EXHIBIT 10.3
AMENDMENT NO. 1
TO
THE PMI GROUP, INC.
SUPPLEMENTAL EMPLOYEE RETIREMENT PLAN
(Amended and Restated as of September 1, 2007)
THE PMI GROUP, INC., having adopted
The PMI Group, Inc. Supplemental Employee Retirement Plan (the
“Plan”) effective as of April 1, 1995, and amended
and restated the Plan in its entirety effective as of
September 1, 2007, hereby amends the restated Plan as
follows:
1. Effective as of
January 1, 2008, Section 1.23 is amended by adding a new
sentence at the end of the Section to read as follows:
“Notwithstanding any contrary Plan provisions, such Trust
shall at all times be located within the jurisdiction of the United
States and shall not at any time subsequently be transferred
outside of such United States jurisdiction.”
2. Effective as of
January 1, 2008, the last sentence of Section 3.02(a) is
amended to read as follows:
“Notwithstanding the foregoing, and notwithstanding any
contrary provision of the Retirement Plan,
“Compensation,” for purposes of determining a
Participant’s Final Average Compensation, shall mean
Compensation as defined under the Retirement Plan.”
3. Effective as
of January 1, 2005, the second sentence of Section 4.01
is deleted and the following sentences are substituted
therefore:
“Such payment shall be made on the first day of the calendar
month that immediately follows the Participant’s Separation
from Service (the “Original Payment Date”) or as soon
as administratively practicable thereafter; provided however, that
in
