THE PMI GROUP, INC. STOCK OPTION AGREEMENT
EXHIBIT 10.25
THE PMI GROUP, INC.
STOCK OPTION
AGREEMENT
The PMI Group, Inc. (the "Company") hereby grants you, ____________ (the "Employee"), a stock option under the Company's Equity Incentive Plan (the "Plan"), to purchase shares of common stock of the Company (“Stock”). The date of this Agreement is _____________, 20__. The latest date this option will expire is ______________, 20__ (the "Expiration Date"). Subject to the provisions of Appendix A (attached) and of the Plan, the principal features of this option are as follows:
| Maximum Number of Shares |
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Price per Share: |
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| Scheduled Vesting Dates: |
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Number of Shares |
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| Event Triggering Exercise Option Termination |
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Maximum Time to |
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| Termination of Employment (except as shown below) |
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1 year |
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| Termination of Employment due to Disability |
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3 years |
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| Termination of Employment due to Retirement (age 65 or over) |
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3 years |
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| Termination of Employment due to Death |
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3 years |
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IMPORTANT
| IT IS YOUR RESPONSIBILITY TO EXERCISE THIS OPTION BEFORE IT EXPIRES. * IN NO EVENT MAY THIS OPTION BE EXERCISED AFTER THE EXPIRATION DATE (SEE ABOVE). |
YOUR SIGNATURE BELOW INDICATES YOUR AGREEMENT AND UNDERSTANDING THAT THIS OPTION IS SUBJECT TO ALL OF THE TERMS AND CONDITIONS CONTAINED IN THE EQUITY INCENTIVE PLAN. PLEASE BE SURE TO READ APPENDIX A.
| THE PMI GROUP, INC. |
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EMPLOYEE |
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| Date: _______________, 20__ |
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Date:_______________ , 20__ |
(Please return to Xxxxxxx Xxxxx, Human Resources Department by _______, 20__)
THE PMI GROUP, INC.
EQUITY INCENTIVE PLAN
20__ Equity Grants
Appendix
A
| 1. |
Exercise Price: The options have a per share exercise price equal to the fair market value of a share of common stock on the grant date (____________, 20__). Fair market value shall be the average of the high and low price per share for the stock as quoted on the NYSE on the date of grant. |
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| 2. |
Term: Options have a maximum exercise term of ten years. |
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| 3. |
General Terms: All the general provisions of the Equity Incentive Plan shall apply, including, but not limited to, vesting upon a change of control, upon death, disability or retirement. |
