I originally thought this feat gave you an +2 dodge bonus for each -1 to penalty you take. So, in other words, if you take a -5 penalty you would get a +10 dodge bonus.
But after reading the mythic combat expertise feat I'm not so sure anymore.
The mythic feat says "Whenever you use Combat Expertise, you gain an additional +2 dodge bonus".
To use mythic combat expertise, it sounds like you first apply Combat Expertise (giving you -5/+5) and then, since this is the mythic version, it gives you an additional +2 for a total of -5/+7.
Thoughts?
Your last example is correct
/agree