restricted Stock Units:
                                                    
 `
       

      Base Restricted Stock

      Release Date:           January ___, 200_
 
       

      Matching Restricted Stock

      Release Date:                January ___, 200_
 
       

      Time Vested Restricted Stock

      Release Date:           Each of January ___, 200_ — 20___
 
       

      Restricted Stock Units

      Settlement Date:
 
       

      Performance Restricted Stock

      Release Date:           Each of January ___, 200_ — 20___
 
       

      Target: $___
 
       

      *   *   *   *

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      Beneficiary:

     

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      Address of Beneficiary:
 
       

     

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      Beneficiary Tax Identification

      No:

     

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