Radian Group (NYSE: RDN) revamps 2026 equity awards, severance and noncompete terms

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What did Radian Group (RDN) stockholders approve at the 2026 annual meeting?

How are Radian Group (RDN) executives’ 2026 performance RSUs structured?

What targets apply to Radian (RDN) LTI Book Value-based RSUs?

How did Radian (RDN) change executive severance and Good Reason definitions?

What noncompete changes affect Radian (RDN) executives after acquiring Inigo Limited?

What example vote totals were reported for Radian (RDN) 2026 proposals?

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(High)

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(Neutral)

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8-K

Radian Group Inc. updated its executive compensation and severance structure after stockholders approved the company’s 2026 Equity Compensation Plan. The board’s compensation committee granted 2026 long-term incentive awards to senior executives, heavily weighted toward performance-based restricted stock units tied to growth in LTI Book Value per Share and modified by relative total stockholder return within the S&P SmallCap 600 Financials index.

The performance awards can pay from 0% to 200% of target based on three-year results, with an added one-year post-vesting holding period and double-trigger change-of-control protection. Executives also received time-based RSUs vesting in three annual installments, subject to detailed treatment on different termination events, including retirement, death, disability, involuntary termination, and change of control.

Radian also approved new or amended executive severance agreements that broaden the definition of Good Reason to include certain relocations and improve equity vesting terms following company-initiated terminations. Updated restrictive covenant agreements expand the 12‑month noncompetition scope to additional countries reflecting Radian’s acquisition of Inigo Limited. Stockholders elected all director nominees and approved all proposals presented at the 2026 annual meeting, based on the vote totals disclosed.

Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers

1 item

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance

Key personnel changes including departures, elections, or appointments of directors and executive officers.

CEO 2026 BV RSU Target: 114,730 RSUs CEO 2026 Time-Based RSUs: 75,250 RSUs BV growth for target payout: 35% +5 more

8 metrics

CEO 2026 BV RSU Target 114,730 RSUs Performance-based RSUs granted to CEO Richard G. Thornberry

CEO 2026 Time-Based RSUs 75,250 RSUs Time-based RSUs vesting in 2027, 2028 and 2029

BV growth for target payout 35% Cumulative LTI Book Value per Share growth for 100% of BV RSU target

BV growth for maximum payout ≥50% Cumulative LTI Book Value per Share for 200% of BV RSU target

Threshold BV growth ≤20% Cumulative LTI Book Value per Share results in 0% BV RSU payout

Positive TSR modifier +25% Applied when Relative TSR is at or above the 90th percentile

Negative TSR modifier -25% Applied when Relative TSR is at or below the 10th percentile

Example proposal support 100,195,548 votes for One 2026 stockholder proposal with 5,259,764 votes against

LTI Book Value per Share, Relative TSR Modifier, Involuntary Termination, Good Reason, +1 more

5 terms

Relative TSR Modifier financial

"as may be adjusted by the “Relative TSR Modifier” over a three-year performance period"

Involuntary Termination financial

"Involuntary Termination* (No Change of Control)"

Good Reason financial

"modified definition of “Good Reason” to include “any permanent relocation of the Executive’s principal place of business"

noncompetition covenant financial

"expands the geographic scope of the 12-month noncompetition covenant to include those countries outside of the United States"

Understanding 8-K Material Events →

05/27/2026 - 04:30 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 20, 2026

Radian Group Inc.

(Exact Name of Registrant as Specified in its Charter)


Delaware	1-11356	23-2691170
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

550 East Swedesford Road, Suite 350

Wayne, Pennsylvania, 19087

(Address of Principal Executive Offices, and Zip Code)

(215) 231-1000

(Registrant’s Telephone Number, Including Area Code)

(Former Name or Former Address, if Changed Since Last Report)

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 (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Common Stock, $0.001 par value per share

RDN

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

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. ☐

Item 5.02.

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(e) Compensatory Arrangements of Certain Officers

Approval of Radian Group Inc. 2021 Equity Compensation Plan

On May 21, 2026, stockholders of Radian Group Inc. (“Radian” or the “Company”) approved the Radian Group Inc. 2026 Equity Compensation Plan (the “2026 Equity Compensation Plan” or “Plan”). The Plan is described in Proposal 3 in the Company’s proxy statement for the 2026 Annual Meeting of Stockholders, filed with the Securities and Exchange Commission on April 2, 2026 (the “2026 Proxy Statement”) and is included in its entirety as Exhibit A to the 2026 Proxy Statement.

2026 Long-Term Incentive Awards

On May 21, 2026, the Compensation and Human Capital Management Committee (the “Committee”) of the Company’s Board of Directors (the “Board”) granted annual long-term incentive awards (the “2026 LTI Awards”) to the Company’s executive officers, including the Company’s named executive officers: Richard G. Thornberry, Chief Executive Officer; Daniel Kobell, Senior EVP, interim Chief Financial Officer; Mary Dickerson, Senior EVP, Chief Operating and People Officer; Edward J. Hoffman, Senior EVP, General Counsel; and Eric Ray, Senior EVP, Chief Digital Officer (collectively referred to as, the “Named Executive Officers”).

All of the 2026 LTI Awards granted by the Company, including those awarded to the Named Executive Officers, as described in more detail below, were granted under the 2026 Equity Compensation Plan.

Each Named Executive Officer’s 2026 LTI Award is comprised of the following: (1) performance-based restricted stock units that will vest based on growth in the Company’s “LTI Book Value per Share” (as defined below), as may be adjusted by the “Relative TSR Modifier” (as defined below), over a three-year performance period (the “BV RSUs”); and (2) time-based restricted stock units that will vest over three years in pro rata installments (“Time- Based RSUs”). Consistent with the Company’s pay-for-performance philosophy, the BV RSUs comprise the majority of each Named Executive Officer’s 2026 LTI Award.

2026 Performance-Based Awards – BV RSUs

The Committee granted a target number of BV RSUs to each Named Executive Officer (“BV RSU Target”) in the following target amounts: Mr. Thornberry – 114,730 RSUs; Mr. Kobell – 20,490 RSUs; Ms. Dickerson – 17,210 RSUs; Mr. Hoffman – 27,870 RSUs; and Mr. Ray – 14,750 RSUs.

The BV RSUs will vest on May 25, 2029, subject to the attainment of specified performance goals (as described below), as well as certain conditions described below under “Termination of Employment Events.” Each vested BV RSU will be payable in one share of the Company’s common stock, following a one-year holding period after vesting.

On the vesting date, each Named Executive Officer will become vested in a number of the BV RSUs (from 0 to 200% of each BV RSU Target), with performance based on the Company’s cumulative growth in LTI Book Value per Share over the Performance Period (the “BV Payout Percentage”), adjusted by a Relative TSR

Modifier (shown in the second table below), in each case calculated against the following reference points:


Cumulative Growth in LTI Book Value per Share⁽¹⁾	BV Payout Percentage (Percentage of BV RSU Target)
Maximum (≥50%)		200	%
Target (35%)		100	%
Threshold (≤20%)		0	%

(1)

The Company’s “LTI Book Value per Share” is defined as: (A) book value adjusted to exclude: (1) accumulated other comprehensive income; and (2) the impact, if any, during the Performance Period from declared dividends on common shares and dividend equivalents on outstanding equity awards; divided by (B) basic shares of common stock outstanding.

If the Company’s cumulative growth in LTI Book Value per Share is less than or equal to 20%, the BV Payout Percentage will be zero. The results of the BV Payout Percentage, as described above, will be modified by a Relative TSR Modifier based on the percentage placement of the Company’s cumulative three-year total stockholder return for the Performance Period (“Company Absolute TSR”) in comparison to the total stockholder return of each of the companies included in the S&P SmallCap 600 Financials index as of April 1, 2026 (the “Relative TSR Performance”) based on the reference points set forth below.


Relative TSR Performance	Relative TSR Modifier
≥ 90^th percentile		+25	%
25^th – 74^th percentile		No modifier
≤ 10^th percentile		-25	%

If the Company’s cumulative growth in LTI Book Value per Share or Relative TSR Performance falls between two referenced percentages set forth in the tables above, the applicable payout percentage will be subject to straight-line interpolation. The actual number of BV RSUs that vest will be determined by multiplying each Named Executive Officer’s applicable BV RSU Target by the BV Payout Percentage and adding (or subtracting, if applicable) the Relative TSR Modifier; provided, however, if the Company Absolute TSR for the Performance Period is negative, the Relative TSR Modifier will not exceed the “no modifier” level. The maximum number of BV RSUs that may be payable will not exceed 200% of each Named Executive Officer’s BV RSU Target.

The BV RSUs include a one-year holding period after vesting, such that the vested BV RSUs will not be paid in shares (other than shares withheld to pay certain taxes due at vesting) until the one-year anniversary of the vesting date of the BV RSUs. However, as set forth in the applicable grant instrument, the post-vesting holding period will cease to apply in certain circumstances, such as the Executive’s: (i) death or disability, (ii) Involuntary Termination (as defined below) in connection with a change of control before the end of the Performance Period, or (iii) the occurrence of a change of control after the end of the Performance Period.

The BV RSUs provide for “double trigger” 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 Performance Period, absent an Involuntary Termination, the 2026 BV RSUs will become vested on the vesting date of the BV RSUs following the end of the Performance Period in an amount equal to the projected BV Payout Percentage for the full Performance Period, estimated as of the end of the fiscal quarter immediately prior to or coincident with the change of control, as modified by the Relative TSR Modifier and the Company Absolute TSR calculated through the change of control (the “CoC Performance Level”).

2026 Time-Based RSUs

The Committee granted Time-Based RSUs to the Named Executive Officers in the following amounts: Mr. Thornberry – 75,250 RSUs; Mr. Kobell – 13,440 RSUs; Ms. Dickerson – 11,290 RSUs; Mr. Hoffman – 18,280 RSUs; and Mr. Ray – 9,680 RSUs.

The Time-Based RSUs are scheduled to vest in three pro rata installments on May 25, 2027, May 25, 2028 and May 25, 2029; provided that the Named Executive Officer remains employed through the applicable vesting dates (except as set forth below under “Termination of Employment Events”). Upon vesting, each Time-Based RSU will be payable in one share of the Company’s common stock.

Termination of Employment Events

Generally, the BV RSUs and Time-Based RSUs would be treated as follows if the Executive’s employment is terminated for the following reasons:


Termination Event	BV RSUs	Time-Based RSUs
Voluntary Termination	All unvested BV RSUs are forfeited	All unvested Time-Based RSUs are forfeited

Involuntary Termination* (No Change of Control)	• Except as set forth below, the target number of BV RSUs will be prorated for the number of months served between the grant date and date of termination, with vesting occurring on the original vesting date based on actual performance during the performance period • If terminated within six months of the grant date, the BV RSUs will be forfeited • If terminated during the six-months prior to the original vesting date, the BV RSUs will not be prorated (executive is eligible for full value of award)	• If terminated on or before the first vesting date of the Time-Based RSUs, 33% of the Time-Based RSUs will automatically vest, and the remaining Time-Based RSUs will be forfeited • If terminated after the first vesting date of the Time-Based RSUs, any unvested Time-Based RSUs will automatically vest on the date of termination

Involuntary Termination* (Occurring 90 Days Before or One Year After Change of Control)	Accelerate vesting of BV RSUs as of the termination date (or, if later, on the date of the change of control) at the CoC Performance Level	Accelerate vesting of Time- Based RSUs in full on the termination date (or, if later, on the date of the change of control)

Death / Disability	Accelerate vesting of BV RSUs as of the date of death or disability at the BV RSU Target or, if a change of control has occurred, at the CoC Performance Level.	Accelerate vesting of Time-Based RSUs in full on date of death or disability

Retirement	BV RSUS are not forfeited and vest on the original vesting date based on actual performance during the performance or, if a change of control has occurred, at the CoC Performance Level.	Accelerate vesting of Time-Based RSUs in full on retirement date

An “Involuntary Termination” is generally defined as a termination of the Named Executive Officer’s employment by the Company other than for “cause” or a Named Executive Officer’s termination of employment for “good reason,” as each term is defined in the Named Executive Officer’s executive severance agreement. See also “Executive Severance Agreements” for additional information regarding the treatment of BV RSUs and Time-Based RSUs in connection with certain Named Executive Officers’ termination of employment by the Company other than for “cause.”

Dividend Equivalents

Named Executive Officers are entitled to receive dividend equivalents on the BV RSUs and the Time-Based RSUs. In general, the BV RSUs and the Time-Based RSUs provide that upon the declaration and payment by the Company of a cash dividend on its common stock, each Named Executive Officer will be entitled to receive a cash amount equal to the per-share cash dividend paid by the Company (a “Dividend Equivalent”), multiplied by the total number of BV RSUs and Time-Based RSUs, with the number of BV RSUs initially measured at the BV RSU Target level and adjusted at vesting based on performance under the award. Any Dividend Equivalents credited to BV RSUs and Time-Based RSUs are subject to the same vesting, payment, forfeiture and other terms and conditions as the related award, including, as it relates to the BV RSUs, the requirement that certain specified performance conditions be met.

Dividend Equivalents will accrue on unvested 2026 LTI Awards in a non-interest bearing book account and will not be paid to the Named Executive Officers prior to vesting of the 2026 LTI Awards. Unless the 2026 LTI Award is otherwise deferred under the Company’s deferred compensation plan for executives, such Dividend Equivalents, as adjusted to take into account achievement of the applicable performance goals with respect to the BV RSUs, will be paid when the 2026 LTI Awards vest. If and to the extent that the underlying 2026 LTI Awards are forfeited, all related Dividend Equivalents will be forfeited. With respect to the BV RSUs, Dividend Equivalents that accrue during the one-year holding period following the vesting of the BV RSUs will be paid when dividends are paid on the underlying common stock of the Company.

The foregoing summary of the 2026 LTI Awards is not a complete description of all of the terms and conditions of the BV RSUs 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, 2026.

Executive Severance Agreements and Restrictive Covenants Agreements

On May 20, 2026, in connection with the appointment of a new Chief Executive Officer of the Company effective August 13, 2026, the Committee approved new executive severance agreements for all of the Company’s executive officers other than the Company’s current Chief Executive Officer, who is subject to an employment agreement, and Mr. Ray, Senior EVP, Chief Digital Officer, who previously announced his intention to retire from the Company. The following recently designated executive officers will be entitled to receive new severance agreements: Ms. Bartholomew and Messrs. Keleher, Kobell and Watson. In addition, while the terms and conditions of the severance agreements are substantially the same for all executive officers, the new severance agreements are being provided in the form of amended and restated agreements for the following executive officers with existing severance agreements: Ms. Dickerson and Messrs. Hoffman and Quigley.

As compared to the Company’s existing form of severance agreement for executive officers, the new severance agreements include the following changes:

Change to Good Reason

The new severance agreements include a modified definition of “Good Reason” to include “any permanent relocation of the Executive’s principal place of business to any office or location which is located more than seventy-five (75) miles from the location where the Executive is based immediately prior to the change in location, except that a requirement to comply with policies of the Company regarding office presence shall not constitute a Good Reason.”

Change to Equity Vesting

In addition, the new severance agreements provide that in the event an executive’s employment is terminated by the Company for any reason other than the executive’s Disability or for Cause (as each is defined in the agreement), if the executive executes and does not revoke a separation and release agreement, all of the executive’s outstanding time-based restricted stock units will vest without proration and all of the executive’s outstanding performance-based restricted stock units will remain outstanding without proration and will remain eligible to vest based on attainment of the applicable performance goals. For purposes of clarity, this provision will not apply if the executive terminates the executive’s employment for any reason, including for Good Reason.

The Company made these changes to update its executive severance arrangements in light of the Company’s planned leadership change and to enhance the retentive qualities of the agreements. Except as described above, and certain U.K.-specific terms for Mr. Watson, the material terms of the executive severance agreements are the same as described under “Potential Payments Upon Termination of Employment or Change of Control” in the Company’s Proxy Statement filed with the Securities and Exchange Commission on April 2, 2026.

Restrictive Covenants Agreements

As a condition for the Company to enter into the new severance agreements, each executive officer entering into such an agreement must execute an updated restrictive covenants agreement. In light of the Company’s recent acquisition of Inigo Limited, a U.K.-based specialty (re)insurance business, the updated restrictive covenants agreement expands the geographic scope of the 12-month noncompetition covenant to include those countries outside of the United States in which the Company and its subsidiaries conduct business and broadens the definition of the relevant business to include all businesses in which Radian operates during the executive officer’s employment. In all other respects, the material terms of the updated restrictive covenants agreements are the same as described under “Potential Payments Upon Termination of Employment or Change of Control” in the Company’s Proxy Statement filed with the Securities and Exchange Commission on April 2, 2026.

The description of the executive severance agreements and restrictive covenants agreements is qualified in its entirety by reference to the full text of the forms of such agreements, which the Company plans to file as exhibits to its Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.

5.07 Submission of Matters to a Vote of Security Holders.

At the Company’s 2026 Annual Meeting of Stockholders held on May 21, 2026, the following proposals were submitted to a vote of the Company’s stockholders, with the voting results indicated below:

(1)

Election of eleven 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:


	FOR		AGAINST		ABSTAIN		BROKER NON-VOTES

Howard B. Culang		103,292,095		2,175,086		34,743		11,625,288

Fawad Ahmad		104,852,308		583,405		66,211		11,625,288

Brad L. Conner		104,913,827		465,002		123,095		11,625,288

Debra Hess		105,185,553		268,831		47,540		11,625,288

Anne Leyden		103,717,413		1,737,271		47,240		11,625,288

Seraina Macia		105,312,906		137,903		51,115		11,625,288

Brian D. Montgomery		104,866,529		451,531		183,864		11,625,288

Lisa Mumford		105,330,559		123,475		47,890		11,625,288

Jed Rhoads		105,265,429		146,718		89,777		11,625,288

Noel J. Spiegel		93,605,195		11,849,362		47,367		11,625,288

Richard G. Thornberry		105,094,212		359,707		48,005		11,625,288

(2)

Approval, by an advisory, non-binding vote, of the compensation of the Company’s named executive officers:

(3)

Approval of the Radian Group Inc. 2026 Equity Compensation Plan:

(4)

Ratification of the appointment of PricewaterhouseCoopers LLP as the Company’s independent registered public accounting firm for the year ending December 31, 2026:

SIGNATURE

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.


	RADIAN GROUP INC.
	(Registrant)

Date: May 27, 2026

	By:	/s/ Elizabeth A. Diffley
	Elizabeth A. Diffley
	Executive Vice President, Corporate Secretary

Source: View Original Filing on SEC EDGAR

Stockholders approved the 2026 Equity Compensation Plan and all other proposals presented. Vote totals show over 100 million shares cast in favor on key items, with additional broker non-votes reported for certain proposals.

Executives receive performance-based RSUs that vest after three years based on cumulative growth in LTI Book Value per Share. Payouts range from 0% to 200% of target and are adjusted by a Relative TSR Modifier tied to S&P SmallCap 600 Financials peers.

A 35% cumulative increase in LTI Book Value per Share pays 100% of target. Growth of at least 50% pays 200%, while 20% or less results in no vesting, before any Relative TSR adjustment is applied.

New severance agreements expand Good Reason to cover permanent relocations over 75 miles, excluding general office-presence policies. They also allow full vesting of time-based RSUs and continued eligibility of performance RSUs after certain company-initiated terminations.

Updated restrictive covenants extend the 12‑month noncompetition obligation to countries outside the United States where Radian and its subsidiaries operate. The covered business definition now includes all lines in which Radian is engaged during an executive’s employment.

One proposal received 100,195,548 votes for and 5,259,764 against, with 46,612 abstentions and 11,625,288 broker non-votes. Another recorded 116,051,986 votes for, 1,049,387 against, and 25,839 abstentions, with no broker non-votes listed.

BROKER NON-
VOTES

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