Exhibit 10.7
The PMI Group, Inc. Board of
Directors
Summary of Compensation
Arrangements Applicable to Non-Employee Directors
Effective May 21,
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
Retainers
Annual cash retainer fees for
non-employee directors are set forth in the following table. Annual
retainer fees are paid in quarterly installments.
|
|
|
|
|
Board Members
|
|
$
|
60,000
|
|
Chair of the Audit Committee
|
|
$
|
15,000
|
|
Each Chair of the Compensation, and Governance
and Nominating Committees
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|
$
|
10,000
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|
Presiding Director
|
|
$
|
15,000
|
|
Members of the Audit Committee
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|
$
|
15,000
|
|
Members of the Compensation, and Governance and
Nominating Committees
|
|
$
|
10,000
|
Board Meeting
Fees
Non-Employee Directors receive a
$1,500 cash meeting fee for each meeting of the Board of Directors
attended after the first five meetings of each calendar
year.
Equity–Based
Compensation
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
