<SEC-DOCUMENT>0001193125-17-040591.txt : 20170213
<SEC-HEADER>0001193125-17-040591.hdr.sgml : 20170213
<ACCEPTANCE-DATETIME>20170213163157
ACCESSION NUMBER:		0001193125-17-040591
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20170207
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170213
DATE AS OF CHANGE:		20170213

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:		17599645

	BUSINESS ADDRESS:	
		STREET 1:		1601 MARKET STREET
		STREET 2:		11TH FLOOR
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		2155646600

	MAIL ADDRESS:	
		STREET 1:		1601 MARKET ST
		STREET 2:		11TH 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>d300797d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, DC 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of The Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of report (Date of earliest event reported): February&nbsp;7, 2017 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Radian Group Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name of Registrant as Specified in Its Charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Delaware
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or Other Jurisdiction of Incorporation) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


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<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">1-11356</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">23-2691170</FONT></B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>1601 Market Street, Philadelphia, Pennsylvania</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>19103</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"><B>(Address of Principal Executive Offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(215) <FONT STYLE="white-space:nowrap">231-1000</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s Telephone Number, Including Area Code) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former Name or Former Address, if Changed Since Last Report) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions (<I>see</I> General Instruction A.2. below): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</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"><B>Item&nbsp;5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Appointment of New Chief Executive Officer and Director; Retirement of
Current Chief Executive Officer and Director </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">On February&nbsp;8, 2017, the Board of Directors (the &#147;Board&#148;) of Radian
Group Inc. (the &#147;Company&#148;) appointed Richard G. Thornberry, 58, as the Company&#146;s Chief Executive Officer and as a member of the Board, both effective March&nbsp;6, 2017. Mr.&nbsp;Thornberry will succeed Sanford A. Ibrahim, the
Company&#146;s current Chief Executive Officer, who has informed the Board that he intends to retire as Chief Executive Officer and resign as a member of the Board, in each case effective March&nbsp;5, 2017. The Company had previously disclosed
Mr.&nbsp;Ibrahim&#146;s intention to retire when his existing employment agreement terminates on December&nbsp;31, 2017. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Thornberry&#146;s broad understanding of the mortgage finance industry and experience in leading innovative mortgage industry
businesses gives him a unique perspective and set of skills to lead the Company and to meaningfully contribute to its Board. Most recently, Mr.&nbsp;Thornberry has served as Chairman and Chief Executive Officer of NexSpring Group, LLC
(&#147;NexSpring Group&#148;), a company he <FONT STYLE="white-space:nowrap">co-founded</FONT> in 2006. The NexSpring Group provides mortgage industry advisory and technology services to private equity investors, mortgage lenders, financial
institutions, mortgage investors and other mortgage industry participants. Mr.&nbsp;Thornberry also has served as the Chairman and Chief Executive Officer of NexSpring Financial, LLC (&#147;NexSpring Financial&#148;), an early stage fintech company
that he <FONT STYLE="white-space:nowrap">co-founded</FONT> to focus on improving the overall value proposition for all participants in a residential mortgage origination transaction. Prior to founding NexSpring Group, from 1999-2005
Mr.&nbsp;Thornberry served as President and Chief Executive Officer of Nexstar Financial Corporation, an <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">end-to-end</FONT></FONT> mortgage business process outsourcing firm, which he <FONT
STYLE="white-space:nowrap">co-founded</FONT> in 1999 and sold to MBNA Home Finance in 2005. Mr.&nbsp;Thornberry has also held executive positions with MBNA Home Finance from 2005-2006, Citicorp Mortgage Inc. from 1996-1998 and Residential Services
Corporation of America/Prudential Home Mortgage Company from 1987-1996. Mr.&nbsp;Thornberry began his career as a certified public accountant at Deloitte where he primarily worked with financial services clients and entrepreneurial businesses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">There is no arrangement or understanding between Mr.&nbsp;Thornberry and any other person pursuant to which he was selected as Chief Executive
Officer and director. He does not have any family relationship with any director, executive officer or person nominated or chosen to become a director or executive officer. Mr.&nbsp;Thornberry does not have a direct or indirect material interest in
any transaction in which the Company is or will be a participant. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>New Employment Agreement and Compensation Arrangements &#150;
Richard G. Thornberry, Chief Executive Officer </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>Employment Agreement</U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On February&nbsp;8, 2017, the Company and Mr.&nbsp;Thornberry entered into an Employment Agreement (the &#147;CEO Employment Agreement&#148;)
pursuant to which Mr.&nbsp;Thornberry will serve as the Company&#146;s Chief Executive Officer, beginning March&nbsp;6, 2017 (the &#147;Employment Date&#148;). The initial term of the CEO Employment Agreement is three years (the &#147;Initial
Term&#148;). Set forth below is a description of the CEO Employment Agreement, which is qualified in its entirety by reference to the full text of the CEO Employment Agreement, a copy of which is filed as Exhibit 10.1 and is incorporated by
reference in this Current Report on <FONT STYLE="white-space:nowrap">Form&nbsp;8-K.</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </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; text-indent:4%; font-size:10pt; font-family:Times New Roman">The CEO Employment Agreement provides that, subject to the terms and conditions of the agreement,
Mr.&nbsp;Thornberry will serve as the Company&#146;s Chief Executive Officer for the Initial Term, and further provides that after the Initial Term, the CEO Employment Agreement will automatically renew for successive
<FONT STYLE="white-space:nowrap">one-year</FONT> periods unless either party provides the other with written notice of termination at least 90 days prior to the end of any renewal period (the Initial Term, together with any renewal periods,
collectively, the &#147;Term&#148;). In addition, the CEO Employment Agreement provides that Mr.&nbsp;Thornberry will be appointed to the Board effective as of the Employment Date, and that during the Term, he will be nominated as a member of the
Board at each annual meeting of stockholders at which his seat on the Board is up for <FONT STYLE="white-space:nowrap">re-election.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the CEO Employment Agreement, Mr.&nbsp;Thornberry will receive: (1)&nbsp;an annual base salary of $750,000 (which may be
increased, but not decreased, during the Term); (2)&nbsp;eligibility to earn an incentive award under the Radian Group Inc. STI/MTI Incentive Plan for Executive Employees (including any successor plan, the &#147;STI/MTI Plan&#148;) in each fiscal
year of the Term, with his target level for the STI/MTI Plan for the 2017-2018 STI/MTI period equal to $1,500,000 (the &#147;2017 STI/MTI Target&#148;); and (3)&nbsp;eligibility to receive long-term equity incentive awards in each fiscal year of the
Term under the Company&#146;s long-term incentive program (&#147;LTI&#148;) in amounts and on terms established by independent directors of the Board, with his 2017 LTI set at $3,000,000. The CEO Employment Agreement also provides that for each full
fiscal year after 2017 during the Term, Mr.&nbsp;Thornberry&#146;s total target compensation (comprised of annual base salary, target award under the STI/MTI Plan and target LTI awards) will not be less than $5,250,000, with his STI/MTI target and
LTI target for the those years to be established by the independent directors of the Board in accordance with the Company&#146;s process for setting executive compensation (for information on the Company&#146;s process, see the Company&#146;s
Compensation Discussion and Analysis Section of the Company&#146;s previously filed proxy statement for the May&nbsp;11, 2016 annual stockholders&#146; meeting). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition to his annual compensation discussed above, Mr.&nbsp;Thornberry will receive: (1)&nbsp;as an inducement to join the Company and to
compensate him for certain costs associated with transitioning his prior business activities, a <FONT STYLE="white-space:nowrap">sign-on</FONT> cash bonus of $500,000; and (2)&nbsp;in order to further align him with the Company&#146;s stockholders,
a <FONT STYLE="white-space:nowrap">sign-on</FONT> grant on the Employment Date of restricted stock units with a grant date value equal to $1,000,000 (the <FONT STYLE="white-space:nowrap">&#147;Sign-On</FONT> RSUs&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Thornberry will receive relocation assistance in connection with his relocation to the Philadelphia area, and he will be provided
with vacation, sick leave and holidays at levels commensurate with those provided to other senior executives at the Company. He will also be able to participate in the Company&#146;s other employee benefit plans and programs in accordance with their
terms. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the CEO Employment Agreement, Mr.&nbsp;Thornberry will receive the following severance benefits, in each case payable
in accordance with the terms of the CEO Employment Agreement, if his employment is terminated without &#147;cause&#148; or if he terminates employment for &#147;good reason&#148; (as those terms are defined in the CEO Employment Agreement) and he
executes and does not revoke a written release of any claims against the Company: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">two times his base salary; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">an amount equal to the greater of two times (a)&nbsp;his target incentive award under the STI/MTI Plan for the year in which the termination occurs (or if it has not yet been established, the target incentive award for
the immediately preceding fiscal year) or (b)&nbsp;the 2017 STI/MTI Target; </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">a prorated target incentive award under the STI/MTI Plan for the year in which termination occurs based on a pro rata portion of the greater of the target incentive award for the year of termination (or if it has not
yet been established, the target incentive award for the immediately preceding fiscal year) or the 2017 STI/MTI Target; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top">reimbursement for the monthly cost of continued medical coverage at or below the level of coverage in effect on the date of termination until the earlier of: (x)&nbsp;18 months after the termination date; (y)&nbsp;the
date on which Mr.&nbsp;Thornberry becomes eligible to elect medical coverage under Social Security Medicare or otherwise ceases to be eligible for continued coverage under the Company&#146;s health plan under the Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended (&#147;COBRA&#148;); or (z)&nbsp;the date he is eligible to elect medical coverage under a plan maintained by a successor employer. During any period of continued medical coverage, the Company has agreed to
reimburse Mr.&nbsp;Thornberry for the COBRA premiums paid by him, minus the employee contribution rate for such coverage under the Company&#146;s health plan as of the date of termination; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top">accelerated vesting of any unvested <FONT STYLE="white-space:nowrap">Sign-On</FONT> RSUs; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(6)</TD>
<TD ALIGN="left" VALIGN="top">the Accrued Obligations (as defined in the CEO Employment Agreement). </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The CEO Employment
Agreement does not include any tax gross up for excise taxes. If an excise tax under section 4999 of the Internal Revenue Code of 1986, as amended is triggered by any payments upon a change of control, the aggregate present value of the payments to
be made under the CEO Employment Agreement will be reduced to an amount that does not cause any amounts to be subject to this excise tax so long as the net amount of the reduced payments, on an <FONT STYLE="white-space:nowrap">after-tax</FONT>
basis, is greater than or equal to the net amount of the payments without such reduction, but taking into consideration this excise tax. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The compensation payable to Mr.&nbsp;Thornberry under the CEO Employment Agreement is subject to the Company&#146;s written policies,
including the Code of Conduct and Ethics (which includes the Company&#146;s securities trading policy, the &#147;Code of Conduct&#148;), Incentive Compensation Recoupment Policy, and stock ownership guidelines, as currently in place or as may be
amended by the Board. The CEO Employment Agreement further provides that Mr.&nbsp;Thornberry will comply with the Restrictive Covenants Agreement (described below) and other written restrictive covenant agreements with the Company. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>Restrictive Covenants Agreement</U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the CEO Employment Agreement, Mr.&nbsp;Thornberry entered into a Restrictive Covenants Agreement, dated as of
February&nbsp;8, 2017, with the Company (the &#147;RCA&#148;). As further described in the RCA, Mr.&nbsp;Thornberry has agreed that for 18 months following termination of his employment for any reason (the &#147;Restriction Period&#148;) he will not
compete with the Company. In addition, during the Restriction Period, he has agreed to restrictions on hiring and soliciting the Company&#146;s employees and on soliciting the Company&#146;s customers. The foregoing description of the RCA is
qualified in its entirety by reference to the full text of the RCA, a copy of which is filed as Exhibit 10.2 and is incorporated by reference in this Current Report on Form <FONT STYLE="white-space:nowrap">8-K.</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </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; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U><FONT STYLE="white-space:nowrap">Sign-On</FONT> RSUs</U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As discussed above, Mr.&nbsp;Thornberry will receive the <FONT STYLE="white-space:nowrap">Sign-On</FONT> RSUs on the Employment Date. The <FONT
STYLE="white-space:nowrap">Sign-On</FONT> RSUs will vest <FONT STYLE="white-space:nowrap">one-third</FONT> on the second, third and fourth anniversaries of the grant date. The <FONT STYLE="white-space:nowrap">Sign-On</FONT> RSUs provide for
&#147;double trigger&#148; vesting in the event of a change of control of the Company. In the event of a change of control, if Mr.&nbsp;Thornberry&#146;s employment is terminated by the Company without &#147;cause,&#148; or he terminates employment
for &#147;good reason&#148; (as those terms are defined in the CEO Employment Agreement), in each case within 90 days before or one year after a change of control, the <FONT STYLE="white-space:nowrap">Sign-On</FONT> RSUs will become fully vested and
payable upon such termination (or the date of the change of control, if later). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, any unvested
<FONT STYLE="white-space:nowrap">Sign-On</FONT> RSUs will automatically vest in full (1)&nbsp;if the Company terminates Mr.&nbsp;Thornberry&#146;s employment without &#147;cause&#148; or he resigns with &#147;good reason&#148; before the <FONT
STYLE="white-space:nowrap">Sign-On</FONT> RSUs become fully vested or (2)&nbsp;in the event of Mr.&nbsp;Thornberry&#146;s death or disability before the <FONT STYLE="white-space:nowrap">Sign-On</FONT> RSUs become fully vested. Except as described in
the preceding sentence, in the event of termination of Mr.&nbsp;Thornberry&#146;s employment, no <FONT STYLE="white-space:nowrap">Sign-On</FONT> RSUs will continue to vest after the date of such termination and the unvested <FONT
STYLE="white-space:nowrap">Sign-On</FONT> RSUs will be forfeited. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The <FONT STYLE="white-space:nowrap">Sign-On</FONT> RSUs also require
Mr.&nbsp;Thornberry to comply with the restrictions contained in the RCA, the CEO Employment Agreement, the Code of Conduct and other written agreements between Mr.&nbsp;Thornberry and the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing description of the <FONT STYLE="white-space:nowrap">Sign-On</FONT> RSUs is qualified in its entirety by reference to the full
text of the Form of Restricted Stock Unit Agreement between Mr.&nbsp;Thornberry and the Company, a copy of which is filed as Exhibit 10.3 and is incorporated by reference in this Current Report on Form <FONT STYLE="white-space:nowrap">8-K.</FONT>
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Retirement of Chief Executive Officer and Director and Related Agreements </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In support of the Company&#146;s CEO succession planning efforts and to ensure an orderly transition to the Company&#146;s new CEO,
Mr.&nbsp;Ibrahim has agreed to retire from the Company prior to the end of the term of his existing employment agreement with the Company (the &#147;2014 Employment Agreement&#148;). As further discussed below, the Company and Mr.&nbsp;Ibrahim have
agreed to enter into agreements that are intended to provide him with an opportunity to earn amounts that he would have been eligible to earn had he remained employed with the Company through the end of the term of his 2014 Employment Agreement on
December&nbsp;31, 2017 and to ensure that the Company has the benefit of Mr.&nbsp;Ibrahim&#146;s services during the leadership transition period. The amounts that Mr.&nbsp;Ibrahim ultimately will be paid under the agreements referenced below
primarily are dependent on the Company&#146;s and Mr.&nbsp;Ibrahim&#146;s performance. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>Retirement Agreement</U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Effective March&nbsp;5, 2017 (the &#147;Retirement Date&#148;), Mr.&nbsp;Ibrahim will retire as the Chief Executive Officer and a director of
the Company. On February&nbsp;8, 2017, the Company and Mr.&nbsp;Ibrahim entered into a Retirement Agreement (the &#147;Retirement Agreement&#148;). Except as otherwise provided, the Retirement Agreement supersedes the 2014 Employment Agreement. Set
forth below is a description of the Retirement Agreement, which is qualified in its entirety by reference to the full text of the Retirement Agreement, a copy of which is filed as Exhibit 10.4 and is incorporated by reference in this Current Report
on Form <FONT STYLE="white-space:nowrap">8-K.</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the terms and conditions set forth therein (including the execution of a release of
claims against the Company), the Retirement Agreement provides for the following compensation: (1) eligibility to receive a 2016 short-term incentive (&#147;STI&#148;) award and a medium-term incentive (&#147;MTI&#148;) award for the 2015-2016
performance period, in each case under the STI/MTI Plan and at the time such awards are paid to other participants under the plan; (2)&nbsp;eligibility to earn an MTI award for the 2016-2017 performance period under the STI/MTI Plan, based on 2017
performance metrics established by the Compensation and Human Resources Committee of the Board (the &#147;Compensation and HR Committee) for the 2017 performance year, payable at the time 2017 MTI awards are paid to other participants under the
plan; and (3)&nbsp;a grant of performance-based restricted stock units (&#147;PSUs&#148;) with a grant date value of $1,950,000. In addition, the Company and Mr.&nbsp;Ibrahim will enter into the Consulting Agreement described below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The PSUs will vest if the closing price of the Company&#146;s common stock on the New York Stock Exchange for any ten consecutive trading days
during the performance period commencing ten trading days prior to the first anniversary of the Grant Date and ending on the fifth anniversary of the Grant Date equals or exceeds 120% of the grant date share price (the &#147;PSU Stock Price
Hurdle&#148;). The PSUs will be forfeited if the PSU Stock Price Hurdle is not met by the fifth anniversary of the grant date. The PSUs will vest upon Mr.&nbsp;Ibrahim&#146;s death or a change in control of the Company, regardless of whether the PSU
Stock Price Hurdle has been met. The foregoing description of the PSUs is qualified in its entirety by reference to the full text of the Form of Restricted Stock Unit Agreement between Mr.&nbsp;Ibrahim and the Company, a copy of which is filed as
Exhibit 10.5 and is incorporated by reference in this Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition to
the foregoing compensation amounts, if Mr.&nbsp;Ibrahim signs and does not revoke a written release of claims against the Company on or within five days of the Retirement Date, he will receive (1)&nbsp;lump sum cash payments totaling $843,072,
representing the base salary and cost of long-term disability insurance that he would have received through December&nbsp;31, 2017, as well as amounts that would have been contributed by the Company to the Company&#146;s 401(k) plan and Benefit
Restoration Plan for his benefit had he continued in employment through December&nbsp;31, 2017 and (2)&nbsp;continued medical coverage for himself and his spouse for the applicable Coverage Period (as defined in the Retirement Agreement) under the
Company&#146;s health plans in accordance with the terms set forth in the Retirement Agreement. During any period of continued medical coverage, Mr.&nbsp;Ibrahim or his spouse, as applicable, will pay the full monthly COBRA premium cost of such
coverage, and the Company will reimburse Mr.&nbsp;Ibrahim or his spouse, as applicable, for the COBRA premium cost minus the employee contribution rate for such coverage under the Company&#146;s health plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the Retirement Agreement, Mr.&nbsp;Ibrahim has agreed to comply with restrictive covenants, including covenants regarding <FONT
STYLE="white-space:nowrap">non-competition,</FONT> confidentiality, and <FONT STYLE="white-space:nowrap">non-solicitation</FONT> of customers and employees, contained in the 2014 Employment Agreement and his outstanding stock option and restricted
stock unit awards (as updated in the Retirement Agreement). The covenants regarding non-competition and <FONT STYLE="white-space:nowrap">non-solicitation</FONT> of customers and employees shall remain in effect for a period ending on March&nbsp;5,
2018. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>Termination of 2014 Employment Agreement</U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as otherwise provided, the Retirement Agreement supersedes Mr.&nbsp;Ibrahim&#146;s 2014 Employment Agreement, which would have expired
by its terms on December&nbsp;31, 2017. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>Consulting Agreement</U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">On February&nbsp;8, 2017, the Company entered into a consulting agreement with Mr.&nbsp;Ibrahim (the &#147;Consulting Agreement&#148;) that
will commence on March&nbsp;6, 2017, following Mr.&nbsp;Ibrahim&#146;s retirement. A consulting agreement was contemplated by the 2014 Employment Agreement, which provided that if Mr.&nbsp;Ibrahim continued in employment through December&nbsp;31,
2017, the Company and Mr.&nbsp;Ibrahim would enter into a consulting agreement covering the <FONT STYLE="white-space:nowrap">12-month</FONT> period following Mr.&nbsp;Ibrahim&#146;s termination date. Pursuant to the Consulting Agreement,
Mr.&nbsp;Ibrahim has agreed to provide consulting services to the Company from March&nbsp;6, 2017 through March&nbsp;5, 2018. The description of the Consulting Agreement set forth herein is qualified in its entirety by reference to the full text of
the Consulting Agreement, a copy of which is filed as Exhibit 10.6 and is incorporated by reference in this Current Report on Form <FONT STYLE="white-space:nowrap">8-K.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the Consulting Agreement, the Company will pay Mr.&nbsp;Ibrahim a consulting fee of $79,166 per month. In addition,
Mr.&nbsp;Ibrahim will be eligible to earn a performance-based cash incentive award (the &#147;Incentive Award&#148;) based on performance measured over a <FONT STYLE="white-space:nowrap">two-year</FONT> period. The target Incentive Award is
$3,000,000 with the actual payout to be determined based on the attainment of specified performance goals (as described below), subject to certain conditions. The Compensation and HR Committee has established the following performance metrics for
the first year of the performance period: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Forty percent of the Incentive Award (the &#147;Plan Component&#148;) will be based on the Company&#146;s performance in satisfying its financial and strategic objectives for 2017. The payout percentage for the Plan
Component (which is from 0% to 200%) will be equal to the level awarded by the Compensation and HR Committee to Radian Group participants in the STI/MTI Plan for the 2017 performance period under that plan. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The remaining 60% of the Incentive Award the (&#147;Transition Component&#148;) will be based on the Compensation and HR Committee&#146;s assessment of Mr.&nbsp;Ibrahim&#146;s performance of the services required under
the Consulting Agreement. The amount that may be awarded under this metric is from 0% to 100%. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Following the first year of
the performance period (January 1, 2017 through December&nbsp;31, 2017), the Compensation and HR Committee will determine the amount, if any, of the Incentive Award that Mr.&nbsp;Ibrahim is eligible to receive based on the performance metrics and
allocations described above. Fifty percent of any such amount will be paid to Mr.&nbsp;Ibrahim as an Incentive Award between January&nbsp;1, 2018 and March&nbsp;15, 2018. The remaining fifty percent will become the target incentive award (&#147;MTI
Target Incentive Award&#148;) for the <FONT STYLE="white-space:nowrap">two-year</FONT> performance period (January 1, 2017 through December&nbsp;31, 2018). At the end of the <FONT STYLE="white-space:nowrap">two-year</FONT> performance period, the
Compensation and HR Committee will award Mr.&nbsp;Ibrahim a percentage of the MTI Target Incentive Award between 0% and 115% (the &#147;MTI Payout&#148;), based on the performance of the mortgage insurance written during 2017, through the end of the
<FONT STYLE="white-space:nowrap">two-year</FONT> performance period. Any MTI Payout that Mr.&nbsp;Ibrahim is eligible to receive will be paid to him between January&nbsp;1, 2019 and March&nbsp;15, 2019. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Incentive Award may be reduced by the Compensation and HR Committee, in its discretion, in the event of: (1)&nbsp;the occurrence of an
event that results in a recoupment of Mr.&nbsp;Ibrahim&#146;s prior compensation under the Company&#146;s Incentive Compensation Recoupment Policy; or (2)&nbsp;any other material negative impact on the Company resulting from Mr.&nbsp;Ibrahim&#146;s
prior performance as CEO or as a consultant under the Consulting Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </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; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Consulting Agreement contains provisions relating to confidentiality, and provides that
Mr.&nbsp;Ibrahim will comply with the restrictive covenants contained in the Retirement Agreement (as discussed above). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Amendment
of STI/MTI Plan </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">On February&nbsp;7, 2017, the Compensation and HR Committee approved amendments to the STI/MTI Plan that apply to
awards calculated under the STI/MTI Plan for years beginning on or after January&nbsp;1, 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The STI/MTI Plan is designed to provide
the Company&#146;s eligible senior officers, including the Company&#146;s executive officers, with the opportunity to earn cash awards during a <FONT STYLE="white-space:nowrap">two-year</FONT> performance period, based on achievement of corporate
and individual performance goals. Following the first year of the performance period, 50% of the amount allocated to a participant under the STI/MTI Plan, based on performance, is paid to the participant as a STI award (the &#147;STI Award&#148;).
The remaining 50% is established as the participant&#146;s target MTI award (&#147;MTI Award&#148;) for the full <FONT STYLE="white-space:nowrap">two-year</FONT> performance period. MTI Awards are paid after the second year of the performance
period, based on performance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Generally, a participant must remain employed through the payment date for the STI Award in order to be
eligible for the STI Award. However, pursuant to the STI/MTI Plan, if a participant is terminated without &#147;cause&#148; (as that term is defined in the STI/MTI Plan) on or after December&nbsp;31 of the first year of the performance period and
the participant executes an appropriate release, the participant will receive an STI Award based on the achievement of the performance goals. In addition, the STI/MTI Plan provides the Compensation and HR Committee with discretion to pay a bonus
upon the death of a participant based on the achievement of the performance goals. The amendments adopted by the Compensation and HR Committee modify the circumstances under which awards may be paid after termination of employment, as follows: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">If a participant has an executive employment or severance agreement that provides for termination for &#147;cause&#148; or &#147;good reason,&#148; as those terms are defined in the applicable agreement, and the
participant is terminated without &#147;cause&#148; or the participant terminates for &#147;good reason&#148; after December&nbsp;31 of the first year of the performance period, then if the participant executes an appropriate release, the
participant will receive an STI Award based on the achievement of the performance goals; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">If a participant dies or incurs a Disability (as that term is defined in the STI/MTI Plan) before the payment date for the STI Bonus, the participant will receive a prorated bonus based on achievement of the performance
goals (without giving consideration to achievement of the individual&#146;s performance goals). </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The amendments to the
STI/MTI Plan also allow for certain employees to be eligible for only STI Awards, and not MTI Awards, that would be paid in full following the end of the first year of the performance period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing summary is not a complete description of the STI/MTI Plan, as amended and restated, and is qualified in its entirety by
reference to the full text of the amended and restated STI/MTI Plan, a copy of which is filed as Exhibit 10.7 and is incorporated by reference in this Current Report on Form <FONT STYLE="white-space:nowrap">8-K.</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Financial Statements and Exhibits. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(d) Exhibits</B><B><I>.</I></B><B></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><B>Description</B></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.1*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Employment Agreement, dated as of February&nbsp;8, 2017, between Radian Group Inc. and Richard G. Thornberry</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.2*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Restrictive Covenants Agreement, dated as of February&nbsp;8, 2017, between Radian Group Inc. and Richard Thornberry</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.3*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Restricted Stock Unit Agreement between Richard Thornberry and Radian Group Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.4*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Retirement Agreement, dated as of February&nbsp;8, 2017, between Radian Group Inc. and Sanford A. Ibrahim</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.5*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Consulting Agreement, dated as of February&nbsp;8, 2017, between Radian Group Inc. and Sanford A. Ibrahim</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.6*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Performance Based Restricted Stock Unit Agreement between Sanford A. Ibrahim and Radian Group Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.7*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Radian Group Inc. STI/MTI Incentive Plan for Executive Employees, as amended and restated</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top">Management contract, compensatory plan or arrangement. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </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" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"><B><U>RADIAN&nbsp;GROUP&nbsp;INC.</U></B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">(Registrant)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: February&nbsp;13, 2017</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Edward J. Hoffman</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Edward J. Hoffman</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Executive Vice President and General Counsel</TD></TR>
</TABLE>

<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" ALIGN="center"><B>EXHIBIT INDEX </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><B>Description</B></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.1*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Employment Agreement, dated as of February&nbsp;8, 2017, between Radian Group Inc. and Richard G. Thornberry</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.2*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Restrictive Covenants Agreement, dated as of February&nbsp;8, 2017, between Radian Group Inc. and Richard Thornberry</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.3*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Restricted Stock Unit Agreement between Richard Thornberry and Radian Group Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.4*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Retirement Agreement, dated as of February&nbsp;8, 2017, between Radian Group Inc. and Sanford A. Ibrahim</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.5*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Consulting Agreement, dated as of February&nbsp;8, 2017, between Radian Group Inc. and Sanford A. Ibrahim</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.6*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Performance Based Restricted Stock Unit Agreement between Sanford A. Ibrahim and Radian Group Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.7*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Radian Group Inc. STI/MTI Incentive Plan for Executive Employees, as amended and restated</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top">Management contract, compensatory plan or arrangement. </TD></TR></TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d300797dex101.htm
<DESCRIPTION>EX-10.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-10.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Exhibit 10.1 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EMPLOYMENT AGREEMENT </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS
EMPLOYMENT AGREEMENT (the &#147;<U>Agreement</U>&#148;) is entered into by and between Radian Group Inc. (the &#147;<U>Company</U>&#148;) and Richard G. Thornberry (the &#147;<U>Executive</U>&#148;) as of February&nbsp;8, 2017 the &#147;<U>Effective
Date</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company desires to employ the Executive as its Chief Executive Officer and the Executive desires to serve
in such capacity on behalf of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements
hereinafter set forth, the Company and the Executive hereby agree as follows: </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. <U>Employment</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Term</U>. The Executive&#146;s employment with the Company will begin on March&nbsp;6, 2017. The initial term of this Agreement shall
begin on the first day of the Executive&#146;s employment with the Company (the &#147;<U>Employment Date</U>&#148;) and shall continue for three years thereafter, unless sooner terminated by either party as set forth below, or until the termination
of the Executive&#146;s employment, if earlier. The term of this Agreement shall automatically renew for periods of one-year unless either party gives the other party written notice at least 90 days prior to the end of the then existing term or at
least 90 days prior to the end of any one-year renewal period that the term of the Agreement shall not be further extended. The period commencing on the Employment Date and ending on the date on which the term of the Agreement terminates is referred
to herein as the &#147;<U>Term</U>.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Duties</U>. During the Term, the Executive shall serve as the Chief Executive Officer of
the Company with duties, responsibilities and authority commensurate therewith and shall report to the Board of Directors of the Company (the &#147;<U>Board</U>&#148;). The Executive shall perform all duties and accept all responsibilities incident
to such position as is set forth in the Company&#146;s Guidelines of Corporate Governance (as in effect on the Effective Date or as may be modified thereafter after consultation with the Executive) and as otherwise may be reasonably assigned to the
Executive by the Board, consistent with his position as Chief Executive Officer. The Executive will be appointed as a member of the Board effective as of the Employment Date, and the Company shall cause the Executive to be nominated as a member of
the Board at each annual meeting of stockholders of the Company during the Term at which the Executive&#146;s Board seat is up for re-election. The Executive represents to the Company that the Executive is not subject to or a party to any employment
agreement, non-competition covenant, or other agreement that would be breached by, or prohibit the Executive from executing, this Agreement and performing fully the Executive&#146;s duties and responsibilities hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Best Efforts</U>. During the Term, the Executive shall devote his best efforts and all or substantially all of his full business time
and attention to promote the business and affairs of the Company and its affiliated entities, and shall be engaged in other business activities only to the extent that such activities: (1)&nbsp;do not materially interfere or conflict with the
Executive&#146;s obligations to the Company hereunder, including, without limitation, obligations pursuant to Section&nbsp;14 below, the Restrictive Covenants Agreement (as defined below), the other agreements described in Section&nbsp;14 of this
Agreement, and the Company&#146;s Code of Conduct and Ethics, as in </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </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">effect on the Effective Date or as may be modified thereafter after consultation with the Executive (the
&#147;<U>Code of Conduct</U>&#148;), and (2)&nbsp;such other business activities have been reviewed, and if necessary approved, in accordance with the Company&#146;s Guidelines of Corporate Governance. The Executive may, without further review or
consent, (i)&nbsp;deliver lectures, fulfil speaking engagements or lecture at educational institutions, (ii)&nbsp;manage personal investments, or (iii)&nbsp;engage in the activities described in <U>Exhibit A</U> hereto subject to the limitations set
forth in <U>Exhibit A</U>; provided that, in the case of (i), (ii)&nbsp;or (iii)&nbsp;above, the Executive complies with his obligations and conditions under Section&nbsp;14 of this Agreement, the Restrictive Covenants Agreement, the other
agreements described in Section&nbsp;14, and the Company&#146;s Code of Conduct. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Principal Place of Employment</U>. The Executive
understands and agrees that his principal place of employment shall be in the Company&#146;s headquarters offices located in the Philadelphia, Pennsylvania metropolitan area and that the Executive shall be required to travel for business in the
course of performing his duties for the Company. The Executive further agrees that he will relocate to the Philadelphia, Pennsylvania metropolitan area as a condition of his employment, as soon as practicable, and not later than 180 days, after the
Employment Date. The 180 day period in the preceding sentence may be extended with approval of the Compensation and Human Resources Committee of the Board (the &#147;<U>Compensation Committee</U>&#148;). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. <U>Compensation</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Base Salary</U>.
During the Term, the Company shall pay the Executive a base salary (&#147;<U>Base Salary</U>&#148;), at the annual rate of $750,000, which shall be paid in installments in accordance with the Company&#146;s normal payroll practices. The
Executive&#146;s Base Salary shall be reviewed annually by the independent directors of the Board and may be increased (but not decreased) as the independent directors, upon the recommendation of the Compensation Committee, deem appropriate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>STI/MTI Incentive Plan</U>. With respect to each fiscal year of the Company ending during the Term, the Executive shall be eligible to
earn an incentive award under the Radian Group Inc. STI/MTI Incentive Plan for Executive Employees, or any successor plan (the &#147;<U>STI/MTI Plan</U>&#148;) pursuant to the terms and conditions of the STI/MTI Plan. The Executive&#146;s incentive
award shall be paid at such times and in such manner as set forth in the STI/MTI Plan. Prior to or at the beginning of each fiscal year of the Company, the independent directors of the Board (upon the recommendation of the Compensation Committee)
shall determine the Target Incentive Award (as defined in the STI/MTI Plan) for the Executive, taking into consideration such factors as the independent directors deem appropriate. The Executive&#146;s Target Incentive Award under the STI/MTI Plan
for 2017 (i.e. for the 2017-2018 STI/MTI period) shall be $1,500,000. Notwithstanding the terms of the STI/MTI Plan, &#147;Cause&#148; as used therein shall be deemed to refer to the definition of Cause contained in this Agreement, and any provision
therein relating to the Executive&#146;s termination of employment by the Company without Cause shall be deemed to include a resignation by the Executive for Good Reason hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Sign-On Bonus</U>. As an inducement for the Executive to join the Company in the role of Chief Executive Officer and to compensate the
Executive for certain costs associated with transitioning his prior business activities, the Company shall pay the Executive a sign-on bonus in the amount of $500,000 (the &#147;<U>Sign-On Bonus</U>&#148;). The Sign-On Bonus shall be paid in a lump
sum </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </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">within 30 days following the Employment Date. The Executive shall be required to repay the full amount of the
Sign-On Bonus if, prior to the first anniversary of the Employment Date, the Executive&#146;s employment terminates either (1)&nbsp;by the Company for Cause (as defined below) or (2)&nbsp;by the Executive for any reason other than Good Reason (as
defined below). For the avoidance of doubt, the Executive shall not be required to repay any portion of the Sign-On Bonus by reason of termination of employment for any other reason (including, without limitation, death or Disability). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Restricted Stock Unit Grant</U>. In order to further align the Executive with the Company&#146;s stockholders, the Compensation
Committee will grant the Executive restricted stock units with a grant date value (based on the closing price of a share of Company common stock on the Employment Date) of $1,000,000 (the &#147;<U>Sign-On RSUs</U>&#148;), upon the Employment Date.
The Sign-On RSUs shall vest in equal installments of one-third of the award on each of the second, third and fourth anniversaries of the Employment Date, subject to the Executive&#146;s continued employment with the Company and shall be
substantially in the form attached as <U>Exhibit B</U> hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Long-Term Incentive Opportunity</U>. The Executive shall be
eligible to receive long-term incentive awards in respect of each fiscal year during the Term (&#147;<U>LTI</U>&#148;) under the Company&#146;s long-term incentive program in an amount and on terms established by the Committee, commensurate with his
position as Chief Executive Officer. For the 2017 fiscal year, the Executive shall be granted equity awards in connection with the Company&#146;s regular grant cycle having an aggregate grant date value of $3,000,000 on terms established by the
Committee, which shall be no less favorable than such terms as established generally for executive officers of the Company. Without limiting the scope of the foregoing, LTI awards shall contain retirement-based vesting provisions, as determined by
the Compensation Committee after consultation with the Executive, that define retirement as termination of employment after either attainment of age 55 with at least 10 years of service or attainment of age 65 with at least 5 years of service. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>Target Compensation after 2017</U>. The Executive&#146;s Target Incentive Award under the STI/MTI Plan and target LTI shall be reviewed
annually by the independent directors pursuant to the normal performance review policies for the CEO, with such targets established by the independent directors in their sole discretion, following a recommendation by the Compensation Committee. For
each full fiscal year of the Term after 2017, the total of the Executive&#146;s Base Salary, Target Incentive Award under the STI/MTI Plan, and target LTI shall be no less than $5,250,000, with the actual realized pay to the Executive primarily
dependent on performance under the STI/MTI Plan and LTI awards to the Executive. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. <U>Retirement and Welfare Benefits</U>. During the Term, the
Executive shall be eligible to participate in the Company&#146;s health, life insurance (at the CEO level of coverage), long-term disability, retirement, deferred compensation, stock purchase and welfare benefit plans and programs available to
executives of the Company, pursuant to their respective terms and conditions. Nothing in this Agreement shall preclude the Company or any affiliate of the Company from terminating or amending any employee benefit plan, program or policy from time to
time after the Effective Date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </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">4. <U>Vacation</U>. During the Term, the Executive shall be entitled to 30 days of paid time off (vacation and
sick leave) each year, as well as Company holidays at levels commensurate with those provided to other executive officers of the Company, in accordance with the Company&#146;s paid time off and holiday policies. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. <U>Expenses; Relocation Benefits</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)
<U>Expenses</U>. The Company shall reimburse the Executive for all necessary and reasonable travel (which shall not include commuting) and other business expenses incurred by the Executive in the performance of his duties hereunder in accordance
with the Company&#146;s expense reimbursement policy for executives. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Relocation Benefits</U>. The Executive shall receive
relocation benefits for his move to the Philadelphia, PA area from St. Louis, Missouri, as set forth in <U>Exhibit C</U>. The Executive shall be required to repay the full amount of the relocation benefits if, prior to the first anniversary of the
Employment Date, the Executive&#146;s employment terminates either (1)&nbsp;by the Company for Cause or (2)&nbsp;by the Executive for any reason other than Good Reason. For the avoidance of doubt, the Executive shall not be required to repay any
portion of the relocations benefits by reason of termination of employment for any other reason (including, without limitation, death or Disability). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6.
<U>Termination without Cause; Resignation for Good Reason</U>. The Company may terminate the Executive&#146;s employment at any time without Cause upon 15 days advance written notice (or pay in lieu of notice). The Executive may initiate a
termination of employment by resigning for Good Reason as described below. Upon termination by the Company without Cause or resignation by the Executive for Good Reason, if the Executive executes and does not revoke a written Release (as defined
below), the Executive shall be entitled to receive, in lieu of any payments under any severance plan or program for employees or executives, the following: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Company shall pay the Executive an amount equal to two times the Executive&#146;s annual Base Salary, which shall be paid as follows:
(i)&nbsp;the maximum amount that can be paid under the &#147;separation pay&#148; exception under section 409A of the Internal Revenue Code of 1986, as amended (the &#147;<U>Code</U>&#148;) shall be paid in 12 equal monthly installments following
the Executive&#146;s termination date, in accordance with the Company&#146;s normal payroll practices, with the first payment to be made within 60 days following such termination of employment, and (ii)&nbsp;the remainder of such benefit shall be
paid in a lump sum between March&nbsp;1 and March&nbsp;15 of the calendar year following the year in which the Executive&#146;s termination date occurs. The first payment under clause (i)&nbsp;shall include any payments for the period from the
termination date to the commencement date of payments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Company shall pay the Executive an amount equal to two times the
Executive&#146;s Target Incentive Award established under the STI/MTI Plan either (i)&nbsp;for the year in which the termination date occurs (or if it has not yet been established, the Target Incentive Award established for the immediately preceding
year), or (ii)&nbsp;the Executive&#146;s Target Incentive Award under the STI/MTI Plan for 2017, whichever is greater, which amount shall be paid in a lump sum between March&nbsp;1 and March&nbsp;15 of the calendar year following the year in which
the Executive&#146;s termination date occurs. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Company shall pay the Executive a pro-rated Target Incentive Award under the STI/MTI Plan
either (i)&nbsp;for the year in which the termination date occurs (or if it has not yet been established, the Target Incentive Award established for the immediately preceding year), or (ii)&nbsp;the Executive&#146;s Target Incentive Award under the
STI/MTI Plan for 2017, whichever is greater, which amount shall be paid in a lump sum within 60 days following the Executive&#146;s termination date, except as provided below. The prorated Target Incentive Award shall equal (x)&nbsp;the Target
Incentive Award established under the STI/MTI Plan either (i)&nbsp;for the year in which the termination date occurs (or the immediately preceding year such Target Incentive Award has not yet been established), or (ii)&nbsp;the Executive&#146;s
Target Incentive Award under the STI/MTI Plan for 2017, whichever is greater, multiplied by (y)&nbsp;a fraction, the numerator of which is the number of full completed days of employment with the Company from the beginning of the calendar year
through the termination date, and the denominator of which is the number of days in such year. Notwithstanding the foregoing, if the Compensation Committee determines, prior to the year in which the Executive&#146;s termination date occurs, that the
Executive&#146;s STI/MTI Plan bonus for the year in which the Executive&#146;s termination date occurs is intended to satisfy the requirements for &#147;performance-based compensation&#148; under section 162(m) of the Code and the Target Incentive
Award has been established by the termination date, the pro-rated STI/MTI Plan bonus payable under this subsection (c)&nbsp;shall be equal to the bonus that is payable based on the Company&#146;s attainment of the applicable performance goals for
the performance period (and not the Target Incentive Award), multiplied by the fraction described in clause (y)&nbsp;above. Such pro-rated bonus shall be paid at the same time as such bonuses are paid to other executives of the Company, consistent
with the requirements of section 162(m) of the Code for &#147;performance-based compensation,&#148; but no later than March&nbsp;15 of the calendar year following the year in which the Executive&#146;s termination date occurs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) During the period beginning on the date of the Executive&#146;s termination date and ending on the first to occur of (i)&nbsp;18 months
after the termination date, (ii)&nbsp;the date on which the Executive becomes eligible for health coverage by a successor employer, or (iii)&nbsp;the date on which the Executive becomes eligible to elect medical coverage under Social Security
Medicare or otherwise ceases to be eligible for continued health coverage under the Company&#146;s group health plan under the Consolidated Omnibus Budget Reconciliation Act (&#147;<U>COBRA</U>&#148;) (the &#147;<U>Coverage Period</U>&#148;), if the
Executive elects to receive continued health coverage under the Company&#146;s health plan under COBRA at a level of coverage at or below the Executive&#146;s level of coverage in effect on the date of the Executive&#146;s termination of employment,
and the Executive pays the full monthly COBRA premium cost for such health coverage, the Company shall reimburse the Executive monthly an amount equal to the monthly COBRA premium paid by the Executive, less the premium charge that is paid by the
Company&#146;s active employees for such coverage as in effect on the date of the Executive&#146;s termination of employment (the &#147;<U>COBRA Reimbursement</U>&#148;). The payments shall commence on the first payroll date that is administratively
practicable after the Executive&#146;s termination date, and within 60 days after the Executive&#146;s termination date. The first payment shall include any payments for the period from the termination date to the commencement date. The Company
shall reimburse the Executive under this subsection only for the portion of the Coverage Period during which the Executive continues COBRA coverage under the Company&#146;s health plan. The Executive agrees to notify the Company promptly of the
Executive&#146;s coverage under an alternative health plan upon becoming covered by such alternative plan. The COBRA health care continuation coverage period under section 4980B of the Code shall run concurrently with the Coverage Period. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) The Executive&#146;s Sign-On RSUs shall become fully vested as of the termination date, and
shall be settled as soon as practicable, and in any event within 60 days, following the termination date, in accordance with the terms of the grant agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) The Company shall also pay the Accrued Obligations, regardless of whether the Executive executes or revokes the Release. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7. <U>Cause</U>. The Company may terminate the Executive&#146;s employment at any time for Cause upon written notice to the Executive, in which event all
payments under this Agreement shall cease, except for the Accrued Obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8. <U>Voluntary Resignation without Good Reason</U>. The Executive may
voluntarily terminate employment without Good Reason for any reason upon 30 days&#146; prior written notice to the Company. In such event, after the effective date of such termination, no payments shall be due under this Agreement, except for the
Accrued Obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9. <U>Disability</U>. If the Executive incurs a Disability during the Term, the Company may terminate the Executive&#146;s
employment on or after the date of Disability. If the Executive&#146;s employment terminates on account of Disability, the Executive shall receive the Accrued Obligations. Otherwise, the Company shall have no further liability or obligation under
this Agreement to the Executive. For purposes of this Agreement, the term &#147;<U>Disability</U>&#148; shall mean a physical or mental impairment of sufficient severity that the Executive is both eligible for and in receipt of benefits under the
long-term disability program maintained by the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10. <U>Death</U>. If the Executive dies during the Term, the Executive&#146;s employment shall
terminate on the date of death, the Executive&#146;s executor, legal representative, administrator or designated beneficiary, as applicable, shall receive the Accrued Obligations. Otherwise, the Company shall have no further liability or obligation
under this Agreement to the Executive&#146;s executors, legal representatives, administrators, heirs or assigns or any other person claiming under or through the Executive. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">11. <U>Resignation of Positions</U>. Effective as of the date of any termination of employment, the Executive shall resign all Company-related positions,
including as an officer and director of the Company and its affiliates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12. <U>Definitions</U>. For purposes of this Agreement, the following terms shall
have the following meanings: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) &#147;<U>Accrued Obligations</U>&#148; shall mean (i)&nbsp;all accrued but unpaid Base Salary, and all
accrued but unused PTO under the terms of the Company&#146;s PTO policy, through the date of termination of the Executive&#146;s employment, (ii)&nbsp;any unpaid or unreimbursed expenses incurred through the date of such termination in accordance
with Section&nbsp;5 hereof, and (iii)&nbsp;any vested accrued compensation, equity awards or benefits provided under the Company&#146;s employee incentive or benefit plans upon or following a termination of employment, in accordance with the terms
of the applicable plan, including without limitation the STI/MTI Plan, but excluding any separate Company severance plan or policy. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) &#147;<U>Cause</U>&#148; shall mean any of the grounds for termination of the
Executive&#146;s employment listed below, after the Executive has been provided with an opportunity to meet with the Board with respect to the determination of Cause: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(1) the Executive&#146;s indictment for, conviction of, or pleading nolo contendere to, a felony or a crime involving fraud,
misrepresentation, or moral turpitude (excluding traffic offenses other than traffic offenses involving the use of alcohol or illegal substances); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(2) the Executive&#146;s fraud, dishonesty, theft, or misappropriation of funds in connection with the Executive&#146;s duties with the
Company and its affiliates; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(3) the Executive&#146;s material violation of the Company&#146;s Code of Conduct; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(4) the Executive&#146;s gross negligence or willful misconduct in the performance of the Executive&#146;s duties with the Company and its
affiliates; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(5) the Executive&#146;s breach of Section&nbsp;14 of this Agreement or any covenants contained in the Restrictive
Covenants Agreement (except any breach relating to the Company&#146;s Code of Conduct, which shall be governed by clause (3)&nbsp;above) or any other agreement described in Section&nbsp;14, or the Executive&#146;s material breach of any other
provision of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) &#147;<U>Good Reason</U>&#148; shall mean: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(1) the scope of the Executive&#146;s duties, responsibilities and reporting lines as the Chief Executive Officer of the Company are, in the
aggregate, materially reduced ; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(2) any material change in the geographic location at which the Executive must perform the
Executive&#146;s duties to the Company and its affiliates, which, for purposes of this Agreement, means the permanent relocation of the Executive&#146;s principal place of employment to any office or location which is located more than 100 miles
from the location where the Executive is based immediately prior to the change in location; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(3) any action or inaction that constitutes a
material breach of this Agreement by the Company; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(4) the provision by the Company to the Executive of written notice pursuant to
Section&nbsp;1(a) that the Term of the Agreement shall not be further extended, provided that the Executive is willing and able to continue in employment under the terms of the Agreement, if extended. The Executive shall be deemed to be willing and
able to continue in employment under the terms of the Agreement if he so states in the written notice of termination described in the following sentence. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In order to terminate employment for Good Reason, the Executive must provide a written notice of termination with respect to termination for Good Reason to
the Company within 60 days after the event constituting Good Reason has occurred. The Company shall have a period of 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 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 30 days after the end of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


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the cure period, in order for the termination to be considered a Good Reason termination; provided that in the event of a termination on account of non-renewal of the Agreement under clause
(4)&nbsp;above, the termination date shall not be earlier than the scheduled end of the Term. Notwithstanding the foregoing, in no event will the Executive have Good Reason for termination if an event described in Section&nbsp;12(b)(1) occurs in
connection with the Executive&#146;s inability to substantially perform the Executive&#146;s duties on account of short-term or long-term disability. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) &#147;<U>Release</U>&#148; shall mean a release in the form attached hereto as <U>Exhibit D</U>, with such changes as the Company deems
appropriate to comply with applicable law. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">13. <U>Section&nbsp;409A</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) This Agreement is intended to comply with section 409A of the Code and its corresponding regulations, or an exemption, and payments may
only be made under this Agreement upon an event and in a manner permitted by section 409A of the Code, to the extent applicable. Severance benefits under this Agreement are intended to be exempt from section 409A of the Code under the
&#147;short-term deferral&#148; exception, to the maximum extent applicable, and then under the &#147;separation pay&#148; exception, to the maximum extent applicable. Notwithstanding anything in this Agreement to the contrary, to the extent
required by section 409A of the Code, if the Executive is considered a &#147;specified employee&#148; for purposes of section 409A of the Code and if payment of any amounts under this Agreement is required to be delayed for a period of six months
after separation from service pursuant to section 409A of the Code, payment of such amounts shall be delayed as required by section 409A of the Code, and the accumulated amounts shall be paid in a lump sum payment within ten days after the end of
the six-month period. If the Executive dies during the postponement period prior to the payment of benefits, the amounts withheld on account of section 409A of the Code shall be paid to the personal representative of the Executive&#146;s estate
within 60 days after the date of the Executive&#146;s death. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) All payments to be made upon a termination of employment under this
Agreement may only be made upon a &#147;separation from service&#148; under section 409A of the Code. For purposes of section 409A of the Code, each payment hereunder shall be treated as a separate payment and the right to a series of installment
payments under this 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 a payment. Notwithstanding any provision of this Agreement to the
contrary, in no event shall the timing of the Executive&#146;s execution of the Release, directly or indirectly, result in the Executive designating the calendar year of payment of any amounts of deferred compensation subject to section 409A of the
Code, and if a payment that is subject to execution of the Release could be made in more than one taxable year, payment shall be made in the later taxable year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) All reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of
section 409A of the Code, including, where applicable, the requirement that (i)&nbsp;any reimbursement is for expenses incurred during the period of time specified in this Agreement, (ii)&nbsp;the amount of expenses eligible for reimbursement, or in
kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in kind benefits to be provided, in any other calendar year, (iii)&nbsp;the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


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reimbursement of an eligible expense will be made no later than the last day of the calendar year following the year in which the expense is incurred, and (iv)&nbsp;the right to reimbursement or
in kind benefits is not subject to liquidation or exchange for another benefit. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">14. <U>Restrictive Covenants</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Executive agrees to comply with the restrictive covenants and agreements set forth in the Restrictive Covenants Agreement attached
hereto as <U>Exhibit E </U>(the &#147;<U>Restrictive Covenants Agreement</U>&#148;), which the Executive agrees to sign as a condition of this Agreement, the attached Exhibit A (which is hereby incorporated into this Section&nbsp;14 by this
reference), and all other written agreements between the Company and the Executive containing non-competition, non-solicitation, confidentiality, inventions assignment, non-disparagement and other restrictive covenants. Without limiting the
foregoing, all references in this Agreement to Section&nbsp;14 shall include the provisions of <U>Exhibit A</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Notwithstanding
anything in this Agreement to the contrary, if the Executive breaches any of the Executive&#146;s obligations under this Section&nbsp;14, the Company shall be obligated to provide only the Accrued Obligations, and all other payments under this
Agreement shall cease. In such event, the Company may require that the Executive repay all amounts theretofore paid to him pursuant to Section&nbsp;6 hereof (other than the Accrued Obligations), and in such case, the Executive shall promptly repay
such amounts on the terms determined by the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">15. <U>Legal Action</U>. The Executive irrevocably and unconditionally (1)&nbsp;agrees that any
legal proceeding arising out of this Agreement shall be brought solely in the United States District Court for Eastern District of Pennsylvania, or if such court does not have jurisdiction or will not accept jurisdiction, in any court of general
jurisdiction in general jurisdiction in Philadelphia County, Pennsylvania, (2)&nbsp;consents to the exclusive jurisdiction of such court in any such proceeding, and (3)&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">16.
<U>Survival</U>. The respective rights and obligations of the parties under this Agreement (including Sections 14 and 15) shall survive any termination of the Executive&#146;s employment or termination or expiration of this Agreement to the extent
necessary to the intended preservation of such rights and obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">17. <U>No Mitigation or Set Off</U>. In no event shall the Executive be obligated
to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, and such amounts shall not be reduced, regardless of whether the Executive obtains other
employment. The Company&#146;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">18. <U>Section&nbsp;280G</U>. In the event of a change in
ownership or control under section 280G of the Code, if it shall be determined that any payment or distribution in the nature of compensation </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


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(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 (a &#147;<U>Payment</U>&#148;), would constitute an &#147;excess parachute payment&#148; within the meaning of section 280G of the Code, the aggregate present value of the Payments under the Agreement shall be reduced (but not below zero)
to the Reduced Amount (defined below) if and only if the Accounting Firm (described below) determines that the reduction will provide the Executive with a greater net after-tax benefit than would no reduction. No reduction shall be made unless the
reduction would provide the Executive with a greater net after-tax benefit. The determinations under this Section shall be made as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The &#147;<U>Reduced Amount</U>&#148; shall be an amount expressed in present value which maximizes the aggregate present value of
Payments under this Agreement without causing any Payment under this Agreement to be subject to the Excise Tax (defined below), determined in accordance with section 280G(d)(4) of the Code. The term &#147;<U>Excise Tax</U>&#148; means the excise tax
imposed under section 4999 of the Code, together with any interest or penalties imposed with respect to such excise tax. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Payments
under this Agreement shall be reduced on a nondiscretionary basis in such a way as to minimize the reduction in the economic value deliverable to the Executive. Where more than one payment has the same value for this purpose and they are payable at
different times, they shall be reduced on a pro rata basis. Only amounts payable under this Agreement shall be reduced pursuant to this Section. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) All determinations to be made under this Section shall be made by an independent certified public accounting firm selected by the Company
and agreed to by the Executive immediately prior to the change in ownership or control transaction (the &#147;<U>Accounting Firm</U>&#148;). The Accounting Firm shall provide its determinations and any supporting calculations both to the Company and
the Executive within ten days of the transaction. Any such determination by the Accounting Firm shall be binding upon the Company and the Executive. All of the fees and expenses of the Accounting Firm in performing the determinations referred to in
this Section shall be borne solely by the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">19. <U>Legal Fees</U>. The Company will reimburse the Executive for up to $25,000 of documented legal
fees that are reasonably related to the Executive&#146;s prospective employment with the Company, including the review and negotiation of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">20. <U>Notices</U>. All notices and other communications required or permitted under this Agreement or necessary or convenient in connection herewith shall be
in writing and shall be deemed to have been given when hand delivered or mailed by registered or certified mail, as follows (provided that notice of change of address shall be deemed given only when received): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If to the Company, to: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Anita
Scott, SVP Human Resources </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Radian Group Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">1601 Market Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Philadelphia,
PA 19103 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If to the Executive, to the most recent address on file with the Company or to such other names
or addresses as the Company or the Executive, as the case may be, shall designate by notice to each other person entitled to receive notices in the manner specified in this Section. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">21. <U>Withholding</U>. All payments under this Agreement shall be made subject to applicable tax withholding, and the Company shall withhold from any
payments under this Agreement all federal, state and local taxes as the Company is required to withhold pursuant to any law or governmental rule or regulation. Except as otherwise provided herein, the Executive shall bear all expense of, and be
solely responsible for, all federal, state and local taxes imposed on the Executive with respect to any payment received under this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">22.
<U>Remedies Cumulative; No Waiver</U>. No remedy conferred upon a party by this Agreement is intended to be exclusive of any other remedy, and each and every such remedy shall be cumulative and shall be in addition to any other remedy given under
this Agreement or now or hereafter existing at law or in equity. No delay or omission by a party in exercising any right, remedy or power under this Agreement or existing at law or in equity shall be construed as a waiver thereof, and any such
right, remedy or power may be exercised by such party from time to time and as often as may be deemed expedient or necessary by such party in its sole discretion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">23. <U>Assignment</U>. 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, executors, administrators, legal representatives, successors and assigns of the parties hereto, except that the duties and responsibilities of the Executive under this Agreement are of a personal nature and shall not be assignable
or delegable in whole or in part by the Executive. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or otherwise) to all or substantially all of the business or assets of the
Company, within 15 days of such succession, expressly to assume and agree to perform this Agreement in the same manner and to the same extent as the Company would be required to perform if no such succession had taken place, and the Executive
acknowledges that in such event the obligations of the Executive hereunder, including but not limited to those under Section&nbsp;14, will continue to apply in favor of the successor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">24. <U>Company Policies</U>. Employment with the Company is conditioned on the Executive&#146;s agreement to comply with the Code of Conduct, which shall be
evidenced by his execution thereof. The Company shall present the Code of Conduct to the Executive for signature upon or prior to the Employment Date. The Executive, this Agreement, and the compensation payable hereunder, as applicable, shall be
subject to any applicable clawback or recoupment policies, stock ownership policies, share trading policies, the Code of Conduct, and other written policies that are in place as of the Effective Date and as may be revised or implemented by the
Company from time to time as applicable to officers of the Company, in each case after consultation with the Executive. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">25. <U>Indemnification</U>. As to
any matter occurring or arising during the Executive&#146;s employment with the Company or its affiliates, the Company hereby covenants and agrees to indemnify the Executive and hold him harmless fully, completely, and absolutely against and in
respect to any and all actions, suits, proceedings, claims, demands, judgments, costs, reasonable </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
expenses (including reasonable attorney&#146;s fees), losses and damages (collectively, &#147;<U>Claims</U>&#148;) resulting from his performance of his 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 (as in effect on the date hereof or as may be subsequently modified in consultation with the Executive); provided,
however, that this indemnity shall not apply to any Claims that are a direct result of the Executive&#146;s engaging in conduct that constitutes Cause. The Company will insure the Executive, for the duration of his employment, and thereafter in
respect of his acts and omissions occurring during such employment under a contract of directors and officers liability insurance to the same extent as any such insurance insures members of the Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">26. <U>Entire Agreement</U>. This Agreement sets forth the entire agreement of the parties hereto and supersedes any and all prior agreements and
understandings concerning the Executive&#146;s employment by the Company, other than the Restrictive Covenants Agreement. This Agreement may be changed only by a written document signed by the Executive and the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">27. <U>Severability</U>. If any provision of this Agreement or application thereof to anyone or under any circumstances is adjudicated to be invalid or
unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect any other provision or application of this Agreement which can be given effect without the invalid or unenforceable provision or application and shall not
invalidate or render unenforceable such provision or application in any other jurisdiction. If any provision is held void, invalid or unenforceable with respect to particular circumstances, it shall nevertheless remain in full force and effect in
all other circumstances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">28. <U>Governing Law</U>. This Agreement shall be governed by, and construed and enforced in accordance with, the substantive
and procedural laws of Pennsylvania without regard to rules governing conflicts of law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">29. <U>Counterparts</U>. This Agreement may be executed in any
number of counterparts (including facsimile counterparts), each of which shall be an original, but all of which together shall constitute one instrument. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>&lt;Signature Page Follows&gt; </I></B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first
above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Radian Group Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Anita Scott</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Anita Scott</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">SVP CHRO</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">2/8/17</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">EXECUTIVE</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Richard G. Thornberry</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Richard G. Thornberry</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">2/8/17</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Exhibit A </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Permitted Activities </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">St. Louis University John Cook School of Business Executive Advisory Board Member </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">St. Louis University Billiken Angels Network Advisory Board Member </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">Manager of NexSpring Partners I, LLC (which is an investment partnership that does not, and will not, hold any interests in NF or NSG (each as defined below). </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top">Board Manager of NexSpring Financial, LLC (&#147;<U>NF</U>&#148;) until May&nbsp;7, 2017 </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top">Upon and following resignation as Board Manager of NF, Board Advisor to NF, subject to regular, periodic review by the Company&#146;s Governance Committee </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Passive Investment in the equity of NF and NexSpring Group, LLC (&#147;<U>NSG</U>&#148;) by the Executive (or his
Family, as defined below) at a level no greater than the level in effect as of the Employment Date. For this purpose, &#147;<U>Passive Investment</U>&#148; means an investment in NF and NSG with only economic rights, and no ability by Executive (or
his Family) to exercise management or voting rights (other than with respect to a disposition of the investment). The Executive and the Company acknowledge that the Passive Investment does not, as of the date hereof, constitute a breach or violation
of this Agreement, the Restrictive Covenants Agreement, the Code of Conduct, or any other agreement between the Executive and the Company or any other policy of the Company that is currently in effect. To the extent that in the future the
Executive&#146;s Passive Investment would result in a breach or violation of this Agreement, the Restrictive Covenants Agreement, the Code of Conduct, or any other agreement between the Executive and the Company, as determined by the Governance
Committee following consultation with the Executive, then (i)&nbsp;the Governance Committee will consult with the Executive in considering all available alternatives to address such potential breach or violation, and (ii)&nbsp;if it is determined by
the Governance Committee following consultation with the Executive that the only viable alternative to address such breach or violation is for the Executive to divest his Passive Investment, the Executive agrees to use his best efforts to divest his
Passive Investment pursuant to an arm&#146;s length sale to an unaffiliated third party as soon as practicable after such determination. If, despite the Executive&#146;s best efforts, he is unable to divest his Passive Investment after a reasonable
period of time, any termination of the Executive&#146;s employment by the Company as a result of his failure </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>


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<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
to divest shall not be treated as a termination for Cause pursuant this Agreement, any equity plan of the Company or award thereunder, or any other agreement with, or benefit or compensation plan
of, the Company; provided, however, that the provisions of Sections 6(a), 6(b) or 6(d) of the Agreement shall not apply with respect to such termination of employment (and no payments shall be made under Sections 6(a), 6(b) or 6(d) or under any
severance plan of the Company), but the provisions of Sections 6(c), 6(e) and 6(f), and all other provisions of the Agreement applicable to a termination by the Company without Cause, shall apply. For purposes of this <U>Exhibit A</U>, the term
&#147;Family&#148; means the Executive&#146;s immediate family members (i.e. spouse, descendants, parents, siblings, step-children and people sharing the Executive&#146;s household (other than tenants and employees) and spouses of any of the
foregoing) and any trusts or other entities of which the Executive or his immediate family members are beneficiaries or owners, other than any such trusts or other entities that are controlled by persons independent of the Executive and members of
his immediate family. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Exhibit B </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Restricted Stock Unit Agreement </U></B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Exhibit C </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Relocation Benefits </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Relocation
benefits shall be provided to the Executive as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Home Finding Trip</U>. The Company will reimburse the Executive for the
expenses for two house-hunting trips to Philadelphia (not to exceed a total of 8 days), including transportation, lodging, meals, rental car and rental assistance fee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Temporary Housing</U>. The Executive will be provided temporary housing in the Philadelphia area (using a Company preferred provider)
for up to 60 days. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Trips to Prior Home</U>. The Company will reimburse the Executive for the transportation expense of four trips
to the Executive&#146;s prior home (every other weekend). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Closing Costs</U>. The Company will reimburse the Executive for the
closing costs of purchasing a home in the Philadelphia, PA area, up to 3% of the purchase price of the home (excluding points or pre-payments). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Home Sale Program</U>. The Company will provide the Executive with an assisted home sale program that is designed to help the Executive
sell his current primary residence without negative tax implications (using a Buyer Value Option). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>Moving Expenses</U>. The
Company will provide shipment of the Executive&#146;s household goods (including packing and unpacking costs and up to 180 days of storage) from the Executive&#146;s home in St. Louis Missouri to Philadelphia, PA through a Company preferred
provider, up to a maximum weight of 20,000 pounds). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <U>Relocation Allowance</U>. The Company will provide the Executive with a
relocation allowance of $10,000, less applicable taxes, that is intended to compensate the Executive for miscellaneous costs associated with the Executive&#146;s transfer. The relocation allowance will be paid within 30 days after the Employment
Date. <B></B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) <U>Taxes</U>. The Company shall reimburse the Executive for any federal, state, local and FICA taxes imposed on the
relocation expenses paid or reimbursed by the Company as described in this Exhibit, including this subsection (h), but excluding the relocation allowance described in subsection (g)&nbsp;above. Such reimbursements shall be provided as soon as
practicable following the date on which the applicable taxes are incurred and shall comply with Treasury Regulation 1.409A-3(i)(1)(v) to the extent applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <U>Other Terms</U>. The Executive must be employed by the Company on the date the relevant expenses are incurred in order to receive the
applicable reimbursement or payment. All reimbursements shall be subject to the terms of the Company&#146;s expense reimbursement policy and shall be made consistently with the requirements of section 409A of the Code. All relocation benefits are
subject to the requirements of Section&nbsp;5(b) of the Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Exhibit D </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Form of Release </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Release Agreement (this &#147;<B><U>Agreement</U></B>&#148;) is made by and between Richard G. Thornberry
(&#147;<B><U>Employee</U></B>&#148;) and Radian Group Inc. (&#147;<B><U>Radian</U></B>&#148;). Employee and Radian are parties to this Agreement and are collectively referred to herein as the &#147;<B><U>Parties</U></B>.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1. <U>Release</U></B>.<B></B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) In further consideration of the compensation provided to Employee pursuant to Section&nbsp;6 of the Employment Agreement dated
February&nbsp;8, 2017 between Employee and Radian (the &#147;<B><U>Employment Agreement</U></B>&#148;) , Employee hereby agrees, subject to and without waiving any rights identified in Paragraph 2, Permitted Conduct, of this Agreement, to the
maximum extent permitted by law, to irrevocably and unconditionally RELEASE AND FOREVER DISCHARGE the Company and each of its and their past or present parents, subsidiaries and affiliates, 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 and of the Company&#146;s past or present parents, subsidiaries or affiliates, and the past or
present trustees, administrators, agents or employees of all such pension and employee benefit plans (hereinafter collectively included within the term the &#147;<B><U>Released Parties</U></B>&#148;), 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 Employee may have, or which Employee&#146;s heirs, executors or administrators may have against the
Released Parties, by reason of any matter, cause or thing whatsoever from the beginning of Employee&#146;s employment with the Company to and including the date on which Employee executes this Agreement, and particularly, but without limitation of
the foregoing general terms, any claims arising from or relating in any way to Employee&#146;s employment relationship and/or the termination of Employee&#146;s employment relationship with the Company, including but not limited to, any claims which
have been asserted, could have been asserted, or could be asserted now or in the future, which includes any claim or right based upon or arising under any federal, state or local fair employment practices or equal opportunity laws, including, but
not limited to, any claims under Title VII of the Civil Rights Act of 1964, the Family and Medical Leave Act of 1993, the Equal Pay Act, the Employee Retirement Income Security Act (&#147;<B><U>ERISA</U></B>&#148;) (including, but not limited to,
claims for breach of fiduciary duty under ERISA), the Americans With Disabilities Act, the Age Discrimination in Employment Act (&#147;<B><U>ADEA</U></B>&#148;), the Older Workers&#146; Benefit Protection Act, Pennsylvania Human Relations Act,
Pennsylvania Equal Pay Law, Pennsylvania Pregnancy Guidelines of the Human Relations Commission, including all amendments thereto, and any other federal, state or local statutes or common law under which Employee can waive Employee&#146;s rights,
any contracts between the Released Parties and Employee, and all claims for counsel fees and costs. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) In waiving and releasing any and all claims against the Released Parties, whether or not now
known to Employee, Employee understands that this means that if Employee later discovers facts different from or in addition to those facts currently known by Employee, or believed by Employee to be true, the waivers and releases of this Agreement
will remain effective in all respects, despite such different or additional facts and Employee&#146;s later discovery of such facts, even if Employee would not have agreed to this Agreement if Employee had prior knowledge of such facts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Notwithstanding anything in this Agreement to the contrary, Employee does not waive (i)&nbsp;any entitlements under the terms of
Section&nbsp;6 of the Employment Agreement, (ii)&nbsp;Employee&#146;s existing right to receive vested accrued benefits under any equity grants or other plans or programs of the Company under which Employee has accrued benefits (other than under any
Company separation or severance plan or programs), (iii)&nbsp;any claims that, by law, may not be waived, (iv)&nbsp;any rights or claims that may arise after the date Employee executes this Agreement, (v)&nbsp;any right to indemnification under the
bylaws of the Company, or under any directors and officers insurance policy, with respect to Employee&#146;s performance of duties as an employee or officer of the Company, and (vi)&nbsp;any claim or right Employee may have for unemployment
insurance benefits, workers&#146; compensation benefits, state disability and/or paid family leave insurance benefits pursuant to the terms of applicable state law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2. <U>Permitted Conduct</U></B>. Nothing in this Agreement shall prohibit or restrict Employee from initiating communications directly
with, or responding to any inquiry from, or providing testimony before, the Equal Employment Opportunity Commission, the Department of Justice, the Securities and Exchange Commission, or any other federal, state or local regulatory authority. To the
extent&nbsp;permitted by law, upon receipt of any subpoena, court order, or other legal process compelling the disclosure of any confidential information and trade secrets of the Company, Employee agrees to give prompt written notice to the Company
so as to&nbsp;permit the Company to protect its interests in confidentiality to the fullest extent possible<B>. </B>Please take notice that federal law provides criminal and civil immunity to federal and state claims for trade secret
misappropriation to individuals who disclose a trade secret to their attorney, a court, or a government official in certain, confidential circumstances that are set forth at 18 U.S.C. &#167;&#167; 1833(b)(1) and 1833(b)(2), related to the reporting
or investigation of a suspected violation of the law, or in connection with a lawsuit for retaliation for reporting a suspected violation of the law. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3. <U>Restrictive Covenants</U></B>. <B></B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Employee agrees to comply with the restrictive covenants and agreements set forth in the Restrictive Covenants Agreement between Employee
and Radian dated February&nbsp;8, 2017, and all other written restrictive covenants and agreements with the Company containing non-competition, non-solicitation, confidentiality, inventions assignment, non-disparagement and other restrictive
covenants, including Paragraph 3(b) below (collectively, the &#147;<B><U>Restrictive</U></B> <B><U>Covenants</U></B>&#148;). Employee expressly acknowledges that continuing to comply with the terms of the Restrictive Covenants is a material term of
this Agreement. Employee acknowledges that in the event that Employee breaches any of the Restrictive Covenants, Radian shall be obligated to provide only the Accrued Obligations (as defined in the Employment Agreement), and all other payments under
Section&nbsp;6 of the Employment Agreement shall cease. In such event, Radian may </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
require that the Executive repay all amounts theretofore paid to him pursuant to Section&nbsp;6 of the Employment Agreement (other than the Accrued Obligations), and in such case, Employee shall
promptly repay such amounts on the terms determined by Radian. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Employee agrees that Employee will not make or authorize any written
or oral statements that are false or defamatory about the Company or the Company&#146;s directors, officers or employees.&nbsp;This clause does not affect Employee&#146;s rights under Section&nbsp;2 (Permitted Conduct). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The Company agrees that it will not, and will instruct its directors and senior officers to not, make or authorize any written or oral
statements that are false or defamatory about the Executive. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4. <U>Controlling Law</U></B>. This Agreement and all matters arising out
of, or relating to it, shall be governed by, and construed in accordance with, the laws of the Commonwealth of Pennsylvania. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>5.
<U>Jurisdiction</U></B>. Any action arising out of, or relating to, any of the provisions of this Agreement shall be brought and prosecuted only 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, Pennsylvania, and the jurisdiction of such court in any such proceeding shall be exclusive. Employee also irrevocably and unconditionally
consents to the service of any process, pleadings, notices or other papers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>6. <U>Severability</U></B>. If any provision of this
Agreement is construed to be invalid, unlawful or unenforceable, then the remaining provisions hereof shall not be affected thereby and shall be enforceable without regard thereto, except that, in the event the release in Paragraph 1 is held to be
unlawful, invalid or unenforceable, any payments made pursuant to Section&nbsp;6 of the Employment Agreement (other than the Accrued Obligations) shall be returned to the Company and no further consideration shall be due. If any covenant or
agreement 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. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>7. <U>ACKNOWLEDGEMENT</U></B>. Employee hereby acknowledges that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The Company advises Employee to consult with an attorney before signing this Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Employee has obtained independent legal advice from an attorney of Employee&#146;s own choice with respect to this Agreement or Employee
has knowingly and voluntarily chosen not to do so; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Employee freely, voluntarily and knowingly entered into this Agreement after due
consideration; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Employee had 21 days to review and consider this Agreement; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) If Employee knowingly and voluntarily chooses to do so, Employee may accept the terms of this
Agreement on or after the date of Employee&#146;s termination of employment but before the 21 day consideration period provided for above has expired; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) Employee is signing this Agreement on or after the date of Employee&#146;s termination of employment; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) Employee has a right to revoke this Agreement by notifying
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at the Company in writing within seven days of Employee&#146;s execution of this Agreement. Unless revoked, this Agreement will
become effective on the eighth day following its execution (the &#147;<B><U>Effective Date</U></B>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) Changes to the
Company&#146;s offer contained in this Agreement that are immaterial will not restart the consideration period; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) In exchange for
Employee&#146;s waivers, releases and commitments set forth herein, including Employee&#146;s waiver and release of all claims arising under the ADEA, the payments, benefits and other considerations that Employee is receiving pursuant to this
Agreement exceed any payment, benefit or other thing of value to which Employee would otherwise be entitled, and are just and sufficient consideration for the waivers, releases and commitments set forth herein; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) No promise or inducement has been offered to Employee, except as expressly set forth herein, and Employee is not relying upon any such
promise or inducement in entering into this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) EMPLOYEE REPRESENTS THAT EMPLOYEE HAS READ THE TERMS OF THIS AGREEMENT, THAT
THIS AGREEMENT IS WRITTEN IN A MANNER THAT EMPLOYEE CAN UNDERSTAND AND THAT THE COMPANY HAS NOT MADE ANY REPRESENTATIONS CONCERNING THE TERMS OR EFFECTS OF THIS AGREEMENT OTHER THAN THOSE CONTAINED HEREIN. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">EMPLOYEE FREELY AND VOLUNTARILY AGREES TO ALL THE TERMS AND CONDITIONS HEREOF, AND SIGNS THE SAME AS
EMPLOYEE&#146;S OWN FREE ACT. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, and intending to be legally bound, the Parties agree to the terms of this Agreement.
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="45%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="44%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"><B>Radian Group Inc.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Human Resources Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Richard G. Thornberry</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Exhibit E</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Restrictive Covenants Agreement</U> </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>d300797dex102.htm
<DESCRIPTION>EX-10.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-10.2</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Exhibit 10.2 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RADIAN GROUP INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RESTRICTIVE COVENANTS AGREEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Your
Information: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="64%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Richard&nbsp;G.&nbsp;Thornberry</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Address:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">February&nbsp;8, 2017</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="84%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Company:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Radian Group Inc., its affiliates, and their respective successors or assigns (collectively,
the &#147;<B><U>Company</U></B>&#148;)</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Address:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Radian Group Inc.</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1601 Market Street</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Philadelphia, PA 19103</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In consideration of your employment with the Company, the compensation the Company has agreed to pay you, and
your access to Confidential Information and Trade Secrets (as such term is defined below), the receipt and sufficiency of which you acknowledge, you agree to this Restrictive Covenants Agreement (this &#147;<B><U>Agreement</U></B>&#148;), as
follows: </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Restrictive Covenants</U>. </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;You acknowledge and agree that, during, and, as applicable, after your employment with the Company, you will be
subject to, and will comply with, the applicable confidentiality and other terms specified in the Company&#146;s Code of Conduct and Ethics as in effect on the date hereof and as modified thereafter after consultation with the Executive, including
terms applicable to former employees. The Code of Conduct and Ethics can be accessed via this link, <U>Code of Conduct</U>. The Code of Conduct and Ethics, including any future revisions to the Code of Conduct and Ethics that are made during your
employment after consultation with you, are incorporated into and made a part of this Agreement as if fully set forth herein. </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;You acknowledge that your relationship with the Company is one of confidence and trust such that you are, and may
in the future be, privy to and/or you will develop Confidential Information and Trade Secrets of the Company. Subject to the provisions of subsection (k), you agree that, at all times during your employment and after your employment with the Company
terminates for any reason, whether by you or by the Company, you will hold in strictest confidence and will not disclose, use, or publish any Confidential Information and Trade Secrets, except as and only to the extent such disclosure, use, or
publication is required during your employment with the Company for you to fulfill your job duties and responsibilities to the Company. At all times during your employment and after your termination of employment, you agree that you shall take all
reasonable precautions to prevent the inadvertent </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </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">
or accidental disclosure of Confidential Information and Trade Secrets. You hereby assign to the Company any rights you may have or acquire in Confidential Information and Trade Secrets, whether
developed by you or others, and you acknowledge and agree that all Confidential Information and Trade Secrets shall be the sole property of the Company and its assigns. For purposes of this Agreement, &#147;<B><U>Confidential Information and Trade
Secrets</U></B>&#148; shall mean information that the Company owns or possesses, that the Company has developed at significant expense and effort, that the Company uses or that is potentially useful in the business of the Company, that the Company
treats as proprietary, private, or confidential, except such information that (i)&nbsp;is generally known or becomes known to the public absent any breach of this Agreement or the Code of Conduct by you, or (ii)&nbsp;as otherwise permitted by this
Agreement or the Code of Conduct. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;You acknowledge that any and all Inventions that are conceived, created,
developed, designed, or reduced to practice by you, alone or with others, during the course and/or within the scope of your employment with the Company, whether before or after the date of this Agreement, belong to the Company (&#147;<B><U>Company
Invention(s)</U></B>&#148;). You hereby irrevocably assign to the Company, without further consideration, all right, title, and interest that you may presently have or acquire (throughout the United States and in all foreign countries), free and
clear of all liens and encumbrances, in and to each Company Invention and each such Company Invention shall be the sole property of the Company, whether or not patentable, copyrightable, or otherwise legally protectable.
&#147;<B><U>Inventions</U></B>&#148; as used herein shall mean all intellectual property, ideas, processes, trademarks, service marks, inventions, technology, computer programs, original works of authorship, designs, formulas, discoveries, patents,
copyrights, moral rights (including but not limited to rights to attribution or integrity), and all improvements, rights, and claims related to the foregoing. Notwithstanding the foregoing, Company Inventions shall not include Inventions that were
conceived, created, developed, designed, or reduced to practice by you, alone or with others, during the course and/or within the scope of your employment with the NexSpring Entities, as defined below, before your employment with the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;You covenant and agree that (i)&nbsp;you will not bring with you, disclose or otherwise use any confidential,
proprietary or trade secret information acquired from or owned by any prior employer or any other entity for which you have provided services, including the NexSpring Entities, whether that information was created by you or others, and (ii)&nbsp;you
will not breach any restrictive covenant or agreement not to disclose or use confidential, proprietary or trade secret information with any such prior employer or other entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;You acknowledge and agree that, during your employment with the Company, and during the <FONT
STYLE="white-space:nowrap">18-month</FONT> period immediately following your termination of employment for any reason, and subject to subsection (m)&nbsp;below, you will not, without the Company&#146;s express written consent, engage (directly or
indirectly) in any employment or business activity that involves or is related to providing any mortgage- or real estate-related service or product that, during your employment, the Company provided or was actively engaged in developing through the
use of Confidential Information and Trade Secrets, in any geographic location where the Company had an office or conducted business during your employment. You further agree that, given the nature of the business of the Company and your position
with the Company, the geographic scope is appropriate and reasonable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;You acknowledge and agree that, during the term of your employment by
the Company and during the <FONT STYLE="white-space:nowrap">18-month</FONT> period immediately following your termination of employment for any reason, and subject to subsection (m)&nbsp;below, you shall not, directly or indirectly through others,
(i)&nbsp;hire or attempt to hire any employee of the Company, (ii)&nbsp;solicit or attempt to solicit any employee of the Company to become an employee, consultant, or independent contractor to, for, or of any other person or business entity, or
(iii)&nbsp;solicit or attempt to solicit any employee, or any consultant or independent contractor of the Company to change or terminate his or her relationship with the Company, unless in each case more than six months shall have elapsed between
the last day of such person&#146;s employment or service with the Company 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 you, 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 you, or by a headhunter employed by such entity, which does not involve you, shall not be a violation of this subsection (f). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;You covenant and agree that, during the term of your employment by the Company and during the <FONT
STYLE="white-space:nowrap">18-month</FONT> period immediately following your termination of employment for any reason, and subject to subsection (m)&nbsp;below, you shall not, either directly or indirectly through others: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;solicit, divert, appropriate, or do business with, or attempt to solicit, divert, appropriate, or do business
with, any customer for whom the Company provided goods or services within 12 months prior to your date of termination or any actively sought prospective customer of the Company for the purpose of providing such customer or actively sought
prospective customer with services or products competitive with those offered by the Company during your employment with the Company; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;encourage any customer for whom the Company provided goods or services within 12<B> </B>months prior to your date
of termination to reduce the level or amount of business such customer conducts with the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h)&nbsp;&nbsp;&nbsp;&nbsp;You
acknowledge and agree that the business of the Company 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&nbsp;1 are reasonable and necessary to protect the legitimate business interests of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;The
parties to this Agreement acknowledge and agree that any breach by you of any of the covenants or agreements contained in this Section&nbsp;1 will result in irreparable injury to the Company, for which money damages could not adequately compensate
the Company. Therefore, the Company shall have the right (in addition to any other rights and remedies which it may have at law or in equity) to seek to enforce this Section&nbsp;1 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 may have for a breach, or threatened breach, of the restrictive covenants set forth in this Section&nbsp;1. You agree that in any action in
which the Company seeks injunction, specific performance, or other equitable relief, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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you will not assert or contend that any of the provisions of this Section&nbsp;1 are unreasonable or otherwise unenforceable. You irrevocably and unconditionally (i)&nbsp;agree that any legal
proceeding arising out of this Agreement may be brought only in the United States District Court for the Eastern District of Pennsylvania, or if such court does not have jurisdiction or will not accept jurisdiction, in any court of general
jurisdiction in Philadelphia County, Pennsylvania, (ii)&nbsp;consent to the sole and exclusive jurisdiction and venue of such court in any such proceeding, and (iii)&nbsp;waive any objection to the laying of venue of any such proceeding in any such
court. You also irrevocably and unconditionally consent to the service of any process, pleadings, notices, or other papers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j)&nbsp;&nbsp;&nbsp;&nbsp;If any portion of the covenants or agreements contained in this Section&nbsp;1, or the application thereof, 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&nbsp;1 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&nbsp;1 shall survive the termination of your employment with the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k)&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this Agreement, including any restrictions on the use of Confidential Information and Trade Secrets,
shall prohibit or restrict you from initiating communications directly with, or responding to any inquiry from, or providing testimony before, the Equal Employment Opportunity Commission, the Department of Justice, the Securities and Exchange
Commission, or any other federal, state, or local regulatory authority.&nbsp;&nbsp;&nbsp;&nbsp;To the extent permitted by law, upon receipt of any subpoena, court order, or other legal process compelling the disclosure of Confidential Information
and Trade Secrets, you agree to give prompt written notice to the Company so as to permit the Company to protect its interests in confidentiality to the fullest extent possible. Please take notice that federal law provides criminal and civil
immunity to federal and state claims for trade secret misappropriation to individuals who disclose a trade secret to their attorney, a court, or a government official in certain, confidential circumstances that are set forth at 18 U.S.C.
&#167;&#167; 1833(b)(1) and 1833(b)(2), related to the reporting or investigation of a suspected violation of the law, or in connection with a lawsuit for retaliation for reporting a suspected violation of the law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(l)&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this Agreement shall be deemed to constitute the grant of any license or other right to you in respect
of any Confidential Information and Trade Secrets or other data, tangible property, or intellectual property of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(m)&nbsp;&nbsp;&nbsp;&nbsp;Should you violate any of the restrictive covenants of this Agreement, then the period of your breach of such
covenant (&#147;<B><U>Violation Period</U></B>&#148;) shall stop the running of the corresponding Restricted Period. Once you resume compliance with the restrictive covenant, the Restricted Period applicable to such covenant shall be extended for a
period equal to the Violation Period so that the Company enjoys the full benefit of your compliance with the restrictive covenant for the duration of the corresponding Restricted Period. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Notification</U>. You shall notify, and the Company has the right to
notify, any person employing you as to the existence and provisions of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Duration; Nature</U>.
This Agreement is binding during your employment and shall survive any termination of your employment. This Agreement does not bind the Company or you to employment for any specific period of time. Nothing in this Agreement shall be construed in any
way to terminate, supersede, undermine, or otherwise modify your employment status as set forth in your Employment Agreement and your and Company&#146;s respective right to terminate your employment in accordance with such agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;<U>No Conflicts</U>. You are not a party to any existing agreement or employment with an entity that would prevent
you from entering into and performing this Agreement in accordance with its terms, including, without limitation, any agreement subjecting you to a <FONT STYLE="white-space:nowrap">non-competition,</FONT>
<FONT STYLE="white-space:nowrap">non-solicitation,</FONT> or confidentiality covenant; and you will not enter into any other agreement that is in conflict with your obligations under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance with Law</U>. You acknowledge that the activities of the Company are subject to compliance with
applicable laws and regulations. You agree to comply with all applicable laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment</U>. No
modification to any provision of this Agreement will be binding unless it is in writing and signed by both you and an authorized representative of the Company. No waiver of any rights under this Agreement will be effective unless in writing signed
by the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignment</U>. You recognize and agree that your obligations under this Agreement are of a
personal nature and are not assignable or delegable in whole or in part by you. The Company may assign this Agreement to any affiliate or to any <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">successor-in-interest</FONT></FONT>
(whether by sale of assets, sale of stock, merger, or other business combination). 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, executors,
administrators, legal representatives, successors, and permitted assigns of you and the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>. The validity, construction, interpretation, and effect of this Agreement shall exclusively be governed by, and determined in accordance with, the applicable laws of the State of Delaware, excluding any conflicts or choice of law rule or
principle. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>I HAVE READ THIS AGREEMENT CAREFULLY AND I UNDERSTAND AND ACCEPT THE OBLIGATIONS THAT IT
IMPOSES UPON ME WITHOUT RESERVATION. I SIGN THIS AGREEMENT VOLUNTARILY AND FREELY AND INTENDING TO BE LEGALLY BOUND. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="top">Dated:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">2/8/17</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Richard&nbsp;G.&nbsp;Thornberry</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Richard&nbsp;G.&nbsp;Thornberry</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
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<TD VALIGN="top" COLSPAN="5">Agreed and Acknowledged</TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top" COLSPAN="5"><B>RADIAN GROUP INC.</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">/s/ Anita Scott</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Anita Scott</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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</TABLE>
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<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>d300797dex103.htm
<DESCRIPTION>EX-10.3
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Exhibit 10.3 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RADIAN GROUP INC. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2014
EQUITY COMPENSATION PLAN </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>RESTRICTED STOCK UNIT GRANT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>TERMS AND CONDITIONS </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">These Terms and Conditions<B> </B>(&#147;<B><U>Terms and Conditions</U></B>&#148;)<B> </B>are part of the Restricted Stock Unit Grant made<B>
</B>as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2017 (the &#147;<B><U>Grant Date</U></B>&#148;), by Radian Group Inc., a Delaware corporation (the &#147;<B><U>Company</U></B>&#148;), to Richard G. Thornberry, an
employee of the Company (the &#147;<B><U>Grantee</U></B>&#148;). </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>RECITALS </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Radian Group Inc. 2014 Equity Compensation Plan (the &#147;<B><U>Plan</U></B>&#148;) permits the grant of Restricted Stock
Units in accordance with the terms and provisions of the Plan; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Company desires to grant Restricted Stock Units to the
Grantee, and the Grantee desires to accept such Restricted Stock Units, on the terms and conditions set forth herein and in the Plan; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the applicable provisions of the Plan are incorporated into these Terms and Conditions by reference, including the definitions
of terms contained in the Plan (unless such terms are otherwise defined herein). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW, THEREFORE</B>, the parties hereto, intending to
be legally bound hereby, agree as follows: </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Grant of Restricted Stock Units.</U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company hereby awards to the Grantee
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted Stock Units (hereinafter, the &#147;<B><U>Restricted Stock Units</U></B>&#148;), subject to the vesting and other
conditions of these Terms and Conditions. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Vesting.</U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U><B>General Vesting Terms.</B></U> Provided the Grantee remains employed by the Company or an Affiliate through
the vesting date set forth in this Section&nbsp;2 (the <B>&#147;<U>Vesting Date</U>&#148;)</B> and meets all applicable requirements set forth in these Terms and Conditions, except as set forth in Sections&nbsp;2(b), 2(c), and 2(d) below, the
Restricted Stock Units awarded under these Terms and </P>

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Conditions shall vest as follows (the period over which the Restricted Stock Units vest is referred to as the <B>&#147;<U>Restriction Period</U>&#148;):</B> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="46%"></TD></TR>
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<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:41.95pt; font-size:8pt; font-family:Times New Roman"><B></B>Vesting Date<B></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B></B>Vested Restricted Stock Units<B></B></P></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">2nd Anniversary of the Grant Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">1/3 of the awarded Restricted Stock Units</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">3rd Anniversary of the Grant Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">1/3 of the awarded Restricted Stock Units</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">4th Anniversary of the Grant Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">1/3 of the awarded Restricted Stock Units</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Death or Disability.</B></U> In the event of the Grantee&#146;s death or
Disability while employed by the Company or an Affiliate during the Restriction Period, the Grantee&#146;s Restricted Stock Units will automatically vest in full on the date of the Grantee&#146;s death or Disability, as applicable. For purposes of
these Terms and Conditions, the term <B>&#147;<U>Disability</U>&#148;</B> shall mean a physical or mental impairment of sufficient severity that the Grantee is both eligible for and in receipt of benefits under the long-term disability program
maintained by the Company, and that meets the requirements of a disability under section 409A of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Termination without Cause.</B></U> Subject to subsection (d)&nbsp;below, in the event (i)&nbsp;the Company
terminates the Grantee&#146;s employment during the Restriction Period for any reason other than for Cause (as defined below), death or Disability, or (ii)&nbsp;the Grantee resigns during the Restriction Period for Good Reason (as defined below),
and in either case the Grantee executes and does not revoke a Release (as defined below), the Grantee&#146;s Restricted Stock Units will automatically vest in full on the date of the Grantee&#146;s termination of employment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Change of Control.</B></U> Notwithstanding the foregoing, if, during the Restriction Period, a Change of
Control occurs and the Grantee&#146;s employment with the Company and its Subsidiaries is terminated by the Company or an Affiliate without Cause, or the Grantee terminates employment for Good Reason, and the Grantee&#146;s date of termination of
employment (or in the event of the Grantee&#146;s termination for Good Reason, the event giving rise to Good Reason) occurs during the period beginning on the date that is 90 days before the Change of Control and ending on the date that is one year
following the Change of Control, the unvested Restricted Stock Units will automatically vest as of the Grantee&#146;s date of termination of employment (or, if later, on the date of the Change of Control). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Other Termination.</B></U> Except as provided in Sections 2(b), 2(c) and 2(d), in the event of a termination
of employment, the Grantee will forfeit all Restricted Stock Units that do not vest either before the termination date or on the termination date associated with such termination. Except as provided in Section 2(d), no Restricted Stock Units will
vest after the Grantee&#146;s employment with the Company or an Affiliate has terminated for any reason. For clarification purposes, in the event the Grantee&#146;s employment is terminated by the Company or an Affiliate for Cause, the outstanding
unvested Restricted Stock Units held by such Grantee shall immediately terminate and be of no further force or effect. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Definitions.</B></U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of these Terms and Conditions, <B>&#147;<U>Cause</U>&#148;</B> shall have the meaning set forth in the
Employment Agreement entered into between the Company and the Grantee as of February&nbsp;8, 2017 (the <B>&#147;<U>Employment Agreement</U>&#148;).</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of these Terms and Conditions <B>&#147;<U>Good Reason</U>&#148;</B> shall have the meaning set forth
in the Employment Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of these Terms and Conditions <B>&#147;<U>Release</U>&#148;</B>
shall have the meaning set forth in the Employment Agreement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Restricted Stock Units Account.</U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company shall establish a bookkeeping account on its records for the Grantee and shall credit the Grantee&#146;s Restricted Stock Units to
the bookkeeping account. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;<U>Conversion of Restricted Stock Units.</U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided in this Section&nbsp;4, if the Restricted Stock Units vest in accordance with Section
2(a), the Grantee shall be entitled to receive payment of the vested Restricted Stock Units within 60 days after the Vesting Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;The vested Restricted Stock Units shall be paid earlier than the Vesting Date in the following circumstances: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;If the Restricted Stock Units vest in accordance with Section 2(b) (the Grantee&#146;s death or Disability), the
Grantee shall be entitled to receive payment of the vested Restricted Stock Units within 60 days after the date of the Grantee&#146;s death or Disability, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;If the Restricted Stock Units vest in accordance with Section 2(c) (the Grantee&#146;s termination without Cause),
the Grantee shall be entitled to receive payment of the vested Restricted Stock Units within 60 days after the date of the Grantee&#146;s termination of employment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;If a Change of Control occurs and the Grantee&#146;s employment terminates in accordance with Section 2(d), the
Grantee shall be entitled to receive payment of the vested Restricted Stock Units within 60 days after the date of the Grantee&#146;s termination of employment (or, if later, on the date of the Change of Control). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;On the applicable payment date, each vested Restricted Stock Unit credited to the Grantee&#146;s account shall be
settled in whole shares of Common Stock of the Company equal to the number of vested Restricted Stock Units, subject to compliance with the <FONT STYLE="white-space:nowrap">six-month</FONT> delay described in Section&nbsp;15 below, if applicable,
and the payment of any federal, state, local, or foreign withholding taxes as described in Section&nbsp;11 below, and subject to compliance with the Restrictive Covenants (as defined below). The obligation of the Company to distribute shares upon
vesting shall be subject to the rights of the Company as set forth in the Plan and to all applicable laws, rules, regulations, and such approvals by governmental agencies as may be deemed appropriate by the Committee, including as set forth in
Section&nbsp;13 below. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain Corporate Changes. </U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If any change is made to the Common Stock (whether by reason of merger, consolidation, reorganization, recapitalization, stock dividend, stock
split, combination of shares, or exchange of shares or any other change in capital structure made without receipt of consideration), then unless such event or change results in the termination of all the Restricted Stock Units granted under these
Terms and Conditions, the Committee shall adjust, as provided in the Plan, the number and class of shares underlying the Restricted Stock Units held by the Grantee to reflect the effect of such event or change in the Company&#146;s capital structure
in such a way as to preserve the value of the Restricted Stock Units. Any adjustment that occurs under the terms of this Section&nbsp;5 or the Plan will not change the timing or form of payment with respect to any Restricted Stock Units except in
accordance with section 409A of the Code. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;<U>Restrictive Covenants. </U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;The Grantee acknowledges and agrees that, in consideration for grant of the Restricted Stock Units, the Grantee
remains subject to the <FONT STYLE="white-space:nowrap">non-competition,</FONT> <FONT STYLE="white-space:nowrap">non-solicitation,</FONT> confidentiality, inventions assignment, and <FONT STYLE="white-space:nowrap">non-disparagement</FONT>
provisions to the extent described in (including incorporated by reference into) Section&nbsp;14 of the Employment Agreement, the Restrictive Covenants Agreement dated February&nbsp;8, 2017 between the Grantee and the Company, the Company&#146;s
Code of Conduct (as defined in the Employment Agreement), and any other written agreements between the Company and the Grantee (collectively, the <B>&#147;<U>Restrictive</U> <U>Covenants</U>&#148;)</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;The Grantee acknowledges and agrees that in the event the Grantee breaches any of the Restrictive Covenants: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;The Committee may in its discretion determine that the Grantee shall forfeit the outstanding Restricted Stock Units
(without regard to whether the Restricted Stock Units have vested), and the outstanding Restricted Stock Units shall immediately terminate; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Committee may in its discretion require the Grantee to return to the Company any shares of Common Stock
received in settlement of the Restricted Stock Units; provided, that if the Grantee has disposed of any shares of Common Stock received upon settlement of the Restricted Stock Units, then the Committee may require the Grantee to pay to the Company,
in cash, the fair market value of such shares of Common Stock as of the date of disposition. The Committee shall exercise the right of recoupment provided in this subsection (ii)&nbsp;within 180 days after the Committee&#146;s discovery of the
Grantee&#146;s breach of any of the Restrictive Covenants. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>7.&nbsp;&nbsp;&nbsp;&nbsp;<U>No Stockholder Rights.</U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Grantee has no voting rights and no rights to receive dividends or dividend equivalents or other ownership rights and privileges of a
stockholder with respect to the shares of Common Stock subject to the Restricted Stock Units. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>8.&nbsp;&nbsp;&nbsp;&nbsp;<U>Retention Rights.</U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Neither the award of Restricted Stock Units, nor any other action taken with respect to the Restricted Stock Units, shall confer upon the
Grantee any right to continue in the employ or service of the Company or an Affiliate or shall interfere in any way with the right of the Company or an Affiliate to terminate Grantee&#146;s employment or service at any time. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>9.&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice.</U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any notice to the Company provided for in these Terms and Conditions shall be addressed to it in care of the Corporate Secretary of the
Company, 1601 Market Street, Philadelphia, Pennsylvania 19103-2197, and any notice to the Grantee shall be addressed to such Grantee at the current address shown on the payroll system of the Company or an Affiliate thereof, or to such other address
as the Grantee may designate to the Company in writing. Any notice provided for hereunder shall be delivered by hand, sent by telecopy or electronic mail, or enclosed in a properly sealed envelope addressed as stated above, registered and deposited,
postage and registry fee prepaid in the United States mail, or other mail delivery service. Notice to the Company shall be deemed effective upon receipt. By receipt of these Terms and Conditions, the Grantee hereby consents to the delivery of
information (including without limitation, information required to be delivered to the Grantee pursuant to the applicable securities laws) regarding the Company, the Plan, and the Restricted Stock Units via the Company&#146;s electronic mail system
or other electronic delivery system. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>10.&nbsp;&nbsp;&nbsp;&nbsp;<U>Incorporation of Plan by Reference.</U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">These Terms and Conditions are made pursuant to the terms of the Plan, the terms of which are incorporated herein by reference, and shall in
all respects be interpreted in accordance therewith. The decisions of the Committee shall be conclusive upon any question arising hereunder. The Grantee&#146;s receipt of the Restricted Stock Units awarded under these Terms and Conditions
constitutes such Grantee&#146;s acknowledgment that all decisions and determinations of the Committee with respect to the Plan, these Terms and Conditions, and/or the Restricted Stock Units shall be final and binding on the Grantee, his or her
beneficiaries, and any other person having or claiming an interest in such Restricted Stock Units. The settlement of any award with respect to Restricted Stock Units is subject to the provisions of the Plan and to interpretations, regulations, and
determinations concerning the Plan as established from time to time by the Committee in accordance with the provisions of the Plan. A copy of the Plan will be furnished to each Grantee upon request. Additional copies may be obtained from the
Corporate Secretary of the Company, 1601 Market Street, Philadelphia, Pennsylvania 19103-2197. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>11.&nbsp;&nbsp;&nbsp;&nbsp;<U>Income Taxes; Withholding
Taxes.</U> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Grantee is solely responsible for the satisfaction of all taxes and penalties that may arise in connection with the
Restricted Stock Units pursuant to these Terms and Conditions. At the time of taxation, the Company shall have the right to deduct from other compensation, or from amounts payable upon settlement of the Restricted Stock Units, an amount equal to the
federal (including FICA), state, local and foreign income and payroll taxes and other amounts as may be required by law to be withheld with respect to the Restricted Stock Units. Subject to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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approval by the Committee, taxes may be withheld upon settlement of the Restricted Stock Units by withholding shares of the Company&#146;s Common Stock, provided that any share withholding shall
not exceed the Grantee&#146;s minimum applicable withholding tax rate for federal (including FICA), state, local, and foreign tax liabilities, unless the Committee determines otherwise, consistent with the terms of the Plan. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>12.&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing Law. </U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The validity, construction, interpretation, and effect of this instrument shall exclusively be governed by, and determined in accordance with,
the applicable laws of the State of Delaware, excluding any conflicts or choice of law rule or principle. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>13.&nbsp;&nbsp;&nbsp;&nbsp;<U>Grant Subject
to Applicable Laws and Company Policies.</U> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">These Terms and Conditions shall be subject to any required approvals by any governmental
or regulatory agencies. This award of Restricted Stock Units shall also be subject to any applicable clawback or recoupment policies, share trading policies, and other policies that may be implemented by the Board from time to time in accordance
with applicable law. Notwithstanding anything in these Terms and Conditions to the contrary, the Plan, these Terms and Conditions,<B> </B>and the Restricted Stock Units awarded hereunder shall be subject to all applicable laws, including any<B>
</B>laws,<B> </B>regulations, restrictions, or governmental guidance that becomes applicable in the event of the Company&#146;s participation in any governmental programs, and the Committee reserves the right to modify these Terms and Conditions<B>
</B>and the Restricted Stock Units as necessary to conform to any restrictions imposed by any such laws, regulations, restrictions, or governmental guidance or to conform to any applicable clawback or recoupment policies, share trading policies, and
other policies that may be implemented by the Board from time to time. As a condition of participating in the Plan, and by the Grantee&#146;s acceptance of the Restricted Stock Units, the Grantee is deemed to have agreed to any such modifications
that may be imposed by the Committee, and agrees to sign such waivers or acknowledgments as the Committee may deem necessary or appropriate with respect to such modifications. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>14.&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignment.</U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">These Terms and Conditions shall bind and inure to the benefit of the successors and assignees of the Company. The Grantee may not sell,
assign, transfer, pledge, or otherwise dispose of the Restricted Stock Units, except to a Successor Grantee in the event of the Grantee&#146;s death. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>15.&nbsp;&nbsp;&nbsp;&nbsp;<U>Section 409A.</U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This award of Restricted Stock Units is intended to be exempt from or comply with the applicable requirements of section 409A of the Code and
shall be administered in accordance with section 409A of the Code. Notwithstanding anything in these Terms and Conditions to the contrary, if the Restricted Stock Units constitute &#147;deferred compensation&#148; under section 409A of the Code and
the Restricted Stock Units become vested and settled upon the Grantee&#146;s termination of employment, payment with respect to the Restricted Stock Units shall be delayed for a period of six months after the Grantee&#146;s termination of employment
if the Grantee is a &#147;specified employee&#148; as defined under section 409A of the Code (as determined by the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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Committee) and if required pursuant to section 409A of the Code. If payment is delayed, the shares of Common Stock of the Company shall be distributed within 30 days of the date that is the <FONT
STYLE="white-space:nowrap">six-month</FONT> anniversary of the Grantee&#146;s termination of employment. If the Grantee dies during the <FONT STYLE="white-space:nowrap">six-month</FONT> delay, the shares shall be distributed in accordance with the
Grantee&#146;s will or under the applicable laws of descent and distribution. Notwithstanding any provision to the contrary herein, payments made with respect to this award of Restricted Stock Units may only be made in a manner and upon an event
permitted by section 409A of the Code, and all payments to be made upon a termination of employment hereunder may only be made upon a &#147;separation from service&#148; as defined under section 409A of the Code. To the extent that any provision of
these Terms and Conditions would cause a conflict with the requirements of section 409A of the Code, or would cause the administration of the Restricted Stock Units to fail to satisfy the requirements of section 409A of the Code, such provision
shall be deemed null and void to the extent permitted by applicable law. In no event shall a Grantee, directly or indirectly, designate the calendar year of payment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, the Company has caused its duly authorized officer to execute and attest this instrument, and the Grantee has
placed his or her signature hereon, effective as of the Grant Date set forth above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>RADIAN GROUP INC.</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">By:</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Name:</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Title:</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">By electronically acknowledging and accepting this award of Restricted Stock Units following the date of the
Company&#146;s electronic notification to the Grantee, the Grantee (a)&nbsp;acknowledges receipt of the Plan incorporated herein, (b)&nbsp;acknowledges that he or she has read the Award Summary delivered in connection with this grant of Restricted
Stock Units and these Terms and Conditions and understands the terms and conditions of them, (c)&nbsp;accepts the award of the Restricted Stock Units described in these Terms and Conditions, (d)&nbsp;agrees to be bound by the terms of the Plan and
these Terms and Conditions, and (e)&nbsp;agrees that all decisions and determinations of the Committee with respect to the Restricted Stock Units shall be final and binding. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <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>

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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 Roman">(4)&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee shall grant Employee performance-based restricted stock units (the
&#147;<B><U>PSUs</U></B>&#148;) with a grant date value based on the closing price of a share of Company common stock on the New York Stock Exchange (&#147;<B><U>NYSE</U></B>&#148;) on the date of grant (the &#147;<B><U>Grant Date Share
Price</U></B>&#148;) of $1,950,000. The Compensation Committee shall grant the PSUs on a date determined by the Compensation Committee prior to the Retirement Date (the &#147;<B><U>Grant Date</U></B>&#148;). The PSUs shall vest in full if the
closing price of the Company&#146;s common stock on the NYSE for any ten consecutive trading days during the performance period commencing ten trading days prior to the first anniversary of the Grant Date and ending on the fifth anniversary of the
Grant Date equals or exceeds 120% of the Grant Date Share Price (the &#147;<B><U>PSU Stock Price Hurdle</U></B>&#148;); provided, however, that without regard to whether the PSU Stock Price Hurdle has been met, the PSUs shall vest in full on
(A)&nbsp;Employee&#146;s death or (B)&nbsp;a Change in Control (as defined in the PSU grant agreement). Shares of Radian common stock shall be delivered in settlement of the vested PSUs within 30 days following the applicable vesting date. The PSUs
shall be forfeited if the PSU Stock Price Hurdle is not met by the fifth anniversary of the Grant Date. The PSU grant agreement will be substantially in the form attached as <U>Exhibit A</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(5)&nbsp;&nbsp;&nbsp;&nbsp;Simultaneous with the execution of this Agreement, Radian and Employee have entered into the Consulting Agreement.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">c)&nbsp;&nbsp;&nbsp;&nbsp;In addition, if Employee signs and does not revoke the Final Release
attached as <U>Exhibit B</U> (the &#147;<B><U>Final Release</U></B>&#148;) on or within five days after the Retirement Date, Employee will receive the following: </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;The Company shall pay Employee a lump sum cash payment of $801,784, which represents the base salary, 401(k) plan
match and cost of long-term disability insurance that Employee would have received had he remained employed through the end of the term of the Employment Agreement. The payment will be made in January 2018, subject to Employee&#146;s compliance with
the Restrictive Covenants described in Section&nbsp;3 below. </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;The Company shall pay Employee a lump sum cash
payment of $41,288, which represents the 2017 contribution that would have been made to Radian&#146;s Benefit Restoration Plan (&#147;<B><U>BRP</U></B>&#148;) for Employee had he continued in employment through the end of the term of the Employment
Agreement. The payment will be made at the same time as Employee&#146;s BRP benefit is paid pursuant to the terms of the BRP. </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;The Company shall permit Employee (or, in the event of his death, his current wife Nina Ibrahim
(&#147;<B><U>Mrs.</U></B><B><U></U></B><B><U>&nbsp;Ibrahim</U></B>&#148;)) to elect medical coverage for himself and, where applicable, Mrs.&nbsp;Ibrahim under the Company&#146;s medical plan in effect at the Retirement Date, as such plan may be
changed by the Company from time to time for employees generally, during the Coverage Period (as defined below). For purposes of this subsection (3), &#147;medical coverage&#148; includes both medical and dental coverage. The coverage shall be
provided as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:17%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;The &#147;<B><U>Coverage Period</U></B>&#148; for Employee shall be the
period beginning on the Retirement Date and ending on the first to occur of (ii)&nbsp;March&nbsp;5, 2018, (ii) the date on which Employee becomes eligible for medical coverage under a plan maintained by a new employer or under a plan maintained by
his spouse&#146;s employer, whichever is sooner, or (iii)&nbsp;the date of Employee&#146;s death. The &#147;<B><U>Coverage Period</U></B>&#148; for Mrs.&nbsp;Ibrahim shall be the period beginning on the Retirement Date and ending on the first to
occur of (i)&nbsp;the date on which Mrs.&nbsp;Ibrahim becomes eligible to elect medical coverage under Social Security Medicare, (ii)&nbsp;the date on which Mrs.&nbsp;Ibrahim becomes eligible for medical coverage under a plan maintained by a new
employer of Employee or under a plan maintained by her employer, whichever is sooner, or (iii)&nbsp;the date of her death. Employee (or, where applicable, Mrs.&nbsp;Ibrahim) shall notify the Company of his or her eligibility for alternate coverage
as described above within 30 days of becoming eligible for any such coverage. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:17%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;Employee (or,
where applicable, Mrs.&nbsp;Ibrahim) shall pay the full monthly premium cost of medical coverage under this subsection (3)&nbsp;for the Coverage Period. The monthly premium cost shall be the monthly COBRA premium during the COBRA health care
continuation coverage period under section 4980B of the Code (as defined below) (the &#147;<B><U>COBRA Period</U></B>&#148;). After the COBRA Period, the monthly premium cost shall be the Company&#146;s deemed premium cost of such medical coverage
for Employee and Mrs.&nbsp;Ibrahim, which shall be determined actuarially by the Company&#146;s advisors. The COBRA Period shall run concurrently with the Coverage Period. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:17%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;During the portion of the Coverage Period in which
Employee and/or Mrs.&nbsp;Ibrahim (as applicable) continue to receive coverage under the Company&#146;s medical plan, the Company shall pay Employee (or, where applicable, Mrs.&nbsp;Ibrahim) an amount equal to the premium cost described in
subparagraph (ii)&nbsp;above, minus the same employee contribution rate as is paid by Company employees for medical coverage, as in effect from time to time, which payment shall be made in advance on the first payroll day of each month, commencing
with the month immediately following the Retirement Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">d)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall provide Employee with secretarial
support for 60 days following the Retirement Date and thereafter shall forward any personal mail received by the Company to an address designated by Employee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">e)&nbsp;&nbsp;&nbsp;&nbsp;Employee&#146;s outstanding equity awards shall be administered according to the terms of the applicable grant
agreements, which have been granted pursuant to Section 3(b) of the Employment Agreement </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">f)&nbsp;&nbsp;&nbsp;&nbsp;In the event Employee
dies after the Retirement Date, any payments due to Employee under this Agreement or the Award Agreements and not paid prior to Employee&#146;s death shall be made to the personal representative of Employee&#146;s estate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">g)&nbsp;&nbsp;&nbsp;&nbsp;Employee shall not be required to mitigate the amount of any payment or benefit provided for in this Agreement by
seeking other employment or otherwise. The amount of any payment or benefit provided for herein shall not be reduced by any compensation earned by other employment or otherwise, except as provided above with respect to the COBRA Reimbursement. The
Company&#146;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
<FONT STYLE="white-space:nowrap">set-off,</FONT> counterclaim, recoupment, defense or other right which the Company may have against Employee or others, subject to the provisions of Section 2(i) and the Restrictive Covenants described in
Section&nbsp;3 below. to the extent applicable. The Company agrees to pay, to the full extent permitted by law, all legal fees and expenses which Employee may reasonably incur as a result of any contest by the Company, Employee or others of the
validity or enforceability of, or liability under, any provision of this Agreement or the Consulting Agreement or any guarantee of performance thereof (including as a result of any contest by Employee about the amount of any payment pursuant to this
Agreement), plus in each case interest on any delayed payment at the applicable Federal rate provided for in Section 7872(f)(2)(A) of the Code; provided that Employee prevails on at least one material issue contested by the Company or other third
party, as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">h)&nbsp;&nbsp;&nbsp;&nbsp;All payments under this Agreement shall be made subject to applicable tax withholding,
and the Company shall withhold from any payments under this Agreement all federal, state and local taxes that the Company is required to withhold pursuant to any law or governmental rule or regulation. Employee shall be responsible for all employee
taxes applicable to amounts payable under this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">i)&nbsp;&nbsp;&nbsp;&nbsp;Payments of any incentive compensation under this Agreement shall be
subject to Radian&#146;s Incentive Compensation Recoupment Policy in effect as of the date of this Agreement, to the extent applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">j)&nbsp;&nbsp;&nbsp;&nbsp;Employee shall not be entitled to any severance amounts under any severance plans of the Company or the Employment
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">k)&nbsp;&nbsp;&nbsp;&nbsp;Employee shall be reimbursed for all necessary and reasonable travel and other business expenses
incurred by Employee in the performance of his duties prior to the Retirement Date in accordance with such reasonable accounting procedures as the Company shall have adopted generally for executives as in effect prior to the Retirement Date.
Employee shall be reimbursed for (or, at Employee&#146;s election, the Company will pay Employee&#146;s attorneys directly) Employee&#146;s reasonable legal fees incurred in connection with the negotiation and finalization of this Agreement and the
related agreements (up to a maximum of $25,000). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Employee&#146;s Obligations</U></B>.<B> </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;Employee agrees to comply with (i)&nbsp;the restrictive covenants and agreements set forth in Section&nbsp;16 of the
Employment Agreement and the restrictive covenants under the equity award agreements between Employee and the Company (the &#147;<B>Award Agreements</B>&#148;), as modified as described below, (ii)&nbsp;all confidentiality obligations with respect
to the Company under the Company&#146;s Code of Conduct and Ethics as in effect on the date hereof, and (iii)&nbsp;Employee&#146;s covenant and agreement under Section 3(b) below (collectively, the &#147;<B><U>Restrictive Covenants</U></B>&#148;).
Employee and the Company agree that the &#147;Restriction Period&#148; in Section&nbsp;16 of the Employment Agreement and the &#147;Restricted Period&#148; (or any similar term) in any Award Agreement shall continue through March&nbsp;5, 2018. The
Parties agree that the Restrictive Covenants are the exclusive covenants applicable to Employee following the Retirement Date (other than those set forth in the Consulting Agreement). Notwithstanding anything contained in the Restrictive Covenants,
in the event of a conflict or inconsistency between any such Restrictive Covenants, the covenants set forth in Section&nbsp;16 of the Employment Agreement shall control; provided that the following
<FONT STYLE="white-space:nowrap">non-competition</FONT> covenant shall replace each <FONT STYLE="white-space:nowrap">non-competition</FONT> covenant in any agreement containing Restrictive Covenants: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;The Executive acknowledges and agrees that, during his employment with Radian Group Inc. and its affiliates (for purposes of this
section, the &#147;Company&#148;), and during the period beginning on the date the Executive&#146;s employment with the Company terminates for any reason and ending on March&nbsp;5, 2018 (the &#147;Restriction Period&#148;), the Executive will not,
without the express written consent of the Board, engage (directly or indirectly) in any employment or business activity that involves or is related to providing any mortgage- or real estate-related service or product that, during the
Executive&#146;s employment, the Company provided or was actively engaged in developing through the use of Confidential Information and Trade Secrets, in any geographic location where the Company had an office or conducted business during
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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the Executive&#146;s employment (&#147;Company Business&#148;). The Executive agrees that, given the nature of the Company Business, the geographic scope set forth in this Section is appropriate
and reasonable.&#148; </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;Employee covenants and agrees that during Employee&#146;s employment by the Company and
at all times thereafter, Employee will not willfully or knowingly, in any way, disparage the Company or its principals, shareholders, officers, directors, employees or agents in any way relating to the Company, including, but not limited to, its
name, business reputation or business practices. Radian agrees that it will not, and will direct its executives and directors not to, willfully or knowingly disparage Employee in any way. Notwithstanding the foregoing, nothing in this Section shall
prevent any person from (a)&nbsp;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 (b)&nbsp;making any truthful
statement to the extent (i)&nbsp;necessary with respect to any litigation, arbitration or mediation involving this Agreement, including, but not limited to, the enforcement of this Agreement, or (ii)&nbsp;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, including pursuant to Section&nbsp;6
below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">c)&nbsp;&nbsp;&nbsp;&nbsp;Employee expressly acknowledges that continuing to comply with the Restrictive Covenants is a material
term of this Agreement. Employee further acknowledges that in the event that Employee is determined by a court of competent jurisdiction to have violated any of the Restrictive Covenants, Employee shall forfeit any unpaid amounts described in (or
payable under agreements described in) Sections 2(b)(3), 2(b)(4), 2(b)(5), and 2(c), and (iii)&nbsp;the Company shall have no further obligation to Employee under such Sections. For purposes of clarity, the continuation of payments under this
Agreement beyond the period of restriction or application of any Restrictive Covenant shall not be deemed to extend any such period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">d)&nbsp;&nbsp;&nbsp;&nbsp;Because Employee&#146;s services are personal and unique and Employee has had and will continue to have access to
and has become and will continue to become acquainted with Confidential Information and Trade Secrets (as defined in the Employment Agreement), the parties to this Agreement acknowledge and agree that any breach by the Executive of any of the
Restrictive Covenants will result in irreparable injury to the Company, for which money damages could not adequately compensate such entity. Therefore, each of Employee and the Company shall have the right (in addition to any other rights and
remedies which it may have at law or in equity) to seek to enforce the Restrictive Covenants by injunction, specific performance or other equitable relief, without bond and without prejudice to any other rights and remedies that the enforcing party
may have for a breach, or threatened breach, of the Restrictive Covenants. Each of Employee and the Company agrees that in any action in which either Party seeks injunction, specific performance or other equitable relief, neither Employee nor the
Company will assert or contend that any of the provisions of the Restrictive Covenants are unreasonable or otherwise unenforceable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Return of Property</U></B>.<B> </B>Employee warrants that
Employee will return all Company property to the Company on or before the Retirement Date and Employee will not retain any property of the Company (other than any items that the Company expressly permits Employee to keep). To the extent that
Employee made use of Employee&#146;s own personal computing devices (e.g., PDA, laptop, thumb drive, etc.) during employment with the Company, Employee will deliver such personal computing devices to the Company for review and will permit the
Company to delete all Company property and information from such personal computing devices, and/or permit the Company to remotely delete all Company property and information from such personal computing devices. For the avoidance of doubt,
notwithstanding anything to the contrary, Employee shall be permitted to retain his contacts (in electronic and paper form). The Company shall pack and ship at its expense the personal items of Employee that are in his office at the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Cooperation</U></B>. Subject to Section&nbsp;6 below, Employee agrees that, upon the Company&#146;s reasonable
notice to Employee and taking into consideration Employee&#146;s other commitments and obligations, Employee shall fully cooperate with the Company in investigating, defending, prosecuting, litigating, filing, initiating or asserting any actual or
potential claims or investigations that may be made by or against the Company to the extent that such claims or investigations relate to any matter in which Employee was involved (or alleged to have been involved) while employed with the Company or
of which Employee has knowledge by virtue of Employee&#146;s employment with the Company. Upon submission of appropriate documentation, Employee shall be reimbursed for reasonable
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses incurred in rendering such cooperation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Permitted Conduct</U></B>. Nothing in this Agreement shall prohibit or restrict Employee from initiating
communications directly with, or responding to any inquiry from, or providing testimony before, the Equal Employment Opportunity Commission, the Department of Justice, the Securities and Exchange Commission, or any other federal, state or local
regulatory authority. To the extent permitted by law, upon receipt of any subpoena, court order, or other legal process compelling the disclosure of any confidential information and trade secrets of the Company, Employee agrees to give prompt
written notice to the Company so as to permit the Company to protect its interests in confidentiality to the fullest extent possible. Please take notice that federal law provides criminal and civil immunity to federal and state claims for trade
secret misappropriation to individuals who disclose a trade secret to their attorney, a court, or a government official in certain, confidential circumstances that are set forth at 18 U.S.C. &#167;&#167; 1833(b)(1) and 1833(b)(2), related to the
reporting or investigation of a suspected violation of the law, or in connection with a lawsuit for retaliation for reporting a suspected violation of the law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Indemnification</U></B><B>. </B>Consistent with Section&nbsp;9 of the Employment Agreement, the Company agrees
to indemnify Employee against all claims arising out of actions or omissions during Employee&#146;s employment by the Company, to the same extent and on the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


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same terms and conditions provided for in the Company&#146;s bylaws or under the Company&#146;s Amended and Restated Certificate of Incorporation, each as in effect on the Date of this Agreement.
The Company agrees it will continue to maintain officers&#146; and directors&#146; liability insurance to fund the indemnity described above in the same amount and to the same extent it maintains such coverage for the benefit of its other officers
and directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>No Other Benefits or Compensation</U></B>. Effective on the Retirement Date, Employee
shall cease to be a participant in the benefit plans of the Company, except as provided in Section 2(c)(3) with respect to medical coverage. Employee acknowledges that, upon receiving the payments and benefits provided for in Section&nbsp;2,
Employee will have received all benefits and amounts due from the Company related to Employee&#146;s employment with the Company, including all wages, overtime, bonuses, commissions, incentives, sick pay, personal leave and vacation pay to which
Employee is entitled with respect to his service prior to the Retirement Date and that no other amounts are due to Employee other than as set forth in this Agreement. Employee also acknowledges that Employee was provided any leaves to which Employee
was entitled in connection with Employee&#146;s employment with the Company. Notwithstanding anything to the contrary contained herein, including Section&nbsp;9, nothing in this Agreement is a waiver, modification or forfeiture of any vested accrued
benefit that Employee may have under the Company&#146;s benefit plans, including any deferred compensation plans. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Release</U></B>.<B> </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;In further consideration of the compensation provided to Employee pursuant to Sections 2(b) and 2(c), the receipt of
which is conditioned on a release, Employee hereby agrees, subject to and without waiving any rights identified in Section&nbsp;6 (Permitted Conduct), to the maximum extent permitted by law, to irrevocably and unconditionally RELEASE AND FOREVER
DISCHARGE the Company and each of its and their past or present parents, subsidiaries and affiliates, 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 and of the Company&#146;s past or present parents, subsidiaries or affiliates, and the past or present trustees, administrators, agents or employees of all such pension and
employee benefit plans (hereinafter collectively included within the term the &#147;<B><U>Released Parties</U></B>&#148;), 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 Employee may have, or which Employee&#146;s heirs, executors or administrators may have against the Released Parties, by reason of any matter, cause or thing whatsoever from the
beginning of Employee&#146;s employment with the Company to and including the date on which Employee executes this Agreement, and particularly, but without limitation of the foregoing general terms, any claims arising from or relating in any way to
Employee&#146;s employment relationship and/or the termination of Employee&#146;s employment relationship with the Company, including but not limited to, any claims which have been asserted, could have been asserted, or could be asserted now or in
the future, which includes any claim or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </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">
right based upon or arising under any federal, state or local fair employment practices or equal opportunity laws, including, but not limited to, any claims under Title VII of the Civil Rights
Act of 1964, the Family and Medical Leave Act of 1993, the Equal Pay Act, the Employee Retirement Income Security Act (&#147;<B><U>ERISA</U></B>&#148;) (including, but not limited to, claims for breach of fiduciary duty under ERISA), the Americans
With Disabilities Act, the Age Discrimination in Employment Act (&#147;<B><U>ADEA</U></B>&#148;), the Older Workers&#146; Benefit Protection Act, Pennsylvania Human Relations Act, Pennsylvania Equal Pay Law, Pennsylvania Pregnancy Guidelines of the
Human Relations Commission, including all amendments thereto, and any other federal, state or local statutes or common law under which Employee can waive Employee&#146;s rights, any contracts between the Released Parties and Employee, and all claims
for counsel fees and costs. </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;In waiving and releasing any and all claims against the Released Parties, whether
or not now known to Employee, Employee understands that this means that if Employee later discovers facts different from or in addition to those facts currently known by Employee, or believed by Employee to be true, the waivers and releases of this
Agreement will remain effective in all respects, despite such different or additional facts and Employee&#146;s later discovery of such facts, even if Employee would not have agreed to this Agreement if Employee had prior knowledge of such facts.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">c)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything in this Agreement to the contrary, Employee does not waive (i)&nbsp;any entitlements
under the terms of Section&nbsp;2 of the Retirement Agreement, (ii)&nbsp;Employee&#146;s existing right to receive vested accrued benefits under any equity grants or other plans or programs of the Company under which Employee has accrued benefits
(other than under any Company separation or severance plan or programs), (iii) any claims that, by law, may not be waived, (iv)&nbsp;any rights or claims that may arise after the date Employee executes this Agreement, (v)&nbsp;any right to
indemnification under this Agreement or the bylaws of the Company, or under any directors and officers insurance policy, with respect to Employee&#146;s performance of duties as an employee or officer of the Company, (vi)&nbsp;any claim or right
Employee may have for unemployment insurance benefits, workers&#146; compensation benefits, state disability and/or paid family leave insurance benefits pursuant to the terms of applicable state law, and (vii)&nbsp;any right Employee may have to
obtain contribution in the event of the entry of judgment against Employee as a result of any act or failure to act for which both Employee and the Company or any of its officers, directors or employees are jointly responsible. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Controlling Law</U></B>.<B> </B>This Agreement and all matters arising out of, or relating to it, shall be
governed by, and construed in accordance with, the laws of the Commonwealth of Pennsylvania. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Jurisdiction</U></B>.<B> </B>Any action arising out of, or relating to, any breach of the Restrictive
Covenants shall be brought and prosecuted only 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, Pennsylvania, and the jurisdiction of such court in any such proceeding shall be exclusive. Employee also irrevocably and unconditionally consents to the service of any process, pleadings, notices or other papers. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Amendment</U></B>.<B> </B>The parties agree that this Agreement
may not be altered, amended or modified, in any respect, except by a writing duly executed by both Parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Entire Agreement</U></B>.<B> </B>The parties understand that no promise, inducement or other agreement not
expressly contained herein has been made conferring any benefit upon them, that this Agreement, the Consulting Agreement and the Restrictive Covenants described in Section&nbsp;3 contain the entire agreement between the Parties with respect to the
subject matter hereof, and that the terms of this Agreement are contractual and not recitals only. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Section 409A</U></B>. This Agreement is intended to comply with section 409A of the Internal Revenue Code of
1986, as amended (the &#147;<B><U>Code</U></B>&#148;), or an exemption, and the provisions of this Section shall apply notwithstanding any provisions of this Agreement to the contrary. Severance benefits under this Agreement are intended to be
exempt from section 409A of the Code under the &#147;short-term deferral&#148; exception, to the maximum extent applicable, and then under the &#147;separation pay&#148; exception, to the maximum extent applicable. All payments to be made upon a
termination of employment under this Agreement may only be made upon a &#147;separation from service&#148; under section 409A of the Code. For purposes of section 409A of the Code, the right to a series of payments under this Agreement shall be
treated as a right to a series of separate payments and each payment shall be treated as a separate payment. With respect to any payments that are subject to section 409A of the Code, in no event shall Employee, directly or indirectly, designate the
calendar year of a payment. With respect to any payments that are subject to section 409A of the Code, in no event shall the timing of Employee&#146;s execution of this Agreement, directly or indirectly, result in Employee designating the calendar
year of payment of any amount set forth in Section 2(c), and if a payment of any amount set forth in Section 2(c) above is subject to section 409A of the Code and could be made in more than one taxable year, based on timing of the execution of this
Agreement, payment shall be made in the later taxable year. Any reimbursements and <FONT STYLE="white-space:nowrap">in-kind</FONT> benefits provided under this Agreement shall be made or provided in accordance with the requirements of section 409A
of the Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Severability</U></B>.<B> </B>If any provision of this Agreement is construed to be invalid,
unlawful or unenforceable, then the remaining provisions hereof shall not be affected thereby and shall be enforceable without regard thereto, except that if Employee claims that the release in Section&nbsp;9 is unlawful, invalid or unenforceable,
and such release is held to be unlawful, invalid or unenforceable, any payments made pursuant to Section 2(b) or 2(c) shall be returned to the Company and no further consideration shall be due. If any covenant or agreement 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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>ACKNOWLEDGEMENT</U></B>.<B> </B>Employee hereby acknowledges
that: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">a)&nbsp;&nbsp;&nbsp;&nbsp;The Company advises Employee to consult with an attorney before signing this Agreement; </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;Employee has obtained independent legal advice from an attorney of Employee&#146;s own choice with respect to this
Agreement or Employee has knowingly and voluntarily chosen not to do so; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">c)&nbsp;&nbsp;&nbsp;&nbsp;Employee freely, voluntarily and
knowingly entered into this Agreement after due consideration; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">d)&nbsp;&nbsp;&nbsp;&nbsp;Employee had 21 days to review and consider this
Agreement;<SUP STYLE="font-size:85%; vertical-align:top"> </SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">e)&nbsp;&nbsp;&nbsp;&nbsp;If Employee knowingly and voluntarily chooses
to do so, Employee may accept the terms of this Agreement before the 21 day consideration period provided for above has expired; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">f)&nbsp;&nbsp;&nbsp;&nbsp;Employee has a right to revoke this Agreement by notifying Anita Scott at the Company in writing within seven days
of Employee&#146;s execution of this Agreement. Unless revoked, this Agreement will become effective on the eighth day following its execution (the &#147;<B><U>Effective Date</U></B>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">g)&nbsp;&nbsp;&nbsp;&nbsp;In exchange for Employee&#146;s waivers, releases and commitments set forth herein, including Employee&#146;s waiver
and release of all claims arising under the ADEA, the payments, benefits and other considerations that Employee is receiving pursuant to this Agreement exceed any payment, benefit or other thing of value to which Employee would otherwise be
entitled, and are just and sufficient consideration for the waivers, releases and commitments set forth herein; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">h)&nbsp;&nbsp;&nbsp;&nbsp;No promise or inducement has been offered to Employee, except as expressly set forth herein and in the Consulting
Agreement, and Employee is not relying upon any such promise or inducement in entering into this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">i)&nbsp;&nbsp;&nbsp;&nbsp;EMPLOYEE REPRESENTS THAT EMPLOYEE HAS READ THE TERMS OF THIS AGREEMENT, THAT THIS AGREEMENT IS WRITTEN IN A MANNER
THAT EMPLOYEE CAN UNDERSTAND AND THAT THE COMPANY HAS NOT MADE ANY REPRESENTATIONS CONCERNING THE TERMS OR EFFECTS OF THIS AGREEMENT OTHER THAN THOSE CONTAINED HEREIN. EMPLOYEE FREELY AND VOLUNTARILY AGREES TO ALL THE TERMS AND CONDITIONS HEREOF,
AND SIGNS THE SAME AS EMPLOYEE&#146;S OWN FREE ACT. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, and intending to be legally bound, the parties agree to the terms of this
Agreement. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"><B>Radian Group Inc.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: February 8, 2017</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="3" VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Anita Scott</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Anita Scott</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Human Resources Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: February&nbsp;8, 2017</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ S.A. Ibrahim</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">S.A. Ibrahim</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Form of PSU Grant Agreement </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit B </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Final Release </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This
Release Agreement (this &#147;<B><U>Agreement</U></B>&#148;) 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;). Employee and Radian are parties to this Agreement and are
collectively referred to herein as the &#147;<B><U>Parties</U></B>.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Release</U></B>.<B> </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;In further consideration of the compensation provided to Employee pursuant to Section 2(c) of the Retirement
Agreement dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2017 between Employee and Radian (the &#147;<B><U>Retirement Agreement</U></B>&#148;), Employee hereby agrees, subject to and without waiving any rights
identified in Paragraph 2 (Permitted Conduct) of this Agreement, to the maximum extent permitted by law, to irrevocably and unconditionally RELEASE AND FOREVER DISCHARGE the Company and each of its and their past or present parents, subsidiaries and
affiliates, 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 and of the Company&#146;s
past or present parents, subsidiaries or affiliates, and the past or present trustees, administrators, agents or employees of all such pension and employee benefit plans (hereinafter collectively included within the term the &#147;<B><U>Released
Parties</U></B>&#148;), 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 Employee may have, or which
Employee&#146;s heirs, executors or administrators may have against the Released Parties, by reason of any matter, cause or thing whatsoever from the beginning of Employee&#146;s employment with the Company to and including the date on which
Employee executes this Agreement, and particularly, but without limitation of the foregoing general terms, any claims arising from or relating in any way to Employee&#146;s employment relationship and/or the termination of Employee&#146;s employment
relationship with the Company, including but not limited to, any claims which have been asserted, could have been asserted, or could be asserted now or in the future, which includes any claim or right based upon or arising under any federal, state
or local fair employment practices or equal opportunity laws, including, but not limited to, any claims under Title VII of the Civil Rights Act of 1964, the Family and Medical Leave Act of 1993, the Equal Pay Act, the Employee Retirement Income
Security Act (&#147;<B><U>ERISA</U></B>&#148;) (including, but not limited to, claims for breach of fiduciary duty under ERISA), the Americans With Disabilities Act, the Age Discrimination in Employment Act (&#147;<B><U>ADEA</U></B>&#148;), the
Older Workers&#146; Benefit Protection Act, Pennsylvania Human Relations Act, Pennsylvania Equal Pay Law, Pennsylvania Pregnancy </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </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">
Guidelines of the Human Relations Commission, including all amendments thereto, and any other federal, state or local statutes or common law under which Employee can waive Employee&#146;s rights,
any contracts between the Released Parties and Employee, and all claims for counsel fees and costs. </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;In waiving
and releasing any and all claims against the Released Parties, whether or not now known to Employee, Employee understands that this means that if Employee later discovers facts different from or in addition to those facts currently known by
Employee, or believed by Employee to be true, the waivers and releases of this Agreement will remain effective in all respects, despite such different or additional facts and Employee&#146;s later discovery of such facts, even if Employee would not
have agreed to this Agreement if Employee had prior knowledge of such facts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">c)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything in this
Agreement to the contrary, Employee does not waive (i)&nbsp;any entitlements under the terms of Section&nbsp;2 of the Retirement Agreement, (ii)&nbsp;Employee&#146;s existing right to receive vested accrued benefits under any equity grants or other
plans or programs of the Company under which Employee has accrued benefits (other than under any Company separation or severance plan or programs), (iii) any claims that, by law, may not be waived, (iv)&nbsp;any rights or claims that may arise after
the date Employee executes this Agreement, (v)&nbsp;any right to indemnification under the bylaws of the Company or the Retirement Agreement, or under any directors and officers insurance policy, with respect to Employee&#146;s performance of duties
as an employee or officer of the Company, (vi)&nbsp;any claim or right Employee may have for unemployment insurance benefits, workers&#146; compensation benefits, state disability and/or paid family leave insurance benefits pursuant to the terms of
applicable state law, and (vii)&nbsp;any right Employee may have to obtain contribution in the event of the entry of judgment against Employee as a result of any act or failure to act for which both Employee and the Company or any of its officers,
directors or employees are jointly responsible. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">d)&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Permitted Conduct</U></B>. Nothing in this Agreement
shall prohibit or restrict Employee from initiating communications directly with, or responding to any inquiry from, or providing testimony before, the Equal Employment Opportunity Commission, the Department of Justice, the Securities and Exchange
Commission, or any other federal, state or local regulatory authority. To<B> </B>the extent permitted by law, upon receipt of any subpoena, court order, or other legal process compelling the disclosure of any confidential information and trade
secrets of the Company, Employee agrees to give prompt written notice to the Company so as to permit the Company to protect its interests in confidentiality to the fullest extent possible<B>. </B>Please take notice that federal law provides criminal
and civil immunity to federal and state claims for trade secret misappropriation to individuals who disclose a trade secret to their attorney, a court, or a government official in certain, confidential circumstances that are set forth at 18 U.S.C.
&#167;&#167; 1833(b)(1) and 1833(b)(2), related to the reporting or investigation of a suspected violation of the law, or in connection with a lawsuit for retaliation for reporting a suspected violation of the law. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </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">2.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Controlling Law</U></B>.<B> </B>This Agreement and all matters arising out of, or
relating to it, shall be governed by, and construed in accordance with, the laws of the Commonwealth of Pennsylvania. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Jurisdiction</U></B>.<B> </B>Any action arising out of, or relating to, any of the provisions of this Agreement shall be
brought and prosecuted only 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,
Pennsylvania, and the jurisdiction of such court in any such proceeding shall be exclusive. Employee also irrevocably and unconditionally consents to the service of any process, pleadings, notices or other papers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Severability</U></B>.<B> </B>In the event that Employee claims that the release in Paragraph 1 is unlawful, invalid or
unenforceable, and the release in Paragraph 1 is held to be unlawful, invalid or unenforceable, any payments made pursuant to Section 2(c) of the Retirement Agreement shall be returned to the Company and no further consideration shall be due. If any
covenant or agreement 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. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>ACKNOWLEDGEMENT</U></B>.<B> </B>Employee hereby acknowledges that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">e)&nbsp;&nbsp;&nbsp;&nbsp;The Company advises Employee to consult with an attorney before signing this Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">f)&nbsp;&nbsp;&nbsp;&nbsp;Employee has obtained independent legal advice from an attorney of Employee&#146;s own choice with respect to this
Agreement or Employee has knowingly and voluntarily chosen not to do so; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">g)&nbsp;&nbsp;&nbsp;&nbsp;Employee freely, voluntarily and
knowingly entered into this Agreement after due consideration; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">h)&nbsp;&nbsp;&nbsp;&nbsp;Employee had at least 21 days to review and
consider this Agreement;<SUP STYLE="font-size:85%; vertical-align:top"> </SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">i)&nbsp;&nbsp;&nbsp;&nbsp;If Employee knowingly and
voluntarily chooses to do so, Employee may accept the terms of this Agreement on or after the date of Employee&#146;s termination of employment but on or before March&nbsp;10, 2017; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">j)&nbsp;&nbsp;&nbsp;&nbsp;Employee is signing this Agreement on or after the date of Employee&#146;s termination of employment; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">k)&nbsp;&nbsp;&nbsp;&nbsp;Employee has a right to revoke this Agreement by notifying Anita Scott at the Company in writing within seven days
of Employee&#146;s execution of this Agreement. Unless revoked, this Agreement will become effective on the eighth day following its execution (the &#147;<B><U>Effective Date</U></B>&#148;); </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">l)&nbsp;&nbsp;&nbsp;&nbsp;In exchange for Employee&#146;s waivers, releases and commitments set
forth herein, including Employee&#146;s waiver and release of all claims arising under the ADEA, the payments, benefits and other considerations that Employee is receiving pursuant to the Retirement Agreement exceed any payment, benefit or other
thing of value to which Employee would otherwise be entitled, and are just and sufficient consideration for the waivers, releases and commitments set forth herein; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">m)&nbsp;&nbsp;&nbsp;&nbsp;No promise or inducement has been offered to Employee, except as expressly set forth herein, and Employee is not
relying upon any such promise or inducement in entering into this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">n)&nbsp;&nbsp;&nbsp;&nbsp;EMPLOYEE REPRESENTS THAT EMPLOYEE
HAS READ THE TERMS OF THIS AGREEMENT, THAT THIS AGREEMENT IS WRITTEN IN A MANNER THAT EMPLOYEE CAN UNDERSTAND AND THAT THE COMPANY HAS NOT MADE ANY REPRESENTATIONS CONCERNING THE TERMS OR EFFECTS OF THIS AGREEMENT OTHER THAN THOSE CONTAINED HEREIN.
EMPLOYEE FREELY AND VOLUNTARILY AGREES TO ALL THE TERMS AND CONDITIONS HEREOF, AND SIGNS THE SAME AS EMPLOYEE&#146;S OWN FREE ACT. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN
WITNESS WHEREOF, and intending to be legally bound, the parties agree to the terms of this Agreement. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"><B>Radian Group Inc.</B></TD></TR>
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<TD VALIGN="top">Date:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Anita Scott</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Human Resources Officer</TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Date:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">By:</TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">S.A. Ibrahim</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Exhibit 10.5 </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February&nbsp;8, 2017 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">S.A. Ibrahim </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"><U>Consulting Services for Radian Group Inc.</U> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear S.A.: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This letter sets forth the terms of the agreement between you and Radian Group Inc. (&#147;<B>Radian</B>&#148;) relating to consulting services that you will
provide to Radian and its subsidiaries and affiliated companies (collectively, the &#147;<B>Company</B>&#148;). </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;<I>Services</I>. Commencing March&nbsp;6, 2017, you shall provide consulting services to Radian with respect to
transition of management, new business opportunities, strategic planning, customer and investor relations and such other matters as the Chief Executive Officer of Radian (&#147;<B>CEO</B>&#148;) may request (the &#147;<B>Services</B>&#148;). You
shall exercise reasonable skill and care in providing the Services, and you shall perform the Services in a professional manner, consistent with industry standards. You shall provide the Services to the Company at such times as reasonably requested
by the CEO, taking into consideration your other commitments and obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;<I>Consulting Fee</I>. As full
and exclusive consideration for the Services, Radian shall pay you a consulting fee at the rate of $79,166 per month (which shall be prorated for any period of less than a full calendar month). The consulting fee shall be payable to you in arrears
in the month following the month in which the Services were performed. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;<I>Incentive Compensation</I>. </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;You shall be eligible to earn an incentive award (the &#147;<B>Incentive Award</B>&#148;) based on your performance
of the Services and the Company&#146;s performance measured over a <FONT STYLE="white-space:nowrap">two-year</FONT> performance period beginning January&nbsp;1, 2017 and ending December&nbsp;31, 2018 (the &#147;<B>Performance Period</B>&#148;)
against <FONT STYLE="white-space:nowrap">pre-established</FONT> metrics established </P>

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by the Compensation and Human Resources Committee (the &#147;<B>Compensation Committee</B>&#148;) of the Board of Directors of Radian (the &#147;<B>Board</B>&#148;) consistent with the metrics
previously reviewed with you and approved by the Compensation Committee on February&nbsp;7, 2017. Your target Incentive Award for the Performance Period shall be $3,000,000. Following the first year of the Performance Period (from January&nbsp;1,
2017 through December&nbsp;31, 2017), the Compensation Committee shall determine the amount of the Incentive Award, if any, to be awarded to you (your &#147;<B>STI Award</B>&#148;) based on your and the Company&#146;s performance against the
performance metrics established by the Compensation Committee as described above. 50% of your STI Award shall be paid to you between January&nbsp;1, 2018 and March&nbsp;15, 2018 and in no event later than the date annual incentive awards are paid to
executive officers of the Company. The remaining 50% will become your target incentive award for the remaining portion of the Performance Period (your &#147;<B>MTI Target</B>&#148;). Following the conclusion of the Performance Period, the
Compensation Committee shall award you a percentage of your MTI Target (from 0% to 115%) based on the Compensation Committee&#146;s determination of performance against the performance metrics established by the Compensation Committee as described
above (your &#147;<B>MTI Award</B>&#148;). Your MTI Award shall be paid to you between January&nbsp;1, 2019 and March&nbsp;15, 2019 and in no event later than the date annual incentive awards are paid to executive officers of the Company. The
Compensation Committee shall make all determinations with respect to the Incentive Award in its sole discretion, consistent with the performance metrics described above. </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; In the event of your death while providing the Services during the first year of the Performance Period, the STI
Award shall be paid in the amount of $1,500,000, at the time described in subsection (a), and your MTI Target shall be $1,500,000. In the event of your death while providing the Services after the first year of the Performance Period, any unpaid STI
Award that is awarded based on performance as described in subsection (a), and any MTI Award that is awarded based on performance as described in subsection (a), shall be paid at the applicable payment dates under subsection (a). If you voluntarily
terminate this letter agreement before March&nbsp;5, 2018, no further payments will be made under this Section&nbsp;3 with respect to performance periods ending after the date of termination. If this letter agreement is terminated by the Company for
Cause, no further payments will be made under this Section&nbsp;3. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;<I>Location of Performance of Services;
Expense Reimbursement</I>. It is anticipated that you will perform the Services remotely from your home office, and occasionally, as requested by Radian, taking into account your other commitments and obligations, onsite at Radian&#146;s offices or
at such other locations as reasonably requested by Radian. Radian will reimburse you for the reasonable expenses related to your travel as requested by Radian in connection with the Services, including to Radian&#146;s offices or other meeting
locations. In addition, Radian shall reimburse you for all necessary and reasonable business expenses incurred by you in the performance of the Services. All such expenses shall be reimbursed in accordance with Radian&#146;s business expense
reimbursement policies. During the Term, Radian shall provide you with support services as reasonably needed with respect to the Services, including support from an administrative assistant. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;<I>Level of Services</I>. You and Radian anticipate that the Services
will not exceed 30 hours per month. You and Radian agree that it is reasonably anticipated that your Services hereunder will require you to render Services each month at a level that will not exceed 20% of the average level of your services as an
employee of Radian over the preceding <FONT STYLE="white-space:nowrap">36-month</FONT> period. You and Radian acknowledge that, for purposes of section 409A of the Internal Revenue Code of 1986, as amended (the &#147;<B>Code</B>&#148;), you will
have undergone a &#147;separation from service,&#148; within the meaning of section 409A, from Radian upon the date of your retirement from employment with Radian on March&nbsp;5, 2017. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.&nbsp;&nbsp;&nbsp;&nbsp;<I>Confidentiality; <FONT STYLE="white-space:nowrap">Non-disclosure.</FONT></I> </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;You shall not at any time, during the Term or thereafter, directly or indirectly disclose or reveal to any person or
entity any Confidential Information of the Company or of any third parties which the Company is under an obligation to keep confidential, except to the Company, as permitted by subsection (c)&nbsp;below, or as otherwise authorized by the Company in
writing. The term &#147;<B>Confidential Information</B>&#148; shall mean all information concerning the business or other affairs of the Company or its customers that you learn or become aware of in connection with the performance of the Services
and shall include, without limitation, all trade secrets and other information received from third parties and required to be held in confidence by the Company, all <FONT STYLE="white-space:nowrap">non-public</FONT> information relating to existing
and potential customers, markets, contracts, prices, products, personnel, strategies, policies, systems, procedures, technologies, works, business methods or other methods, <FONT STYLE="white-space:nowrap">know-how,</FONT> information, data,
financial information, processes, trade secrets, inventions, developments, applications and any other information relating to any of the foregoing of the Company, in each case, that you learn or become aware of in connection with the performance of
the Services. All memoranda, notes, lists, records and other documents (and all copies thereof) made or compiled by you or made available to you concerning the Services or the Company shall be included in Confidential Information, shall be the
Company&#146;s property and upon request from the Company shall be delivered to the Company upon the earlier of termination of this letter agreement or request by the Company. However, Confidential Information shall not include any information that,
as of the date of disclosure to you: (i)&nbsp;was generally available to the public through no act or omission of yours or (ii)&nbsp;was independently acquired by you without violating any of your obligations under this letter agreement. You shall
not directly or indirectly, either during or after the Term, use or attempt to use any Confidential Information for any purpose except (and then only during the Term) as may be required for you to perform the Services. The Confidential Information
and all material, whether in written, <FONT STYLE="white-space:nowrap">non-written,</FONT> digital, photographic or any other tangible or intangible format, embodying Confidential Information is acknowledged to be the property of the Company. </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;You understand and acknowledge that you are aware that Confidential Information is or may be material information
and that the use of such information may be </P>

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regulated, restricted or prohibited by applicable laws relating to insider trading or dealing. Moreover, you agree that you shall not use Confidential Information for trading in the securities of
the Company, including, but not limited to, Radian, or for any other unlawful purpose. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">c.&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this letter
agreement, including any restrictions on the use of Confidential Information, shall prohibit or restrict you from initiating communications directly with, or responding to any inquiry from, or providing testimony before, the Equal Employment
Opportunity Commission, the Department of Justice, the Securities and Exchange Commission, or any other federal, state, or local regulatory authority. To the extent permitted by law, upon receipt of any subpoena, court order, or other legal process
compelling the disclosure of Confidential Information and Trade Secrets, you agree to give prompt written notice to the Company so as to permit the Company to protect its interests in confidentiality to the fullest extent possible. Please take
notice that federal law provides criminal and civil immunity to federal and state claims for trade secret misappropriation to individuals who disclose a trade secret to their attorney, a court, or a government official in certain, confidential
circumstances that are set forth at 18 U.S.C. &#167;&#167; 1833(b)(1) and 1833(b)(2), related to the reporting or investigation of a suspected violation of the law, or in connection with a lawsuit for retaliation for reporting a suspected violation
of the law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.&nbsp;&nbsp;&nbsp;&nbsp;<I>Restrictive Covenants</I>. You acknowledge that you remain subject to the Restrictive Covenants
described in Section&nbsp;3 of the Retirement Agreement (the &#147;<B>Restrictive Covenants</B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.&nbsp;&nbsp;&nbsp;&nbsp;<I>Proprietary Information and Work. </I>You agree that all inventions, innovations, improvements, developments,
methods, designs, analyses, reports, and all similar or related information which relates to the Company&#146;s actual or anticipated business, research and development or existing or future products or services and which are conceived, developed or
made by you in connection with your performance of the Services (&#147;<B>Work Product</B>&#148;) belong to the Company. You will promptly disclose such Work Product to the Board and perform all actions reasonably requested by Radian (whether during
or after the Term) to establish and confirm such ownership (including, without limitation, assignments, consents, powers of attorneys and other instruments). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.&nbsp;&nbsp;&nbsp;&nbsp;<I>Remedies</I>. You acknowledge that because the Services are personal and unique and you will have access to and
have become and will become acquainted with the Confidential Information of the Company, and because any breach by you of any of the restrictive covenants contained in Sections 6 through 8 of this letter agreement may result in irreparable injury
and damage for which money damages would not provide an adequate remedy, the Company shall have the right to enforce Sections 6 through 8 of this letter agreement by injunction, specific performance or other equitable relief, without bond and
without prejudice to any other rights and remedies that the Company may have for a breach, or threatened breach, of the restrictive covenants set forth in Sections 6 through 8 of this letter agreement. You agree that in any action in which the
Company seeks injunction, specific performance or other equitable relief, you will not assert or contend that any of the provisions of Sections&nbsp;6 through 8 are unreasonable or otherwise unenforceable. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.&nbsp;&nbsp;&nbsp;&nbsp;<I>Taxes</I>. You shall perform the Services to be provided hereunder
as an independent contractor. You shall be responsible for the payment of all applicable taxes arising from your performance of, and payment for, the Services, including without limitation any income and self-employment taxes. The parties agree that
the Company shall not withhold any amounts for taxes or pay any of the taxes or fees contemplated in the preceding sentence in connection with your Services to the Company. The Company will report all compensation income under this letter agreement
on a Form&nbsp;1099. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11.&nbsp;&nbsp;&nbsp;&nbsp;<I>Independent Contractor Relationship</I>. Nothing in this letter agreement shall be
construed to create any association, partnership, joint venture or relationship of principal and agent or employer and employee between you and the Company or to provide any party with the right, power or authority to create any such duty or
obligation on behalf of the other party. You shall not hold out yourself as an affiliate, agent, officer, director or employee of or partner, joint venturer, <FONT STYLE="white-space:nowrap">co-principal</FONT> or
<FONT STYLE="white-space:nowrap">co-employer</FONT> with the Company; <U>provided</U> that nothing herein shall prevent you from referring to yourself as a consultant to the Company. You shall not be treated as an employee of the Company for any
purpose, including, without limitation, for the purposes of any employee or fringe benefits provided by the Company to its employees including, without limitation, employee insurance, pension, savings, medical, health care, fringe benefit, stock
option, equity compensation, deferred compensation or bonus plans, or for withholding tax purposes. There is no employer/employee relationship established by this letter agreement, nor does this letter agreement or the Services hereunder create a
promise, actual or implied, of future employment with the Company or any other entity, or for a right to any compensation in lieu of an offer of such employment. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.&nbsp;&nbsp;&nbsp;&nbsp;<I>Consultant Representations</I>. </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;You represent and warrant to Radian that: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;your execution and delivery of this letter agreement and the performance of the Services will not violate the
provisions of any agreement to which you are a party or are otherwise bound (including without limitation, confidentiality and <FONT STYLE="white-space:nowrap">non-solicitation</FONT> obligations); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;you are not a party to any existing agreement, and during the Term you will not become a party to an agreement,
that would prevent you from performing your obligations hereunder or that could conflict with, impair or adversely affect your performance under this letter agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;the performance of the Services and the manner of such performance by you do not and will not violate or in any
way infringe upon any rights of third parties, including property, contractual, employment, trade secrets, proprietary information and <FONT STYLE="white-space:nowrap">non-disclosure</FONT> rights, or any trademark, copyright, patent or other
intellectual property rights; and </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;you have full legal right to irrevocably assign to the Company all
rights in and to the Work contemplated by Section&nbsp;8. </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;You shall observe and comply with (i)&nbsp;all
applicable laws, rules and regulations in the performance of the Services; and (ii)&nbsp;Radian&#146;s policies and procedures for information security and other policies and procedures applicable to consultants generally as described in
Radian&#146;s Code of Conduct, as in effect as of the date of this letter agreement or, with respect to any subsequent changes, as communicated to you by the Company in writing (the &#147;<B>Code of Conduct</B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13.&nbsp;&nbsp;&nbsp;&nbsp;<I>Assignment</I>. Neither you, on the one hand, nor Radian, on the other hand, may assign or delegate any of your
or its rights, duties or obligations hereunder without the prior written consent of the other party; <U>provided</U>, that Radian may, without your consent, assign this letter agreement to any successor by merger or any entity acquiring all or
substantially all of Radian&#146;s assets. This letter agreement shall inure to the benefit of, and be binding upon, the parties&#146; permitted successors and assigns. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14.&nbsp;&nbsp;&nbsp;&nbsp;<I>Improper Assignment Void</I>. Any purported assignment in violation hereof shall be null and void and of no
effect whatsoever. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15.&nbsp;&nbsp;&nbsp;&nbsp;<I>Effective Date; Term and Termination.</I> </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;This letter agreement shall be effective as of March&nbsp;6, 2017. The term of this letter agreement will commence on
March&nbsp;6, 2017 and<B> </B>shall continue through March&nbsp;5, 2018, or until terminated earlier as described below (the &#147;<B>Term</B>&#148;). The continuation of payments under Section&nbsp;3 after March&nbsp;5, 2018 shall not be deemed to
extend the Term of the letter agreement or the duration of the period of restriction or application of any Restrictive Covenant. </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;You and Radian may terminate this letter agreement by mutual agreement before March&nbsp;5, 2018. Radian may
terminate this letter agreement at any time, with or without prior written notice, for Cause (as defined below). This letter agreement shall automatically terminate upon your death. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">c.&nbsp;&nbsp;&nbsp;&nbsp;Upon a termination of this letter agreement as permitted by its terms, Radian shall be obligated to pay you
(i)&nbsp;for the Services rendered before the date of termination in accordance with this letter agreement, (ii)&nbsp;any unreimbursed expenses under Section&nbsp;4, and (iii)&nbsp;any amounts payable under Section 3(b). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">d.&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this letter agreement, &#147;<B>Cause</B>&#148; shall mean any of the grounds for termination of the
Services listed below which is not cured by you within the <FONT STYLE="white-space:nowrap">20-day</FONT> period following written notice from the Board of the specific grounds that could </P>

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result in a termination for Cause; provided that you shall only have an opportunity to cure a failure to the extent the failure is curable, as determined by the Board in its sole discretion: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;You shall have been indicted for, convicted of, or plead nolo contendere to, a crime involving fraud,
misrepresentation or moral turpitude or any felony (excluding traffic offenses other than traffic offenses involving use of alcohol or illegal substances); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;You engage in fraud, dishonesty, theft or misappropriation of funds in connection with the Services; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;It is determined by a court of competent jurisdiction that you breached any of the covenants or agreements
described in Sections 6 through 8 of this letter agreement (other than the Code of Conduct), or materially breached the Code of Conduct; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;Your gross negligence or willful misconduct in the performance of the Services. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">e.&nbsp;&nbsp;&nbsp;&nbsp;The respective rights and obligations of the parties shall survive the termination or expiration of this letter
agreement to the extent necessary to carry out the intentions of the parties hereto, including without limitation, Sections 6 through 8 and Sections 15 and 17 of this letter agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16.&nbsp;&nbsp;&nbsp;&nbsp;<I>Section 409A.</I> This letter agreement is intended to comply with the &#147;short-term deferral&#148; exception
under section 409A of the Code, to the extent applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17.&nbsp;&nbsp;&nbsp;&nbsp;<I>Indemnification. </I>Radian agrees to indemnify
you against all claims arising out of actions or omissions in connection with your provision of the Services, to the same extent and on the same terms and conditions as would be applicable had the Services been provided by an executive officer of
Radian under Radian&#146;s bylaws or Radian&#146;s Amended and Restated Certificate of Incorporation. Without limiting the foregoing, you shall have no liability with respect to actions taken by the CEO or other officers, employees or directors of
the Company in connection with your provision of the Services; it being understood and agreed that you are providing the Services in an advisory capacity and, consistent with Section&nbsp;11 of this letter agreement, you have no authority to bind
the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18.&nbsp;&nbsp;&nbsp;&nbsp;<I>No Assignment; Unfunded Agreement</I>. No compensation payable under this letter agreement may
be transferred, assigned, pledged or encumbered by you, nor may any compensation under this letter agreement be subject to any claim of any creditor, and, in particular, to the fullest extent permitted by law, all such payments, benefits and rights
will be free from attachment, garnishment, trustee&#146;s process, or any other legal or equitable process available to any of your creditors. This letter agreement is an unfunded arrangement. Your rights under this letter agreement will be no
greater than the right of an unsecured general creditor of Radian. All compensation will be paid from the general funds of Radian. In the event you die, any payments due to you under this letter agreement and not paid prior to your death shall be
made to the personal representative of your estate. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">19.&nbsp;&nbsp;&nbsp;&nbsp;<I>Applicable Law</I>. This letter agreement shall be governed by the
laws of the Commonwealth of Pennsylvania without giving effect to the conflicts of laws principles. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">20.&nbsp;&nbsp;&nbsp;&nbsp;<I>Integrated Agreement.</I> This letter agreement, the Restrictive Covenants and the Retirement Agreement
constitute the entire understanding and agreement between you and Radian concerning the subject matter hereof. This letter agreement supersedes all prior written or oral agreements or understandings existing between you and Radian concerning the
subject matter hereof (other than the Retirement Agreement, including the Restrictive Covenants contained therein). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the foregoing
correctly sets forth the agreement between us, please so indicate by signing the copy of this letter agreement in the space set forth below and returning it to me, whereupon it shall constitute our binding agreement. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">Very truly yours,</TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3"><B>RADIAN GROUP INC.</B></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Anita Scott</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Anita Scott</TD></TR>
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<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">SVP, Chief Human Resources Officer</TD></TR>
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<TD VALIGN="top" COLSPAN="3">Date: February&nbsp;8,&nbsp;2017</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>ACKNOWLEDGEMENT AND ACCEPTANCE </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I acknowledge receipt of this letter agreement setting forth the terms and conditions governing the engagement to perform Services as an independent
contractor and agree to all terms and conditions of this letter agreement, to the extent provided in this letter agreement, including the restrictive covenants described in Sections&nbsp;6 through 8 of this letter agreement. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>/s/ S.A. Ibrahim</U></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">S.A.
Ibrahim</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>February</U><U></U><U>&nbsp;8, 2017</U></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Date</P></TD></TR>
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<TYPE>EX-10.6
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<DESCRIPTION>EX-10.6
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Exhibit 10.6 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT A </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RADIAN GROUP INC. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2014
EQUITY COMPENSATION PLAN </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>PERFORMANCE-BASED RESTRICTED STOCK UNIT GRANT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>TERMS AND CONDITIONS </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">These Terms and Conditions (&#147;<B><U>Terms and Conditions</U></B>&#148;) are part of the Performance-Based Restricted Stock Unit Grant made
as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2017 (the &#147;<B><U>Grant Date</U></B>&#148;), by Radian Group Inc., a Delaware corporation (the &#147;<B><U>Company</U></B>&#148;), to S.A. Ibrahim, an employee of
the Company (the &#147;<B><U>Grantee</U></B>&#148;). </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>RECITALS </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Radian Group Inc. 2014 Equity Compensation Plan (the &#147;<B><U>Plan</U></B>&#148;) permits the grant of Restricted Stock
Units in accordance with the terms and provisions of the Plan; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Company desires to grant Restricted Stock Units to the
Grantee, and the Grantee desires to accept such Restricted Stock Units, on the terms and conditions set forth herein and in the Plan, pursuant to the Retirement Agreement between the Grantee and the Company dated February&nbsp;8, 2017 (the
&#147;<B><U>Retirement Agreement</U></B>&#148;); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the applicable provisions of the Plan are incorporated into these
Terms and Conditions by reference, including the definitions of terms contained in the Plan (unless such terms are otherwise defined herein). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW, THEREFORE</B>, the parties hereto, intending to be legally bound hereby, agree as follows: </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Grant of Performance-Based Restricted Stock Units.</U></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company hereby awards to
the Grantee &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted Stock Units (hereinafter, the &#147;<U><B>Restricted Stock Units</B></U>&#148;), subject to the vesting
and other conditions of these Terms and Conditions. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Vesting.</U></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U><B>General Vesting Terms</B></U>. The
Restricted Stock Units will only vest if the closing price of the Company&#146;s Common Stock&nbsp;on the New York Stock Exchange for any ten consecutive trading days during the performance period commencing ten trading&nbsp;days prior to the first
anniversary of the Grant Date and ending on the fifth anniversary of the Grant Date equals or exceeds $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (which is 120% of the fair market value of the Company&#146;s Common Stock on the Grant Date)
(the &#147;<U><B>Stock Price Hurdle</B></U>&#148;), except as provided in subsections (b)&nbsp;and (c) below. If the Stock Price Hurdle has not been met on the first anniversary of the Grant Date, the Restricted Stock Units will vest on the first
date after the first anniversary of the Grant Date on which the Stock Price Hurdle is met. The Stock Price Hurdle must be met by the fifth anniversary of the Grant Date in order for the Restricted Stock Units to vest under this Section 2(a). If the
Stock Price Hurdle is not met by the fifth anniversary of the Grant Date, except as provided in subsections (b)&nbsp;and (c) below, the Restricted Stock Units will be forfeited. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)<B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Death.</U></B> In the event of the Grantee&#146;s death prior to
the fifth anniversary of the Grant Date, the Restricted Stock Units will automatically vest in full on the date of the Grantee&#146;s death, regardless of whether the Stock Price Hurdle has been met. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Change of Control.</B></U> In the event a Change in Control occurs prior to the fifth anniversary of the
Grant Date, the Restricted Stock Units will automatically vest in full on the date of the Change in Control, regardless of whether the Stock Price Hurdle has been met. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Restricted Stock Units Account.</U></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company shall establish a bookkeeping
account on its records for the Grantee and shall credit the Grantee&#146;s Restricted Stock Units to the bookkeeping account. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Conversion of Restricted Stock Units. </U></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;If the
Restricted Stock Units vest in accordance with Section&nbsp;2, the vested Restricted Stock Units shall be paid within 30 days after the applicable vesting date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;On the payment date, each vested Restricted Stock Unit credited to the Grantee&#146;s account shall be settled in
whole shares of Common Stock of the Company equal to the number of vested Restricted Stock Units, subject to the payment of any federal, state, local, or foreign withholding taxes as described in Section&nbsp;11 below, and subject to compliance with
the Restrictive Covenants (as defined below). The obligation of the Company to distribute shares upon vesting shall be subject to the rights of the Company as set forth in the Plan and to all applicable laws, rules, regulations, and such approvals
by governmental agencies as may be deemed appropriate by the Committee, including as set forth in Section&nbsp;13 below. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Certain Corporate Changes. </U></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If any change is made to the Common Stock (whether
by reason of merger, consolidation, reorganization, recapitalization, stock dividend, stock split, combination of shares, or exchange of shares or any other change in capital structure made without receipt of consideration), then unless such event
or change results in the termination of all the Restricted Stock Units granted under these Terms and Conditions, the Committee shall adjust, as provided in the Plan, the number and class of shares underlying the Restricted Stock Units held by the
Grantee to reflect the effect of such event or change in the Company&#146;s capital structure in such a way as to preserve the value of the Restricted Stock Units. Any adjustment that occurs under the terms of this Section&nbsp;5 or the Plan will
not change the timing or form of payment with respect to any Restricted Stock Units except in accordance with section 409A of the Code. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>6.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Restrictive Covenants.</U></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;The Grantee acknowledges and
agrees that, in consideration for grant of the Restricted Stock Units, the Grantee remains subject to the Restrictive Covenants described in Section&nbsp;3 of the Retirement Agreement (the &#147;<U><B>Restrictive Covenants</B></U>&#148;). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;The Grantee acknowledges and agrees that in the event that it is
determined by a court of competent jurisdiction that the Grantee breached any of the Restrictive Covenants (other than the Code of Conduct, as defined in the Retirement Agreement) or that Grantee materially breached the Code of Conduct: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;The Committee may in its discretion determine that the Grantee shall forfeit the outstanding Restricted Stock Units
(without regard to whether the Restricted Stock Units have vested), and the outstanding Restricted Stock Units shall immediately terminate; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Committee may in its discretion require the Grantee to return to the Company any shares of Common Stock
received in settlement of the Restricted Stock Units; provided, that if the Grantee has disposed of any shares of Common Stock received upon settlement of the Restricted Stock Units, then the Committee may require the Grantee to pay to the Company,
in cash, the fair market value of such shares of Common Stock as of the date of disposition.&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall exercise the right of recoupment provided in this subsection (ii)&nbsp;within 180 days after the court of
competent jurisdiction&#146;s determination described above. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>7.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>No Stockholder Rights. </U></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Grantee has no voting rights and no rights to
receive dividends or dividend equivalents or other ownership rights and privileges of a stockholder with respect to the shares of Common Stock subject to the Restricted Stock Units. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>8.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Retention Rights.</U></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Neither the award of Restricted Stock Units, nor any other
action taken with respect to the Restricted Stock Units, shall confer upon the Grantee any right to continue in the employ or service of the Company or an Affiliate or shall interfere in any way with the right of the Company or an Affiliate to
terminate Grantee&#146;s employment or service at any time. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>9.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Notice. </U></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any notice to the Company provided for in these Terms and Conditions
shall be addressed to it in care of the Corporate Secretary of the Company, 1601 Market Street, Philadelphia, Pennsylvania 19103-2197, and any notice to the Grantee shall be addressed to such Grantee at the current address shown on the payroll
system of the Company or an Affiliate thereof, or to such other address as the Grantee may designate to the Company in writing. Any notice provided for hereunder shall be delivered by hand, sent by telecopy or electronic mail, or enclosed in a
properly sealed envelope addressed as stated above, registered and deposited, postage and registry fee prepaid in the United States mail, or other mail delivery service. Notice to the Company shall be deemed effective upon receipt. By receipt of
these Terms and Conditions, the Grantee hereby consents to the delivery of information (including without limitation, information required to be delivered to the Grantee pursuant to the applicable securities laws) regarding the Company, the Plan,
and the Restricted Stock Units via the Company&#146;s electronic mail system or other electronic delivery system. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>10.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Incorporation of Plan by Reference. </U></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">These Terms and Conditions are made
pursuant to the terms of the Plan, the terms of which are incorporated herein by reference, and shall in all respects be interpreted in accordance therewith. The decisions of the Committee shall be conclusive upon any question arising hereunder. The
Grantee&#146;s receipt of the Restricted Stock Units awarded under these Terms and Conditions constitutes such Grantee&#146;s acknowledgment that all decisions and determinations of the Committee with respect to the Plan, these Terms and Conditions,
and/or the Restricted Stock Units shall be final and binding on the Grantee, his or her beneficiaries, and any other person having or claiming an interest in such Restricted Stock Units. The settlement of any award with respect to Restricted Stock
Units is subject to the provisions of the Plan and to interpretations, regulations, and determinations concerning the Plan as established from time to time by the Committee in accordance with the provisions of the Plan. A copy of the Plan will be
furnished to each Grantee upon request. Additional copies may be obtained from the Corporate Secretary of the Company, 1601 Market Street, Philadelphia, Pennsylvania 19103-2197. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>11.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Income Taxes; Withholding Taxes. </U></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Grantee is solely responsible for the
satisfaction of all taxes and penalties that may arise in connection with the Restricted Stock Units pursuant to these Terms and Conditions. At the time of taxation, the Company shall have the right to deduct from other compensation, or from amounts
payable upon settlement of the Restricted Stock Units, an amount equal to the federal (including FICA), state, local and foreign income and payroll taxes and other amounts as may be required by law to be withheld with respect to the Restricted Stock
Units. Subject to approval by the Committee and unless the Grantee otherwise notifies the Company that he will pay the taxes in cash, taxes may be withheld upon settlement of the Restricted Stock Units by withholding shares of the Company&#146;s
Common Stock, provided that any share withholding shall not exceed the Grantee&#146;s minimum applicable withholding tax rate for federal (including FICA), state, local, and foreign tax liabilities, unless the Committee determines otherwise,
consistent with the terms of the Plan. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>12.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Governing Law. </U></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The validity, construction, interpretation, and effect of this
instrument shall exclusively be governed by, and determined in accordance with, the applicable laws of the State of Delaware, excluding any conflicts or choice of law rule or principle. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>13.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Grant Subject to Applicable Laws and Company Policies. </U></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">These Terms and
Conditions shall be subject to any required approvals by any governmental or regulatory agencies. This award of Restricted Stock Units shall also be subject to any applicable clawback or recoupment policies, share trading policies, and other
policies that may be implemented by the Board from time to time in accordance with applicable law. Notwithstanding anything in these Terms and Conditions to the contrary, the Plan, these Terms and Conditions, and the Restricted Stock Units awarded
hereunder shall be subject to all applicable laws, including any laws, regulations, restrictions, or governmental guidance that becomes applicable in the event of the Company&#146;s participation in any governmental programs, and the Committee
reserves the right to modify these Terms and Conditions and the Restricted Stock Units as necessary to conform to any restrictions imposed by any such laws, regulations, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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restrictions, or governmental guidance or to conform to any applicable clawback or recoupment policies, share trading policies, and other policies that may be implemented by the Board from time
to time. As a condition of participating in the Plan, and by the Grantee&#146;s acceptance of the Restricted Stock Units, the Grantee is deemed to have agreed to any such modifications that may be imposed by the Committee, and agrees to sign such
waivers or acknowledgments as the Committee may deem necessary or appropriate with respect to such modifications. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>14.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Assignment. </U></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">These Terms and Conditions shall bind and inure to the benefit of
the successors and assignees of the Company. The Grantee may not sell, assign, transfer, pledge, or otherwise dispose of the Restricted Stock Units, except to a Successor Grantee in the event of the Grantee&#146;s death. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>15.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Section 409A. </U></B> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This award of Restricted Stock Units is intended to comply with
the &#147;short term deferral&#148; exception to section 409A of the Code and shall be administered in accordance with section 409A of the Code or such exception. Notwithstanding any provision to the contrary herein, payments made with respect to
this award of Restricted Stock Units may only be made in a manner and upon an event permitted by section 409A of the Code or an exception. To the extent that any provision of these Terms and Conditions would cause a conflict with the requirements of
section 409A of the Code or an exception, or would cause the administration of the Restricted Stock Units to fail to satisfy the requirements of section 409A of the Code, if applicable, such provision shall be deemed null and void to the extent
permitted by applicable law. If this award of Restricted Stock Units is subject to section 409A, in no event shall the Grantee, directly or indirectly, designate the calendar year of payment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, the Company has caused its duly authorized officer to execute and attest this instrument, and the Grantee has
placed his or her signature hereon, effective as of the Grant Date set forth above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"><B>RADIAN GROUP INC.</B></TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top">By:</TD></TR>
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<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">By electronically acknowledging and accepting this award of Restricted Stock Units following the date of the
Company&#146;s electronic notification to the Grantee, the Grantee (a)&nbsp;acknowledges receipt of the Plan incorporated herein, (b)&nbsp;acknowledges that he has read the Award Summary delivered in connection with this grant of Restricted Stock
Units and these Terms and Conditions and understands the terms and conditions of them, (c)&nbsp;accepts the award of the Restricted Stock Units described in these Terms and Conditions, (d)&nbsp;agrees to be bound by the terms of the Plan and these
Terms and Conditions, and (e)&nbsp;agrees that all decisions and determinations of the Committee with respect to the Restricted Stock Units shall be final and binding. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Exhibit 10.7 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RADIAN GROUP INC. STI/MTI INCENTIVE PLAN </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FOR EXECUTIVE EMPLOYEES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>I.</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Purpose</U></B>. The purpose of the Radian Group Inc. STI/MTI Incentive Plan for Executive Employees (the
&#147;Plan&#148;) is to provide a means whereby Radian Group Inc.<B> </B>may provide incentive compensation to eligible employees who hold the position of Vice President or above. The Plan was effective as of January&nbsp;1, 2009 (&#147;Effective
Date&#148;). The Plan has been amended and restated as of January&nbsp;1, 2017 and shall apply to STI Bonuses and MTI Bonuses calculated for fiscal years beginning on or after January&nbsp;1, 2017. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>II.</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Definitions</U></B><B>. </B>Whenever used in this Plan, the following terms will have the respective meanings set
forth below: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.1&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Actual</I> <I>Incentive Award</I>&#148; means the allocated amount described in
Section&nbsp;5.1 for a Participant. Pursuant to the terms of Section V, 50% of each Actual Incentive Award will be available for payment as an STI Bonus, and the remaining 50% of the Actual Incentive Award will be available for payment as an MTI
Bonus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.2&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Actual Incentive Award Pool</I>&#148; means the total amount, based on performance, that is
available to be allocated as Actual Incentive Awards to Participants for a <FONT STYLE="white-space:nowrap">two-year</FONT> performance period, as determined by the Compensation Committee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.3&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Actual MTI Pool</I>&#148; means the total amount, based on performance, that is available to be allocated
as MTI Bonuses to Participants, as determined by the Compensation Committee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.4&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Affiliate</I>&#148;
means each entity owned by Radian. Only Affiliates specified by the Compensation Committee will be participating employers in the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.5&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Board</I>&#148; means the board of directors of Radian. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.6&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Cause</I>&#148; has the meaning assigned to such term in an executive employment agreement or executive
severance agreement between the Participant and Radian or an Affiliate (for purposes of clarity, &#147;executive employment agreement&#148; and &#147;executive severance agreement&#148; shall not be interpreted to include offer letters,
notwithstanding any terms of employment or severance in such letters), or, if there is no such agreement, &#147;Cause&#148; means any of the following conduct by a Participant, as determined in the sole discretion of the Chief Executive Officer of
Radian and the Chief Human Resources Officer of Radian:<B> </B>(1)&nbsp;indictment for, conviction of, or pleading nolo contendere to, a felony or a crime involving fraud, misrepresentation, or moral turpitude (excluding traffic offenses other than
traffic offenses involving the use of alcohol or illegal substances); (2)&nbsp;fraud, dishonesty, theft, or misappropriation of funds in connection with the Participant&#146;s duties with Radian and its
</P>

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Affiliates; (3)&nbsp;material violation of Radian&#146;s Code of Conduct or employment policies, as in effect from time to time; (4)&nbsp;a breach of any written confidentiality, nonsolicitation
or noncompetition covenant with Radian or an Affiliate; or (5)&nbsp;negligence, misconduct or other failure to perform the Employee&#146;s duties with Radian and its Affiliates after receiving written notice from Radian or an Affiliate of the
deficiencies on which such termination is based. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.7&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Committee</I>&#148; means (i)&nbsp;for all
determinations made with respect to Management, the Compensation Committee, and (ii)&nbsp;for determinations made with respect to all other Employees (except for those determinations specifically reserved to the Compensation Committee), a committee
consisting of Management or its delegates.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.8&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Compensation Committee</I>&#148; means the Compensation and
Human Resources Committee of the Board. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.9&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Disability</I>&#148; has the meaning assigned to such term in
the Participant&#146;s employment agreement or severance agreement entered into with Radian or an Affiliate and if there is no such agreement or definition, Disability means a physical or mental impairment of sufficient severity that the Participant
is both eligible for and in receipt of benefits under the long-term disability program maintained by Radian. The date of Disability for purposes of the Plan is the date on which the Participant begins receiving such long-term disability benefits.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.10&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Employee</I>&#148; means an employee of Radian or an Affiliate specified by the Compensation
Committee who is not classified as a &#147;temporary employee,&#148; but excluding any person who is classified by Radian or any Affiliate as a &#147;contractor&#148; or &#147;consultant,&#148; no matter how characterized by the Internal Revenue
Service, other governmental agency or a court. Any change of characterization of an individual by the Internal Revenue Service or any court or government agency shall have no effect upon the classification of an individual as an Employee for
purposes of this Plan, unless the Committee determines otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.11&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Good Reason</I>&#148; has the
meaning assigned to such term in the Participant&#146;s employment agreement or severance agreement entered into with Radian or an Affiliate, if any. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.12&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Management</I>&#148; means the Chief Executive Officer of Radian and members of the executive team as
designated by the Chief Executive Officer of Radian. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.13&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>MTI Bonus</I>&#148; means a medium term
incentive bonus based on performance, with a target of 50% of the Participant&#146;s Actual Incentive Award, as described in Section&nbsp;5.2. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.14&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>MTI Target Award</I>&#148; shall have the meaning given that term in Section 5.2(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.15&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Participant</I>&#148; means an Employee who holds the position of Vice President or above and who is
designated as a participant in the Plan pursuant to Section III for a fiscal year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.16&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Plan</I>&#148;
means this Radian Group Inc. STI/MTI Incentive Plan for Executive Employees, as in effect from time to time. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.17&nbsp;&nbsp;&nbsp;&nbsp; &#147;<I>Radian</I>&#148; means Radian Group Inc.<B> </B>or any
successor thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.18&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Release</I>&#148; shall mean a release of claims described in Section&nbsp;5.3.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.19&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>STI Bonus</I>&#148; means the short term incentive bonus payable to a
Participant as provided in Section 5.1(c). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.20&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Target Incentive Award</I>&#148; means a target bonus
amount established by the Committee for each Participant for a two year performance period, which will be equal to a stated dollar amount or a set percentage of the Participant&#146;s base salary, as determined in the sole discretion of the
Committee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.21&nbsp;&nbsp;&nbsp;&nbsp; &#147;<I>Target</I> <I>Incentive Award Pool</I>&#148; means the aggregate amount of all Target
Incentive Award amounts established for all Participants for a <FONT STYLE="white-space:nowrap">two-year</FONT> performance period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.22&nbsp;&nbsp;&nbsp;&nbsp; &#147;<I>Target MTI Pool</I>&#148; means the aggregate amount of all MTI Target Awards established for all
Participants, as described in Section 5.1(c). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>III.</B>&nbsp;&nbsp;&nbsp;&nbsp; <B><U>Eligibility; Participation; Newly Hired Employees</U></B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.1&nbsp;&nbsp;&nbsp;&nbsp;The Committee will designate the Employees who will participate in the Plan for each performance period. Employees
are eligible for designation by the Committee if they (i)&nbsp;are employed by Radian or an Affiliate specified by the Committee, (ii)&nbsp;hold the position of Vice President or above, and (iii)&nbsp;are not participating in any other short-term
incentive plan sponsored by Radian or an Affiliate. The Committee has sole discretion to determine which Employees will participate in the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.2&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, Employees who are newly hired or who are promoted or transferred into a position
eligible to participate in the Plan on or after October 1st of the first fiscal year of the performance period shall not be eligible to participate in the Plan for such performance period. Employees who are newly hired or who are promoted or
transferred into a position eligible to participate in the Plan before October 1st of the first fiscal year of the performance period shall be eligible to participate in the Plan for such performance period and shall be eligible to receive a
prorated bonus award calculated in whole months based on the relative time spent in the eligible position during the performance period, as determined by the Committee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.3&nbsp;&nbsp;&nbsp;&nbsp;The Committee may determine that certain Participants will only be eligible for STI Bonuses and will not be
eligible for MTI Bonuses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>IV.</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Performance Metrics/Goals</U></B><B>. </B>The Compensation Committee will establish the
applicable business and/or financial performance metrics or goals that Radian and/or specified Affiliates will be measured against in order to determine the Actual Incentive Award Pool and the Actual MTI Award Pool pursuant to which STI Bonuses and
MTI Bonuses are to be payable or allocated, as applicable, for each <FONT STYLE="white-space:nowrap">two-year</FONT> performance period. The business and/or financial </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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performance goals will be established and communicated in writing to eligible Participants. At the end of each fiscal year, the Compensation Committee will determine whether, and to what extent,
such performance goals have been met for that year for purposes of funding the bonus pools to be awarded or allocated under this Plan. The Compensation Committee may adjust the performance results for extraordinary items or other events or
circumstances, as the Compensation Committee deems appropriate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>V.</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Incentive Bonus Program</U></B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.1&nbsp;&nbsp;&nbsp;&nbsp;<B>Incentive Awards</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;<B>Target Incentive Awards. </B>At the beginning of each <FONT STYLE="white-space:nowrap">two-year</FONT>
performance period, the Committee will establish a Target Incentive Award for each Participant. Unless the Committee establishes a new Target Incentive Award for a Participant for a fiscal year, the Participant&#146;s Target Incentive Award will be
the same Target Incentive Award as in effect for the Participant for the immediately preceding fiscal year. The Target Incentive Award Pool will be equal to 100% of the Target Incentive Award amounts for all eligible Participants for the year. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<B>Approval of Incentive Award Amounts.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp;At the end of the first fiscal year of each performance period, the Compensation Committee will determine how much,
if any, of the Target Incentive Award Pool will be available to be allocated as Actual Incentive Awards based on Radian&#146;s and its Affiliates&#146; achievement of the performance goals for the first fiscal year that were established pursuant to
Section IV. The Actual Incentive Award Pool may range from zero to 200% of the Target Incentive Award Pool. </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;The Committee will allocate the Actual Incentive Award Pool among Participants, in its sole discretion, based on
such criteria as the Committee deems appropriate, which may include the Participant&#146;s performance rating, the Participant&#146;s relative Target Incentive Award and other factors determined in the sole discretion of the Committee. A
Participant&#146;s Actual Incentive Award may range from zero to 200% of the Participant&#146;s Target Incentive Award amount. The total amount of the Actual Incentive Awards allocated to all Participants in a fiscal year will not exceed the Actual
Incentive Award Pool established under Section 5.1(b)(1) for the fiscal year based on the performance of Radian and its Affiliates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<B>Payment of STI Bonuses; Establishment of MTI Target Award. </B>Except as provided in Section 5.1(d) below, if an
Actual Incentive Award is allocated to a Participant based on performance for the first fiscal year, 50% of the Actual Incentive Award amount will be paid in cash to the Participant in a single lump sum payment as an STI Bonus between January&nbsp;1
and March&nbsp;15 following the end of the fiscal year for which the Actual Incentive Award is allocated. The remaining 50% of the Actual Incentive Award amount will be established as the &#147;MTI Target Award&#148; for the Participant and will be
payable based on achievement of performance goals realized in the second year of the performance period, as set </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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forth in Section&nbsp;5.2. Except as provided in Sections 5.1(e) and (f), a Participant must be employed by Radian or an Affiliate on the date on which the STI Bonus is paid in order to receive
an STI Bonus for the fiscal year. If no Actual Incentive Award amount is allocated to a Participant for a fiscal year, the Participant will not receive an STI Bonus or an MTI Target Award or be eligible to receive an MTI Bonus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<B>Payment of STI Bonuses to Participants who are Not Eligible for MTI Bonuses. </B>For Participants who are not
eligible to receive MTI Bonuses<B> </B>pursuant to Section&nbsp;3.3, if an Actual Incentive Award is allocated to a Participant based on performance for the first fiscal year, 100% of the Actual Incentive Award amount will be paid in cash to the
Participant in a single lump sum payment as an STI Bonus between January&nbsp;1 and March&nbsp;15 following the end of the fiscal year for which the Actual Incentive Award is allocated. The Participant will not be eligible to receive an MTI Bonus.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<B>Involuntary Termination</B>. If, on or after December 31st of the first fiscal year of the performance
period but prior to the payment date for the STI Bonus, a Participant&#146;s employment is terminated by Radian and its Affiliates without Cause (or the Participant terminates employment for Good Reason, in the case of a Participant who has an
employment agreement or severance agreement with Radian or an Affiliate that provides for termination on account of Good Reason), and in either case the Participant executes and does not revoke a Release (as described in Section&nbsp;5.3), the
Participant will receive his or her STI Bonus, as determined under Section 5.1(c), and (unless Section 5.1(d) applies to the Participant) the Participant will receive his or her MTI Bonus, as determined under Section 5.2(b), in each case based on
the achievement of the performance goals. The payable amount, if any, will be paid to the Participant at the same time as STI Bonuses and MTI Bonuses, as applicable, are paid to other Participants for the fiscal year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;<B>Death or Disability</B>. If a Participant&#146;s employment terminates on account of death, or a Participant
incurs a Disability, before the payment date for the STI Bonus, the Participant will be paid a pro rata portion of the Participant&#146;s STI Bonus, with the Participant&#146;s STI Bonus equal to an amount calculated as the percentage of the
Participant&#146;s Target Incentive Award that is equal to the percentage that the Actual Incentive Award Pool (as determined under 5.1(b)) represents to the Target Incentive Award Pool; provided that, in the case of Disability, payment is
conditioned on the Participant executing and not revoking a Release. The pro rata portion of the Participant&#146;s STI Bonus that shall be paid pursuant to this Section 5.1(f), if any, shall be calculated by multiplying the amount of the
Participant&#146;s STI Bonus, as determined above in the Section 5.1(f), by a fraction, the numerator of which is the number of days during the first fiscal year of the performance period that the Participant was employed by Radian or an Affiliate
and the denominator of which is the number of days in the first fiscal year of the performance period. The payable amount, if any, will be paid to the Participant, or the Participant&#146;s personal representative in the case of death, at the same
time as STI Bonuses are paid to other Participants. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.2&nbsp;&nbsp;&nbsp;&nbsp;<B>Medium Term Incentive Bonus.</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;<B>MTI Target Award.</B> Except as provided in Section 5.1(d), each Participant who is allocated an Actual Incentive
Award amount based on performance for the first fiscal year of the performance period, and who received payment of an STI Bonus, will have an MTI Target Award equal to 50% of the Actual Incentive Award amount allocated to the Participant. The Target
MTI Pool for the second fiscal year of the performance period will be equal to 100% of the MTI Target Awards established for all eligible Participants. Each such Participant may be paid a percentage of his or her MTI Target Award as a cash MTI Bonus
based on performance for the second fiscal year of the performance period, as set forth in Section 5.2(b). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<B>Approval of MTI Bonus Payments.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp;At the end of the second fiscal year of the performance period, the Compensation Committee will determine how much,
if any, of the Target MTI Pool will be available for payment of MTI Bonuses, based upon the achievement of the performance goals realized for the second fiscal year of the performance period that were established pursuant to Section IV. The Actual
MTI Pool will be a percentage ranging from zero to 150% of the Target MTI Pool, as determined by the Compensation Committee. </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;The MTI Bonus payable to a Participant, if any, shall equal the Participant&#146;s MTI Target Award multiplied by
the percentage established by the Committee based on performance as described in Section 5.2(b)(1) to establish the Actual MTI Pool. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<B>Payment of MTI Bonuses. </B>If a Participant is awarded an MTI Bonus for a fiscal year, the MTI Bonus will be
paid in cash to the Participant in a single lump sum payment between January&nbsp;1 and March&nbsp;15 following the end of the second fiscal year of the performance period. If a Participant who receives payment of an STI Bonus for the first fiscal
year of the performance period terminates employment for any reason (voluntarily or involuntarily) other than Cause, the Participant will remain eligible to receive an MTI Bonus, as determined under Section 5.2(b), provided that the Participant
executes and does not revoke a Release (as described in Section&nbsp;5.3). Such MTI Bonus shall be payable at the same time as MTI Bonuses are paid to other Participants. A Participant will not receive any MTI Bonus if the Participant&#146;s
employment is terminated for Cause. If a Participant&#146;s employment terminates on account of death, any MTI Bonus will be paid to the Participant&#146;s personal representative at the same time as MTI Bonuses are paid to other Participants. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.3&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Release</U></B>. Any payment of an STI Bonus or an MTI Bonus after the Participant&#146;s termination of
employment (except for termination of employment upon death) or on account of Disability shall be conditioned on the Participant executing and not revoking a written Release. The Release will be in a form provided by Radian and will release all
claims against Radian, its Affiliates and all related parties with respect to all matters arising out of Participant&#146;s employment by Radian or an Affiliate, or the termination thereof (other than claims based upon any entitlements under the
terms of this Plan or under any plans or programs of Radian and its Affiliates under which Participant has accrued a benefit). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>VI.</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Administration</U></B>. The Committee will have full power and
discretionary authority to interpret the Plan. Except as specifically provided otherwise herein, the Committee will have full power and discretionary authority to administer the Plan, to make all determinations, including all participation and award
determinations, and to prescribe, amend and rescind any rules, forms or procedures as the Committee deems necessary or appropriate for the proper administration of the Plan and to make any other determinations and take such other actions as the
Committee deems necessary or advisable in carrying out its duties under the Plan. Any action required of the Committee under the Plan will be made in the sole discretion of the Committee and not in a fiduciary capacity. All decisions and
determinations by the Committee will be final, conclusive and binding on Radian, its Affiliates, the Participants and any other persons having or claiming an interest hereunder.<B> </B>All STI Bonuses and MTI Bonuses will be awarded conditional upon
the Participant&#146;s acknowledgement, by participation in the Plan, that all decisions and determinations of the Committee will be final and binding on the Participant, his or her beneficiaries and any other person having or claiming an interest
in such STI Bonuses or MTI Bonuses. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>VII.</B>&nbsp;&nbsp;&nbsp;&nbsp;<B><U>General Provisions</U></B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.1&nbsp;&nbsp;&nbsp;&nbsp;<B>Transferability.</B> No awards under this Plan may be transferred, assigned, pledged or encumbered by the
Participant nor may any awards under this Plan be subject to any claim of any creditor, and, in particular, to the fullest extent permitted by law, all such payments, benefits and rights will be free from attachment, garnishment, trustee&#146;s
process, or any other legal or equitable process available to any creditor of such Participant. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.2&nbsp;&nbsp;&nbsp;&nbsp;<B>Unfunded
Arrangement.</B> The Plan is an unfunded incentive compensation arrangement. Nothing contained in the Plan, and no action taken pursuant to the Plan, will create or be construed to create a trust of any kind. Each Participant&#146;s interest in an
STI Bonus or MTI Bonus will be no greater than the right of an unsecured general creditor of Radian. All STI Bonuses and MTI Bonuses will be paid from the general funds of Radian, and no special or separate fund will be established and no
segregation of assets will be made to assure payment of the STI Bonuses and MTI Bonuses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.3&nbsp;&nbsp;&nbsp;&nbsp;<B>Withholding
Tax.</B> All payments under this Plan shall be made subject to applicable tax withholding, and Radian or an Affiliate shall withhold from any payments under this Plan all federal, state and local taxes as Radian or an Affiliate is required to
withhold pursuant to any law or governmental rule or regulation. The Participant shall bear all expense of, and be solely responsible for, all federal, state and local taxes due with respect to any payment received under this Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.4&nbsp;&nbsp;&nbsp;&nbsp;<B>No Rights to Employment.</B> Nothing in the Plan, and no action taken pursuant hereto, will give a Participant
any right to continued employment. Each Participant&#146;s employment continues to be <FONT STYLE="white-space:nowrap">at-will,</FONT> which means that Radian or an Affiliate can terminate the Participant&#146;s employment at any time for cause or
for no cause whatsoever. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.5&nbsp;&nbsp;&nbsp;&nbsp;<B>Deferrals</B>. Radian may allow selected Participants to defer part
or all of their STI Bonuses or MTI Bonuses under a deferred compensation plan, consistent with Section 409A of the Internal Revenue Code. If a Participant elects to defer an STI Bonus or MTI Bonus pursuant to a deferred compensation plan, the STI
Bonus or MTI Bonus will be paid at the time and in the form determined under the deferred compensation plan, notwithstanding the payment terms of this Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.6&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 409A</B>. The Plan is intended to comply with the short-term deferral rule set forth in the regulations
under section 409A of the Internal Revenue Code in order to avoid application of section 409A to the Plan. If and to the extent that any payment under this Plan is deemed to be deferred compensation subject to the requirements of section 409A, this
Plan will be administered so that such payments are made in accordance with the requirements of section 409A, including the <FONT STYLE="white-space:nowrap">six-month</FONT> delay required for &#147;specified employees,&#148; if applicable. In no
event shall a Participant, directly or indirectly, designate the calendar year of payment, except in accordance with Section 409A. If a payment is subject to section 409A, is subject to execution of a Release, and could be made in more than one
taxable year, based on timing of the execution of the Release, payment shall be made in the later taxable year, as required under section 409A. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.7&nbsp;&nbsp;&nbsp;&nbsp;<B>Termination and Amendment of the Plan. </B>The Compensation Committee may amend or terminate the Plan at any
time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.8&nbsp;&nbsp;&nbsp;&nbsp;<B>Successors.</B> The Plan will be binding upon and inure to the benefit of Radian, its successors and
assigns, and each Participant and his or her heirs, executors, administrators and legal representatives. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.9&nbsp;&nbsp;&nbsp;&nbsp;<B>Applicable Law. </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 Plan shall be construed, administered and governed in all respects under and by the applicable laws of the
Commonwealth of Pennsylvania, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation to the substantive law of another jurisdiction. </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;As a condition of participating in the Plan, each Participant irrevocably and unconditionally (i)&nbsp;agrees that
any legal proceeding arising out of the Plan may be brought only in the United States District Court for the Eastern District of Pennsylvania, or if such court does not have jurisdiction or will not accept jurisdiction, in any court of general
jurisdiction in Philadelphia County, Pennsylvania, (ii)&nbsp;consents to the sole and exclusive jurisdiction and venue of such court in any such proceeding, and (iii)&nbsp;waives any objection to the laying of venue of any such proceeding in any
such court. The Participant also irrevocably and unconditionally consents to the service of any process, pleadings, notices, or other papers. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Plan shall be subject to any required approvals by
any governmental or regulatory agencies. STI Bonuses and MTI Bonuses shall be subject to any applicable clawback or recoupment policies and other policies that may be implemented by the Board from time to time in accordance with applicable law.
Notwithstanding anything in the Plan to the contrary, the Plan, STI Bonuses and MTI Bonuses shall be subject to all applicable laws, including any laws, regulations, restrictions, or governmental guidance that becomes applicable in the event of the
Company&#146;s participation in any governmental programs, and the Committee reserves the right to modify the Plan as necessary to conform to any restrictions imposed by any such laws, regulations, restrictions, or governmental guidance or to
conform to any applicable clawback or recoupment policies and other policies that may be implemented by the Board from time to time. As a condition of participating in the Plan and accepting payment of any STI Bonus and MTI Bonus, all Participants
agree to any such modifications that may be imposed by the Committee, and all Participants agree to sign such waivers or acknowledgments as the Committee may deem necessary or appropriate with respect to such modifications. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Revision History </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="25%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="24%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Revision</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Description</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Author</B></P></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">2.0</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">2/8/2017</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Updated</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">A. Scott</TD></TR>
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