SEC Contract Filing

Filing Date: 2017-02-13

Document Content:
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>d300797dex104.htm
<DESCRIPTION>EX-10.4
<TEXT>
<HTML><HEAD>
<TITLE>EX-10.4</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Exhibit 10.4 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>RETIREMENT AGREEMENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Retirement Agreement (this &#147;<B><U>Agreement</U></B>&#148;), dated as of February&nbsp;8, 2017, is made by and between S.A. Ibrahim
(&#147;<B><U>Employee</U></B>&#148;) and Radian Group Inc. (&#147;<B><U>Radian</U></B>&#148;). This Agreement provides for all payments to which Employee may be entitled from the Company (as defined below), including under the Employment Agreement
between Employee and Radian dated November&nbsp;12, 2014 (the &#147;<B><U>Employment Agreement</U></B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Employment
Agreement provides for Employee&#146;s continued service to the Company through December&nbsp;31, 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, in support of
Radian&#146;s transition to a new Chief Executive Officer, Employee has agreed to retire prior to the end of the term of the Employment Agreement, and Radian has agreed to compensate Employee for the compensation he would have received had he
continued in employment through the end of the term of the Employment Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, as used in this Agreement, any reference to
Employee shall include Employee and, in their capacities as such, Employee&#146;s heirs, administrators, representatives, executors, legatees, successors, agents and assigns. As used in this Agreement, any reference to the
&#147;<B><U>Company</U></B>&#148; shall mean Radian and each subsidiary of Radian. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In consideration of the mutual promises, agreements
and representations contained herein, the parties agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Termination of Service</U></B>.
Employee acknowledges that as of March&nbsp;5, 2017 (the &#147;<B><U>Retirement Date</U></B>&#148;), Employee will retire from employment with the Company. Employee hereby resigns from all positions and offices with the Company, including as an
officer or director of the Company, as of March&nbsp;5, 2017, and Employee agrees to sign any confirmations with respect to his ceasing to be an officer or director as the Company deems appropriate. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Company&#146;s Obligations</U></B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">a)&nbsp;&nbsp;&nbsp;&nbsp;The Company will pay Employee a lump sum payment for Employee&#146;s accrued but unpaid salary. Such payment will be
made in a single lump sum by the regular payroll date for the pay period in which the Retirement Date occurs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">b)&nbsp;&nbsp;&nbsp;&nbsp;If Employee does not revoke this Agreement as described in Section&nbsp;16, Employee shall receive the following
payments and benefits following the Retirement Date: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp;Employee shall receive Employee&#146;s 2016 STI award
under the STI/MTI Incentive Plan for Executive Employees (the &#147;<B><U>STI/MTI Plan</U></B>&#148;) in the amount </P>

<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
determined by the independent members of the Board of Directors of Radian (the &#147;<B><U>Board</U></B>&#148;) on February&nbsp;8, 2017. Such amount shall be paid to Employee in a lump sum in
cash when 2016 STI awards are paid to other participants in the STI/MTI Plan and in no event later than March&nbsp;15, 2017. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;&nbsp;&nbsp;&nbsp;Employee shall receive Employee&#146;s MTI award for the 2015-2016 performance period under the STI/MTI Plan as
determined by the Compensation and Human Resources Committee of the Board (the &#147;<B><U>Compensation Committee</U></B>&#148;) on February&nbsp;7, 2017. Such award shall be paid to Employee in a lump sum in cash when such MTI awards are paid to
other participants in the STI/MTI Plan and in no event later than March&nbsp;15, 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(3)&nbsp;&nbsp;&nbsp;&nbsp;Employee shall be
eligible to earn an MTI target award for the 2016-2017 performance period under the STI/MTI Plan, based on 2017 performance against the MTI performance goals established by the Compensation Committee under the STI/MTI Plan for the 2017 year. Such
MTI award, if any, shall be paid to Employee when 2017 MTI awards are paid to other participants in the STI/MTI Plan and in no event later than March&nbsp;15, 2018. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roma