Document:

Retention Agreement

 Exhibit 10.27 
  
 RETENTION AGREEMENT 
  
 THIS RETENTION AGREEMENT (the “Agreement”) entered into as of February 14, 2005, by and between Radian Group Inc., a Delaware company, (the
“Company”) and Rob Croner (“Executive”). 
  
 WHEREAS, in light of the transition in management of the Company, the Board of Directors of the Company (the “Board”) has determined that it is appropriate to enter into a retention agreement with selected key executives whose
continued service is particularly important to the welfare of the Company. 
  
 WHEREAS, Executive and the Company have entered into a Change of Control Agreement dated November 9,2004 (the “CIC Agreement”), and the parties intend to coordinate the terms of this Agreement with those of
the CIC Agreement. 
  
 NOW, THEREFORE, the parties hereto,
intending to be legally bound, hereby agree as follows: 
  
 1.
Termination of Employment. 
  
 (a) If the Company wishes
to terminate Executive’s employment by the Company and all Affiliates without Cause prior to January 1, 2007 it shall provide Executive with 180 days’ advance notice (the “Notice”), and Executive’s termination of employment
shall occur on the 181st day following the Notice (the “Termination Date”). Executive shall also receive (i) 6 monthly installments of severance, at the then rate of base salary prior to any deductions, payable to Executive beginning on
the Termination Date and paid in accordance with the Company’s normal payroll system, and (ii) a pro rata target cash bonus for the year of the Notice, when bonuses for that year are otherwise paid to executives generally, multiplied by a
fraction, the numerator of which is the number of days in the current calendar year before the date of the Notice and the denominator of which is 365 (collectively, the “Severance Payments”). Notwithstanding anything herein to the
contrary, no payments will be made hereunder in violation of Section 409A(2)(b)(i) of the Internal Revenue Code of 1986, as amended. 
  
 (b) If before the Severance Payments are made, Executive’s employment is terminated by the Company without Cause (as defined in the CIC Agreement),
under circumstances in which the benefits of the CIC Agreement are applicable, Executive will receive the severance benefits provided under the CIC Agreement, but not the Severance Payments. If after the Severance Payments are begun, it is
determined that the circumstances result in the benefits of the CIC Agreement being applicable, Executive will receive the severance benefits provided under the CIC Agreement, but reduced by the amount of the Severance Payments actually made.

  
 (c) If Executive’s employment terminates for any reason
other than as described in paragraph (a) or (b) above, no Severance Payments will be paid to Executive, and this Agreement shall not in any way affect the terms of the CIC Agreement. 
  

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 2. Release. Notwithstanding the foregoing, the Severance Payments shall be conditioned on
Executive’s executing and not revoking a written release upon such termination, substantially in the form attached as Exhibit A (the “Release”), of any and all claims against the Company and all related parties with respect to all
matters arising out of Executive’s employment by the Company, or the termination thereof (other than claims based upon any entitlements under the terms of this Agreement or entitlements under any plans or programs of the Company under which
Executive has accrued and is due a benefit). No payments shall be due or made under this Agreement until the eighth day following the execution of the Release without revocation. 
  
 3. Restrictive Covenants. In consideration of the benefits that may be provided by the Company to Executive under
this Agreement, 
  
 (a) Non-Solicitation and Non-Hire of
Company Personnel. During Executive’s employment by the Company or any Affiliate, and, if Executive receives all or a portion of the payments under Section 1, until the first day of the 12th month following Executive’s termination
date, Executive hereby agrees that he will not either directly or through others, solicit, hire or attempt to solicit or hire any employee, consultant or independent contractor of the Company to change or terminate his or her relationship with the
Company or otherwise to become an employee, consultant or independent contractor to, for or of any other person or business entity. 
  
 (b) Proprietary Information. At all times, Executive will hold in strictest confidence and will not disclose, use, lecture upon or publish
any of the Company’s Proprietary Information (defined below), except as such disclosure, use or publication may be required in connection with Executive’s work for the Company, or unless the Company expressly authorizes such disclosure in
writing or it is required by law or in a judicial or administrative proceeding in which event Executive shall promptly notify the Company of the required disclosure and assist the Company if it determines to resist the disclosure. “Proprietary
Information” shall mean any and all confidential and/or proprietary knowledge, data or information of the Company, its affiliated entities, any of its portfolio companies, investors, and partners, including but not limited to information
relating to financial matters, investments, budgets, business plans, marketing plans, personnel matters, business contacts, products, processes, know-how, designs, methods, improvements, discoveries, inventions, ideas, data, programs, and other
works of authorship. Notwithstanding anything to the contrary herein, each of the parties hereto (and each employee, representative, or other agent of such parties) may disclose to any person, without limitation of any kind, the federal income tax
treatment and federal income tax structure of the transactions contemplated hereby and all materials (including opinions or other tax analyses) that are provided to such party relating to such tax treatment and tax structure. 
  
 (c) Return of Company Documents. Upon termination of
Executive’s employment with the Company for any reason whatsoever, voluntarily or involuntarily, 
  

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 and at any earlier time the Company requests, Executive will deliver to the person designated by the Company all
originals and copies of all documents and other property of the Company in Executive’s possession, under Executive’s control or to which Executive may have access. Executive will not reproduce or appropriate for Executive’s own use,
or for the use of others, any property, Proprietary Information or Company Inventions. 
  
 (d) In the event of any breach by Executive of any of the restrictive covenants contained in this Sections 5, the Company shall have the right to enforce this Section 5 by withholding or recouping from Executive any
payments made under Section 1 as the exclusive remedy for a breach of the restrictive covenants set forth in this Section 5. Executive agrees that in any action in which the Company seeks recoupment, Executive will not assert or contend that any of
the provisions of this Section 5 are unreasonable or otherwise unenforceable and that no bond will be required. Executive irrevocably and unconditionally (i) agrees that any legal proceeding arising out of this paragraph may be brought in the United
States District Court for the Eastern District of Pennsylvania, or if such court does not have jurisdiction or will not accept jurisdiction, in any court of general jurisdiction in Philadelphia County, Pennsylvania, (ii) consents to the
non-exclusive jurisdiction of such court in any such proceeding, and (iii) waives any objection to the laying of venue of any such proceeding in any such court. Executive also irrevocably and unconditionally consents to the service of any process,
pleadings, notices or other papers. 
  
 4. Tax Withholding.
All payments under this Agreement will be made subject to applicable federal, state and local tax withholding. 
  
 5. No Employment Rights. This Agreement will not give Executive any right to continued employment nor affect the Company’s (or an
Affiliate’s) right to terminate that employment at any time. 
  
 6. Creditors; Successors. None of the rights or benefits under this Agreement shall be subject to the claims of any of Executive’s creditors, and Executive shall not have the right to alienate, anticipate, pledge, encumber or
assign any of the rights or benefits under this Agreement. Executive will in all respects be an unsecured creditor of the Company. This Agreement will be binding on Executive’s heirs, executors and administrators, and on the successors and
assigns of the Company. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or otherwise) to all or substantially all of the business or assets of the Company, within 15 days of
such succession, expressly to assume and agree to perform this Agreement in the same manner and to the same extent as the Company would be required to perform if no such succession had taken place. 
  
 7. Termination and Amendment. This Agreement shall terminate
immediately after the Severance Payments are paid or after the Company determines that no Severance Payments are due pursuant to Section 3. This Agreement may be amended only by written agreement between the parties. 
  

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 8. Governing Law. This Agreement shall be governed by and interpreted under the laws of the
Commonwealth of Pennsylvania without giving effect to any conflict of laws provisions. 
  
 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/ Howard S. Yaruss

	Name:	 	Howard S. Yaruss
	Title:	 	EVP, General Counsel
	
	 /s/ Robert E. Croner

	Executive

  

 4Certain Compensation Agreements

 EXHIBIT 10.28 
  
 CERTAIN COMPENSATION ARRANGEMENTS WITH 
 DIRECTORS AND NAMED EXECUTIVE OFFICERS FOR 2005 
  
 Directors 
  
 All of our non-employee directors receive an annual
fee for their services of $32,500 and an annual grant of phantom stock, awarded under our Equity Compensation Plan, equal to $97,500 based on the closing price of our common stock on the date the annual grant is made. The phantom stock awards vest
and are payable in shares of common stock upon departure from the board. Each non-employee director also receives a $2,000 fee for each board meeting attended and a $2,000 fee for each committee meeting attended. In addition to the foregoing, our
Lead Director receives an annual fee of $30,000, the chairperson of the Audit and Risk Management Committee receives an annual fee of $10,000, the chairperson of the Compensation and Human Resources Committee receives an annual fee of $7,500, and
the chairpersons of the Executive, Governance and Investment Committees each receive an annual fee of $5,000, for serving as chairperson. Herbert Wender, our Lead Director, also received 2,000 shares of phantom stock in 2005 as compensation for his
efforts related to Radian’s CEO transition. Directors who are our employees do not receive additional compensation for their service as directors. Radian requires each director to maintain a minimum direct investment in Radian common stock
equal to $350,000, on or before the later of January 1, 2007 or four years from the date that a director’s service on the board begins. 
  
 Named Executive Officers 
  

																	
	 Named
 Executive
 Officer

	  	2004 Bonus

	 	 	2005 Base
Salary

	 	 	2005
Target
Bonus (1)

	 	 	Target
Performance
Shares under
Performance
Share Plan (2)

	  	Stock Options
Awarded (3)

	 Frank P. Filipps
	  	$	2,700,000	(4)	 	 	(5	)	 	 	(5	)	 	N/A	  	N/A
	 Martin Kamarck
	  	$	500,000	 	 	$	455,000	 	 	$	682,500	 	 	8,800	  	20,800
	 Roy J. Kasmar
	  	$	615,000	 	 	$	455,000	 	 	$	682,500	 	 	8,800	  	20,800
	 C. Robert Quint
	  	$	455,000	 	 	$	335,000	 	 	$	418,750	 	 	5,400	  	12,700
	 Howard S. Yaruss
	  	$	355,000	 	 	$	278,000	 	 	$	347,500	 	 	4,000	  	9,500

  

	(1)	Subject to adjustment prior to payment after the conclusion of 2005. 

  

	(2)	For the performance period that began January 1, 2005 and ends December 31, 2007. The performance shares are denominated in shares of Radian common stock and are payable in cash or
stock, at the participant’s option (unless the participant is not in compliance with the minimum stock ownership required of his position upon payment, in which case the performance shares will be paid in shares) at between 0% and 200% of the
target amount depending upon a combination of Radian’s growth of earnings per share, growth of adjusted book value and return on equity over the performance period, both on an absolute basis and as compared to a peer group.

  

	(3)	Vest ratably over a four year period beginning one year after the grant date and expire seven years after the grant date. The exercise price of the options is $48.39, the closing
price of Radian’s common stock on the February 8, 2005 grant date. 

  

	(4)	Consists of $1,350,000 in cash and $1,350,000 in phantom stock that is payable one year after the February 8, 2005 grant date. 

  

	(5)	Pursuant to his retirement agreement, Mr. Filipps is entitled to base salary payments of $60,417 per month through his retirement date, which is expected to occur on or before June
30, 2005. He also is entitled to a cash bonus for 2005 at an annual rate of $1,450,000 prorated for the length of service in 2005 before the retirement date and payable when 2005 bonuses are otherwise paid to executives generally. The retirement
agreement also provides for additional payments following retirement as described in Radian’s Current Report on Form 8-K dated November 22, 2004 and filed on November 24, 2004.

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