PMI GROUP INC
AMENDMENT NO. 2, AMENDED AND RESTATED EQUITY INCENTIVE PLAN
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<DESCRIPTION>AMENDMENT NO. 2, AMENDED AND RESTATED EQUITY INCENTIVE PLAN
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT 10.1b </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>AMENDMENT NO. 2 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Effective November&nbsp;20, 2008 </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TO </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>THE PMI GROUP, INC.
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>AMENDED AND RESTATED EQUITY INCENTIVE PLAN </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>(Amended September&nbsp;19, 2007) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">THE PMI GROUP, INC., having adopted The PMI Group, Inc. Amended
and Restated Equity Incentive Plan (the &#147;Plan&#148;) as of May&nbsp;27, 2004, and having amended and restated the Plan as of November&nbsp;16, 2005, and again as of September&nbsp;19, 2007, and further having amended it effective as of
November&nbsp;14, 2007, hereby amends the restated Plan as follows effective as of November&nbsp;20, 2008: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;8.1, &#147;Grant of
Stock Units,&#148; of SECTION 8, &#147;NON-EMPLOYEE DIRECTOR AWARDS,&#148; is amended to read as follows: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">8.1 <U>Grant of
Stock Units</U>. On the first business day on or after April&nbsp;15,&nbsp;July&nbsp;15,&nbsp;October&nbsp;15 and January&nbsp;15 of each year, each individual then serving as a Non-employee Director automatically shall be granted Stock Units with
an initial value of $4,000, each Stock Unit valued at the Fair Market Value per Share,&nbsp;but in no event shall any Non-employee Director&nbsp;receive more than 2,500 Stock Units&nbsp;in any<B>&nbsp;</B>calendar quarter. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">IN WITNESS WHEREOF, The PMI Group, Inc., by its duly authorized officer, has executed this Amendment No.&nbsp;2 to the restated Plan on the date
indicated below. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2">THE PMI GROUP, INC.</FONT></TD></TR>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;/s/ Charles Broom</FONT></TD></TR>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Name:</FONT></TD>
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<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Charles Broom</FONT></TD></TR>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Senior Vice President</FONT></TD></TR>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Date:</FONT></TD>
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<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;Jan. 16, 2009</FONT></TD></TR>
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