Document:

Amendment No.6 to Radian Group Inc.  Pension Plan

 Exhibit 10.3 
 Radian Group Inc. Pension Plan 
 Amended and Restated Effective January 1, 1997 

Amendment No. 6 
 WHEREAS,
Radian Group Inc. (the “Company”) maintains the Radian Group Inc. Pension Plan (the “Plan”) amended and restated in its entirety effective January 1, 1997 for the benefit of its eligible employees and the eligible employees
of the Participating Employers; and 
 WHEREAS, the Company, pursuant to the provisions of Section 15.1 of the Plan, has the ability to
amend the Plan by action of the Executive Vice President – Human Resources; and 
 WHEREAS, the Company desires to clarify the
determination and calculation of certain retirement benefits in connection with the Plan’s termination, effective June 1, 2007; and 
 WHEREAS, the Company finds that it is necessary at this time to revise the Plan to reflect certain mandatory legislative changes in connection with the Plan’s termination, effective June 1, 2007. 
 NOW, THEREFORE, the Plan is hereby amended, effective January 1, 2007, except as otherwise specified below, in the following respects: 

 

	1.	Article VI shall be amended by revising Section 6.8(a) to read as follows (new language noted in bold text): 

 “6.8 Special Distribution Options. 
  

	 	(a)	 Immediate Lump Sum – Notwithstanding any provision in the Plan to the contrary, Participants who are Employees of the Company, a Participating Employer
or any Affiliate at any time between December 31, 2006 and June 1, 2007 shall be eligible to elect, in lieu of any other available form of benefit and only in connection with the Plan termination, to receive an immediate single lump sum
payment. Such election shall be made at the time and in the manner prescribed by the Plan Administrator. Additionally, such election shall be made in accordance with the requirements of this Article VI and any additional procedures established by
the Plan Administrator in connection with the termination of the Plan. In the absence of an election within the applicable election period, the Participant shall be deemed to have elected to defer 

	 	 
payment commencement until a later date (if allowed). The single lump sum payment option described in this paragraph must be elected when initially offered.
This option will not be available after annuity contracts are purchased in connection with the termination of the Plan. 

 Participants who satisfy the employment requirements listed above but who otherwise elect to retire and commence receiving benefits prior to the date that the immediate lump sum option becomes available shall remain eligible to elect
such lump sum option when offered in connection with the termination. Similar to other Participants eligible to receive an immediate lump sum under this Section, this specific group of retired Participants shall be notified (in the time and manner
prescribed by the Plan Administrator) of their right to elect to receive the remainder of their unpaid benefit in the form of an immediate lump sum payment. The lump sum shall be determined based on the Actuarial Equivalent value of their remaining
benefits in the form of payment currently being paid. If such retired Participant does not affirmatively elect to receive a lump sum at that time, payments will continue in the form initially selected and no future changes in payment form will be
permitted. 
 Notwithstanding the foregoing, for participants who satisfy the employment requirements listed above but who have not
commenced receiving benefits prior to the date that the immediate lump sum option becomes available, the lump sum payment under this Section shall be equal to the present value of the benefit, using the Actuarial Equivalent assumptions
applicable for lump sum payments, that the Participant could have received under Section 5.2; provided, however, the actuarial reduction factors for early payment under Section 5.2 shall be applicable after the Participant’s
Early Retirement Date which the Participant shall be deemed to reach at the end of the earliest possible Employment Year in which the Participant satisfied the applicable age and service requirements under Section 4.2 (determined as if the
Participant continued employment through that date). 

 In determining the present value of the benefit for a Participant who either has not reached or will
not reach his or her Normal Retirement Date (as defined under Section 4.1) by the date of their 65th birthday, such Participant’s Normal Retirement Date will be determined for the purposes of this Section 6.8 only, as if the
Participant continued employment through the end of the earliest Employment Year during which the Participant would have completed five Years of Service (as defined under Section 1.36).” 
  

	2.	Article XIV shall be amended by adding the following new paragraphs to the end of Section 14.1 to read as follows: 

 “In applying the limitations of Code Section 415 to the maximum benefits payable under the Plan, adjustments are made to the limits expressed
under Code Section 415(b) if payments are made in a form other than a Single Life Annuity. Effective solely for distributions starting in Plan Years beginning on January 1, 2004 or January 1, 2005, for payment forms subject to Code
Section 417(e)(3), such adjustments to the limits expressed under Code Section 415(b) shall be made using the greater of the following interest rates: 5.5 percent or the Applicable Interest Rate specified in Section 1.2
(“Actuarial Equivalent”) of the Plan for calculating lump sums. 
 Effective for distributions made on or after January 1,
2006, for payment forms subject to Code Section 417(e)(3), such adjustments to the limits expressed under Code Section 415(b) shall be made using the greatest of the following interest rates: 5.5 percent, the rate that provides a benefit
of not more than 105 percent of the benefit that would be provided if the applicable interest rate (as defined in Code Section 417(e)(3)) was the interest rate assumption, or the Applicable Interest Rate specified in Section 1.2
(“Actuarial Equivalent”) of the Plan for calculating lump sums.” 
 WITNESS WHEREOF, Radian Group Inc. has caused this Amendment No. 6 to
be executed by its duly authorized party this 10 day of April, 2007. 
  

			
	Radian Group Inc.
		
	By:	 	 /s/ Robert E. Croner

	Title:	 	EVP, Human ResourcesAmendment No.1 to Radian Group Inc. Employee Stock Purchase Plan

 Exhibit 10.6 
 Radian Group Inc. 
 1997 Employee Stock Purchase Plan 
 Amendment No. 1 
 WHEREAS, Radian
Group Inc. (the “Company”), formerly CMAC Investment Corporation, maintains the Radian Group Inc. 1997 Employee Stock Purchase Plan (the “Plan”); and 
 WHEREAS, the Company is party to an Agreement and Plan of Merger dated as of February 6, 2007 (the “Merger Agreement”) with MGIC Investment Corporation (“MGIC”), pursuant to which the Company
is proposed to be merged with and into MGIC (the “Merger”); and 
 WHEREAS, Section 1.6(e) of the Merger Agreement provides
for the suspension and termination of the Plan on the terms specified in this Amendment No. 1; and 
 WHEREAS, because it cannot be
determined with certainty whether or when the Merger will be consummated, the Company further deems it advisable to extend the term of the Plan for a period of two years beyond the Plan’s current expiration date of July 15, 2007; and

 WHEREAS, the Company, pursuant to the provisions of Section 20(a) of the Plan, has the authority to amend or terminate the Plan as
provided herein by action of the Compensation Committee of its Board of Directors. 
 NOW, THEREFORE, the Plan is hereby amended, effective
May 7, 2007, in the following respects: 
  

	1.	It is acknowledged that all references in the Plan to “CMAC Investment Corporation” have properly been, and shall continue to be, deemed to refer to “Radian Group
Inc.” 

  

	2.	Section 20 of the Plan (“Amendment or Termination”) is hereby amended by appending the following clause (d) at the end of such section: 

“(d) Provisions Implementing Merger with MGIC.    Effective upon the consummation of the purchase of
shares of Common Stock in connection with the Offering Period and the Purchase Period that expire on June 30, 2007, the Plan shall be suspended, and no new Offering Period or Purchase Period shall be commenced after such date, so long as the
Company shall continue to be a party to that certain Agreement and Plan of Merger dated as of February 6, 2007, as the same may be amended (the “Merger Agreement”), by and between the Company and MGIC Investment Corporation, a
Wisconsin corporation (“MGIC”). Further, this Plan shall automatically terminate and be of no further force or effect effective immediately prior to the effective time of the merger of the Company with and into MGIC pursuant to the Merger
Agreement, without the necessity of further action on the part of the Company or any other party. This Section 20(d) shall be deemed to supersede any contrary provisions of Section 19(b) hereof. In the event that, prior to the effective
time of such merger, the Company shall cease to be a party to the Merger Agreement, or the Merger Agreement shall be terminated for any reason, this Section 20(d) shall be deemed inoperative and shall be of no further force or effect.”

  

	3.	Section 23 of the Plan (“Term of Plan; Effective Date”) is hereby deleted in its entirety and is replaced by the following: 

 “23. Term of Plan; Effective Date.    The Plan became effective upon its adoption by the Board on
July 15, 1997. The Plan shall continue in effect until July 15, 2009, unless sooner terminated under Section 13 or 20 hereof (including without limitation by operation of Section 20(d) hereof).” 

	4.	In all other respects, the terms and provisions of the Plan shall remain unmodified and in full force and effect. 

 ADOPTED AND EFFECTIVE as of the approval of this Amendment No. 1 by the Compensation
Committee of the Board of Directors of the Company as of this 7th day of May, 2007. 
 # # #

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}]]