Document:

<PAGE>   1
                                                                    Exhibit 10.6

                                    AGREEMENT

THIS AGREEMENT made and entered into this 9th day of June, 1999 by and between
RADIAN GROUP INC., a corporation organized and existing under the laws of the
state of Delaware (hereinafter referred to as the "Company") and ANDREW R.
LUCZAKOWSKY (hereinafter referred to as the "Employee").

WHEREAS, the Employee is presently employed by the Company as its SENIOR VICE
PRESIDENT FOR INFORMATION SERVICES; and

WHEREAS, the Board of Directors of the Company (the "Board") recognizes that, as
is the case with many publicly-held corporations, the possibility of a change in
control of the Company exists and that such possibility, and the uncertainty and
questions it may raise among management, may result in the departure or
distraction of key management personnel to the detriment of the Company; and

WHEREAS, the Board has determined that appropriate steps should be taken to
reinforce and encourage the continued attention and dedication of key members of
the Company's management to their assigned duties without distraction in the
face of potentially disturbing circumstances arising from the possibility of a
change in control of the Company; and

WHEREAS, in order to induce the Employee to remain in the employ of the Company,
the Company agrees that the Employee shall receive the compensation set forth in
this Agreement as a cushion against the financial and career impact on the
Employee in the event that Employee's employment with the Company is terminated
subsequent to a "Change of Control" (as that term is defined in Section 1
hereof).

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and
agreements hereinafter set forth and intending to be legally bound hereby, the
parties hereto agree as follows:

1. DEFINITIONS. When used in this Agreement, the following terms shall have the
specific meanings shown in this Section unless the context of any provision of
this Agreement clearly requires otherwise:

         (a) "Affiliate" and "Associate" shall have the respective meanings
ascribed to such terms in Rule 12b-2 of the General Rules and Regulations under
the Securities Exchange Act of 1934, as amended (the "Exchange Act").

         (b) "Beneficial Owner" of any securities shall mean:

                  (i) that such Person or any of such Person's Affiliates or
Associates, directly or indirectly, has the right to acquire (whether such right
is exercisable immediately or only after the passage of time) pursuant to any
agreement, arrangement or
<PAGE>   2
understanding (whether or not in writing) or upon the exercise of conversion
rights, exchange rights, rights, warrants or options, or otherwise; provided,
however, that a Person shall not be deemed the "Beneficial Owner" of securities
tendered pursuant to a tender or exchange offer made by such Person or any of
such Person's Affiliates or Associates until such tendered securities are
accepted for payment, purchase or exchange;

                  (ii) that such Person or any of such Person's Affiliates or
Associates, directly or indirectly, has the right to vote or dispose of or has
"beneficial ownership" of (as determined pursuant to Rule 13d-3 of the General
Rules and Regulations under the Exchange Act), including without limitation,
pursuant to any agreement, arrangement or understanding (whether or not in
writing); provided, however, that a Person shall not be deemed the "Beneficial
Owner" of any security under this subsection (ii) as a result of an oral or
written agreement, arrangement or understanding to vote such security if such
agreement, arrangement or understanding (A) arises solely from a revocable proxy
given in response to a public proxy or consent solicitation made pursuant to, an
in accordance with, the applicable provisions of the General Rules and
Regulations under the Exchange Act, and (B) is not then reportable by such
Person on Schedule 13D under the Exchange Act (or any comparable successor
report); or

                  (iii) where voting securities are beneficially owned, directly
or indirectly, by any other Person (or any Affiliate or Associate thereof) with
which such Person (or any of such Person's Affiliates or Associates) has any
agreement, arrangement or understanding (whether or not in writing) for the
purpose of acquiring, holding, voting (except pursuant to a revocable proxy
described in the proviso to subsection (ii) above) or disposing of any voting
securities of the Company;

provided, however, that nothing in this subsection (b) shall cause a Person
engaged in business as an underwriter of securities to be the "Beneficial Owner"
of any securities acquired through such Person's participation in good faith in
a firm commitment underwriting until expiration of forty (40) days after the
date of such acquisition.

         (c) "Change of Control" shall be deemed to have taken place if (i) any
Person (except for the Employee or his family, the Company or any employee
benefit plan of the Company or of any Affiliate, any Person or entity organized,
appointed or established by the Company for or pursuant to the terms of any such
employee benefit plan), together with all Affiliates and Associates of such
Person, shall become the Beneficial Owner in the aggregate of 20% or more of the
shares of the Company then outstanding and entitled to vote for directors
generally, (ii) any Person (except the Employee and his family), together with
all Affiliates and Associates of such Person purchases substantially all of the
assets of the Company, or (iii) during any twenty-four (24) month period,
individuals who at the beginning of such period constituted the Board cease for
any reason to constitute a majority thereof, unless the election, or the
nomination for election by the Company's stockholders, of at least seventy-five
percent (75%) of the directors who were not directors at the beginning of such
period was approved by a vote of at least seventy-five percent (75%) of the
directors in office at the time of such election or nomination who were
directors at the beginning of such period.
<PAGE>   3
         (d) "Person" shall mean any individual, firm, corporation, partnership
or other entity.

         (e) "Subsidiary" shall have the meaning ascribed to such term in Rule
12b-2 of the General Rules and Regulations under the Exchange Act.

         (f) "Termination Date" shall mean the date of receipt of the Notice of
Termination described in Section 2 hereof or any later date specified therein,
as the case may be.

         (g) "Termination of Employment" shall mean the termination of the
Employee's actual employment relationship with the Company.

         (h) "Termination following a Change of Control" shall mean a
Termination of Employment within two years after a Change of Control either:

                  (i) initiated by the Company for any reason other than (a) the
Employee's continuous illness, injury or incapacity for a period of twelve
consecutive months or (b) for "cause", which shall mean misappropriation of
funds, habitual insobriety, substance abuse, conviction of a crime involving
moral turpitude, or gross negligence in the performance of duties, which gross
negligence has had a material adverse effect on the business, operations,
assets, properties or financial condition of the Company and its Subsidiaries
taken as a whole; or

                  (ii) initiated by the Employee upon the occurrence of one or
more of the following:

                           (A) any failure of the Company to comply with and
satisfy any of the conditions of this Agreement;

                           (B) any change resulting in a significant reduction
by the Company of the authority, duties or responsibilities of the Employee;

                           (C) any removal by the Company of the Employee from
the employment grade, compensation level or officer positions which the Employee
holds as of the effective date hereof, except in connection with promotions to a
higher office;

                           (D) the requirement that the Employee undertake
business travel (or commuting in excess of fifty miles each way) to an extent
substantially greater than is reasonable and customary for the position the
Employee holds.

2. NOTICE OF TERMINATION. Any Termination following a Change of Control shall be
communicated by a Notice of Termination to the other party hereto given in
accordance with Section 14 hereof. For purposes of this Agreement, a "Notice of
Termination" means a written notice which (i) indicates the specific termination
provision in this
<PAGE>   4
Agreement relied upon, (ii) briefly summarizes the facts and circumstances
deemed to provide a basis for termination of the Employee's employment under the
provision so indicated, and (iii) if the Termination Date is other than the date
of receipt of such notice, specifies the Termination Date (which date shall not
be more than fifteen days after the giving of such notice).

3. BENEFITS UPON CHANGE OF CONTROL.

         (a) In the event of a Change of Control (i) any stock options
previously granted to the Employee under any Company stock option or equity
compensation plan which have not yet vested shall become vested, and (ii) any
restricted stock previously granted to the Employee under any Company equity
compensation plan which has not yet vested or become freely transferable shall
become vested and freely transferable.

         (b) In the event of the Employee's Termination following a Change of
Control the Company shall pay to the Employee, within fifteen days after the
Termination Date, an amount in cash equal to 2.0 times (i) the Employee's then
current annual base compensation, plus (ii) the Employee's then current target
bonus eligibility.

         (c) In the event of the Employee's Termination following a Change of
Control, the Employee shall be entitled to continued participation in the
Company's life, disability, accident and health insurance plans for a period not
to exceed thirty-six (36) months following the termination.

4. OTHER PAYMENTS. The payment due under Section 3 hereof shall be in addition
to and not in lieu of any payments or benefits due to the Employee under any
other plan, policy or program of the Company except that no payments shall be
due to the Employee under the Company's then current severance pay plan for
employees, if any.

5. ESTABLISHMENT OF TRUST. The Company has or will establish an irrevocable
trust fund (hereinafter referred to as the "Trust Fund") pursuant to a trust
agreement to hold assets contributed to satisfy its obligations under this
Agreement. Funding of such trust fund shall be subject to the Company's
discretion, as set forth in the trust agreement establishing the Trust Fund.
Notwithstanding the foregoing:

         (a) Upon a Change of Control of the Company, the Chief Financial
Officer of the Company, or his authorized representative (hereinafter referred
to collectively as the "Treasurer"), shall immediately remit to the Trustee of
the Trust Fund as a contribution to the applicable trust established as part of
the Trust Fund for the benefit of the Employee the amount due under this
Agreement and not yet contributed to the Trustee as well as an amount estimated
to be sufficient to pay all fees and expenses that may thereafter become due.
The Trustee shall be under no duty to determine the sufficiency, or to enforce
the making, of such contributions.
<PAGE>   5
         (b) In the event that the Chairman of the Board determines that a
Change of Control of the Company is imminent, the Treasurer shall make the
payments to the Trustee specified in paragraph (i) above. If a Change of Control
of the Company shall not have occurred within ninety (90) days of the
contribution made pursuant to this Section 5 and the Board adopts a resolution
to the effect that, for purposes of this Agreement, a Change of Control of the
Company is not imminent, any amounts added to the Trust Fund pursuant to this
Section, together with any earnings thereon, shall be paid by the Trustee to the
Company.

6. ENFORCEMENT.

         (a) In the event that the Company shall fail or refuse to make payment
of any amounts due the Employee under Sections 3 and 4 hereof within the
respective time periods provided therein, the Company shall pay to the Employee,
in addition to the payment of any other sums provided in this Agreement,
interest, compounded daily, on any amount remaining unpaid from the date payment
is required under Section 3 and 4, as appropriate, until paid to the Employee,
at the rate from time to time announced by PNC Bank, or its successor, as its
"prime rate" plus 2%, each change in such rate to take effect on the effective
date of the change in such prime rate.

         (b) It is the intent of the parties that the Employee not be required
to incur any expenses associated with the enforcement of his rights under this
Agreement by arbitration, litigation or other legal action because the cost and
expense thereof would substantially detract from the benefits intended to be
extended to the Employee hereunder. Accordingly, the Company shall pay the
Employee on demand the amount necessary to reimburse the Employee in full for
all expenses (including attorney's fees and legal expenses) incurred by the
Employee in enforcing any of the obligations of the Company under this
Agreement.

7. NO MITIGATION. The Employee shall not be required to mitigate the amount of
any payment or benefit provided for in this Agreement by seeking other
employment or otherwise, nor shall the amount of any payment or benefit provided
for herein be reduced by any compensation earned by other employment or
otherwise.

8. NON-EXCLUSIVITY OF RIGHTS. Nothing in this Agreement shall prevent or limit
the Employee's continuing or future participation in or rights under any
benefit, bonus, incentive or other plan or program provided by the Company or
any of its Subsidiaries or Affiliates and for which the Employee may qualify;
provided, however, that with respect to a Termination following a Change of
Control, the Employee hereby waives the Employee's right to receive any payments
under any severance pay plan or similar program applicable to other employees of
the Company, and agrees to accept the payment provided in Section 3(b) above in
lieu of any other severance pay plan or similar program.
<PAGE>   6
9. NO SET-OFF. The Company's obligation to make the payments provided for in
this Agreement and otherwise to perform its obligations hereunder shall not be
affected by any circumstances, including, without limitation, any set-off,
counterclaim, recoupment, defense or other right which the Company may have
against the Employee or others.

10. TAXES. Any payment required under this Agreement shall be subject to all
requirements of law with regard to the withholding of taxes, filing, making of
reports and the like, and the Company shall use its best efforts to satisfy
promptly all such requirements.

11. ADJUSTMENT FOR TAXES. In the event that either the Company's independent
public accountants or the Internal Revenue Service determine that any payment,
coverage, benefit or benefit acceleration provided to the Employee, whether
specifically provided for in this Agreement or otherwise, is subject to the
excise tax imposed by Section 4999 (or any successor provision) ("Section 4999")
of the Code, the Company, within thirty (30) days thereafter, shall pay to the
Executive, in addition to any other payment, coverage or benefit due and owing
hereunder, an amount determined by multiplying the rate of excise tax then
imposed by Section 4999 by the amount of the "excess parachute payment" received
by the Executive (determined without regard to any payments made to the
Executive pursuant to this paragraph) and dividing the product so obtained by
the amount obtained by subtracting the aggregate local, estate and Federal
income tax rate applicable to the receipt by the Employee of the "excess
parachute payment" (taking into account the deductibility for Federal income tax
purposes of the payment of state and local income taxes thereon) from the amount
obtained by subtracting from 1.00 the rate of excise tax then imposed by Section
4999 of the Code, it being the Company's intention that the Employee's net after
tax position be identical to that which would have obtained had Sections 280G
and 4999 not been a part of the Code.

12. TERM OF AGREEMENT. The term of this Agreement shall be for 3 years from the
date hereof and shall be automatically renewed for successive one-year periods
unless the Company notifies the Employee in writing that this Agreement will not
be renewed at least sixty (60) days prior to the end of the current term;
provided, however, that (i) after a Change of Control during the term of this
Agreement, this Agreement shall remain in effect until all of the obligations of
the parties hereunder are satisfied or have expired, and (ii) this Agreement
shall terminate if, prior to a Change of Control, the employment of the Employee
with the Company or any of its Subsidiaries, as the case may be, shall terminate
for any reason, or if the Employee shall cease to be an Employee.

13. SUCCESSOR COMPANY. The Company shall require any successor or successors
(whether direct or indirect, by purchase, merger, consolidation or otherwise) to
all or substantially all of the business and/or assets of the Company, by
agreement in form and substance satisfactory to the Employee, to acknowledge
expressly that this Agreement is binding upon and enforceable against the
Company in accordance with the terms hereof, and to become jointly and severally
obligated with the Company to perform this Agreement in the same manner and to
the same extent that the Company would be required to perform if no such
succession or successions had taken place. Failure of the
<PAGE>   7
Company to obtain such agreement prior to the effectiveness of any such
succession shall be a breach of this Agreement. As used in this Agreement, the
Company shall mean the Company as herein before defined and any successor or
successors to its business and/or assets, jointly and severally.

14. NOTICE. All notices and other communications required or permitted hereunder
or necessary or convenient herewith shall be in writing and shall be delivered
personally or mailed by registered or certified mail, return receipt requested,
or by overnight express courier service, as follows:

If to the Company, to:

         Radian Group Inc.
         1601 Market Street
         Philadelphia, PA 19103
         Attention: Corporate Secretary

If to the Employee, to:

         Andrew R. Luczakowsky
         12 Virginia Lane
         Horsham, PA 19044

or to such other names or addresses as the Company or the Employee, as the case
may be, shall designate by notice to the other party hereto in the manner
specified in this Section 14; provided, however, that if no such notice is given
by the Company following a Change of Control, notice at the last address of the
Company or to any successor pursuant to Section 13 hereof shall be deemed
sufficient for the purposes hereof. Any such notice shall be deemed delivered
and effective when received in the case of personal delivery; five days after
deposit, postage prepaid, with the U.S. Postal Service in the case of registered
or certified mail; or on the next business day in the case of an overnight
express courier service.

15. GOVERNING LAW. This Agreement shall be governed by and construed by and
interpreted under the laws of the Commonwealth of Pennsylvania without giving
effect to any conflict of laws provisions.

16. CONTENTS OF AGREEMENTS, AMENDMENT AND ASSIGNMENT.

         (a) This Agreement supersedes all prior agreements and sets forth the
entire understanding between the parties hereto with respect to the subject
matter hereof and cannot be changed, modified, extended or terminated except
upon written amendment executed by the Employee and approved by the Board and
executed on the Company's behalf by a duly authorized officer. The provisions of
this Agreement may provide for payments to the Employee under certain
compensation or bonus plans under circumstances where such plans would not
provide for the payment thereof. It is the
<PAGE>   8
specific intention of the parties that the provisions of this Agreement shall
supersede any provisions to the contrary in such plans, and such plans shall be
deemed to have been amended to correspond with this Agreement without further
action by the Company or the Board.

         (b) Nothing in this Agreement shall be construed as giving the Employee
any right to be retained in the employ of the Company.

         (c) All of the terms and provisions of this Agreement shall be binding
upon and inure to the benefit of and be enforceable by the respective heirs,
representatives, successors and assigns of the parties hereto, except that the
duties and responsibilities of the Employee and the Company hereunder shall not
be assignable in whole or in part by the Company.

17. SEVERABILITY. If any provision of this Agreement or application thereof to
anyone or under any circumstances shall be determined to be invalid or
unenforceable, such invalidity or unenforceability shall not affect any other
provisions or applications of this Agreement which can be given effect without
the invalid or unenforceable provision or application.

18. REMEDIES CUMULATIVE; NO WAIVER. No right conferred upon the Employee by this
Agreement is intended to be exclusive of any other right or remedy, and each and
every such right or remedy shall be cumulative and shall be in addition to any
other right or remedy given hereunder or now or hereafter existing at law or in
equity. No delay or omission by the Employee in exercising any right, remedy or
power hereunder or existing at law or in equity shall be construed as a waiver
thereof, including, without limitation, any delay by the Employee in delivering
a Notice of Termination pursuant to Section 2 hereof after an event has occurred
which would, if the Employee had resigned, have constituted a Termination
following a Change of Control pursuant to this Agreement.

19. MISCELLANEOUS. All section headings are for convenience only. This Agreement
may be executed in several counterparts, each of which is an original. It shall
not be necessary in making proof of this Agreement or any counterpart hereof to
produce or account for any of the other counterparts.
<PAGE>   9
IN WITNESS WHEREOF, the undersigned, intending to be legally bound, have
executed this Agreement as of the date first above written.

RADIAN GROUP INC.

By:      ________________________________      _________________________________
         Frank P. Filipps, President           Andrew R. Luczakowsky

Attest:  ________________________________<PAGE>   1
                                                                   Exhibit 10.13

                            RADIAN VOLUNTARY DEFERRED
                         COMPENSATION PLAN FOR DIRECTORS

ARTICLE I - Definitions

"Account" shall mean a bookkeeping record of the accumulated contributions
determined for each Participant, including any earnings credited to or debited
from such contributions. Each Participant's Account shall be fully vested and
nonforfeitable at all times.

"Benefit Commencement Date" means the date irrevocably elected by the
Participant pursuant to Section 2.04.

"Board" means the Board of Directors of Radian Group Inc.

"Company" means Radian Group Inc., a Delaware corporation, and its corporate
successors and assigns, and any Subsidiary which is authorized by the Board to
adopt this Plan by action of its board of directors or other governing body.

"Committee" means the Stock Option and Compensation Committee of the Board.

"Compensation" means the annual fee, meeting fees and any chairmanship fees
payable to Participants during the Plan Year.

"Contingent deferred obligation" means the total amount of the Company's
contingent liability for payment of deferred benefits under the Plan.

"Deferred Compensation" means the amount of Compensation that a Participant has
irrevocably elected to defer under the terms of this Plan.

"Director" means a director of the Company.

"Disabled" and "Disability" shall have the meanings assigned to such terms in
the Company's disability plan.

"Participant" means a Director who elects to participate in the Plan, and
further differentiated as follows:

(i) "Active Participant": A Participant who is a Director at the time in
question.

(ii) "Inactive Participant": A Participant who is not a Director at the time in
question.

"Plan" means this Voluntary Deferred Compensation Plan as it may be amended from
time to time.

"Plan Year" means the calendar year during which a Participant's Compensation is
earned.

"Subsidiary" means a company of which the Company owns, directly or indirectly,
at least a majority of the shares having voting power in the election of
directors.
<PAGE>   2
ARTICLE II - Designation of Participants and Payment of Account

Section 2.01. Each individual who is eligible to participate in the Plan shall
complete such forms and provide such data as are reasonably required by the
Committee as a precondition to Plan participation.

Section 2.02. Each Participant must fully complete the deferral election form
provided by the Company, irrevocably electing to reduce their Compensation by an
amount equal to between 10% and 100% in increments of 1% only. By making such
election, the Participant shall for all purposes be deemed conclusively to have
consented to the provisions of the Plan and to all subsequent amendments
thereto. For the first Plan Year (i.e., 1999), such forms must be filed prior to
January 1, 2000. With respect to all Plan Years other than the first Plan Year,
such forms must be filed prior to January 1 of such Plan Year or at such earlier
time as may be set by the Committee in its sole discretion. A separate deferral
election must be filed for each Plan Year.

Section 2.03. A Participant may elect to receive a single sum payment or annual
installment payments over a term of ten years.

Section 2.04. A Participant may elect to receive payments in January of any year
which is at least two (2) years following the Plan Year for such election. The
Benefit Commencement Date specified in the Participant's deferral election shall
be accelerated upon the Participant's death, Disability or departure from the
Company's Board.

Section 2.05. A Participant shall have the option of postponing an elected
Benefit Commencement Date by making an irrevocable election to roll over such
election prior to the year in which such benefit is payable. A Participant shall
make such election on a form designated by the Committee.

ARTICLE III - Contingent Future Payments, Earnings, Investments and Forfeitures

Section 3.01. The Committee shall cause an Account to be kept in the name of
each Participant which shall reflect the value of the deferred contingent
benefits payable to such Participant or beneficiary under the Plan. Each Account
shall be maintained for bookkeeping purposes only. Neither the Plan nor any of
the Accounts established under the Plan shall hold any actual funds or assets.

Section 3.02. As soon as practicable after each year, each Active Participant's
Account shall be credited with earnings and debited with losses in accordance
with the annual rate of return option elected by the Participant on their
deferral election form. The annual rate of return election is irrevocable. The
annual rate of return options available under the Plan are:

(a) 200 basis points in excess of the average yield on 30-year U.S. Treasuries
on the last business day of each month of the year, and

(b) the Company's reported return on equity (positive or negative) for the year,
using (i) the Company's net income or loss after excluding expenses associated
with transactions that, in the

                                                                               2
<PAGE>   3
opinion of the Committee, are extraordinary and non-recurring, divided by (ii)
the average of the common stockholders equity calculated as the first day of the
year and the last day of the year.

Section 3.03 As soon as practicable after each year, each Inactive Participant's
Account shall be credited with earnings based upon the average yield on 5-year
U.S. Treasuries on the last business day of each month of such year plus 100
basis points. A Participant who ceases being a Director shall have the rate of
return they selected in accordance with Section 3.02 applied to their Deferred
Compensation until the date they terminated their status as a Director; the rate
of return for Inactive Participants provided under this Section 3.03 shall be
applied to their Deferred Compensation from that date until such compensation is
distributed.

Section 3.04. Each Participant's account shall be credited with the amount of
Deferred Compensation for such Plan Year as of the date such Deferred
Compensation would have been paid to the Participant had it not been deferred in
accordance with this Plan. All earning or losses thereon shall be prorated
accordingly.

Section 3.05. Title to and beneficial ownership of any assets, whether cash or
investments, which the Company may set aside or earmark to meet its contingent
deferred obligation hereunder, shall at all times remain in the Company. All
Plan Participants and beneficiaries are general unsecured creditors of the
Company with respect to the benefits due hereunder and the Plan constitutes a
mere promise by the Company to make benefit payments in the future. It is the
intention of the Company that the Plan be considered unfunded for tax purposes.

Section 3.06. In order to meet its contingent deferred obligations hereunder,
funds may be set aside or earmarked by the Company. These funds may be kept in
cash, or invested and reinvested, in the discretion of the Committee. The
Company may, but is not required to, establish a grantor trust which may be used
to hold assets of the Company which are maintained as reserves against the
Company's unfunded, unsecured obligations hereunder. Such reserves shall at all
times be subject to the claims of the Company's creditors. To the extent such
trust or other vehicle is established, and assets contributed, for the purpose
of fulfilling the Company's obligation hereunder, then such obligation of the
Company shall be reduced to the extent such assets are utilized to meet its
obligations hereunder.

ARTICLE IV - Death Benefits

Section 4.01. In the event that a Participant dies prior to their Benefit
Commencement Date, the Participant's Account shall accrue annual earnings
thereafter in accordance with Section 3.03 until such time as the Account is
distributed. The beneficiary of such Participant shall receive as a death
benefit a single sum equal to the entire value of the Account in January of the
year immediately following the Participant's death.

Section 4.02. In the event that a Participant dies after their Benefit
Commencement Date, the beneficiary of such Participant shall receive as a death
benefit a single sum equal to the entire value of the Account.

                                                                               3
<PAGE>   4
ARTICLE V - Payment of Benefits

Section 5.01. A Participant's Account shall become payable to the Participant as
soon as administratively practical following the Benefit Commencement Date
specified in their deferral election. If the Participant has elected to receive
their Account in annual installments, the Participant's Account will continue to
be credited with earnings or losses calculated in accordance with their
elections. Each annual payment shall be calculated by dividing the remaining
value of the Account (or portion thereof) by the number of remaining annual
installment payments to be made to the Participant.

Section 5.02. A Participant's death benefit shall be payable to their
beneficiary as set forth in Article IV.

Section 5.03. A Participant shall be paid the value of their Account (or portion
thereof) beginning at the Benefit Commencement Date in a single sum or in
periodic installment payments payable annually for ten years as irrevocably
elected by the Participant.

Section 5.04. The Committee has the authority, in its sole discretion and
judgment, to make all determinations concerning eligibility for benefits under
the Plan, the time or terms of payment, and the form or manner of payment to the
Participant or the Participant's beneficiary, in the event of the death or
Disability of the Participant.

Section 5.05. If a Participant or beneficiary entitled to receive any benefits
hereunder is a minor or is determined to be legally incapable of giving valid
receipt and discharge for such benefits, benefits will be paid to such person as
the Committee may designate for the benefit of such Participant or beneficiary.
Such payments shall be considered a payment to such Participant or beneficiary
and shall, to the extent made, be deemed a complete discharge of any liability
for such payments under the Plan.

Section 5.06. The Committee shall make all reasonable attempts to determine the
identity and/or whereabouts of a Participant or a Participant's beneficiary
entitled to benefits under the Plan, including the mailing by certified mail of
a notice to the last known address shown on the Company's or the Committee's
records. If the Committee is unable to locate such a person entitled to benefits
hereunder, or if there has been no claim made for such benefits, the Company
shall continue to hold the benefit due such person, subject to any applicable
statute of escheats.

Section 5.07. In the event of the Participant's Disability or departure from the
Company's Board prior to their selected Benefit Commencement Date, the
Participant's Benefit Commencement Date shall be adjusted to the January
following the Participant's departure from the Company's Board or Disability.
The Participant's Account shall be paid in the manner prescribed on the
Participant's election form, except with regard to the Participant's originally
selected Benefit Commencement Date.

Section 5.08. Any claim by a Participant or their beneficiary (hereafter the
"Claimant") for benefits shall be submitted in writing to the Committee.

(a) The Committee shall be responsible for deciding whether such claim is
payable, or the claimed relief otherwise is allowable, under the provisions and
rules of the Plan (a "Covered Claim"). The Committee otherwise shall be
responsible for providing a full review of the Committee's decision with regard
to any claim, upon a written request.

                                                                               4
<PAGE>   5
(b) Each Claimant or other interested person shall file with the Committee such
pertinent information as the Committee may specify, and in such manner and form
as the Committee way specify; and, such person shall not have any rights or be
entitled to any benefits, or further benefits, hereunder, as the case may be,
unless the required information is filed by the Claimant or on behalf of the
Claimant. Each Claimant shall supply, at such times and in such manner as may be
required, written proof that the benefit is covered under the Plan. If it is
determined that a Claimant has not incurred a Covered Claim or if the Claimant
shall fail to furnish such proof as is requested, no benefits, or no further
benefits, hereunder, as the case may be, shall be payable to such Claimant.

(c) Notice of any decision by the Committee with respect to a claim generally
shall be furnished to the Claimant within ninety (90) days following the receipt
of the claim by the Committee (or within ninety (90) days following the
expiration of the initial ninety (90) day period in any case where, there are
special circumstances requiring extension of time for processing the claim). If
special circumstances require an extension of time for processing the claim,
written notice of the extension shall be furnished by the Committee to the
Claimant.

(d) Commencement of benefit payments shall constitute notice of approval of a
claim to the extent of the amount of the approved benefit. If such claim shall
be wholly or partially denied, such notice shall be in writing. If the Committee
fails to notify the Claimant of the decision regarding their claim in accordance
with this Section 5.07, the claim shall be "deemed" denied, and the Claimant
then shall be permitted to proceed with the claims review procedure provided for
herein.

(e) Within sixty (60) days following receipt by the Claimant of notice of the
claim denial, or within sixty (60) days following the date of a deemed denial,
the Claimant may appeal denial of the claim by filing a written application for
review with the Committee. Following such request for review, the Committee
shall fully review the decision denying the claim. The decision of the Committee
then shall be made within sixty (60) days following receipt by the Committee of
a timely request for review (or within one hundred and twenty (120) days after
such receipt, in a case where there are special circumstances requiring an
extension of time for reviewing such denied claim). The Committee shall deliver
its decision to the Claimant in writing. If the decision on review is not
furnished within the prescribed time, the claim shall be deemed denied on
review.

(f) For all purposes under the Plan, the decision with respect to a claim (if no
review is requested) and the decision with respect to a claims review (if
requested), shall be final, binding and conclusive on all Participants,
beneficiaries and other interested parties, as to all matters relating to the
Plan and Plan benefits. Further, each claims determination under the Plan shall
be made in the absolute and exclusive discretion and authority of the Committee.

ARTICLE VI - Beneficiary Designation

Section 6.01. A Participant may designate a beneficiary and a contingent
beneficiary as part of their deferral election. Any beneficiary designation
hereunder shall remain effective until changed or revoked.

                                                                               5
<PAGE>   6
Section 6.02. A beneficiary designation may be changed by the Participant at any
time, or from time to time, by filing a new designation in writing with the
Company.

Section 6.03. If the Participant dies without having designated a beneficiary or
if the Participant dies and the beneficiary so named by the Participant has
predeceased the Participant, then the Participant's estate shall be deemed to be
their beneficiary.

ARTICLE VII - Administration

Section 7.01. The books and records to be maintained for the purpose of the Plan
shall be maintained by the officers and employees of the Company at its expense
and subject to the supervision and control of the Committee. The Company shall
pay all expenses of administering the Plan either from funds set aside or
earmarked under the Plan or from other funds.

Section 7.02. To the extent permitted by law, the right of any Participant or
any beneficiary in any benefit or to any payment hereunder shall not be subject
in any manner to attachment or other legal process for the debts of such
Participant or beneficiary; and any such benefit or payment shall not be subject
to anticipation, alienation, sale, transfer, assignment or encumbrance.

Section 7.03. No member of the Board or of the Committee and no officer or
employee of the Company shall be liable to any person for any action taken or
omitted in connection with the administration of this Plan unless attributable
to their own fraud or willful misconduct; nor shall the Company be liable to any
person for any such action unless attributable to fraud or willful misconduct on
the part of a director, officer or employee of the Company.

Section 7.04. The Committee shall be the agent for service of process on the
Plan.

Section 7.05. Benefit payments hereunder shall be subject to withholding, to the
extent required (as determined by the Company) by applicable tax or other laws.

Section 7.06. The Plan shall be binding upon and inure to the benefit of the
Company, its successors and assigns, and the Participant and their heirs,
executors, administrators and legal representatives.

Section 7.07. If any provision of this Plan is held invalid or unenforceable to
the extent necessary to effectuate the purposes of this Plan, its invalidity or
unenforceability shall not affect any other provisions of the Plan and the Plan
shall be construed and enforced as if such provisions had not been included
therein.

ARTICLE VIII - Amendment or Termination of Plan

Section 8.01. The Board may terminate the Plan or amend the Plan in whole or in
part, effective as of any date specified. Notwithstanding the foregoing, in the
event of a "Change in Control" of the Company, as such term is defined in the
Company's Equity Compensation Plan, the Plan may not be amended in any manner
whatsoever that would diminish the value of a Participant's interest in or
ultimate benefits under the Plan or accelerate any payment to a Participant.

                                                                               6
<PAGE>   7
                            RADIAN VOLUNTARY DEFERRED
                         COMPENSATION PLAN FOR OFFICERS

ARTICLE I - Definitions

"Account" shall mean a bookkeeping record of the accumulated contributions
determined for each Participant, including any earnings credited to or debited
from such contributions. Except as provided in Section 3.07, a Participant's
Account shall be fully vested and nonforfeitable at all times.

"Benefit Commencement Date" means the date irrevocably elected by the
Participant pursuant to Section 2.04.

"Board" means the Board of Directors of Radian Group Inc.

"Company" means Radian Group Inc., a Delaware corporation, and its corporate
successors and assigns, and any Subsidiary which is authorized by the Board to
adopt this Plan by action of its board of directors or other governing body.

"Committee" means the Stock Option and Compensation Committee of the Board.

"Compensation" means annual bonuses paid to Participants after the close of each
calendar year for which the bonuses are earned.

"Contingent deferred obligation" means the total amount of the Company's
contingent liability for payment of deferred benefits under the Plan.

"Deferred Compensation" means the amount of Compensation that a Participant has
irrevocably elected to defer under the terms of this Plan.

"Disabled" and "Disability" shall have the meanings assigned to such terms in
the Company's disability plan.

"Eligible Executive" means an executive of the Company, or of a Subsidiary, who
has the rank of Senior Vice President or higher and such other officers of the
Company as the Committee may designate.

"Participant" means an Eligible Executive who elects to participate in the Plan,
and further differentiated as follows:

(i) "Active Participant": A Participant who is an employee of the Company at the
time in question.

(ii) "Inactive Participant": A Participant who is not an employee of the Company
at the time in question.

"Plan" means this Voluntary Deferred Compensation Plan as it may be amended from
time to time.
<PAGE>   8
"Plan Year" means the calendar year during which a Participant's Compensation is
earned.

"Retirement" means a Participant's retirement as defined under Radian's Pension
Plan.

"Subsidiary" means a company of which the Company owns, directly or indirectly,
at least a majority of the shares having voting power in the election of
directors.

ARTICLE II - Designation of Participants and Payment of Account

Section 2.01. Each individual who is eligible to participate in the Plan shall
complete such forms and provide such data as are reasonably required by the
Committee as a precondition to Plan participation.

Section 2.02. Each Participant must fully complete the deferral election form
provided by the Company, irrevocably electing to reduce their Compensation by an
amount equal to between 10% and 100% in increments of 1% only. By making such
election, the Participant shall for all purposes be deemed conclusively to have
consented to the provisions of the Plan and to all subsequent amendments
thereto. For the first Plan Year (i.e., 1999), such forms must be filed prior to
January 1, 2000. With respect to all Plan Years other than the first Plan Year,
such forms must be filed prior to January 1 of such Plan Year or at such earlier
time as may be set by the Committee in its sole discretion. A separate deferral
election must be filed for each Plan Year.

Section 2.03. A Participant may elect to receive a single sum payment or annual
installment payments over a term of ten years.

Section 2.04. A Participant may elect to receive payments in January of any year
which is at least two (2) years following the Plan Year for such election. The
Benefit Commencement Date specified in the Participant's deferral election shall
be accelerated upon the Participant's death, Disability or Retirement.

Section 2.05. A Participant shall have the option of postponing an elected
Benefit Commencement Date by making an irrevocable election to roll over such
election prior to the year in which such benefit is payable. A Participant shall
make such election on a form designated by the Committee.

ARTICLE III - Contingent Future Payments, Earnings, Investments and Forfeitures

Section 3.01. The Committee shall cause an Account to be kept in the name of
each Participant which shall reflect the value of the deferred contingent
benefits payable to such Participant or beneficiary under the Plan. Each Account
shall be maintained for bookkeeping purposes only. Neither the Plan nor any of
the Accounts established under the Plan shall hold any actual funds or assets.

Section 3.02. As soon as practicable after each year, each Active Participant's
Account shall be credited with earnings and debited with losses in accordance
with the annual rate of return option

                                                                               2
<PAGE>   9
elected by the Participant on their deferral election form. The annual rate of
return election is irrevocable. The annual rate of return options available
under the Plan are:

(a) 200 basis points in excess of the average yield on 30-year U.S. Treasuries
in effect on the last business day of each month of the year, and

(b) the Company's reported return on equity (positive or negative) for the year,
using (i) the Company's net income or loss after excluding expenses associated
with transactions that, in the opinion of the Committee, are extraordinary and
non-recurring, divided by (ii) the average of the common stockholders equity
calculated as the first day of the year and the last day of the year.

Section 3.03. As soon as practicable after each year, each Inactive
Participant's Account shall be credited with earnings based upon: (i) the
average yield on 5-year U.S. Treasuries on the last business day of each month
of such year plus 100 basis points if they left the Company's employ because of
their death, Disability or Retirement, or (ii) the average yield on 30-year U.S.
Treasuries on the last business day of each month of such year if they left the
Company's employ for any other reason. A Participant who leaves the Company's
employ shall have the rate of return they selected in accordance with Section
3.02 applied to their Deferred Compensation until the date they terminated their
employment status; the rate of return for Inactive Participants provided under
this Section 3.03 shall be applied to their Deferred Compensation from that date
until such compensation is distributed.

Section 3.04. Each Participant's account shall be credited with the amount of
Deferred Compensation for such Plan Year as of the date such Deferred
Compensation would have been paid to the Participant had it not been deferred in
accordance with this Plan. All earning or losses thereon shall be prorated
accordingly.

Section 3.05. Until deferred benefits hereunder are distributed in accordance
with the terms of the Plan, the interest of each Participant and beneficiary
therein is contingent only and is subject to forfeiture as provided in Section
3.07. Title to and beneficial ownership of any assets, whether cash or
investments, which the Company may set aside or earmark to meet its contingent
deferred obligation hereunder, shall at all times remain in the Company. All
Plan Participants and beneficiaries are general unsecured creditors of the
Company with respect to the benefits due hereunder and the Plan constitutes a
mere promise by the Company to make benefit payments in the future. It is the
intention of the Company that the Plan be considered unfunded for tax purposes.

Section 3.06. In order to meet its contingent deferred obligations hereunder,
funds may be set aside or earmarked by the Company. These funds may be kept in
cash, or invested and reinvested, in the discretion of the Committee. The
Company may, but is not required to, establish a grantor trust which may be used
to hold assets of the Company which are maintained as reserves against the
Company's unfunded, unsecured obligations hereunder. Such reserves shall at all
times be subject to the claims of the Company's creditors. To the extent such
trust or other vehicle is established, and assets contributed, for the purpose
of fulfilling the Company's obligation hereunder, then such obligation of the
Company shall be reduced to the extent such assets are utilized to meet its
obligations hereunder.

Section 3.07. The contingent right of a Participant or beneficiary to receive
future payments hereunder shall be forfeited upon the occurrence of any one or
more of the following events:

                                                                               3
<PAGE>   10
(a) If the Participant is discharged from employment by the Company or a
Subsidiary for acts which constitute their willful misconduct in connection with
the performance of their duties to the Company or a Subsidiary, and such conduct
shall have been materially harmful to the Company or a Subsidiary, including,
but without limiting the generality of the foregoing, misappropriation of funds
or property of the Company or a Subsidiary, securing or attempting to secure
personally any profit in connection with any transaction entered into on behalf
of the Company or a Subsidiary, or committing the Company or a Subsidiary to any
transaction adverse to its respective interests except as a result of a good
faith error in judgment, or

(b) If the Participant shall enter into a business or employment which the
Committee determines to be (i) detrimentally competitive with the business of
the Company or a Subsidiary, and (ii) substantially injurious to the Company's
financial interests.

ARTICLE IV - Death Benefits

Section 4.01. In the event that a Participant dies prior to their Benefit
Commencement Date, the Participant's Account shall accrue annual earnings
thereafter in accordance with Section 3.03 until such time as the Account is
distributed. The beneficiary of such Participant shall receive as a death
benefit a single sum equal to the entire value of the Account in January of the
year immediately following the Participant's death.

Section 4.02. In the event that a Participant dies after their Benefit
Commencement Date, the beneficiary of such Participant shall receive as a death
benefit a single sum equal to the entire value of the Account.

ARTICLE V - Payment of Benefits

Section 5.01. A Participant's Account shall become payable to the Participant as
soon as administratively practical following the Benefit Commencement Date
specified in their deferral election. If the Participant has elected to receive
their Account in annual installments, the Participant's Account will continue to
be credited with earnings or losses calculated in accordance with their
elections. Each annual payment shall be calculated by dividing the remaining
value of the Account (or portion thereof) by the number of remaining annual
installment payments to be made to the Participant.

Section 5.02. A Participant's death benefit shall be payable to their
beneficiary as set forth in Article IV.

Section 5.03. A Participant shall be paid the value of their Account (or portion
thereof) beginning at the Benefit Commencement Date in a single sum or in
periodic installment payments payable annually for ten years as irrevocably
elected by the Participant.

Section 5.04. In the event of the death or Disability of the Participant, the
Committee has the authority, in its sole discretion and judgment, to make
determinations concerning eligibility for benefits under the Plan.

Section 5.05. If a Participant or beneficiary entitled to receive any benefits
hereunder is a minor or is determined to be legally incapable of giving valid
receipt and discharge for such benefits,

                                                                               4
<PAGE>   11
benefits will be paid to such person as the Committee may designate for the
benefit of such Participant or beneficiary. Such payments shall be considered a
payment to such Participant or beneficiary and shall, to the extent made, be
deemed a complete discharge of any liability for such payments under the Plan.

Section 5.06. The Committee shall make all reasonable attempts to determine the
identity and/or whereabouts of a Participant or a Participant's beneficiary
entitled to benefits under the Plan, including the mailing by certified mail of
a notice to the last known address shown on the Company's or the Committee's
records. If the Committee is unable to locate such a person entitled to benefits
hereunder, or if there has been no claim made for such benefits, the Company
shall continue to hold the benefit due such person, subject to any applicable
statute of escheats.

Section 5.07. In the event of the Participant's Disability or Retirement prior
to their selected Benefit Commencement Date, the Participant's Benefit
Commencement Date shall be adjusted to the January following the Participant's
Retirement or Disability. The Participant's Account shall be paid in the manner
prescribed on the Participant's election form, except with regard to the
Participant's originally selected Benefit Commencement Date.

ARTICLE VI - Beneficiary Designation

Section 6.01. A Participant may designate a beneficiary and a contingent
beneficiary as part of their deferral election. Any beneficiary designation
hereunder shall remain effective until changed or revoked.

Section 6.02. A beneficiary designation may be changed by the Participant at any
time, or from time to time, by filing a new designation in writing with the
Company.

Section 6.03. If the Participant dies without having designated a beneficiary or
if the Participant dies and the beneficiary so named by the Participant has
predeceased the Participant, then the Participant's estate shall be deemed to be
their beneficiary.

ARTICLE VII - Administration

Section 7.01. The books and records to be maintained for the purpose of the Plan
shall be maintained by the officers and employees of the Company at its expense
and subject to the supervision and control of the Committee. The Company shall
pay all expenses of administering the Plan either from funds set aside or
earmarked under the Plan or from other funds.

Section 7.02. To the extent permitted by law, the right of any Participant or
any beneficiary in any benefit or to any payment hereunder shall not be subject
in any manner to attachment or other legal process for the debts of such
Participant or beneficiary; and any such benefit or payment shall not be subject
to anticipation, alienation, sale, transfer, assignment or encumbrance.

Section 7.03. No member of the Board or of the Committee and no officer or
employee of the Company shall be liable to any person for any action taken or
omitted in connection with the administration of this Plan unless attributable
to their own fraud or willful misconduct; nor shall

                                                                               5
<PAGE>   12
the Company be liable to any person for any such action unless attributable to
fraud or willful misconduct on the part of a director, officer or employee of
the Company.

Section 7.04. The Committee shall be the agent for service of process on the
Plan.

Section 7.05. Benefit payments hereunder shall be subject to withholding, to the
extent required (as determined by the Company) by applicable tax or other laws.

Section 7.06. The Plan shall be binding upon and inure to the benefit of the
Company, its successors and assigns, and the Participant and their heirs,
executors, administrators and legal representatives.

Section 7.07. If any provision of this Plan is held invalid or unenforceable to
the extent necessary to effectuate the purposes of this Plan, its invalidity or
unenforceability shall not affect any other provisions of the Plan and the Plan
shall be construed and enforced as if such provisions had not been included
therein.

ARTICLE VIII - Amendment or Termination of Plan

Section 8.01. The Board may terminate the Plan or amend the Plan in whole or in
part, effective as of any date specified. Notwithstanding the foregoing, in the
event of a "Change in Control" of the Company, as such term is defined in the
Company's Equity Compensation Plan, the Plan may not be amended in any manner
whatsoever that would diminish the value of a Participant's interest in or
ultimate benefits under the Plan or accelerate any payment to a Participant.

                                                                               6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00006-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00006-of-00352.parquet"}]]