X0201 4 2004-01-28 0000876437 MGIC INVESTMENT CORP MTG 0001041958 CULVER CURT S MGIC PLAZA 250 EAST KILBOURN AVENUE MILWAUKEE WI 53202 1 1 0 0 President and CEO Common Stock 2004-01-28 4 A 0 32000 A 108950 D Common Stock 2004-01-28 4 A 0 3051 A 112001 D Common Stock 2004-01-28 4 A 0 4576 A 116577 D Common Stock 12328.433 I By Issuer's Profit Sharing and Savings Plan Employee Stock Options (Right to Buy) 36.4375 2007-01-22 Common Stock 125000 125000 D Employee Stock Options (Right to Buy) 33.8125 2007-01-22 Common Stock 64709 64709 D Employee Stock Options (Right to Buy) 46.0625 2009-05-05 Common Stock 75000 75000 D Employee Stock Options (Right to Buy) 45.375 2010-01-26 Common Stock 150000 150000 D Employee Stock Options (Right to Buy) 57.88 2011-01-24 Common Stock 75000 75000 D Employee Stock Options (Right to Buy) 63.80 2012-01-23 Common Stock 120000 120000 D Employee Stock Options (Right to Buy) 43.70 2013-01-22 Common Stock 80000 80000 D Employee Stock Options (Right to Buy) 68.20 2004-01-28 4 A 0 80000 A 2014-01-28 Common Stock 80000 80000 D These shares were awarded to the reporting person pursuant to the Issuer's 2002 Stock Incentive Plan, are subject to certain restrictions, and may not be sold or transferred prior to the lapse of such restrictions. The restrictions on these shares lapse on January 28 of each of the five years beginning in 2005 at rates based on certain performance standards. These shares were awarded to the reporting person pursuant to the Issuer's 2002 Stock Incentive Plan and no consideration was paid by the reporting person for the shares. These shares were awarded to the reporting person pursuant to the Issuer's 2002 Stock Incentive Plan, are subject to certain restrictions, and may not be sold or transferred prior to January 28, 2005. These shares were awarded to the reporting person pursuant to the Issuer's 2002 Stock Incentive Plan, are subject to certain restrictions, and may not be sold or transferred prior to January 28, 2007. Balance as of December 31, 2003. All of these options are vested and exercisable in full. One-fifth of these options vest on May 5 of each of the five years beginning in 2000. Vesting of these options occurs on January 26 of each of the five years beginning in 2001, at a rate equal to the percent by which the Issuer's earnings per share for the prior fiscal year was of $31.21, subject to at least a 10% increase in the Issuer's earnings per share from the prior fiscal year, and with any portion of the option which has not been vested at January 26, 2005 becoming vested on January 26, 2009. One-fifth of these options vest on January 24 of each of the five years beginning in 2002. One-fifth of these options vest on January 23 of each of the five years beginning in 2003. One-fifth of these options vest on January 22 of each of the five years beginning in 2004. One-fifth of these options vest on January 28 of each of the five years beginning in 2005. These options were awarded to the reporting person pursuant to the Issuer's 2002 Stock Incentive Plan and no consideration was paid by the reporting person for the options. This Form 4 is being signed by the reporting person's attorney-in-fact pursuant to a previously filed power of attorney. Dan D. Stilwell, Attorney-in-fact 2004-01-28