SEC Form 4 · accession 0000890926-16-000112
RADIAN GROUP INC · RDN
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Richard Altman
Officer — Chief Information Officer
Period of report
May 11, 2016
Accepted (ET)
May 13, 2016 · 6:30 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000890926
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1 | holding | — | — | — | 44,130 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock Option - Performance AwardF2,F4 | $12.16 | May 11, 2016 | A | 10,890 | A | May 11, 2019 | May 11, 2026 | Common Stock | 10,890 | 10,890 | D |
| Restricted Stock Units -Performance Award (stock settled)F3,F5,F4 | $0.00 | May 11, 2016 | A | 26,630 | A | May 11, 2020 | — | Common Stock | 26,630 | 26,630 | D |
Explanation of responses
- F1Includes 358 shares of common stock acquired through the Radian Group Inc. 2008 Employee Stock Purchase Plan, on December 31, 2015.
- F2Non-Qualified Stock Options: Vesting is 50% on or after the third anniversary of the grant and 50% on or after the fourth anniversary of the grant, provided that Radian's common stock has closed at least 25% above the exercise price of the option for 10 consecutive trading days ending at any point on or after the third anniversary of the grant date.
- F3Each Performance Based Restricted Stock Unit ("RSU") represents a contingent right to receive one share of Radian Group Inc. common stock. The number of reported RSUs represents the target award, with grantees having the potential to earn a number of shares up to 200% of the target award. The RSUs have no voting or dividend rights.
- F4Not applicable.
- F5Vesting of the RSUs occurs on the third anniversary of the grant date, with payouts generally subject to a one year holding period after vesting. 50% of the award (representing between 0 and 26,630 shares will vest based on the relative performance of Radian's total stockholder return against a designated peer group and the other 50% of the award (representing between 0 and 26,630 shares will vest based on Radian's cumulative growth in "Tangible Book Value" (as defined in the grant document).