<SEC-DOCUMENT>0001157523-17-001589.txt : 20170516
<SEC-HEADER>0001157523-17-001589.hdr.sgml : 20170516
<ACCEPTANCE-DATETIME>20170516162250
ACCESSION NUMBER:		0001157523-17-001589
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20170510
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Submission of Matters to a Vote of Security Holders
FILED AS OF DATE:		20170516
DATE AS OF CHANGE:		20170516

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:		17848880

	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>a51560434.htm
<DESCRIPTION>RADIAN GROUP INC. 8-K
<TEXT>
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          &#160;
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    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 18pt"><b>UNITED
      STATES</b></font><b><font style="font-family: Times New Roman; font-size: 18pt"><br style="font-size: 18pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 18pt">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><font style="font-family: Times New Roman; font-size: 12pt"><b>WASHINGTON,
      DC 20549</b></font><br>
    </p>
    <hr style="text-align: center; width: 100%; color: #000000; height: 1.0 pt">


    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 18pt"><b>FORM 8-K</b></font>
    </p>
    <hr style="text-align: center; width: 100%; color: #000000; height: 1.0 pt">


    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>CURRENT
      REPORT</b></font><br><br><font style="font-family: Times New Roman; font-size: 12pt"><b>Pursuant
      to Section 13 or 15(d) of</b></font><br><font style="font-family: Times New Roman; font-size: 12pt"><b>The
      Securities Exchange Act of 1934</b></font><br><br><font style="font-family: Times New Roman; font-size: 10pt"><b>Date
      of report (Date of earliest event reported) </b></font><b><u><font style="font-family: Times New Roman; font-size: 10pt">May
      10, 2017</font></u></b><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman"></font>
    </p>
    <hr style="text-align: center; width: 100%; color: #000000; height: 1.0 pt">


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


    <p style="text-align: center">

    </p>
    <div style="text-align:center">
    <table style="margin-left:auto;margin-right:auto; width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Delaware</b>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 34%; white-space: nowrap; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt"><b>1-11356</b></font>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 33%; white-space: nowrap; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt"><b>23-2691170</b></font>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(State or Other Jurisdiction<br>of Incorporation)</b>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 34%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(Commission<br>File Number)</b>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(IRS Employer<br>Identification No.)</b>
          </p>
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 60%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt"><b>1601
            Market Street, Philadelphia, Pennsylvania</b></font>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 40%; white-space: nowrap; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt"><b>19103</b></font>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 60%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt"><b>(Address
            of Principal Executive Offices)</b></font>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 40%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt"><b>(Zip
            Code)</b></font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      <b>(215) 231 - 1000<font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 10pt">(Registrant&#8217;s
      Telephone Number, Including Area Code)</font><br><br><br><font style="font-family: Times New Roman; font-size: 10pt">(Former
      Name or Former Address, if Changed Since Last Report)</font><br></b><br>
    </p>
    <hr style="text-align: center; width: 100%; color: #000000; height: 1.0 pt">


    <p>

    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions </font>&#160;(<i>see </i>General Instruction
      A.2. below)<font style="font-family: Times New Roman; font-size: 10pt">:</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <p style="text-align: justify">
      Indicate by check mark whether the registrant is an emerging growth
      company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405
      of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
      (&#167;240.12b-2 of this chapter).
    </p>
    <p style="text-align: right">
      Emerging growth company <font style="font-family: Arial Unicode MS; font-size: 12pt">&#8414;</font>
    </p>
    <p>
      If an emerging growth company, indicate by check mark if the registrant
      has elected not to use the extended transition period for complying with
      any new or revised financial accounting standards provided pursuant to
      Section 13(a) of the Exchange Act. <font style="font-family: Arial Unicode MS; font-size: 12pt">&#8414;</font>
    </p>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
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          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <p style="margin-left: 90.0px">

    </p>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 10%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Item 5.02.</b>
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 90%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Departure of Directors or Certain Officers; Election of
            Directors; Appointment of Certain Officers; Compensatory
            Arrangements of Certain Officers.</b>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="white-space: nowrap">
      <b>(e) &#160;&#160;&#160;&#160;&#160;&#160;Approval of Radian Group Inc. Equity Compensation Plan</b>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      On May 10, 2017, stockholders of Radian Group Inc. (&#8220;Radian&#8221; or the
      &#8220;Company&#8221;) approved amendments to the Radian Group Inc. 2014 Equity
      Compensation Plan (as so amended and restated, the &#8220;Radian Group Inc.
      Equity Compensation Plan&#8221; or &#8220;Plan&#8221;) to increase the shares available
      for issuance under the Plan and to make certain additional changes. The
      Plan is described in Proposal 4 in the Company&#8217;s proxy statement for the
      2017 Annual Meeting of Stockholders, filed with the Securities and
      Exchange Commission on April 10, 2017 (the &#8220;Proxy Statement&#8221;) and is
      included in its entirety as Appendix A to the Proxy Statement.
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      <b>2017 Long-Term Incentive Awards </b>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      On May 10, 2017, the Compensation and Human Resources Committee (the
      &#8220;Committee&#8221;) of the Company&#8217;s Board of Directors (the &#8220;Board&#8221;) granted
      annual long-term incentive awards (the &#8220;2017 LTI Awards&#8221;) to the
      Company&#8217;s executive officers, including Richard G. Thornberry, the
      Company&#8217;s current Chief Executive Officer, and J. Franklin Hall, Derek
      V. Brummer and Edward J. Hoffman, the Company&#8217;s named executive officers
      (&#8220;NEOs&#8221;) who continue to serve as executive officers of the Company (Mr.
      Thornberry and the NEOs are referred to herein as the &#8220;Executives&#8221;).
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      All of the 2017 LTI Awards granted by the Company, including those
      awarded to the Executives as described in more detail below, were
      granted under the Plan.&#160;&#160;All of the 2017 LTI Awards will be settled in
      shares of the Company&#8217;s common stock.
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      For 2017, each Executive&#8217;s target 2017 LTI Award is comprised of the
      following components: (1) performance based restricted stock units that
      will vest based on Radian&#8217;s relative total stockholder return (&#8220;TSR&#8221;)
      which compares Radian's absolute TSR&#160;to a designated peer group over a
      three-year performance period (the &#8220;TSR RSUs&#8221;); (2) performance based
      restricted stock units that will vest based on growth in the Company&#8217;s
      &#8220;LTI Book Value per Share&#8221; (as defined below) over a three-year
      performance period (the &#8220;BV RSUs&#8221; and together with the TSR RSUs, the
      &#8220;Performance Based RSUs&#8221;); and (3) time-based restricted stock units
      that will vest over three years in pro rata installments (&#8220;Time-Based
      RSUs&#8221;).&#160;&#160;Each component of the 2017 LTI Awards represents one-third of
      the total target value of the 2017 LTI Awards, with the performance
      based components representing 67% of the total awards.&#160;&#160;
    </p>
    <p style="text-indent: 60.0px; white-space: nowrap">

    </p>
    <div style="text-indent: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <p style="margin-left: 60.0px">
      <i><b>2017 Performance Based RSU Awards</b></i>
    </p>
    <p style="margin-left: 60.0px">
      The Committee granted Performance Based RSUs to the Executives in the
      following amounts:
    </p>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 5%">
          &#160;
        </td>
        <td valign="top" style="text-align: left; border-bottom-color: black; padding-left: 0.0px; width: 40%; border-bottom-style: solid; border-bottom-width: 1.0pt">
          Executive Officer
        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; width: 25%; border-bottom-style: solid; border-bottom-width: 1.0pt">
          TSR RSUs (#)
        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; width: 25%; border-bottom-style: solid; border-bottom-width: 1.0pt">
          BV RSUs (#)
        </td>
        <td style="width: 5%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="text-align: left; border-bottom-color: black; padding-left: 0.0px; width: 40%; border-bottom-style: solid; border-bottom-width: 1.0pt">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <br>
            Mr. Thornberry
          </p>
        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; width: 25%; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <br>
            62,290
          </p>
        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; width: 25%; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <br>
            67,380
          </p>
        </td>
        <td style="width: 5%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="border-bottom-color: black; width: 40%; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; width: 25%; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; width: 25%; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="width: 5%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="text-align: left; border-bottom-color: black; padding-left: 0.0px; width: 40%; border-bottom-style: solid; border-bottom-width: 1.0pt">
          Mr. Hall
        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; width: 25%; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          10,390
        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; width: 25%; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          11,230
        </td>
        <td style="width: 5%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="border-bottom-color: black; width: 40%; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; width: 25%; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; width: 25%; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="width: 5%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="text-align: left; border-bottom-color: black; padding-left: 0.0px; width: 40%; border-bottom-style: solid; border-bottom-width: 1.0pt">
          Mr. Brummer
        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; width: 25%; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          11,940
        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; width: 25%; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          12,920
        </td>
        <td style="width: 5%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="border-bottom-color: black; width: 40%; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; width: 25%; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; width: 25%; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="width: 5%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="text-align: left; border-bottom-color: black; padding-left: 0.0px; width: 40%; border-bottom-style: solid; border-bottom-width: 1.0pt">
          Mr. Hoffman
        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; width: 25%; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          10,390
        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; width: 25%; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          11,230
        </td>
        <td style="width: 5%">

        </td>
      </tr>
    </table>
    </div>
    <p style="text-indent: 30.0px; font-size: 10pt">
      With respect to the Performance Based RSUs, the amounts granted
      represent the Executive&#8217;s target award for the TSR RSUs (the &#8220;TSR RSU
      Target&#8221;) and the BV RSUs (the &#8220;BV RSU Target&#8221;).&#160;&#160;The 2017 Performance
      Based RSU awards will vest on May 10, 2020, based on the attainment of
      specified performance goals (as described below), subject to certain
      conditions (as specified below) that could accelerate such
      vesting.&#160;&#160;Each vested Performance Based RSU will be payable in one share
      of the Company&#8217;s common stock.
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      <u><b>TSR RSUs.</b></u> On the vesting date, each Executive will become
      vested in a number of shares of the Company&#8217;s common stock (from 0 to
      200% of his TSR RSU Target) based on the Company&#8217;s relative TSR over a
      three-year performance period, as further described below, subject to a
      maximum cap of six times the value of his TSR RSU Target on the grant
      date.&#160;&#160;
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      The Company&#8217;s relative TSR will be a comparison of the Company&#8217;s
      absolute TSR&#160;&#160;against the median TSR of a designated peer group of 14
      peer companies (the &#8220;TSR Peer Group&#8221;), which primarily comprises the
      peer companies selected by the Committee to benchmark compensation for
      the executive officers&#8217; 2017 compensation.&#160;&#160;The Company&#8217;s absolute TSR
      will be determined based on the change in market value of the Company&#8217;s
      common stock during the performance period, as measured by comparing (x)
      the average closing price of the Company&#8217;s common stock on the NYSE for
      the 60 consecutive trading days preceding and including May 10, 2017 and
      (y) the average closing price for the 60 consecutive trading days
      preceding and including the last day of the performance period (May 10,
      2020). TSR includes dividends paid during the performance period, as
      though they were reinvested in shares of the Company&#8217;s common stock.&#160;&#160;
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      The payout for the TSR RSUs will be determined by comparing the
      Company&#8217;s absolute TSR over the performance period against the median
      TSR of the TSR Peer Group (the &#8220;Median Peer Group TSR&#8221;). The starting
      point for the payout determination will be 100% of the TSR RSU
      Target.&#160;&#160;For every 1% that the Company&#8217;s absolute TSR exceeds the Median
      Peer Group TSR, the payout percentage will increase by 2 percentage
      points above 100% of the TSR RSU Target.&#160;&#160;For every 1% that the
      Company&#8217;s absolute TSR is below the Median Peer Group TSR, the payout
      percentage will decrease by 2 percentage points below 100% of the TSR
      RSU Target.&#160;&#160;Regardless of the extent to which the Company&#8217;s absolute
      TSR may exceed the Median Peer Group TSR, if the Company&#8217;s absolute TSR
      is negative over the performance period, the maximum potential payout
      for the TSR RSUs will be capped at 75% of the TSR RSU Target.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <p style="text-indent: 30.0px; font-size: 10pt">
      <u><b>BV RSUs.</b></u> On the vesting date, each Executive will become
      vested in a number of shares of the Company&#8217;s common stock (from 0 to
      200% of his BV RSU Target) based on how the Company&#8217;s cumulative growth
      in LTI Book Value per Share (as defined below) over a three-year
      performance period (from March 31, 2017 through March 31, 2020) compares
      to the following reference points:
    </p>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 5%">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; width: 50%; border-bottom-style: solid; border-bottom-width: 1.0pt">
          <b>LTI Book Value per Share Growth<sup> (1)</sup></b>
        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; width: 40%; border-bottom-style: solid; border-bottom-width: 1.0pt">
          <b>Payout Percentage<sup>(1)</sup></b>

          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(% of BV RSU Target)</b>
          </p>
        </td>
        <td style="width: 5%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td valign="top" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; width: 50%; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#8805;50%
        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; width: 40%; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          200%
        </td>
        <td style="width: 5%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td valign="top" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; width: 50%; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          40%
        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; width: 40%; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          150%
        </td>
        <td style="width: 5%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td valign="top" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; width: 50%; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          30%
        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; width: 40%; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          100%
        </td>
        <td style="width: 5%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td valign="top" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; width: 50%; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          20%
        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; width: 40%; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          50%
        </td>
        <td style="width: 5%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td valign="top" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; width: 50%; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &lt;10%<sup>(2)</sup>
        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; width: 40%; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          0%
        </td>
        <td style="width: 5%">

        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; width: 4%">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 2%; white-space: nowrap; padding-right: 0.0px">
          (1)
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 1%">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 93%">
          If the Company&#8217;s growth in LTI Book Value per Share falls between
          two referenced percentages, the payout percentage will be
          interpolated.
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; width: 4%">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 2%; white-space: nowrap; padding-right: 0.0px">
          (2)
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 1%">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 93%">
          If the Company&#8217;s growth in LTI Book Value per Share is less than
          10%, the payout percentage will be 0.
        </td>
      </tr>
    </table>
    </div>
    <p style="text-indent: 30.0px; font-size: 10pt">
      The Company&#8217;s &#8220;LTI Book Value per Share&#8221; is defined as: (A) Tangible
      Book Value (Total Stockholders&#8217; Equity less Goodwill and Other
      Intangible Assets, net) adjusted to exclude: (1) Accumulated Other
      Comprehensive Income; and (2) the impacts, if any, during the three-year
      performance period from: (i) repurchases or retirements of convertible
      bonds; (ii) merger and acquisition-related expenses; (iii) changes in
      goodwill and other intangible assets related to acquisitions or
      dispositions; (iv) repurchases of common shares; and (v) declared
      dividends on common shares; <i><b>divided by</b></i> (B) basic shares of
      common stock outstanding, as adjusted to exclude the share impact, if
      any, related to any of the items identified in (A) above, each applied
      on a consistent basis.
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      <u><b>Provisions Generally Applicable to Performance Based RSUs.</b></u>
      The Performance Based RSUs include a one-year, post-vesting holding
      period, such that the vested Performance Based RSUs will not be
      convertible into shares (other than shares withheld to pay taxes due at
      vesting) until the one-year anniversary of the vesting date of the
      Performance Based RSUs. However, as set forth in the applicable grant
      instrument, the post-vesting holding period will not apply in certain
      circumstances, such as the Executive's death or disability during
      employment, the occurrence of a change of control after the end of the
      performance period, or certain terminations of employment in the event
      of a change of control before the end of the performance period.
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      The Performance Based RSU awards provide for &#8220;double trigger&#8221; vesting in
      the event of a change of control. In the event of a change of control of
      the Company before the end of the three-year performance period, the
      Performance Based RSUs will vest at target at the end of the three-year
      performance period on May 10, 2020, provided that the Executive remains
      employed by the Company through such date. However, if the Executive&#8217;s
      employment is terminated by the Company without &#8220;cause,&#8221; or the
      Executive terminates employment for &#8220;good reason&#8221; (as those terms are
      defined in the grant instrument), in each case within 90 days before or
      one year after a change of control, the Performance Based RSUs will
      become fully vested at target upon such termination (or the date of the
      change of control, if later).&#160;&#160;
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">

    </p>
    <div style="text-indent: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <p style="text-indent: 60.0px">

    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      If the Executive retires before the end of the three-year performance
      period, the award will remain outstanding and will vest at the end of
      the performance period to the extent that the performance criteria have
      been satisfied (or will vest at the target level in the event of a
      change of control as discussed above) and generally will become payable
      subject to the one-year holding period. Additionally, the Performance
      Based RSUs will become fully vested and payable at target in the event
      of the Executive&#8217;s death or disability during employment.
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      Except as described below, if the Executive is involuntarily terminated
      by the Company other than for &#8220;cause&#8221; or the Executive terminates
      employment for &#8220;good reason,&#8221; in each case six months or more after the
      award is granted, and the Executive executes a written release of claims
      against the Company, a prorated portion of the unvested Performance
      Based RSUs (based on the number of months that the Executive was
      employed following the date the award was granted) will remain
      outstanding and will represent the Executive&#8217;s new target award;
      provided however, that if such termination occurs within six months
      prior to the end of the three-year performance period, the Performance
      Based RSUs will not be prorated and the grant date target award will
      remain outstanding in its entirety.&#160;&#160;Any Performance Based RSUs that
      remain outstanding will vest at the end of the performance period to the
      extent that the performance criteria have been satisfied (or will vest
      at the applicable target level in the event of a change of control) and
      generally will become payable subject to the one-year holding period
      discussed above.&#160;&#160;
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      The Performance Based RSUs also include a provision that prohibits the
      Executive from competing with the Company and from soliciting the
      Company&#8217;s employees or customers for a period of eighteen (18) months
      with respect to Mr. Thornberry and a period of twelve (12) months for
      each of the other Executive&#8217;s (in each case, the &#8220;Restricted Period&#8221;)
      following termination of the Executive&#8217;s employment for any reason.
    </p>
    <p style="text-align: justify">
      <i><b>2017 Time-Based RSUs</b></i>
    </p>
    <p style="text-indent: 30.0px; text-align: justify">
      The Committee granted Time-Based RSUs to the Executives in the following
      amounts: Mr. Thornberry &#8211; 60,210 RSUs; Mr. Hall &#8211; 10,040 RSUs; Mr.
      Brummer &#8211; 11,540 RSUs; and Mr. Hoffman &#8211; 10,040 RSUs.<i><b> </b></i>
    </p>
    <p style="text-indent: 30.0px; text-align: justify">
      The Time-Based RSUs are scheduled to vest in pro rata installments on
      each of the first three anniversaries of the grant date (i.e., May 10,
      2018, May 10, 2019 and May 10, 2020), as long as the Executive is an
      employee of Radian on the vesting date.&#160;&#160;
    </p>
    <p style="text-indent: 30.0px; text-align: justify">
      In the event of the Executive&#8217;s retirement, death or disability before
      the end of the three-year vesting period, any unvested Time-Based RSUs
      will become fully vested.&#160;&#160;Additionally, if the Executive is
      involuntarily terminated by the Company other than for &#8220;cause&#8221; or the
      Executive terminates employment for &#8220;good reason&#8221; and the Executive
      executes a written release of claims against the Company, any unvested
      Time-Based RSUs will become fully vested.
    </p>
    <p style="text-indent: 30.0px; text-align: justify">

    </p>
    <div style="text-indent: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <p style="text-indent: 60.0px">

    </p>
    <p style="text-indent: 30.0px; text-align: justify">
      The Time-Based RSU awards provide for &#8220;double trigger&#8221; vesting in the
      event of a change of control.
    </p>
    <p style="text-indent: 30.0px; text-align: justify">
      The Time-Based RSUs also include a provision that prohibits the
      Executive from competing with the Company and from soliciting the
      Company&#8217;s employees or customers for the applicable Restricted Period
      following termination of the Executive&#8217;s employment for any reason.
    </p>
    <p style="text-indent: 30.0px; text-align: justify">
      The foregoing summary of the 2017 LTI Awards is not a complete
      description of all of the terms and conditions of the Performance Based
      RSU awards and the Time-Based RSUs and is qualified in its entirety by
      reference to the full text of the form of grant instruments, which the
      Company plans to file as exhibits to its Quarterly Report on Form 10-Q
      for the quarter ended June 30, 2017.
    </p>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 10%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Item 5.07.</b>
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 90%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Submission of Matters to a Vote of Security Holders.</b>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-indent: 30.0px; font-size: 10pt">
      At the Company&#8217;s 2017 Annual Meeting of Stockholders held on May 10,
      2017, the following proposals were submitted to a vote of the Company&#8217;s
      stockholders, with the voting results indicated below:
    </p>
    <p style="text-align: justify; margin-left: 30.0px">
      (1)&#160;&#160;Election of ten (10) directors for a term of one year each, to
      serve until their successors have been duly elected and qualified or
      until their earlier removal or resignation:
    </p>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <br>
            <u><b>FOR</b></u>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <br>
            <u><b>AGAINST</b></u>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <br>
            <u><b>ABSTAIN</b></u>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>BROKER</b></u><br><u><b>NON-VOTES</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Herbert Wender
          </p>
        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            171,252,864
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          3,640,238
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          244,201
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          17,662,419
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            David C. Carney
          </p>
        </td>
        <td valign="top" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            172,855,251
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          2,025,121
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          256,931
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          17,662,419
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Howard B. Culang
          </p>
        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          171,772,868
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          3,108,498
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          255,937
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          17,662,419
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Lisa W. Hess
          </p>
        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            170,874,442
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          3,993,774
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          269,087
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          17,662,419
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Stephen T. Hopkins
          </p>
        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          171,774,142
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          3,092,411
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          270,750
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          17,662,419
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px" rowspan="2">
          Brian D. Montgomery
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          172,256,106
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          2,624,456
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          256,741
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          17,662,419
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Gaetano Muzio
          </p>
        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            170,816,809
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          4,051,776
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          268,718
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          17,662,419
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Gregory V. Serio
          </p>
        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            171,072,560
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          3,799,061
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          265,682
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          17,662,419
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <br>
            <u><b>FOR</b></u>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <br>
            <u><b>AGAINST</b></u>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <br>
            <u><b>ABSTAIN</b></u>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>BROKER</b></u><br><u><b>NON-VOTES</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Noel J. Spiegel
          </p>
        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            174,242,527
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          650,726
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          244,050
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          17,662,419
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px" rowspan="2">
          Richard G. Thornberry
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          173,922,076
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          958,238
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          256,989
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          17,662,419
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: justify; white-space: nowrap; margin-left: 30.0px">

    </p>
    <p style="text-align: justify; white-space: nowrap; margin-left: 30.0px">
      (2)&#160;&#160;Approval, by an advisory, non-binding vote, of the compensation of
      the Company&#8217;s named executive officers:<i><b> </b></i>
    </p>
    <p style="text-align: justify; white-space: nowrap; margin-left: 30.0px">

    </p>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>FOR</b></u>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>AGAINST</b></u>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>ABSTAIN</b></u>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>BROKER NON-VOTES</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            115,909,399
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          58,914,659
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          313,245
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          17,662,419
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p style="text-align: justify; white-space: nowrap; margin-left: 30.0px">
      (3)&#160;&#160;Advisory, non-binding vote, on the frequency of the advisory vote
      to approve the compensation of the Company&#8217;s named executive officers:
    </p>
    <p style="text-align: justify; white-space: nowrap; margin-left: 30.0px">

    </p>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <br>
            <u><b>One Year</b></u>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <br>
            <u><b>Two Years</b></u>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <br>
            <u><b>Three Years</b></u>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><br>
            </u><u><b>Abstain</b></u>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>BROKER</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>NON-VOTES</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            171,584,198
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          423,497
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          2,835,148
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          294,460
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          17,662,419
        </td>
      </tr>
    </table>
    </div>
    <p style="text-indent: 30.0px; font-size: 10pt">
      In light of the voting results on this advisory vote, and consistent
      with its recommendation to stockholders, on May 10, 2017, the Board
      approved an annual advisory vote regarding the compensation of the
      Company&#8217;s named executive officers.<br><br><br>
    </p>
    <p style="text-align: justify; white-space: nowrap; margin-left: 30.0px">
      (4)&#160;&#160;Approval of the Amended and Restated Radian Group Inc. Equity
      Compensation Plan:
    </p>
    <p style="text-align: justify; white-space: nowrap; margin-left: 30.0px">

    </p>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>FOR</b></u>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>AGAINST</b></u>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>ABSTAIN</b></u>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>BROKER NON-VOTES</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            168,637,164
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          6,216,941
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          283,198
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          17,662,419
        </td>
      </tr>
    </table>
    </div>
    <p style="white-space: nowrap; margin-left: 30.0px">

    </p>
    <p style="white-space: nowrap; margin-left: 30.0px">
      (5)&#160;&#160;Ratification of the appointment of PricewaterhouseCoopers LLP as
      the Company&#8217;s independent registered public accounting firm for the year
      ending December 31, 2017:
    </p>
    <p style="white-space: nowrap; margin-left: 30.0px">

    </p>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 18%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>FOR</b></u>
          </p>
        </td>
        <td style="width: 5%">
          &#160;
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 18%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>AGAINST</b></u>
          </p>
        </td>
        <td style="width: 5%">
          &#160;
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 18%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>ABSTAIN</b></u>
          </p>
        </td>
        <td style="width: 36%">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; width: 18%; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            191,322,961
          </p>
        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; width: 18%; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          1,124,528
        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="text-align: center; border-bottom-color: black; padding-left: 0.0px; width: 18%; white-space: nowrap; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px">
          352,233
        </td>
        <td style="width: 36%">

        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <p>

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

    </p>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 6%">

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

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

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

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

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

        </td>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 0.0px">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 6%; padding-bottom: 2.0px">
          Date:
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 49%; padding-bottom: 2.0px">
          May 16, 2017
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 4%; padding-bottom: 2.0px">
          By:
        </td>
        <td valign="top" style="text-align: left; border-bottom-color: black; padding-left: 0.0px; width: 41%; border-bottom-style: solid; border-bottom-width: 1.0pt">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Edward J. Hoffman
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

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

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

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

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

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

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

    </p>
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