4/A: MGIC Investment Corp Executive Paula Maggio Corrects Ownership Reporting in Amended SEC Filing

Paula Maggio, EVP and General Counsel of MGIC Investment Corp, files an amended SEC Form 4 to correct the reported ownership form of non-derivative securities.

Summary

• Paula Maggio, EVP and General Counsel of MGIC Investment Corp, filed an amended SEC Form 4/A on May 22, 2025, to correct previously reported information.
• The amendment addresses an error in the original Form 4 regarding the ownership form of non-derivative securities.
• Specifically, the number of shares owned indirectly by Maggio was understated by 23,526, while the number of shares owned directly was overstated by the same amount.
• The total number of shares beneficially owned by Maggio remains unchanged.
• The filing also reports the acquisition of 133,248 shares of common stock related to a restricted stock unit (RSU) award granted on February 4, 2022, which vests based on performance and continued employment, with shares to be issued on February 28, 2025.
• Maggio directly owns 236,601.68 shares of common stock and indirectly owns 110,422 shares through an individual trust.

Sentiment

Score: 7

Explanation: The document is a routine correction of a previous filing and the vesting of RSUs, which is generally positive as it aligns executive interests with shareholder value. The sentiment is neutral to slightly positive.

Positives

• The amended filing corrects a previous error, providing more accurate information about the reporting person's stock ownership.
• The reporting person is receiving shares from a previously granted RSU award, indicating continued employment and achievement of performance goals.

Negatives

• The need for an amended filing suggests an initial administrative error in reporting ownership details.

Risks

• Inaccurate reporting, even if corrected, can raise concerns about internal controls and compliance.
• The vesting of RSUs is contingent on continued employment, which introduces a potential risk if employment is terminated.

Future Outlook

The reporting person will receive shares from a previously granted RSU award on February 28, 2025, provided continued employment.

Industry Context

This filing is a routine disclosure related to executive compensation and stock ownership, common in the financial services industry. It provides transparency regarding the alignment of executive interests with shareholder value.

Comparison to Industry Standards

• Executive compensation packages including restricted stock units are standard practice in the financial services industry.
• Companies like Radian Group Inc. and Essent Group Ltd., which are competitors of MGIC Investment Corp, also utilize similar equity-based compensation plans for their executives.
• The vesting schedules and performance metrics associated with these RSUs are typically aligned with long-term company performance and shareholder value creation, similar to industry norms.

Stakeholder Impact

• Shareholders benefit from increased transparency regarding executive compensation and stock ownership.
• Employees, particularly executives, are impacted by the vesting of equity-based compensation.

Key Dates

Keywords

SEC Form 4, amendment, beneficial ownership, restricted stock units, MGIC Investment Corp, Paula Maggio, MTG, stock ownership