# EDGAR Filing Document

**Accession Number:** 0000890926
**File Stem:** 0001193125-26-251514
**Filing Date:** 2026-6
**Character Count:** 106932
**Document Hash:** 92c9da9cb2cb21c49e489caf53511f2e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-251514.hdr.sgml**: 20260622

**ACCESSION NUMBER**: 0001193125-26-251514

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 17

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**EFFECTIVENESS DATE**: 20260601

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RADIAN GROUP INC
- **CENTRAL INDEX KEY:** 0000890926
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURETY INSURANCE [6351]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 232691170
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-296393
- **FILM NUMBER:** 261051308

**BUSINESS ADDRESS:**
- **STREET 1:** 550 EAST SWEDESFORD ROAD
- **STREET 2:** SUITE 350
- **CITY:** WAYNE
- **STATE:** PA
- **ZIP:** 19087
- **BUSINESS PHONE:** 2155646600

**MAIL ADDRESS:**
- **STREET 1:** 550 EAST SWEDESFORD ROAD
- **STREET 2:** SUITE 350
- **CITY:** WAYNE
- **STATE:** PA
- **ZIP:** 19087

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CMAC INVESTMENT CORP
- **DATE OF NAME CHANGE:** 19960126

**As filed with the Securities and Exchange Commission on June 1, 2026** 

**Registration No. 333-** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM S-8** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

## RADIAN GROUP INC.
**(Exact name of Registrant as specified in its charter)** 

---

| | |
|:---|:---|
| **Delaware** | **23-2691170** |
| **(State or other jurisdiction of<br>incorporation or organization)** | **(I.R.S. Employer<br>Identification Number)** |

---

---

| | |
|:---|:---|
| **500 East Swedesford Road, Suite 350**<br> **Wayne, Pennsylvania** | **19087** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

**Radian Group Inc. 2026 Inducement Grant Equity Plan** 

**(Full title of the plan)** 

**Elizabeth A. Diffley** 

**Executive Vice President, Senior Corporate Counsel and Corporate Secretary** 

**Radian Group Inc.** 

**500 East Swedesford Road, Suite 350** 

**Wayne, Pennsylvania 19087** 

**(Name and address of agent for service)** 

**(215) 231-1000** 

**(Telephone number, including area code, of agent for service)** 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ (Do not check if a smaller reporting company) | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

------

**EXPLANATORY NOTE** 

This Registration Statement on Form S-8 (this "Registration Statement") is being filed by Radian Group Inc., a Delaware corporation (the "Registrant"), to register 500,000 shares of the Registrant's common stock, par value $0.001 per share (the "Common Stock"), reserved for issuance under the Radian Group Inc. 2026 Inducement Grant Equity Plan, as may be amended from time to time (the "2026 Inducement Plan"). The 2026 Inducement Plan provides for, among other things, the grant of awards of restricted stock units to eligible grantees as a material inducement to such individuals entering into employment with the Registrant. All grants under the 2026 Inducement Plan are intended to qualify as employment inducement grants as described in New York Stock Exchange Listed Company Manual Section 303A.08, or any successor provision.

**PART I** 

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS** 

Documents containing the information specified in Part I of Form S-8 will be sent or given to employees as specified by Rule 428(b)(1) of the Securities Act of 1933 (the "Securities Act"). In accordance with the instructions of Part I of Form S-8, such document will not be filed with the Securities and Exchange Commission (the "SEC") either as part of the Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act (by incorporation by reference or otherwise). These documents and the documents incorporated by reference pursuant to Item 3 of Part II of this Registration Statement, taken together, constitute the prospectus as required under Section 10(a) of the Securities Act.

**PART II** 

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT** 

**Item 3.** **Incorporation of Documents by Reference.** <br>

The following documents, which have been filed by the Registrant with the SEC, are hereby incorporated by reference in this Registration Statement:

(a) Registrant's Annual Report on [Form 10-K](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000890926/000119312526061383/rdn-20251231.htm) for the fiscal year ended December 31, 2025, filed with the SEC on February 20, 2026;

(b) The information specifically incorporated by reference into Registrant's Annual Report on Form 10-K from Registrant's definitive proxy statement on [Schedule 14A](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000890926/000119312526140155/rdn-20260401.htm), filed with the SEC on April 2, 2026;

(c) Registrant's Quarterly Report on [Form 10-Q](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000890926/000119312526215018/rdn-20260331.htm) for the quarter ended March 31, 2026, filed with the SEC on May 8, 2026;

(d) Registrant's Current Reports on Form 8-K filed with the SEC on [January 22, 2026](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000890926/000119312526019508/d18516d8k.htm), [February 3, 2026](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000890926/000119312526035665/d47949d8k.htm), [February 9, 2026](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000890926/000119312526042942/d75076d8k.htm), [February 12, 2026](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000890926/000119312526048971/d79736d8k.htm), [March 26, 2026](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000890926/000119312526126293/d113548d8k.htm), [April 21, 2026](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000890926/000119312526166824/d144609d8k.htm), [May 21, 2026](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000890926/000119312526234920/d67298d8k.htm), [May 27, 2026](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000890926/000119312526241992/d126234d8k.htm), and Current Reports on Form 8-K/A filed with the SEC on [April 3, 2026](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000890926/000119312526142185/d40029d8ka.htm) and [April 17, 2026](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0000890926/000119312526161776/rdn-20260202.htm); and

(e) The description of the Registrant's Common Stock contained in [<u>Exhibit 4.5</u>](http://www.sec.gov/Archives/edgar/data/890926/000119312526061383/rdn-ex4_5.htm) to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2025, and any and all amendments or reports filed for the purpose of updating such description.

All reports and other documents subsequently filed the by Registrant pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), on or after the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement which indicates that all securities offered hereby have been sold or which deregisters all securities remaining unsold, shall be deemed to be incorporated by reference into this Registration Statement and to be a part hereof from the date of filing of such

------

reports or other documents. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified shall not be deemed to constitute a part of the Registration Statement except as so modified and any statement so superseded shall not be deemed to constitute a part of this Registration Statement.

Registrant will furnish without charge to you, upon written or oral request, a copy of any or all of the documents described above, except for exhibits to those documents, unless the exhibits are specifically incorporated by reference into those documents. Requests for copies should be addressed to:

Radian Group Inc.

500 East Swedesford Road, Suite 350

Wayne, Pennsylvania 19087

Attention: Investor Relations

Telephone: (215) 231-1000

**Item 4.** **Description of Securities.** <br>

Not applicable.

**Item 5.** **Interests of Named Experts and Counsel.** <br>

Not applicable.

**Item 6.** **Indemnification of Directors and Officers.** <br>

Section 102(b)(7) of the Delaware General Corporation Law (the "DGCL") permits a corporation, in its certificate of incorporation, to limit or eliminate, subject to certain statutory limitations, the liability of directors and officers to the corporation or its stockholders for monetary damages for breaches of fiduciary duty, except for liability (a) for any breach of the director's or officer's duty of loyalty to the corporation or its stockholders, (b) for acts or omissions by a director or officer not in good faith or which involve intentional misconduct or a knowing violation of law, (c) where a director authorized the payment of a dividend or approved a stock repurchase or redemption in violation of Section 174 of the DGCL, (d) for any transaction from which the director or officer derived an improper personal benefit, or (e) with respect to an officer, in any action by or in the right of the corporation. Article Seventh of the Registrant's amended and restated certificate of incorporation provides that the personal liability of the Registrant's directors is eliminated to the fullest extent permitted by the DGCL.

Under Section 145 of the DGCL, a corporation has the power to indemnify directors and officers under certain prescribed circumstances and subject to certain limitations against certain costs and expenses, including attorneys' fees actually and reasonably incurred in connection with any action, suit or proceeding, whether civil, criminal, administrative or investigative, to which any of them is a party by reason of being a director or officer of the corporation if it is determined that the director or officer acted in accordance with the applicable standard of conduct set forth in such statutory provision. Article VII of the Company's amended and restated by-laws provides that the Registrant will indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding by reason of the fact that the person is or was a director, officer or other authorized representative of the Registrant, or is or was serving at the request of the Registrant as a director, officer, employee or agent of another entity, against certain liabilities, costs and expenses. Notwithstanding the foregoing, the Registrant is not required to indemnify any person (1) for any action, suit or proceeding initiated by such person, unless the action suit or proceeding was authorized by the Registrant's board of directors; (2) for settlement amounts unless the Registrant consented to the settlement; (3) for judicial awards if the Registrant did not have an opportunity to participate, at its own expense, in the defense of the action, or (4) if the authorized representative has otherwise received payment for the amounts that would have been indemnifiable. Article VII also provides for the advancement of expenses to an indemnified party upon receipt of an undertaking by the party to repay those amounts if it is finally determined that the indemnified party is not entitled to indemnification. Article VII further permits the Registrant to maintain insurance on behalf of any person who is or was a director, officer,

------

employee or agent of the Registrant, or is or was serving at the request of the Registrant as a director, officer, employee or agent of another entity, against any liability asserted against such person and incurred by such person in any such capacity or arising out of his status as such, whether or not the Registrant would have the power to indemnify such person against such liability under the DGCL. Section 145 also provides that the aforesaid power to indemnify directors and officers may not be impaired by an amendment to the provision after the occurrence of the act or omission that is the subject of an action, suit or proceeding for which indemnification or advancement of expenses is sought, unless the provision in effect at the time of the act or omission explicitly authorizes the impairment.

The Registrant's directors and officers are covered by insurance policies indemnifying them against certain liabilities, including certain liabilities arising under the Securities Act, which might be incurred by them in such capacities and against which they cannot be indemnified by the Registrant.

The Registrant has entered into indemnification agreements (each, an "Indemnification Agreement") with each of its directors and executive officers (each, an "Indemnitee"). Each Indemnification Agreement provides contractual indemnification, expense advancement, and other related rights to the Indemnitees in accordance with the laws of the state of Delaware. The Indemnification Agreements are primarily designed to codify existing protections under the Registrant's articles of incorporation and by-laws and under Delaware law into individual contracts and to provide additional procedural protections for Indemnitees; they do not mandate indemnification of Registrant officials for acts that the Registrant was not previously required to indemnify.

Each Indemnification Agreement obligates the Registrant to indemnify the Indemnitee, to the fullest extent permitted by Delaware law, against all Indemnifiable Claims and Indemnifiable Losses (as those terms are defined in the Indemnification Agreement). Each Indemnification Agreement also provides the Indemnitee with certain rights to advancement of expenses relating to any Indemnifiable Claim paid or incurred, or reasonably likely to be paid or incurred, by the Indemnitee. Further, under each Indemnification Agreement, the Indemnitee is presumed to have satisfied the applicable standard of conduct under Delaware law required for indemnification, and the Registrant may overcome that presumption with clear and convincing evidence to the contrary.

**Item 7.** **Exemption from Registration Claimed.** <br>

Not applicable.

**Item 8.** **Exhibits.** <br>

The following is a list of exhibits filed as part of this Registration Statement.

---

| | |
|:---|:---|
| Exhibit<br> Number | Exhibit |
| 4.1 | [Radian Group Inc. 2026 Inducement Grant Equity Plan (incorporated by reference to Exhibit 10.3 to the Registrant's Current Report on Form 8-K (file no. 1-11356) dated May 21, 2026, and filed on May 21, 2026)](http://www.sec.gov/Archives/edgar/data/890926/000119312526234920/d67298dex103.htm) |
| \*4.2 | [Form of Time-Based Restricted Stock Unit Inducement Grant Agreement under the Radian Group Inc. 2026 Inducement Grant Equity Plan, between Radian Group Inc. and Michael Weinbach](d134016dex42.htm) |
| \*4.3 | [Form of Performance-Based Restricted Stock Unit Inducement Grant Agreement (LTI book value with relative TSR modifier) under the Radian Group Inc. 2026 Inducement Grant Equity Plan, between Radian Group Inc. and Michael Weinbach](d134016dex43.htm) |
| 4.4 | [Third Amended and Restated Certificate of Incorporation of the Registrant (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K (file no. 1-11356) dated May 11, 2004, and filed on May 12, 2004)](http://www.sec.gov/Archives/edgar/data/890926/000119312504086126/dex31.htm) |
| 4.5 | [Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Registrant (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K (file no. 1-11356) dated May 22, 2008, and filed on May 29, 2008)](http://www.sec.gov/Archives/edgar/data/890926/000119312508124149/dex31.htm) |

---

------

---

| | |
|:---|:---|
| 4.6 | [Second Amendment to the Amended and Restated Certificate of Incorporation of the Registrant (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K (file no. 1-11356) dated May 12, 2010, and filed on May 18, 2010)](http://www.sec.gov/Archives/edgar/data/890926/000119312510123426/dex31.htm) |
| 4.7 | [Certificate of Amendment of Certificate of Incorporation of the Registrant effective as of May 15, 2013 (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K (file no. 1-11356) dated May 14, 2013, and filed on May 20, 2013)](http://www.sec.gov/Archives/edgar/data/890926/000119312513227864/d541233dex31.htm) |
| 4.8 | [Certificate of Amendment of the Amended and Restated Certificate of Incorporation of the Registrant effective as of May 11, 2016 (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K (file no. 1-11356) dated May 11, 2016, and filed on May 17, 2016)](http://www.sec.gov/Archives/edgar/data/890926/000115752316005645/a51344192ex3_1.htm) |
| 4.9 | [Fourth Amended and Restated By-laws of Radian Group, Inc., effective September 17, 2025 (incorporated by reference to Exhibit 3.1 of the Registrant's Current Report on Form 8- K (file no. 1-11356) dated September 17, 2025, and filed on September 18, 2025)](http://www.sec.gov/Archives/edgar/data/890926/000119312525206774/d945088dex31.htm) |
| \*5.1 | [Opinion of Faegre Drinker Biddle & Reath LLP.](d134016dex51.htm) |
| \*23.1 | [Consent of PricewaterhouseCoopers LLP.](d134016dex231.htm) |
| \*23.2 | [Consent of KPMG LLP.](d134016dex232.htm) |
| \*23.3 | [Consent of Faegre Drinker Biddle & Reath LLP (included within Exhibit 5.1).](d134016dex51.htm) |
| \*24.1 | [Power of Attorney (included with signature page).](d134016ds8.htm#sig) |
| \*107 | [Filing Fee Table](d134016dexfilingfees.htm) |

---

\* Filed herewith.

**Item 9.** **Undertakings.** <br>

(a) The undersigned Registrant hereby undertakes:

(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

(ii) To reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) of the Securities Act if, in the aggregate, the changes in volume and price represent No more than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective Registration Statement; and

(iii) To include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement;

*provided, however,* that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.

(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act that is incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

------

(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all the requirements for filing on Form S-8 and has duly caused this Registration Statement on Form S-8 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Philadelphia, Commonwealth of Pennsylvania on June 1, 2026.

---

| | |
|:---|:---|
| RADIAN GROUP INC. | RADIAN GROUP INC. |
| By: | /s/ Richard G. Thornberry |
|  | Name: Richard G. Thornberry |
|  | Title: Chief Executive Officer |

---

**POWER OF ATTORNEY** 

Pursuant to the requirements of the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement on Form S-8 has been signed below by the following persons in the capacities and on the dates indicated.

Each person in so signing also makes, constitutes and appoints Richard G. Thornberry, Edward J. Hoffman, Daniel Kobell and Elizabeth A. Diffley, and each of them acting alone, his or her true and lawful attorney-in-fact, with full power of substitution, to do any and all acts and things in his or her name and on his or her behalf in his or her capacity as a director and/or officer and to execute any and all documents for him or her in such capacity, which said attorneys and agents, or any of them, may deem necessary or advisable to enable the Registrant to comply with the Securities Act, and any rules, regulations and requirements of the Securities and Exchange Commission (the "Commission") in connection with this registration statement, including, without limitation, the execution and filing with the Commission of any and all amendments and post-effective amendments to this registration statement, with exhibits thereto and other documents in connection therewith, and hereby ratifies and confirms all that said attorney-in-fact or his substitute or substitutes may do or cause to be done by virtue hereof.

---

| | | |
|:---|:---|:---|
| Signature | Title | Date |
| /s/ Richard G. Thornberry<br> Richard G. Thornberry | Chief Executive Officer (Principal Executive Officer)<br> and Director | June 1, 2026 |
| /s/ Daniel Kobell<br> Daniel Kobell | Senior Executive Vice President, Interim Chief Financial Officer (Principal Financial Officer) | June 1, 2026 |
| /s/ Robert J. Quigley<br> Robert J. Quigley | Senior Executive Vice President, Controller and Chief Accounting Officer (Principal Accounting Officer) | June 1, 2026 |
| /s/ Howard B. Culang<br> Howard B. Culang | Non-Executive Chair of the Board | June 1, 2026 |
| /s/ Fawad Ahmad<br> Fawad Ahmad | Director | June 1, 2026 |
| /s/ Brad L. Conner<br> Brad L. Conner | Director | June 1, 2026 |

---

------

---

| | | |
|:---|:---|:---|
| /s/ Debra Hess<br> Debra Hess | Director | June 1, 2026 |
| /s/ Anne Leyden<br> Anne Leyden | Director | June 1, 2026 |
| /s/ Seraina Macia<br> Seraina Macia | Director | June 1, 2026 |
| /s/ Brian D. Montgomery<br> Brian D. Montgomery | Director | June 1, 2026 |
| /s/ Lisa Mumford<br> Lisa Mumford | Director | June 1, 2026 |
| /s/ Jed Rhoads<br> Jed Rhoads | Director | June 1, 2026 |
| /s/ Noel J. Spiegel<br> Noel J. Spiegel | Director | June 1, 2026 |

---

## Exhibit 4.2

**Exhibit 4.2** 

**RADIAN GROUP INC.** 

**<u>RESTRICTED STOCK UNIT</u>**

**<u>INDUCEMENT GRANT</u>**

**<u>TERMS AND CONDITIONS</u>**

These Terms and Conditions **(**"**<u>Terms and Conditions</u>**"**)** are part of the Restricted Stock Unit Inducement Grant made as of June 1, 2026 (the "**<u>Grant Date</u>**"), by Radian Group Inc., a Delaware corporation (the "**<u>Company</u>**"), to Michael Weinbach, an employee of the Company (the "**<u>Grantee</u>**").

**<u>RECITALS</u>**

**WHEREAS**, pursuant to the terms of the Employment Agreement, dated May 21, 2026, between the Company and the Grantee (the "**<u>Employment Agreement</u>**"), and as a material inducement for the Grantee to enter into employment with the Company, the Company agreed to provide for the grant of restricted stock units to the Grantee on the terms and subject to the conditions set forth herein;

**WHEREAS**, the grant of the restricted stock units provided for herein is intended to constitute an "employment inducement" award under New York Stock Exchange Listed Company Manual Section 303A.08, and is being issued under the Radian Group Inc. 2026 Inducement Grant Equity Plan (the "**<u>Inducement Plan</u>**"); and

**WHEREAS**, the applicable provisions of the Inducement Plan are incorporated into these Terms and Conditions by reference, including the definitions of the capitalized terms contained in the Inducement Plan (unless such terms are otherwise defined herein).

**NOW, THEREFORE**, the parties hereto, intending to be legally bound hereby, agree as follows:

**1.**  **<u>Grant of Restricted Stock Units.</u>** 

In accordance with the employment inducement award exemption to the stockholder approval requirements under New York Stock Exchange Listed Company Manual Section 303A.08, or any successor provision, the Company hereby awards to the Grantee 150,000 Restricted Stock Units (hereinafter, the "**<u>Restricted Stock Units</u>**"), subject to the vesting and other conditions of these Terms and Conditions, provided, however, that if the Grant Date value of the Common Stock underlying the Restricted Stock Units, determined based on the closing price of a share of Common Stock on the New York Stock Exchange as of the Grant Date, would exceed $5,500,000, the number of Restricted Stock Units shall be reduced to an amount equal to a Grant Date value of $5,500,000 (such number of Restricted Stock Units awarded, the "**<u>RSU Share Number</u>**"). The Company shall promptly file with the Securities and Exchange Commission a registration statement on Form S-8 registering the offer and issuance of shares of Common Stock represented by the Restricted Stock Units.

The Grantee acknowledges that that the grant of the Restricted Stock Units hereunder satisfies in full the Company's obligation to provide the Grantee a one-time grant of restricted stock units, with vesting contingent on the Grantee's purchase of Common Stock as described herein, as a material inducement for the Grantee to join the Company, as provided in Section 2(d)(1)(i) of the Employment Agreement.

**2.**  **<u>Vesting.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>General Vesting Terms</u>.** Provided that the Grantee remains employed by the Company or an Affiliate through the applicable vesting dates set forth in this Section 2 (each, the "**<u>Vesting Date</u>**"), purchases Common Stock as described below, and meets all other applicable requirements set forth in these Terms and Conditions, the Restricted Stock Units awarded under these Terms and

------

Conditions shall vest as follows, subject to Section 2(b) below and except as set forth in Sections 2(c) , 2(d) and 2(e) below (the period over which the Restricted Stock Units vest is referred to as the "**<u>Restriction Period</u>**"):

---

| | |
|:---|:---|
| **Vesting Dates** | **Vested Restricted Stock Units\*** |
|  May 25, 2027 | 33% of the awarded Restricted Stock Units |
|  May 25, 2028 | 33% of the awarded Restricted Stock Units |
|  May 25, 2029 | 34% of the awarded Restricted Stock Units |

---

\* Subject to Section 2(b) below

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Commitment to Purchase and Hold Common Stock</u>**. In addition to the other vesting conditions of these Terms and Conditions, vesting of the Restricted Stock Units is conditioned on the Grantee purchasing shares of Common Stock in the amount equal to the RSU Share Number no later than the Purchase Deadline (as defined below). If the Grantee fails to purchase shares of Common Stock in the amount equal to the RSU Share Number by the Purchase Deadline, any Restricted Stock Units granted pursuant to these Terms and Conditions in excess of the number of shares of Common Stock purchased by the Grantee by the Purchase Deadline shall be immediately forfeited as of the Purchase Deadline. In that event, the forfeiture shall be applied first to the Restricted Stock Units in the earliest vesting tranche and, to the extent necessary, to the Restricted Stock Units in each subsequent vesting tranche in chronological order of vesting. The "**<u>Purchase Deadline</u>**" is the first to occur of (i) December 31, 2026, (ii) the date of the Grantee's termination of employment for any reason, or (iii) the date of a Change of Control. The Grantee agrees to hold, and not dispose of, such purchased shares through May 31, 2029, except that such holding requirement shall cease to apply in the event of a Change of Control or any termination of the Grantee's employment for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Involuntary Termination</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except as set forth in Section 2(d) below, if the Grantee terminates employment on or before the first Vesting Date because of an Involuntary Termination, one-third of the Grantee's outstanding Restricted Stock Units will automatically vest on the date of such termination of employment, if and to the extent that the Grantee met the Common Stock purchase requirement described in Section 2(b) by the Purchase Deadline, and the remaining unvested Restricted Stock Units shall be immediately forfeited. If the Grantee terminates employment during the Restriction Period and after the first Vesting Date because of an Involuntary Termination, the Grantee's outstanding Restricted Stock Units will automatically vest in full on the date of such termination of employment if and to the extent that the Grantee met the Common Stock purchase requirement described in Section 2(b) by the Purchase Deadline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For purposes of these Terms and Conditions, the term "**<u>Involuntary Termination</u>**" shall mean the Grantee's separation from service from the Company and its Affiliates on account of a termination by the Company or an Affiliate without Cause (as defined below), other than on account of death or Disability; provided the Grantee signs and does not revoke a separation agreement containing a release and waiver of claims in favor of the Company and its Affiliates in a form provided by the Company or an Affiliate, as applicable ("**<u>Release</u>**"). A termination by the Grantee for Good Reason under the Employment Agreement shall be deemed to be an Involuntary Termination. Each of the terms "**<u>Cause</u>**" and "**<u>Good Reason</u>"** shall have the meaning ascribed to the term in the Employment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>Death or Disability</u>.** In the event of the Grantee's death or Disability while employed by the Company or an Affiliate during the Restriction Period, the Grantee's outstanding Restricted Stock Units will automatically vest in full on the date of the Grantee's death or Disability, as applicable, if and to the extent that the Grantee met the Common Stock purchase requirement described in Section 2(b) by the Purchase Deadline. For purposes of these Terms and Conditions, the term **"<u>Disability</u>"** shall mean a physical or mental impairment of sufficient severity that the Grantee is both eligible for and in receipt of benefits under the long-term disability program maintained by the Company or an Affiliate, as applicable, provided that the Grantee completes 30 days of active service with the Company at any time after the Grant Date and prior to the first Vesting Date. The date of Disability for purposes of these Terms and Conditions is the date on which the Grantee commences to receive such long-term disability benefits.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **<u>Change of Control</u>.** Notwithstanding the foregoing, if, during the Restriction Period, a Change of Control occurs and the Grantee's employment is terminated by the Company or an Affiliate without Cause, or the Grantee terminates employment for Good Reason, and the Grantee's date of termination of employment (or in the event of the Grantee's termination for Good Reason, the event giving rise to Good Reason) occurs during the period beginning on the date that is 90 days before the Change of Control and ending on the date that is one year following the Change of Control, the unvested Restricted Stock Units will automatically vest as of the Grantee's date of termination of employment (or, if later, on the date of the Change of Control), if and to the extent that the Grantee met the Common Stock purchase requirement described in Section 2(b) by the Purchase Deadline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **<u>Other Termination</u>.** Except as provided in Sections 2(c), 2(d), and 2(e) in the event of a termination of employment, the Grantee will forfeit all Restricted Stock Units that do not vest either before the termination date or on the termination date associated with such termination. Except as provided in Section 2(e), no Restricted Stock Units will vest after the Grantee's employment with the Company or an Affiliate has terminated for any reason. For clarification purposes, in the event the Grantee's employment is terminated by the Company or an Affiliate for Cause, the outstanding Restricted Stock Units held by such Grantee shall immediately terminate and be of no further force or effect.

**3.**  **<u>Restricted Stock Units Account</u> <u>.</u>** 

The Company shall establish a bookkeeping account on its records for the Grantee and shall credit the Grantee's Restricted Stock Units to the bookkeeping account.

**4.**  **<u>Dividend Equivalents.</u>** 

Dividend equivalents shall accrue with respect to the Grantee's Restricted Stock Units and shall be payable subject to the same vesting terms and other conditions as the Restricted Stock Units to which they relate. Dividend equivalents shall be credited on the Restricted Stock Units as of the dividend record date with respect to shares of Common Stock from the Grant Date until the payment date for the vested Restricted Stock Units. The Company will keep records of dividend equivalents in a non-interest bearing bookkeeping account for the Grantee. No interest will be credited to any such account. Vested dividend equivalents shall be paid in cash at the same time and subject to the same terms as the underlying vested Restricted Stock Units. If and to the extent that the underlying Restricted Stock Units are forfeited, all related dividend equivalents shall also be forfeited. For the avoidance of doubt, if the Grantee elects to defer payment of the Restricted Stock Units under a Company deferred compensation plan, the payment date for accrued dividend equivalents will be determined based on the terms of the applicable deferred compensation plan.

**5.**  **<u>Settlement of Restricted Stock Units.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise provided in this Section 5, if the Restricted Stock Units vest in accordance with Section 2(a), the Grantee shall be entitled to receive payment of the vested Restricted Stock Units within 60 days after the applicable Vesting Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The vested Restricted Stock Units shall be paid earlier than the applicable Vesting Date in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Restricted Stock Units vest in accordance with Section 2(c) (Involuntary Termination) or Section 2(d) (death or Disability), the Grantee shall receive payment of the vested Restricted Stock Units within 60 days after the date of the Grantee's termination of employment on account of Involuntary Termination or death, or the date of Disability, as applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If a Change of Control occurs and the Grantee's employment terminates in accordance with Section 2(e) (Change of Control), the Grantee shall receive payment of the vested Restricted Stock Units within 60 days after the date of the Grantee's termination of employment (or, if later, on the date of the Change of Control).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On the applicable payment date, each vested Restricted Stock Unit credited to the Grantee's account shall be settled in whole shares of Common Stock of the Company equal to the number of vested Restricted Stock Units, subject to (i) compliance with the six-month delay described in Section 18 below, if applicable, (ii) the payment of any federal, state, local, or foreign withholding taxes as described in Section 13 below, and (iii) the Grantee's compliance with the Restrictive Covenants (as defined in Section 7(a) below). The obligation of the Company to distribute shares shall be subject to the rights of the Company as set forth in the Inducement Plan and to all applicable laws, rules, regulations, and such approvals by governmental agencies as may be deemed appropriate by the Committee, including as set forth in Section 16 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the foregoing, if the Grantee elects to defer payment of the Restricted Stock Units under the Company's applicable deferred compensation plan, payment shall be made in the form and at the time specified under such plan.

**6.**  **<u>Certain Corporate Changes.</u>** 

If any change is made to the Common Stock (whether by reason of merger, consolidation, reorganization, recapitalization, stock dividend, stock split, combination of shares, or exchange of shares or any other change in capital structure made without receipt of consideration), then unless such event or change results in the termination of all the Restricted Stock Units granted under these Terms and Conditions, the Committee shall adjust, as provided in the Inducement Plan, the number and class of shares underlying the Restricted Stock Units held by the Grantee to reflect the effect of such event or change in the Company's capital structure in such a way as to preserve the value of the Restricted Stock Units. Any adjustment that occurs under the terms of this Section 6 or the Inducement Plan will not change the timing or form of payment with respect to any Restricted Stock Units except in accordance with section 409A of the Code.

**7.**  **<u>Restrictive Covenants.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Grantee acknowledges and agrees that, in consideration for the grant of the Restricted Stock Units, the Grantee is subject to the non-competition, non-solicitation, confidentiality, inventions assignment, and non-disparagement provisions to the extent described in (including incorporated by reference into) Section 14 of the Employment Agreement, the Restrictive Covenants Agreement dated May 21, 2026 between the Grantee and the Company, the Company's Code of Conduct and Ethics and employment policies, and any other written agreements between the Company and the Grantee (collectively, the **"<u>Restrictive Covenants</u>")**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Grantee acknowledges and agrees that in the event the Grantee breaches any of the Restrictive Covenants or the Grantee's employment is terminated by the Company or an Affiliate for Cause, including a determination by the Committee that the Grantee has engaged in any activity, at any time, that would be grounds for termination of the Grantee's employment for Cause:

(i)The Committee may in its discretion determine that the Grantee shall forfeit the outstanding Restricted Stock Units (without regard to whether the Restricted Stock Units have vested, except as to the vested shares where forfeiture of vested shares is expressly prohibited by law), and the outstanding Restricted Stock Units shall immediately terminate, and

(ii)The Committee may in its discretion require the Grantee to return to the Company any shares of Common Stock received in settlement of the Restricted Stock Units; provided, that if the Grantee has disposed of any shares of Common Stock received upon settlement of the Restricted Stock Units, then the Committee may require the Grantee to pay to the Company, in cash, the Fair Market Value of such shares of Common Stock as of the date of disposition. The Committee shall exercise the right of recoupment provided in this subsection (b)(ii) within (x) 180 days after the Committee's discovery of the Grantee's breach of any of the Restrictive Covenants or (y) within 180 days after the later of (A) the Grantee's termination of employment by the Company or an Affiliate for Cause, or (B) the Committee's discovery of circumstances that, if known to the Committee, would have been grounds for termination for Cause; provided, however, that this right of recoupment shall not limit the Board's recoupment authority under any applicable clawback or recoupment policy of the Company.

------

**8.**  **<u>No Stockholder Rights.</u>** 

The Grantee has no voting rights and no other ownership rights and privileges of a stockholder with respect to the shares of Common Stock subject to the Restricted Stock Units, except as otherwise provided in Section 4.

**9.**  **<u>Retention Rights.</u>** 

Neither the award of Restricted Stock Units, nor any other action taken with respect to the Restricted Stock Units, shall confer upon the Grantee any right to continue in the employment or service of the Company or an Affiliate or shall interfere in any way with the right of the Company or an Affiliate to terminate Grantee's employment or service at any time.

**10.**  **<u>Cancellation or Amendment.</u>** 

This award may be canceled or amended by the Committee, in whole or in part, in accordance with the applicable terms of the Inducement Plan.

**11.**  **<u>Notice.</u>** 

Any notice to the Company provided for in these Terms and Conditions shall be addressed to it in care of the Corporate Secretary of the Company, 550 East Swedesford Road, Suite 350, Wayne, Pennsylvania 19087, and any notice to the Grantee shall be addressed to such Grantee at the current address shown on the payroll system of the Company or an Affiliate, as applicable, or to such other address as the Grantee may designate to the Company or an Affiliate, as applicable, in writing. Any notice provided for hereunder shall be delivered by hand, sent by telecopy or electronic mail, or enclosed in a properly sealed envelope addressed as stated above, registered and deposited, postage and registry fee prepaid in the United States mail, or other mail delivery service. Notice to the Company shall be deemed effective upon receipt. By receipt of these Terms and Conditions, the Grantee hereby consents to the delivery of information (including without limitation, information required to be delivered to the Grantee pursuant to the applicable securities laws) regarding the Company, the Inducement Plan, and the Restricted Stock Units via the Company's electronic mail system or other electronic delivery system.

**12.**  **<u>Incorporation of Inducement Plan by Reference.</u>** 

These Terms and Conditions are made pursuant to the terms of the Inducement Plan, the terms of which are incorporated herein by reference, and shall in all respects be interpreted in accordance therewith. The decisions of the Committee shall be conclusive upon any question arising hereunder**.** The Grantee's receipt of the Restricted Stock Units awarded under these Terms and Conditions constitutes the Grantee's acknowledgment that all decisions and determinations of the Committee with respect to the Inducement Plan, these Terms and Conditions, and/or the Restricted Stock Units shall be final and binding on the Grantee, the Grantee's beneficiaries, and any other person having or claiming an interest in such Restricted Stock Units. **T**he settlement of any award with respect to Restricted Stock Units is subject to the provisions of the Inducement Plan and to interpretations, regulations, and determinations concerning the Inducement Plan as established from time to time by the Committee in accordance with the provisions of the Inducement Plan. A copy of the Inducement Plan will be furnished to the Grantee upon request. Additional copies may be obtained from the Corporate Secretary of the Company, 550 East Swedesford Road, Suite 350, Wayne, Pennsylvania 19087.

**13.**  **<u>Income Taxes; Withholding Taxes.</u>** 

The Grantee is solely responsible for the satisfaction of all taxes and penalties that may arise in connection with the Restricted Stock Units pursuant to these Terms and Conditions. At the time of taxation, the Company or any of its Affiliates employing the Grantee shall have the right to deduct from other compensation or from amounts payable with respect to the Restricted Stock Units, including by withholding shares of Common Stock to satisfy the federal (including FICA), state, local and foreign income and payroll tax withholding obligation on amounts payable in shares, in accordance with procedures authorized by the Committee and established by the Company.

------

**14.**  **<u>Governing Law.</u>** 

Where permissible by applicable law, the validity, construction, interpretation, and effect of this instrument shall exclusively be governed by, and determined in accordance with, the applicable laws of the State of Delaware, excluding any conflicts or choice of law rule or principle.

**15.**  **<u>Advice to Consult Counsel.</u>** 

The Company advises the Grantee to consult with an attorney before signing these Terms and Conditions. The Grantee represents and warrants that the Grantee has obtained independent legal advice from an attorney of the Grantee's own choice with respect to these Terms and Conditions and the Restrictive Covenants or the Grantee has knowingly and voluntarily chosen not to do so.

**16.**  **<u>Grant Subject to Applicable Laws and Company Policies.</u>** 

These Terms and Conditions shall be subject to any required approvals by any governmental or regulatory agencies. This award of Restricted Stock Units shall also be subject to any applicable clawback or recoupment policies, share trading policies, and other policies of the Company from time to time in accordance with applicable law. Notwithstanding anything in these Terms and Conditions to the contrary, the Inducement Plan, these Terms and Conditions**,** and the Restricted Stock Units awarded hereunder shall be subject to all applicable laws, including any laws, regulations, restrictions, or governmental guidance that becomes applicable in the event of the Company's participation in any governmental programs, and the Committee reserves the right to modify these Terms and **Conditions** and the Restricted Stock Units as necessary to conform to any restrictions imposed by any such laws, regulations, restrictions, or governmental guidance or to conform to any applicable clawback or recoupment policies, share trading policies, and other policies of the Company. As a condition of participating in the Inducement Plan, and by the Grantee's acceptance of the Restricted Stock Units, the Grantee is deemed to have agreed to any such modifications that may be imposed by the Committee, and agrees to sign such waivers or acknowledgments as the Committee may deem necessary or appropriate with respect to such modifications.

**17.**  **<u>Assignment.</u>** 

These Terms and Conditions shall bind and inure to the benefit of the successors and assignees of the Company. The Grantee may not sell, assign, transfer, pledge, or otherwise dispose of the Restricted Stock Units, except to a Successor Grantee in the event of the Grantee's death.

**18.**  **<u>Section 409A.</u>** 

This award of Restricted Stock Units is intended to be exempt from or comply with the applicable requirements of section 409A of the Code and shall be administered in accordance with section 409A of the Code. Vested Restricted Stock Units shall be distributed no later than March 15 of the calendar year following the calendar year in which the Restricted Stock Units vest. Notwithstanding anything in these Terms and Conditions to the contrary, if the Restricted Stock Units constitute "deferred compensation" under section 409A of the Code and the Restricted Stock Units become vested and settled upon the Grantee's termination of employment, payment with respect to the Restricted Stock Units shall be delayed for a period of six months after the Grantee's termination of employment if the Grantee is a "specified employee" as defined under section 409A of the Code (as determined by the Committee), if required pursuant to section 409A of the Code. If payment is delayed, the shares of Common Stock of the Company shall be distributed within 30 days of the date that is the six-month anniversary of the Grantee's termination of employment. If the Grantee dies during the six-month delay, the shares shall be distributed in accordance with the Grantee's will or under the applicable laws of descent and distribution. Notwithstanding any provision to the contrary herein, payments made with respect to this award of Restricted Stock Units may only be made in a manner and upon an event permitted by section 409A of the Code, and all payments to be made upon a termination of employment hereunder may only be made upon a "separation from service" as defined under section 409A of the Code, if required pursuant to section 409A of the Code. To the extent that any provision of these Terms and Conditions would cause a conflict with the requirements of section 409A of the Code, or would cause the administration of the Restricted Stock Units to fail to satisfy the requirements of section 409A of the Code, such provision shall be deemed null and void to the extent permitted by applicable law. In no event shall the Grantee, directly or indirectly, designate the calendar year of payment. If the Restricted Stock Units constitute "deferred compensation" under section 409A of the Code and payment is subject to the execution of a Release, and if payment with respect to the Restricted Stock Units that is subject to the execution of the Release could be made in more than one taxable year, payment shall be made in the later taxable year.

------

**IN WITNESS WHEREOF**, the Company has caused its duly authorized officer to execute and attest this instrument, and the Grantee has placed the Grantee's signature hereon, effective as of the Grant Date set forth above.

---

| |
|:---|
| **RADIAN GROUP INC.** |
| By: |
| Name: Mary Dickerson |
| Title: Senior Executive Vice President, |
| Chief People and Operating Officer |

---

By electronically acknowledging and accepting this award of Restricted Stock Units following the date of the Company's electronic notification to the Grantee, the Grantee (a) acknowledges receipt of the Inducement Plan incorporated herein, (b) acknowledges that the Grantee has read the Award Summary delivered in connection with this grant of Restricted Stock Units and these Terms and Conditions and understands the terms and conditions of them, (c) accepts the award of the Restricted Stock Units described in these Terms and Conditions, (d) agrees to be bound by the terms of the Inducement Plan and these Terms and Conditions, and (e) agrees that all decisions and determinations of the Committee with respect to the Restricted Stock Units shall be final and binding.

## Exhibit 4.3

**Exhibit 4.3** 

**RADIAN GROUP INC.** 

**<u>PERFORMANCE-BASED RESTRICTED STOCK UNIT GRANT</u>**

**<u>(LTI BOOK VALUE WITH RELATIVE TSR MODIFIER)</u>**

**<u>INDUCEMENT GRANT</u>**

**<u>TERMS AND CONDITIONS</u>**

These Terms and Conditions ("**<u>Terms and Conditions</u>**") are part of the Performance-Based Restricted Stock Unit Inducement Grant made as of June 1, 2026 (the "**<u>Grant Date</u>**"), by Radian Group Inc., a Delaware corporation (the "**<u>Company</u>**"), to Michael Weinbach, an employee of the Company (the "**<u>Grantee</u>**").

**<u>RECITALS</u>**

**WHEREAS**, pursuant to the terms of the Employment Agreement, dated May 21, 2026, between the Company and the Grantee (the "**<u>Employment Agreement</u>**"), and as a material inducement for the Grantee to enter into employment with the Company, the Company agreed to provide for the grant of restricted stock units to the Grantee on the terms and subject to the conditions set forth herein;

**WHEREAS**, the grant of the restricted stock units provided for herein is intended to constitute an "employment inducement" award under New York Stock Exchange Listed Company Manual Section 303A.08, and is being issued under the Radian Group Inc. 2026 Inducement Grant Equity Plan (the "**<u>Inducement Plan</u>**"); and

**WHEREAS**, the applicable provisions of the Inducement Plan are incorporated into these Terms and Conditions by reference, including the definitions of the capitalized terms contained in the Inducement Plan (unless such terms are otherwise defined herein).

**NOW, THEREFORE**, the parties hereto, intending to be legally bound hereby, agree as follows:

**1.**  **<u>Grant of Performance-Based Restricted Stock Units.</u>** 

In accordance with the employment inducement award exemption to the stockholder approval requirements under New York Stock Exchange Listed Company Manual Section 303A.08, or any successor provision, the Company hereby awards to the Grantee [___] Restricted Stock Units (hereinafter, the "**<u>Target Award</u>**"), subject to the vesting and other conditions of these Terms and Conditions. Payment of the Restricted Stock Units will be based on performance against the metrics set forth in Schedule A (the "**<u>LTI Performance</u>**") and, except as otherwise provided herein, continued employment. The Company shall promptly file with the Securities and Exchange Commission a registration statement on Form S-8 registering the offer and issuance of shares of Common Stock represented by the Restricted Stock Units.

The Grantee acknowledges that that the grant of the Restricted Stock Units hereunder satisfies in full the Company's obligation to provide the Grantee [a 2026 annual grant] // [a sign-on grant] of performance-based restricted stock units as a material inducement for the Grantee to join the Company, as described in [Sections 2(d)(2)(i) and 2(d)(iii)] // [Sections 2(d)(ii) and 2(d)(iii)] of the Employment Agreement.

**2.**  **<u>Vesting.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>General Vesting Terms</u>**. Provided that the Grantee remains employed by the Company or an Affiliate through May 25, 2029 (the "**<u>Vesting Date</u>**") and meets all other applicable requirements set forth in these Terms and Conditions, the Grantee shall vest in a number of Restricted Stock Units with respect to the Target Award based on the LTI Performance as of the end of the performance period, except as set forth in Sections 2(b), 2(c) and 2(d) below. The performance period is the period beginning on April 1, 2026 and ending on March 31, 2029 (the "**<u>Performance Period</u>**"). Except as specifically provided below in this Section 2, no Restricted Stock Unites will vest for any reason prior to the Vesting Date, and in the event of a termination of the Grantee's employment prior to the Vesting Date, the Grantee will forfeit to the Company all Restricted Stock Units that have not yet vested as of the termination date. Except as provided in Sections 2(b), 2(c) and 2(d) below, any Restricted Stock Units that have not vested at the end of the Performance Period will be immediately forfeited.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Involuntary Termination.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except as provided in Sections 2(c) and 2(d) below, if the Grantee incurs an Involuntary Termination during the period beginning six months after the Grant Date and ending six months prior to the Vesting Date, then on the Vesting Date the Grantee will vest in a number of Restricted Stock Units with respect to the Pro-Rata Target Award (as defined below), based on the LTI Performance through the end of the Performance Period. For purposes of these Terms and Conditions, "**<u>Pro-Rata Target Award</u>**" shall mean a pro-rated portion of the Restricted Stock Units, which shall be determined by multiplying the number of Restricted Stock Units in the Target Award by a fraction, the numerator of which is the number of months that elapsed during the period beginning on the Grant Date and ending on the Grantee's termination date (with a partial month counting as a whole month for this purpose), and the denominator of which is 36. Except as provided in Sections 2(c) and 2(d) below, if the Grantee incurs an Involuntary Termination during the six-month period following the Grant Date, the Grantee's Restricted Stock Units will be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except as provided in Sections 2(c) and 2(d) below, if the Grantee incurs an Involuntary Termination during the six-month period immediately prior to the Vesting Date, the Grantee's Restricted Stock Units will vest on the Vesting Date without proration, based on the LTI Performance through the end of the Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) For purposes of these Terms and Conditions, the term "**<u>Involuntary Termination</u>**" shall mean the Grantee's separation from service from the Company and its Affiliates on account of a termination by the Company or an Affiliate without Cause (as defined below), other than on account of death or Disability, provided the Grantee signs and does not revoke a separation agreement containing a release and waiver of claims in favor of the Company and its Affiliates in a form provided by the Company or an Affiliate, as applicable ("**<u>Release</u>**"). A termination by the Grantee for Good Reason under the Employment Agreement shall be deemed to be an Involuntary Termination. Each of the terms "**<u>Cause</u>**" and "**<u>Good Reason</u>**" shall have the meaning ascribed to the term in the Employment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Death or Disability.</u>** In the event of the Grantee's death or Disability while employed by the Company or an Affiliate prior to the Vesting Date, the Grantee's Restricted Stock Units will automatically vest at the Target Award level (or, if a Change of Control has occurred, at the CoC Performance Level (as described in Section 6 of Schedule A)) on the date of the Grantee's death or Disability, as applicable. If, following the Grantee's termination of employment due to Involuntary Termination after the six month period following the Grant Date, the Grantee dies prior to the Vesting Date, the Grantee's Restricted Stock Units will automatically vest at the Target Award level (or, if a Change of Control has occurred, at the CoC Performance Level) on the date of the Grantee's death; provided that if the termination of employment was due to Involuntary Termination during the period beginning six months after the Grant Date and ending six months prior to the Vesting Date, the Grantee's Restricted Stock Units will automatically vest at the Pro-Rata Target Award level (or, if a Change of Control has occurred, the Pro-Rata Target Award will vest at the CoC Performance Level) on the date of the Grantee's death. For purposes of these Terms and Conditions, the term "**<u>Disability</u>**" shall mean a physical or mental impairment of sufficient severity that the Grantee is both eligible for and in receipt of benefits under the long-term disability program maintained by the Company or an Affiliate, as applicable, and that meets the requirements of a disability under section 409A of the Code, provided that the Grantee completes 30 days of active service with the Company or an Affiliate at any time after the Grant Date and prior to the Vesting Date. The date of Disability for purposes of these Terms and Conditions is the date on which the Grantee commences to receive such long-term disability benefits.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>Change of Control.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If a Change of Control occurs prior to the Vesting Date, the Restricted Stock Units will vest at the CoC Performance Level on the Vesting Date, provided that, except as set forth in subsections (ii) and (iii) below, the Grantee remains employed by the Company or an Affiliate through the Vesting Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If, prior to the Vesting Date, a Change of Control occurs and the Grantee's employment is terminated by the Company or an Affiliate without Cause, or the Grantee terminates employment for Good Reason, and the Grantee's date of termination of employment (or in the event of the Grantee's termination for Good Reason, the event giving rise to Good Reason) occurs during the period beginning on the date that is 90 days before the Change of Control and ending on the date that is one year following the Change of Control, the unvested Restricted Stock Units will automatically vest at the CoC Performance Level as of the Grantee's date of termination of employment (or, if later, on the date of the Change of Control). If the Grantee's employment terminates on account of an Involuntary Termination as described in Section 2(b) (other than an Involuntary Termination within six months following the Grant Date) more than 90 days before the Change of Control, and a Change of Control subsequently occurs prior to the Vesting Date, then on the date of the Change of Control, the Grantee will vest in a Pro-Rata Target Award based on performance at the CoC Performance Level on the date of the Change of Control; provided that if Section 2(b)(ii) applies, the Grantee will vest in the Restricted Stock Units at the CoC Performance Level and no pro-ration will apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **<u>Cause</u>**. Notwithstanding anything in these Terms and Conditions to the contrary, in the event the Grantee's employment is terminated by the Company or an Affiliate for Cause, all outstanding Restricted Stock Units held by the Grantee shall immediately terminate and be of no further force or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **<u>Other Termination</u>.** Except as provided in Sections 2(b), 2(c), and 2(d), in the event of a termination of employment, the Grantee will forfeit all unvested Restricted Stock Units. Except as provided in Section 2(b) or 2(c), no Restricted Stock Units will vest after the Grantee's employment with the Company or an Affiliate has terminated for any reason.

**3.**  **<u>Restricted Stock Units Account.</u>** 

The Company shall establish a bookkeeping account on its records for the Grantee and shall credit the Grantee's Restricted Stock Units to the bookkeeping account.

**4.**  **<u>Dividend Equivalents.</u>** 

Dividend equivalents shall accrue with respect to the Grantee's Restricted Stock Units and shall be payable after vesting of the underlying Restricted Stock Units, as described below. Dividend equivalents shall be credited on the Restricted Stock Units as of the dividend record date with respect to shares of Common Stock from the Grant Date until the payment date for the Restricted Stock Units. The Company will keep records of dividend equivalents in a non-interest bearing bookkeeping account for the Grantee. No interest will be credited to any such account. Vested dividend equivalents shall be paid in cash within 90 days after the Vesting Date or, if earlier, on the payment date for the Restricted Stock Units under Section 5(b). Any dividend equivalents that accrue with respect to vested Restricted Stock Units during the period after the Vesting Date and before the date on which the Restricted Stock Units are paid as described in Section 5 shall be paid in cash upon the payment date for the applicable dividend on shares of Common Stock. If and to the extent that the underlying Restricted Stock Units are forfeited, all related dividend equivalents shall also be forfeited. For the avoidance of doubt, if the Grantee elects to defer payment of the Restricted Stock Units under a Company deferred compensation plan, the payment date for accrued dividend equivalents will be determined based on the terms of the applicable deferred compensation plan.

**5.**  **<u>Settlement of Restricted Stock Units.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise provided in this Section 5, if the Restricted Stock Units vest in accordance with these Terms and Conditions, the Grantee shall be entitled to receive payment of the vested Restricted Stock Units within 90 days after the one-year anniversary of the Vesting Date (the one-year anniversary of the Vesting Date is referred to as the "**<u>Distribution Date</u>**").

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The vested Restricted Stock Units shall be paid earlier than the Distribution Date in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If (A) the Restricted Stock Units vest in accordance with Section 2(c) (the Grantee's death or Disability), or (B) the Grantee dies or incurs a Disability after the Vesting Date but before the Distribution Date, the vested Restricted Stock Units shall be paid within 90 days after the date of the Grantee's death or Disability, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Grantee's employment terminates in accordance with Section 2(d)(ii) and a Change of Control subsequently occurs before the Distribution Date, the vested Restricted Stock Units shall be paid within 90 days after the date of the Change of Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Grantee's employment terminates in accordance with Section 2(d)(ii) upon or after a Change of Control that occurs before the Distribution Date, the vested Restricted Stock Units shall be paid within 90 days after the Grantee's separation from service with the Company and its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Notwithstanding subsections (ii) and (iii), if the Change of Control is not a "change in control event" under section 409A of the Code, and if required by section 409A of the Code, payment will not be made on the dates described in subsections (ii) and (iii) and, instead, will be made within 90 days after the Distribution Date. In addition, if required by section 409A of the Code, if the separation from service described in subsection (iii) does not occur within two years after a Change of Control that is a "change in control event" under section 409A of the Code, payment will instead be made within 90 days after the Distribution Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On the applicable payment date, each vested Restricted Stock Unit credited to the Grantee's account shall be settled in whole shares of Common Stock of the Company equal to the number of vested Restricted Stock Units, subject to (i) the limitation of subsection (d) below, (ii) compliance with the six-month delay described in Section 18 below, if applicable, (iii) the payment of any federal, state, local or foreign withholding taxes as described in Section 13 below, and (iv) the Grantee's compliance with the Restrictive Covenants (as defined in Section 7(a) below). The obligation of the Company to distribute shares shall be subject to the rights of the Company as set forth in the Inducement Plan and to all applicable laws, rules, regulations, and such approvals by governmental agencies as may be deemed appropriate by the Committee, including as set forth in Section 16 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For the avoidance of doubt, the Grantee will forfeit all Restricted Stock Units if the Grantee's employment is terminated for Cause prior to the Distribution Date or other applicable payment date under this Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding the foregoing, if the Grantee elects to defer payment of the Restricted Stock Units under the Company's applicable deferred compensation plan, payment shall be made in the form and at the time specified under such plan.

**6.**  **<u>Certain Corporate Changes.</u>** 

If any change is made to the Common Stock (whether by reason of merger, consolidation, reorganization, recapitalization, stock dividend, stock split, combination of shares, or exchange of shares or any other change in capital structure made without receipt of consideration), then unless such event or change results in the termination of all the Restricted Stock Units granted under these Terms and Conditions, the Committee shall adjust, as provided in the Inducement Plan, the number and class of shares underlying the Restricted Stock Units held by the Grantee, the maximum number of shares for which the Restricted Stock Units may vest, the share price or class of Common Stock for purposes of the applicable performance goals, in each case, as appropriate to reflect the effect of such event or change in the Company's capital structure in such a way as to preserve the value of the Restricted Stock Units. Any adjustment that occurs under the terms of this Section 6 or the Inducement Plan will not change the timing or form of payment with respect to any Restricted Stock Units except in accordance with section 409A of the Code.

------

**7.**  **<u>Restrictive Covenants.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Grantee acknowledges and agrees that, in consideration for the grant of the Restricted Stock Units, the Grantee is subject to the non-competition, non-solicitation, confidentiality, inventions assignment, and non-disparagement provisions to the extent described in (including incorporated by reference into) Section 14 of the Employment Agreement, the Restrictive Covenants Agreement dated May 21, 2026 between the Grantee and the Company, the Company's Code of Conduct and Ethics and employment policies, and any other written agreements between the Company and the Grantee (collectively, the **"<u>Restrictive Covenants</u>")**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Grantee acknowledges and agrees that in the event the Grantee breaches any of the Restrictive Covenants or the Grantee's employment is terminated by the Company or an Affiliate for Cause, including a determination by the Committee that the Grantee has engaged in any activity, at any time, that would be grounds for termination of the Grantee's employment for Cause:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Committee may in its discretion determine that the Grantee shall forfeit the outstanding Restricted Stock Units (without regard to whether the Restricted Stock Units have vested, except as to the vested shares where forfeiture of vested shares is expressly prohibited by law), and the outstanding Restricted Stock Units shall immediately terminate, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Committee may in its discretion require the Grantee to return to the Company any shares of Common Stock received in settlement of the Restricted Stock Units; provided, that if the Grantee has disposed of any shares of Common Stock received upon settlement of the Restricted Stock Units, then the Committee may require the Grantee to pay to the Company, in cash, the Fair Market Value of such shares of Common Stock as of the date of disposition. The Committee shall exercise the right of recoupment provided in this subsection (b)(ii) within (x) 180 days after the Committee's discovery of the Grantee's breach of any of the Restrictive Covenants or (y) within 180 days after the later of (A) the Grantee's termination of employment by the Company or an Affiliate for Cause, or (B) the Committee's discovery of circumstances that, if known to the Committee, would have been grounds for termination for Cause; provided, however, that this right of recoupment shall not limit the Board's recoupment authority under any applicable clawback or recoupment policy of the Company.

**8.**  **<u>No Stockholder Rights.</u>** 

The Grantee has no voting rights and no other ownership rights and privileges of a stockholder with respect to the shares of Common Stock subject to the Restricted Stock Units, except as otherwise provided in Section 4.

**9.**  **<u>Retention Rights.</u>** 

Neither the award of Restricted Stock Units, nor any other action taken with respect to the Restricted Stock Units, shall confer upon the Grantee any right to continue in the employment or service of the Company or an Affiliate or shall interfere in any way with the right of the Company or an Affiliate to terminate Grantee's employment or service at any time.

**10.**  **<u>Cancellation or Amendment.</u>** 

This award may be canceled or amended by the Committee, in whole or in part, in accordance with the applicable terms of the Inducement Plan.

**11.**  **<u>Notice.</u>** 

Any notice to the Company provided for in these Terms and Conditions shall be addressed to it in care of the Corporate Secretary of the Company, 550 East Swedesford Road, Suite 350, Wayne, Pennsylvania 19087, and any notice to the Grantee shall be addressed to such Grantee at the current address shown on the payroll system of the Company or an Affiliate, as applicable, or to such other address as the Grantee may designate to the Company or an Affiliate, as applicable, in writing. Any notice provided for hereunder shall be delivered by hand, sent by telecopy or electronic mail, or enclosed in a properly sealed envelope addressed as stated above, registered and deposited, postage

------

and registry fee prepaid in the United States mail, or other mail delivery service. Notice to the Company shall be deemed effective upon receipt. By receipt of these Terms and Conditions, the Grantee hereby consents to the delivery of information (including without limitation, information required to be delivered to the Grantee pursuant to the applicable securities laws) regarding the Company, the Inducement Plan, and the Restricted Stock Units via the Company's electronic mail system or other electronic delivery system.

**12.**  **<u>Incorporation of Inducement Plan by Reference.</u>** 

These Terms and Conditions are made pursuant to the terms of the Inducement Plan, the terms of which are incorporated herein by reference, and shall in all respects be interpreted in accordance therewith. The decisions of the Committee shall be conclusive upon any question arising hereunder. The Grantee's receipt of the Restricted Stock Units awarded under these Terms and Conditions constitutes the Grantee's acknowledgment that all decisions and determinations of the Committee with respect to the Inducement Plan, these Terms and Conditions, and/or the Restricted Stock Units shall be final and binding on the Grantee, the Grantee's beneficiaries, and any other person having or claiming an interest in such Restricted Stock Units. The settlement of any award with respect to Restricted Stock Units is subject to the provisions of the Inducement Plan and to interpretations, regulations, and determinations concerning the Inducement Plan as established from time to time by the Committee in accordance with the provisions of the Inducement Plan. A copy of the Inducement Plan will be furnished to the Grantee upon request. Additional copies may be obtained from the Corporate Secretary of the Company, 550 East Swedesford Road, Suite 350, Wayne, Pennsylvania 19087.

**13.**  **<u>Income Taxes; Withholding Taxes.</u>** 

The Grantee is solely responsible for the satisfaction of all taxes and penalties that may arise in connection with the Restricted Stock Units pursuant to these Terms and Conditions. At the time of taxation, the Company or any of its Affiliates employing the Grantee shall have the right to deduct from other compensation or from amounts payable with respect to the Restricted Stock Units, including by withholding shares of Common Stock to satisfy the federal (including FICA), state, local and foreign income and payroll tax withholding obligation on amounts payable in shares, in accordance with procedures authorized by the Committee and established by the Company.

**14.**  **<u>Governing Law.</u>** 

Where permissible by applicable law, the validity, construction, interpretation, and effect of this instrument shall exclusively be governed by, and determined in accordance with, the applicable laws of the State of Delaware, excluding any conflicts or choice of law rule or principle.

**15.**  **<u>Advice to Consult Counsel.</u>** 

The Company advises the Grantee to consult with an attorney before signing these Terms and Conditions. The Grantee represents and warrants that the Grantee has obtained independent legal advice from an attorney of the Grantee's own choice with respect to these Terms and Conditions and the Restrictive Covenants or the Grantee has knowingly and voluntarily chosen not to do so.

**16.**  **<u>Grant Subject to Applicable Laws and Company Policies.</u>** 

These Terms and Conditions shall be subject to any required approvals by any governmental or regulatory agencies. This award of Restricted Stock Units shall also be subject to any applicable clawback or recoupment policies, share trading policies, and other policies of the Company from time to time in accordance with applicable law**.** Notwithstanding anything in these Terms and Conditions to the contrary, the Inducement Plan, these Terms and Conditions, and the Restricted Stock Units awarded hereunder shall be subject to all applicable laws, including any laws, regulations, restrictions, or governmental guidance that becomes applicable in the event of the Company's participation in any governmental programs, and the Committee reserves the right to modify these Terms and Conditions and the Restricted Stock Units as necessary to conform to any restrictions imposed by any such laws, regulations, restrictions, or governmental guidance or to conform to any applicable clawback or recoupment policies, share trading policies, and other policies of the Company. As a condition of participating in the Inducement Plan, and by the Grantee's acceptance of the Restricted Stock Units, the Grantee is deemed to have agreed to any such modifications that may be imposed by the Committee, and agrees to sign such waivers or acknowledgments as the Committee may deem necessary or appropriate with respect to such modifications.

------

**17.**  **<u>Assignment.</u>** 

These Terms and Conditions shall bind and inure to the benefit of the successors and assignees of the Company. The Grantee may not sell, assign, transfer, pledge, or otherwise dispose of the Restricted Stock Units, except to a Successor Grantee in the event of the Grantee's death.

**18.**  **<u>Section 409A.</u>** 

This award of Restricted Stock Units is intended to be exempt from or comply with the applicable requirements of section 409A of the Code and shall be administered in accordance with section 409A of the Code. Notwithstanding anything in these Terms and Conditions to the contrary, if the Restricted Stock Units constitute "deferred compensation" under section 409A of the Code and the Restricted Stock Units become vested and settled upon the Grantee's termination of employment, payment with respect to the Restricted Stock Units shall be delayed for a period of six months after the Grantee's termination of employment if the Grantee is a "specified employee" as defined under section 409A of the Code (as determined by the Committee) and if required pursuant to section 409A of the Code. If payment is delayed, the shares of Common Stock of the Company shall be distributed within 30 days of the date that is the six-month anniversary of the Grantee's termination of employment. If the Grantee dies during the six-month delay, the shares shall be distributed in accordance with the Grantee's will or under the applicable laws of descent and distribution. Notwithstanding any provision to the contrary herein, payments made with respect to this award of Restricted Stock Units may only be made in a manner and upon an event permitted by section 409A of the Code, and all payments to be made upon a termination of employment hereunder may only be made upon a "separation from service" as defined under section 409A of the Code, if required pursuant to section 409A of the Code. To the extent that any provision of these Terms and Conditions would cause a conflict with the requirements of section 409A of the Code, or would cause the administration of the Restricted Stock Units to fail to satisfy the requirements of section 409A of the Code, such provision shall be deemed null and void to the extent permitted by applicable law. In no event shall the Grantee, directly or indirectly, designate the calendar year of payment. If the Restricted Stock Units constitute "deferred compensation" under section 409A of the Code and payment is subject to the execution of a Release, and if payment with respect to the Restricted Stock Units that is subject to the execution of the Release could be made in more than one taxable year, payment shall be made in the later taxable year.

------

**IN WITNESS WHEREOF**, the Company has caused its duly authorized officer to execute and attest this instrument, and the Grantee has placed the Grantee's signature hereon, effective as of the Grant Date set forth above.

---

| |
|:---|
| **RADIAN GROUP INC.** |
| By: |
| Name: Mary Dickerson |
| Title: Senior Executive Vice President, |
| Chief People and Operating Officer |

---

By electronically acknowledging and accepting this award of Restricted Stock Units following the date of the Company's electronic notification to the Grantee, the Grantee (a) acknowledges receipt of the Inducement Plan incorporated herein, (b) acknowledges that the Grantee has read the Award Summary delivered in connection with this grant of Restricted Stock Units and these Terms and Conditions and understands the terms and conditions of them, (c) accepts the award of the Restricted Stock Units described in these Terms and Conditions, (d) agrees to be bound by the terms of the Inducement Plan and these Terms and Conditions, and (e) agrees that all decisions and determinations of the Committee with respect to the Restricted Stock Units shall be final and binding.

------

**<u>Schedule A</u>**

**<u>LTI Performance</u>**

Except as set forth in Section 6 below, vesting of the Restricted Stock Units will be based on the following performance results: (i) the Company's cumulative growth in LTI Book Value per Share (as defined below) and (ii) the Company's Relative TSR Performance (as defined below), in each case over the Performance Period beginning on April 1, 2026 and ending on March 31, 2029.

1. **<u>LTI Book Value per Share.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The BV Payout Percentage will be determined based on how the Company's cumulative growth in LTI Book Value per Share (as defined below) compares to the following reference points over the Performance Period:

---

| | |
|:---|:---|
| **Cumulative Growth in LTI Book Value per Share** | **BV Payout Percentage<sup>(1)</sup>**<br>**(Percentage of Target Award)** |
|  Maximum (≥50%) | 200% |
|  Target (35%) | 100% |
|  Threshold (≤20%) | 0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If the Company's cumulative growth in LTI Book Value per Share falls between two referenced percentages,
the BV Payout Percentage will be interpolated.

Cumulative growth in LTI Book Value per Share will be calculated by dividing the LTI Book Value per Share on the last day of the Performance Period (or the projected LTI Book Value per Share in the case of a Change of Control, as described below), by the LTI Book Value per Share on the first day of the Performance Period, expressed as a percentage, minus 100%. LTI Book Value per share shall be measured to the second decimal point. The LTI Book Value per Share at the beginning of the Performance Period (i.e., April 1, 2026) was $[X]. The resulting BV Payout Percentage (including any interpolated result) shall be rounded to the nearest whole percentage using traditional rounding principles (i.e., fractions of 0.50% and above shall be rounded up and fractions below 0.50% shall be rounded down). If the Company's cumulative growth in LTI Book Value per Share is less than or equal to 20%, the BV Payout Percentage will be zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company's "**<u>LTI Book Value per Share</u>**" is defined as: (i) Book Value adjusted to exclude (A) Accumulated Other Comprehensive Income and (B) the impact, if any, during the Performance Period (or through the end of the fiscal quarter immediately preceding the fiscal quarter in which the Change of Control occurs or the date of the Change of Control if the Change of Control occurs on the last day of a fiscal quarter, if applicable) from declared dividends on common shares and dividend equivalents on outstanding equity awards, *divided by* (ii) the basic shares of Common Stock of the Company outstanding as of the applicable measurement date. The LTI Book Value per Share shall be derived from the Company's financial statements, prepared in accordance with GAAP, and the adjustments described above.

2. **<u>Calculation of TSR.</u>** At the end of the Performance Period, the cumulative three-year TSR for the Company over the Performance Period (the "**<u>Company Absolute TSR</u>**") and for each company in the TSR Comparator Group (as defined below) over the Performance Period shall be calculated by dividing the Closing Average Share Value (as defined below) by the Opening Average Share Value (as defined below). The companies in the TSR Comparator Group will be determined on the first day of the Performance Period for purposes of the TSR calculation and will be changed only in accordance with subsection (d) below. No company shall be added to the TSR Comparator Group during the Performance Period for purposes of the TSR calculation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The term "**<u>Closing Average Share Value</u>**" means the average value of the common stock, including Accumulated Shares, for the 20 trading days ending on the last day of the Performance Period (i.e., the 20 trading days ending on and including March 31, 2029), which shall be calculated as follows: (i) determine the closing price of the common stock on each trading date during the 20-day period, (ii) multiply each closing price by the Accumulated Shares as of that trading date, and (iii) average the amounts so determined for the 20-day period.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The term "**<u>Opening Average Share Value</u>**" means the average value of the common stock, including Accumulated Shares, for the 20 trading days ending on the day immediately prior to the first day of the Performance Period (i.e., the 20 trading days ending immediately prior to April 1, 2026), which shall be calculated as follows: (i) determine the closing price of the common stock on each trading day during the 20-day period, (ii) multiply each closing price by the Accumulated Shares as of that trading date, and (ii) average the amounts so determined for the 20-day period. The Opening Average Share Value is $[X].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The term "**<u>Accumulated Shares</u>**" means, for a given trading day, the sum of (i) one share and (ii) a cumulative number of shares of the company's common stock purchased with dividends declared on a company's common stock, assuming same day reinvestment of the dividends in the common stock of a company at the closing price on the ex-dividend date. The calculations under this Schedule A shall include ex-dividend dates between and including March 4, 2026 and the trading day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The term "**<u>TSR Comparator Group</u>**" means the companies in the S&P SmallCap 600 Financials index as of April 1, 2026 and will be subject to change as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In the event of a merger, acquisition or business combination transaction of a company in the TSR Comparator Group in which the company in the TSR Comparator Group is the surviving entity and remains publicly traded, the surviving entity shall remain a company in the TSR Comparator Group. Any entity involved in the transaction that is not the surviving company shall no longer be a company in the TSR Comparator Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the event of a merger, acquisition or business combination transaction of a company in the TSR Comparator Group, a "going private" transaction or other event involving a company in the TSR Comparator Group or the liquidation of a company in the TSR Comparator Group, in each case where the company in the TSR Comparator Group is not the surviving entity or is no longer publicly traded, the company shall no longer be a company in the TSR Comparator Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding the foregoing, in the event of a bankruptcy of a company in the TSR Comparator Group where the company in the TSR Comparator Group is not publicly traded at the end of the Performance Period, such company shall remain a company in the TSR Comparator Group but shall be deemed to have a TSR of negative 100% (-100%).

3. **<u>Relative TSR Modifier</u>**. The results of the BV Payout Percentage, as described in Section 1 above, shall be modified by a Relative TSR Modifier (as defined below) to determine the actual number of Restricted Stock Units that vest. If the Relative TSR Modifier is zero, the Final Payout Percentage (as defined below) will be the BV Payout Percentage determined under Section 1 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**<u>Relative TSR Modifier</u>**" shall be determined based on the percentile ranking of the Company Absolute TSR as compared to the TSR for each company in the TSR Comparator Group over the Performance Period (the "**<u>Relative TSR Performance</u>**"), calculated as shown in the following table:

---

| | |
|:---|:---|
| **Relative TSR Performance<sup>(1)</sup>** | **Relative TSR Modifier<sup>(2)</sup>** |
|  ≥ 90<sup>th</sup> percentile | +25% |
|  25<sup>th</sup> – 74<sup>th</sup> percentile | No modifier |
|  ≤ 10<sup>th</sup> percentile | -25% |

---

(1) The Relative TSR Performance percentile shall be measured to the second decimal point.

(2) Straight-line interpolation will apply to performance levels between the performance levels shown in the table.
The resulting Relative TSR Modifier (including any interpolated result) shall be rounded to the nearest whole percentage using traditional rounding principles (i.e., fractions of 0.50% and above shall be rounded up and fractions below 0.50% shall be
rounded down).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Relative TSR Modifier shall be applied to increase or decrease the BV Payout Percentage by the applicable percentage (positive or negative) shown above, or it may have no effect on the BV Payout Percentage as shown in the table above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing, if the Company Absolute TSR for the Performance Period is negative, the Relative TSR Modifier will not exceed the "no modifier" level.

4. **<u>Final Payout Percentage</u>.** The actual number of Restricted Stock Units that vest with respect to the Performance Period ("**<u>Final Payout Percentage</u>**") shall be determined by multiplying the Target Award by the BV Payout Percentage after adjustment by the Relative TSR Modifier and, if applicable, the Company Absolute TSR cap described in Section 3(c) above. In no event shall the maximum number of Restricted Stock Units that may be payable pursuant to these Terms and Conditions exceed 200% of the Target Award.

5. **<u>General Vesting Terms</u>**. Any fractional Restricted Stock Unit resulting from the vesting of the Restricted Stock Units in accordance with these Terms and Conditions shall be rounded down to the nearest whole number. Any portion of the Restricted Stock Units that does not vest as of the end of the Performance Period shall be forfeited as of the end of the Performance Period.

6. **<u>Change of Control Vesting</u>**. If a Change of Control occurs prior to the end of the Performance Period, the Committee will calculate the "**<u>CoC Performance Level</u>**," based on (a) the Company's projected LTI Book Value per Share through the end of the Performance Period, projected as of the end of the fiscal quarter immediately preceding the fiscal quarter in which the Change of Control occurs or the date of the Change of Control if the Change of Control occurs on the last day of a fiscal quarter, (b) the Relative TSR Modifier determined using a Closing Average Share Value calculated as if the Performance Period ended as of the end of the fiscal quarter immediately preceding the fiscal quarter in which the Change of Control occurs or the date of the Change of Control if the Change of Control occurs on the last day of a fiscal quarter, and (c) the Company Absolute TSR determined using a Closing Average Share Value calculated as if the Performance Period ended as of the end of the fiscal quarter immediately preceding the fiscal quarter in which the Change of Control occurs or the date of the Change of Control if the Change of Control occurs on the last day of a fiscal quarter, in each case as determined in the sole discretion of the Committee. If a Change of Control occurs after the end of the Performance Period and before the Vesting Date, the CoC Performance Level will be calculated based on LTI Performance through the end of the Performance Period. Any Restricted Stock Units that do not vest at the CoC Performance Level shall be forfeited as of the date of the Change of Control.

## Exhibit 5.1

**Exhibit 5.1**![LOGO](g134016g00v01.jpg)

Faegre Drinker Biddle & Reath LLP

One Logan Square, Ste. 2000

Philadelphia, Pennsylvania 19103-6996

+1 215 988 2700 main

+1 215 988 2757 fax

June 1, 2026

Radian Group Inc.

500 East Swedesford Road, Suite 350

Wayne, Pennsylvania, 19087

---

| | |
|:---|:---|
| **Re:** | **Registration Statement on Form S-8**  |

---

**Radian Group Inc. 2026 Inducement Grant Equity Plan** <br>

Ladies and Gentlemen:

We have acted as counsel to Radian Group Inc., a Delaware corporation (the "<u>Company</u>"), in connection with the preparation and filing with the Securities and Exchange Commission (the "<u>Commission</u>") of a Registration Statement on Form S-8 (the "<u>Registration Statement</u>") by the Company under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"). The Registration Statement registers the offer and sale of up to 500,000 shares (the "<u>Shares</u>") of the Company's common stock, par value $0.001 per share (the "<u>Common Stock</u>"), issuable pursuant to the Radian Group Inc. 2026 Inducement Grant Equity Plan (the "<u>2026 Inducement Plan</u>").

For purposes of this opinion letter, we have examined the Third Amended and Restated Certificate of Incorporation and the Fourth Amended and Restated By-Laws of the Company, each as currently in effect, the Registration Statement, the 2026 Inducement Plan, and the resolutions of the board of directors of the Company (the "<u>Board</u>") authorizing the 2026 Inducement Plan and the issuance of the Shares. We have also examined a certificate of the Secretary of the Company dated the date hereof (the "<u>Certificate</u>") and originals, or copies certified or otherwise authenticated to our satisfaction, of such corporate records and other records, agreements, instruments, certificates of public officials and documents as we have deemed necessary as a basis for the opinions hereinafter expressed and have reviewed such matters of law as we have deemed relevant hereto. As to all issues of fact material to this opinion letter, we have relied on certificates, statements or representations of public officials, of officers and other representatives of the Company (including the Certificate) and of others, without any independent verification thereof.

In rendering the opinion set forth below, we have assumed, without independent verification or investigation thereof: (i) the legal capacity of all natural persons; (ii) the genuineness of all signatures, including electronic signatures; (iii) the authenticity of all documents submitted to us as originals; (iv) the conformity to original documents of all documents submitted to us as copies; (v) the authenticity of the originals of such latter documents; (vi) the truth, accuracy and completeness of the information, representations and warranties contained in the agreements, documents, instruments, certificates and records we have reviewed; and (vii) the absence of any undisclosed modifications to the agreements and instruments reviewed by us.

Based upon such examination and review, and subject to the foregoing and the other qualifications, assumptions and limitations set forth herein, it is our opinion that all necessary corporate action on the part of the Company has been taken to authorize the issuance and sale of the Shares to be issued in accordance with the 2026 Inducement Plan, and that, when (a) the Shares have been issued and delivered as contemplated in the Registration Statement and the related prospectus and in accordance with the 2026 Inducement Plan and the terms of any applicable award agreement, and (b) where applicable, the consideration for the Shares specified in the 2026 Inducement Plan and any applicable award agreement has been received by the Company, the Shares will be validly issued, fully paid and nonassessable.

------

We do not express any opinion herein with respect to the laws of any jurisdiction other than, subject to the limitations and assumptions contained herein, the General Corporation Law of the State of Delaware.

This opinion letter speaks only as of the date the Registration Statement becomes effective under the Securities Act, and we assume no obligation to revise or supplement this opinion letter thereafter. This opinion letter is limited to the specific issues addressed herein, and no opinion may be inferred or implied beyond that expressly stated herein.

We hereby consent to the filing of this opinion letter as an exhibit to the Registration Statement. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission thereunder.

---

| |
|:---|
|  Very truly yours, |
|  /s/ Faegre Drinker Biddle & Reath LLP |
|  FAEGRE DRINKER BIDDLE & REATH LLP |

---

## Exhibit 23.1

**Exhibit 23.1** 

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of Radian Group Inc. of our report dated February 20, 2026 relating to the financial statements, financial statement schedules and the effectiveness of internal control over financial reporting, which appears in Radian Group Inc.'s Annual Report on Form 10-K for the year ended December 31, 2025.

/s/ PricewaterhouseCoopers LLP

Charlotte, North Carolina

June 1, 2026

## Exhibit 23.2

**Exhibit 23.2** 

**CONSENT OF INDEPENDENT AUDITORS** 

We consent to the use of our report dated April 16, 2026, with respect to the consolidated financial statements of Inigo Limited, which report appears in the Form 8-K/A of Radian Group Inc. dated April 17, 2026 incorporated herein by reference.

/s/ KPMG LLP

London, England

June 1, 2026

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**S-8**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**RADIAN GROUP INC**  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Security Type**  | **Security Class Title**  | **Fee Calculation Rule**  | **Amount Registered**  | **Proposed Maximum Offering Price Per Unit**  | **Maximum Aggregate Offering Price**  | **Fee Rate**  | **Amount of Registration Fee**  |
| 1 | Equity | Common Stock, par value $0.001 per share, reserved for issuance under the Company's 2026 Inducement Plan | Other | 500000 | $35.715 | $17857500.00 | 0.0001381 | $2466.12 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $17857500.00  |  | $2466.12  |
| Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
| Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $2466.12  |

---

 **Offering Note** <br>

<sup>1</sup> (1) Pursuant to Rule 416(a) of the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement shall also cover any additional shares of the Registrant's common stock, par value $0.001 per share (the "Common Stock") that become issuable under the 2026 Inducement Grant Equity Plan (the "2026 Inducement Plan") by reason of any stock dividend, stock split, recapitalization or other similar transaction pursuant to the anti-dilution provisions of the 2026 Inducement Plan. (2) Represents 500,000 shares of Common Stock reserved for future issuance under the 2026 Inducement Plan. (3) Estimated in accordance with Rule 457(c) and (h) of the Securities Act. Such computation is based on the average of the high and low prices as reported on the New York Stock Exchange on May 27, 2026.

---

| |
|:---|
| |
| **Rule 457(p)** |
| Fee Offset Claims |
| Fee Offset Sources |

---