Amendment No. 1 to Transition Agreement and General Release between Radian Group Inc. and Mark A. Casale
Radian Group Inc. and Mark A. Casale have amended their previous Transition Agreement and General Release. The amendment corrects the payment terms for Mr. Casale's 2007 bonus, specifying that the $100,000 bonus will be paid according to his prior deferral election under the company's Voluntary Deferred Compensation Plan for Officers, rather than within 30 days of his termination. Both parties have agreed to this change in writing.
Exhibit 10.48
December 27, 2007
Mark Casale
Radian Group Inc.
1601 Market Street, 11th Floor
Philadelphia, PA 19103
Transition Agreement and General Release
Dear Mark,
You and Radian Group Inc. are parties to a Transition Agreement and General Release dated December 11, 2007. The Transition Agreement and General Release incorrectly states that your 2007 bonus will be paid within 30 days after your Termination Date. You previously elected to defer your 2007 bonus to 2010 under the Radian Voluntary Deferred Compensation Plan for Officers.
Please sign this letter where indicated below to confirm that Section 1(f)(i) of the Transition Agreement and General Release is amended to read as follows:
“(i) Executive shall receive a lump sum 2007 bonus payment of $100,000, which shall be paid according to Executive’s previous deferral election under the Radian Voluntary Deferred Compensation Plan for Officers.”
| Sincerely, | ||
| Radian Group Inc. | ||
| By | /s/ Teresa A. Bryce | |
I agree to the foregoing amendment to the Transition Agreement and General Release.
| /s/ Mark A. Casale |
| Mark Casale |
Date: December 28, 2007
