Document:

EX-10.5

 Exhibit 10.5 

February 8, 2017 
 S.A. Ibrahim 

 

	Re:	Consulting Services for Radian Group Inc. 

 Dear S.A.: 

This letter sets forth the terms of the agreement between you and Radian Group Inc. (“Radian”) relating to consulting services that you will
provide to Radian and its subsidiaries and affiliated companies (collectively, the “Company”). 

1.    Services. Commencing March 6, 2017, you shall provide consulting services to Radian with respect to
transition of management, new business opportunities, strategic planning, customer and investor relations and such other matters as the Chief Executive Officer of Radian (“CEO”) may request (the “Services”). You
shall exercise reasonable skill and care in providing the Services, and you shall perform the Services in a professional manner, consistent with industry standards. You shall provide the Services to the Company at such times as reasonably requested
by the CEO, taking into consideration your other commitments and obligations. 
 2.    Consulting Fee. As full
and exclusive consideration for the Services, Radian shall pay you a consulting fee at the rate of $79,166 per month (which shall be prorated for any period of less than a full calendar month). The consulting fee shall be payable to you in arrears
in the month following the month in which the Services were performed. 
 3.    Incentive Compensation. 

a.    You shall be eligible to earn an incentive award (the “Incentive Award”) based on your performance
of the Services and the Company’s performance measured over a two-year performance period beginning January 1, 2017 and ending December 31, 2018 (the “Performance Period”)
against pre-established metrics established 

 
by the Compensation and Human Resources Committee (the “Compensation Committee”) of the Board of Directors of Radian (the “Board”) consistent with the metrics
previously reviewed with you and approved by the Compensation Committee on February 7, 2017. Your target Incentive Award for the Performance Period shall be $3,000,000. Following the first year of the Performance Period (from January 1,
2017 through December 31, 2017), the Compensation Committee shall determine the amount of the Incentive Award, if any, to be awarded to you (your “STI Award”) based on your and the Company’s performance against the
performance metrics established by the Compensation Committee as described above. 50% of your STI Award shall be paid to you between January 1, 2018 and March 15, 2018 and in no event later than the date annual incentive awards are paid to
executive officers of the Company. The remaining 50% will become your target incentive award for the remaining portion of the Performance Period (your “MTI Target”). Following the conclusion of the Performance Period, the
Compensation Committee shall award you a percentage of your MTI Target (from 0% to 115%) based on the Compensation Committee’s determination of performance against the performance metrics established by the Compensation Committee as described
above (your “MTI Award”). Your MTI Award shall be paid to you between January 1, 2019 and March 15, 2019 and in no event later than the date annual incentive awards are paid to executive officers of the Company. The
Compensation Committee shall make all determinations with respect to the Incentive Award in its sole discretion, consistent with the performance metrics described above. 

b.     In the event of your death while providing the Services during the first year of the Performance Period, the STI
Award shall be paid in the amount of $1,500,000, at the time described in subsection (a), and your MTI Target shall be $1,500,000. In the event of your death while providing the Services after the first year of the Performance Period, any unpaid STI
Award that is awarded based on performance as described in subsection (a), and any MTI Award that is awarded based on performance as described in subsection (a), shall be paid at the applicable payment dates under subsection (a). If you voluntarily
terminate this letter agreement before March 5, 2018, no further payments will be made under this Section 3 with respect to performance periods ending after the date of termination. If this letter agreement is terminated by the Company for
Cause, no further payments will be made under this Section 3. 
 4.    Location of Performance of Services;
Expense Reimbursement. It is anticipated that you will perform the Services remotely from your home office, and occasionally, as requested by Radian, taking into account your other commitments and obligations, onsite at Radian’s offices or
at such other locations as reasonably requested by Radian. Radian will reimburse you for the reasonable expenses related to your travel as requested by Radian in connection with the Services, including to Radian’s offices or other meeting
locations. In addition, Radian shall reimburse you for all necessary and reasonable business expenses incurred by you in the performance of the Services. All such expenses shall be reimbursed in accordance with Radian’s business expense
reimbursement policies. During the Term, Radian shall provide you with support services as reasonably needed with respect to the Services, including support from an administrative assistant. 

 5.    Level of Services. You and Radian anticipate that the Services
will not exceed 30 hours per month. You and Radian agree that it is reasonably anticipated that your Services hereunder will require you to render Services each month at a level that will not exceed 20% of the average level of your services as an
employee of Radian over the preceding 36-month period. You and Radian acknowledge that, for purposes of section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), you will
have undergone a “separation from service,” within the meaning of section 409A, from Radian upon the date of your retirement from employment with Radian on March 5, 2017. 

6.    Confidentiality; Non-disclosure. 

a.    You shall not at any time, during the Term or thereafter, directly or indirectly disclose or reveal to any person or
entity any Confidential Information of the Company or of any third parties which the Company is under an obligation to keep confidential, except to the Company, as permitted by subsection (c) below, or as otherwise authorized by the Company in
writing. The term “Confidential Information” shall mean all information concerning the business or other affairs of the Company or its customers that you learn or become aware of in connection with the performance of the Services
and shall include, without limitation, all trade secrets and other information received from third parties and required to be held in confidence by the Company, all non-public information relating to existing
and potential customers, markets, contracts, prices, products, personnel, strategies, policies, systems, procedures, technologies, works, business methods or other methods, know-how, information, data,
financial information, processes, trade secrets, inventions, developments, applications and any other information relating to any of the foregoing of the Company, in each case, that you learn or become aware of in connection with the performance of
the Services. All memoranda, notes, lists, records and other documents (and all copies thereof) made or compiled by you or made available to you concerning the Services or the Company shall be included in Confidential Information, shall be the
Company’s property and upon request from the Company shall be delivered to the Company upon the earlier of termination of this letter agreement or request by the Company. However, Confidential Information shall not include any information that,
as of the date of disclosure to you: (i) was generally available to the public through no act or omission of yours or (ii) was independently acquired by you without violating any of your obligations under this letter agreement. You shall
not directly or indirectly, either during or after the Term, use or attempt to use any Confidential Information for any purpose except (and then only during the Term) as may be required for you to perform the Services. The Confidential Information
and all material, whether in written, non-written, digital, photographic or any other tangible or intangible format, embodying Confidential Information is acknowledged to be the property of the Company. 

b.    You understand and acknowledge that you are aware that Confidential Information is or may be material information
and that the use of such information may be 

 
regulated, restricted or prohibited by applicable laws relating to insider trading or dealing. Moreover, you agree that you shall not use Confidential Information for trading in the securities of
the Company, including, but not limited to, Radian, or for any other unlawful purpose. 
 c.    Nothing in this letter
agreement, including any restrictions on the use of Confidential Information, shall prohibit or restrict you 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, you agree 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. 
 7.    Restrictive Covenants. You acknowledge that you remain subject to the Restrictive Covenants
described in Section 3 of the Retirement Agreement (the “Restrictive Covenants”). 

8.    Proprietary Information and Work. You agree that all inventions, innovations, improvements, developments,
methods, designs, analyses, reports, and all similar or related information which relates to the Company’s actual or anticipated business, research and development or existing or future products or services and which are conceived, developed or
made by you in connection with your performance of the Services (“Work Product”) belong to the Company. You will promptly disclose such Work Product to the Board and perform all actions reasonably requested by Radian (whether during
or after the Term) to establish and confirm such ownership (including, without limitation, assignments, consents, powers of attorneys and other instruments). 

9.    Remedies. You acknowledge that because the Services are personal and unique and you will have access to and
have become and will become acquainted with the Confidential Information of the Company, and because any breach by you of any of the restrictive covenants contained in Sections 6 through 8 of this letter agreement may result in irreparable injury
and damage for which money damages would not provide an adequate remedy, the Company shall have the right to enforce Sections 6 through 8 of this letter agreement by injunction, specific performance or other equitable relief, without bond and
without prejudice to any other rights and remedies that the Company may have for a breach, or threatened breach, of the restrictive covenants set forth in Sections 6 through 8 of this letter agreement. You agree that in any action in which the
Company seeks injunction, specific performance or other equitable relief, you will not assert or contend that any of the provisions of Sections 6 through 8 are unreasonable or otherwise unenforceable. 

 10.    Taxes. You shall perform the Services to be provided hereunder
as an independent contractor. You shall be responsible for the payment of all applicable taxes arising from your performance of, and payment for, the Services, including without limitation any income and self-employment taxes. The parties agree that
the Company shall not withhold any amounts for taxes or pay any of the taxes or fees contemplated in the preceding sentence in connection with your Services to the Company. The Company will report all compensation income under this letter agreement
on a Form 1099. 
 11.    Independent Contractor Relationship. Nothing in this letter agreement shall be
construed to create any association, partnership, joint venture or relationship of principal and agent or employer and employee between you and the Company or to provide any party with the right, power or authority to create any such duty or
obligation on behalf of the other party. You shall not hold out yourself as an affiliate, agent, officer, director or employee of or partner, joint venturer, co-principal or
co-employer with the Company; provided that nothing herein shall prevent you from referring to yourself as a consultant to the Company. You shall not be treated as an employee of the Company for any
purpose, including, without limitation, for the purposes of any employee or fringe benefits provided by the Company to its employees including, without limitation, employee insurance, pension, savings, medical, health care, fringe benefit, stock
option, equity compensation, deferred compensation or bonus plans, or for withholding tax purposes. There is no employer/employee relationship established by this letter agreement, nor does this letter agreement or the Services hereunder create a
promise, actual or implied, of future employment with the Company or any other entity, or for a right to any compensation in lieu of an offer of such employment. 

12.    Consultant Representations. 

a.    You represent and warrant to Radian that: 

(i)    your execution and delivery of this letter agreement and the performance of the Services will not violate the
provisions of any agreement to which you are a party or are otherwise bound (including without limitation, confidentiality and non-solicitation obligations); 

(ii)    you are not a party to any existing agreement, and during the Term you will not become a party to an agreement,
that would prevent you from performing your obligations hereunder or that could conflict with, impair or adversely affect your performance under this letter agreement; 

(iii)    the performance of the Services and the manner of such performance by you do not and will not violate or in any
way infringe upon any rights of third parties, including property, contractual, employment, trade secrets, proprietary information and non-disclosure rights, or any trademark, copyright, patent or other
intellectual property rights; and 

 (iv)    you have full legal right to irrevocably assign to the Company all
rights in and to the Work contemplated by Section 8. 
 b.    You shall observe and comply with (i) all
applicable laws, rules and regulations in the performance of the Services; and (ii) Radian’s policies and procedures for information security and other policies and procedures applicable to consultants generally as described in
Radian’s Code of Conduct, as in effect as of the date of this letter agreement or, with respect to any subsequent changes, as communicated to you by the Company in writing (the “Code of Conduct”). 

13.    Assignment. Neither you, on the one hand, nor Radian, on the other hand, may assign or delegate any of your
or its rights, duties or obligations hereunder without the prior written consent of the other party; provided, that Radian may, without your consent, assign this letter agreement to any successor by merger or any entity acquiring all or
substantially all of Radian’s assets. This letter agreement shall inure to the benefit of, and be binding upon, the parties’ permitted successors and assigns. 

14.    Improper Assignment Void. Any purported assignment in violation hereof shall be null and void and of no
effect whatsoever. 
 15.    Effective Date; Term and Termination. 

a.    This letter agreement shall be effective as of March 6, 2017. The term of this letter agreement will commence on
March 6, 2017 and shall continue through March 5, 2018, or until terminated earlier as described below (the “Term”). The continuation of payments under Section 3 after March 5, 2018 shall not be deemed to
extend the Term of the letter agreement or the duration of the period of restriction or application of any Restrictive Covenant. 

b.    You and Radian may terminate this letter agreement by mutual agreement before March 5, 2018. Radian may
terminate this letter agreement at any time, with or without prior written notice, for Cause (as defined below). This letter agreement shall automatically terminate upon your death. 

c.    Upon a termination of this letter agreement as permitted by its terms, Radian shall be obligated to pay you
(i) for the Services rendered before the date of termination in accordance with this letter agreement, (ii) any unreimbursed expenses under Section 4, and (iii) any amounts payable under Section 3(b). 

d.    For purposes of this letter agreement, “Cause” shall mean any of the grounds for termination of the
Services listed below which is not cured by you within the 20-day period following written notice from the Board of the specific grounds that could 

 
result in a termination for Cause; provided that you shall only have an opportunity to cure a failure to the extent the failure is curable, as determined by the Board in its sole discretion: 

(i)    You shall have been indicted for, convicted of, or plead nolo contendere to, a crime involving fraud,
misrepresentation or moral turpitude or any felony (excluding traffic offenses other than traffic offenses involving use of alcohol or illegal substances); 

(ii)    You engage in fraud, dishonesty, theft or misappropriation of funds in connection with the Services; 

(iii)    It is determined by a court of competent jurisdiction that you breached any of the covenants or agreements
described in Sections 6 through 8 of this letter agreement (other than the Code of Conduct), or materially breached the Code of Conduct; 

(iv)    Your gross negligence or willful misconduct in the performance of the Services. 

e.    The respective rights and obligations of the parties shall survive the termination or expiration of this letter
agreement to the extent necessary to carry out the intentions of the parties hereto, including without limitation, Sections 6 through 8 and Sections 15 and 17 of this letter agreement. 

16.    Section 409A. This letter agreement is intended to comply with the “short-term deferral” exception
under section 409A of the Code, to the extent applicable. 
 17.    Indemnification. Radian agrees to indemnify
you against all claims arising out of actions or omissions in connection with your provision of the Services, to the same extent and on the same terms and conditions as would be applicable had the Services been provided by an executive officer of
Radian under Radian’s bylaws or Radian’s Amended and Restated Certificate of Incorporation. Without limiting the foregoing, you shall have no liability with respect to actions taken by the CEO or other officers, employees or directors of
the Company in connection with your provision of the Services; it being understood and agreed that you are providing the Services in an advisory capacity and, consistent with Section 11 of this letter agreement, you have no authority to bind
the Company. 
 18.    No Assignment; Unfunded Agreement. No compensation payable under this letter agreement may
be transferred, assigned, pledged or encumbered by you, nor may any compensation under this letter agreement be subject to any claim of any creditor, and, in particular, to the fullest extent permitted by law, all such payments, benefits and rights
will be free from attachment, garnishment, trustee’s process, or any other legal or equitable process available to any of your creditors. This letter agreement is an unfunded arrangement. Your rights under this letter agreement will be no
greater than the right of an unsecured general creditor of Radian. All compensation will be paid from the general funds of Radian. In the event you die, any payments due to you under this letter agreement and not paid prior to your death shall be
made to the personal representative of your estate. 

 19.    Applicable Law. This letter agreement shall be governed by the
laws of the Commonwealth of Pennsylvania without giving effect to the conflicts of laws principles. 

20.    Integrated Agreement. This letter agreement, the Restrictive Covenants and the Retirement Agreement
constitute the entire understanding and agreement between you and Radian concerning the subject matter hereof. This letter agreement supersedes all prior written or oral agreements or understandings existing between you and Radian concerning the
subject matter hereof (other than the Retirement Agreement, including the Restrictive Covenants contained therein). 
 If the foregoing
correctly sets forth the agreement between us, please so indicate by signing the copy of this letter agreement in the space set forth below and returning it to me, whereupon it shall constitute our binding agreement. 

 
  

			
	Very truly yours,
	
	RADIAN GROUP INC.
		
	By:	 	 /s/ Anita Scott

	Name:	 	Anita Scott
	Title:	 	SVP, Chief Human Resources Officer
	
	Date: February 8, 2017

 ACKNOWLEDGEMENT AND ACCEPTANCE 

I acknowledge receipt of this letter agreement setting forth the terms and conditions governing the engagement to perform Services as an independent
contractor and agree to all terms and conditions of this letter agreement, to the extent provided in this letter agreement, including the restrictive covenants described in Sections 6 through 8 of this letter agreement. 

 

	
	 /s/ S.A. Ibrahim
 S.A.
Ibrahim

	
	 February 8, 2017

DateEX-10.6

 Exhibit 10.6 

EXHIBIT A 

RADIAN GROUP INC. 
 2014
EQUITY COMPENSATION PLAN 
 PERFORMANCE-BASED RESTRICTED STOCK UNIT GRANT 

TERMS AND CONDITIONS 

These Terms and Conditions (“Terms and Conditions”) are part of the Performance-Based Restricted Stock Unit Grant made
as of             , 2017 (the “Grant Date”), by Radian Group Inc., a Delaware corporation (the “Company”), to S.A. Ibrahim, an employee of
the Company (the “Grantee”). 
 RECITALS 

WHEREAS, the Radian Group Inc. 2014 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, pursuant to the Retirement Agreement between the Grantee and the Company dated February 8, 2017 (the
“Retirement Agreement”); 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 Performance-Based Restricted Stock Units. 

 The Company hereby awards to
the Grantee                      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. The
Restricted Stock Units will only vest if the closing price of the Company’s Common Stock on the New York Stock Exchange for any ten consecutive trading days during the performance period commencing ten trading days prior to the first
anniversary of the Grant Date and ending on the fifth anniversary of the Grant Date equals or exceeds $         (which is 120% of the fair market value of the Company’s Common Stock on the Grant Date)
(the “Stock Price Hurdle”), except as provided in subsections (b) and (c) below. If the Stock Price Hurdle has not been met on the first anniversary of the Grant Date, the Restricted Stock Units will vest on the first
date after the first anniversary of the Grant Date on which the Stock Price Hurdle is met. The Stock Price Hurdle must be met by the fifth anniversary of the Grant Date in order for the Restricted Stock Units to vest under this Section 2(a). If the
Stock Price Hurdle is not met by the fifth anniversary of the Grant Date, except as provided in subsections (b) and (c) below, the Restricted Stock Units will be forfeited. 

 (b)    Death. In the event of the Grantee’s death prior to
the fifth anniversary of the Grant Date, the Restricted Stock Units will automatically vest in full on the date of the Grantee’s death, regardless of whether the Stock Price Hurdle has been met. 

(c)    Change of Control. In the event a Change in Control occurs prior to the fifth anniversary of the
Grant Date, the Restricted Stock Units will automatically vest in full on the date of the Change in Control, regardless of whether the Stock Price Hurdle has been met. 
  

	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)    If the
Restricted Stock Units vest in accordance with Section 2, the vested Restricted Stock Units shall be paid within 30 days after the applicable vesting date. 

(b)    On the 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 the payment of any federal, state, local, or foreign withholding taxes as described in Section 11 below, and subject to compliance with
the Restrictive Covenants (as defined below). The obligation of the Company to distribute shares upon vesting 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 13 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, in consideration for grant of the Restricted Stock Units, the Grantee remains subject to the Restrictive Covenants described in Section 3 of the Retirement Agreement (the “Restrictive Covenants”). 

  
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 (b)    The Grantee acknowledges and agrees that in the event that it is
determined by a court of competent jurisdiction that the Grantee breached any of the Restrictive Covenants (other than the Code of Conduct, as defined in the Retirement Agreement) or that Grantee materially breached the Code of Conduct: 

(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), 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 (ii) within 180 days after the court of
competent jurisdiction’s determination described above. 
  

	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 an Affiliate or shall interfere in any way with the right of the Company or an Affiliate to
terminate Grantee’s employment or service at any time. 
  

	9.	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 an Affiliate 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. 

  
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	10.	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. 

 

	11.	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 upon settlement of the Restricted Stock Units, 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. Subject to approval by the Committee and unless the Grantee otherwise notifies the Company that he will pay the taxes in cash, taxes may be withheld upon settlement of the Restricted Stock Units by withholding shares of the Company’s
Common Stock, provided that any share withholding shall not exceed the Grantee’s minimum applicable withholding tax rate for federal (including FICA), state, local, and foreign tax liabilities, unless the Committee determines otherwise,
consistent with the terms of the Plan. 
  

	12.	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. 

 

	13.	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, 

  
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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. 
  

	14.	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. 

 

	15.	Section 409A.  

 This award of Restricted Stock Units is intended to comply with
the “short term deferral” exception to section 409A of the Code and shall be administered in accordance with section 409A of the Code or such exception. 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 or an exception. 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 an exception, or would cause the administration of the Restricted Stock Units to fail to satisfy the requirements of section 409A of the Code, if applicable, such provision shall be deemed null and void to the extent
permitted by applicable law. If this award of Restricted Stock Units is subject to section 409A, in no event shall the Grantee, directly or indirectly, designate the calendar year of payment. 

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:
	Name:
	Title:

 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 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. 

  
 5

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