Document:

Form of Restricted Stock Agreement

 EXHIBIT 10.1 
  
 RADIAN GROUP INC. 
 EQUITY COMPENSATION PLAN 
  
 FORM OF
RESTRICTED STOCK AWARD 
  
 THIS RESTRICTED STOCK AWARD, dated
                    , is delivered by RADIAN GROUP INC., a Delaware corporation (the “Company”), to
                            , an officer of the Company (the “Grantee”). 
  
 RECITALS 
  
 WHEREAS, the Radian Group Inc. Equity Compensation Plan (the “Plan”) provides for the grant (the “Award”) of
Restricted Stock to selected key employees of the Company and its affiliates, in accordance with the terms and provisions of the Plan. 
  
 NOW, THEREFORE, the parties hereto, intending to be legally bound hereby, agree as follows: 
  
 1. Award of Restricted Stock. 
  
 The Company hereby awards to the Grantee all rights, title and interest in the record and beneficial ownership of
                     shares (the “Restricted Stock”) of common stock, $.001 par value per share, of Company subject to the
conditions of this Restricted Stock Award agreement (the “Agreement”) . The Restricted Stock Awarded herein is pursuant to the Radian Group Inc. Equity Compensation Plan (the “Plan”) and is subject to the provisions of the Plan
as well as this Agreement. 
  
 2. Custody of Restricted Stock.

  
 Upon satisfaction of the vesting conditions set forth in Paragraph 4 or
the occurrence of any of the events contemplated by Paragraph 5(b) and 6(b), the Company shall issue and deliver to the Grantee a certificate or certificates for such number of shares of Restricted Stock as are required to be issued and delivered
under this Agreement. Prior to the satisfaction of such vesting conditions or the occurrence of such events, the Restricted Stock is not transferable and shall be held in trust or in escrow by the Company until such time as the applicable
restrictions on the transfer thereof have expired or otherwise lapsed. 
  
 3.
Risk of Forfeiture. 
  
 Subject to Paragraph 5(b) and 6(b), should the
Grantee’s employment with the Company terminate prior to any vesting dates set forth in Paragraph 4, Grantee shall forfeit the right to receive the Restricted Stock that would otherwise have vested on such dates. 
  
 4. Vesting Dates. 
  
 Subject to Paragraphs 5 and 6, the shares of Restricted Stock subject to this agreement vest
in installments in accordance with the following schedule: 
  

			
	Date

	 	 Shares

	            :	 	             Shares;
		
	            :	 	an additional              Shares; and
		
	            :	 	an additional              Shares.

  

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 No installment shall accrue after the Grantee ceases to be an officer or other key employee of the Company for any
reason. Any unvested Restricted Stock shall also become 100% vested at the earliest of (i) the employee’s retirement date, (ii) the employee’s death or disability, or (iii) the occurrence of a Change of Control, provided the Grantee is an
employee at such time. 
  
 Within 15 days after the date each installment of
Restricted Stock vests, the Company shall deliver to the Grantee, at the executive offices of the Company, a stock certificate for the number of Shares that vested pursuant to the above stated vesting schedule. The obligation of the Company to
deliver Shares upon vesting shall be subject to all applicable laws, rules, regulations and such approvals by governmental agencies as may be deemed appropriate by the Stock Option and Compensation Committee (the “Committee”), including,
among other things, such steps as Company counsel shall deem necessary or appropriate to comply with relevant securities laws and regulations. All obligations of the Company hereunder shall be subject to the rights of the Company as set forth in the
Plan to withhold amounts required to be withheld for any taxes. 
  
 5.
Termination of Employment. 
  
 Voluntary and involuntary termination
of employment with the Company shall affect Grantee’s rights under this agreement as follows: 
  
 a). If Grantee voluntarily terminates employment for reasons other than Change of Control, as defined in Paragraph 5(b) and 5(c), retirement, death or disability, or if Grantee’s employment is involuntarily
terminated, then Grantee shall forfeit the right to receive all shares of Restricted Stock that have not theretofore vested pursuant to Paragraph 4. 
  
 b). In the event of retirement, death or disability, all unvested Restricted Stock shall immediately become fully vested and delivered to the Grantee (or, in the event of
death, the Grantee’s representative). The term “retirement” as used herein shall mean a Grantee’s retirement as defined under the Company’s pension plan. 
  
 6. Certain Corporate Changes. 
  
 a) In the event of a change in, reclassification of, subdivision of, split-up or spin-off with respect to, stock dividend on, or exchange of stock of the Company for
outstanding Shares, the number and class of the Shares subject to the Restricted Stock Award shall be appropriately adjusted by the Committee. 
  
 b) If the Company is consolidated or merged with another corporation, the Grantee shall be entitled to receive the same number and kind of shares or securities as the
Grantee would have been entitled to receive upon the happening of such consolidation or merger if the Grantee had been, immediately prior to such event, the holder of the number of shares of Restricted Stock, adjusted in the manner provided in this
Section; provided, that if the Company shall not be the surviving corporation, the surviving corporation shall substitute therefor a substantially equivalent number and kind of its shares of stock. All adjustments made by the Committee pursuant to
this Section shall be subject to the approval of the Board. 
  

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 6. Ownership Rights. 
  
 Subject to the restrictions set forth herein, Grantee is entitled to all voting and ownership rights applicable to the Restricted Stock,
including the right to receive any dividends that may be paid on the Restricted Stock, whether vested or not vested. 
  
 7. Non-Transferability of Option. 
  
 This Award is not transferable other than by will or by the laws of descent, except as otherwise permitted by the Plan, and this award shall not be subject to any levy of
any attachment, execution or similar process upon the rights or interest. In the event of any attempt by the Grantee to alienate, assign, pledge, hypothecate or otherwise dispose of any Restricted Stock or any right hereunder, except as provided for
herein, the Company may terminate any unvested portion of the award by notice to the Grantee and the award and all rights hereunder shall thereupon become null and void. 
  
 8. Employment Not Affected. 
  
 Neither the grant of any Restricted Stock, nor any other action taken with respect to the Restricted Stock, shall confer upon the Grantee any right to continue in the
employ of the Company or any of its affiliates or shall interfere in any way with the right of the Company or any affiliate to terminate Grantee’s employment at any time. Except as may be otherwise limited by another written agreement, the
right of the Company or any of its affiliates to terminate at will the Grantee’s employment with it at any time (whether by dismissal, discharge, retirement or otherwise) is specifically reserved. 
  
 9. Cancellation or Amendment. 
  
 This award may be canceled or amended by the Committee, in whole or in part, at any time if
the Committee determines, in its sole discretion, that cancellation or amendment is necessary or advisable in light of any change after the date of this grant in (i) the Internal Revenue Code of 1986, as amended or the regulations issued thereunder
or (ii) any federal or state securities law or other law or regulation, which change by its term is effective retroactively to a date on or before the date of this award, provided, however, that no such cancellation or amendment shall, without the
Grantee’s consent, apply to or affect installments that vested on or before the date on which the Committee makes such determination. 
  
 10. Notice. 
  
 Any notice to the Company provided for in this instrument shall be addressed to it in care of the 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 of the Company or of an affiliate, 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 enclosed in a properly sealed envelope addressed as stated above, registered and deposited, postage and registry fee prepaid, in a post office or branch post office regularly maintained by the United States Postal
Service. 
  
 11. Incorporation of Plan by Reference; Nature of Restricted
Stock. 
  
 This grant is made pursuant to the terms of the Radian Group
Inc. 1995 Equity Compensation 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 
  

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 settlement of any award with respect to the Restricted Stock 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, including, but not limited to, provisions relating to (i) rights and obligations
with respect to withholding taxes, (ii) the registration, qualification or listing of Shares, (iii) capital or other changes of the Company and (iv) other requirements of applicable law. A copy of the Plan will be furnished to each Grantee upon
request. Additional copies may be obtained from the Secretary of the Company, 1601 Market Street, Philadelphia, Pennsylvania 19103-2197. 
  
 12. Governing Law. 
  
 The validity, construction, interpretation and effect of this instrument shall exclusively be governed by, and determined in accordance with, the law of the State of
Delaware. 
  
 IN WITNESS WHEREOF, Radian Group Inc. has caused its duly
authorized officers to execute and attest this instrument, and the Grantee has placed his or her signature hereon, effective as of the date of the grant set forth above. 
  

			
	 RADIAN GROUP INC.

		
	 By:
	 	  

  

			
	 Accepted:
	 	  

	 	 	Grantee

  

 4Form of Expense Allocation and Services Agreement

 EXHIBIT 10.2 
  
 FORM OF EXPENSE ALLOCATION AND SERVICES AGREEMENT 
 BETWEEN 
 RADIAN GROUP INC. 
 AND 
 [COMPANY] 
  
 THIS AGREEMENT is entered into on May 19, 2003 by and between
                            , a
                             corporation with its principal office located at
                             (“Company”) and Radian Group Inc., a Delaware corporation with
its principal office located at 1601 Market Street, Philadelphia, PA 19103 (“Group”). 
  
 RECITALS: 
  
 WHEREAS, the Company is a
                             domiciled insurance company; 
  
 WHEREAS, Group is a Delaware domiciled holding company; 
  
 WHEREAS, the Company requires certain services from Group in order to conduct its business;

  
 WHEREAS, Group is willing to provide such services to the Company; 

 
 WHEREAS, the Company and Group expect to incur common expenses in their respective
business operations; and 
  
 WHEREAS, the Company and Group desire to enter into
an arms-length, contractual arrangement for the provision of services and allocation of expenses; 
  
 NOW THEREFORE, in consideration of the mutual benefits to be derived, the parties, intending to be legally bound, do hereby agree as follows: 
  

	1.	Services 

  

	 	a.	Group will make available to the Company such services as are reasonably required by the Company for the operation of its business, including, but not limited to: accounting; record
keeping; tax; information services and data processing; treasury, investment and management services, internal auditing; and administrative services. All investment services provided to the Company are to be based upon the written criteria,
standards and guidelines of the Company. However, the Company shall have the ultimate and final authority over decisions and policies, including but not limited to decisions about the purchase and sale of securities. 

  

	 	b.	Group’s staff members who provide such services to the Company will remain, for all purposes, the employees of Group and will be instructed to provide the

  

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 services to the Company with the same degree of care and diligence as they would exercise in the
performance of the same or similar services to Group. Group shall compensate its staff members who provide such services to the Company on the same basis as they are customarily compensated for the performance of their regular duties to Group. The
Company shall make no direct payment of any kind to, or compensate in any manner, the staff members of Group whose services it uses. 
  

	 	c.	Notwithstanding any other provision of this Agreement, it is understood that the business and affairs of the Company shall be managed by the Company’s Board of Directors, and,
to the extent delegated by such Board of Directors, by its appropriately designated officers. In the event that any management service is provided by an entity other than the Company (“Other Entity”), the Board of Directors and officers of
the Other Entity shall not have any management prerogatives with respect to the business affairs and operations of the Company. 

  

	 	d.	The services described above shall be provided at a cost that is reasonable, equitable and equal to the cost incurred by Group in providing such services. The Company will be
charged its pro-rata share of the costs incurred by Group for the various departments utilized by the Company. Such costs shall include, without limitation, salaries, related employee benefits, net interest expense associated with treasury
activities, allocated overhead, and the fees and charges of independent outside consultants and advisors to the extent that the same are incurred by Group in providing services to the Company hereunder. 

  

	 	(i)	Group shall make available to the Company copies of receipts, expense journal entries and such other accounting information as the Company may reasonably require to demonstrate that
the value of the services being provided to the Company is equal to the amounts being charged to the Company by Group. 

  

	 	(ii)	Within thirty (30) days after the end of each month, or more frequently if desired by either party, Group shall submit to the Company a detailed statement of the apportioned costs
for the services provided to the Company during the subject month (or such shorter time if applicable). Such statement shall set forth with specificity the nature of each service charged, and the basis for each charge, and such other relevant
information and detail as the Company may reasonably require. The Company shall pay Group the amount shown on the statement within fifteen (15) days of receipt unless the Company provides Group with a written notice of disagreement, in which event
the Company shall not be obliged to make payment for the amount in dispute until the dispute is resolved either by agreement of the parties or in accordance with the Arbitration Paragraph hereof. 

  

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	2.	[Compliance with Regulatory Requirements 

  
 Notwithstanding any other provision of this Agreement, the allocation method for shared expenses shall be consistent with the provisions of the New York Insurance
Department’s Regulation 30 (11 NYCRR 105-109).] [only in Radian Asset Assurance Inc. agreement] 
  

	3.	Expenses 

  

	 	a.	Expenses shall be allocated as follows: 

  

	 	(i)	any expense which is incurred solely on behalf of one party shall be paid directly by that party; 

  

	 	(ii)	any expense which is incurred on behalf of both parties (and, if applicable, on behalf of other affiliated companies) shall be allocated to each party on a monthly basis, based on
the parties’ relative capital. For purposes hereof, at any given time “capital” of any entity shall mean such entity’s net worth (calculated on the basis of generally accepted accounting principles) as of the close of the last
preceding calendar quarter, plus such entity’s investment in unconsolidated subsidiaries as of the close of the last preceding calendar quarter. With respect to interest expense related to capital contributions, such expense shall be allocated
to the recipient(s) in proportion to the amount received. 

  

	 	b.	The party that incurs a common expense governed by this Agreement shall charge the other party with the allocable share of such expense no later than the last day of the month in
which such expense is incurred. The party so charged shall make payment to the party that incurred the expense within fifteen (15) days thereafter. 

  

	3.	Audits 

  
 Each party shall have the right to conduct an audit of the relevant books, records and accounts of the other party upon giving reasonable notice of its intent to conduct such an audit. In the event of such audit, the
party being audited shall give to the party requesting the audit reasonable cooperation and access to all books, records and accounts necessary to the audit. 
  

	4.	Corporate Records 

  
 Each party shall be and remain the sole owner of its records, including but not limited to, business and corporate records, regardless of the use or possession by either party of the other party’s records. The
books, accounts and records of Group and the Company shall be so maintained as to clearly and accurately disclose the nature and details of the transactions between them. 

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	5.	Liability 

  
 Group shall have no liability to the Company for any loss, cost or expense arising from any delay in performing the support services contemplated under this Agreement or as a result of any act or omission in
connection therewith if such delay, act or omission occurs in the good faith performance of the support services by Group. To the extent that the Company is damaged by the intentional breach by Group of any of Group’s obligations under this
Agreement, Group agrees to hold the Company harmless from any cost or expense associated with such breach. 
  
 Nothing contained herein shall create any right or interest in any person or entity not a party to this Agreement, and the Company shall indemnify and hold Group harmless against any claim or demand by a third party
arising from the performance of services by Group unless such claim or demand is based upon the breach by Group of an obligation or duty owed by Group to such third party for which the Company would not otherwise be liable. 
  

	6.	Arbitration 

  
 Should an irreconcilable difference of opinion between Group and the Company arise as to the interpretation of any matter concerning this Agreement, it is hereby mutually agreed that such difference shall be submitted
to arbitration as the sole remedy available to both parties. Such arbitration shall be in accordance with the rules of the American Arbitration Association and the arbitrators shall have extensive experience in the insurance industry. The
arbitration shall take place in                             . 
  

	7.	Term and Termination 

  
 This Agreement shall govern services provided and costs incurred commencing April 1, 2003 and shall continue until terminated by either party by sixty (60) days’ prior written notice to the other party.

  

	8.	No Assignment 

  
 Nothing herein is intended to constitute an assignment of any contract or agreement by the Company nor an assumption of any such contract or agreement by Group. 
  

	9.	Governing Law 

  
 This Agreement shall be governed by and interpreted in accordance with the laws of
                            , without regard to its choice or conflicts of laws principles.

  

	10.	Entire Agreement 

  
 This Agreement constitutes the entire agreement between Group and the Company with respect to the matters referred to herein, and no other agreement, statement or promise not contained in this Agreement shall be valid
or binding, except a subsequent modification in writing, executed by the parties. 
  

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 IN WITNESS WHEREOF, the parties hereto have entered into this Agreement as of the day and year first above written.

  

			
	[COMPANY]
		
	By:	 	  

	Name:	 	 
	Title:	 	 
	
	RADIAN GROUP INC.
		
	By:	 	  

	Name:	 	 
	Title:	 	 

  

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