SEC Form 4 · accession 0000890926-16-000116
RADIAN GROUP INC · RDN
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Derek Brummer
Officer — EVP and Chief Risk Officer
Period of report
May 11, 2016
Accepted (ET)
May 13, 2016 · 6:43 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000890926
Table I — non-derivative securities
No Table I lines on this filing.
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 AwardF1,F3 | $12.16 | May 11, 2016 | A | 14,820 | A | May 11, 2019 | May 11, 2026 | Common Stock | 14,820 | 14,820 | D |
| Restricted Stock Units -Performance Award (stock settled)F2,F4,F3 | $0.00 | May 11, 2016 | A | 36,240 | A | May 11, 2020 | — | Common Stock | 36,240 | 36,240 | D |
Explanation of responses
- F1Non-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.
- F2Each 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.
- F3Not Applicable.
- F4Vesting 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 36,240 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 36,240 shares will vest based on Radian's cumulative growth in Radian's "Tangible Book Value" (as defined in the grant document).