THE PMI GROUP, INC. NONQUALIFIED STOCK OPTION AGREEMENTNonqualified Stock Option Agreement • February 23rd, 2005 • Pmi Group Inc • Surety insurance
The PMI Group, Inc. (the “Company”) hereby grants you, [NAME OF EMPLOYEE] (the “Employee”), a stock option under the Company’s Amended and Restated Equity Incentive Plan (the “Plan”), to purchase shares of common stock of the Company. The date of this Agreement is [DATE]. In general, the latest date this option will expire is [DATE 10 YEARS AFTER GRANT DATE] (the “Expiration Date”). However, as provided in Appendix A (attached hereto) and the Plan, this option may expire earlier than the Expiration Date. Subject to the provisions of Appendix A and of the Plan, the principal features of this option are as follows:
