Document:

Exhibit

Exhibit 10.6
RADIAN GROUP INC.
EQUITY COMPENSATION PLAN
RESTRICTED STOCK UNIT GRANT
TERMS AND CONDITIONS
These Terms and Conditions (“Terms and Conditions”) are part of the Restricted Stock Unit Grant made as of May 10, 2017 (the “Grant Date”), by Radian Group Inc., a Delaware corporation (the “Company”), to <EMPLOYEE’s NAME>, an employee of the Company (the “Grantee”).
RECITALS
WHEREAS, the Radian Group Inc. Equity Compensation Plan (the “Plan”) permits the grant of Restricted Stock Units in accordance with the terms and provisions of the Plan;
WHEREAS, the Company desires to grant Restricted Stock Units to the Grantee, and the Grantee desires to accept such Restricted Stock Units, on the terms and conditions set forth herein and in the Plan; and
WHEREAS, the applicable provisions of the Plan are incorporated into these Terms and Conditions by reference, including the definitions of terms contained in the Plan (unless such terms are otherwise defined herein).
NOW, THEREFORE, the parties hereto, intending to be legally bound hereby, agree as follows:
		
	1.
	Grant of Restricted Stock Units.

The Company hereby awards to the Grantee <# of RSUs> Restricted Stock Units (hereinafter, the “Restricted Stock Units”), subject to the vesting and other conditions of these Terms and Conditions. 
		
	2.
	Vesting.

(a)General Vesting Terms.  Provided the Grantee remains employed by the Company or a Subsidiary through the applicable vesting date set forth in this Section 2 (the “Vesting Date”) and meets all applicable requirements set forth in these Terms and Conditions, the Restricted Stock Units awarded under these Terms and Conditions shall vest as follows, except as set forth in Sections 2(b), 2(c), 2(d) and 2(e) below (the period over which the Restricted Stock Units vest is referred to as the “Restriction Period”):
	
		
	Vesting Date
	Vested Restricted Stock Units

	1st Anniversary of the Grant Date
	33% of the awarded Restricted Stock Units

	2nd Anniversary of the Grant Date
	33% of the awarded Restricted Stock Units

	3rd Anniversary of the Grant Date
	34% of the awarded Restricted Stock Units

(b)Retirement.  
(i)If the Grantee terminates employment during the Restriction Period because of the Grantee’s Retirement, the Grantee’s Restricted Stock Units will automatically vest in full on the date of such termination of employment.
(ii)For purposes of these Terms and Conditions, “Retirement” shall mean the Grantee’s separation from service without Cause, other than on account of death or Disability (as defined below), (A) following the Grantee’s attainment of age 65 and completion of five years of service with the Company or a Subsidiary, or (B) following the Grantee’s attainment of age 55 and completion of 10 years of service with the Company or a Subsidiary.
(iii)For purposes of these Terms and Conditions, “Cause” shall mean the Grantee’s (A) indictment for, conviction of, or pleading nolo contendere to, a felony or a crime involving fraud, misrepresentation, or moral turpitude (excluding traffic offenses other than traffic offenses involving the use of alcohol or illegal substances), (B) fraud, dishonesty, theft, or misappropriation of funds in connection with the Grantee’s duties with the Company and its Subsidiaries, (C) material violation of the Company’s Code of Conduct or employment policies, as in effect from time to time, (D) gross negligence or willful misconduct in the performance of the Grantee’s duties with the Company and its Subsidiaries, or (E) a breach of any written confidentiality, nonsolicitation, or noncompetition covenant with the Company or an Affiliate, in each case as determined in the sole discretion of the Committee.  In the event that the Committee determines that the Grantee engaged in 

any of the foregoing activities that are grounds for termination for Cause at any time, the Committee may determine that the Grantee’s termination of employment was a termination for Cause, even if not so designated at the date of termination.
(c)Involuntary Termination. 
(i)If the Grantee terminates employment during the Restriction Period because of an Involuntary Termination, the Grantee’s Restricted Stock Units will automatically vest in full on the date of such termination of employment.  
(ii)For purposes of these Terms and Conditions, the term “Involuntary Termination” shall mean the Grantee’s separation from service from the Company and its Subsidiaries on account of a termination by the Company or a Subsidiary without Cause, other than on account of Retirement, death or Disability; provided the Grantee signs and does not revoke a release and waiver of claims in favor of the Company and its Affiliates in a form provided by the Company or Subsidiary, as applicable.  If the Grantee and the Company or a Subsidiary are parties to an executive severance agreement, a termination by the Grantee for Good Reason under the executive severance agreement shall be deemed to be an Involuntary Termination.
(d)Death or Disability.  In the event of the Grantee’s death or Disability while employed by the Company or a Subsidiary during the Restriction Period, the Grantee’s Restricted Stock Units will automatically vest in full on the date of the Grantee’s death or Disability, as applicable.  For purposes of these Terms and Conditions, the term “Disability” 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 a Subsidiary, 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 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.  In the event that the Grantee is not in active service on the Grant Date (for example, on account of short-term disability) and the Grantee does not return to the Company and complete 30 days of active service with the Company prior to the first Vesting Date, the award will be forfeited.
(e)Change of Control.
(i)Notwithstanding the foregoing, if, during the Restriction Period, a Change of Control occurs and the Grantee’s employment with the Company and its Subsidiaries is terminated by the Company or a Subsidiary 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).
(ii)For purposes of these Terms and Conditions, if the Grantee is not a party to an executive severance agreement or the Grantee is a party to an executive severance agreement but the term is not defined therein, “Good Reason” shall mean:
(1)a material diminution of the Grantee’s authority, duties, or responsibilities; 
(2)a material reduction in the Grantee’s base salary, which, for purposes of these Terms and Conditions, means a reduction in base salary of 10% or more that does not apply generally to all similarly situated employees of the Company; or
(3)any material change in the geographic location at which the Grantee must perform the Grantee’s duties to the Company and its Subsidiaries, which, for purposes of these Terms and Conditions, means the permanent relocation of the Grantee’s principal place of employment to any office or location which is located more than 100 miles from the location where the Grantee is based immediately prior to the change in location.  
In order to terminate employment for Good Reason, the Grantee must provide a written notice of termination with respect to termination for Good Reason to the Company within 90 days after the event constituting Good Reason has occurred.  The Company shall have a period of 30 days in which it may correct the act, or the failure to act, that gave rise to the Good Reason event as set forth in the notice of termination.  If the Company does not correct the act, or the failure to act, the Grantee must terminate employment for Good Reason within 30 days after the end of the cure period, in order for the termination to be considered a Good Reason termination.  Notwithstanding the foregoing, in no event will the Grantee have Good Reason for termination if an event described in Section 2(e)(ii)(1) occurs in connection with the Grantee’s inability to perform his or her duties on account of illness or short-term or long-term disability. 
If the Grantee is a party to an executive severance agreement with the Company or a Subsidiary and Good Reason is defined therein, Good Reason shall have the meaning assigned to it in the executive severance agreement.
(f)Other Termination.  Except as provided in Sections 2(b), 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 a Subsidiary has terminated for any reason.  For clarification purposes, in the event the Grantee’s employment is terminated by the Company or a Subsidiary for Cause, the outstanding Restricted Stock Units held by such Grantee shall immediately terminate and be of no further force or effect.
		
	3.
	Restricted Stock Units Account.

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.
	Conversion of Restricted Stock Units.

(a)Except as otherwise provided in this Section 4, 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 90 days after the applicable Vesting Date.  
(b)The vested Restricted Stock Units shall be paid earlier than the applicable Vesting Date in the following circumstances:
(i)If the Restricted Stock Units vest in accordance with Section 2(b) (Retirement), Section 2(c) (Involuntary Termination), or Section 2(d) (death or Disability), the Grantee shall receive payment of the vested Restricted Stock Units within 90 days after the date of the Grantee’s termination of employment on account of Retirement, Involuntary Termination or death, or the date of Disability, as applicable.
(ii)If a Change of Control occurs and the Grantee’s employment terminates in accordance with Section 2(e)(i), the Grantee shall receive payment of the vested Restricted Stock Units within 90 days after the date of the Grantee’s termination of employment (or, if later, on the date of the Change of Control).
(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 compliance with the six-month delay described in Section 16 below, if applicable, and the payment of any federal, state, local, or foreign withholding taxes as described in Section 12 below, and subject to compliance with the restrictive covenants in Section 6 below.  The obligation of the Company to distribute shares shall be subject to the rights of the Company as set forth in the 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 14 below.
		
	5.
	Certain Corporate Changes. 

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 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 5 or the 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.
		
	6.
	Restrictive Covenants. 

(a)The Grantee acknowledges and agrees that, during and after the Grantee’s employment with the Company or any of its Affiliates, the Grantee will be subject to, and will comply with, the applicable confidentiality and other terms specified in the Company’s Code of Conduct and Ethics, including terms applicable to former employees.  A copy of the Code of Conduct and Ethics has been provided to the Grantee and can be accessed on the Company’s intranet.  The Code of Conduct and Ethics, including any future revisions to the Code of Conduct and Ethics, are incorporated into and made a part of these Terms and Conditions as if fully set forth herein.
(b)The Grantee acknowledges that the Grantee’s relationship with the Company and its Affiliates is one of confidence and trust such that the Grantee is, and may in the future be, privy to and/or the Grantee will develop Confidential Information and Trade Secrets of the Company or any of its Affiliates.  Subject to the provisions of subsection (j), the Grantee agrees that, at all times during the Grantee’s employment and after the Grantee’s employment with the Company or any of its Affiliates terminates for any reason, whether by the Grantee or by the Company or any of its Affiliates, the Grantee will hold in strictest confidence and will not disclose, use, or publish any Confidential Information and Trade Secrets, except as and only to the extent such disclosure, use, or publication is required during the Grantee’s employment with the Company or any of its Affiliates for the Grantee to fulfill the Grantee’s job duties and responsibilities to the Company or any of its Affiliates.  At all times during the Grantee’s employment and after the Grantee’s termination of employment, the Grantee agrees that the Grantee shall take all reasonable precautions to prevent the inadvertent or accidental disclosure of Confidential Information and Trade 

Secrets.  The Grantee hereby assigns to the Company any rights the Grantee may have or acquire in Confidential Information and Trade Secrets, whether developed by the Grantee or others, and the Grantee acknowledges and agrees that all Confidential Information and Trade Secrets shall be the sole property of the Company and its assigns.  For purposes of these Terms and Conditions, “Confidential Information and Trade Secrets” shall mean information that the Company or any of its Affiliates owns or possesses, that the Company or any of its Affiliates have developed at significant expense and effort, that they use or that is potentially useful in the business of the Company or any of its Affiliates, that the Company or any of its Affiliates treat as proprietary, private, or confidential, and that is not generally known to the public.
(c)The Grantee acknowledges and agrees that, during the Grantee’s employment with the Company or any of its Affiliates, and for the 12 month period immediately following the Grantee’s termination of employment for any reason, and subject to subsection (l) below (the “Restricted Period”), the Grantee will not, without the Company’s express written consent, engage (directly or indirectly) in any employment or business activity within the United States whose primary business involves or is related to providing any mortgage- or real estate-related service or product that, during the Grantee’s employment, the Company or any of its Affiliates  provides or is actively engaged in developing through the use of Confidential Information and Trade Secrets; provided however, the foregoing restriction shall only apply to such service or product for which the Grantee has had access to Confidential Information and Trade Secrets or otherwise has had active involvement.  The Grantee further agrees that, given the nature of the business of the Company and its Affiliates and the Grantee’s position with the Company, a nationwide geographic scope is appropriate and reasonable.  
(d)The Grantee acknowledges and agrees that, during the term of the Grantee’s employment by the Company or any of its Affiliates and during the Restricted Period, the Grantee shall not, directly or indirectly through others, (i) hire or attempt to hire any employee of the Company or any of its Affiliates, (ii) solicit or attempt to solicit any employee of the Company or any of its Affiliates to become an employee, consultant, or independent contractor to, for, or of any other person or business entity, or (iii) solicit or attempt to solicit any employee, or any consultant or independent contractor of the Company or any of its Affiliates to change or terminate his or her relationship with the Company or any of its Affiliates, unless in each case more than six months shall have elapsed between the last day of such person’s employment or service with the Company or any of its Affiliates and the first date of such solicitation or hiring or attempt to solicit or hire.  If any employee, consultant, or independent contractor is hired or solicited by any entity that has hired or agreed to hire the Grantee, such hiring or solicitation shall be conclusively presumed to be a violation of these Terms and Conditions; provided, however, that any hiring or solicitation pursuant to a general solicitation conducted by an entity that has hired or agreed to hire the Grantee, or by a headhunter employed by such entity, which does not involve the Grantee, shall not be a violation of this subsection (d).
(e)The Grantee covenants and agrees that, during the term of the Grantee’s employment by the Company or any of its Affiliates and during the Restricted Period, the Grantee shall not, either directly or indirectly through others:  
(i)solicit, divert, appropriate, or do business with, or attempt to solicit, divert, appropriate, or do business with, any customer for whom the Company or any of its Affiliates provided goods or services within 12 months prior to the Grantee’s date of termination or any actively sought prospective customer of the Company or any of its Affiliates for the purpose of providing such customer or actively sought prospective customer with services or products competitive with those offered by the Company or any of its Affiliates during the Grantee’s employment with the Company or any of its Affiliates; or 
(ii)encourage any customer for whom the Company or any of its Affiliates provided goods or services within 12 months prior to the Grantee’s date of termination to reduce the level or amount of business such customer conducts with the Company or any of its Affiliates.
(f)The Grantee acknowledges and agrees that the business of the Company and its Affiliates is highly competitive, that the Confidential Information and Trade Secrets have been developed by the Company or any of its Affiliates at significant expense and effort, and that the restrictions contained in this Section 6 are reasonable and necessary to protect the legitimate business interests of the Company or any of its Affiliates.  
(g)The parties to these Terms and Conditions acknowledge and agree that any breach by the Grantee of any of the covenants or agreements contained in this Section 6 will result in irreparable injury to the Company or any of its Affiliates, as the case may be, for which money damages could not adequately compensate such entity.  Therefore, the Company or any of its Affiliates shall have the right (in addition to any other rights and remedies which it may have at law or in equity and in addition to the forfeiture requirements set forth in subsection (h) below) to seek to enforce this Section 6 and any of its provisions by injunction, specific performance, or other equitable relief, without bond and without prejudice to any other rights and remedies that the Company or any of its Affiliates may have for a breach, or threatened breach, of the restrictive covenants set forth in this Section 6.  The Grantee agrees that in any action in which the Company or any of its Affiliates seeks injunction, specific performance, or other equitable relief, the Grantee will not assert or contend that any of the provisions of this Section 6 are unreasonable or otherwise unenforceable.  The Grantee irrevocably and unconditionally (i) agrees that any legal proceeding arising out of these Terms and Conditions may be brought only in the United States District Court for the Eastern District of Pennsylvania, or if such court does not have jurisdiction or will not accept jurisdiction, in any court of general jurisdiction in Philadelphia County, Pennsylvania, (ii) consents to the sole and exclusive jurisdiction and venue of such court in any such 

proceeding, and (iii) waives any objection to the laying of venue of any such proceeding in any such court.  The Grantee also irrevocably and unconditionally consents to the service of any process, pleadings, notices, or other papers.
(h)The Grantee acknowledges and agrees that in the event the Grantee breaches any of the covenants or agreements contained in this Section 6 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 (h)(ii) within (x) 180 days after the Committee’s discovery of the Grantee’s breach of any of the covenants or agreements contained in this Section 6, 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 Board.
(i)If any portion of the covenants or agreements contained in this Section 6, the specific forfeiture provisions related to vested shares, or the application thereof, is construed to be invalid or unenforceable, the other portions of such covenants or agreements or the application thereof shall not be affected and shall be given full force and effect without regard to the invalid or unenforceable portions to the fullest extent possible.  If any covenant or agreement in this Section 6 is held to be unenforceable because of the duration thereof or the scope thereof, then the court making such determination shall have the power to reduce the duration and limit the scope thereof, and the covenant or agreement shall then be enforceable in its reduced form.  The covenants and agreements contained in this Section 6 shall survive the termination of the Grantee’s employment with the Company or any of its Affiliates and shall survive the termination of these Terms and Conditions. 
(j)Nothing in these Terms and Conditions, including any restrictions on the use of Confidential Information and Trade Secrets, shall prohibit or restrict the Grantee from initiating communications directly with, or responding to any inquiry from, or providing testimony before, the Equal Employment Opportunity Commission, the Department of Justice, the Securities and Exchange Commission, or any other federal, state, or local regulatory authority.  To the extent permitted by law, upon receipt of any subpoena, court order, or other legal process compelling the disclosure of Confidential Information and Trade Secrets, the Grantee agrees to give prompt written notice to the Company so as to permit the Company to protect its interests in confidentiality to the fullest extent possible.  Please take notice that federal law provides criminal and civil immunity to federal and state claims for trade secret misappropriation to individuals who disclose a trade secret to their attorney, a court, or a government official in certain, confidential circumstances that are set forth at 18 U.S.C. §§ 1833(b)(1) and 1833(b)(2), related to the reporting or investigation of a suspected violation of the law, or in connection with a lawsuit for retaliation for reporting a suspected violation of the law.
(k)Nothing in these Terms and Conditions shall be deemed to constitute the grant of any license or other right to the Grantee in respect of any Confidential Information and Trade Secrets or other data, tangible property, or intellectual property of the Company or any of its Affiliates.
(l)Should the Grantee violate any of the restrictive covenants of these Terms and Conditions, then the period of the Grantee’s breach of such covenant (“Violation Period”) shall stop the running of the corresponding Restricted Period.  Once the Grantee resumes compliance with the restrictive covenant, the Restricted Period applicable to such covenant shall be extended for a period equal to the Violation Period so that the Company enjoys the full benefit of the Grantee’s compliance with the restrictive covenant for the duration of the corresponding Restricted Period.
(m)In the event of a conflict between the terms of the confidentiality, non-competition or non-solicitation covenants in this Section 6 and a confidentiality, non-competition or non-solicitation covenant in a prior stock option, restricted stock unit or other equity grant agreement between the Grantee and the Company, the confidentiality, non-competition and non-solicitation covenants in this Section 6 shall control as of the Grant Date.
7.No Stockholder Rights.
The Grantee has no voting rights and no rights to receive dividends or dividend equivalents or other ownership rights and privileges of a stockholder with respect to the shares of Common Stock subject to the Restricted Stock Units.

		
	8.
	Retention Rights.

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 employ or service of the Company or a Subsidiary or shall interfere in any way with the right of the Company or a Subsidiary to terminate Grantee’s employment or service at any time.
		
	9.
	Cancellation or Amendment.

This award may be canceled or amended by the Committee, in whole or in part, in accordance with the applicable terms of the Plan.
		
	10.
	Notice.

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, 1601 Market Street, Philadelphia, Pennsylvania 19103-2197, 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 a Subsidiary thereof, or to such other address as the Grantee may designate to the Company 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 Plan, and the Restricted Stock Units via the Company’s electronic mail system or other electronic delivery system.
		
	11.
	Incorporation of Plan by Reference.

These Terms and Conditions are made pursuant to the terms of the 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 such Grantee’s acknowledgment that all decisions and determinations of the Committee with respect to the Plan, these Terms and Conditions, and/or the Restricted Stock Units shall be final and binding on the Grantee, his or her 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 Plan and to interpretations, regulations, and determinations concerning the Plan as established from time to time by the Committee in accordance with the provisions of the Plan.  A copy of the Plan will be furnished to each Grantee upon request.  Additional copies may be obtained from the Corporate Secretary of the Company, 1601 Market Street, Philadelphia, Pennsylvania 19103-2197.
		
	12.
	Income Taxes; Withholding Taxes.

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 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 the Company’s Common Stock, an amount equal to the federal (including FICA), state, local and foreign income and payroll taxes and other amounts as may be required by law to be withheld with respect to the Restricted Stock Units.  Without limiting the foregoing, upon payment of the Restricted Stock Units, the Company may withhold shares subject to the vested Restricted Stock Units to cover any of the applicable withholding for related FICA tax and income tax liabilities.
		
	13.
	Governing 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.  
		
	14.
	Grant Subject to Applicable Laws and Company Policies.

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 that may be implemented by the Board from time to time in accordance with applicable law.  Notwithstanding anything in these Terms and Conditions to the contrary, the 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 that may be implemented by the Board from time to time.  As a condition of participating in the 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.  
		
	15.
	Assignment.

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.
		
	16.
	Section 409A.

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), 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.  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 a 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 of claims in favor of the Company and its Affiliates, 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 his or her signature hereon, effective as of the Grant Date set forth above.
RADIAN GROUP INC.
By:  /s/  Anita Scott
Name:    Anita Scott
Title: SVP, Chief Human Resources 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 Plan incorporated herein, (b) acknowledges that he or she 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 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

Exhibit 10.1

TRANSACTION AGREEMENT
This Transaction Agreement, dated August 7, 2017 (this “Agreement”), is entered into by and among Vantiv, Inc., a Delaware corporation (the “Corporation”), Vantiv Holding, LLC, a Delaware limited liability company (“Holding” and together with the Corporation, the “Vantiv Parties”), Fifth Third Bank, a bank chartered under the laws of Ohio (“Fifth Third”) and Fifth Third Bancorp, an Ohio corporation (“Fifth Third Bancorp” and together with Fifth Third, the “Fifth Third Parties”).
RECITALS
A.Fifth Third currently holds 35,042,826 Class B Units of Holding (the “Class B Units”) and 35,042,826 shares of the Corporation’s Class B common stock (the “Class B Shares”), representing, respectively, an approximately (i) 17.7% economic interest in Holding and (ii) 17.7% voting interest in the Corporation with respect to certain matters.

B.The Corporation, Holding and Fifth Third are party to that certain Second Amended and Restated Limited Liability Company Agreement, dated as of March 21, 2012 (the “LLC Agreement”) and that certain Exchange Agreement, dated as of March 21, 2012 (the “Exchange Agreement”).

C.The Corporation and Worldpay Group plc (“Worldpay”) announced on July 5, 2017, that they reached an agreement in principle on the key terms of a potential acquisition by the Corporation of Worldpay for a combination of cash and Class A common stock of the Corporation (such shares, “Class A Shares” and such potential acquisition as revised from time to time, the “Potential Acquisition”).

D.In connection with the Potential Acquisition, the Corporation expects to announce a firm intention (the “2.7 Announcement”) to make an offer for the entire issued and to be issued ordinary share capital of Worldpay in accordance with Rule 2.7 of the City Code on Takeovers and Mergers (the “Offer”), which announcement will oblige the Corporation to proceed with, and complete, the Offer, unless in exceptional circumstances, the U.K. Takeover Panel permits the Corporation to invoke a condition to the Offer.

E.On the terms and subject to the conditions set forth in this Agreement, (i) Fifth Third shall exchange pursuant to Section 2.1(a) of the Exchange Agreement 19,790,000 Class B Units (the “Exchange Units”) (whereupon the related 19,790,000 Class B Shares (the “Exchange Shares”) shall be automatically cancelled by operation of the Exchange Agreement and the Amended and Restated Certificate of Incorporation of the Corporation (the “Certificate of Incorporation”)) for 19,790,000 shares of the Corporation’s Class A common stock, $0.00001 par value per share (the “Purchase Shares”) and (ii) the Corporation will purchase from Fifth Third, and Fifth Third will sell to the Corporation, the Purchase Shares, all as more fully set forth in this Agreement (the “Purchase”). 

F.The Audit Committee of the board of directors of the Corporation (the “Board”), comprised solely of independent directors, has reviewed and approved the Purchase as a related party transaction with Fifth Third pursuant to the Corporation’s Audit Committee Charter.

G.The Board with the abstention of the Fifth Third nominee to the Board has determined that this Agreement and the transactions contemplated by this Agreement are in the best interests of the Corporation and its stockholders.

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AGREEMENT
NOW, THEREFORE, in consideration of the premises and the representations, warranties, and covenants contained herein, the parties to this Agreement agree as follows:
ARTICAL 1

THE PURCHASE

Section 1. 1Purchase of Class B Units.  

(a)On the terms and subject to the conditions set forth herein, at the Closing (as defined below), (i) (A) Holding will purchase (and then cancel) 19,790,000 Class A Units of Holding (“Class A Units”) from the Corporation at a per unit purchase price equal to the Per Share Purchase Price (as defined below) (such transaction, the “Funding Transaction”), (ii) at substantially the same time as but immediately following the Funding Transaction, pursuant to Section 2.1(a) of the Exchange Agreement, (A) Fifth Third will surrender to Holding the Exchange Units in exchange for the issuance by the Corporation of the Purchase Shares to Fifth Third whereupon, (B) the Exchange Shares will be automatically cancelled without any action on the part of any person and the Exchange Units will be automatically converted into 19,790,000 Class A Units held by the Corporation, and (iii) at substantially the same time as but immediately following the transactions described in clause (ii) of this Section 1.1(a), (A) the Corporation shall purchase from Fifth Third, and Fifth Third shall sell to the Corporation, the Purchase Shares, at a per share purchase price for each Purchase Share equal to $64.04 (the “Per Share Purchase Price”) whereupon (B) the Purchased Shares shall be immediately cancelled by the Corporation.  The parties hereby acknowledge and agree that at the conclusion of the redemptions and purchases described in this Section 1.1(a), the total number of outstanding Class A Units will equal the total number of outstanding shares of the Corporation’s Class A Common Stock.

Section 1. 2Closing.

(a)The consummation of the Purchase (the “Closing”) shall take place at 10:00 a.m. New York time, at the offices of Skadden, Arps, Slate, Meagher & Flom LLP, 4 Times Square, New York, NY 10036, on the first Business Day after the earlier of (i) the date on which the Vantiv Parties deliver to the Fifth Third Parties a true and complete copy of the 2.7 Announcement, along with written (including email) confirmation that such announcement will be published the following Business Day, provided, that, the 2.7 Announcement actually is so published not later than 9:00 a.m. New York time on such following Business Day and (ii) publication of the 2.7 Announcement (or such other Business Day as the parties may hereafter agree in writing).  “Business Day” shall mean a day, other than Saturday, Sunday  or other day on which commercial banks in New York, New York are authorized or required by law or executive order to close and the date of the Closing is herein called the “Closing Date”.

(b)At the Closing, Fifth Third shall (i) deliver to Holding and the Corporation an executed Exchange Notice (as defined in the Exchange Agreement) in respect of the Exchange Units and the Exchange Shares and (ii) constructively deliver to Holding and the Corporation (A) the Exchange Units, free and clear of any mortgage, pledge, security interest, encumbrance, charge or other lien, whether arising by contract or by operation of law (“Encumbrances”), other than those Encumbrances imposed by the LLC Agreement, the Exchange Agreement, any other governing document of the Corporation or Holding and/or applicable federal and state securities laws and the rules and regulations promulgated thereunder and any Encumbrances imposed by the Corporation and (B) (immediately following the issue thereof to Fifth Third) the Purchase Shares and (iii) deliver the written resignation of the Class B Director (as defined in the Certificate of Incorporation of the Corporation) from the Board.

(c)At the Closing, the Corporation shall (i) issue and constructively deliver to Fifth Third the Purchase Shares, free and clear of any Encumbrance, other than those Encumbrances imposed by the LLC Agreement, the Exchange Agreement, any other governing document of the Corporation or Holding and/or applicable federal and state securities laws, and (ii) make a cash payment to Fifth Third in an amount equal to $1,267,351,600, which represents 

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the number of Purchase Shares multiplied by the Per Share Purchase Price (the “Aggregate Purchase Consideration”), by wire transfer of immediately available funds to an account previously designated by Fifth Third.

Section 1. 3Tax Characterization.  For U.S. federal income tax purposes, the Corporation, Holding and Fifth Third agree to treat the Purchase as a sale or other disposition described in Section 1001 of the Internal Revenue Code of 1986, as amended, of the Purchase Shares by Fifth Third, and a purchase of the Purchase Shares by the Corporation, unless otherwise required by a “determination” (within the meaning of Section 1313 of the Internal Revenue Code of 1986, as amended).

Section 1. 4Post-Acquisition True Up.  Within ten (10) Business Days following the completion of the Potential Acquisition, the Corporation shall deliver to Fifth Third a certificate (together with reasonable supporting data), signed by a senior executive officer of the Corporation, certifying as to the percentage of the aggregate shares of common stock of the Corporation (including Class B Shares) owned by the Fifth Third Parties immediately following the Potential Acquisition (the “Post-Acquisition Ownership Percentage”).  If the Post-Acquisition Ownership Percentage is greater than 4.9%, then within thirty (30) Business Days following the completion of the Potential Acquisition, Fifth Third shall sell to the Corporation, and the Corporation shall purchase from Fifth Third, such number of Class B Units or Class A Shares necessary so that after the consummation of such subsequent purchase, the Fifth Third Parties and their subsidiaries will own 4.9% of the total outstanding shares of common stock of the Corporation (including Class B Shares), at a price per Class B Unit and Class A Share equal to the Per Share Purchase Price.

Section 1. 5LLC Agreement Distribution.  For the avoidance of doubt, the parties acknowledge and agree that neither the Funding Transaction nor any similar transfer of immediately available funds to the Corporation in connection with the Corporation’s payments pursuant to Section 1.4 shall be deemed to be a “Distribution” for purposes of the LLC Agreement.

Section 1. 6Nullification of Section 2.4(b) of the LLC Agreement.

(a)Effective as from the Closing, Fifth Third hereby permanently, unconditionally and irrevocably waives any rights or claims under or pursuant to Section 2.4(b) of the LLC Agreement with respect to (i) the Purchase and the transactions contemplated by this Agreement and (ii) the Offer and the Potential Acquisition.

(b)Fifth Third hereby acknowledges and agrees that effective solely as from the completion of the Potential Acquisition, unless this Agreement has been terminated pursuant to its terms, Section 2.4(b) of the LLC Agreement (except as it would otherwise apply to Section 1.4, to the extent it would otherwise so apply) shall hereby be amended and restated to read as set forth on Annex A hereto.

ARTICLE 2

REPRESENTATIONS AND WARRANTIES

Section 2. 1Fifth Third Representations and Warranties.  Each of the Fifth Third Parties party hereto hereby represents and warrants to the Vantiv Parties as follows:

(a)Authorization of Transaction.  Such Fifth Third Party has all requisite corporate power and authority to execute and deliver this Agreement and to perform its obligations under this Agreement.  The execution and delivery by such Fifth Third Party of this Agreement, the performance by such Fifth Third Party of its obligations under this Agreement and the consummation by such Fifth Third Party of the transactions contemplated by this Agreement have been duly and validly authorized by all necessary corporate action on the part of such Fifth Third Party.  This Agreement has been duly and validly executed and delivered by such Fifth Third Party, and this Agreement constitutes the valid and binding obligation of such Fifth Third Party, enforceable against such Fifth Third Party in accordance with its terms, except as such enforcement may be limited by general equitable principles or by applicable 

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bankruptcy, insolvency, fraudulent transfer, moratorium, or similar laws, legal requirements and judicial decisions from time to time in effect which affect creditors’ rights generally.

(b)Noncontravention.  Neither the execution and delivery by such Fifth Third Party of this Agreement, nor the consummation by such Fifth Third Party of the transactions contemplated by this Agreement, will (i) conflict with or violate any provision of any of the organizational documents of such Fifth Third Party, (ii) conflict with or violate any provision of any agreement to which such Fifth Third Party is a party, (iii) require on the part of such Fifth Third Party any permit, authorization, consent or approval of any U.S. federal, state or local or any supra-national or non-U.S. government, political subdivision, governmental, regulatory or administrative authority, instrumentality, agency, body or commission, self-regulatory organization or any court, tribunal, or judicial or arbitral body (“Government Authority”) or (iv) violate any judgment, order, writ, injunction, decree, statute, rule or regulation applicable to such Fifth Third Party or any of its properties or assets as of the date of this Agreement; except, in the case of each of clause (ii) through clause (iv), as would not impair or delay in any respect the performance by such Fifth Third Party of its obligations under this Agreement or the consummation by such Fifth Third Party of the Purchase.

(c)Ownership.  Fifth Third has good and valid title to the Exchange Units and Exchange Shares, free and clear of any Encumbrances other than those restrictions imposed by the LLC Agreement, the Exchange Agreement, any other governing document of the Corporation or Holding and/or applicable federal and state securities laws and the rules and regulations promulgated thereunder.

(d)Litigation.  As of the date of this Agreement, there is no action, suit, proceeding, inquiry or investigation, at law or in equity (“Litigation”), by or before any before any Government Authority or before any arbitrator which is pending or has been threatened in writing, or judgment, order or decree outstanding, against or otherwise naming a Fifth Third Party which in any manner challenges or seeks, or would if commenced challenge or seek, to prevent, enjoin, alter or delay the transactions contemplated by this Agreement.

(e)Brokers’ Fees.  Each Fifth Third Party has no liability or obligation to pay any fees or commissions to any broker or finder with respect to the transactions contemplated by this Agreement.

(f)Disclosure.  None of the information supplied by Fifth Third in writing to the Corporation specifically for inclusion or incorporation by reference in the Corporation’s proxy statement with respect to the Potential Acquisition will, at the date of mailing of such proxy statement to stockholders of the Corporation or at the time of the Corporation stockholders meeting with respect to the Potential Acquisition, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.

(g)No Additional Representations.  Each Fifth Third Party acknowledges that none of the Vantiv Parties nor any person acting on their behalf has made any representation or warranty, express or implied, as to the accuracy or completeness of any information regarding any Vantiv Party furnished or made available to the Fifth Third Parties and their representatives in connection with the Potential Acquisition, the Purchase or the other matters contemplated by this Agreement except as expressly set forth in this Agreement  or pursuant to applicable securities laws.

Section 2. 2Vantiv Parties Representations and Warranties.  Each of the Vantiv Parties hereby represents and warrants to Fifth Third as follows:

(a)Authority; Binding Effect.  Such Vantiv Party has all requisite corporate or limited liability company power and authority to execute and deliver this Agreement and to perform its obligations under this Agreement.  The execution and delivery by such Vantiv Party of this Agreement, the performance by such Vantiv Party of its obligations under this Agreement and the consummation by such Vantiv Party of the transactions contemplated by this Agreement have been duly and validly authorized by all necessary corporate or limited liability company action on the part of such Vantiv Party.  This Agreement has been duly and validly executed and delivered by such Vantiv Party, and this Agreement constitutes the valid and binding obligation of such Vantiv Party, enforceable against such Vantiv 

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Party in accordance with its terms, except as such enforcement may be limited by general equitable principles or by applicable bankruptcy, insolvency, fraudulent transfer, moratorium, or similar laws, legal requirements and judicial decisions from time to time in effect which affect creditors’ rights generally.

(b)Noncontravention.  Neither the execution and delivery by such Vantiv Party of this Agreement, nor the consummation by such Vantiv Party of the transactions contemplated by this Agreement, will (i) conflict with or violate any provision of the organizational documents of such Vantiv Party, (ii) conflict with or violate any provision of any agreement to which such Vantiv Party or any of its subsidiaries is a party, (iii) require on the part of such Vantiv Party or any of its subsidiaries any permit, authorization, consent or approval of any Government Authority or (iv) violate any judgment, order, writ, injunction, decree, statute, rule or regulation applicable to such Vantiv Party or any of its subsidiaries or any of their respective properties or assets as of the date of this Agreement; except, in the case of each of clause (ii) through clause (iv), as would not impair or delay in any respect the performance by such Vantiv Party of its obligations under this Agreement or the consummation by such Vantiv Party of the Purchase.

(c)Litigation.  As of the date of this Agreement, there is no Litigation which is pending or has been threatened in writing, or judgment, order or decree outstanding, against or otherwise naming a Vantiv Party or any subsidiary of a Vantiv Party which in any manner challenges or seeks, or would if commenced challenge or seek, to prevent, enjoin, alter or delay the transactions contemplated by this Agreement.

(d)Brokers’ Fees.  Except for the financial advisors set forth on Schedule B hereto, the fees and expenses of all of which will be paid by the Corporation, no Vantiv Party has any liability or obligation to pay any fees or commissions to any broker or finder with respect to the transactions contemplated by this Agreement.

(e)Disclosure.  From December 31, 2015 to the date of this Agreement, the Corporation has filed or furnished, as applicable, on a timely basis, all forms, statements, certifications, reports and documents required to be filed or furnished by it with the United States Securities and Exchange Commission (the “SEC”) pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or the Securities Act of 1933, as amended (the “Securities Act) (such forms, statements, reports and documents filed or furnished, including any amendments thereto, the “Company Reports”).  Each of the Company Reports, at the time of its filing, complied in all material respects with the applicable requirements of the Securities Act, the Exchange Act and the Sarbanes-Oxley Act of 2002, and any rules and regulations promulgated thereunder applicable to the Company Reports.  As of their respective dates (or, if amended prior to the date of this Agreement, as of the date of such amendment), the Company Reports did not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements made therein, in light of the circumstances in which they were made, not misleading. To the knowledge of the Corporation, as of the date of this Agreement, except as separately disclosed to the Fifth Third Parties prior to the date hereof, there is no material term of the Offer that remains unagreed with Worldpay Group plc.  When delivered to the Fifth Third Parties pursuant to Section 1.2(a), the copy of the 2.7 Announcement will be a true and complete copy of the 2.7 Announcement that will be published by the Corporation.

(f)Structure Preservation.  The consummation of the Potential Acquisition will not result in (i) the Corporation ceasing to be a publicly-traded holding company  owning all of the Class A Units, (ii) the issuance of any equity securities of the Corporation other than Class A Shares or (iii) each Class B Unit failing to maintain economic equivalence with each Class A Share to the same extent as each Class B Unit was economically equivalent to each Class A Share as of the date hereof.  Pursuant to or immediately following the Potential Acquisition, all of the equity interests and assets of Worldpay and Worldpay's subsidiaries that the Corporation directly or indirectly acquires in the Potential Acquisition will be owned by Holding or a subsidiary of Holding.

(g)Opinion of Houlihan Lokey Capital, Inc.  The Special Committee of the Board of Corporation has received the opinion, dated the date hereof, of Houlihan Lokey Capital, Inc. to the effect that, as of the date of such opinion and subject to the assumptions and limitations set forth in such opinion, the Aggregate Purchase Consideration to be paid by the Corporation is fair to the Corporation from a financial point of view.

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(h)No Additional Representations.  Each Vantiv Party acknowledges that none of the Fifth Third Parties nor any person acting on their behalf has made any representation or warranty, express or implied, as to the accuracy or completeness of any information regarding the Fifth Third Parties furnished or made available to the Vantiv Parties and their representatives in connection with the Potential Acquisition, the Purchase or the other matters contemplated by this Agreement except as expressly set forth in this Agreement.

        
ARTICLE 3

ADDITIONAL COVENANTS

Section 3. 1Standstill.  Except as expressly contemplated by this Agreement and without prejudice to Fifth Third’s existing rights with respect to equity securities of the Corporation pursuant to the Exchange Agreement, during the period beginning on the date hereof and ending on the earlier of the completion of the Potential Acquisition and the date this Agreement is terminated in accordance with its terms, the Fifth Third Parties shall not and shall cause their controlled affiliates not to acquire (or propose or agree to acquire, conditionally or otherwise), of record or beneficially, by purchase or otherwise, any equity securities of the Corporation or Worldpay, or rights or options to acquire interests in, or enter into any derivative or other arrangement pursuant to which it obtains an economic exposure to, or any other arrangement in respect of the Corporation’s or Worldpay’s equity securities; except pursuant to its trust, investment, banking, advisory or fiduciary services for the account of its customers.  Notwithstanding the foregoing, Fifth Third may transfer Class B Units to Fifth Third Bancorp, and continue to effect transactions pursuant to the Exchange Agreement and sell Class A Shares.

Section 3. 2Provision of Information.

(a)From the date of this Agreement until the completion or abandonment of the Potential Acquisition, the Fifth Third Parties shall keep the Corporation reasonably apprised on a timely basis of the status of discussions between the Fifth Third Parties and the Federal Reserve regarding the matters contemplated by this Agreement, the Offer or the Potential Acquisition.  The Fifth Third Parties shall, upon request and subject to applicable laws and regulations relating to the exchange of information, furnish the Corporation with all information concerning the Fifth Third Parties, their subsidiaries, directors, officers and stockholders and such other matters as may be reasonably necessary in order to enable the Corporation to complete the preparation of the proxy statement relating to the meeting of the Corporation’s stockholders to be held in connection with the Potential Acquisition, or any other statement, filing, notice or application made by or on behalf of the Corporation, any of its subsidiaries or Worldpay to or with any Government Authority in connection with the Potential Acquisition.  Notwithstanding the foregoing, the Fifth Third Parties shall not be required to provide any such information pursuant to this Section 3.2(a) where to do so would violate any attorney-client privilege or contravene any law, rule, regulation, order, judgment, decree or fiduciary duty.

(b)The Fifth Third Parties shall not make any disclosure with respect to this Agreement and the transactions contemplated hereby without first providing a draft of such disclosure to the Vantiv Parties in a timely manner for comment and reflecting therein any reasonable comments made by the Vantiv Parties.

(c)The Vantiv Parties shall provide to Fifth Third, in each case promptly following the publication or public filing thereof, true and complete copies of all announcements and documents published or publicly filed by or on behalf of the Corporation and/or any of its subsidiaries (including Holding and its subsidiaries) in connection with the Offer and/or the Potential Acquisition.  The Vantiv Parties shall, upon request and subject to applicable laws and regulations relating to the exchange of information, furnish the Fifth Third with all information reasonably necessary to (i) facilitate the Fifth Third Parties’ discussions with the Federal Reserve regarding the matters contemplated by this Agreement, the Offer or the Potential Acquisition and (ii) prepare any other statement, filing, notice or application made by or on behalf of Fifth Third or any of its subsidiaries to any Government Authority in connection with the Potential Acquisition or the Purchase.  Notwithstanding the foregoing, the Vantiv Parties shall not be required to provide 

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any such information pursuant to this Section 3.2(c) where to do so would violate any attorney-client privilege or contravene any law, rule, regulation, order, judgment, decree or fiduciary duty.

(d)The Vantiv Parties shall not make any disclosure with respect to this Agreement and the transactions contemplated hereby without first providing a draft of such disclosure to the Fifth Third Parties in a timely manner for comment and reflecting therein any reasonable comments made by the Fifth Third Parties.

Section 3. 3Debt Financing.

(a)The Corporation acknowledges and agrees that the Fifth Third Parties have no responsibility for the Financing Transaction or any financing that the Corporation may raise in connection with the transactions contemplated by this Agreement.

Section 3. 4Changes to the Acquisition.  Following the execution of this Agreement, the Vantiv Parties shall not, without Fifth Third’s prior written consent, permit any change to the Potential Acquisition or the Offer that would (a) cause the Corporation to cease to be a publicly-traded holding company, owning all of the Class A Units, (b) result in the issuance of any equity securities of the Corporation other than Class A Shares (c) cause each Class B Unit to fail to maintain economic equivalence with each Class A Share to the same extent as each Class B Unit was economically equivalent to each Class A Share as of the date hereof, or (d) prevent, materially impair or materially delay, following the Potential Acquisition, the Corporation from contributing or otherwise transferring, directly or indirectly, all of the equity interests and assets of Worldpay and Worldpay's subsidiaries that the Corporation acquired, directly or indirectly, in the Potential Acquisition to Holding or a subsidiary of Holding, to the extent any of the foregoing in this clause (d) were not acquired by a subsidiary of Holding in the Potential Acquisition. 

Section 3. 5TRAs.  The parties acknowledge and agree that the Corporation may undertake any transaction, restructuring, and/or tax planning strategy that is enabled by the ownership of a foreign entity and/or foreign operations (“Foreign Tax Planning”).  In the event Foreign Tax Planning is undertaken and such Foreign Tax Planning results in (1) the reduction of the taxable income of the Corporation or any affiliated group of which the Corporation is or (but for the fact that Holding is a partnership for US tax purposes) could be a member, (2) a reduction or a delay in the timing of Fifth Third’s cash flows from those certain Tax Receivable Agreements, dated as of March 21, 2012, between the Corporation and Fifth Third (the “TRAs”) and (3) a negative cumulative impact to Fifth Third greater than $10 million (taking into account all net negative impacts to Fifth Third from all prior Foreign Tax Planning and all prior tax years), then, the Corporation shall reimburse Fifth Third for such reduction in the cash flows under the TRAs for a given taxable year, in the same manner and at the same time as a “Tax Benefit Payment” (as defined in the TRAs) would be made to Fifth Third with respect to such taxable year.  For the avoidance of doubt, the parties agree that there shall be no duplication of payments under this Agreement and the TRAs for the utilization or delay in utilization (as applicable) of the same tax attributes.  The parties agree that, for purposes of this Section 3.5, the following shall not be considered Foreign Tax Planning: (i) any incurrence, draw-down or assumption of debt (including any refinancings of such debt) for U.S. federal income tax purposes, together with the payment of interest on such debt, by Holding or any subsidiary of Holding to the extent proceeds from such debt incurrence, draw-down or assumption are used to fund the Purchase or the Funding Transaction; (ii) any action taken or not taken by Holding or any subsidiary of Holding that maintains the deferral of U.S. tax on the earnings of Worldpay, its subsidiaries, other foreign entities formed in connection with the Potential Acquisition, and any other foreign entities directly or indirectly formed or acquired; and (iii) any action taken or not taken by Holding or any subsidiary of Holding that increases tax efficiency if and when the earnings of Worldpay, its subsidiaries, other foreign entities formed in connection with the Potential Acquisition, or any other foreign entities directly or indirectly formed or acquired are distributed.

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Section 3. 6Indemnification.  

(a)The Corporation will indemnify, defend and hold harmless the Fifth Third Parties, their respective affiliates, and the directors, officers, agents and employees of each of them and their affiliates and each other person controlling the Fifth Third Parties (each of the foregoing, an “Indemnified Party”), to the full extent lawful, from and against any losses, expenses, claims or proceedings (including shareholder actions) (collectively, “Losses”) related to or arising out of any third party claim, other than a claim by a U.S. federal or state bank regulatory authority, to the extent arising out of or relating to the Potential Acquisition or the Offer, as the Potential Acquisition and/or the Offer may be amended from time to time (the “Covered Matters”) (which, for the avoidance of doubt, shall exclude any claim to the extent related to or arising out of (x) the Purchase contemplated by this Agreement and (y) the Fifth Third Parties’ regulatory status with any U.S. federal or state bank regulatory authority or any commitments or undertakings that the Fifth Third Parties have made to the Federal Reserve in connection with the Covered Matters); provided, that, the Corporation will not indemnify any Indemnified Party for any Losses that are determined in a final, non-appealable judgment of a court of competent jurisdiction to have resulted from the willful misconduct, bad faith or gross negligence of such Indemnified Party.  Each Vantiv Party further agrees that no Indemnified Party shall have any past, present or future liability (whether direct or indirect, in contract or tort or otherwise) to any Vantiv Party or any of the respective affiliates, directors, officers, agents, employees, creditors or security holders of any Vantiv Party for or in connection with the Covered Matters, except for Losses incurred by the Vantiv Parties to the extent such Losses are determined in a final, non-appealable judgment of a court of competent jurisdiction to have resulted from the willful misconduct, bad faith or gross negligence of such Indemnified Party.

(b)The Corporation will not, without the prior written consent of the Fifth Third Parties, settle any pending or threatened claim or proceeding against any Indemnified Party in respect of which the Corporation is required to indemnify such Indemnified Party pursuant to Section 3.6(a) unless such settlement includes a provision unconditionally releasing such Indemnified Party from any and all liability in respect of such claim or proceeding.

(c)The foregoing provisions are in addition to any rights any Indemnified Party may have at common law or otherwise and shall be binding on and inure to the benefit of any successors, assigns, and personal representatives of each Fifth Third Party and each other Indemnified Party.  The provisions of this Section 3.6 shall remain in full force and effect notwithstanding (i) any investigation made by or on behalf of a Fifth Third Party or any Indemnified Party or (ii) the completion or termination of this Agreement, the Potential Acquisition and/or the Purchase.

ARTICLE 4

[RESERVED]

ARTICLE 5

TERMINATION

Section 5. 1Termination.

(a)This Agreement shall be automatically terminated in the event that (i) the Corporation does not announce the firm Offer pursuant to Section 2.7 of the City Code on Takeovers and Mergers on or prior to August 31, 2017, or (ii) the Corporation announces the firm Offer pursuant to Section 2.7 of the City Code on Takeovers and Mergers on or prior to August 31, 2017 and the Offer lapses (other than a temporary lapse as a result of a phase 2 anti-trust review in the U.K.), is withdrawn or is terminated; provided, that, no change in the terms of the Offer or the method of implementation of the Offer shall constitute a termination of the Offer.

(b)This Agreement may be terminated prior to the Closing by the mutual written consent of the parties hereto.

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(c)This Agreement may be terminated at any time by the Fifth Third Parties, by written notice to the Vantiv Parties, if (i) a 2.7 Announcement has been published and (ii) the  Closing  has not occurred by the end of the following Business Day (or such other time as the parties hereto have hereafter agreed in writing to effect the Closing), other than due to a breach by the Fifth Third Parties of any of their representations and warranties or any of their obligations of this Agreement.

Section 5. 2Effect of Termination.  In the event this Agreement is terminated in accordance with Section 5.1 prior to the Closing, this Agreement (other than Section 3.1, Section 3.5, Section 3.6, this Section 5.2 and Article 6) shall thereupon become null and void and of no further force or effect (without prejudice to the rights of any party hereto having accrued prior to such termination), and the transactions contemplated by this Agreement not set forth in such surviving provisions shall be abandoned without further action by the parties.  In the event this Agreement is terminated in accordance with Section 5.1 after the Closing, then (i) Section 1.4, Section 1.6(b) and Section 3.1 of this Agreement shall thereupon become null and void and of no further force or effect (without prejudice to the rights of any party hereto having accrued prior to such termination) but (ii) all other provisions of this Agreement shall survive such termination and remain in full force and effect.

Section 5. 3Termination Fee.  In the event that this Agreement is terminated following the Closing pursuant to Section 5.1(a), the Corporation shall promptly, but in no event later that two (2) Business Days after the date of such termination, pay to Fifth Third a termination fee of $10 million (the “Termination Fee”) by wire transfer of same-day funds.  The Vantiv Parties acknowledge that the agreement contained in this Section 5.3 is an integral part of the transactions contemplated by this Agreement, and that, without this agreement, the Fifth Third Parties would not enter into this Agreement; accordingly, if the Corporation fails to promptly pay the amount due pursuant to this Section 5.3, and, in order to obtain such payment, Fifth Third commences a suit that results in a judgment against the Corporation for the fee set forth in this Section 5.3 or any portion of such fee, the Corporation shall pay to Fifth Third its costs and expenses (including attorneys’ fees) in connection with such suit, together with interest on the amount of the fee at the prime rate of Citibank, N.A. in effect on the date such payment was required to be made through the date of payment.  Payment of the Termination Fee shall be in addition to and not in lieu of the amounts payable to any Fifth Third Party pursuant to Section 6.4 and shall be without prejudice to any other rights or remedies available to Fifth Third and/or any of its affiliates at law or in equity.

ARTICLE 6

MISCELLANEOUS

Section 6. 1Notices.  All notices, requests, claims, demands and other communications under this Agreement shall be in writing and shall be deemed duly given and received (a) on the date of delivery if delivered personally or by email upon confirmation of delivery if sent on a Business Day (or otherwise on the next Business Day) or (b) on the first Business Day following the date of dispatch if delivered by a recognized next-day courier service.  All notices under this Agreement shall be delivered with respect to the parties, as set forth in Schedule A hereto, or pursuant to such other instructions as may be designated in writing by the party to receive such notice.

Section 6. 2Amendment; Waiver.  Any provision of this Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and signed, in the case of an amendment, by the parties, or in the case of a waiver, by the party or parties against whom the waiver is to be effective.  No failure or delay by any party in exercising any right, power or privilege under this Agreement shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege.

Section 6. 3Assignment.  Subject to the following sentence, no party to this Agreement may assign any of its rights or obligations under this Agreement without the prior written consent of the other parties hereto.  In the event that either Fifth Third Party transfers any Class B Units or Class A Shares to an affiliate, it shall 

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cause such affiliate to become a party hereto as an additional Fifth Third Party as a condition of such transfer.

Section 6. 4Expenses.  Whether or not the transactions contemplated by this Agreement are consummated, the Corporation shall, on an ongoing basis at such times as requested by the Fifth Third Parties, reimburse the Fifth Third Parties, subject to an aggregate cap set forth on Schedule C hereto, for all documented out-of-pocket costs and expenses, including legal fees, and Transfer Taxes incurred by the Fifth Third Parties and their respective affiliates in connection with this Agreement and the transactions contemplated by this Agreement, the Potential Acquisition or the Offer.  For the avoidance of doubt, Holding is not an affiliate of Fifth Third. “Transfer Taxes” means any transfer, excise, sale, use, value added, stamp, documentary, filing, registration and recordation taxes and other similar taxes, fees and charges, together with any inflation adjustment, interest, penalties or additions with respect thereto.

Section 6. 5Governing Law; Jurisdiction.  This Agreement shall be governed by the laws of the State of Delaware, its rules of conflict of laws notwithstanding.  Each of the parties agrees and consents to be subject to the jurisdiction of the Court of Chancery of the State of Delaware in any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated by this Agreement.  Each party hereby irrevocably consents to the service of any and all process in any such suit, action or proceeding by the delivery of such process to such party at the address and in the manner provided in Section 6.1.

Section 6. 6Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same agreement.

Section 6. 7Headings.  The heading references herein and in the table of contents hereto are for convenience purposes only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof.

Section 6. 8Specific Performance.  Each party hereto acknowledges that money damages would be both incalculable and an insufficient remedy for any breach of this Agreement by such party and that any such breach would cause the other party hereto irreparable harm.  Accordingly, each party hereto also agrees that, in the event of any breach or threatened breach of the provisions of this Agreement by such party, the other parties hereto shall be entitled to seek equitable relief without the requirement of posting a bond or other security, including in the form of injunctions and orders for specific performance.  Notwithstanding the foregoing, in no event shall any breach by any party of its representations and warranties contained in Article 2 or its covenants contained in Article 3 of this Agreement entitle any other party hereto not to effect the Purchase and the transactions contemplated by Section 1.4 on the terms and subject to the conditions set forth in this Agreement; provided, that, each party shall retain all other rights and remedies for any such breaches by any other party, including, but not limited to, the right to seek monetary damages for any loss suffered by such party as a result of such breaches.

Section 6. 9Entire Agreement.  This Agreement constitutes the entire agreement among the parties with respect to the subject matter of this Agreement and supersedes all other prior agreements and understandings, both written and oral, among the parties with respect to the subject matter of this Agreement.

[Signature Page Follows]

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.
VANTIV, INC.
By:     /s/ NELSON F. GREENE                 
Name:   Nelson F. Greene                      
Title:    Chief Legal and Corporate Services            Officer and Secretary

VANTIV HOLDING, LLC

By:     /s/ NELSON F. GREENE                 
Name:   Nelson F. Greene                      
Title:    Chief Legal and Corporate Services                                      Officer and Secretary

FIFTH THIRD BANK

By:     /s/TAYFUN TUZUN                                          
Name:    Tayfun Tuzun
Title:    EVP and CFO

By:     /s/GREG CARMICHAEL                              
Name:    Greg Carmichael 
Title:    President and CEO

FIFTH THIRD BANCORP

By:     /s/TAYFUN TUZUN                                          
Name:    Tayfun Tuzun
Title:    EVP and CFO

By:     /s/GREG CARMICHAEL                              
Name:    Greg Carmichael 
Title:    President and CEO

[Signature Page to Transaction Agreement]

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Annex A
New Text of Section 2.4(b) of the LLC Agreement
(b) Certain Regulatory Restrictions. 
(i) Notwithstanding anything to the contrary in this Agreement, the Company and the Members acknowledge that FTB and its Affiliates are subject to regulatory oversight by bank regulatory authorities in various jurisdictions (including the Board of Governors of the Federal Reserve System and other Government Entities, including the State of Ohio’s Division of Financial Institutions) with jurisdiction over FTB or its Affiliates and that FTB or its Affiliates may be required to obtain regulatory approvals from, or provide notice to, such authorities, prior to, or provide notice to such authorities following, the engagement by the Company or Vantiv (by virtue of its holding company status or otherwise) or any Subsidiary in certain activities or consummation of certain investments (“Regulatory Approval”). If Vantiv, the Company or any Subsidiary proposes to engage in any business that may reasonably require FTB or an Affiliate of FTB to seek Regulatory Approval, whether under the Bank Holding Company Act, Ohio Law or other applicable Law (a “New Activity”), whether by acquisition, investment or organic growth, then (i) the Managing Member shall send a written notice to FTB (the “New Activity Notice”) prior to engaging in the New Activity and (ii) none of Vantiv, the Company and any Subsidiary shall engage in such New Activity until the Waiting Period applicable thereto has expired. Within forty-five (45) days after receipt of the New Activity Notice (or, if later, thirty (30) days after the date Vantiv and the Company have provided FTB with such information as is reasonably required for FTB (x) to make a determination whether Regulatory Approval is required to be sought by it in connection with such New Activity or (y) to obtain such Regulatory Approval), FTB must notify the Managing Member in writing (a “Regulatory Notice”) (i) whether, based on the advice of legal counsel, such New Activity would be permissible for FTB and/or its Affiliates to make or engage in directly under all applicable banking Laws and (ii) that either (A) no Regulatory Approval with respect to FTB and/or its Affiliates is required for such New Activity, (B) any required Regulatory Approval with respect to such New Activity has been obtained by FTB and/or its Affiliates and whether such approval requires an Exit Transaction or (C) a Regulatory Approval with respect to FTB and/or its Affiliates is required for such New Activity but has not yet been obtained.  FTB shall subsequently notify the Managing Member whether any required Regulatory Approval referenced in clause (C) above has been obtained.
(ii) Vantiv and the Company shall use their reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable, as promptly as possible, to assist FTB or its Affiliates in obtaining any Regulatory Approval necessary for FTB or its Affiliates to qualify or continue its ownership interest in Vantiv and the Company as a permissible investment, including by (i) making appropriate filings and submissions to any Government Entity required by Law applicable to Vantiv, the Company or the Subsidiaries or FTB or its Affiliates and (ii) providing any information to FTB as may be reasonably requested by FTB or its Affiliates in connection therewith and (iii) executing and delivering additional documents necessary to consummate the transactions contemplated by this Agreement in connection therewith. FTB shall use its reasonable best efforts to obtain any Regulatory Approval as promptly as possible; provided that FTB will exercise reasonable best efforts to minimize disclosure of any confidential or proprietary information relating to the Company and to seek confidential treatment for any such information, in each case, to the maximum extent allowed under applicable Law. 
(iii) If, as of the date that is forty-five (45) days after receipt by FTB of a New Activity Notice (or, if later, thirty (30) days after the date Vantiv and the Company have provided FTB with such information as is reasonably required for FTB (x) to make a determination whether Regulatory Approval is required to be sought by it in connection with such New Activity or (y) to obtain such Regulatory Approval), FTB either (A) has not delivered a Regulatory Notice to the Managing Member or (B) has delivered a Regulatory Notice pursuant to clause (B) of the definition thereof which requires an Exit Transaction or (C) has delivered a Regulatory Notice pursuant to clause (C) of the definition thereof, then either FTB or Vantiv may, at any time thereafter, deliver a notice to the other of Vantiv and FTB requiring that an Exit Transaction be consummated within 30 calendar days (which shall be tolled for each day that FTB or Vantiv is not permitted to effect the Exit Transaction under applicable securities laws) of receipt or delivery by FTB of such Exit Transaction notice (unless FTB earlier notifies Vantiv that the outstanding Regulatory Approval (x) has been received without a required Exit Transaction or (y) is not required).  If requested by FTB as part of any Exit Transaction, Vantiv shall repurchase 50% of the greater of (i) the Minimum Sale Number  and (ii) such other 

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number of Class B Units (either, at the option of Vantiv, as Class B Units or as exchanged into shares of Class A Common Stock of Vantiv) as FTB and its Affiliates may determine to sell in connection with such Exit Transaction, at a price per share of Class A Common Stock (or as applicable, a price per Class B Unit) equal to the Applicable Price.
(iv) Notwithstanding the foregoing, Vantiv and the Company may at any time prior to the consummation of the Exit Transaction withdraw the New Activity Notice and refrain from engaging in the New Activity, in which case, the parties shall not be obligated to effect the Exit Transaction.
(iv) “Exit Transaction” means, at any relevant time, a sale, in one transaction or a series of transactions, by FTB (or its Affiliates) of such number of Class B Units (either, at the option of Vantiv, as Class B Units or as exchanged into shares of Class A Common Stock of Vantiv), and cancellation of such number of Class B Shares of Vantiv, in each case then held by FTB and its Affiliates, as is required in order for FTB and its Affiliates to continue to hold their remaining interests in Vantiv and/or the Company after giving effect to such transactions, or series of transactions, under the banking Laws implicated by such New Activity Notice (as the Company (acting through its Managing Member) and FTB mutually determine in good faith, in consultation with regulators or otherwise) (such number, the “Minimum Sale Number”).
(v) “Applicable Price” means (i) in the event that VWAP is more than 5% lower than the highest closing price for Class A Common Stock during the 52-weeks preceding the date of the consummation of the applicable Exit Transaction, a mutually agreed upon price representing a premium of not more than 10% of the then current market price and (ii) in the event that VWAP is 5% lower (or less than 5% lower) than the highest closing price for Class A Common Stock during the 52-weeks preceding the date of the consummation of the applicable Exit Transaction, a mutually agreed upon market price.
(vi) “VWAP” means, with respect to any Exit Transaction, the average of the volume-weighted averages of the trading prices of Vantiv’s shares of Class A Common Stock on the New York Stock Exchange (as reported by Bloomberg L.P. or, if such information is no longer available from Bloomberg L.P., as available from a comparable internationally recognized source determined by FTB and Vantiv, acting reasonably) for each of the ten (10) consecutive trading days ending on and including the trading day immediately prior to the date on which such Exit Transaction is to be consummated.
(vii) “Waiting Period” means, with respect to any New Activity, the period ending upon the earlier of (A) FTB delivering a Regulatory Notice to the Managing Member  pursuant to clause (A) of the definition thereof (or pursuant to clause (B) of the definition thereof that states that no Exit Transaction is required in connection with the Regulatory Approval referred to therein), (B) the Exit Transaction required in connection with such New Activity having been consummated and (C) the period provided by Section 2.4(b)(iii) for the completion of the Exit Transaction having lapsed.

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