Exhibit 10.1

PICO HOLDINGS, INC.

2005 Long-Term Incentive Plan
Grant of Restricted Stock Awards

Grantee:___________________
 
Date:__________________

Pursuant to Section 8 of the PICO Holdings, Inc. 2005 Long-Term Incentive Plan,
(the “LTIP”), the Compensation Committee and the Board of Directors have granted
you, as part of your Director’s compensation, the following Restricted Stock
Award:

Number of Restricted Stock Awards in Grant:
__________________
 
Date of Grant:
__________________
 
Vesting Schedule:
__________________
 

This award is subject entirely to the terms and provisions of the 2005 Long-Term
Incentive Plan.

 
__________________________________
James F. Mosier
General Counsel and Secretary
PICO Holdings, Inc.