Radian Group Inc. 2013 Long-Term Incentive Award Employment Agreement Waiver with S.A. Ibrahim
Radian Group Inc. and S.A. Ibrahim have agreed to waive a provision in Ibrahim's 2011 Employment Agreement that set his 2013 long-term incentive (LTI) compensation at no less than 3.5 times his base salary. Instead, for 2013, Ibrahim will receive an LTI award valued at approximately $2,287,000, which is about 38% less than the amount specified in his contract. This agreement is specific to the 2013 LTI award only.
Exhibit 10.1
| Radian Group Inc. |  | |||||
| 1601 Market Street | May 16, 2013 | |||||
| Philadelphia, Pennsylvania | ||||||
| 19103-2337 | ||||||
| S.A. Ibrahim | ||||||
| 800 ###-###-#### | Radian Group Inc. | |||||
| 215 ###-###-#### | 1601 Market Street | |||||
| Philadelphia, PA 19103 | ||||||
|
Re: Radian 2013 Long-Term Incentive Award – Waiver of Employment Agreement
Dear S.A.,
I am confirming your agreement to waive, for your 2013 long-term incentive (“LTI”) award, the provision in your Employment Agreement dated April 5, 2011 under which the target level of LTI compensation will be no less than 3.5 times base salary (your “LTI Level”). Accordingly, you agree that the fair value of your 2013 LTI award will be approximately $2,287,000, which is approximately 38% less than the LTI Level specified in your Employment Agreement. | ||||||
| Sincerely, | ||||||
| /s/ Anita Scott | ||||||
| Anita Scott | ||||||
| SVP, Chief Human Resources Officer | ||||||
| I agree to the foregoing terms with respect to my 2013 LTI award. | ||||||
| /s/ S.A. Ibrahim | May 17, 2013 | |||||
| S.A. Ibrahim | Date | |||||
