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MTG > SEC Filings for MTG > Form 8-K on 6-Mar-2014All Recent SEC Filings

Show all filings for MGIC INVESTMENT CORP



Change in Directors or Principal Officers

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(e) On October 29, 2013, we announced that Executive Vice President and Chief Financial Officer, J. Michael Lauer would be retiring. Mr. Lauer's retirement is effective March 3, 2014.

On March 3, 2014, Mortgage Guaranty Insurance Corporation ("MGIC") entered into a Consulting Agreement with Mr. Lauer. Under the Consulting Agreement, Mr. Lauer will provide up to 240 hours of consulting services from March 3, 2014 to March 3, 2015. For such services, MGIC agreed to pay a monthly retainer of $15,000 for the twelve month term of the agreement. To the extent Mr. Lauer provides consulting services in excess of 30 hours per month or in excess of 240 hours over the term, MGIC will pay him an hourly rate of $750. MGIC will also reimburse Mr. Lauer for any reasonable travel and living expenses incurred in performing the consulting services.

The forgoing description of the Consulting Agreement is qualified in its entirety by reference to the complete terms and conditions of that agreement, which was filed as Exhibit 10.16 to our Form 10-K filed on February 28, 2014.

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