<SEC-DOCUMENT>0001157523-15-002350.txt : 20150715
<SEC-HEADER>0001157523-15-002350.hdr.sgml : 20150715
<ACCEPTANCE-DATETIME>20150715170708
ACCESSION NUMBER:		0001157523-15-002350
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20150709
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
FILED AS OF DATE:		20150715
DATE AS OF CHANGE:		20150715

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RADIAN GROUP INC
		CENTRAL INDEX KEY:			0000890926
		STANDARD INDUSTRIAL CLASSIFICATION:	SURETY INSURANCE [6351]
		IRS NUMBER:				232691170
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11356
		FILM NUMBER:		15989823

	BUSINESS ADDRESS:	
		STREET 1:		1601 MARKET STREET
		STREET 2:		12TH FLOOR
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		2155646600

	MAIL ADDRESS:	
		STREET 1:		1601 MARKET ST
		STREET 2:		12TH FLOOR
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CMAC INVESTMENT CORP
		DATE OF NAME CHANGE:	19960126
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a51142443.htm
<DESCRIPTION>RADIAN GROUP INC. 8-K
<TEXT>
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      <font style="font-size: 18pt; font-family: Times New Roman"><b>UNITED
      STATES</b></font><b><font style="font-size: 18pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 18pt"></font><font style="font-size: 18pt; font-family: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><font style="font-family: Times New Roman; font-size: 12pt"><b>WASHINGTON,
      DC 20549</b></font><br>
    </p>
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    <p style="text-align: center">
      <font style="font-size: 18pt; font-family: Times New Roman"><b>FORM 8-K</b></font>
    </p>
    <hr style="height: 1.0 pt; width: 100%; text-align: center; color: #000000">


    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>CURRENT
      REPORT</b></font><br><font style="font-size: 12pt; font-family: Times New Roman"><b>Pursuant
      to Section 13 or 15(d) of</b></font><br><font style="font-size: 12pt; font-family: Times New Roman"><b>The
      Securities Exchange Act of 1934</b></font><br><br><font style="font-size: 10pt; font-family: Times New Roman"><b>Date
      of report (Date of earliest event reported) </b></font><b><u><font style="font-size: 10pt; font-family: Times New Roman">July
      9, 2015</font></u></b><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></font>
    </p>
    <hr style="height: 1.0 pt; width: 100%; text-align: center; color: #000000">


    <p style="text-align: center">
      <font style="font-size: 17pt"><b>Radian Group Inc.</b></font><br><font style="font-size: 10pt; font-family: Times New Roman">(Exact
      Name of Registrant as Specified in Its Charter)</font><br>
    </p>
    <hr style="height: 1.0 pt; width: 100%; text-align: center; color: #000000">


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          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Delaware</b>
          </p>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt"><b>1-11356</b></font>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; white-space: nowrap; width: 33%; padding-left: 0.0px; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt"><b>23-2691170</b></font>
          </p>
        </td>
      </tr>
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        <td valign="top" style="text-align: center; width: 33%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or Other Jurisdiction<br>of Incorporation)
          </p>
        </td>
        <td valign="bottom" style="text-align: center; width: 34%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission<br>File Number)
          </p>
        </td>
        <td valign="bottom" style="text-align: center; width: 33%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (IRS Employer<br>Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt"><b>1601
            Market Street, Philadelphia, Pennsylvania</b></font>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; white-space: nowrap; width: 40%; padding-left: 0.0px; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt"><b>19103</b></font>
          </p>
        </td>
      </tr>
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        <td valign="bottom" style="text-align: center; width: 60%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt">(Address
            of Principal Executive Offices)</font>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; width: 40%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt">(Zip
            Code)</font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      <b>(215) 231 - 1000</b><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 10pt">(Registrant&#8217;s
      Telephone Number, Including Area Code)</font><br><br>Not&#160;Applicable<br><font style="font-family: Times New Roman; font-size: 10pt">(Former
      Name or Former Address, if Changed Since Last Report)</font><br><br>
    </p>
    <hr style="text-align: center; color: #000000; width: 100%; height: 1.0 pt">


    <p>

    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions </font>&#160;(<i>see </i>General Instruction
      A.2. below)<font style="font-family: Times New Roman; font-size: 10pt">:</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <div style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt">
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        <div style="text-align: left">

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        <div style="text-align: right">

        </div>
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          &#160;
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        <td valign="top" style="text-align: left; width: 10%; padding-left: 0.0px">
          <b>Item 5.02.</b>
        </td>
        <td valign="top" style="text-align: left; width: 90%; padding-left: 0.0px">
          <b>Departure of Directors or Certain Officers; Election of
          Directors; Appointment of Certain Officers; Compensatory
          Arrangements of Certain Officers.</b>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <b>2015 Long-Term Incentive Awards</b>
    </p>
    <p style="text-indent: 60.0px">
      On July 9, 2015, the Compensation and Human Resources Committee (the
      &#8220;Committee&#8221;) of the Board of Directors of Radian Group Inc. (the
      &#8220;Company&#8221;) granted annual long-term incentive awards to the Company&#8217;s
      executive officers, including its named executive officers (the &#8220;2015
      LTI Awards&#8221;).
    </p>
    <p style="text-indent: 60.0px">
      All of the 2015 LTI Awards granted by the Company, including those
      awarded to the named executive officers as described in more detail
      below, were granted under the Company&#8217;s 2014 Equity Compensation Plan
      and will be settled in shares of the Company&#8217;s common stock.
    </p>
    <p style="text-indent: 60.0px">
      The 2015 LTI Awards consist of: (1)&#160;stock-settled performance based
      restricted stock units (&#8220;Performance Based RSUs&#8221;), and (2)&#160;performance
      based non-qualified stock options (&#8220;Performance Based Options&#8221;). For
      each of the named executive officers, the Performance Based RSUs and
      Performance Based Options represent 75% and 25%, respectively, of the
      total value of his/her 2015 LTI Award.&#160;&#160;For 2015, the Committee granted
      long-term incentive awards to the named executive officers that on
      average were approximately 10% less in grant date fair value than both
      the awards granted to the same named executive officers in 2014 and such
      named executive officers&#8217; target long-term incentive compensation for
      2015.
    </p>
    <p style="text-indent: 60.0px">
      <i><b>2015 Performance Based RSU Awards</b></i>
    </p>
    <p style="text-indent: 60.0px">
      The Committee granted a Performance Based RSU award to each of the
      Company&#8217;s named executive officers in the following target amounts:
      Mr.&#160;Ibrahim &#8211; 119,940 RSUs; Mr.&#160;Hall &#8211; 19,040 RSUs; Ms.&#160;Bazemore &#8211;
      38,080 RSUs; Mr.&#160;Brummer &#8211; 21,900 RSUs; and Mr.&#160;Hoffman &#8211; 19,040 RSUs.
    </p>
    <p style="text-indent: 60.0px">
      The Performance Based RSU awards generally vest on July 9, 2018, upon
      the conclusion of a three year performance period. As further described
      below, at the end of the performance period, each named executive
      officer will be entitled to receive a number of RSUs (from 0 to 200% of
      his/her target Performance Based RSU award) based on the Company&#8217;s
      absolute and relative total stockholder return (&#8220;TSR&#8221;) over the three
      year performance period, subject to a maximum cap (the &#8220;Maximum Cap&#8221;) of
      6 times the value of his/her award on the grant date. Each vested
      Performance Based RSU will be payable in one share of common stock,
      subject to the Maximum Cap.&#160;&#160;In addition, for the 2015 Performance Based
      RSUs, the Committee instituted a one-year, post-vesting holding period
      for the Performance Based RSUs, such that the vested Performance Based
      RSU will not be convertible into shares (other than such shares withheld
      to pay taxes due at vesting) until the one-year anniversary following
      the vesting date of the Performance Based RSUs. However, the
      post-vesting holding period will not apply in certain circumstances,
      such as the named executive officer's death or disability.
    </p>
    <p style="text-indent: 60.0px">
      The Company&#8217;s absolute TSR will be determined based on the change in
      market value of the Company&#8217;s common stock during the performance
      period, as measured by comparing (x)&#160;the average closing price of the
      Company&#8217;s common stock on the NYSE for the 20 consecutive trading days
      preceding and including July 9, 2015 and (y)&#160;the average closing price
      for the 20 consecutive trading days preceding and including the last day
      of the performance period. The Company&#8217;s relative TSR will be measured
      against the median TSR of a peer group consisting of the companies
      listed on the NASDAQ Financial-100 Index and MGIC Investment
      Corporation, NMI Holdings Inc. and Essent Group Ltd. (collectively, the
      &#8220;Peer Group&#8221;).
    </p>
    <p style="text-indent: 60.0px">
      The payout for the Performance Based RSU awards will be determined based
      on an analysis of both the Company&#8217;s relative TSR and absolute TSR,
      beginning with an assessment of Company&#8217;s relative TSR. The Company&#8217;s
      TSR initially will be compared to the median TSR of the companies
      included in the Peer Group (the &#8220;Median Peer Group TSR&#8221;). The starting
      point for the payout determination (the &#8220;Relative Payout Percentage&#8221;)
      will be 100% of target. For every 1% that the Company&#8217;s TSR exceeds the
      Median Peer Group TSR, the Relative Payout Percentage will increase by 2
      percentage points above 100% of target. For every 1% that the Company&#8217;s
      TSR is below the Median Peer Group TSR, the Relative Payout Percentage
      will decrease by 3 percentage points below 100% of target.
    </p>
    <div style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
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        <div style="text-align: center">

        </div>
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          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
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        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-indent: 60.0px">
      Once the Relative Payout Percentage has been determined, the actual
      payout percentage under the Performance Based RSU award (the &#8220;Final
      Payout Percentage&#8221;) will be subject to three absolute TSR hurdles (the
      &#8220;Absolute TSR Hurdles&#8221;) that are intended to ensure that regardless of
      the Company&#8217;s performance against the Peer Group, the Final Payout
      Percentage remains correlated to the Company&#8217;s stock price performance
      over the performance period.&#160;&#160;The Absolute TSR Hurdles will impact the
      Final Payout Percentage as follows:
    </p>
    <ul style="font-size: 10pt; margin-left: 60.0px">
      <li style="margin-bottom: 10.0px">
        The Final Payout Percentage will be capped at 125% if the Company
        fails to achieve an absolute TSR of at least 25%;
      </li>
      <li style="margin-bottom: 10.0px">
        The Final Payout Percentage will be capped at 50% if the Company&#8217;s
        absolute TSR is negative; and
      </li>
      <li style="margin-bottom: 10.0px">
        The Final Payout Percentage will be 0% if (1) the Company&#8217;s absolute
        TSR is negative 25% or lower, and (2) the Company&#8217;s TSR does not equal
        or exceed the Median Peer Group TSR.
      </li>
    </ul>
    <p style="text-indent: 60.0px">
      The Performance Based RSU awards provide for &#8220;double trigger&#8221; vesting in
      the event of a change of control. In the event of a change of control of
      the Company, the Performance Based RSUs will become payable at target
      upon the vesting of the awards on July 9, 2018, provided that the
      executive officer remains employed by the Company through such date.
      However, if a named executive officer&#8217;s employment is terminated by the
      Company without &#8220;cause,&#8221; or the named executive officer terminates
      employment for &#8220;good reason,&#8221; in each case within 90 days before or one
      year after a change of control, the Performance Based RSUs will become
      fully vested and payable at target upon such termination (or the date of
      the change of control, if later).
    </p>
    <p style="text-indent: 60.0px">
      If the named executive officer retires before the end of the three year
      performance period, the award will remain outstanding and will vest at
      the end of the performance period to the extent that the performance
      criteria discussed above have been satisfied (or will vest at the target
      level in the event of a change of control) and generally will become
      payable subject to the one year holding period discussed
      above.&#160;&#160;Additionally, the Performance Based RSUs will become fully
      vested and payable at target in the event of a named executive officer&#8217;s
      death or disability.
    </p>
    <p style="text-indent: 60.0px">
      The Performance Based RSUs also include a provision that prohibits the
      executive officer from competing with the Company and from soliciting
      the Company&#8217;s employees or customers for a period of twelve (12)&#160;months
      (the &#8220;Restricted Period&#8221;) following termination of the executive
      officer&#8217;s employment for any reason.
    </p>
    <p>
      <i><b>2015 Performance Based Stock Option Awards</b></i>
    </p>
    <p style="text-indent: 60.0px">
      The Committee granted Performance Based Options to each of the named
      executive officers in the following amounts: Mr.&#160;Ibrahim &#8211; 48,090
      Performance Based Options; Mr.&#160;Hall &#8211; 7,640 Performance Based Options;
      Ms.&#160;Bazemore &#8211; 15,270 Performance Based Options; Mr.&#160;Brummer &#8211; 8,780
      Performance Based Options; and Mr.&#160;Hoffman &#8211; 7,640 Performance Based
      Options.
    </p>
    <p style="text-indent: 60.0px">
      Each Performance Based Option has a per share exercise price of $18.42
      (the closing price of the Company&#8217;s common stock on the NYSE on the date
      of grant), and a ten-year term, with 50% of the award vesting on or
      after the third anniversary of the grant date (i.e., July 9, 2018) and
      the remaining 50% of the award vesting on or after the fourth
      anniversary of the grant date (i.e., July 9, 2019); provided, however,
      that the Performance Based Options will vest only if the closing price
      of the Company&#8217;s common stock on the NYSE exceeds $23.03 (125% of the
      Performance Based Option exercise price) for ten consecutive trading
      days ending on or after third anniversary of the grant date (the &#8220;Stock
      Price Vesting Hurdle&#8221;).
    </p>
    <p style="text-indent: 60.0px">
      The Performance Based Options provide for &#8220;double trigger&#8221; vesting in
      the event of a change of control. Except as provided below, upon a
      change of control, the Performance Based Options will continue to vest
      50% on the third and fourth anniversaries of the grant date, regardless
      of whether the Stock Price Vesting Hurdle has been satisfied, as long as
      the named executive remains employed by the Company through such date.
      However, if a named executive officer&#8217;s employment is terminated by the
      Company without &#8220;cause,&#8221; or the named executive officer terminates
      employment for &#8220;good reason,&#8221; in each case within 90 days before or one
      year after a change of control, the Performance Based Options will
      become fully vested and exercisable upon such termination (or the date
      of the change of control, if later).
    </p>
    <p style="text-indent: 60.0px">
      The Performance Based Options also include a provision that prohibits
      the executive officer from competing with the Company and from
      soliciting the Company&#8217;s employees or customers during the Restricted
      Period following termination of the executive officer&#8217;s employment for
      any reason.
    </p>
    <p style="text-indent: 60.0px">
      Additionally, the Performance Based Options will become fully vested and
      exercisable in the event of a named executive officer&#8217;s death,
      disability or retirement. However, if Mr. Ibrahim retires before the
      Performance Based Options are otherwise exercisable, his Performance
      Based Options will remain outstanding and become exercisable in
      accordance with the three and four year vesting schedule and the Stock
      Price Vesting Hurdle for such Performance Based Options, or as provided
      above in the event of a change of control.
    </p>
    <p style="text-indent: 60.0px">
      The foregoing summary of the 2015 LTI Awards is not a complete
      description of all of the terms and conditions of the Performance Based
      RSU awards and the Performance Based Options and is qualified in its
      entirety by reference to the full text of the form of grant instruments,
      which the Company plans to file as exhibits to its Quarterly Report on
      Form 10-Q for the quarter ended September 30, 2015.
    </p>
    <div style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt">
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    <p>

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURES</b></font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      <font style="font-family: Times New Roman; font-size: 10pt">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      <br>

    </p>
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        <td style="width: 49%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>RADIAN GROUP INC.</b></u>
          </p>
        </td>
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        <td style="width: 6%">

        </td>
        <td style="width: 49%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="2">
          (Registrant)
        </td>
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        <td style="width: 6%">

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        <td style="width: 49%">

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          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; width: 6%; padding-left: 0.0px">
          Date:
        </td>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; width: 49%; padding-left: 0.0px">
          July 15, 2015
        </td>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; width: 4%; padding-left: 0.0px">
          By:
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; text-align: left; width: 41%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Edward J. Hoffman
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 49%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="text-align: left; width: 41%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Edward J. Hoffman
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 49%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="text-align: left; width: 41%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            General Counsel and Corporate Secretary
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
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