Amendment No. 1 to The PMI Group, Inc. Stock Plan for Non-Employee Directors

Summary

This amendment, effective June 19, 2000, updates The PMI Group, Inc. Stock Plan for Non-Employee Directors. It revises Section 7.7 to clarify that before delivering shares or cash under the plan, the company may withhold or require payment of any necessary federal, state, or local taxes from participants. The amendment is executed by The PMI Group, Inc. and signed by an authorized officer.

EX-10.3 3 0003.txt AMEND #1 STCK PLN FOR NON-EMPL DIRS-RESTD 8/16/99 EXHIBIT 10.3 ------------ AMENDMENT NO. 1 TO THE PMI GROUP, INC. STOCK PLAN FOR NON-EMPLOYEE DIRECTORS THE PMI GROUP, INC., having adopted The PMI Group, Inc. Stock Plan for Non-Employee Directors (the "Plan") and having amended and restated the Plan effective as of August 16, 1999, hereby amends Section 7.7 of the Plan, effective as of June 19, 2000, to read in its entirety as follows: 7.7 Withholding Requirements. Prior to the delivery of any ------------------------ Shares or cash pursuant to an Award (or exercise thereof), the Company shall have the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy the minimum Federal, state, and local taxes required to be withheld with respect to such Award (or exercise thereof). IN WITNESS WHEREOF, The PMI Group, Inc., by its duly authorized officer, has executed this Amendment No. 1 on the date indicated below. THE PMI GROUP, INC. Dated: July 5, 2000 By /s/ Victor J. Bacigalupi ----------------------------------- Name: Victor J. Bacigalupi Title: Executive Vice President, General Counsel and Secretary