Filing Details

Accession Number:
0000890926-12-000070
Form Type:
4
Zero Holdings:
No
Publication Time:
2012-08-17 16:11:55
Reporting Period:
2012-08-17
Filing Date:
2012-08-17
Accepted Time:
2012-08-17 16:11:55
SEC Url:
Form 4 Filing
Issuer
Cik Name Symbol Sector (SIC) IRS No
890926 Radian Group Inc RDN Surety Insurance (6351) 232691170
Insiders
Cik Name Reported Address Insider Title Director Officer Large Shareholder Other
1326429 A Sanford Ibrahim Radian Group Inc.
1601 Market St
Philadelphia PA 19103
Chief Executive Officer Yes Yes No No
Reported Non-Derivative Transactions
Sec. Name Acquisiton - Disposition Date Amount Price Remaning Holdings Equity Swap Involved Form Type Code Nature of Ownership Explanation
Common Stock Acquisiton 2012-08-17 10,000 $3.25 646,309 No 4 P Direct
Equity Swap Involved Form Type Code Nature of Ownership Explanation
No 4 P Direct
Reported Non-Derivative Holdings
Sec. Name Remaning Holdings Nature of Ownership Explanation
Common Stock 12,051 Indirect By 401k Stock Fund
Reported Derivative Holdings
Sec. Name Sec. Type Price Date Expiration Date Amount Remaning Holdings Nature of Ownership
Common Stock Stock Option - Performance Award $2.45 2015-06-06 2022-06-06 320,060 320,060 Direct
Common Stock Restricted Stock Units -Performance Award $0.00 581,870 581,870 Direct
Common Stock Stock Option - Performance Award $3.58 2014-06-09 2018-06-09 269,700 269,700 Direct
Common Stock Restricted Stock Units -Performance Award $0.00 658,080 658,080 Direct
Common Stock Stock Option $10.42 2013-05-12 2017-05-12 87,900 87,900 Direct
Common Stock Restricted Stock Units -Performance Award $0.00 72,800 72,800 Direct
Common Stock Stock Appreciation Right $2.68 2012-05-13 2014-05-13 269,000 269,000 Direct
Common Stock Stock Option $2.48 2011-08-07 2015-08-07 253,000 253,000 Direct
Common Stock Stock Option $56.03 2007-02-07 2013-05-05 35,800 35,800 Direct
Common Stock Stock Option $46.39 2006-05-05 2012-05-05 60,000 60,000 Direct
Expiration Date Amount Remaning Holdings Nature of Ownership
2022-06-06 320,060 320,060 Direct
581,870 581,870 Direct
2018-06-09 269,700 269,700 Direct
658,080 658,080 Direct
2017-05-12 87,900 87,900 Direct
72,800 72,800 Direct
2014-05-13 269,000 269,000 Direct
2015-08-07 253,000 253,000 Direct
2013-05-05 35,800 35,800 Direct
2012-05-05 60,000 60,000 Direct
Footnotes
  1. Total includes 576,547 shares owned outright including 25,972 shares of restricted stock that vested on August 7, 2012 .
  2. Represents an estimate of the share equivalent held by Mr. Ibrahim in the Radian Group Inc. 401k Common Stock Fund, calculated by dividing the value held in the fund on August 16, 2012 by the closing price of Radian's Common Stock on such date.
  3. Non-Qualified Stock Option: 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 100% 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.
  4. Not Applicable.
  5. Performance Based Restricted Stock Units ("RSUs"): Vesting is 100% at the end of the three year performance period, with a potential payout ranging from 0% to 200% (**subject to limitations discussed in Footnote 6 below) of the target award based on Radian's absolute and relative total stockholder return ("TSR") over the three year performance period. Radian's relative TSR will be measured against the median TSR of a peer group consisting mainly of the companies listed on the NASDAQ Financial Index. Radian's absolute TSR will be applied to determine the maximum number of RSUs that may be awarded, with the grantee being eligible to receive a 100% payout only if Radian achieves a 150% absolute TSR. TSR is measured generally as the change in market value of common stock during the performance period, plus dividends, as measured by comparing (x) the 20 day average trading price preceding and including the the last day of the performance period. The RSUs have no voting or dividend rights.
  6. The number of RSUs reported (581,870) represents the target award. **As discussed in Footnote 5 above, at the end of the performance period, the grantee may earn up to 200% of the target award, subject to a maximum award limitation of one million (1,000,000) shares that may be issued to any individual in a calendar year under the Radian Group Inc. Amended and Restated 2008 Equity Compensation Plan. The maximum number of RSUs that can be earned under this individual award is 679,940 units. The payout is determined based on the relative and absolute performance of Radian's TSR.
  7. Non-Qualified Stock Option: 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 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.
  8. Performance Based Restricted Stock Units ("RSUs"): Vesting is 100% at the end of the three year performance period, with a potential payout ranging from 0% to 200% (**subject to limitations discussed in Footnote 11 below) of the target award based on Radian's total stockholder return ("TSR") over the three year performance period relative to the median TSR of Radian's primary competitors and the companies listed on the NASDAQ Financial Index. TSR is measured generally as the change in market value of common stock during the performance period, plus dividends, as measured by comparing (x) the 20 day average trading price preceding and including the RSU date of grant, to (y) the 20 day average trading price preceding and including the last day of the performance period. The RSUs have no voting or dividend rights and will be settled in cash.
  9. Non-Qualified Stock Option: Vesting is 50% on the third anniversary of the grant and 50% on the fourth anniversary of the grant.
  10. Performance Based RSUs: Vesting is 100% at the end of year three, with settlement in common shares based on the achievement of total shareholder return ("TSR") performance goals as follows: 50% of the award is eligible for a payment (between 0% and 100%, up to 36,400 shares) based on the Company's relative TSR compared to its peers; and 50% of the award is eligible for a payment (between 0% and 150%, up to 54,600 shares) based on the Company's relative TSR compared to the TSR's of companies included in the S&P 400 index. Upon the occurrence of certain corporate events involving one or more companies included in the Company's peer group, the performance goals for the entire award (between 0% and 150%, up to 109,200 shares) would then be based on the Company's relative TSR compared to the TSR's of companies included in the S&P 400 index.
  11. The number of RSUs reported (658,080) represents the target award. **As discussed in Footnote 8 above, at the end of the performance period, the participant may earn up to 200% of the target award, subject to a maximum award limitation of one million (1,000,000) shares that may be issued to any individual in a calendar year under the Radian Group Inc. Amended and Restated 2008 Equity Compensation Plan.
  12. The number of RSUs reported (72,800) represents the target award. As discussed in Footnote 10 above, the number of shares that may be issued upon vesting ranges from 0 shares to 91,000 shares (109,200 shares in the event TSR performance is measured solely against the companies included in the S&P 400 index).