Document:

EX-10.1

EXHIBIT 10.1

THE PMI GROUP, INC.

BONUS INCENTIVE PLAN

(February 20, 2008 Amendment and Restatement)

SECTION 1

BACKGROUND, PURPOSE AND DURATION

1.1 Effective Date.  The Plan previously was amended and restated effective as of
September 19, 2007. The Plan hereby is amended and restated effective as of February 20, 2008,
subject to the affirmative vote of the holders of a majority of the Shares that were present in
person or by proxy and entitled to vote at the 2008 Annual Meeting of Stockholders of the Company.

1.2 Purpose of the Plan.  The Plan is intended to increase stockholder value and the
success of the Company by motivating Participants (1) to perform to the best of their abilities,
and (2) to achieve the Company’s objectives. The Plan’s goals are to be achieved by providing
Participants with the opportunity to earn incentive awards for the achievement of goals relating to
the performance of the Company. The Plan is intended to help achieve long term stockholder value
and permit the payment of bonuses that qualify as performance-based compensation under
Section 162(m) of the Code.

SECTION 2

DEFINITIONS

The following words and phrases shall have the following meanings unless a different meaning
is plainly required by the context:

2.1 “Actual Award” means as to any Performance Period, the actual award (if any)
payable to a Participant for the Performance Period. Each Actual Award is determined by the Payout
Formula for the Performance Period, subject to the Committee’s authority under Section 3.6 to
eliminate or reduce the award otherwise determined by the Payout Formula.

2.2 “Adjusted Book Value” means “Book Value” excluding certain non-operating items
that are considered outside the control of management, as determined by the Committee pursuant to
Section 2.38 hereunder.

2.3 “Affiliate” means each corporation, trade or business which is, together with the
Company, a member of a controlled group of corporations or an affiliated service group or under
common control (within the meaning of section 414(b), (c) or (m) of the Code), but only for the
period during which such other entity is so affiliated with the Company. Notwithstanding the
foregoing, in applying sections 1563(a)(1), (2) and (3) of the Code for purposes of determining a
controlled group of corporations under section 414(b) of the Code and in applying Treasury
regulation section 1.414(c)-2 for purposes of determining trades or businesses that are under
common control for purposes of section 414(c) of the Code, the phrase “at least 50 percent” will be
used instead of “at least 80 percent” at each place it appears in such sections.

2.4 “Base Salary” means as to any Performance Period, the Participant’s earned salary
during the Performance Period. Such Base Salary shall be before both (a) deductions for taxes or
benefits, and (b) deferrals of compensation pursuant to Company-sponsored plans and
Affiliate-sponsored plans.

2.5 “Board” means the Board of Directors of the Company.

2.6 “Book Value” means as of a particular date, the Company’s total stockholders’
equity on such date, as derived from the Company’s financial statements for the period ended on
such date.

2.7 “Brand Management” means as to any Performance Period, the objective and
measurable goals approved by the Committee that relate to promotion of a favorable brand image and
brand recognition.

2.8 “Business Quality” means as to any Performance Period, the objective and
measurable goals approved by the Committee that relate to the credit quality of one or more
business segments of the Company and/or its Affiliates or of their insurance portfolios.

2.9 “Capital” means the sum of the par value of the Company’s outstanding Common Stock
and the paid-in capital of the Company, including cash derived from the issuance of debt and/or
equity as well as other sources. “Capital” may also mean, in the discretion of the Committee, the
capital resources of the Company available to meet its commitments.

2.10 “Cash Flow” means as to any Performance Period, cash generated from operating
activities.

2.11 “Cash Operating Earnings” means as to any Performance Period, operating earnings
adjusted for certain non-cash items such as, but not necessarily limited to, the amortization of
goodwill and other acquired intangible assets.

2.12 “Change of Control” means a change in the ownership of the Company, a change in
the effective control of the Company, or a change in the ownership of a substantial portion of the
assets of the Company as determined in accordance with section 409A(a)(2)(A)(v) of the Code and
Treasury regulation section 1.409A-3(i)(5), and as set forth below:

(a) A change in the ownership of the Company occurs on the date that any one person or more
than one person acting as a group (a “Person”), acquires ownership of the stock of the Company
that, together with the stock held by such Person, constitutes more than fifty percent (50%) of the
total fair market value or total voting power of the stock of the Company; provided, however, that
for purposes of this subsection (a), the acquisition of additional stock by any one Person who is
considered to own more than fifty percent (50%) of the total fair market value or total voting
power of the stock of the Company shall not be considered to cause a change in the ownership of the
Company (or to cause a change in the effective control of the Company within the meaning of
subsection (b) below). An increase in the percentage of stock owned by any one Person as a result
of a transaction in which the Company acquires its stock in exchange for property shall be treated
as an acquisition of stock for purposes of this subsection (a). This subsection (a) applies only
when there is a transfer of stock of the Company (or issuance of stock of the Company) and the
Company’s stock remains outstanding after the transaction;

(b) A change in the effective control of the Company occurs on the date that either: (1) any
one Person acquires (or has acquired during the 12-month period ending on the date of the most
recent acquisition by such Person) ownership of the stock of the Company possessing thirty percent
(30%) or more of the total voting power of the stock of the Company; or (2) a majority of the
members of the Board of Directors is replaced during any 12-month period by directors whose
appointment or election is not endorsed by a majority of the members of the Board of Directors
prior to the date of the appointment or election. A change in effective control also may occur in
a transaction in which either of the two corporations involved in the transaction has a Change of
Control under subsection (a) above or (c) below. For purposes of this subsection (b), if any one
Person is considered to effectively control the Company within the meaning of this subsection (b),
the acquisition of additional control of the Company by such Person shall not be considered to
cause a change in the effective control of the Company (or to cause a change in the ownership of
the Company within the meaning of subsection (a) above); or

(c) A change in the ownership of a substantial portion of the Company’s assets occurs on the
date that any one Person acquires (or has acquired during the 12-month period ending on the date of
the most recent acquisition by such Person) assets from the Company that have a total gross fair
market value equal to or more than forty percent (40%) of the total gross fair market value of all
of the assets of the Company immediately prior to such acquisition or acquisitions. For this
purpose, “gross fair market value” means the value of the assets of the Company, or the value of
the assets being disposed of, determined without regard to any liabilities associated with such
assets. However, there is no Change of Control under this subsection (c) when there is a transfer
of assets of the Company to an entity that is controlled by the shareholders of the Company
immediately after the transfer, as provided below. A transfer of assets by the Company shall not
be treated as a change in the ownership of such assets if the assets are transferred to: (1) a
shareholder of the Company (immediately before the asset transfer) in exchange for or with respect
to the Company’s stock; (2) an entity, fifty percent (50%) or more of the total value or voting
power of which is owned, directly or indirectly, by the Company; (3) a Person, that owns, directly
or indirectly, fifty percent (50%) or more of the total value or voting power of all the
outstanding stock of the Company; or (4) an entity, at least fifty percent (50%) of the total value
or voting power of which is owned, directly or indirectly, by a Person described in clause (3)
above. For purposes of this subsection (c) and except as otherwise provided, a person’s status is
determined immediately after the transfer of the assets.

For purposes of this Section 2.12, persons will not be considered to be acting as a group
solely because they purchase or own stock of the Company at the same time. However, persons will
be considered to be acting as a group if they are owners of a corporation that enters into a
merger, consolidation, purchase or acquisition of stock, or similar business transaction with the
Company, and if a person, including an entity, owns stock in both the Company and another
corporation and the Company and the other corporation enter into a merger, consolidation, purchase
or acquisition of stock, or similar transaction, such shareholder is considered to be acting as a
group with other shareholders only with respect to the ownership in the Company before the
transaction giving rise to the change and not with respect to the ownership interest in the other
corporation. Section 318(a) of the Code also applies to determine stock ownership. Stock
underlying a vested option is considered owned by the individual who holds the vested option (and
the stock underlying an unvested option is not considered owned by the individual who holds the
unvested option); provided, however, that if a vested option is exercisable for stock that is not
substantially vested (as defined by Treasury regulation sections 1.83-3(b) and (j)), the stock
underlying the option is not treated as owned by the individual who holds the option.

2.13 “Code” means the Internal Revenue Code of 1986, as amended. Reference to a
specific section of the Code or regulation thereunder shall include such section or regulation, any
valid regulation or other Treasury Department or Internal Revenue Service guidance promulgated
thereunder, and any comparable provision of any future legislation or regulation amending,
supplementing or superseding such section or regulation.

2.14 “Combined Ratio” means as to any Performance Period, the percentage equal to the
sum of the Expense Ratio and Loss Ratio.

2.15 “Committee” means the committee appointed by the Board (pursuant to Section 5.1)
to administer the Plan.

2.16 “Company” means The PMI Group, Inc., a Delaware corporation, or any successor
thereto.

2.17 “Customer Satisfaction” means as to any Performance Period, the objective and
measurable goals approved by the Committee that relate to fulfillment of customer expectations
and/or customer ratings.

2.18 “Determination Date” means the latest possible date that will not jeopardize a
Target Award or Actual Award’s qualification as performance-based compensation under Section 162(m)
of the Code.

2.19 “Disability” or “Disabled” means (a) the inability of a Participant to
engage in any substantial gainful activity by reason of any medically determinable physical or
mental impairment that can be expected to result in death or can be expected to last for a
continuous period of not less than twelve (12) months, or (b) the Participant is, by reason of any
medically determinable physical or mental impairment that can be expected to result in death or can
be expected to last for a continuous period of not less than twelve (12) months, receiving income
replacement benefits for a period of not less than three (3) months under an accident and health
plan covering employees of the Company. The Committee shall determine whether or not a Participant
is Disabled based on such evidence as the Committee deems necessary or advisable. Notwithstanding
the foregoing, a Participant shall be deemed Disabled if he or she is determined to be totally
disabled by the Social Security Administration.

2.20 “Earnings” means as to any Performance Period, the Company’s income before taxes.

2.21 “Employee” means any employee of the Company or of an Affiliate, whether such
employee is so employed at the time the Plan is adopted or becomes so employed subsequent to the
adoption of the Plan.

2.22 “Equity in the Earnings of Unconsolidated Subsidiaries” means the Company’s
interest in the net income (losses) of entities that are partially owned by the Company, and the
financial results of which are not consolidated with the Company’s financial results.

2.23 “Expense Ratio” means as to any Performance Period, the ratio of total
underwriting and operating expenses to net premiums written or premiums earned, as determined by
the Committee.

2.24 “Fair Market Value” means the per share closing market price of the Shares, as
quoted in the New York Stock Exchange Composite Transactions Index for the date in question.

2.25 “Fiscal Quarter” means a fiscal quarter within a Fiscal Year of the Company.

2.26 “Fiscal Year” means the fiscal year of the Company.

2.27 “Incurred Losses” means claims paid and loss adjustment expenses incurred during
a particular period, and including the changes in loss reserves over the period.

2.28 “Loss Ratio” means as to any Performance Period, the ratio of the Company’s
losses and loss adjustment expenses to premiums earned.

2.29 “Market Share” means as to any Performance Period, the Company’s or a business
unit’s percentage of a market segment with respect to a product.

2.30 “Maximum Award” means as to any Participant during any period of three (3)
consecutive Fiscal Years, $12 million.

2.31 “Net Income” means as to any Performance Period, the income after taxes for the
Performance Period.

2.32 “New Insurance Written” means as to any Performance Period, the aggregate
principal balances of all loans that receive new mortgage insurance coverage during a given period.

2.33 “Operating Cash Flow” means the sum of Net Income plus depreciation and
amortization less capital expenditures plus changes in working capital, excluding investment and
financing activities and other items considered outside the control of management in the
determination of the Committee.

2.34 “Operating Income” means as to any Performance Period, the difference between
revenue and related costs and expenses, excluding income derived from sources other than operating
activities, such as investment and financing activities and other items considered outside the
control of management in the determination of the Committee.

2.35 “Paid Claims” means as to any Performance Period, amounts paid on primary and
pool insurance claims.

2.36 “Participant” means as to any Performance Period, an Employee who has been
selected by the Committee for participation in the Plan for that Performance Period.

2.37 “Payout Formula” means as to any Performance Period, the formula or payout matrix
established by the Committee pursuant to Section 3.4 in order to determine the Actual Awards (if
any) to be paid to Participants. The formula or matrix may differ from Participant to Participant.

2.38 “Performance Goals” means the goal(s) (or combined goal(s)) determined by the
Committee (in its discretion) to be applicable to a Participant for a Target Award for a
Performance Period. As determined by the Committee, the Performance Goals for any Target Award
applicable to a Participant may provide for a targeted level or levels of achievement using one or
more of the following measures: (a) Adjusted Book Value, (b) Book Value, (c) Brand Management,
(d) Business Quality, (e) Capital, (f) Cash Flow, (g) Cash Operating Earnings, (h) Combined Ratio,
(i) Customer Satisfaction, (j) Earnings, (k) Equity in the Earnings of Unconsolidated Subsidiaries,
(l) Expense Ratio, (m) Incurred Losses, (n) Loss Ratio, (o) Market Share, (p) Net Income,
(q) Operating Income, I New Insurance Written, (s) Operating Cash Flow, (t) Paid Claims,
(u) Premiums, (v) Price to Book Value Ratio, (w) Price to Earnings Ratio, (x) Ratings, (y) Return
on Average Assets, (z) Return on Average Equity, (aa) Return on Revenue, (bb) Revenue, (cc) Risk in
Force, (dd) Total Shareholder Return, and (ee) Value Added. Performance Goals may differ from
Participant to Participant, Performance Period to Performance Period and from award to award. Any
criteria used may be measured, as applicable, (i) in absolute terms, (ii) in relative terms
(including, but not limited, the passage of time and/or against other companies or financial
metrics), (iii) on a per share and/or share per capita basis, (iv) against the performance of the
Company as a whole or against particular segments or products of the Company and/or (v) on a
pre-tax or after-tax basis. Prior to the Determination Date, the Committee shall determine whether
any element(s) (for example, but not by way of limitation, the effect of mergers or acquisitions)
shall be included in or excluded from the calculation of any Performance Goal with respect to any
Participants (whether or not such determinations result in any Performance Goal being measured on a
basis other than generally accepted accounting principles).

2.39 “Performance Period” means any Fiscal Year or such other period longer or shorter
than a Fiscal Year but not shorter than a Fiscal Quarter nor longer than three Fiscal Years, as
determined by the Committee in its sole discretion.

2.40 “Plan” means The PMI Group, Inc. Bonus Incentive Plan, as set forth in this
instrument and as hereafter amended from time to time.

2.41 “Premiums” means amounts charged to customers with respect to the Company’s
insurance products.

2.42 “Price to Book Value Ratio” means as of a particular date, a ratio equal to the
Fair Market Value per share of the Company’s common stock divided by the Company’s Book Value.

2.43 “Price to Earnings Ratio” means as of a particular date, a ratio equal to the
Fair Market Value per share of the Company’s common stock divided by the Company’s Earnings per
share as of the applicable date of the Company’s financial statements, and for the period ending on
such date.

2.44 “Ratings” means the Company’s debt ratings and/or the insurer financial strength
ratings of the Company and/or its Affiliates provided by independent rating agencies.

2.45 “Retirement” means (a) a Termination of Service occurring on or after age
sixty-five, (b) a Termination of Service at or after age fifty-five with at least ten years of
Benefit Accrual Service (as defined under The PMI Group, Inc. Retirement Plan, as amended), or
(c) a Termination of Service approved by the Company as an early retirement; provided that in the
case of a person subject to Section 16 of the Securities Exchange Act of 1934, as amended, such
early retirement must be approved by the Committee.

2.46 “Return on Average Assets” means as to any Performance Period, Net Income divided
by the average of beginning and ending designated Company or business unit assets.

2.47 “Return on Average Equity” means as to any Performance Period, the percentage
equal to Net Income divided by average stockholders’ equity.

2.48 “Return on Revenue” means as to any Performance Period, the percentage equal to
Net Income, divided by Revenue.

2.49 “Revenue” means premiums, net investment income, net realized investment gains
and losses, and other revenue generated for the Performance Period.

2.50 “Risk in Force” means as of a particular date, the aggregate dollar amount of
each insured mortgage loan’s principal balance at such date multiplied by the insurance coverage
percentage specified in the policy.

2.51 “Shares” means shares of the Company’s common stock, $0.01 par value.

2.52 “Target Award” means the target award payable under the Plan to a Participant for
the Performance Period, expressed as a percentage of his or her Base Salary or a specific dollar
amount, as determined by the Committee in accordance with Section 3.3.

2.53 “Termination of Service” means a cessation of the employee-employer relationship
between an Employee and the Company or an Affiliate for any reason (as determined in accordance
with section 409A(a)(2)(A)(i) of the Code and Treasury regulation section 1.409A-1(h), including,
but not by way of limitation, a termination by resignation, discharge, death, Disability,
Retirement, or the disaffiliation of an Affiliate, but excluding any such termination where there
is a simultaneous reemployment by the Company or an Affiliate. For this purpose, the employment
relationship shall be treated as continuing intact while the Participant is on military leave, sick
leave or other bona fide leave of absence, except that if the period of such leave exceeds six (6)
months and the Participant does not retain a right to reemployment under an applicable statute or
by contract, then the employment relationship shall be deemed to have terminated on the first day
immediately following such six-month period. A leave of absence constitutes a bona fide leave of
absence only if there is a reasonable expectation that the Participant will return to perform
services for the Company or an Affiliate.

2.54 “Total Shareholder Return” means as to any Performance Period, the total return
(change in share price plus reinvestment of any dividends) of a share of the Company’s common
stock.

2.55 “Value Added” means a number, expressed as a percentage of the average
stockholder’s equity, equal to the difference between Net Income adjusted for (i) the elimination
of the cumulative effects of changes in accounting standards, (ii) amortization of gains or losses
on equipment disposition in lieu of reported gains or losses, (iii) amortization of gains or losses
from repurchasing and refinancing of debt (including costs associated with preferred stock
redemption) in lieu of realized gains and losses, (iv) amortized bond, equity and other portfolio
gains and losses in lieu of realized gains and losses as reported, and (v) exclusion of pretax
amortization of intangibles, including goodwill, related to assets acquired in a business
acquisition that is still owned by the Company, minus the capital charge. The capital charge is
determined as the product of the Company’s average stockholder’s equity and the Company’s imputed
equity cost based on a formula approved by the Committee.

SECTION 3

SELECTION OF PARTICIPANTS AND DETERMINATION OF AWARDS

3.1 Selection of Participants.  The Committee, in its sole discretion, shall select
the Employees who shall be Participants for any Performance Period. The Committee, in its sole
discretion, also may designate as Participants one or more individuals (by name or position) who
are expected to become Employees during a Performance Period. Participation in the Plan is in the
sole discretion of the Committee, and shall be determined on a Performance Period by Performance
Period basis. Accordingly, an Employee who is a Participant for a given Performance Period in no
way is guaranteed or assured of being selected for participation in any subsequent Performance
Period.

3.2 Determination of Performance Goals.  The Committee, in its sole discretion, shall
establish the Performance Goals for each Participant for the Performance Period. Such Performance
Goals shall be set forth in writing.

3.3 Determination of Target Awards.  The Committee, in its sole discretion, shall
establish a Target Award for each Participant. Each Participant’s Target Award shall be determined
by the Committee in its sole discretion, and each Target Award shall be set forth in writing.

3.4 Determination of Payout Formula or Formulae.  On or prior to the Determination
Date, the Committee, in its sole discretion, shall establish a Payout Formula or Formulae for
purposes of determining the Actual Award (if any) payable to each Participant. Each Payout Formula
shall (a) be in writing, (b) be based on a comparison of actual performance to the Performance
Goals, (c) provide for the payment of a Participant’s Target Award if the Performance Goals for the
Performance Period are achieved at the predetermined level, and (d) provide for the payment of an
Actual Award greater than or less than the Participant’s Target Award, depending upon the extent to
which actual performance exceeds or falls below the Performance Goals. Notwithstanding the
preceding, in no event shall a Participant’s Actual Award(s) exceed the Maximum Award for the
applicable period.

3.5 Date for Determinations.  The Committee shall make all determinations under
Sections 3.1 through 3.4 on or before the Determination Date.

3.6 Determination of Actual Awards.  After the end of each Performance Period the
Committee shall certify in writing (for example, in its meeting minutes) the extent to which the
Performance Goals applicable to each Participant for the Performance Period were achieved or
exceeded, as determined by the Committee. The Actual Award for each Participant shall be
determined by applying the Payout Formula to the level of actual performance that has been
certified in writing by the Committee. Notwithstanding any contrary provision of the Plan, the
Committee, in its sole discretion, may (a) other than as provided in Section 3.7, eliminate or
reduce the Actual Award payable to any Participant below that which otherwise would be payable
under the Payout Formula, and (b) determine whether or not any Participant will receive an Actual
Award in the event the Participant incurs a Termination of Service prior to the date the Actual
Award is to be paid pursuant Section 4.2 below.

3.7 Special Rule for Change of Control.  Notwithstanding any contrary provision of the
Plan, all then ongoing Performance Periods shall be deemed terminated immediately prior to the
occurrence of a Change of Control and 100% of Target Awards shall be deemed to be earned and shall
be paid to the Participants no later than two and one-half months after the Change of Control.

SECTION 4

PAYMENT OF AWARDS

4.1 Right to Receive Payment.  Each Actual Award that may become payable under the
Plan shall be paid solely from the general assets of the Company or the Affiliate that employs the
Participant (as the case may be), as determined by the Committee. Nothing in this Plan shall be
construed to create a trust or to establish or evidence any Participant’s claim of any right to
payment of an Actual Award other than as an unsecured general creditor with respect to any payment
to which he or she may be entitled.

4.2 Timing of Payment.  Subject to Section 3.6, payment of each Actual Award shall be
made as soon as administratively practicable, but in no event later than two and one-half months
after the end of the applicable Performance Period. Unless otherwise determined by the Committee,
and except as provided in Section 4.4 (relating to death and Disability), a Participant must be
employed by the Company or any Affiliate on the date of payment to receive a payment under the
Plan.

4.3 Form of Payment.  Each Actual Award shall be paid in cash (or its equivalent) in a
single lump sum. However, the Committee, in its sole discretion, may declare any Actual Award, in
whole or in part, payable in restricted stock granted under the Company’s Equity Incentive Plan.
The number of Shares of restricted stock granted shall be determined by dividing the cash amount
foregone by the Fair Market Value of a Share on the date that the cash payment otherwise would have
been made. Any such restricted stock may be subject to a vesting schedule (not to exceed two
calendar years) determined by the Committee, provided that accelerated vesting automatically shall
occur upon death, Disability, Retirement, Change of Control, or involuntary Termination of Service
without cause.

4.4 Payment in the Event of Death or Disability.  If a Participant dies or becomes
Disabled prior to the payment of an Actual Award (determined under Section 3.6) that was scheduled
to be paid to him or her prior to death or Disability for a prior Performance Period, the Award
shall be paid to his or her designated beneficiary or to the Participant, as the case may be,
subject to the Committee’s discretion to reduce or eliminate any Actual Award otherwise payable.

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SECTION 5

ADMINISTRATION

5.1 Committee is the Administrator.  The Plan shall be administered by the Committee.
The Committee shall consist of not less than two (2) members of the Board. The members of the
Committee shall be appointed from time to time by, and serve at the pleasure of, the Board. Each
member of the Committee shall qualify as an “outside director” under Section 162(m) of the Code.
If it is later determined that one or more members of the Committee do not so qualify, actions
taken by the Committee prior to such determination shall be valid despite such failure to qualify.
Any member of the Committee may resign at any time by notice in writing mailed or delivered to the
Secretary of the Company. As of the Effective Date of the Plan, the Plan shall be administered by
the Compensation Committee of the Board.

5.2 Committee Authority.  It shall be the duty of the Committee to administer the Plan
in accordance with the Plan’s provisions. The Committee shall have all powers and discretion
necessary or appropriate to administer the Plan and to control its operation, including, but not
limited to, the power to (a) determine which Employees shall be granted awards, (b) prescribe the
terms and conditions of awards, (c) interpret the Plan and the awards, (d) adopt such procedures
and subplans as are necessary or appropriate to permit participation in the Plan by Employees who
are foreign nationals or employed outside of the United States, (e) adopt rules for the
administration, interpretation and application of the Plan as are consistent therewith, and
(f) interpret, amend or revoke any such rules.

5.3 Decisions Binding.  All determinations and decisions made by the Committee, the
Board, and any delegate of the Committee pursuant to the provisions of the Plan shall be final,
conclusive, and binding on all persons, and shall be given the maximum deference permitted by law.

5.4 Delegation by the Committee.  The Committee, in its sole discretion and on such
terms and conditions as it may provide, may delegate all or part of its authority and powers under
the Plan to one or more directors and/or officers of the Company; provided, however, that the
Committee may not delegate its authority and/or powers with respect to awards that are intended to
qualify as performance-based compensation under Section 162(m) of the Code.

SECTION 6

GENERAL PROVISIONS

6.1 Tax Withholding.  The Company or an Affiliate, as determined by the Committee,
shall withhold all applicable taxes from any Actual Award, including any federal, state, local and
other taxes.

6.2 No Effect on Employment.  Nothing in the Plan shall interfere with or limit in any
way the right of the Company or an Affiliate, as applicable, to terminate any Participant’s
employment or service at any time, with or without cause. Employment with the Company and its
Affiliates is on an at-will basis only. The Company expressly reserves the right, which may be
exercised at any time and without regard to when during or after a Performance Period such exercise
occurs, to terminate any individual’s employment with or without cause, and to treat him or her
without regard to the effect which such treatment might have upon him or her as a Participant.

6.3 Participation.  No Employee shall have the right to be selected to receive an
award under this Plan, or, having been so selected, to be selected to receive a future award.

6.4 Indemnification.  Each person who is or shall have been a member of the Committee,
or of the Board, shall be indemnified and held harmless by the Company against and from (a) any
loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in
connection with or resulting from any claim, action, suit, or proceeding to which he or she may be
a party or in which he or she may be involved by reason of any action taken or failure to act under
the Plan or any award, and (b) from any and all amounts paid by him or her in settlement thereof,
with the Company’s approval, or paid by him or her in satisfaction of any judgment in any such
claim, action, suit, or proceeding against him or her, provided he or she shall give the Company an
opportunity, at its own expense, to handle and defend the same before he or she undertakes to
handle and defend it on his or her own behalf. The foregoing right of indemnification shall not be
exclusive of any other rights of indemnification to which such persons may be entitled under the
Company’s Certificate of Incorporation or Bylaws, by contract, as a matter of law, or otherwise, or
under any power that the Company may have to indemnify them or hold them harmless.

6.5 Successors.  All obligations of the Company and any Affiliate under the Plan, with
respect to awards granted hereunder, shall be binding on any successor to the Company and/or such
Affiliate, whether the existence of such successor is the result of a direct or indirect purchase,
merger, consolidation, or otherwise, of all or substantially all of the business or assets of the
Company or such Affiliate.

6.6 Beneficiary Designations

(a) Designation. Each Participant may, pursuant to such uniform and nondiscriminatory
procedures as the Committee may specify from time to time, designate one or more Beneficiaries to
receive any Actual Award payable to the Participant at the time of his or her death.
Notwithstanding any contrary provision of this Section 6.6 shall be operative only after (and for
so long as) the Committee determines (on a uniform and nondiscriminatory basis) to permit the
designation of Beneficiaries.

(b) Changes. A Participant may designate different Beneficiaries (or may revoke a prior
Beneficiary designation) at any time by delivering a new designation (or revocation of a prior
designation) in like manner. Any designation or revocation shall be effective only if it is
received by the Committee. However, when so received, the designation or revocation shall be
effective as of the date the designation or revocation is executed (whether or not the Participant
still is living), but without prejudice to the Committee on account of any payment made before the
change is recorded. The last effective designation received by the Committee shall supersede all
prior designations.

(c) Failed Designation. If the Committee does not make this Section 6.6 operative or if
Participant dies without having effectively designated a Beneficiary, the Participant’s Account
shall be payable to the general beneficiary shown on the records of the Employer. If no
Beneficiary survives the Participant, the Participant’s Account shall be payable to his or her
estate.

6.7 Nontransferability of Awards.  No award granted under the Plan may be sold,
transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will, by the
laws of descent and distribution, or to the limited extent provided in Section 6.6. All rights
with respect to an award granted to a Participant shall be available during his or her lifetime
only to the Participant.

6.8 Deferrals.  The Committee, in its sole discretion, may permit a Participant to
defer receipt of the payment of cash that would otherwise be delivered to a Participant under the
Plan. Any such deferral elections shall be subject to such rules and procedures as shall be
determined by the Committee in its sole discretion. Unless otherwise expressly determined by the
Committee, the rules and procedures for any deferral elections and deferrals shall be designed to
comply with Section 409A of the Code.

SECTION 7

AMENDMENT, TERMINATION AND DURATION

7.1 Amendment, Suspension or Termination.  The Board or the Committee, each in its
sole discretion, may amend or terminate the Plan, or any part thereof, at any time and for any
reason. The amendment, suspension or termination of the Plan shall not, without the consent of the
Participant, alter or impair any rights or obligations under any Target Award theretofore granted
to such Participant. No award may be granted during any period of suspension or after termination
of the Plan.

7.2 Duration of the Plan.  The Plan shall commence on the date specified herein, and
subject to Section 7.1 (regarding the Board or the Committee’s right to amend or terminate the
Plan), shall remain in effect thereafter.

SECTION 8

LEGAL CONSTRUCTION

8.1 Gender and Number.  Except where otherwise indicated by the context, any masculine
term used herein also shall include the feminine; the plural shall include the singular and the
singular shall include the plural.

8.2 Severability.  In the event any provision of the Plan shall be held illegal or
invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the
Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not
been included.

8.3 Requirements of Law.  The granting of awards under the Plan shall be subject to
all applicable laws, rules and regulations, and to such approvals by any governmental agencies or
national securities exchanges as may be required.

8.4 Governing Law.  The Plan and all awards shall be construed in accordance with and
governed by the laws of the State of California, but without regard to its conflict of law
provisions.

8.5 Captions.  Captions are provided herein for convenience only, and shall not serve
as a basis for interpretation or construction of the Plan.

2

EXECUTION

IN WITNESS WHEREOF, The PMI Group, Inc., by its duly authorized officer, has executed the
amended and restated Plan on the date indicated below.

THE PMI GROUP, INC.

	 	 	 	 	 
	Date: May 20, 2008

	 	By:
	 	/s/ Charles Broom
	
 
	 	 	 	 
	
 
	 	 	 	Name: Charles Broom

Title: Senior Vice President

3EX-10.65

EXHIBIT 10.65

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the “Amended Agreement”) dated as May 14,
2008, but effective as of May 15, 2008 (the “Effective Date”), by and between NationsHealth, Inc.,
a Delaware corporation (the “Company”), and Tim Fairbanks (the “Executive”).

W I T N E S S E T H:

WHEREAS, the Company wishes to employ the Executive as Chief Operating Officer on the terms
and conditions set forth in this Amended Agreement; and

WHEREAS, the Executive is willing to accept such employment on such terms and conditions;

WHEREAS, this Amended Agreement supersedes and replaces the Employment Agreement dated April
15, 2005 between Executive and the Company (“the Original Agreement”);

NOW, THEREFORE, in consideration of the premises and of the mutual promises, representations
and covenants herein contained, the parties hereto agree as follows:

1. SCOPE OF EMPLOYMENT

(a) The Company hereby agrees to employ the Executive upon the terms and conditions herein set
forth and to perform such executive duties as may be determined and assigned to him by the Board of
Directors of the Company (the “Board”). The Executive hereby accepts such employment, subject to
the terms and conditions herein set forth. The Executive shall have the title of Chief Operating
Officer (“COO”). While serving as COO, the Executive shall have the customary duties and powers of
such position(s). Executive shall not be employed by any other organization during the term of
this Amended Agreement.

(b) Upon the Effective Date, Executive voluntarily accepts the promotion from EVP and Chief
Financial Officer to COO. Executive understands and agrees that promotion to COO does not trigger
any obligations on behalf of the Company under the Original Agreement, including without limitation
any termination rights (such as rights to severance) provided for in the Original Agreement.

(c) By executing this Amended Agreement, each party represents to the other that it is
authorized to enter into this Amended Agreement and that it is not under any legal restriction or
other impediment that would prevent it from fully discharging its responsibilities and obligations
under this Amended Agreement. Without limiting the representation in the preceding sentence, the
Executive acknowledges that the Company contracts with agencies of the federal government and of
certain state governments, and the Executive confirms that, to the best of his knowledge, his prior
conduct and previous employment will not prevent him from providing the services contemplated by
this Amended Agreement or impair the Company’s ability to enter into such government contracts.

2. TERM

(a) The term of Executive’s employment under this Amended Agreement shall be from the
Effective Date until May 12, 2011. The term shall automatically renew thereafter for successive
one-year periods beginning on each May 12 unless (i) the Company provides written notice of
non-renewal to the Executive at least twelve (12) months before the next renewal date, or (ii) the
Executive provides written notice of non-renewal to the Company at least ninety (90) days before
the next renewal date.

(b) The Amended Agreement may be terminated before the end of the current term as follows:

	 	(i)	 	By the Company for Cause (as hereinafter defined);

	 	(ii)	 	By the Company without Cause. For purposes hereof, Executive
shall be deemed terminated by the Company without Cause if he terminates
employment for Good Reason (as hereinafter defined);

	 	(iii)	 	In the event of the Company’s dissolution or liquidation;

	 	(iv)	 	By the Executive for any reason;

	 	(v)	 	In the event of the death of the Executive; or

	 	(vi)	 	In the event of the disability of Executive (as hereinafter
defined).

(c) For purposes hereof, “Cause” shall mean, and shall be limited to, any of the following
that is reasonably determined by the Board to be substantially detrimental to the business or
reputation of the Company, and that occurs or comes to light after the Effective Date: (i) the
Executive’s willful commission of acts of dishonesty in connection with his position; (ii) the
Executive’s willful failure or refusal to perform the essential duties of his position or to adhere
to any written Company policy approved by the Board of Directors; (iii) the Executive’s conviction
of, or plea of guilty or nolo contendere to, (x) a felony, or (y) a misdemeanor involving fraud,
dishonesty, embezzlement, or theft; or (iv) the Executive’s breach of the representation in Section
1(c) or of any of the restrictive covenants contained in Sections 7 and 8 of the Amended Agreement.
The Company shall provide the Executive with written notice describing any event or condition that
gives the Company Cause for termination. If the Executive cures the same within thirty (30) days
after receiving such notice, there shall be no termination for Cause.

(d) For purposes hereof, the term “Good Reason” shall mean any one or more of the following
events unless Executive specifically agrees in writing that such event shall not be Good Reason:

(i) the assignment to Executive by the Board of Directors or other officers or
representatives of the Company of duties materially inconsistent with the duties
associated with the position described in Section 1(a);

(ii) a material change in the nature or scope of Executive’s authority from
those applicable to him as COO;

(iii) material acts or conduct on the part of the Company or its officers and
representatives which have as their purpose forcing the resignation of Executive or
preventing him from performing his duties and responsibilities pursuant to this
Amended Agreement;

(iv) a material breach by the Company of any material provision of this Amended
Agreement (including, but not limited to, failure of the Company to pay any amount,
or to provide any benefit, pursuant to the provision of Sections 3 and 4 hereof);

(v) the Executive’s involuntary termination without Cause or voluntary
termination for any reason on or after a Change in Control.

The Executive shall provide the Company with written notice describing any event or condition
that gives the Executive Good Reason for termination. If the Company cures the same within thirty
(30) days after receiving such notice, there shall be no termination for Good Reason.

(e) For purposes hereof, the term “disability” shall mean the inability of the Executive, due
to illness, accident, or any other physical or mental incapacity, to perform his duties in a normal
manner for (i) a period of four (4) consecutive months or (ii) six (6) months (with each month
being composed of 31 consecutive days) during any twelve (12) consecutive month period. The
disability of the Executive shall be determined by a medical doctor approved by the Company. The
Executive shall submit to a reasonable number of examinations by the medical doctor making the
determination of disability, and the Executive hereby authorizes the disclosure and release to the
medical doctor of all supporting medical records.

(f) In the event of a termination of the Amended Agreement for a reason other than death or
disability, the Executive agrees to cooperate with the Company in order to ensure an orderly
transfer of the Executive’s duties and responsibilities.

3. COMPENSATION

(a) Annual Salary. The Company agrees to pay the Executive, and the Executive agrees
to accept, in payment for services to be rendered by the Executive hereunder, a minimum base salary
of $360,000 per annum (the “Annual Salary”). The Annual Salary shall be payable in equal periodic
installments, not less frequently than monthly, less such sums as may be required to be deducted or
withheld under the provisions of federal, state or local law. The Company agrees to review the
Annual Salary on or around January 1st of each calendar year (or such other time as the Company and
Executive mutually agree), for adjustment based on the Executive’s performance; provided,
however, that no such adjustment shall be effective to reduce the Annual Salary below
$360,000 per annum. For all purposes under this Amended Agreement, the term “Annual Salary” shall
refer to the Executive’s base salary as in effect from time to time.

(b) Annual Bonus. In addition to Executive’s salary, the Executive shall be eligible
to receive an annual bonus if performance goals established by the Company are satisfied. If the
Company has established an annual incentive compensation plan for its senior management, the
Executive’s annual bonus opportunity may be provided under the terms of the annual incentive
compensation plan. Any bonus program in which the Executive participates may be established and
administered on behalf of the Company by the independent directors who are members of the
compensation committee of the Board (the “Compensation Committee”).

(c) Equity Compensation Plan. Executive shall be considered for any type of equity
compensation plan as determined by the Compensation Committee.

4. FRINGE BENEFITS, REIMBURSEMENT OF EXPENSES, ETC.

(a) The Executive shall be entitled to paid vacation, holidays, and sick leave benefits in
accordance with the Company’s policies for executive employees.

(b) The Executive and/or his family shall be entitled to medical, life and disability
insurance from the Company in accordance with the Company’s policies for employees. Such coverage
shall be paid for by the Company. If this Amended Agreement is terminated before the end of its
current term (x) by the Executive for Good Reason or disability or (y) by the Company without
Cause, the Company and any of its successors and assigns shall provide to Executive similar medical
coverage to that described above, at the expense of the Company, during the period that the
Executive or his beneficiaries are eligible to receive coverage under the Consolidated Omnibus
Budget Reconciliation Act of 1985 (“COBRA”).

(c) The Company agrees to pay up to $10,000 per year toward premiums or to reimburse Executive
for premiums for life or disability insurance, as directed by the Executive.

(d) Except as provided in Section 16, the Company agrees to pay, or promptly reimburse the
Executive for, any reasonable and necessary expense incurred by the Executive in performing his
duties for the Company during the term of this Amended Agreement; provided, however, that the
Executive furnishes appropriate documentation for such expenses in accordance with the Company’s
practices and procedures.

(e) Executive shall be entitled to participate in such retirement plans, both defined
contribution and defined benefit, qualified and non-qualified, as are then currently available to
the Company’s executive employees at the same location.

5. TERMINATION BENEFITS 

In addition to the benefits described under the Amended Agreement that survive the termination
of the Amended Agreement, the following benefits will be paid on account of the termination of the
Amended Agreement for the following reasons:

(a) Upon termination of this Amended Agreement by the Company for Cause pursuant to Section
2(b)(i), or by the Executive for other than Good Reason or upon the Executive’s death, or by either
party through non-renewal at the end of the current term, the Company shall pay to Executive or his
beneficiaries, as the case may be, immediately after the date of termination an amount equal to the
sum of Executive’s accrued base salary and any bonus amount earned but not yet paid;

(b) Upon termination of this Amended Agreement before the end of the current term (x) by the
Company without Cause or (y) by the Executive for Good Reason or disability, and subject to the
requirements of Section 6 herein, Executive shall be entitled to his accrued base salary and any
bonus amount earned but not yet paid, as provided in Section 5(a), and to the following benefits:

(i) the Company shall pay to Executive, immediately after the date of
termination an amount which is equal to the Executive’s Annual Salary for
twenty-four (24) months;

(ii) the Company shall provide to Executive medical coverage as described in
Section 4(b), above, at the expense of the Company, during the period that the
Executive or his beneficiaries are eligible to receive coverage under COBRA; and

(iii) the Company shall fully vest any stock options or restricted stock
previously granted to the Executive.

(c) For purposes of this Amended Agreement, a “Change in Control” means any of the following
events:

(i) any person or group (within the meaning of Section 13(d)(3) of the
Securities Exchange Act of 1934, as amended (“Exchange Act”)), other than RGGPLS, a
subsidiary of the Company or any employee benefit plan (or any related trust) of the
Company or a subsidiary of the Company, becomes, after August 30, 2004, the
beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange
Act) of 35% or more of the Common Stock;

(ii) individuals who constitute the Board as of August 30, 2004 (the “Incumbent
Board”), cease for any reason to constitute a majority of the members of the Board
(except that any individual who becomes a director after August 30, 2004, whose
election by the Company’s stockholders was approved by a majority of the members of
the Incumbent Board shall be considered as though such individual were a member of
the Incumbent Board); or

(iii) approval by the stockholders of the Company of either of the following:

	 	(1)	 	a merger, reorganization,
consolidation, business combination or similar transaction (any
of the foregoing, a “Merger”) as a result of which the persons
who were the respective beneficial owners of the outstanding
Common Stock immediately before such Merger are not expected to
beneficially own, immediately after such Merger, directly or
indirectly, more than 50% of the common stock and the combined
voting power of the then outstanding voting securities of the
corporation or other entity resulting from such Merger in
substantially the same proportions as immediately before such
Merger, or

	 	(2)	 	a plan of liquidation of the
Company or a plan or agreement for the sale or other disposition
of all or substantially all of the assets of the Company.

(iv) Notwithstanding the foregoing, there shall not be a Change in Control if,
in advance of such event, Executive agrees in writing that such event shall not
constitute a Change in Control.

(d) If prior to May 12, 2010 there is a Change of Control, and following the Change of
Control, the Executive and the Company or the surviving entity, as the case may be, cannot agree on
employment terms within three months of the Change of Control such that the Executive remains in
the employ of the Company or the surviving entity, then the Executive shall be entitled, in
addition to any other termination benefits conferred upon Executive following a Change of Control
pursuant to Section 5(b), and subject to the requirements of Section 6 herein, to an additional
lump sum payment of $500,000.00 (the “Supplements Change of Control Payment”).

(e) (e) Notwithstanding anything contained herein to the contrary, in the event it is
determined that the benefits provided to the Executive under Section 5, (the “Payment”) would
exceed the limit for deductible payments under Code section 280G, the Executive shall be entitled
to receive an additional payment (“Gross-up Payment”) that is an amount to reimburse the Executive
for the difference between (i) and (ii) where: (i) is the amount equal to the excise tax imposed by
Code section 4999 and any interest or penalties with respect thereto (such excise tax, together
with any interest penalties, collectively “Excise Tax”) on the Payment, including the Supplemental
Change of Control Payment, and (ii) is an amount equal to the Excise Tax on the Payment, excluding
the Supplemental Change of Control Payment. The Gross-Up Payment shall be made no later than the
end of taxable year following the year in which Executive remits the Excise Tax.

(f) The Company’s obligations under this Section 5 shall survive termination of this Amended
Agreement.

6. SAVINGS PROVISION. If any provision of the Amended Agreement would cause Executive to incur any
additional tax or interest under Section 409A or any regulations or Treasury guidance promulgated
thereunder, the Company shall, after consulting with and receiving Executive’s approval (which
shall not be unreasonably withheld) reform such provision; provided that the Company agrees to
maintain, to the maximum extent practicable, the original intent and economic benefit to Executive
of the applicable provision without violating the provisions of Section 409A.

7. NONDISCLOSURE OBLIGATION

(a) General Obligation. The Executive acknowledges that while employed by the
Company, the Executive will occupy a position of trust and confidence. The Executive shall not
disclose to others or use, whether directly or indirectly, any Confidential Information (as defined
below) regarding the Company or any of its subsidiaries or affiliates; provided,
however that this Section 7(a) shall not apply to any disclosure (x) required to perform
the Executive’s duties hereunder; (y) required by applicable law; or (z) of information that shall
have become public other than by the Executive’s unauthorized disclosure. “Confidential
Information” shall mean information about the Company or any of its subsidiaries or affiliates, and
their clients and customers, that is not disclosed by the Company or any of its subsidiaries or
affiliates in the ordinary course of business and that was learned by the Executive in the course
of employment by the Company or any of its subsidiaries or affiliates, including (without
limitation) any proprietary knowledge, trade secrets, data, formulae, information and client and
customer lists and all papers, resumes, and records (including computer records) of the documents
containing such Confidential Information. The Executive acknowledges that such Confidential
Information is specialized, unique in nature, and of great value to the Company and its
subsidiaries or affiliates, and that such information gives the Company and its subsidiaries or
affiliates a competitive advantage. The Executive agrees to deliver or return to the Company, at
the Company’s request at any time or upon termination or expiration of the Executive’s employment
or as soon thereafter as possible, all documents, computer tapes and disks, records, lists, data,
drawings, prints, notes and written information (and all copies thereof) furnished by the Company
and its subsidiaries or affiliates or prepared by the Executive in the course of the Executive’s
employment by the Company and its subsidiaries or affiliates. As used in this Amended Agreement,
“subsidiaries” and “affiliates” shall mean any company controlled by, controlling, or under common
control with the Company.

(b) Compulsory Disclosures. If the Executive is requested or (in the opinion of his
counsel) required by law or judicial order to disclose any Confidential Information, the Executive
shall provide the Company with prompt notice of any such request or requirement so that the Company
may seek an appropriate protective order or waiver of the Executive’s compliance with the
provisions of this Section 7.

(c) Confidential Information of Third Parties. The Executive agrees that he will not,
during the term of this Amended Agreement, improperly use or disclose to the Company any
proprietary information or trade secrets of any former or current employer or other person or
entity with which he has an agreement or duty to keep in confidence information acquired by him in
confidence, and that he will not bring onto the premises of the Company any unpublished document or
proprietary information belonging to such employer, person or entity unless consented to in writing
by such employer, person, or entity.

(d) The Executive’s obligations under this Section 7 shall survive termination of this Amended
Agreement.

8. NON-COMPETITION AND NON-SOLICITATION

(a) Non-Competition. The Executive acknowledges and recognizes his possession of
Confidential Information and acknowledges the highly competitive nature of the business of the
Company and its affiliates and subsidiaries and accordingly agrees that, in consideration of the
premises contained herein, he will not, during the term of this Amended Agreement, as from time to
time extended, and for one year after the date of termination of this Amended Agreement, regardless
of the reason for his termination, engage or invest in, own, manage, operate, finance, control, or
participate in the ownership, management, operation, financing, or control of, be employed by, lend
his name to, lend his credit to, or render services or advice to any business that competes with
the business then being conducted by the Company or any of its affiliates or subsidiaries, or that
had been conducted by the Company or any of its affiliates or subsidiaries during the prior 12
months; provided, however, that the Executive may purchase or otherwise acquire up to three percent
of any class of securities of any enterprise if such securities are listed on any national or
regional securities exchange or have been registered under Section 12(g) of the Securities Exchange
Act of 1934, as amended. The Executive agrees that, in consideration of the premises contained
herein, he will not, during the term of this Amended Agreement, as from time to time extended, and
for one year after the date of termination of this Amended Agreement, regardless of the reason for
his termination, either individually or as an officer, director, stockholder, member, partner,
agent, consultant or principal of another business firm, directly or indirectly, solicit any
business of the type being carried on by the Company or any of its affiliates or subsidiaries
during the term of this Amended Agreement (or any business of a similar type) from any person or
entity that was a customer of the Company or its affiliates or subsidiaries during the term of this
Amended Agreement.

(b) Non-Solicitation. The Executive recognizes that he will possess confidential
information about other employees of the Company and its subsidiaries or affiliates relating to
their education, experience, skills, abilities, compensation, and benefits, and inter-personal
relationships with suppliers to and customers of the Company and its subsidiaries or affiliates.
The Executive recognizes that the information he will possess about these other employees is not
generally known, is of substantial value to the Company and its subsidiaries or affiliates in
developing their respective businesses and in securing and retaining customers, and will be
acquired by Executive because of Executive’s business position with the Company. Executive agrees
that during the term of this Amended Agreement and for one year after the date of termination of
this Amended Agreement, regardless of the reason for his termination, Executive will not, directly
or indirectly, solicit or recruit any employee of the Company or any of its subsidiaries or
affiliates for the purpose of being employed by Executive or by any business, individual,
partnership, firm, corporation or other entity on whose behalf Executive is acting as an agent,
representative, or employee and that Executive will not convey any such confidential information or
trade secrets about other employees of the Company or any of its subsidiaries or affiliates to any
other person except within the scope of Executive’s duties hereunder.

(c) The Executive’s obligations under this Section 8 shall survive termination of this Amended
Agreement.

9. ENFORCEMENT AND REMEDIES

(a) Enforcement. It is the desire and intent of the parties hereto that the
provisions of this Amended Agreement shall be enforced to the fullest extent permissible under the
laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly,
although the Executive and the Company consider the restrictions contained in this Amended
Agreement to be reasonable for the purpose of preserving the Company’s goodwill and proprietary
rights, if any particular provision of this Amended Agreement shall be adjudicated to be invalid or
unenforceable, such provision shall be deemed amended to delete the portion thus adjudicated to be
invalid or unenforceable, such deletion to apply only with respect to the operation of such
provision in the particular jurisdiction in which such adjudication is made. It is expressly
understood and agreed that although the Company and the Executive consider the restrictions
contained in Section 8 to be reasonable, if a final determination is made by a court of competent
jurisdiction that the time or territory or any other restriction contained in this Amended
Agreement is unenforceable against the Executive, the provisions of this Amended Agreement shall be
deemed amended to apply as to such maximum time and territory and to such maximum extent as such
court may judicially determine or indicate to be enforceable.

(b) Remedies; Survival. The parties acknowledge that the Company’s damages at law
would be an inadequate remedy for the breach by the Executive of any provision of Section 7 or 7,
and agree in the event of such breach that the Company may obtain temporary and permanent
injunctive relief restraining the Executive from such breach, and, to the extent permissible under
the applicable statutes and rules of procedure, a temporary injunction may be granted immediately
upon the commencement of any such suit. Nothing contained herein shall be construed as prohibiting
the Company from pursuing any other remedies available at law or equity for such breach or
threatened breach of Section 7 or 8, or for any breach or threatened breach of any other provision
of this Amended Agreement. The obligations contained in Sections 7 and 8 shall survive the
termination or expiration of the Executive’s employment with the Company and, as applicable, shall
be fully enforceable thereafter in accordance with the terms of this Amended Agreement.

(c) Arbitration. The parties agree that any claim, controversy, or dispute between
Executive and the Company (including without limitation Company’s affiliates, officers, employees,
representatives, or agents) arising out of or relating to this Amended Agreement, other than a
dispute concerning the breach or threatened breach of Section 7 or 8 of this Amended Agreement,
shall be submitted to and settled by arbitration before a single arbitrator in a forum of the
American Arbitration Association (“AAA”) located in Broward County in the State of Florida and
conducted in accordance with the National Rules for the Resolution of Employment Disputes. In such
arbitration: (a) the arbitrator shall agree to treat as confidential evidence and other information
presented by the parties to the same extent as Confidential Information under this Amended
Agreement must be held confidential by the Executive, (b) the arbitrator shall have no authority to
amend or modify any of the terms of this Amended Agreement, and (c) the arbitrator shall have ten
business days from the closing statements or submission of post-hearing briefs by the parties to
render their decision. All AAA-imposed costs of said arbitration, including the arbitrator’s fees,
if any, shall be borne by Company. All legal fees incurred by the parties in connection with such
arbitration shall be borne by the party who incurs them, unless applicable statutory authority
provides for the award of attorneys’ fees to the prevailing party and the arbitrator’s decision and
award provides for the award of such fees. Any arbitration award shall be final and binding upon
the parties, and any court having jurisdiction may enter a judgment on the award. The foregoing
requirement to arbitrate claims, controversies, and disputes applies to all claims or demands by
Executive, including without limitation any rights or claims the Executive may have under the Age
Discrimination in Employment Act of 1967, Title VII of the Civil Rights Act of 1964, the Americans
with Disabilities Act of 1991, the Equal Pay Act, the Family and Medical Leave Act, or any other
federal, state or local laws or regulations pertaining to Executive’s employment or the termination
of Executive’s employment.

10. WITHHOLDING

The Company shall withhold such amounts from any compensation or other benefits payable to the
Employee under this Amended Agreement on account of payroll and other taxes as may be required by
applicable law or regulation of any governmental authority.

11. ENTIRE AGREEMENT

This Amended Agreement contains the entire understanding between the parties hereto and
supersedes all other oral and written agreements or understandings between them. All previous oral
or written agreements between the parties hereto shall be deemed to have been completely fulfilled
by both parties and shall be superseded by this Amended Agreement. No modification or addition
hereto or waiver or cancellation of any provision shall be valid except by a writing signed by the
party to be charged therewith.

12. SUCCESSORS AND ASSIGNS

This Amended Agreement shall be binding upon, and shall inure to the benefit of, the parties
hereto and their heirs, successors, assigns and personal representatives. As used herein, the
successors of the Company shall include, but not be limited to, any successor by way of merger,
consolidation, sale of all or substantially all of its assets, or similar reorganization. In no
event may Executive assign any duties or obligations under this Amended Agreement. It is expressly
agreed for purposes of this Amended Agreement that the spouse and children of Executive shall be
third-party beneficiaries of Executive under this Amended Agreement and shall be entitled to
enforce the rights of Executive hereunder in the event of Executive’s death or disability.

13. CONTROLLING LAW

The validity and construction of this Amended Agreement or of any of its provisions shall be
determined under the laws of Florida, without giving effect to any choice of law or conflict of law
provision or rule that would cause the application of the laws of any jurisdiction other than
Florida. The invalidity or unenforceability of any provision of this Amended Agreement shall not
affect or limit the validity and enforceability of the other provisions hereof.

14. COUNTERPARTS

This Amended Agreement may be executed in one or more counterparts, each of which shall be
deemed an original and all of which together shall constitute one and the same instrument.

15. HEADINGS

The headings herein are inserted only as a matter of convenience and reference, and in no way
define, limit or describe the scope of this Amended Agreement or the intent of any provisions
thereof.

16. INDEMNIFICATION

The Company shall indemnify and hold Executive harmless from and against all claims,
investigations, actions, awards, and judgments, including costs and attorneys’ fees, incurred by
Executive in connection with acts or decisions made by Executive in good faith in his capacity as
an executive of the Company, so long as Executive reasonably believed that the acts or decisions
were in the best interests of the Company and (with respect to any criminal action) the Executive
had no reason to believe the Executive’s conduct was unlawful. The Company further agrees to pay
the reasonable expenses of private counsel or investigators incurred in representing the Executive
in any audit, inquiry, regulatory review, or similar action or proceeding covered by this
indemnification. The Company shall not settle any claim or action or pay any award or judgment
against Executive without Executive’s prior written consent, which shall not be unreasonably
withheld. The Company may obtain coverage for Executive under an insurance policy covering the
directors and officers of the Company against claims set forth herein if such coverage is possible
at a reasonable cost, provided, however, it is understood and agreed that the Company’s obligation
to indemnify Executive as set forth in this Section 16 shall not be affected by the Company’s
ability or inability to obtain insurance coverage.

IN WITNESS WHEREOF, the parties have duly executed this Amended Agreement as of the date and
year first above written.

	 	 	 	 	 
	WITNESS:	 	NATIONSHEALTH, INC.
	
 
	 	By:
	 	/s/ Glenn M. Parker
	 

	 	 	 	 
	
 
	 	 	 	Glenn M. Parker, M.D.

Chief Executive Officer
	WITNESS:

	 	

	 	

	
 
	 	By:
	 	/s/ Tim Fairbanks
	 

	 	 	 	 
	
 
	 	 	 	Name: Tim Fairbanks

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}]]