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Exhibit 10.3
AGREEMENT NOT TO COMPETE
As
a condition to and in consideration of the award by MGIC Investment
Corporation (the “Company”) of shares of Restricted
Stock (or Restricted Stock Units) pursuant to the 2002 Stock
Incentive Plan, to the individual signing this Agreement Not to
Compete (hereinafter “Employee”), Employee agrees that
he will not render services to any competitor of the Company
(a) during the term of his employment and (b) for a
period of one year after the termination of the Employee’s
employment, in the geographic area or areas (localized or national,
as the case may be) in which he was employed, assigned or otherwise
worked on behalf of the Company, or a present or future parent,
subsidiary or affiliate of the Company (collectively,
“Subsidiary”), during the three years prior to the
termination of his employment.
For
the purposes of this Agreement: (a) the term
“competitor” means any company (regardless of the form
of its organization), including a proprietorship (i) engaged
in the business of guaranteeing or insuring mortgages in any
geographic area in which the Company or any Subsidiary is engaged
in guaranteei
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