Document:

EX-10.1

 Exhibit 10.1 

[On Radian Group Inc. Letterhead] 

December 5, 2014 
 J. Franklin Hall 

8 Annwood Lane 
 Cincinnati, Ohio 45206 

Dear Frank: 
 On behalf of S.A. Ibrahim, CEO of Radian Group
Inc. (the “Company”), we are pleased to extend this conditional offer of employment to you as Executive Vice President, Chief Financial Officer, of the Company. Upon acceptance of this offer and subject to the terms described below, your
start date is tentatively scheduled for January 1, 2015. 
 The specifics of the offer are as follows: 

 

	 	•	 	Your annual salary for this position will be $400,000 per year ($15,384.61 biweekly), less applicable tax and other authorized deductions. Your salary is subject to adjustment for years after 2015 as determined by the
Compensation and HR Committee of our Board of Directors.

  

	 	•	 	You are entitled to participate in our incentive based compensation programs, including our short-term incentive (STI)/medium-term incentive (MTI) program and our long-term incentive (LTI) program. 

 

	 	•	 	You will be entitled to participate in our STI/MTI plan (and any successor plans) beginning with the 2015 STI performance period (covering January 1, 2015 through December 31, 2015) and 2015/2016 MTI
performance period (covering January 1, 2015 through December 31, 2016), in accordance with the terms of our STI/MTI plan. 

  

	 	•	 	Your target STI/MTI award for the 2015 STI performance period will be 100% of your base salary. This target is reviewed annually and is subject to change for future performance periods. 

 

	 	•	 	You will be eligible to participate in our LTI program beginning in 2015. Your target LTI award will be $500,000 for the 2015 performance year grant. This target is reviewed annually and is subject to change for future
periods. The timing of LTI grants, the types of awards, the performance metrics, and the vesting and payment terms of these awards are determined by the Compensation and HR Committee of the Company’s Board of Directors. LTI grants may be
subject to compliance with confidentiality, non-competition, non-solicitation and other covenants with respect to your employment. 

  

	 	•	 	All regular, full-time employees will receive a total of nine paid holidays for 2015. The Company currently offers a Paid Time Off (PTO) bank of days for vacation, personal and sick time. You will be eligible for 30 PTO
days per year, consistent with the PTO policy. 

  

	 	•	 	The Company will provide you with an executive severance agreement, pursuant to which you will be eligible to receive severance benefits for termination by the Company other than for 

  
 1 

 

 
  

	 	•	 	“cause,” including termination for “good reason.” Please see the form of executive severance agreement attached as Appendix A. 

 

	 	•	 	As a material condition of this offer of employment with the Company, you are required to sign and comply with the terms of the Restrictive Covenants Agreement attached as Appendix B. 

 

	 	•	 	This position will be based at our headquarters in Philadelphia, PA. In order to assist with your relocation to the Philadelphia area, the Company agrees to reimburse you for the expenses outlined below:

  

	 	•	 	Up to six months (180 days) of temporary housing in the Philadelphia area, through a Radian preferred provider; 

  

	 	•	 	Two house-hunting trips for you and your spouse to Philadelphia to identify housing alternatives, not to exceed a total of 8 days, including reasonable travel, lodging, rental car, meals, and a rental assistance fee if
required; 

  

	 	•	 	The packing and unpacking of your household items, and the transportation of your household items to Philadelphia, subject to guidelines of maximum weight of 20,000 lbs and a maximum storage period of six months for
household items; 

  

	 	•	 	Storage of household goods for up to six months before the closing of your purchase of a principal residence in the Philadelphia area, which shall be paid in monthly installments; 

 

	 	•	 	The brokerage fee (up to 6%), and customary real estate closing costs approved in advance by the Company, for selling your primary residence in Ohio in connection with this relocation, using a Radian preferred provider,
which shall be paid to you upon the closing of the sale of your primary residence in Ohio; 

  

	 	•	 	Customary real estate closing costs on the purchase of your primary residence in the Philadelphia area (excluding “points” or “pre-paid” on a mortgage), which shall be paid to you upon the closing of
the purchase of your primary residence in the Philadelphia area; 

  

	 	•	 	Airfare for up to six return trips home to Ohio (every other weekend before the move date); and 

  

	 	•	 	Miscellaneous expense allowance to reimburse miscellaneous relocation expenses not covered above, up to a maximum of $10,000. 

All such expenses must be reasonable, and reimbursement is subject to your timely submission of proper documentation. All of the foregoing
payments and reimbursements are subject to applicable tax withholding. Radian utilizes the services of Employee Transfer Corporation for assisting employees with their relocations. Radian’s HR Department will assist you in connecting with them
to initiate your relocation. 

  
 2 

 

 
  

 The Company’s decision to provide you with the relocation package discussed above is
based on our expectation that you will provide meaningful service to the Company. The Company shall have no obligation to pay to you or reimburse you for any of the amounts specified above if you voluntarily terminate employment with the Company or
are terminated for Cause prior to the time payment is due. Further, if you voluntarily elect to terminate your employment with the Company, or you are terminated by the Company for Cause, in each case within 24 months of your hire date, you agree to
reimburse the Company for all relocation expenses reimbursed to you or paid directly to another party on your behalf. 
 For purposes of the
immediately preceding paragraph, “Cause” shall mean misappropriation of funds, material violation of the Company’s Code of Conduct and Ethics or employment policies, a breach of any written confidentiality, non-solicitation or
non-competition covenant with the Company or an affiliate, conviction of a crime involving moral turpitude, or gross misconduct in the performance of duties, which gross misconduct has a material adverse effect on the business, operations, assets,
properties or financial condition of the Company or its affiliates, in each case considered individually and not collectively. 
 You will be eligible to
participate in the Company’s flexible benefit program, including our medical, dental and vision programs, life insurance and accidental death and dismemberment insurance, on your first day of employment with the Company. On the first day of
employment you also may begin participating in the Company’s 401(k) Savings Investment Plan (SIP). The Company has the right, from time to time and in its sole discretion, to modify, amend or terminate its employee benefit plans at any time. On
the first of the month following 90 days of employment, you will be eligible to participate in our other benefit programs such as our short and long-term disability programs. 

The Company will pay the reasonable attorneys fees of your counsel to review this offer letter and the documents attached hereto. 

Because the Company is committed to providing a safe, healthy, and productive work environment for all employees, as well as maintaining the trust and
confidence of our customers, this offer of employment is contingent upon your passing a pre-employment background investigation. 
 The Immigration Reform
and Control Act of 1986 requires employers to verify the identity and the authorization of all employees to work in the United States. A list of all documents accepted by the Immigration and Naturalization Service is attached. Should you accept this
offer, you must bring either one original document from List A or one document from both List B and List C on your first day of employment. These documents will be copied for your file and the originals returned to you. Please be aware that we are
required by law to collect documentation within three days of employment. Failure to provide documentation within three days will result in termination. 

As a condition of employment, you agree to comply with the Company’s Code of Conduct and Ethics, which is available on-line at
www.radian.biz/page?name=CodeOfConductAndEthics and you agree that all incentive compensation to be provided to you is subject to any applicable clawback policies that may be adopted by our Board of Directors. 

This offer letter shall be interpreted to comply with section 409A of the Internal Revenue Code or an exemption. Notwithstanding anything in the offer letter
to the contrary, payments made pursuant to the offer letter may only be made in a manner and upon an event permitted by section 409A, and all 

  
 3 

 

 
  

 
payments to be paid to you upon a termination of employment may only be made upon a “separation from service” as defined under section 409A. If section 409A applies to payments under
this offer letter, this offer letter shall be administered in accordance with section 409A, including the six-month delay for “specified employees,” if applicable. Each payment under this offer letter shall be treated as a separate payment
for purposes of section 409A. In no event may you, directly or indirectly, designate the calendar year of any payment. You shall be solely responsible for any taxes under this offer letter and in no event shall the Company have any liability with
respect to any tax, interest or other penalty imposed under section 409A. 
 Your employment with the Company is at will. This means that you and the
Company both have the right to terminate the employment relationship with or without cause, at any time, with or without notice. Nothing in this letter or any other employment materials you may receive is intended, nor should any of it be construed
or implied to create an employment contract between you and the Company. Although your job duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to time, the “at
will” nature of your employment may only be changed in an express written agreement signed by the CEO of the Company. 
 Two copies of this letter are
enclosed. Please keep one for your files and sign, date and return the other copy in the enclosed envelope by December 10, 2014. We are pleased with your decision to join the Company, and we believe this opportunity will result in a mutually
beneficial and rewarding relationship. If you have any questions regarding any aspect of your employment or this offer letter, please contact me at 215-231-1437. 
  

	
	Sincerely,
	
	/s/ Anita Scott
	
	Anita Scott
	SVP, Chief Human Resources Officer

  
 4 

 

 
  

 Offer Letter dated December 5, 2014 – Acknowledged and Received: 

 

					
	By:	 		 	
			
	 /s/ J. Franklin Hall
	 		 	
			
	J. Franklin Hall	 		 	Date 12/10/2014

  
 5 

 Appendix A 

AGREEMENT 
 THIS AGREEMENT made and
entered into this first day of January, 2015 (“Effective Date”) by and between Radian Group Inc., a corporation organized and existing under the laws of the state of Delaware (the “Company”), and J. Franklin Hall
(the “Executive”). 
 WHEREAS, the Executive will become an employee of the Company on or around January 1, 2015, and is
entering into this Agreement in connection with such employment. 
 WHEREAS, the Board of Directors of the Company (the “Board”) has
determined that an agreement providing severance benefits in the event of certain terminations of employment is important for recruiting, motivating and retaining executives in the competitive and consolidating industries in which the Company
participates. 
 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. Term. The term of this Agreement (the “Term”) shall begin on
the Effective Date and shall end on December 31, 2015 or, if earlier, the Executive’s Termination Date (as defined below). On December 31, 2015, and each December 31st thereafter, the Term shall be extended for one
(1) additional year unless the Company gives the Executive at least forty-five (45) days prior written notice that the Term will not be extended, or the Executive shall have incurred a Termination of Employment (as defined below) before
such date. A notice by the Company not to extend the Term shall not, in and of itself, be considered a Termination of Employment or a Good Reason event (as defined below) for purposes of this Agreement. 

2. 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) “Cause” shall mean (i) misappropriation of funds with respect to the Company or its Affiliates, (ii) a material
violation of the Code of Conduct of Ethics or employment policies of the Company or an Affiliate, as in effect from time to time; (iii) a breach of any written confidentiality, nonsolicitation or noncompetition covenant with the Company or an
Affiliate, (iv) conviction of a crime involving moral turpitude, or (v) gross misconduct in the performance of duties, which gross misconduct has had a material adverse effect on the business, operations, assets, properties or financial
condition of the Company and its Affiliates taken as a whole or, where the Executive’s professional efforts are principally on behalf of a single Affiliate of the Company, a material adverse effect on the business, operations, assets,
properties or financial condition of such Affiliate. 

  
 6 

 (c) “Code” shall mean the Internal Revenue Code of 1986, as amended. 

(d) “Disability” shall mean a long-term disability under the applicable long-term disability plan of the Company. 

(e) “Good Reason” shall mean one or more of the following events: 

(A) any material diminution by the Company of the authority, duties or responsibilities of the Executive; 

(B) any material reduction in the Executive’s base salary, which, for purposes of this Agreement, means a reduction in
base salary of ten (10) percent or more that does not apply generally to all similarly situated officers of the Company; 

(C) any material change in the geographic location at which the Executive must perform his duties to the Company, which, for
purposes of this Agreement, means the permanent relocation of the Executive’s principal place of employment to any office or location which is located more than one hundred (100) miles from the location where the Executive is based
immediately prior to the change in location; or 
 (D) any action or inaction that constitutes a material breach by the
Company of this Agreement, including without limitation, any failure of the Company to obtain an agreement from any successor of the Company to perform this Agreement in accordance with Section 13 hereof. 

The Executive must provide a written Notice of Termination (as defined below) with respect to a termination for Good Reason to the Company within ninety
(90) days after the event constituting Good Reason has occurred. The Company shall have a period of thirty (30) days in which it may correct the act, or the failure to act, that gave rise to the Good Reason event as set forth in the
Executive’s Notice of Termination. If the Company does not correct the act, or the failure to act, the Executive must terminate employment for Good Reason within thirty (30) days after the end of the cure period, in order for the
termination to be considered a Good Reason termination. Notwithstanding the foregoing, in no event will the Executive have Good Reason for termination if an event described in (A) occurs in connective with the Executive’s inability to
perform his or her duties on account of illness or short-term or long-term disability. 
 (f) “Person” shall mean any
individual, firm, corporation, partnership or other entity. 
 (g) “Qualifying Termination” shall mean a Termination of
Employment that is either: 
 (i) initiated by the Company for any reason other than the Executive’s Disability, or for
Cause; or 
 (ii) initiated by the Executive for Good Reason. 

(h) “Release” shall mean a release of claims as described in Section 4(b)(vi). 

  
 7 

 (i) “Termination Date” shall mean the date on which the Executive’s
employment with the Company terminates. 
 (j) “Termination of Employment” shall mean the termination of the
Executive’s employment relationship with the Company. 
 3. Notice of Termination. Any Qualifying Termination 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 (a) indicates the specific termination
provision in this Agreement relied upon, (b) briefly summarizes the facts and circumstances deemed to provide a basis for termination of the Executive’s employment under the provision so indicated, and (c) specifies the Termination
Date. Any Notice of Termination by the Executive with respect to a Good Reason termination must specify a Termination Date that is consistent with the notice and cure provisions of Section 2(e). Any other Notice of Termination by the Executive
shall specify a Termination Date not less than thirty (30) days after the date of the Notice of Termination, unless the Company agrees to an earlier Termination Date. 

4. Benefits Upon a Qualifying Termination. 

(a) If the Executive fails to execute, or revokes, a written Release, upon a Qualifying Termination, the Executive shall receive only any
accrued but unpaid salary through the Termination Date and any benefits accrued and due under any applicable benefit plans and programs of the Company. No other payments or benefits shall be due under this Agreement to the Executive. 

(b) In the event of the Executive’s Qualifying Termination, if the Executive executes and does not revoke a Release, the Executive shall
be entitled to receive the following severance benefits: 
 (i) If the Executive’s Qualifying Termination occurs on or
before December 31, 2015, the Company shall pay to the Executive the following: 
 (A) An amount in cash equal to one
and one-half (1 1⁄2) times the Executive’s annual base salary as in effect at the Termination Date. This severance amount will be paid in equal
installments in accordance with the Company’s normal payroll practices over the eighteen (18) month period following the Termination Date. The first payment will be made on the thirtieth (30th) day following the Termination Date, and
the first payment will include the installments for the first thirty (30) days after the Termination Date. The period during which severance payments are made under this subsection (b)(i)(A) or subsection (b)(ii)(A) below, as applicable, is
referred to as the “Severance Period.” 
 (B) An amount in cash equal to one and one-half (1 1⁄2) times the Executive’s Target Incentive Award under the Radian Group Inc. STI/MTI Incentive Plan for Executive Employees, or any successor plan
(“STI/MTI Program”) for the year in which the Termination Date occurs. The payment shall be made in a lump sum payment on the thirtieth (30th) day following the Termination Date. 

  
 8 

 (ii) If the Term is extended as described in Section 1 and the
Executive’s Qualifying Termination occurs on or after January 1, 2016, the Company shall pay to the Executive the following: 

(A) An amount in cash equal to one (1) times the Executive’s annual base salary as in effect at the Termination Date.
This severance amount will be paid in equal installments in accordance with the Company’s normal payroll practices over the twelve (12) month period following the Termination Date. The first payment will be made on the thirtieth
(30th) day following the Termination Date, and the first payment will include the installments for the first thirty (30) days after the Termination Date. 

(B) An amount in cash equal to one (1) times the Executive’s Target Incentive Award under the Radian Group Inc.
STI/MTI Incentive Plan for Executive Employees, or any successor plan (“STI/MTI Program”) for the year in which the Termination Date occurs. The payment shall be made in a lump sum payment on the thirtieth (30th) day following
the Termination Date. 
 (iii) The Company shall pay to the Executive a prorated Target Incentive Award under the STI/MTI
Program for the year in which the Termination Date occurs. The prorated bonus will be an amount in cash equal to the Executive’s Target Incentive Award under the STI/MTI Program for the year in which the Termination Date occurs multiplied by a
fraction, the numerator of which is the number of days that the Executive was employed by the Company during the year of termination and the denominator of which is three hundred and sixty five (365). The payment shall be made in a lump sum payment
on the thirtieth (30th) day following the Termination Date. The payment under this Section 4(b)(iii) shall not affect the Executive’s right to any STI Bonus or MTI Bonus amounts that may be payable under the STI/MTI Program in
accordance with the terms of the STI/MTI Program. 
 (iv) For the period beginning on the Termination Date and ending on the
earlier of (A) the date on which the Executive first becomes covered by any other “group health plan,” as described in section 4980B(g)(2) of the Code, or (B) the last day of the applicable Severance Period (the “Coverage
Period”), the Executive may elect continued health coverage under the Company’s health plan in which the Executive (and the Executive’s spouse and eligible dependents) participated at the Termination Date, as in effect from time
to time, provided that the Executive shall be responsible for paying the full monthly cost of such coverage. The monthly cost of such coverage shall be the premium determined for purposes of continued coverage under section 4980B(f)(4) of the Code
(“COBRA Premium”) in effect from time to time. During the Coverage Period, the Company shall reimburse the Executive for the COBRA Premium that the Executive pays for continued health coverage under the Company’s health plan,
less the premium charge that is paid by the Company’s active employees for such coverage as in effect on the Termination Date. Such amounts shall be payable monthly over the Coverage Period and shall commence on the thirtieth (30th) day
after the Executive’s Termination Date. The Company shall reimburse the Executive for COBRA Premiums pursuant to this Section 4(b)(iv) only for the portion of the Coverage Period during which the Executive

  
 9 

 
continues coverage under the Company’s health plan. The Executive agrees to promptly notify the Company of the Executive’s coverage under an alternate health arrangement upon becoming
covered by such alternative arrangement. The COBRA health care continuation coverage period under section 4980B of the Code shall run concurrently with the Coverage Period. 

(v) The Executive shall be eligible for executive outplacement services, for up to twelve (12) months after the
Termination Date, not to exceed a maximum of twenty thousand dollars ($20,000) in cost. The Company will pay the cost of these services directly to the outplacement provider. 

(vi) Notwithstanding the foregoing, all payments and benefits described in this Section 4(b) shall be conditioned on the
Executive’s executing and not revoking a written release, substantially in the form attached as Exhibit A (the “Release”), of any and all claims against the Company and all related parties (other than claims based upon
any entitlements under the terms of this Agreement or accrued benefits under any plans or programs of the Company under which the Executive has accrued and is due a benefit). 

(c) Upon any Termination of Employment, the Company shall pay any accrued but unpaid salary through the Termination Date and any benefits
accrued and due under any applicable benefit plans and programs of the Company. 
 5. Enforcement. If the Company fails to perform under this
Agreement, the Company shall pay the Executive on demand the amount necessary to reimburse the Executive in full for all expenses (including attorney’s fees and legal expenses) incurred by the Executive in enforcing the obligations of the
Company under this Agreement, but only with respect to claims as to which the Executive prevails in material respects. 
 6. No Mitigation.
The Executive shall not be required to mitigate the amount of any payment or benefit provided for in this Agreement by seeking other employment or otherwise. Except as provided in Section 4(b)(iv), the amount of any payment or benefit provided
for herein shall not be reduced by any compensation earned by other employment or otherwise. 
 7. Non-Exclusivity of Rights; Other Severance
Plans. Nothing in this Agreement shall prevent or limit the Executive’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 Executive may qualify; provided, however, that with respect to a Qualifying Termination, the Executive hereby waives the Executive’s right to receive any payments under any severance pay plan or program applicable
to other employees of the Company or its Affiliates, and agrees to accept the payments provided in Section 4 hereof, in lieu of any other severance pay plan or program. 

8. No Set-Off. Except as provided in Section 9(h) below, 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 Executive or others.

  
 10 

 9. Restrictive Covenants. 

(a) The Executive acknowledges and agrees that, during the Executive’s employment with the Company and its Affiliates, and for the twelve
(12) month period following the Executive’s Termination of Employment for any reason (the “Restricted Period”), the Executive will not, without the Company’s express written consent, engage (directly or
indirectly) in any employment or business activity whose primary business involves or is related to providing mortgage insurance, financial guaranty insurance, or mortgage outsourcing services (including loan review and/or due diligence,
surveillance, REO/Short Sale services, and REO component services) within the United States, and with respect to mortgage outsourcing services, within the United States and Europe. The Executive further agrees that, given the nature of the
Company’s business, a nationwide geographic scope is appropriate and reasonable. 
 (b) For purposes of this Agreement, the Executive
acknowledges and agrees that the terms “Confidential Information” and “Trade Secrets” shall mean information that the Company or any of its Affiliates owns or possesses, that the Company or its
Affiliates has developed at significant expense and effort, that they use or that is potentially useful in the business of the Company or its Affiliates, that the Company or its Affiliates treat as proprietary, private, or confidential, and that is
not generally known to the public. The Executive further acknowledges that the Executive’s relationship with the Company is one of confidence and trust such that the Executive is, and may in the future be, privy to Confidential Information and
Trade Secrets of the Company or any of its Affiliates. 
 (c) The Executive covenants and agrees that during the term of the
Executive’s employment by the Company and its Affiliates, and at all times thereafter, the Executive will hold in strictest confidence and will not disclose, use, or publish any Confidential Information and Trade Secrets, except as and only to
the extent such disclosure, use, or publication is required during the Executive’s employment with the Company or its Affiliates for the Executive to fulfill the Executive’s job duties and responsibilities to the Company and its
Affiliates. At all times during the Executive’s employment and after the Executive’s termination of employment, the Executive agrees that the Executive shall take all reasonable precautions to prevent the inadvertent or accidental
disclosure of Confidential Information and Trade Secrets. Notwithstanding the foregoing, the foregoing provisions of this Section 9(c) shall not apply (i) when disclosure is required by law, legal process or by any court, arbitrator,
mediator or administrative or legislative body (including any committee thereof) with actual or apparent jurisdiction to order the Executive to disclose or make accessible any information, (ii) when disclosure is required with respect to any
litigation, arbitration or mediation involving this Agreement, including, but not limited to, the enforcement of this Agreement, or (iii) as to Confidential Information or Trade Secrets that become generally known to the public other than due
to the Executive’s violation of Section 9(b) or Section 9(c). If the Executive is required to provide or disclose information in accordance with subsection (i) or (ii) of this Section 9(c), Executive shall, within three
(3) days of receiving notice of such requirement, notify the Company of such requirement and the terms of and circumstances surrounding such requirement. Furthermore, the Executive shall cooperate with the Company in any attempts it may make in
seeking a protective order or injunction with respect to the Confidential Information and/or Trade Secrets that are subject to the required disclosure. The Executive hereby assigns to the Company any rights the Executive may have or acquire in
Confidential Information and Trade Secrets, whether developed by the Executive or others, and the Executive acknowledges and agrees that all Confidential Information and Trade Secrets shall be the sole property of the Company and its assigns. 

  
 11 

 (d) The Executive covenants and agrees that during the term of the Executive’s
employment by the Company and its Affiliates and during the Restricted Period, the Executive shall not, directly or indirectly through others, (i) hire or attempt to hire any employee of the Company or any of its Affiliates, (ii) solicit
or attempt to solicit any employee of the Company or its Affiliates to become an employee, consultant or independent contractor to, for or of any other person or business entity, or (iii) solicit or attempt to solicit any employee, or any
consultant or independent contractor of the Company or any of its Affiliates to change or terminate his or her relationship with the Company or any of its Affiliates, unless in each case more than six (6) months shall have elapsed between the
last day of such person’s employment or service with the Company or any of its Affiliates and the first date of such solicitation or hiring or attempt to solicit or hire. If any employee, consultant, or independent contractor is hired or
solicited by any entity that has hired or agreed to hire the Executive, such hiring or solicitation shall be conclusively presumed to be a violation of this Agreement; provided, however, that any hiring or solicitation pursuant to a general
solicitation conducted by an entity that has hired or agreed to hire the Executive, or by a headhunter employed by such entity, which does not involve the Executive, shall not be a violation of this Section 9(d). 

(e) The Executive covenants and agrees that during the term of the Executive’s employment by the Company or its Affiliates and
during the Restricted Period, the Executive shall not, either directly or indirectly through others: 
 (i) solicit,
divert, appropriate, or do business with, or attempt to solicit, divert, appropriate or do business with, any customer for whom the Company or any of its Affiliates provided goods or services within twelve (12) months prior to the
Executive’s Termination Date or any actively sought prospective customer of the Company or any of its Affiliates for the purpose of providing such customer or actively sought prospective customer with services or products competitive with those
offered by the Company or any of its Affiliates during the Executive’s employment with the Company or any of its Affiliates, or 

(ii) encourage any customer for whom the Company or any of its Affiliates provided goods or services within twelve
(12) months prior to the Executive’s Termination Date to reduce the level or amount of business such customer conducts with the Company or any of its Affiliates. 

(f) The Executive covenants and agrees that during Executive’s employment by the Company or its Affiliates and at all times
thereafter, Executive will not willfully or knowingly, in any way, disparage the Company or any of its Affiliates, its principals, shareholders, officers, directors, employees or agents in any way relating to the Company or any of its Affiliates,
including, but not limited to, its name, business reputation or business practices. The Company agrees that it will not, and will direct its senior executives and directors not to, willfully or knowingly disparage Executive in any way.
Notwithstanding the foregoing, nothing in this Section 9(f) shall prevent any person from (a) responding publicly by a truthful statement to incorrect, disparaging or derogatory public statements to the extent reasonably necessary to

  
 12 

 
correct or refute such public statement, or (b) making any truthful statement to the extent (i) necessary with respect to any litigation, arbitration or mediation involving this
Agreement, including, but not limited to, the enforcement of this Agreement, or (ii) required by law, legal process or by any court, arbitrator, mediator or administrative or legislative body (including any committee thereof) with actual or
apparent jurisdiction to order such person to disclose or make accessible such information. 
 (g) The Executive acknowledges and agrees
that the business of the Company and its Affiliates is highly competitive, that the Confidential Information and Trade Secrets have been developed by the Company at significant expense and effort, and that the restrictions contained in this
Section 9 are reasonable and necessary to protect the legitimate business interests of the Company and its Affiliates. 
 (h) Because
the Executive’s services are personal and unique and the Executive has had and will continue to have access to and has become and will continue to become acquainted with Confidential Information and Trade Secrets, the parties to this Agreement
acknowledge and agree that any breach by the Executive of any of the covenants or agreements contained in Section 9 will result in irreparable injury to the Company or any of its Affiliates, as the case may be, for which money damages could not
adequately compensate such entity. Therefore, the Company or any of its Affiliates shall have the right (in addition to any other rights and remedies which it may have at law or in equity) to seek to enforce Section 9 and any of its provisions
by injunction, specific performance or other equitable relief, without bond and without prejudice to any other rights and remedies that the Company or any of its Affiliates may have for a breach, or threatened breach, of the restrictive covenants
set forth in Section 9. The Executive agrees that in any action in which the Company or any of its Affiliates seeks injunction, specific performance or other equitable relief, the Executive will not assert or contend that any of the provisions
of Section 9 are unreasonable or otherwise unenforceable. The Executive irrevocably and unconditionally agrees that any action arising out of, or relating to, any of the provisions of this Agreement shall be brought and prosecuted only in
federal or state courts located in the Commonwealth of Pennsylvania, and the parties consent to the exclusive jurisdiction and venue of such courts. The Executive also irrevocably and unconditionally consents to the service of any process,
pleadings, notices or other papers. 
 (i) If any portion of the covenants or agreements contained in this Section 9, or the
application hereof, is construed to be invalid or unenforceable, the other portions of such covenants or agreements or the application thereof shall not be affected and shall be given full force and effect without regard to the invalid or
unenforceable portions to the fullest extent possible. If any covenant or agreement in this Section 9 is held to be unenforceable because of the duration thereof or the scope thereof, then the court making such determination shall have the
power to reduce the duration and limit the scope thereof, and the covenant or agreement shall then be enforceable in its reduced form. The covenants and agreements contained in this Section 9 shall survive the termination of this Agreement.

 10. Taxes. All payments under this Agreement shall be subject to applicable tax withholding. 

  
 13 

 11. Reduction of Payment Amount. 

(a) Notwithstanding any other provisions of this Agreement to the contrary, in the event that it shall be determined that any payment or
distribution in the nature of compensation (within the meaning of section 280G(b)(2) of the Code) to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise
(the “Payments”), would constitute an “excess parachute payment” within the meaning of section 280G of the Code, the Company shall reduce (but not below zero) the aggregate present value of the Payments under the Agreement
to the Reduced Amount (as defined below), if reducing the Payments under this Agreement will provide the Executive with a greater net after-tax amount than would be the case if no reduction was made. The Payments shall be reduced as described in the
preceding sentence only if (A) the net amount of the Payments, as so reduced (and after subtracting the net amount of federal, state and local income and payroll taxes on the reduced Payments), is greater than or equal to (B) the net
amount of the Payments without such reduction (but after subtracting the net amount of federal, state and local income and payroll taxes on the Payments and the amount of Excise Tax (as defined below) to which the Employee would be subject with
respect to the unreduced Payments). Only amounts payable under this Agreement shall be reduced pursuant to this subsection (a). The “Reduced Amount” shall be an amount expressed in present value that maximizes the aggregate present
value of Payments under this Agreement without causing any Payment under this Agreement to be subject to the Excise Tax, determined in accordance with section 280G(d)(4) of the Code. The term “Excise Tax” means the excise tax
imposed under section 4999 of the Code, together with any interest or penalties imposed with respect to such excise tax. 
 (b) All
determinations to be made under this Section 11 shall be made by an independent registered public accounting firm or consulting firm selected by the Company immediately prior to a change in control, which shall provide its determinations and
any supporting calculations both to the Company and the Executive within ten (10) days of the change in control. Any such determination by such firm shall be binding upon the Company and the Executive. All of the fees and expenses of the
accounting or consulting firm in performing the determinations referred to in this Section shall be borne solely by the Company. 
 12. Death.
In the event the Executive dies after a Qualifying Termination occurs, (a) any payments due to the Executive under this Agreement and not paid prior to the Executive’s death shall be made to the personal representative of the
Executive’s estate and (b) the Executive’s spouse and dependents then covered under the health plan described in Section 4(b)(iv) shall be eligible for continued coverage in accordance with Section 4(b)(iv). 

13. Successors. 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 Executive hereunder shall not be assignable in whole or in part by the Executive or the 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 or assets of the Company, by agreement in form and substance satisfactory to the Executive,
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 Company to obtain 

  
 14 

 
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 hereinbefore defined and any
successor or successors to its business 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, or by electronic delivery,
delivery receipt requested, as follows: 
 If to the Company, to: 

Anita Scott 
 1601 Market Street

 Philadelphia, PA 19103 
 If to the
Executive, to: 
 J. Franklin Hall 

8 Annwood Lane 
 Cincinnati, OH
45206 
 or to such other names or addresses as the Company or the Executive, as the case may be, shall designate by notice to the other party hereto in the
manner specified in this Section 14. Any such notice shall be deemed delivered and effective when received in the case of personal or electronic 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. Amendment. This
Agreement cannot be changed, modified, extended or terminated except upon written amendment executed by the Executive and the Company. 
 16. No
Employment Rights. Nothing in this Agreement shall be construed as giving the Executive any right to be retained in the employ of 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. Survival. The respective rights and obligations of the parties hereunder shall survive the termination of this Agreement to the extent
necessary to the intended preservation of such rights and obligations. 
 19. Remedies Cumulative; No Waiver. No right conferred upon the
Executive 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 Executive in exercising any right, remedy or power hereunder or existing at law or in equity shall be construed as a waiver thereof, except as provided in Section 2(e) with respect to Good Reason.

  
 15 

 20. Entire Agreement. This Agreement is the entire agreement between the Executive and the Company
and its Affiliates regarding the subject matter hereof. By entering into this Agreement, the parties agree that any and all prior agreements or understandings with respect to the subject matter hereof are superseded (other than the offer letter
dated December 5, 2014). 
 21. Indemnification. As to any matter occurring or arising during the Executive’s employment with the
Company or its Affiliates, the Company hereby covenants and agrees to indemnify the Executive and hold him harmless fully, completely, and absolutely against and in respect to any and all actions, suits, proceedings, claims, demands, judgments,
costs, reasonable expenses (including reasonable attorney’s fees), losses and damages resulting from his good faith performance of his duties and obligations as an employee, officer or director of the Company or any of its Affiliates to the
extent provided by the bylaws of the Company and its Affiliates; provided, however, that this indemnity shall not apply with respect to any breach by the Executive of the terms of this Agreement. 

22. Section 409A. 
 (a) The
Agreement is intended to comply with the requirements of section 409A of the Code or an exemption from section 409A, and shall in all respects be administered in accordance with section 409A. Notwithstanding anything in the Agreement to the
contrary, distributions upon termination of employment may only be made upon a section 409A “separation from service.” For purposes of section 409A of the Code, the right to a series of payments under the Agreement shall be treated as a
right to a series of separate payments. In no event may the Executive, directly or indirectly designate the calendar year of payment. In no event shall the timing of the Participant’s execution of the Release, directly or indirectly, result in
the Participant designating the calendar year of payment. All reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of section 409A of the Code. 

(b) Notwithstanding anything in the Agreement to the contrary, if required by section 409A of the Code, any amount that is considered
“deferred compensation” under this Agreement and that is required to be postponed for a period of six months after separation from service pursuant to section 409A shall be postponed as required by section 409A. The accumulated postponed
amount, shall be paid in a lump sum payment within ten (10) days after the end of the six-month period. If the Executive dies during the postponement period prior to the payment of the postponed amount, the amounts withheld on account of
section 409A, shall be paid to the personal representative of the Executive’s estate within sixty (60) days after the date of his death. 
 23.
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. 
 24. Governing Law. The validity, construction, interpretation, and effect of this
Agreement shall exclusively be governed by, and determined in accordance with, the applicable laws of the state 

  
 16 

 
of Delaware, excluding any conflicts or choice of law rule or principle. This Agreement shall be subject to any applicable clawback or recoupment policies and other policies that may be
implemented by the Board from time to time. In addition, the Agreement shall be subject to any required approvals by any governmental or regulatory agencies. Without limiting the foregoing, notwithstanding anything in the Agreement to the contrary,
the Agreement 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 Board
reserves the right to modify this Agreement as necessary to conform to any restrictions imposed by any such laws, regulations, restrictions, or governmental guidance or to conform to any applicable clawback or recoupment policies and other policies
that may be implemented by the Board from time to time. As a condition of the Agreement, the Executive agrees to any such modifications that may be imposed by the Board, and the Executive agrees to sign such waivers or acknowledgments as the Board
may deem necessary or appropriate with respect to such modifications. 
 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:	 	 /s/ Anita Scott
	 		 	Date:	 	 12/10/2014

							
	Print Name:	 	Anita Scott	 		 	

									
				
	EXECUTIVE	 		 		 	
					
	By:	 	 /s/ J. Franklin Hall
	 		 	Date:	 	 12/9/2014

							
	Print Name:	 	J. Franklin Hall	 		 	

  
 17 

 EXHIBIT A 

FORM OF RELEASE 
 1.
In further consideration of compensation and benefits provided to J. Franklin Hall (“Executive”) pursuant to the Agreement between Executive and Radian Group Inc. (the “Company”) entered into as of the first day of
January, 2015 (the “Agreement”), Executive hereby executes this Release to the Company (herein the “Release”) and, and subject to the provisions of Paragraphs 2, 3 and 4, does hereby REMISE, RELEASE, AND FOREVER DISCHARGE
the Company and each of its past or present subsidiaries and Affiliates, its and their past or present officers, directors, stockholders, employees and agents, their respective successors and assigns, heirs, executors and administrators, the pension
and employee benefit plans of the Company, or of its past or present subsidiaries or Affiliates, and the past or present trustees, administrators, agents, or employees of the pension and employee benefit plans (hereinafter collectively included
within the term the “Released Parties”), acting in any capacity whatsoever, of and from any and all manner of actions and causes of actions, suits, debts, claims and demands whatsoever in law or in equity, whether known or unknown,
which Executive ever had, now have, or hereafter may have, or which Executive’s heirs, executors or administrators hereafter may have against the Released Parties, by reason of any matter, cause or thing whatsoever from the beginning of
Executive’s employment with the Company to the date of this Release and particularly, but without limitation of the foregoing general terms, any claims arising from or relating in any way to Executive’s employment relationship and the
termination of Executive’s employment relationship with the Company and its Affiliates, including but not limited to: (1) any and all claims for monetary damages which have been asserted, could have been asserted, or could be asserted now
or in the future under the Age Discrimination in Employment Act of 1967 (“ADEA”) as amended, the Older Workers Benefit Protection Act of 1990 (“OWBPA”), Title VII of the Civil Rights Act of 1964 as amended, and the Americans with
Disabilities Act of 1990 as amended; (2) any and all other claims under federal, state or local laws, including any claims under the Pennsylvania Human Relations Act, 43 PA. C.S.A. §§ 951 et seq., as amended, the Rehabilitation Act of
1973, 29 USC §§ 701 et seq., as amended, the WARN Act, the Family and Medical Leave Act, and the Executive Retirement Income Security Act of 1974, 29 USC §§ 301 et seq., as amended; (3) any and all other claims under any
local statutes under which Executive can waive his rights; (4) any and all other claims pursuant to any contracts between Executive and the Company; (5) any common law claims now or hereafter recognized; and (6) all claims for counsel
fees and costs. 
 2. Notwithstanding anything in this Agreement to the contrary, Executive does not waive (i) any entitlements under
the terms of the Agreement, (ii) Executive’s existing right to receive accrued benefits under any plans or programs of the Company in which Executive participated and under which Executive has accrued and become or may become entitled to
benefits (other than under any Company separation or severance plan or programs), (iii) any claims that, by law, may not be waived and (iv) any right to indemnification under the bylaws of the Company or its Affiliates, or under any
directors and officers or other applicable insurance policy, with respect to Executive’s performance of his duties and obligations as an employee, officer or director of the Company or any of its Affiliates. 

3. The foregoing shall in no event apply to any claims that, as a matter of applicable law, are not waivable. The Company and Executive agree
that nothing in this Release prevents 

  
 18 

 
or prohibits Executive from: (i) making any disclosure of relevant and necessary information or documents in connection with any charge, action, investigation, or proceeding relating to the
Agreement, or as required by law or legal process; (ii) participating, cooperating, or testifying in any charge, action, investigation, or proceeding with, or providing information to, any self-regulatory organization, governmental agency or
legislative body, and/or pursuant to the Sarbanes-Oxley Act, (iii) filing, testifying, participating in or otherwise assisting in a proceeding relating to an alleged violation of any federal, state or municipal law relating to fraud, or any
rule or regulation of the Securities and Exchange Commission or any self-regulatory organization or (iv) challenging the knowing and voluntary nature of the release of ADEA claims pursuant to the OWBPA. To the extent permitted by law, upon
receipt of any subpoena, court order or other legal process compelling the disclosure of any such information or documents, Executive agrees to give prompt written notice to the Company so as to permit the Company to protect its interests in
confidentiality to the fullest extent possible. To the fullest extent provided by law, Executive agrees and acknowledges, however, that Executive is waiving any right to recover monetary damages in connection with any such charge, action,
investigation or proceeding. To the extent Executive receives any monetary relief in connection with any such charge, action, investigation or proceeding, the Company will be entitled to an offset for the benefits made pursuant to this Release, to
the fullest extent provided by law. 
 4. The Company and Executive further agree that the Equal Employment Opportunity Commission
(“EEOC”) and comparable state or local agencies have the authority to carry out their statutory duties by investigating charges, issuing determinations, and filing lawsuits in Federal or state court in their own name, or taking any action
authorized by the EEOC or comparable state or local agencies. Executive retains the right to participate in any such action and to seek any appropriate non-monetary relief. Executive retains the right to communicate with the EEOC and comparable
state or local agencies and such communication can be initiated by Executive or in response to the government and such right is not limited by any non-disparagement claims. The Company and Executive agree that communication with employees plays a
critical role in the EEOC’s enforcement process because employees inform the agency of employer practices that might violate the law. For this reason, the right to communicate with the EEOC is a right that is protected by federal law and
neither the Release nor the Agreement prohibit or interfere with those rights. Notwithstanding the foregoing, Executive agrees to waive any right to recover monetary damages in any charge, complaint or lawsuit filed by Executive or by anyone else on
Executive’s behalf. 
 5. Executive is knowingly and voluntarily waiving and releasing any rights Executive may have to collect
monetary damages under the ADEA and the OWBPA. Executive further agrees and represents that: (i) Executive has read carefully the terms of this Release; (ii) Executive has had an opportunity to and has been encouraged to review this
Release with an attorney; (iii) Executive understands the meaning and effect of the terms of this Release; (iv) Executive was given as much time as Executive needed to determine whether Executive wished to enter into this Release, that in
any event being no fewer than 21 days; (v) the entry into and execution of this Release is of Executive’s own free and constitutes a voluntary act without compulsion of any kind; (vi) no promise or inducement not expressed herein has
been made to Executive; (vii) Executive was given consideration in exchange for the Release and that consideration was in addition to anything of value to which Executive was previously entitled; and (viii) Executive has adequate
information to make a knowing and voluntary waiver. 

  
 19 

 6. After delivering a signed copy of this Release to the Company attention of the undersigned,
Executive may revoke such acceptance by delivering a letter of revocation to the Company, attention of the undersigned, within seven days thereafter (the “Revocation Period”). This Release shall become effective on the day following
the expiration of the Revocation Period if Executive has not exercised the revocation right as indicated in the preceding sentence. If Executive exercises the revocation right, neither Executive nor the Company shall have any obligation hereunder.
The Release does not apply to any rights or claims that may arise after the date of termination of Executive’s employment with the Company. 
 I hereby
execute this Release as of             . 
  

	
	  

	Executive

  
 20 

 Appendix B 

RADIAN GROUP INC. 

RESTRICTIVE COVENANTS AGREEMENT 
 Your
Information: 
  

			
	Name:	  	J. Franklin Hall
		
	Address:	  	8 Annwood Lane
		  	Cincinnati, OH 45206
		
	Date:	  	January 1, 2015
		
	Company:	  	Radian Group Inc., its affiliates, and their respective successors or assigns (collectively, the “Company”)
		
	Address:	  	Radian Group Inc.
		  	1601 Market Street
		  	Philadelphia, PA 19103

 In consideration of your employment with the Company, the compensation the Company has agreed to pay you, and
your access to Confidential Information and Trade Secrets (as such terms are defined below), the receipt and sufficiency of which you acknowledge, you agree to this Restrictive Covenants Agreement (this “Agreement”), as
follows: 
 1. Restrictive Covenants. 

(a) You acknowledge and agree that, during and after your employment with the Company, you will be subject to, and will comply with, the
applicable confidentiality and other terms specified in the Company’s Code of Conduct and Ethics, including terms applicable to former employees. A copy of the Code of Conduct and Ethics has been provided to you and can be accessed on the
Company’s intranet. The Code of Conduct and Ethics, including any future revisions to the Code of Conduct and Ethics, are incorporated into and made a part of this Agreement as if fully set forth herein. 

(b) You acknowledge and agree that, at all times during your employment and after your employment with the Company terminates for any reason,
whether by you or by the Company, you will hold in strictest confidence and will not disclose, use, or publish any Confidential Information and Trade Secrets, except as and only to the extent such disclosure, use, or publication is required during
your employment with the Company for you to fulfill your job duties and responsibilities to the Company. At all times during your employment and after your termination of employment, you agree that you shall take all reasonable precautions to
prevent the inadvertent or accidental disclosure of Confidential Information and Trade Secrets. You hereby assign to the Company any rights you may have or acquire in Confidential Information and Trade Secrets, whether developed by you or others,
and you acknowledge and agree that all Confidential Information and Trade Secrets shall be the sole property of the Company and its assigns. 

  
 21 

 (c) You acknowledge and agree that, during your employment with the Company, and for the 12 month
period following your termination of employment for any reason (the “Restricted Period”), you will not, without the Company’s express written consent, engage (directly or indirectly) in any employment or business
activity whose primary business involves or is related to providing mortgage insurance, financial guaranty insurance, or mortgage outsourcing services (including loan review and/or due diligence, surveillance, REO/Short Sale services, and REO
component services) within the United States, and with respect to mortgage outsourcing services, within the United States and Europe. You further agree that, given the nature of the business of the Company, a nationwide geographic scope is
appropriate and reasonable. 
 (d) You acknowledge and agree that during the term of your employment by the Company and during the
Restricted Period, you shall not, directly or indirectly through others, (i) hire or attempt to hire any employee of the Company, (ii) solicit or attempt to solicit any employee of the Company to become an employee, consultant or
independent contractor to, for or of any other person or business entity, or (iii) solicit or attempt to solicit any employee, or any consultant or independent contractor of the Company to change or terminate his or her relationship with the
Company, unless in each case more than six months shall have elapsed between the last day of such person’s employment or service with the Company and the first date of such solicitation or hiring or attempt to solicit or hire. If any employee,
consultant, or independent contractor is hired or solicited by any entity that has hired or agreed to hire you, such hiring or solicitation shall be conclusively presumed to be a violation of this Agreement; provided, however, that any hiring or
solicitation pursuant to a general solicitation conducted by an entity that has hired or agreed to hire you, or by a headhunter employed by such entity, which does not involve you, shall not be a violation of this Section 1(d). 

(e) You covenant and agree that during the term of your employment by the Company and during the Restricted Period, you shall not, either
directly or indirectly through others: 
 (i) solicit, divert, appropriate, or do business with, or attempt to solicit, divert, appropriate
or do business with, any customer for whom the Company provided goods or services within 12 months prior to your date of termination or any actively sought prospective customer of the Company for the purpose of providing such customer or actively
sought prospective customer with services or products competitive with those offered by the Company during your employment with the Company, or 

(ii) encourage any customer for whom the Company provided goods or services within 12 months prior to your date of termination to reduce the
level or amount of business such customer conducts with the Company. 
 (f) You acknowledge and agree that the business of the Company is
highly competitive, that the Confidential Information and Trade Secrets have been developed by the Company at significant expense and effort, and that the restrictions contained in this Section 1 are reasonable and necessary to protect the
legitimate business interests of the Company. 

  
 22 

 (g) For purposes of this Agreement, “Confidential Information” and
“Trade Secrets” shall mean information that the Company owns or possesses, that the Company has developed at significant expense and effort, that the Company uses or that is potentially useful in the business of the Company,
that the Company treats as proprietary, private, or confidential, and that is not generally known to the public. You further acknowledge that your relationship with the Company is one of confidence and trust such that you are, and may in the future
be, privy to Confidential Information and Trade Secrets of the Company. 
 (h) Because your services are personal and unique and you will
have access to, and will become acquainted with, Confidential Information and Trade Secrets, the parties to this Agreement acknowledge and agree that any breach by you of any of the covenants or agreements contained in Section 1 will result in
irreparable injury to the Company, for which money damages could not adequately compensate the Company. Therefore, the Company shall have the right (in addition to any other rights and remedies which it may have at law or in equity) to seek to
enforce Section 1 and any of its provisions by injunction, specific performance, or other equitable relief, without bond and without prejudice to any other rights and remedies that the Company may have for a breach, or threatened breach, of the
restrictive covenants set forth in Section 1. 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 Section 1 are
unreasonable or otherwise unenforceable. 
 (i) If any portion of the covenants or agreements contained in this Section 1, or the
application hereof, is construed to be invalid or unenforceable, the other portions of such covenants or agreements or the application thereof shall not be affected and shall be given full force and effect without regard to the invalid or
unenforceable portions to the fullest extent possible. If any covenant or agreement in this Section 1 is held to be unenforceable because of the duration thereof or the scope thereof, then the court making such determination shall have the
power to reduce the duration and limit the scope thereof, and the covenant or agreement shall then be enforceable in its reduced form. The covenants and agreements contained in this Section 1 shall survive the termination of your employment
with the Company. 
 2. Notification. You shall notify, and the Company has the right to notify, any person employing you as to the
existence and provisions of this Agreement. 
 3. Duration; Nature. This Agreement is binding during your employment and shall
survive any termination of your employment. This Agreement does not bind the Company or you to any specific period of employment, and shall not be construed in any manner as an employment or consulting agreement or to make your employment other than
terminable at will at any time by the Company in its sole discretion. 
 4. No Conflicts. You are not a party to any existing
agreement or employment with an entity that would prevent you from entering into and performing this Agreement in accordance with its terms, including, without limitation, any agreement subjecting you to a non-competition, non-solicitation, or
confidentiality covenant, except as identified in Attachment A hereto; and you will not enter into any other agreement that is in conflict with your obligations under this Agreement. 

  
 23 

 5. Compliance with Law. You acknowledge that the activities of the Company are subject to
compliance with applicable laws and regulations. You agree to comply with all applicable laws and to notify your immediate supervisor or superior of any reason to believe that you, the Company, or any other person has violated any law that may
affect the Company or your performance of your obligations for the Company. 
 6. No License. Nothing in this Agreement shall be
deemed to constitute the grant of any license or other right to you in respect of any Confidential Information or Trade Secrets or other data, tangible property, or intellectual property of the Company. 

7. Amendment and Assignment. No modification to any provision of this Agreement will be binding unless it is in writing and signed by
both you and the Company. No waiver of any rights under this Agreement will be effective unless in writing signed by the Company. You recognize and agree that your obligations under this Agreement are of a personal nature and are not assignable or
delegable in whole or in part by you. The Company may assign this Agreement to any affiliate or to any successor-in-interest (whether by sale of assets, sale of stock, merger, or other business combination). 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, executors, administrators, legal representatives, successors, and permitted assigns of you and the Company. 

8. Governing Law. This validity, construction, interpretation, and effect of this Agreement 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. 

9. Jurisdiction. Any action arising out of, or relating to, any of the provisions of this Agreement shall be brought and prosecuted
only in federal or state courts located in the Commonwealth of Pennsylvania, and the parties consent to the exclusive jurisdiction and venue of such courts. You also irrevocably and unconditionally consent to the service of any process, pleadings,
notices or other papers. 
 I HAVE READ THIS AGREEMENT CAREFULLY AND I UNDERSTAND AND ACCEPT THE OBLIGATIONS THAT IT IMPOSES UPON ME
WITHOUT RESERVATION. I SIGN THIS AGREEMENT VOLUNTARILY AND FREELY AND INTENDING TO BE LEGALLY BOUND. 
  

							
	Dated:	 	 12/9/2014
	 		 	 /s/ J. Franklin Hall

		 		 		 	J. Franklin Hall

  
 24 

 Agreed and Acknowledged 
  

					
	RADIAN GROUP INC.
		
	By:	 	 /s/ Anita Scott

		 	Name:	 	[Anita Scott]
		 	Title:	 	[SR VP HR]

  
 25 

 ATTACHMENT A 

Set forth below (and attached) are any prior agreements to which I am a party that may interfere with full compliance with this Agreement, and any prior
agreements subjecting me to a non-competition, non-solicitation or confidentiality covenant (if none, write “NONE”): 
 First
Financial Bancorp Confidentiality and Nonsolicitation Agreement 
  

							
	Dated:	 	 12/9/2014
	 		 	 /s/ J. Franklin Hall

		 		 		 	Name: J. Franklin HallExhibit 10(dl)

	
		
	National Western Life Insurance Company
	2015

EXHIBIT 10(dl)
EXECUTIVE OFFICER BONUS PROGRAM – ADDENDUM

		
	I.
	Goals/Performance Payout:

		
	1.
	The Program incorporates three measurable performance factors: (1) Company sales, which are defined as net placed annualized target premium for Life business and as total placed premium for Annuity business, (2) Company expense management, and (3) overall Company profitability.  

		
	2.
	Each of the above performance factors will have an assigned target level for purposes of the Program.  Assuming a “par” performance (i.e., achieving each target level), the weighting of the bonus percentage (applied to Base Salary (as defined below)) is 22.5% for sales performance, 22.5% for expense management performance, and 30% for profitability, for an overall par bonus percentage of 75%.  Actual results compared to the targets can either increase or decrease each of these individual percentages as explained in the following sections.  However, the total bonus percentage cannot exceed 75%.  For purposes of the Program, the Base Salary of each Executive Officer is the officer’s annual base salary for 2015 as certified by the Committee.

		
	II.
	Participants’ maximum payout potential in the 2015 Executive Officer Bonus Program:

 
Robert L. Moody, Chairman                 2015 Base Salary          TBD               75%
Ross R. Moody, President & COO       2015 Base Salary          TBD              75%
		
	III.
	Company Sales Component:  

		
	1.
	The sales component of the Program is further subdivided between Life production and Annuity production.  For 2015, the bonus sales goals for each line of business of the Company are:

		
	a.
	International Life -- $26,000,000 net placed annualized target premium

		
	b.
	Domestic Life -- $20,000,000 net placed annualized target premium

		
	c.
	Annuities -- $800,000,000 total placed premium 

		
	2.
	The Company’s New Business Market Summary Report (NWAR60) and the equivalent LifeCycle 2.0 sales report will be the source of sales results for purposes of this Program.  The bonus percentage corresponding with each sales production level achieved in 2015 will be applied to 100% of the Participant’s Base Salary in accordance with the following grid:

	
		
	International Life Placed Target
	Bonus %

	$24,750,000
	5.50%

	$25,375,000
	6.50%

	$26,000,000
	7.50%

	$27,000,000
	8.50%

	$28,000,000
	9.50%

Page 1 of 7
 December 10, 2014

	
		
	National Western Life Insurance Company
	2015

EXHIBIT 10(dl)
EXECUTIVE OFFICER BONUS PROGRAM – ADDENDUM

	
		
	Domestic Life Placed Target
	Bonus %

	$17,500,000
	5.50%

	$18,750,000
	6.50%

	$20,000,000
	7.50%

	$21,000,000
	8.50%

	$22,000,000
	9.50%

	
		
	Annuities Placed Total Premium
	Bonus %

	$700,000,000
	5.50%

	$750,000,000
	6.50%

	$800,000,000
	7.50%

	$900,000,000
	8.50%

	$1,000,000,000
	9.50%

		
	3.
	The level shaded in gray represents the Company’s sales goals for each segment for purposes of the bonus Program and represents the par performance level.  If net placed annualized target premium or total placed premium, as applicable, for a segment is below the lowest target amount for that segment, no bonus percentage will be earned for that segment.  The bonus percentage shown for each specified amount of net placed annualized target premium or total placed premium, as applicable, applies if actual performance is equal to or greater than the amount shown and, except for the last level, is less than the amount shown for the next level.  

		
	IV.
	Company Expense Management Component:

		
	1.
	The expense component of the Program is based upon a ratio of actual expenses as reported in the Company’s statutory financial statements to a targeted level of expenses based upon historical ratios of life expenses to life premiums and annuity expenses to annuity premiums.  For purposes of this measurement, expenses include General Expenses; Taxes, Licenses & Fees; and the Change in Loading as reported in the Company’s statutory income statement.

Page 2 of 7
 December 10, 2014

	
		
	National Western Life Insurance Company
	2015

EXHIBIT 10(dl)
EXECUTIVE OFFICER BONUS PROGRAM – ADDENDUM

		
	2.
	Targeted expense levels will be determined by applying historical expense-to-premium factors, separately for life and annuity lines of business, to actual premiums during the bonus period. These historical factors are as follows:

	
			
	LOB Premiums
	Expense %
	 

	Life:
	 
	 

	$240,000,000
	12.85%
	 

	$250,000,000
	12.75%
	 

	$260,000,000
	12.65%
	 

	$270,000,000
	12.55%
	 

	$280,000,000
	12.45%
	 

	$290,000,000
	12.35%
	 

	$300,000,000
	12.25%
	 

	$310,000,000
	12.15%
	 

	$320,000,000
	12.05%
	 

	$330,000,000
	11.95%
	 

	$340,000,000
	11.85%
	 

	$350,000,000
	11.75%
	 

	$360,000,000
	11.65%
	 

	Annuities:
	 
	 

	$300,000,000
	3.90%
	 

	$400,000,000
	3.70%
	 

	$500,000,000
	3.50%
	 

	$600,000,000
	3.30%
	 

	$700,000,000
	3.10%
	 

	$800,000,000
	2.90%
	 

	$900,000,000
	2.65%
	 

	$1,000,000,000
	2.40%
	 

	$1,100,000,000
	2.15%
	 

	$1,200,000,000
	1.90%
	 

	$1,300,000,000
	1.65%
	 

	$1,400,000,000
	1.40%
	 

	$1,500,000,000
	1.15%
	 

Page 3 of 7
 December 10, 2014

	
		
	National Western Life Insurance Company
	2015

EXHIBIT 10(dl)
EXECUTIVE OFFICER BONUS PROGRAM – ADDENDUM

		
	3.
	Actual expenses will be compared to targeted expenses for purposes of determining a ratio. The “par” ratio of actual expenses to targeted expenses is 100% for this bonus component. The bonus percentage corresponding with the actual expense to targeted expense ratio achieved will be applied to 100% of each Participant’s Base Salary in accordance with the following grid:

	
		
	Ratio of Actual Expense to Targeted Expense
	Bonus %

	107.0% and above
	0.00%

	105.0% to 107.0%
	15.00%

	103.0% to 105.0%
	17.50%

	101.0% to 103.0%
	20.00%

	99.0% to 101.0%
	22.50%

	97.0% to 99.0%
	25.00%

	Less than 97.0%
	27.50%

		
	4.
	The bonus percentage shown for each specified range level applies if the ratio of actual expenses to targeted expenses achieved is greater than the lower limit shown in the level and, except for the last level, is equal to or less than the upper limit shown for the same level.  For purposes of the expense component, special consideration may be given at the discretion of the Compensation Committee for items of an unusual and/or non-recurring nature (e.g., excess pension contributions) that are beyond the control of Company management.

		
	V.
	Company Profitability Component:

		
	1.
	The profitability component of the Program is based upon the Company’s GAAP return on assets (ROA) percentage as derived from the segment results reported in the Company’s Form 10-K. The ROA percentage is calculated as the sum of GAAP segment net operating earnings divided by the sum of the Company’s beginning of the year GAAP segment assets. Segment GAAP net operating earnings are after federal income taxes but exclude realized gains and losses on investments.  As the GAAP results, including segment information, reported in the Form 10-K are audited by the Company’s independent auditors, the ROA calculation will be finalized at the time the Company’s Form 10-K for the year is filed with the SEC.

		
	2.
	The bonus percentage corresponding with the Company’s actual ROA percentage for 2015 will be applied to 100% of each Participant’s Base Salary in accordance with the following grid: 

Page 4 of 7
 December 10, 2014

	
		
	National Western Life Insurance Company
	2015

EXHIBIT 10(dl)
EXECUTIVE OFFICER BONUS PROGRAM – ADDENDUM

	
		
	ROA %
	Bonus %

	0.70% to 0.80%
	22.00%

	0.80% to 0.90%
	26.00%

	0.90% to 1.00%
	30.00%

	1.00% to 1.10%
	34.00%

	1.10% and above
	38.00%

		
	3.
	If the Company’s actual ROA percentage achieved in 2015 is less than the lowest percentage shown (0.70%), no bonus percentage will be earned.  The bonus percentage shown for each specified ROA percentage range level applies if the actual ROA percentage achieved is greater than the lower limit shown in the level and, except for the last level, is equal to or less than the upper limit shown for the same level.  

		
	VI.
	Administration:

		
	1.
	Determination of Bonuses.  After audited GAAP financial statements become available for the 2015 performance period, the Committee shall determine the extent to which the three measurable performance factors have been achieved and the bonus percentage for the Participants for 2015.  The Committee shall certify such determination in writing.  The Company’s independent auditors will also review the calculation of the bonus percentage for compliance with the details of this Program as part of the Company’s audited financial statements.  Notwithstanding any contrary provision of the Program, the Committee, in its sole discretion, may eliminate or reduce the bonus payable to any Participant below that which otherwise would be payable under the Program formula.  

		
	2.
	Timing and Form of Payment.  After the bonus amount is certified by the Committee, the bonuses shall be paid in cash in a single lump sum.  Such payment shall occur on or after January 1, 2016 and on or before March 15, 2016.  Bonus payments are intended to qualify as short-term deferrals under section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and shall be paid not later than the latest specified payment date (March 15, 2016).  The Company shall have the authority to delay the payment of any bonus under the Program to the extent it deems necessary or appropriate to comply with Code section 409A(a)(2)(B)(i). 

		
	3.
	Effect of Termination.

		
	a.
	If a Participant terminates employment with the Company for any reason after the end of the 2015 performance period but prior to the date the bonus for such period is paid, the Participant shall be entitled to payment of the bonus determined by the Committee, subject to reduction or elimination under the last sentence of the “Determination of Bonuses” paragraph above based on the circumstances surrounding such termination of employment. 

Page 5 of 7
 December 10, 2014

	
		
	National Western Life Insurance Company
	2015

EXHIBIT 10(dl)
EXECUTIVE OFFICER BONUS PROGRAM – ADDENDUM

		
	b.
	If a Participant terminates employment with the Company prior to the end of the applicable 2015 Performance Period for any reason other than termination for cause by the Company (as determined by the Committee in its sole discretion), the Committee shall reduce the Participant’s bonus proportionately based on the date of termination (and subject to further reduction or elimination under the last sentence of the “Determination of Bonuses” paragraph above based on the circumstances surrounding such termination of employment).  

		
	c.
	If a Participant is terminated for cause by the Company prior to the payment of any bonus, no bonus shall be payable hereunder.  

		
	d.
	If a Participant dies prior to the payment of a bonus payable hereunder, the bonus shall be paid to the Participant’s beneficiary of record.

		
	4.
	Source of Payments.  Bonuses that may become payable under the Program shall be paid solely from the general assets of the Company.  The rights of each Participant (and any person claiming entitlement by or through a Participant) hereunder shall be solely those of an unsecured general creditor of the Company.  The Program shall be unfunded.  The Company may maintain bookkeeping accounts with respect to Participants who are entitled to bonuses under the Program, but such accounts shall be used merely for bookkeeping convenience.  The Company shall not be required to segregate any assets that may at any time be represented by interests in bonuses nor shall the Program be construed as providing for any such segregation.

		
	5.
	Committee Administration.  The Program shall be administered by the Committee.  The Committee shall have complete discretion and authority to administer the Program and to interpret the provisions of the Program.  Any determination, decision, or action of the Committee in connection with the construction, interpretation, administration, or application of the Program shall be final, conclusive, and binding upon all persons, and shall be given the maximum deference permitted by law.  The Committee may amend or terminate the Program at any time without the consent of any Participant by adoption of a written instrument.

		
	6.
	Miscellaneous.  

		
	a.
	The Company shall withhold all applicable taxes and other amounts required by law to be withheld from any bonus payment, including any non-U.S., federal, state, and local taxes.  

		
	b.
	A Participant’s rights under this Program will not be assignable, transferable, pledged, or in any manner alienated, whether by operation of law or otherwise, except as a result of death or incapacity where such rights are passed pursuant to a will or by operation of law.  Any assignment, transfer, pledge, or other disposition in violation of this provision will be null and void.  

		
	c.
	Nothing in the Program shall interfere with or limit in any way the right of the Company to terminate any Participant’s employment at any time, nor confer upon any Participant any right to continue in the employment of the Company.  

Page 6 of 7
 December 10, 2014

	
		
	National Western Life Insurance Company
	2015

EXHIBIT 10(dl)
EXECUTIVE OFFICER BONUS PROGRAM – ADDENDUM

		
	d.
	Bonuses payable hereunder shall constitute special discretionary incentive payments to the Participants and will not be required to be taken into account in computing the amount of salary or compensation of the Participants for the purpose of determining any contributions to or any benefits under any pension, retirement, profit-sharing, bonus, life insurance, severance or other benefit plan of the Company or under any agreement with a Participant, unless the Company specifically provides otherwise.  

		
	e.
	The Program and all determinations made and actions taken pursuant hereto, to the extent not otherwise governed by the Code, shall be governed by the laws of the State of Texas, without giving effect to conflict or choice of laws provisions thereof.  

		
	f.
	This Program shall be binding upon and inure to the benefit of the Company, its successors and assigns, and the Participants, and their heirs, assigns, and personal representatives.  

		
	g.
	The captions used in this Program are for convenience only and shall not be construed in interpreting the Program.  

		
	h.
	Whenever the context so requires, the masculine shall include the feminine and neuter, and the singular shall also include the plural, and conversely.  

		
	i.
	This Program constitutes the final and complete expression of agreement with respect to the subject matter hereof and may not be amended except by a written instrument adopted by the Committee.

This Addendum was adopted by the Compensation and Stock Option Committee of the Board of Directors of the Company (the “Committee”) on December 10, 2014

Page 7 of 7
 December 10, 2014

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00238-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00238-of-00352.parquet"}]]