Document:

Exhibit 10.9 

MGIC INVESTMENT
CORPORATION 
SUPPLEMENTAL
EXECUTIVE RETIREMENT PLAN 

	1.  	Purpose 

        The
purposes of this MGIC Investment Corporation Supplemental Executive Retirement Plan
(hereinafter referred to as the “Plan”) are to restore retirement benefits to
certain participants in the Company’s pension plan whose benefits under said Plan are
or will be limited by reason of Sections 401(a)(17) or 415 of the Internal Revenue Code of
1986, as amended (“Code”) and to provide certain other retirement benefits. 

        This
Plan is completely separate from the tax-qualified Pension Plan maintained by the Company
and is not funded or qualified for special tax treatment under the Code. 

	2.  	Effective
Date 

        The
Plan is effective as of July 31, 1990. 

	3.  	Definitions 

        The following
terms as used herein shall have the meanings set forth below: 

	 	        “Company” means
MGIC Investment Corporation, a Wisconsin corporation.  

	 	        “Employer” or
“Employers” means the Company and any subsidiary or affiliate thereof which is
a “Participating Employer” under the Pension Plan.  

	 	        “Group
Annuity Contract” means Group Annuity Contract 8474-0 issued by Metropolitan Life
Insurance Company to provide for the payment of benefits accrued under a terminated
pension plan previously maintained by the Company’s predecessor.  

	 	        “Participant”means
an employee of the Employers who is a participant in the Pension Plan and who is (or
whose position is) designated for participation herein by the board of directors of the
Company. As of the Effective Date, the following officers of Mortgage Guaranty Insurance
Corporation are designated as Participants:  

	 	
Chief
Executive Officer                                     
Chief Operating Officer
                                    
All Executive Vice Presidents
                                    
All Senior Vice Presidents 

	 	        “Pension
Plan” means the defined benefit pension plan maintained by the Company known as the
MGIC Investment Corporation Pension Plan and any successor to such plan maintained by the
Company or any successor or affiliate of the Company.  

	 	        “Pension
Plan Benefits” means the monthly benefits payable under the terms of the Pension
Plan and/or under the Group Annuity Contract.  

	 	        In
addition, (i) effective January 1, 1998, any employee of the Employers not referred to
above who is in salary grade 401 through 412, inclusive, shall be in a position
designated for participation in the Plan, and (ii) after December 31, 1999, William H.
Lacy, while he remains an employee of an Employer, shall continue to be a participant in
the Plan.  

	4.  	Administration 

        The
Plan shall be administered by the Administrator of the Pension Plan
(“Administrator”). Decisions and determinations by the Administrator shall be
final and binding on all parties, except when manifestly contrary to the provisions of
this Plan and except that no presumption of validity shall be given to any such decision
or determination with respect to Section 5(d). The Administrator shall have the authority
to interpret the Plan, to promulgate and revise rules and regulations relating to the Plan
and to make any other determinations which it deems necessary or advisable for the
administration thereof. 

	5.  	Pension
Plan Supplement 

        (a)              Any
Participant who, upon termination of employment with the Employers after the
          Effective Date has a vested and nonforfeitable right to a pension under the
          Pension Plan, or such Participant’s spouse or other beneficiary, shall be
          entitled to a benefit payable hereunder in accordance with this Section 5,
equal           to the excess, if any, of  

	 	        (i)                   the
amount of such Participant’s, surviving spouse’s or other
               beneficiary’s Pension Plan Benefits computed under the provisions of
the                Pension Plan and Group Annuity Contract, but: determined without
regard to the                limitations on benefits imposed by reason of Section 415 of
the Code or the                limitation on considered compensation under Section
401(a)(17) of the Code; and,                effective January 29, 2004, for an actively
employed officer of Mortgage                Guaranty Insurance Corporation then
participating in the Plan, and for officers                of Mortgage Guaranty Insurance
Corporation who participate in the Plan                thereafter, determined by adding
to “Compensation,” as that term is                defined in the Pension Plan,
the market value, determined as of the date of the                award, of restricted
stock of the Company awarded (regardless of whether such                stock is
subsequently forfeited) as part of such Participant’s bonus during
               any year beginning on or after January 1, 1999, but excluding any such
               restricted stock awarded to match an election of such Participant to
receive                restricted stock; over  

	 	        (ii)                   the
amount of Pension Plan Benefits actually payable to such Participant,
               surviving spouse or other beneficiary for each month under the Pension
Plan and                Group Annuity Contract, as computed under the provisions of such
Plan and                Contract.  

-2- 

        The
amount of Pension Plan Benefits in the computation under clauses (i) and (ii) above shall
exclude any Pension Plan Benefits earned after a Participant no longer occupies any
position designated for participation in the Plan.  

        (b)              Benefits
under this Section 5 shall become payable when the Participant or the
          Participant’s spouse or other beneficiary begins to receive Pension Plan
          benefits and shall be payable in the same manner, at the same time and in the
          same form as the benefits actually paid to the Participant, spouse or other
          beneficiary under the Pension Plan.  

        (c)              Notwithstanding
the foregoing, no benefits shall be payable under this Plan to           or on behalf of
any Participant whose employment with the Employers is           terminated “for
cause” or who engages in “prohibited           competition.” For purposes
of this Plan, the term “for cause”          shall mean fraud, dishonesty,
theft, gross negligence, willful misconduct in the           performance of duties or
other similar causes. The term “prohibited           competition” shall mean
the rendering of services to any competitor of the           Employers (i) during the
term of his employment by the Employers and (ii) for a           period of one year after
any termination of the Participant’s employment in           the geographic area or
areas (localized or national, as the case may be) in           which he was employed,
assigned or otherwise worked on behalf of the Company, or           a present or future
parent, subsidiary or affiliate of the Company, during the           three years prior to
the termination of his employment. For purposes of this           Plan, the term “competitor” means
any corporation, partnership,           proprietorship or firm (i) engaged in the
business of mortgage guaranty in any           geographic area in which the Company or a
present or future parent, subsidiary           or affiliate of the Company is so engaged
or (ii) engaged in any other business           in which the Company or any subsidiary is
engaged, in any geographic area in           which the Company or any subsidiary is so
engaged, but only if such business           accounted for at least 10% of the revenues
of the Company and its subsidiaries,           on a consolidated basis, during the twelve
months preceding the month in which           the Participant’s employment
terminated.  

        (d)              In
the case of a Participant who first becomes a Participant in 1996, the
          foregoing provisions of Section 5 shall be modified to the extent provided
          below:  

	 	        (i)                  For
purposes of Section 5(a), such Participant shall be deemed to have a vested
               and nonforfeitable right to a pension under the Pension Plan.  

	 	        (ii)                    For
purposes of clause (i) of Section 5(a), such Participant (A) shall be deemed
               to have a Past Service Benefit under Section 5.01(a) of the Pension Plan
equal                to $2,833.33 per month, and (B) shall be deemed to have a number of
years of                Vesting Service under the Pension Plan sufficient to be eligible
for each                benefit under the Pension Plan and a vested percentage under the
Pension Plan                sufficient to avoid any reduction in the amount of any such
benefit.  

-3- 

	 	        (iii)                   Section
5(b) shall not apply and benefits under this Section 5 shall become
               payable when such Participant or such Participant’s spouse or other
               beneficiary would have received Pension Plan benefits assuming that such
               Participant’s deemed Vesting Service under clause (ii) of this
Section 5(d)                was such Participant’s actual Vesting Service under the
Pension Plan and                giving effect to any election to commence receiving
benefits filed with the                Administrator as contemplated below, except that
if such an election is made                under this Plan and such Participant is also
eligible to elect to commence                receiving benefits under the Pension Plan,
such Participant shall also make such                an election under the Pension Plan.
Benefits under this Plan shall be payable in                the same manner and in the
same form as benefits would have been payable to the                Participant, spouse
or other beneficiary under the Pension Plan in accordance                with the
immediately preceding sentence if such benefits were actually payable
               thereunder. Any election by such Participant to commence receiving
benefits or                of the form of benefits under this Plan shall be filed with
the Administrator in                accordance with the same procedures as established
under the Pension Plan, and                in the case of an election of the form of
benefits, shall be the same as any                such election under the Pension Plan
and shall be subject to the same                restrictions as under the Pension Plan.  

	 	        (iv)                    Section
5(c) shall apply only to benefits under this Plan which are attributable
               to the Annual Pension Credits of such Participant. No benefits under this
Plan                which are attributable to the Past Service Benefit referred to in
clause (ii) of                this Section 5(d) shall be payable to or on behalf of such
Participant if (A)                prior to the third anniversary of such Participant’s
first day as an                employee of an Employer, such Participant quits (as such
term is used in Section                2.01 (a)(i) of the Pension Plan) as an employee of
the Employers other than as a                result of a meaningful reduction in such
Participant’s job status,                responsibilities or compensation, or (B)
such Participant engages in                “prohibited competition,” as such
term is used in Section 5(c).  

	 	        (v)                  Capitalized
definitional terms used in this Section 5(d) which are defined in                the
Pension Plan are used as so defined.  

	6.  	Plan
Reserve 

        (a)              The
Company shall establish a bookkeeping reserve with respect to the benefits
          provided under this Plan. Such reserve shall serve solely as a device for
          determining the amount of the Company’s accrued deferred liability for the
          benefits provided herein, and shall not constitute or be treated as a trust
fund           of any kind, it being expressly provided that the amounts credited to the
          reserve shall be and remain the sole property of the Company, and that no
          Participant shall have any proprietary rights of any nature whatsoever with
          respect thereto or with respect to any investments the Company may make to aid
          it in meeting its obligations hereunder.  

-4- 

        (b)              No
funds or other assets of the Company shall be segregated and attributable to
          the amounts that may from time to time be credited to the reserve. Benefit
          payments under the Plan shall be made from the general assets of the Company at
          the time any such payments becomes due and payable. To the extent that any
          person acquires a right to receive payments from the Company hereunder, such
          right shall be no greater than the right of an unsecured creditor.  

	7.  	Inter-Employer
Reimbursements 

        Although
all benefit payments hereunder shall be made by the Company, the Administrator shall
determine whether any portion thereof is allocable to any other Employer on account of its
employment of one or more Participants. In any such case, the Company shall be reimbursed
by such other Employer in the amount and manner determined by the Administrator. 

	8.  	Non-Alienation
of Payments 

        Benefits
payable under the Plan shall not be subject in any manner to alienation, sale, transfer,
assignment, pledge, attachment, garnishment or encumbrance of any kind, by will, or by
inter vivos instrument. Any attempt to alienate, sell, transfer, assign, pledge or
otherwise encumber any such benefit payment, whether currently or thereafter payable,
shall be void and shall not be recognized by the Administrator or the Company. 

	9.  	Limitation
of Rights Against the Employers 

        Participation
in this Plan, or any modifications thereof, or the payments of any benefits hereunder,
shall not be construed as giving to any person any right to be retained in the service of
the Employers, limiting in any way the right of the Employers to terminate such
person’s employment at any time, or evidencing any agreement or understanding that
the Employers will employ such person in any particular position or at any particular rate
of compensation. 

	10.  	Applicable
Laws 

        The
Plan shall be construed, administered and governed in all respects under and by the laws
of the State of Wisconsin. 

	11.  	Liability 

        Neither
the Company nor any shareholder, director, officer or other employee of any Employer or
any other person shall be liable for any act or failure to act hereunder except for gross
negligence or fraud. 

-5- 

	12.  	Amendment
or Termination 

        (a)              The
Company, by action of its board of directors, reserves the right to amend or
          terminate this Plan at any time, provided that no such amendment or
modification           shall adversely affect the rights of any Participant, spouse or
other           beneficiary with respect to any benefits under this Plan which have
accrued to           the effective date of such amendment, termination or modification.  

        (b)              It
is understood that an individual’s entitlement to benefits under Section           5
of this Plan may be automatically reduced as the result of an increase in his
          Pension Plan Benefits. Nothing herein shall be construed in any way to limit
the           right of the Company to amend or modify the Pension Plan.  

	13.  	Code
Section 409A Grandfathering 

        (a)              The
Plan shall be grandfathered to the maximum extent permitted under Internal
          Revenue Code (Code) Section 409A.  

        (b)              The
amount of compensation deferred before January 1, 2005, under the Plan for           any
Participant who, on December 31, 2004, had a vested and nonforfeitable right           to
a pension under the Pension Plan, shall be determined in accordance with
          Treasury Regulation 1.409A-6(a)(3). For purposes of calculating the present
          value of the grandfathered benefit amount, actuarial assumptions and methods
          shall be the same as those used to determine the present value of lump sum
          benefits under the Pension Plan as of each date such benefit is valued for
          purposes of determining the grandfathered amount.  

	14.  	Fixed
Time and Form of Non-Grandfathered Benefit Payment 

        (a)              The
payment provisions of Section 5(b) of the Plan, as in effect on           December 31,
2004, regarding form and time of payment of benefits shall not           apply to the
non-grandfathered benefits described in this Section 14. All other           terms of the
SERP continue to apply to the non-grandfathered benefit amount,           including the
forfeiture for cause or competition provisions of Section 5(c).  

        (b)              The
amount of compensation deferred for any Participant under the Plan on or           after
January 1, 2005, shall be paid in a single lump sum payment to the           Participant,
the Participant’s surviving spouse, or other beneficiary, as           applicable,
on the first business day after the date that is six months           following the
Participant’s “separation from service” within the           meaning of
Section 409A of the Code, as determined by applying the default rules           thereof.
No elections are permitted with regard to time or form of payment.  

        (c)              The
amount of compensation deferred on and after January 1, 2005, under the Plan
          for a Participant shall be determined in accordance with the methodology
          described in Treasury Regulation 1.409A-6(a)(3), but with regard to the full
          benefit amount to which the Participant, the Participant’s surviving
          spouse, or other beneficiary, as applicable, is entitled under the Plan at the
          time of actual payment, reduced by the grandfathered amount determined at the
          same time in accordance with Section 13. For purposes of calculating the
present           value of the full benefit amount, actuarial assumptions and methods
shall be the           same as those used to determine the present value of lump sum
benefits under the           Pension Plan as of the date such benefit is valued for
payment purposes.  

-6- 

        (d)              If
any amount of compensation paid or benefits provided pursuant to the SERP may
          be includible in income under Code Section 409A, the Company shall, in
          consultation with the affected Participant, modify the terms of the SERP as
          applicable to the affected Participant’s benefits in the least restrictive
          manner necessary in order to comply with the provisions of Code Section 409A,
          including taking into account other applicable provision (s) of the Code and/or
          any rules, regulations or other regulatory guidance issued under such statutory
          provisions, and without any diminution in the value of the payments to the
          Participant, the Participant’s surviving spouse, or other beneficiary, as
          applicable.  

-7-Exhibit 10.8 

MGIC INVESTMENT
CORPORATION 

DEFERRED COMPENSATION
PLAN FOR NON-EMPLOYEE DIRECTORS 

	Section 1.  	Purpose 

        The
purpose of the MGIC Investment Corporation Deferred Compensation Plan for Non-Employee
Directors (the "Plan") is to promote the best interests of MGIC Investment Corporation, a
Wisconsin corporation (together with any successor thereto, the “Company”), and
its shareholders by providing a means to attract and retain directors of the highest
capabilities who are not employees of the Company or of any Affiliate (as defined below)
and to provide such directors with an opportunity to defer and convert all or any portion
of their compensation for services as a member of the Board of Directors of the Company
into share units representing an investment in shares of Common Stock of the Company
and/or an interest-bearing account for payment upon death, disability, termination of
services or designated distribution date.  

	Section 2.  	Definitions 

        As
used in the Plan, the following terms shall have the respective meanings set forth below: 

        (a)            “Administrator” shall
mean the Secretary of the Company or such other           person or persons as the Board
of Directors of the Company may designate to           administer the Plan.  

        (b)            “Affiliate” shall
mean any entity that, directly or through one or           more intermediaries, is
controlled by, controls, or is under common control           with, the Company.  

        (c)            “Commission” shall
mean the United States Securities and Exchange           Commission or any successor
agency.  

        (d)            “Common
Stock” shall mean the common stock, $1.00 par value, of the           Company.  

        (e)            “Company” is
defined in Section 1 hereof.  

        (f)            “Compensation” shall
mean those fees paid by the Company to           Non-Employee Directors for services
rendered on the Board of Directors of the           Company or any committee of such
Board, including attendance fees, fees for           acting as committee chair or member,
as well as annual retainer fees.  

        (g)            “Disability” shall
mean disability as set forth in Section 22(e)(3) of           the Internal Revenue Code
of 1986, as amended.  

        (h)            “Distribution
Date” shall mean the earliest to occur of the following           events:  

	 	        (i)             The
Non-Employee Director’s death.  

	 	        (ii)                  The
Non-Employee Director’s Disability.  

	 	        (iii)                    The
termination of the Non-Employee Director’s service as a member of the
               Board of Directors of the Company, whether by retirement or otherwise.  

	 	        (iv)                  The
date (if any) specified by the Non-Employee Director in accordance with
               Section 10 hereof.  

        (i)           “Exchange
Act” shall mean the Securities Exchange Act of 1934, as           amended from time
to time.  

        (j)           “Interest-Bearing
Account” is defined in Section 8 hereof.  

        (k)           “Non-Employee
Director” is defined in Section 5 hereof.  

        (l)           “Notice” is
defined in Section 6(a) hereof.  

        (m)           “Plan” is
defined in Section 1 hereof.  

        (n)           “Plan
Year” shall mean the calendar fiscal year of the Company.  

        (o)           “Rule
16b-3” shall mean Rule 16b-3 as promulgated by the Commission           under the
Exchange Act, or any successor rule or regulation thereto.  

        (p)           “Share
Account” is defined in Section 7(a) hereof.  

	Section 3.  	Administration 

        The
Plan shall be administered by the Administrator.  Subject to the terms of the Plan and
applicable law, the  Administrator shall have full power and authority to interpret the
Plan, to prescribe, amend or rescind rules and regulations relating to it and to make all
other determinations necessary or advisable for the administration of the Plan. The Plan
shall be construed so that transactions under the Plan will be exempt from Section 16(b)
of the Exchange Act. Unless otherwise expressly provided in the Plan, all determinations,
interpretations and other decisions by the Administrator shall be final, conclusive and
binding on all persons.  

-2- 

	Section 4.  	Share
Units Subject to Plan 

        The
maximum number of share units (representing shares of Common Stock) that may be issued
under the Plan shall be 160,000 units, subject to adjustment upon changes in the
capitalization of the Company as provided Section 7(d) hereof. Any deferral which would
cause such number to exceed 160,000 share units shall be credited to the Interest-Bearing
Accounts. 

	Section 5.  	Eligibility 

        Any
member of the Company’s Board of Directors who is not an employee of the Company or
of any Affiliate (a “Non-Employee Director”) is eligible to participate in the
Plan. 

	Section 6.  	Election
to Defer Compensation 

        (a)              Each
Non-Employee Director may elect to defer all or any portion of his or her
          Compensation for services rendered during all Plan Year quarters commencing on
          the first day of the Plan Year quarter following the date of such Non-Employee
          Director’s Notice. Any such deferral election shall be made by written
          notice to the Company in substantially the form attached hereto as Exhibit A
          (“Notice”). In the Notice, the Non-Employee Director shall indicate
          whether the amount to be deferred shall be (i) converted into share units and
          credited to a Share Account as provided in Section 7 hereof, (ii) credited to
an           Interest-Bearing Account as provided in Section 8 hereof, or (iii) credited
to a           combination of both accounts.  

        (b)              A
deferral election (including, without limitation, the amount deferred as
          specified in each Non-Employee Director’s Notice) is irrevocable and will
          remain in effect as to all future Plan Year quarters and deferred amounts until
          a Non-Employee Director submits an amended Notice to the Company and such new
          irrevocable election or revocation becomes effective. Any amended Notice shall
          be effective with respect to Compensation earned on and after the first day of
          the Plan Year quarter beginning after the date of the amended Notice.  

	Section 7.  	Bookkeeping
Share Unit Accounts 

        (a)              The
Company shall establish and maintain a bookkeeping share unit account           (“Share
Account”) for each Non-Employee Director participating in the           Plan. The
Share Account shall reflect all entries required to be made pursuant           to the
Non-Employee Director’s Notice and amended Notices, if any, and           pursuant
to this Plan.  

        (b)              At
the end of each Plan Year quarter, a Non-Employee Director’s Share           Account
shall be credited with a number of share units equal to (i) the portion           of the
Non-Employee Director’s Compensation deferred for such quarter           designated
in his or her then effective Notice to be converted into share units           divided by
(ii) the closing price per share of the Common Stock on the New York           Stock
Exchange on the last trading day of such quarter. Non-Employee Directors           shall
have no rights as stockholders of the Company with respect to share units
          credited to their Share Accounts.  

-3- 

        (c)              Whenever
cash dividends or other distributions are paid by the Company on its
          outstanding Common Stock, there shall be credited to each Non-Employee
          Director’s Share Account additional share units equal to (i) the aggregate
          dividend or distribution that would be payable on a number of outstanding
shares           of Common Stock equal to the number of share units in such Non-Employee
          Director’s Share Account on the record date for the dividend divided by
          (ii) the closing price per share of the Common Stock as reported on the New
York           Stock Exchange on the last trading day immediately preceding the date of
payment           of the dividend.  

        (d)              The
number of share units credited to each Non-Employee Director’s Share
          Account shall be adjusted as appropriate in the event of any changes in the
          outstanding Common Stock by reason of any stock dividend, stock split,
          recapitalization, merger, consolidation, combination, exchange of stock or
other           similar corporate change.  

	Section 8.  	Interest-Bearing
Accounts 

        (a)              The
Company shall establish and maintain a bookkeeping interest-bearing account           (“Interest-Bearing
Account”) for each Non-Employee Director           participating in the Plan. The
Interest-Bearing Account shall reflect all           entries required to be made pursuant
to the Non-Employee Director’s Notice           and amended Notices, if any, and
pursuant to this Plan.  

        (b)              At
the end of each Plan Year quarter, a Non-Employee Director’s
          Interest-Bearing Account shall be credited with the portion of the Non-Employee
          Director’s Compensation deferred for such quarter designated in his or her
          then effective Notice to be credited to his or her Interest-Bearing Account. A
          Non-Employee Director’s Interest-Bearing Account balance at the beginning
          of each Plan Year quarter shall also be credited at the end of such quarter
with           interest for the quarter at a rate equal to the Six Month U.S. Treasury
Bill           Rate determined at the closest preceding January 1 or July 1 of each year.  

	Section 9.  	Account
Transfer 

        A
Non-Employee Director may not transfer or convert a Share Account to an Interest-Bearing
Account or vice versa. Notwithstanding the above or anything in this Plan to the contrary,
a Non-Employee Director who has previously deferred Compensation under a Deferred Director
Fee Agreement with the Company may elect to convert all or any portion of such previously
deferred Compensation into share units, and thereby credit his or her Share Account, by
submitting to the Company a written transfer election in substantially the form attached
hereto as Exhibit B during the period beginning on the day following public release of
financial results for the quarter ending September 30, 1993 and ending on the twentieth
day following such date. All amounts previously deferred under the Deferred Director Fee
Agreement not so converted into share units will be transferred and credited to the
Non-Employee Director’s Interest-Bearing Account under this Plan. 

-4- 

	Section 10.  	Distributions 

        (a)              A
Non-Employee Director may designate on his or her initial Notice a           Distribution
Date for the commencement of payment of amounts credited to his or           her Share
Account and Interest-Bearing Account; provided, however, that           any
Distribution Date elected by a Non-Employee Director shall not be effective
          until the first day of the month coincident with or following the date that is
          six months after the initial Notice or amended Notice, as the case may be. All
          Distribution Date elections made by Non-Employee Directors are irrevocable and
          shall remain in effect until another irrevocable Distribution Date election
          becomes effective.  

        (b)              A
Non-Employee Director shall direct in his or her initial Notice whether
          distributions of the amount(s) accumulated in his or her Share Account and/or
          Interest-Bearing Account are to be made in (i) a lump sum, payable on the first
          business day of the calendar month following the applicable Distribution Date,
          or (ii) up to ten (10) annual installments commencing on the first business day
          of the calendar month following the applicable Distribution Date and continuing
          on the appropriate number of consecutive anniversaries of such date. If a
          Non-Employee Director receives distributions on an installment basis, amounts
          remaining in his or her Share Account and/or Interest-Bearing Account before
          payment in full is completed shall continue to be credited, as appropriate,
with           (i) additional share units in the event cash dividends are paid by the
Company           and shall be appropriately adjusted in the event of any changes in the
          outstanding Common Stock in accordance with Sections 7(c) and 7(d),
          respectively, hereof and/or (ii) interest in accordance with Section 8(b)
          hereof.  

        (c)              All
distributions made pursuant to the Plan shall be made in cash and, if
          appropriate, will be deemed to be made from the Share Accounts and the
          Interest-Bearing Accounts pro rata. If a Non-Employee Director has elected that
          some or all of his or her deferred Compensation be converted into share units
as           provided in Section 7 hereof, then the Company shall pay on the applicable
date           an amount in cash equal to the average of the closing price per share of
the           Common Stock on the New York Stock Exchange for the five (5) consecutive
trading           days immediately preceding the date of distribution multiplied by the
number of           share units (i.e., shares of Common Stock since each unit
represents one           share) that would be otherwise distributable.  

        (d)              A
Non-Employee Director may amend the method by which distributions are made
          under this Section 10 and Part III of the Notice by submitting an amended
Notice           to the Company.  

        (e)              If
the Distribution Date is the first day of the month following the           Non-Employee
Director’s death or a fixed date which in fact occurs after           the
Non-Employee Director’s death or if at the time of death the           Non-Employee
Director was receiving distributions in installments, the balance           remaining in
the Non-Employee Director’s Share Account and/or           Interest-Bearing Account
shall be distributed to such beneficiary or           beneficiaries as such Non-Employee
Director shall have designated by an           instrument in writing filed with the
Company prior to the Non-Employee           Director’s death. All distributions to
the Non-Employee Director’s           beneficiary or beneficiaries shall be in a
lump sum and will be made as soon as           practicable after the Non-Employee Director’s
death. In the absence of an           effective beneficiary designation, the Non-Employee
Director’s Share           Account and/or Interest-Bearing Account balance(s) shall
be distributed to his           or her estate.  

-5- 

	Section 11.  	Amendments
and Termination. 

        The
Board of Directors of the Company hereby reserves the right to amend this Plan from time
to time and to terminate this Plan at any time without the consent of the Non-Employee
Directors or their beneficiaries; provided, however, that no amendment or
termination may reduce any Share Account and/or Interest-Bearing Account balance accrued
on behalf of a Non-Employee Director based on deferrals already made, or divest any
Non-Employee Director of rights to which he or she would have been entitled if the Plan
had been terminated immediately prior to the effective date of such amendment. 

	Section 12.  	General.

        (a)    Assignment.
Neither the Non-Employee Director, nor his or her           beneficiary, nor his or her
estate shall have any right or power to transfer,           assign, pledge, encumber or
otherwise dispose of any rights hereunder and any           such attempt to assign,
transfer, pledge or other conveyance shall not be           recognized by the Company.
The rights of a Non-Employee Director hereunder are           exercisable during the
Non-Employee Director’s lifetime only by him or her           or his or her guardian
or legal representative.  

        (b)    Non-Employee
Directors’ Rights Unsecured. The right of any           Non-Employee Director or
his or her beneficiary to receive a distribution           hereunder shall be an
unsecured claim against the general assets of the Company,           and neither the
Non-Employee Director nor any beneficiary shall have any right,           title or
interest in or against any amount credited to his or her Share Account,           his or
her Interest-Bearing Account or any other specific assets of the Company           prior
to the payment thereof to such person.  

        (c)    Funding.
This Plan is unfunded and is maintained by the Company for the           purpose of
providing deferred compensation to Non-Employee Directors. Nothing           contained in
this Plan and no action taken pursuant to its terms shall create or           be
construed to create a trust of any kind, or a fiduciary relationship between
          the Company and any Non-Employee Director or his or her beneficiary, or any
          other person. The Company may authorize the creation of a trust or other
          arrangement to assist the Company in meeting the obligations created under the
          Plan. Any liability to any person with respect to the Plan shall be based
solely           upon any contractual obligations that may be created pursuant to the
Plan. No           obligation of the Company hereunder shall be deemed to be secured by
any pledge           of, or other encumbrance on, any property of the Company.  

        (d)    Withholding
for Taxes. No later than the date as of which an amount first           becomes
includable in the gross income of the Non-Employee Director for Federal           income
tax purposes with respect to any participation under the Plan, the           Non-Employee
Director shall pay to the Company, or make arrangements           satisfactory to the
Company regarding the payment of, any Federal, state, local           or foreign taxes of
any kind required by law to be withheld with respect to such           amount.  

-6- 

        (e)    Costs
of Administration. Costs of administration of the Plan will be paid           by the
Company.  

        (f)    Benefit
Statements. The Company shall provide statements with respect to           Share
Accounts and/or Interest-Bearing Accounts to participating Non-Employee
          Directors on a periodic basis, but not less than annually, in such form and at
          such time as it deems appropriate.  

        (g)    Governing
Law. The validity, construction, and effect of the Plan and any           rules and
regulations relating to the Plan shall be determined in accordance           with the
laws of the State of Wisconsin and applicable federal law.  

        (h)    Severability. If
any provision of the Plan is or becomes or is deemed to           be invalid, illegal or
unenforceable in any jurisdiction, or as to any person,           or would disqualify the
Plan under any law deemed applicable by the           Administrator, such provision shall
be construed or deemed amended to conform to           applicable laws, or if it cannot
be so construed or deemed amended without, in           the determination of the
Administrator, materially altering the intent of the           Plan, such provision shall
be stricken as to such jurisdiction or person and the           remainder of the Plan
shall remain in full force and effect.  

        (i)    Headings.
Headings are given to the Sections and subsections of the Plan           solely as a
convenience to facilitate reference. Such headings shall not be           deemed in any
way material or relevant to the construction or interpretation of           the Plan or
any provision thereof.  

	Section 13.  	Effective
Date of the Plan. 

        The
Plan shall be effective as of August 1, 1993. 

-7- 

Exhibit A 

NOTICE OF ELECTION TO
DEFER COMPENSATION UNDER MGIC INVESTMENT 
CORPORATION DEFERRED
COMPENSATION PLAN FOR NON-EMPLOYEE DIRECTORS 

        The
undersigned, being a Non-Employee Director of MGIC Investment Corporation (the
“Company”), hereby elects to participate in the Company’s Deferred
Compensation Plan for Non-Employee Directors (the “Deferred Compensation Plan”)
on the terms and conditions set forth in such Plan and pursuant to the specific
instructions below: 

	 	I. 	Percentage
of Directors’ Compensation to be deferred for services rendered
                    during all Plan Year quarters beginning after the date of this
Notice. (Please                     list percentage of fees you wish to defer) 

	 	A. 	_____________ Annual
Retainer Fee  

	 	B. 	_____________ Board
and Committee Fees  

	 	II. 	Percentage
of Compensation deferred to be converted into share units (and
                    credited to Share Account) and/or credited to Interest-Bearing
Account. (Please                     specify percentages) 

	 	A. 	_____________ Share
Units (Share Account)  

	 	B. 	_____________Interest-Bearing
Account 

	 	III. 	Method
by which Share Account and/or Interest-Bearing Account balance(s) shall
                    be paid. (Please check one) 

	 	A. 	|_|
               One lump-sum, payable on first business day of the   calendar month
following                the applicable Distribution Date  

	 	B. 	|_|
               In 1, 2, 3, 4, 5, 6, 7, 8, 9, 10 (please circle one number) annual
               installments commencing on the first  business day of the calendar month
following the applicable Distribution Date and continuing on the appropriate number of
consecutive anniversaries of such date. 

	 	IV. 	Optional
designation of a Distribution Date other than death, Disability or
                    termination of service as a member of the Board of Directors of the
Company,                     whether by retirement or otherwise. (Please specify such
other Distribution Date                     if you desire). 

	 	
______________________________ 

	 	V.	Designation
of Beneficiary under the Deferred Compensation Plan, if any. 

	 	
Name
and Address of Beneficiary: 

	 	
______________________________

______________________________

______________________________ 

        All
capitalized terms used but not defined herein shall have the meanings assigned to them in
the Deferred Compensation Plan. 

        Made
and executed as of this ____ day of ____________, ____. 

____________________________________
Director 

Exhibit B* 

TRANSFER ELECTION
UNDER MGIC INVESTMENT CORPORATION 
DEFERRED COMPENSATION
PLAN FOR NON-EMPLOYEE DIRECTORS 

        The
undersigned, being a non-employee director of MGIC Investment Corporation (the
“Company”) who has previously deferred Compensation under that certain Deferred
Director Fee Agreement, dated as of ___________, with the Company (“Fee
Agreement”), hereby elects to convert the portion of such previously deferred
compensation set forth below, into share units, and thereby credit his or her Share
Account, under the Company’s Deferred Compensation Plan for Non-Employee Directors
(the “Deferred Compensation Plan”). 

	 	I. 	Percentage
of Compensation previously deferred under the Fee Agreement to be
                    converted into share units and credited to my Share Account under the
Deferred                     Compensation Plan. (Please specify percentage) 

	 	
__________________________ Percent 

        I
understand and agree that all amounts deferred under the Fee Agreement not converted to
share units as specified above shall be transferred and credited to my Interest-Bearing
Account under the Deferred Compensation Plan. 

        All
capitalized terms used but not defined herein shall have the meanings assigned to them in
the Deferred  Compensation Plan.  

        Made
and executed as of this______ day of _________________, _____. 

	 	
____________________________________

Director 

*This Election is no longer
applicable. It was only available for compensation which was deferred by a director before
this Plan became effective.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00127-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00127-of-00352.parquet"}]]