Document:

Amendment No. 2 to Dialysis Organization Agreement

 Exhibit 10.2 
 CONFIDENTIAL TREATMENT 
 [DELETED] = Portions of this exhibit are subject
to a request for confidential treatment and have been redacted and filed separately with the Securities and Exchange Commission. 
 AMENDMENT NO. 2 DIALYSIS ORGANIZATION AGREEMENT NO. 920110141 
  

 
 This Amendment No. 2 (“Amendment
No. 2”) to Dialysis Organization Agreement No. 920110141 is entered into effective as of July 1, 2011 (“Amendment No. 2 Effective Date”) by and between Amgen USA Inc. (“Amgen”), a wholly-owned subsidiary
of Amgen Inc., and DaVita Inc. (“Dialysis Center”) (Amgen and Dialysis Center each a “Party” and together, the “Parties”). 
 WHEREAS, the Parties entered into that certain Dialysis Organization Agreement No. 920110141, effective January 1, 2011 (“Agreement”); and 

WHEREAS, the Parties amended the Agreement pursuant to Amendment No. 1, dated March 23, 2011 and effective March 31, 2011; and

 WHEREAS, the Parties mutually desire to amend the Agreement as stated below. 
 NOW THEREFORE, in consideration of the premises and of the mutual promises and covenants set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the parties hereto agree as follows: 
 SECTION 1. Definitions;
References.    Unless otherwise specifically defined herein, each term used herein which is defined in the Agreement shall have the meaning assigned to such term in the Agreement. Except as amended and supplemented
hereby, all of the terms of the Agreement are incorporated herein by reference, shall continue in full force and effect and are hereby ratified and confirmed in all respects. 
 SECTION 2. Amendment of the Information Sheet of the Agreement.    As of the Amendment No. 2 Effective Date, the Term End Date set forth on the Information
Sheet is hereby amended and restated as follows: 
 TERM END DATE: December 31, 2011 

SECTION 3. Amendment and Restatement of Section 8.1 of the Agreement.    As of the Amendment No. 2
Effective Date, Section 8.1 of the Agreement entitled “Term” is hereby amended and restated as follows: 
 8.1. Term.    This Agreement shall come into effect as of the Term Start Date and shall expire as of the Term End Date (the “Term”), unless sooner terminated in
accordance with this Section 8 or superseded and replaced by a new agreement that is executed prior to the Term End Date. 

SECTION 4. Amendment and Restatement of Section 1.15 of the Agreement.    As of the Amendment No. 2
Effective Date with respect to periods commencing on the Amendment No. 2 Effective Date but not periods prior to the Amendment No. 2 Effective Date, Section 1.15 of the Agreement entitled “Quarter” is hereby amended and
restated as follows: 
 1.15 “Quarter” shall mean each calendar quarter during the Term
(i.e., January 1 through March 31, April 1 through June 30, July 1 through September 30 or October 1 through December 31). 

 AMENDMENT NO. 2 DIALYSIS ORGANIZATION AGREEMENT NO. 920110141 

 
  

 SECTION 5. Amendment of Exhibit A.    As of the Amendment No. 2
Effective Date, Exhibit A of the Agreement entitled “Discount Terms and Conditions” is hereby deleted from the Agreement in its entirety and is replaced with Exhibit A attached hereto as Attachment 1 to this Amendment No. 2.

 Except as specifically amended herein, all general terms and conditions of the Agreement remain unchanged and in full force and effect.

 The parties executed this amendment to the Agreement as of the dates set forth below. 

 

									
	Amgen USA Inc.	 		 	DaVita Inc.
					
	Signature:	 	/s/ Fred Manak	 		 	Signature:	 	/s/ Dennis L. Kogod
		 		 		 		 	
	Print Name:	 	Fred Manak	 		 	Print Name:	 	Dennis L. Kogod
		 		 		 		 	
	Print Title:	 	Exec Director Trade, Pricing & Contract Management	 		 	Print Title:	 	Chief Operating Officer
		 		 		 		 	
	Date:	 	5/2/11	 		 	Date:	 	5/2/11

 Amgen Inc. agrees to be bound by certain provisions of this amendment to the Agreement as set forth herein

  

			
	Amgen Inc.
		
	Signature:	 	/s/ Fred Manak
		
	Print Name:	 	Fred Manak
		
	Print Title:	 	Exec Director Trade, Pricing & Contract Management
		
	Date:	 	5/2/11

  
 Page 2 of 22

 AMENDMENT NO. 2 DIALYSIS ORGANIZATION AGREEMENT NO. 920110141 

 
  

 ATTACHMENT 1 

Exhibit A 

Discount Terms and Conditions 
  

	1	DEFINITIONS. In addition to the defined terms set forth in Section 1 of this Agreement, the following terms, as used in this Exhibit A, shall
have the meaning ascribed below. 

 Special Price Rebate Definitions 

 

	1.1	“[DELETED]” shall mean, at any date of determination, [DELETED] as of such date. 

 

	1.2	“Discounts” shall mean all rebates and discounts set forth in this Agreement that may be earned by the Dialysis Center Purchasers pursuant to the terms
and conditions set forth in this Agreement, which shall be earned, calculated and vested as provided in this Agreement. 

  

	1.3	“[DELETED]” shall mean [DELETED] percent ([DELETED]%) [DELETED]as of May 2, 2011, which is $[DELETED] per [DELETED] units of EPOGEN, or
$[DELETED]. 

  

	1.4	“Special Price Rebate” shall mean the rebate described in Section 3.2 of this Exhibit A. 

 

	1.5	“Special Price Rebate Percentage” shall mean, at any date of determination, a percentage (rounded to two decimal places) to calculate any Special Price
Rebate to be paid to Dialysis Center on account of [DELETED] increase for the Quarter during which such [DELETED] occurs, which Special Price Rebate Percentage shall equal: 

A - B * C 
     A 
 Where 

“A” equals [DELETED] 
 “B” equals [DELETED] 
 “C” equals [DELETED] ([DELETED])
minus the Discounts earned by Dialysis Center Purchasers during such Quarter, expressed as a percentage of Qualified Gross Purchases 
 For example, if [DELETED] is $[DELETED], [DELETED] is $[DELETED] and the Discounts earned during the applicable Quarter are [DELETED]% of Qualified Gross Purchases for such Quarter, the Special Price
Rebate Percentage would be calculated as follows: 
 Special Price Rebate Percentage Illustration: 

 

	
	
[DELETED] – [DELETED] * ([DELETED] – Discount %)

[DELETED]

 
 or

 
 $[DELETED]
– $[DELETED] * ([DELETED] – [DELETED]) = [DELETED]%

$[DELETED]

	 

  

  
 Page 3 of 22

 AMENDMENT NO. 2 DIALYSIS ORGANIZATION AGREEMENT NO. 920110141 

 
  

 Quality Rebate Definitions 

 

	1.6	“Aggregate Greater Than [DELETED] Baseline Performance” shall mean [DELETED]% for the period of July 1, 2011 through September 30,
2011 and [DELETED]% for the period of October 1, 2011 through December 31, 2011. 

  

	1.7	“Aggregate Greater Than [DELETED] Percentage” shall mean for any Quarter during the Term, the percentage of Dialysis Center Purchasers’ patients
with hemoglobin values greater than [DELETED] g/dL calculated as set forth in Section 3.3.3 of this Exhibit A. 

  

	1.8	“Aggregate Less Than [DELETED] Baseline Performance” shall mean [DELETED]% for the period of July 1, 2011 through September 30, 2011 and
[DELETED]% for the period of October 1, 2011 through December 31, 2011. 

  

	1.9	“Aggregate Less Than [DELETED] Percentage” shall mean for any Quarter during the Term, the percentage of Dialysis Center Purchasers’ patients with
hemoglobin values less than [DELETED] g/dL calculated as set forth in Section 3.3.4 of this Exhibit A. 

  

	1.10	“Greater Than [DELETED] Requirement Rebate Score” shall mean for any Quarter in calendar year 2011, the “Earned Rebate Score” (as designated
in the Greater Than [DELETED] Requirement Rebate Score Table below) multiplied by [DELETED] ([DELETED]). The Earned Rebate Score shall be determined by calculating the difference between (A) the Aggregate Greater than [DELETED]
Percentage for such Quarter and (B) Aggregate Greater Than [DELETED] Baseline Performance. 

  

			
	 Greater Than [DELETED] Requirement Rebate Score
Table

	 Aggregate Greater Than [DELETED]

Percentage

minus Aggregate Greater Than

[DELETED] Baseline Performance
	  	 Earned Rebate Score

	[DELETED]% and below	  	[DELETED]
	[DELETED]% - [DELETED]%	  	[DELETED]
	[DELETED]% - [DELETED]%	  	[DELETED]
	[DELETED]% - [DELETED]%	  	[DELETED]
	[DELETED]% - [DELETED]%	  	[DELETED]
	[DELETED]% and above	  	[DELETED]

  

	1.11	“Less Than [DELETED] Requirement Rebate Score” shall mean for any Quarter in calendar year 2011, the “Earned Rebate Score” (as designated in
the Less Than [DELETED] Requirement Rebate Score Table below) multiplied by [DELETED] ([DELETED]). The Earned Rebate Score shall be determined by calculating the difference between (A) the Aggregate Less than [DELETED] Percentage
for such Quarter and (B) the Aggregate Less Than [DELETED] Baseline Performance. 

  
 Page 4 of 22

 AMENDMENT NO. 2 DIALYSIS ORGANIZATION AGREEMENT NO. 920110141 

 
  

			
	 Less Than [DELETED] Requirement Rebate Score
Table

	 Aggregate Less Than [DELETED]

Percentage

minus Aggregate Less Than

[DELETED] Baseline Performance
	  	 Earned Rebate Score

	[DELETED]% and below	  	[DELETED]
	[DELETED]% - [DELETED]%	  	[DELETED]
	[DELETED]% - [DELETED]%	  	[DELETED]
	[DELETED]%- [DELETED]%	  	[DELETED]
	[DELETED]% - [DELETED]%	  	[DELETED]
	[DELETED]% and above	  	[DELETED]

  

	1.12	“Quality Rebate” shall mean the rebate described in Section 3.3 of this Exhibit A. 

 

	1.13	“Total Quality % Score” shall mean for any Quarter occurring during calendar year 2011, a percentage equal to (i) the sum of, for such Quarter,
(A) the Greater Than [DELETED] Requirement Rebate Score plus (B) the Less Than [DELETED] Requirement Rebate Score, divided by (ii) [DELETED] ([DELETED]) (i.e., the maximum achievable Greater Than [DELETED]
Requirement Rebate Score and Less Than [DELETED] Requirement Rebate Score for such Quarter). For the avoidance of doubt, for purposes of calculating Total Quality % Score for the Term, no Dialysis Center Purchasers which have been added or removed
during the Term shall be included in the Aggregate Greater than [DELETED] Percentage or the Aggregate Less than [DELETED] Percentage of such calculation and the Aggregate Greater Than [DELETED] Baseline Performance and the Aggregate Less Than
[DELETED] Baseline Performance shall remain unchanged. 

  

	2	MAXIMUM GROWTH LIMITATION. The rebates Dialysis Center may be eligible to receive as set forth in this Exhibit A are subject to the following limitation.

  

	2.1	Maximum Growth Limitation. The rebates set forth in this Exhibit A shall only be paid to Dialysis Center on aggregate Qualified Gross Purchases
made during any Quarter that do not exceed [DELETED] percent ([DELETED]%) of the aggregate Qualified Gross Purchases made in the immediately preceding Quarter. Such calculation shall be adjusted pursuant to Sections 2.2 and 3.4 of the
Agreement to reflect any Dialysis Center Purchasers added or removed during such period and to remove from the calculation the effect of any change in [DELETED] during the relevant comparison periods. 

 

	2.2	Amgen may, in its sole discretion, determine that Dialysis Center may be eligible to receive rebates on Qualified Gross Purchases over [DELETED] percent ([DELETED]%) if
such Qualified Gross Purchases are predicated upon increases in actual patient utilization and increases in the number of Dialysis Center’s patients. Amgen shall make such determination based upon a review of all relevant reports including, but
not limited to: monthly forecast reports, the national accounts monthly purchase reports, historical purchase reports, appropriate wholesaler data, and any finance reports. Such determination must be approved by Amgen’s Corporate Accounts
Senior Management. 

  
 Page 5 of 22

 AMENDMENT NO. 2 DIALYSIS ORGANIZATION AGREEMENT NO. 920110141 

 
  

	3	PRODUCT REBATES 

  

	3.1	Base Rebate. Dialysis Center shall earn the Base Rebate for each Quarter during the Term as described below in this Section 3.1 of this Exhibit
A. 

  

	 	3.1.1	Calculation of Base Rebate. Dialysis Center shall receive a [DELETED] percent ([DELETED]%) base rebate payment (the “Base Rebate”). The Base Rebate
will be calculated as a percentage of the Qualified Gross Purchases during each Quarter. 

  

	 	3.1.2	Payment of Base Rebate. Amgen will pay the Base Rebate within [DELETED] ([DELETED]) days after the end of the corresponding Quarter. 

 

	 	3.1.3	Vesting of Base Rebate. The Base Rebate for a given Quarter shall vest on the last day of such Quarter. 

 

	3.2	Special Price Rebate. Dialysis Center shall earn the Special Price Rebate for each Quarter during the Term in the manner described below in this
Section 3.2 of this Exhibit A. 

  

	 	3.2.1	Trigger Event for Special Price Rebate. If within any Quarter during the Term, Amgen [DELETED] by an amount which causes [DELETED] to exceed [DELETED], then
Dialysis Center Purchasers shall be entitled to the Special Price Rebate as calculated in Section 3.2.2 of this Exhibit A. The Special Price Rebate shall apply to all Qualified Gross Purchases from the date of the related [DELETED] until
the date (if any) at which [DELETED] is [DELETED] to or [DELETED] during the Term. 

  

	 	3.2.2	Calculation of Special Price Rebate. Amgen shall determine the amount of Dialysis Center’s Special Price Rebate for any Quarter by calculating the product
of (i) Qualified Gross Purchases during such Quarter which purchases have been made while [DELETED] and (ii) the Special Price Rebate Percentage for such Quarter. 

 

	 	3.2.3	Payment of Special Price Rebate. Amgen will pay the Special Price Rebate within [DELETED] ([DELETED]) days after the end of the corresponding Quarter.

  

	 	3.2.4	Vesting of Special Price Rebate. The Special Price Rebate for a given Quarter shall vest on the last day of such Quarter. 

 

	3.3	Quality Rebate. Dialysis Center shall earn the Quality Rebate for each Quarter during the Term provided Dialysis Center Purchasers meet the requirements
described below in this Section 3.3 of this Exhibit A. 

  

	 	3.3.1	Qualification Criteria. To receive a Quality Rebate on Qualified Gross Purchases during a Quarter, Dialysis Center Purchasers must submit all hemoglobin test
results for each dialysis patient and the date of each such test, as set forth in Schedule 1 of this Agreement, from at least [DELETED] percent ([DELETED]%) of all Dialysis Center Purchasers in accordance with the submission of data requirement set
forth in Section 3.4.1 of this Exhibit A; provided, however, that if such [DELETED] percent ([DELETED]%) threshold is not met in any month due to the inclusion of de novo facilities that have not yet treated patients
and/or inactive facilities, Amgen shall exclude any such facilities identified by Amgen and Dialysis Center from such month when calculating Dialysis Center’s eligibility for the Quality Rebate at the end of each Quarter. For purposes of
clarity, the [DELETED] percent ([DELETED]%) will not include Dialysis Center Purchasers that are acute facilities. 

  
 Page 6 of 22

 AMENDMENT NO. 2 DIALYSIS ORGANIZATION AGREEMENT NO. 920110141 

 
  

	 	3.3.2	Calculation of Average Patient Hemoglobin. Each calendar month during the Term, Amgen shall determine the average hemoglobin value for each patient of Dialysis
Center Purchasers by adding all hemoglobin value test results for each such patient of Dialysis Center Purchasers during each such calendar month based on the Data provided by Dialysis Center to Amgen and dividing the sum by the number of tests for
the hemoglobin value of each such patient of Dialysis Center Purchasers performed by the Dialysis Center Purchasers during each such calendar month (the “Individual Patients with Hemoglobin Averages”). Each hemoglobin test for a
patient must be derived from blood samples taken using any automated red blood cell counter testing method (e.g. Coulter-counter, Bayer-Technicon, Sysmex, CellDyne, etc.) given immediately prior to any dialysis treatment for such patient. Each test
result must be reported to the nearest tenth of one gram per deciliter (0.1 g/dL). 

  

	 	3.3.3	Aggregate Greater Than [DELETED] Percentage Calculation. Each Quarter the Aggregate Greater than [DELETED] Percentage shall be calculated by adding all
Individual Patients with Hemoglobin Averages in each calendar month that are greater than [DELETED] g/dL and dividing the sum by the total number of Individual Patients with Hemoglobin Averages for that calendar month (the “Monthly Greater
Than [DELETED] Percentage”). The Monthly Greater than [DELETED] Percentage for each calendar month during a Quarter are then added and divided by [DELETED] ([DELETED]) to determine the “Aggregate Greater Than [DELETED] Percentage”
for such Quarter. 

  

	 	3.3.4	Aggregate Less Than [DELETED] Percentage Calculation. Each Quarter the Aggregate Less than [DELETED] Percentage shall be calculated by adding all Individual
Patients with Hemoglobin Averages in each calendar month that are less than [DELETED] g/dL and dividing the sum by the total number of Individual Patients with Hemoglobin Averages for that calendar month (the “Monthly Less Than [DELETED]
Percentage”). The Monthly Less Than [DELETED] Percentage for each calendar month during a Quarter are then added and divided by [DELETED] ([DELETED]) to determine the “Aggregate Less Than [DELETED] Percentage” for such Quarter.

  

	 	3.3.5	Calculation of Quality Rebate. For each Quarter, Amgen shall calculate the amount of Dialysis Center’s Quality Rebate by multiplying Qualified Gross
Purchases during such Quarter by the applicable Quality Rebate Percentage set forth in the Quality Rebate Table below corresponding to the applicable Total Quality % Score for such Quarter. 

 

			
	 Quality Rebate Table

	 Total Quality % Score
	 	 Quality Rebate Percentage

	[DELETED]% - [DELETED]%	 	[DELETED]%
	[DELETED]% - [DELETED]%	 	[DELETED]%
	[DELETED]% - [DELETED]%	 	[DELETED]%
	[DELETED]% - [DELETED]%	 	[DELETED]%
	[DELETED]% and below	 	[DELETED]%

  

	 	3.3.6	Payment of Quality Rebate. Amgen will pay the Quality Rebate within [DELETED] ([DELETED]) days after the end of the corresponding Quarter.

  

	 	3.3.7	Vesting of Quality Rebate. The Quality Rebate for a given Quarter shall vest on the last day of such Quarter. 

  
 Page 7 of 22

 AMENDMENT NO. 2 DIALYSIS ORGANIZATION AGREEMENT NO. 920110141 

 
  

	3.4	[DELETED] Rebate. Dialysis Center shall qualify for the [DELETED] Rebate (the “[DELETED] Rebate”) for a given Quarter provided all Dialysis Center
Purchasers provide to Amgen the Data set forth in Schedule 1, and provided Dialysis Center meets the requirements described below in this Section 3.4 of this Exhibit A. 

 

	 	3.4.1	Submission of Data Requirement. Subject to the validity of a Certification as described in Section 4 of this Agreement, Dialysis Center Purchasers
must provide to Amgen the Data in a machine readable format acceptable to Amgen (Excel; or text file that is tab delimited, comma delimited, colon delimited or space delimited including a line of column headers identifying the column contents and
units, if applicable). The Data files shall contain record counts for each file contained in the data submission; provided, however, that Dialysis Center shall be required to submit such test results only for those dialysis patients whose test
results are actually determined by laboratories owned and operated by Dialysis Center. 

  

	 	3.4.2	Calculation of [DELETED] Rebate. Provided Dialysis Center has fulfilled all requirements described in this Section 3.4 of this Exhibit A,
Dialysis Center shall be eligible to receive a [DELETED] percent ([DELETED]%) [DELETED] Rebate payment. The [DELETED] Rebate will be calculated as a percentage of the Qualified Gross Purchases during each Quarter. 

 

	 	3.4.3	 Payment of [DELETED] Rebate. The Data must be submitted, on a calendar monthly basis by the last day of the following calendar month (or the
next business day if such last day is not a business day). If the Data is received after such timeframe for any month within a given Quarter, the total Qualified Gross Purchases during such month will be excluded from the calculation of the
[DELETED] Rebate for that Quarter. Notwithstanding the foregoing, if Amgen receives all required Data from a minimum of [DELETED] percent ([DELETED]%) of all Dialysis Center Purchasers within the time frame referenced above for any calendar month
within a given Quarter, the total Qualified Gross Purchases during such calendar month, will be included in the calculation of the [DELETED] Rebate for that Quarter; provided that for purposes of clarity, the [DELETED] percent ([DELETED]%)
will not include Dialysis Center Purchasers that are acute facilities. Failure of Dialysis Center to qualify under this Section 3.4 of this Exhibit A during a particular Quarter shall not affect Dialysis Center’s eligibility
to qualify during any other Quarter, nor shall Dialysis Center’s qualification during a particular Quarter automatically result in qualification during any other Quarter. If Amgen receives all required Data from less than [DELETED] percent
([DELETED]%) of Dialysis Center Purchasers for any calendar month within a given Quarter, no Qualified Gross Purchases during such calendar month will be included in the calculation of the [DELETED] Rebate for that Quarter; provided, however, that
if such [DELETED] percent ([DELETED]%) threshold is not met in any month due to the inclusion of de novo facilities that have not yet treated patients and/or inactive facilities, Amgen shall exclude any such facilities identified by Amgen and
Dialysis Center from such month when calculating Dialysis Center’s eligibility for the [DELETED] Rebate at the end of each Quarter. However, if Amgen determines that any Dialysis Center Purchaser is consistently not submitting the required
Data, Amgen and Dialysis Center will work collaboratively in resolving such inconsistencies. Amgen will use commercially reasonable efforts to notify Dialysis Center in writing, no later than fifteen (15) business days after the receipt and
acceptance by Amgen of the Data of the identity of all Designated Affiliates and/or Designated Managed Centers, if any, which have failed to meet the Data submission requirements for that month. Amgen reserves the right, in its sole discretion, to
exclude any Qualified Gross Purchases of any Designated Affiliate and/or Designated 

  
 Page 8 of 22

 AMENDMENT NO. 2 DIALYSIS ORGANIZATION AGREEMENT NO. 920110141 

 
  

	 	
Managed Center that is consistently non-reporting from the calculation of the [DELETED] Rebate for any relevant Quarter. Amgen will pay such [DELETED] Rebate within [DELETED] ([DELETED]) days
after the end of the corresponding Quarter provided Amgen is in receipt of all Data in the form and in the time period described in Section 3.4.1 of this Exhibit A. If the failure of Dialysis Center to deliver any such Data is a
result of a Certification not being valid due to Amgen’s failure to satisfy any Certification Requirement (as described in Section 4 of this Agreement) then the [DELETED] Rebate shall still be available to Dialysis Center and
payable by Amgen, in which case Dialysis Center shall deliver the Data to Amgen as soon as the Certification becomes valid. Upon a valid Certification being issued, Dialysis Center shall submit to Amgen all Data dating back to the date Dialysis
Center stopped submitting the Data to Amgen within thirty (30) days. 

  

	 	3.4.4	Vesting of [DELETED] Rebate. The [DELETED] Rebate for a given Quarter shall vest on the last day of such Quarter. 

 

	3.5	[DELETED] Milestone Rebate. Dialysis Center shall qualify for the [DELETED] Milestone Rebate (the “[DELETED] Rebate”) for each Quarter during the Term
provided it meets the requirements described below in this Section 3.5 of this Exhibit A. The purpose of the [DELETED] Rebate is to improve the transmission, quality and validation of all Data sent from Dialysis Center to Amgen,
such that the processes used by both parties are more efficient and timely. 

  

	 	3.5.1	Requirements. For each Quarter during the Term the following requirements shall be met to earn the [DELETED] Rebate: 

 

	 	3.5.1.1	Dialysis Center must adhere to the process for Data transmission agreed upon with Amgen following any acquisition of a facility or facilities by Dialysis Center and/or
a merger of Dialysis Center. 

  

	 	3.5.1.2	Dialysis Center shall participate in quarterly [DELETED] meetings with Amgen to discuss the status of each project, with additional meetings as required.

  

	 	3.5.1.3	Dialysis Center shall cooperate with Amgen to define roles and responsibilities, contacts, and communication escalation process. 

 

	 	3.5.1.4	Dialysis Center shall adhere to the process for mapping revised patient IDs to previous patient IDs whenever identification systems change. 

 

	 	3.5.1.5	Dialysis Center shall collaborate with Amgen to review and monitor processes to assure that submission of the Data contained in this Exhibit A meet standards for
[DELETED] or [DELETED] for [DELETED] and [DELETED] submission, and the use of [DELETED] and [DELETED] for [DELETED] and [DELETED] submissions. 

  

	 	3.5.1.6	Dialysis Center shall use its best efforts to deliver the Data to Amgen in twenty-five (25) days or less. 

 

	 	3.5.1.7	Dialysis Center shall continue to collaborate with Amgen to develop business processes to re-define limits for out of limits reports and resolve unusual numbers of
re-defined out-of-limits Data in submissions. 

  

	 	3.5.1.8	Dialysis Center shall adhere to the agreed upon process for notifying Amgen of new Dialysis Center acquisitions and de novo facilities. 

  
 Page 9 of 22

 AMENDMENT NO. 2 DIALYSIS ORGANIZATION AGREEMENT NO. 920110141 

 
  

	 	3.5.1.9	To qualify for the [DELETED] Rebate during the third and fourth Quarters of 2011, Dialysis Center must achieve the goals as set forth in the plan of action attached
hereto as Addendum A. 

  

	 	3.5.2	Calculation of [DELETED] Rebate. Provided Dialysis Center has fulfilled all requirements described in this Section 3.5 of this Exhibit A,
Dialysis Center shall be eligible to receive a [DELETED] percent ([DELETED]%) [DELETED] Rebate payment. The [DELETED] Rebate will be calculated as a percentage of the Qualified Gross Purchases during each Quarter. 

 

	 	3.5.3	Payment of [DELETED] Rebate. Amgen will pay the [DELETED] Rebate within [DELETED] ([DELETED]) days after the end of the corresponding Quarter.

  

	 	3.5.4	Vesting of [DELETED] Rebate. The [DELETED] Rebate for a given Quarter shall vest on the last day of such Quarter. 

 

	3.6	Project Rebate. Dialysis Center shall earn the Project Rebate for each Quarter during the Term provided it continues the [DELETED] and meets the requirements
described below in this Section 3.6 of this Exhibit A. 

  

	 	3.6.1	Project Rebate Requirements. Dialysis Center shall meet the following requirements: 

 

	 	3.6.1.1	provide to Amgen a [DELETED] written summary report regarding related activities undertaken in the third Quarter of 2011. Such report shall be submitted to Amgen within
four (4) weeks after the end of the third Quarter of 2011; 

  

	 	3.6.1.2	provide any copies of abstracts and/or manuscripts related to the [DELETED] Program at the time they were [DELETED], if permissible to [DELETED], or if not permissible,
then as soon as [DELETED], if either such abstracts and/or manuscripts were [DELETED] or [DELETED] during the third Quarter of 2011. Such documents shall be submitted to Amgen within four (4) weeks after the end of the third Quarter of 2011;

  

	 	3.6.1.3	provide to Amgen a [DELETED] written summary report regarding related activities undertaken in the fourth Quarter of 2011. Such report shall be submitted to Amgen
within four (4) weeks after the end of the fourth Quarter of 2011; 

  

	 	3.6.1.4	provide any copies of abstracts and/or manuscripts related to the [DELETED] at the time they were [DELETED], if permissible to [DELETED], or if not permissible, then as
soon as [DELETED], if either such abstracts and/or manuscripts were [DELETED] or [DELETED] during the fourth Quarter of 2011. Such documents shall be submitted to Amgen within four (4) weeks after the end of the fourth Quarter of 2011; and

  

	 	3.6.1.5	participate in meetings with Amgen to discuss the status of the [DELETED]. 

 

	 	3.6.2	Calculation of Project Rebate. Provided Dialysis Center has fulfilled all requirements described in this Section 3.6 of this Exhibit A, Amgen
shall calculate the amount of Dialysis Center’s Project Rebate each Quarter during the Term by multiplying Qualified Gross Purchases during each such Quarter during the Term by [DELETED] percent ([DELETED]%). 

 

	 	3.6.3	Payment of Project Rebate. Amgen will pay the Project Rebate within [DELETED] ([DELETED]) days after the end of the corresponding Quarter.

  

	 	3.6.4	Vesting of Project Rebate. The Project Rebate for each Quarter shall vest on the last day of each such Quarter. 

  
 Page 10 of 22

 AMENDMENT NO. 2 DIALYSIS ORGANIZATION AGREEMENT NO. 920110141 

 
  

	4	SUMMARY OF DISCOUNTS  

Provided Dialysis Center has fulfilled all discount requirements and the highest levels of performance described in this Exhibit A,
the total discount opportunity is as set forth in the Summary of Discounts Table below. 
  

			
	 Summary of Discounts Table

	 Invoice Discount
	 	[DELETED]%
	 Base Rebate
	 	[DELETED]%
	 Projects Rebate
	 	[DELETED]%
	 Quality Incentive Rebate
	 	[DELETED]%
	 [DELETED] Rebate
	 	[DELETED]%
	 [DELETED] Rebate
	 	[DELETED]%
	 Total Discount Opportunity
	 	[DELETED]%

  
 Page 11 of 22

 Addendum A 
 2011 DaVita PIP Process Improvement Incentive—Checklist 
  

							
	 Form
	  	 Description
	  	 Qualify
Due Date
	  	 Date
Complete

	 1
	  	Continue quarterly process improvement meetings.	  	Ongoing	  	
	 2
	  	Continue definition and updating of roles, responsibilities, contacts, and communications escalation.	  	Ongoing	  	
	 3
	  	Continue use of enhanced processes for notifying Amgen of new DaVita acquisitions, closures and de novo facilities.	  	Ongoing	  	
	 4
	  	Discuss business process changes needed to provide prompt announcements of facility licensing and certification for DaVita de novo facilities.	  	Ongoing	  	
	 5
	  	Revisit existing out of range limits on Amgen’s Data Submission Validation report.	  	Ongoing	  	
	 6
	  	Engage in quarterly reconciliation processes to validate proper alignment of DaVita purchasing affiliates and managed affiliates to the Dialysis Organization Agreement.	  	Ongoing	  	
	 7
	  	Continue use of process for mapping revised Patient IDs to previous Patient IDs whenever identification of system changes or as the result of DaVita acquisitions.	  	Ongoing	  	
	 8
	  	Discuss business process changes needed to provide accurate data on patient hospitalizations; and the various dialysis modality designations.	  	Ongoing	  	
	 9
	  	Implement business processes to provide quarterly census reports on DaVita’s dialysis modality population.	  	Ongoing	  	
	 10
	  	Discuss business process changes needed to implement format changes for DaVita monthly data submissions.	  	Ongoing	  	
	 additional

forms as

needed
	  	 Define Plan of Action for Plan of Action Topics, including:

•    Other topic areas mutually agreed upon
	  		  	

  

					
			
	 Approved by and date:
	 	 	 	Amgen Inc.
			
		 	 	 	DaVita, Incorporated
			
	 Completed and date:
	 	 	 	Amgen Inc.
			
		 	 	 	DaVita, Incorporated

  

  
 Page 12 of 22

 2011 PIP PI Action Plan Form #1

Objective Goal Description: Continue quarterly process improvement meetings. 
 Impact(s): Enhances relationships; simplifies communications; aligns goals. 
 Solution: Continue
use of established process; review status quarterly; determine whether process has been followed; identify opportunities for improvement. 
  

													
	 Action Step
	  	 Person Responsible
	  	Start
Date	  	 Due Date
	  	Date
Completed	  	Date
Resolved	  	 Comments (status, etc.)

	 1. Review Process Adherence
	  	[DELETED] [DELETED] [DELETED] [DELETED] [DELETED]	  		  	Quarterly Meetings	  		  		  	
	 2. Review Improvement Opportunities
	  	Respective teams	  		  	Quarterly Meetings	  		  		  	

  

					
			
	 Approved by and date:
	 	 	 	Amgen Inc.
			
		 	 	 	DaVita, Inc.

  

											
	 	  	Q1	  	Q2	  	Q3	  	Q4	  	(initials and date)
	 Progress By
	  		  		  		  		  	Amgen Inc.
		  		  		  		  		  	DaVita, Inc.
	 Completed/Date
	  		  		  		  		  	Amgen Inc.
		  		  		  		  		  	DaVita, Inc.

  
 Page 13 of 22

 2011 PIP PI Action Plan Form #2 

Objective Goal Description: Continue definition and updating of roles, responsibilities, contacts, and communications escalation. 

Impact(s): Clarifies roles and responsibilities, simplifies communications, provides escalation paths when needed. 

Solution: Continue use of established process; review status quarterly; determine whether process has been followed; identify opportunities for
improvement. 
  

													
	 Action Step
	  	 Person Responsible
	  	Start
Date	  	 Due Date
	  	Date
Completed	  	Date
Resolved	  	 Comments (status, etc.)

	 1. Review Process Adherence
	  	 [DELETED]
 [DELETED]

[DELETED]
 [DELETED]

[DELETED]
 [DELETED]

[DELETED]
	  		  	Quarterly Meetings	  		  		  	
	 2. Review Improvement Opportunities
	  	Respective teams	  		  	Quarterly Meetings	  		  		  	
	 3. Review and discuss reporting structures and continuity for Amgen and DaVita analysts involved with DaVita monthly data
submissions
	  	 [DELETED]
 [DELETED]

[DELETED]
	  		  	Quarterly Meetings	  		  		  	

  

					
			
	 Approved by and date:
	 	 	 	Amgen Inc.
			
		 	 	 	DaVita, Inc.

  

											
	 	  	Q1	  	Q2	  	Q3	  	Q4	  	(initials and date)
	 Progress By
	  		  		  		  		  	Amgen Inc.
		  		  		  		  		  	DaVita, Inc.
	 Completed/Date
	  		  		  		  		  	Amgen Inc.
		  		  		  		  		  	DaVita, Inc.

  
 Page 14 of 22

 2011 PIP PI Action Plan Form #3 

Objective Goal Description: Continue use of enhanced processes for notifying Amgen of new DaVita acquisitions, closures and de novo facilities and their
respective effective dates. 
 Impact(s): Streamlines contract alignment processes. Improves timeliness of the contractual alignments.

  

	Solution:	DaVita’s Authorized Wholesaler will notify Amgen post close for all acquisitions and closures. All notifications for new de novo facilities will be sent by
DaVita’s Authorized Wholesaler once a HIN has been assigned to the new facility. 

 All of DaVita’s
Authorized Wholesaler notifications of DaVita’s de novo facilities sent to Amgen shall include the name, address, location, contact information and HIN number within 15 days of the formal notification received from DaVita. 

All of DaVita’s Authorized Wholesaler notifications of DaVita’s new acquisitions sent to Amgen shall include the
facility’s name prior to acquisition, the new name, address, location, contact information and HIN number. 
  

													
	 Action Step
	  	 Person Responsible
	  	Start
Date	  	 Due Date
	  	Date
Completed	  	Date
Resolved	  	 Comments (status, etc.)

	 1. Review Process Adherence
	  	 [DELETED]
 [DELETED]

[DELETED]
 [DELETED]
	  		  	Quarterly Meetings	  		  		  	
	 2. Review Improvement Opportunities
	  	Respective teams	  		  	Quarterly Meetings	  		  		  	

  

					
			
	 Approved by and date:
	 	 	 	Amgen Inc.
			
		 	 	 	DaVita, Inc.

  

											
	 	  	Q1	  	Q2	  	Q3	  	Q4	  	(initials and date)
	 Progress By
	  		  		  		  		  	Amgen Inc.
		  		  		  		  		  	DaVita, Inc.
	 Completed/Date
	  		  		  		  		  	Amgen Inc.
		  		  		  		  		  	DaVita, Inc.

  
 Page 15 of 22

 2011 PIP PI Action Plan Form #4 

Objective Goal Description: Discuss business process changes needed to provide prompt announcements of facility licensing and certification for DaVita de
novo facilities. 
 Impact(s): Streamlines contract alignment processes related to enforcement of DaVita data obligations as noted in Exhibit A.

 Solution: DaVita will continue to notify Amgen of state licensing and certification for de novo facilities upon receipt. 

 

													
	 Action Step
	  	 Person Responsible
	  	Start
Date	  	 Due Date
	  	Date
Completed	  	Date
Resolved	  	 Comments (status, etc.)

	 1. Review Process Adherence
	  	 [DELETED]
 [DELETED]

[DELETED]
 [DELETED]
	  		  	Quarterly	  		  		  	
	 2. Review Improvement Opportunities
	  	 [DELETED]
 [DELETED]

[DELETED]
 [DELETED]
	  		  	Quarterly	  		  		  	

  

					
			
	 Approved by and date:
	 	 	 	Amgen Inc.
			
		 	 	 	DaVita,Inc.

  

											
	 	  	Q1	  	Q2	  	Q3	  	Q4	  	(initials and date)
	 Progress By
	  		  		  		  		  	Amgen Inc.
		  		  		  		  		  	DaVita, Inc.
	 Completed/Date
	  		  		  		  		  	Amgen Inc.
		  		  		  		  		  	DaVita, Inc.

  
 Page 16 of 22

 2011 PIP PI Action Plan Form #5 

Objective Goal Description: Revisit existing out of range limits on Amgen’s Data Submission Validation report and make changes, where necessary.

 Impact(s): Creates opportunity to determine if the current upper and/or lower limits need to be redefined. 

Solution: Perform review quarterly and make adjustments as agreed. 
  

													
	 Action Step
	  	 Person Responsible
	  	Start
Date	  	 Due Date
	  	Date
Completed	  	Date
Resolved	  	 Comments (status, etc.)

	 1. Discuss and review existing out of range limits
	  	 [DELETED]
 [DELETED]

[DELETED]
 [DELETED]

[DELETED]
	  		  	Q1 2011	  		  		  	
	 2. Mutually agree on any necessary changes
	  	 [DELETED]
 [DELETED]

[DELETED]
 [DELETED]

[DELETED]
	  		  	Q1 2011	  		  		  	
	 3. Implement changes
	  	 [DELETED]
 [DELETED]

[DELETED]
 [DELETED]

[DELETED]
	  		  	Q2 2011	  		  		  	

  

					
			
	 Approved by and date:
	 	 	 	Amgen Inc.
			
		 	 	 	DaVita, Inc.

  

											
	 	  	Q1	  	Q2	  	Q3	  	Q4	  	(initials and date)
	 Progress By
	  		  		  		  		  	Amgen Inc.
		  		  		  		  		  	DaVita, Inc.
	 Completed/Date
	  		  		  		  		  	Amgen Inc.
		  		  		  		  		  	DaVita, Inc.

  
 Page 17 of 22

 2011 PIP PI Action Plan Form #6 

Objective Goal Description: Engage in quarterly reconciliation processes to validate proper alignment of DaVita purchasing affiliates and managed
affiliates to the Dialysis Organization Agreement. 
 Impact(s): Streamlines contract alignment processes related to enforcement of DaVita data
obligations as noted in Exhibit A of the Dialysis Organization Agreement. 
 Solution: DaVita’s Purchasing Team and Amgen’s
membership team to identify improvements and execute enhancements. 
  

													
	 Action Step
	  	 Person Responsible
	  	Start
Date	  	 Due Date
	  	Date
Completed	  	Date
Resolved	  	 Comments (status, etc.)

	 1. Engage in reconciliation process
	  	[DELETED] [DELETED] [DELETED] [DELETED] [DELETED]	  		  	Quarterly	  		  		  	
	 2. Review reconciliation process
	  	[DELETED] [DELETED] [DELETED] [DELETED] [DELETED]	  		  	Quarterly	  		  		  	

  

					
			
	 Approved by and date:
	 	 	 	Amgen Inc.
			
		 	 	 	DaVita,Inc.

  

											
	 	  	Q1	  	Q2	  	Q3	  	Q4	  	(initials and date)
	 Progress By
	  		  		  		  		  	Amgen Inc.
		  		  		  		  		  	DaVita, Inc.
	 Completed/Date
	  		  		  		  		  	Amgen Inc.
		  		  		  		  		  	DaVita, Inc.

  
 Page 18 of 22

 2011 PIP PI Action Plan Form #7 

Objective Goal Description: Continue use of process for mapping revised Patient Ids to previous Patient Ids whenever identification of system changes or
as a result of DaVita acquisitions. 
 Impact(s): Enhances ability to follow patient trends across identification system changes and minimize
data disruptions following DaVita acquisitions. 
 Proposed Solution: Review learnings from process established in 2005; implement best
practices; review status quarterly; determine whether process has been followed; continue to identify opportunities for improvement. 
  

													
	 Action Step
	  	 Person(s) Responsible
	  	Start
Date	  	 Due Date
	  	Date
Completed	  	Date
Resolved	  	 Comments (status, etc.)

	 1. Review Data Integrations Processes Previously Used During Gambro Acquisition
	  	[DELETED] [DELETED] [DELETED] [DELETED]	  		  	Quarterly Meetings	  		  		  	
	 2. Discuss Mutually Agreeable Practices to Map and/or Cross-Walk Patient ID’s for Newly Acquired Facilities
	  	[DELETED] [DELETED] [DELETED] [DELETED]	  		  	Quarterly Meetings	  		  		  	
	 3. Review Adherence to Process
	  	Respective Teams	  		  	Quarterly Meetings	  		  		  	
	 4 Review Improvement Opportunities
	  	Respective Teams	  		  	Quarterly Meetings	  		  		  	

  

					
			
	 Approved by and date:
	 	 	 	Amgen Inc.
			
		 	 	 	DaVita, Inc.

  

											
	 	  	Q1	  	Q2	  	Q3	  	Q4	  	(initials and date)
	 Progress By
	  		  		  		  		  	Amgen Inc.
		  		  		  		  		  	DaVita, Inc.
	 Completed/Date
	  		  		  		  		  	Amgen Inc.
		  		  		  		  		  	DaVita, Inc.

  
 Page 19 of 22

 2011 PIP PI Action Plan Form #8 

Objective Goal Description: Discuss business process changes needed to provide accurate data on patient hospitalizations and the various dialysis
modality designations. 
 Impact(s): Enhances ability to improve accuracy of hospitalization data 

Enhances ability to differentiate data sets by all dialysis modalities 
 Proposed Solution: Determine new processes or methodologies for submission of accurate data sets to Amgen. 
  

													
	 Action Step
	  	 Person(s) Responsible
	  	Start
Date	  	 Due 
Date
	  	Date 
Completed	  	Date 
Resolved	  	 Comments (status, etc.)

	 1. Review and discuss data collection send processes associated with hospitalization data
	  	[DELETED] [DELETED] [DELETED]	  		  	Quarterly	  		  		  	
	 2. Review and discuss data send processes associated with the various dialysis modality designations
	  	[DELETED] [DELETED] [DELETED]	  		  	Quarterly	  		  		  	

  

					
			
	 Approved by and date:
	 	 	 	Amgen Inc.
			
		 	 	 	DaVita, Inc.

  

											
	 	  	Q1	  	Q2	  	Q3	  	Q4	  	(initials and date)
	 Progress By
	  		  		  		  		  	Amgen Inc.
		  		  		  		  		  	DaVita, Inc.
	 Completed/Date
	  		  		  		  		  	Amgen Inc.
		  		  		  		  		  	DaVita, Inc.

  
 Page 20 of 22

 2011 PIP PI Action Plan Form #9 

Objective Goal Description: Implement business processes to provide quarterly census reports for DaVita’s dialysis modality population in each of
the following areas: 
  

	 	•	 	 In-center hemodialysis; Home hemodialysis; Peritoneal dialysis and Nocturnal hemodialysis 

Impact(s): Enhances Amgen’s ability to monitor DaVita population trends in the various dialysis modalities. 

Proposed Solution: Census reports to be shared during quarterly PIP meetings. 

 

													
	 Action Step
	  	 Person(s) Responsible
	  	Start
Date	  	 Due 
Date
	  	Date 
Completed	  	Date 
Resolved	  	 Comments (status, etc.)

	 1. Submit and discuss DaVita modality census reports on a quarterly basis.
	  	[DELETED] [DELETED] [DELETED]	  		  	Quarterly	  		  		  	
	 2. Include modality census information for newly acquired facilities one quarter following the effective date of the
acquisition.
	  	[DELETED] [DELETED]	  		  	Quarterly	  		  		  	
	 3. Continue to submit census reports during quarterly PIP meetings and review adherence to process
	  	[DELETED] [DELETED]	  		  	Quarterly	  		  		  	

  

					
			
	 Approved by and date:
	 	 	 	Amgen Inc.
			
		 	 	 	DaVita, Inc.

  

											
	 	  	Q1	  	Q2	  	Q3	  	Q4	  	(initials and date)
	 Progress By
	  		  		  		  		  	Amgen Inc.
		  		  		  		  		  	DaVita, Inc.
	 Completed/Date
	  		  		  		  		  	Amgen Inc.
		  		  		  		  		  	DaVita, Inc.

  
 Page 21 of 22

 2011 PIP PI Action Plan Form #10 

Objective Goal Description: Discuss business process changes necessary to implement requested file format changes for DaVita monthly data submissions.

 Impact(s): Ensures preparation, ease of transmission and implementation of format changes. 

Solution: Determine new processes or methodologies necessary for successful implementation of changes. 

 

													
	 Action Step
	  	 Person Responsible
	  	Start
Date	  	 Due Date
	  	Date
Completed	  	Date
Resolved	  	 Comments (status, etc.)

	 1. Build new process
	  	[DELETED] [DELETED] [DELETED] [DELETED] [DELETED]	  		  	Q2	  		  		  	
	 2. Implement new process
	  	[DELETED] [DELETED] [DELETED] [DELETED] [DELETED]	  		  	TBD	  		  		  	
	 3. Review adherence to new process
	  	[DELETED] [DELETED] [DELETED] [DELETED] [DELETED]	  		  	Ongoing	  		  		  	

  

					
			
	 Approved by and date:
	 	 	 	Amgen Inc.
			
		 	 	 	DaVita, Inc.

  

											
	 	  	Q1	  	Q2	  	Q3	  	Q4	  	(initials and date)
	 Progress By
	  		  		  		  		  	Amgen Inc.
		  		  		  		  		  	DaVita, Inc.
	 Completed/Date
	  		  		  		  		  	Amgen Inc.
		  		  		  		  		  	DaVita, Inc.

  
 Page 22 of 22Severance Agreement

 Exhibit 10.1 
 AGREEMENT 
 THIS AGREEMENT made and entered into this 23rd day of December, 2011
(“Effective Date”) by and between Radian Group Inc., a corporation organized and existing under the laws of the state of Delaware (the “Company”), and Teresa Bryce Bazemore (the “Executive”).

 WHEREAS, the Executive is currently employed by the Company and has a Change of Control Agreement dated the
14th day of November, 2006, as amended the 8th day of December, 2008, with Radian Group Inc. (the “Prior
Agreement”). The Prior Agreement will terminate as of the Effective Date of this Agreement. 
 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, 2012 or, if earlier, the Executive’s Termination Date (as defined below). On December 31, 2012, 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”
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) habitual insobriety, (iii) substance abuse, (iv) a material violation of the Code of Conduct and Ethics or employment policies of the Company or an Affiliate, as in effect from time to time, (v) a breach of any written
confidentiality, nonsolicitation or noncompetition covenant with the Company or an Affiliate, (vi) conviction of a crime involving moral turpitude, or (vii) gross negligence in the performance of duties, which gross negligence has had a
material adverse effect on the business, operations, assets, properties or financial condition of the Company and its 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. 

 (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: 

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

(ii) 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; 
 (iii) any material change in the geographic location at which the Executive must perform her 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 

(iv) 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 (e)(i) above occurs in connection with the Executive’s inability to perform 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). 

  
 2 

 (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) The Company shall pay to the Executive an amount in cash equal to two (2) times the Executive’s
annual base salary as in effect at the Termination Date. This severance amount will be paid as follows: (i) the maximum amount that can be paid under the “separation pay” exception of section 409A of the Code ($500,000 for 2012,
subject to adjustment as provided under applicable Treasury regulations) shall be payable in accordance with the Company’s normal payroll practices in eighteen (18) equal monthly installments over the eighteen (18) month period
following the Termination Date (the “Severance Period”), with the first payment being made on the thirtieth (30th) day following the Termination Date and such first payment including the installments for the first thirty
(30) days after the Termination Date, and (ii) the remainder of the severance amount shall be paid in a lump sum payment between March 1 and March 15 of the calendar year following the Termination Date. 

(ii) The Company shall pay to the Executive an amount in cash equal to two (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. 

  
 3 

 (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 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. Each payment under this Section 4(b)(iv) shall be made on an after-tax basis, after taking into consideration the federal, state and local income and payroll taxes
imposed on such payment. 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 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 five thousand dollars ($25,000) in cost. The Company will pay the cost of these services directly to the outplacement
provider. 

  
 4 

 (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 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. 

9. Restrictive Covenants. 
 (a) The Executive acknowledges and agrees that, during the Executive’s employment with the Company and its Affiliates, and for the eighteen (18) 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 within the United States. 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 have developed at 

  
 5 

 
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 has in the past been, 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 shall keep all Confidential Information and Trade Secrets strictly confidential and that the
Executive shall safeguard the Confidential Information and Trade Secrets from exposure to, or appropriation by, unauthorized Persons, and that the Executive shall not, without the prior written consent of the Company, divulge, reveal, report,
publish, transfer or use, for any purpose whatsoever, such Confidential Information and Trade Secrets. Notwithstanding the foregoing, 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 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. 
 (d) The Executive covenants and agrees that during the term of the Executive’s employment by the Company 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 her relationship with the Company or any
of its Affiliates, unless in each case more than three (3) 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 subsection (d). 

  
 6 

 (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 (i) responding publicly by a truthful statement to incorrect, disparaging or derogatory public statements to the extent reasonably necessary to correct or refute such public statement, or (ii) making any truthful
statement to the extent (A) necessary with respect to any litigation, arbitration or mediation involving this Agreement, including, but not limited to, the enforcement of this Agreement, or (B) 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 

  
 7 

 
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 (a) 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, (b) consents to the non-exclusive jurisdiction of such court in any such proceeding, and (c) waives any objection to the laying of venue of any such
proceeding in any such court. 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. 
 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 (i) 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 (ii) 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
Executive 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 

  
 8 

 
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 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: 
 Edward
J. Hoffman 
 1601 Market Street 
 Philadelphia, PA 19103 
 Attention: Corporate Secretary 

  
 9 

 If to the Executive, to: 
 Teresa Bryce Bazemore 
 324 Fawn Hill Lane 

Narberth, PA 19072 
 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. 
 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 (including the Prior Agreement), and the parties specifically agree that the Prior Agreement shall terminate as of the Effective Date. 
 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 her 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 her good 

  
 10 

 
faith performance of her 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 and
the regulations thereunder (“Section 409A”) 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, 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 Executive’s execution of the Release, directly or indirectly, result in the Executive
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. 

(b) Notwithstanding anything in the Agreement to the contrary, if required by Section 409A, 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 her 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.
This Agreement shall be governed by and construed by and interpreted under the laws of the Commonwealth of Pennsylvania without giving effect to any conflict of laws provisions. In addition, the Agreement shall be subject to any required approvals
by any governmental or regulatory agencies. Notwithstanding anything in this Agreement to the contrary, any amounts payable under this 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. As a condition of receiving any payments or benefits under this Agreement, and by the Executive’s acceptance of any such payments or benefits, the Executive is deemed to have agreed to any
such modifications that may be imposed by the Board, and agrees to sign such waivers or acknowledgments as the Board may deem necessary or appropriate with respect to such modifications. 

  
 11 

 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/     Suzann Boylan	 		 		 	Date:  December 23, 2011
	Print Name: Suzann Boylan, SVP, Chief Human Resources Officer
	
	EXECUTIVE
					
	By: 	 	/s/    Teresa Bryce Bazemore	 		 		 	Date:  December 23, 2011
	Print Name: Teresa Bryce Bazemore

  
 12 

 EXHIBIT A 

FORM OF RELEASE 
 In further consideration of compensation and benefits provided to Teresa Bryce Bazemore (“Executive”) pursuant to the Agreement between Executive and Radian Group Inc. (the
“Company”) entered into as of the          day of December, 2011 (the “Agreement”), Executive hereby executes this Release to the Company (herein the
“Release”) and does hereby REMISE, RELEASE, AND FOREVER DISCHARGE the Company and each of its past or present subsidiaries and affiliates (as defined in Rule 12b-2 of the General Rules and Regulations under the Securities Exchange
Act of 1934, as amended (“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 has, 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, any claims which have been asserted, could have been asserted, or could be asserted now or in the future under any federal, state or local
laws, including any claims under the Pennsylvania Human Relations Act, [insert other applicable state law] the Rehabilitation Act of 1973, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Age Discrimination in Employment
Act, the Older Workers Benefit Protection Act, the WARN Act, the Family and Medical Leave Act, the Americans with Disabilities Act, and the Employee Retirement Income Security Act, all as amended, and any other federal, state or local statutes or
common law under which Executive can waive Executive’s rights, any contracts between the Released Parties and Executive, and all claims for counsel fees and costs. 
 Notwithstanding anything in this Release 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, (iv) any waiver of rights or claims that may arise after the date this Release is executed, and (v) 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 her duties and obligations as an employee, officer or director of the Company or any of its Affiliates, provided, however, that
any right to indemnification shall not apply with respect to any breach by the Executive of this Release or the Agreement. 
 I hereby execute
this Release as of                     . 

	
	
	  
	Executive

  
 13

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