The PMI Group, Inc. (NYSE: PMI) today announced that its Board of Directors has adopted an Amended and Restated Tax Benefits Preservation Plan, between The PMI Group and American Stock Transfer & Trust Company, LLC, as rights agent, which amends and restates The PMI Group's original Tax Benefits Preservation Plan entered into between The PMI Group and the rights agent on August 12, 2010.
The amendments:
extend the final expiration date from August 11, 2011 under the original plan to February 16, 2014 under the amended plan;provide that the amended plan will expire if The PMI Group's Board of Directors determines that a limitation on the use of tax benefits under Section 382 of the Internal Revenue Code would no longer be material to The PMI Group; provide that the amended plan will expire on August 11, 2011 if stockholder approval of the amended plan has not been received before such time; andprovide that The PMI Group's Board of Directors will consider at least annually whether to permit the amended plan to expire.
All of the other terms of the amended plan remain the same as the original plan. The amended plan will be submitted to The PMI Group's stockholders for approval at The PMI Group's 2011 annual meeting.
Additional information regarding the amended plan will be contained in a Form 8-K and in a Registration Statement on Form 8-A/A that The PMI Group is filing with the Securities and Exchange Commission.
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