EXHIBIT 10.15
The PMI Group, Inc. Board of
Directors
Summary of Compensation
Arrangements Applicable to Non-Employee Directors
Effective January 1,
2009
Directors who are employees of The
PMI Group, Inc. (“PMI”) or its subsidiaries do not
receive additional compensation for their services as directors.
Annual cash retainer fees for non-employee directors are set forth
in the following table. Annual retainer fees are paid in quarterly
installments.
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Non-Employee Director
Annual Cash Retainer Fees
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Board Members
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$
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60,000
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Chair of the Audit Committee
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$
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15,000
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Each Chair of the Compensation, Governance and
Nominating, and Investment and Finance Committees
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$
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10,000
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Presiding Director
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$
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15,000
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Members of the Audit Committee
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$
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15,000
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Members of the Compensation, Governance and
Nominating, and Investment and Finance Committees
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$
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10,000
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Non-employee directors also receive
quarterly, non-discretionary stock unit grants pursuant to the PMI
Amended and Restated Equity Incentive Plan (“Equity
Plan”). The quarterly grants consist of that number of stock
units which, when multiplied by the closing market price per share
of our common stock on the date of the award, equals $4,000,
subject to a limit of 2,500 stock units per director per quarter.
Pursuant to the terms of the Equity Plan, the grants are made the
first business day on or after the fifteenth of each of January,
April, J
