CULANG HOWARD BERNARD 4

What Happened

• Howard B. Culang, Non‑Executive Chairman of Radian Group Inc. (RDN), was granted 545.707 phantom stock units (a derivative award) on March 10, 2026. No per‑share price or cash value is shown on the filing. This is an award/compensation grant, not an open‑market purchase or sale.

Key Details

• Transaction date: 2026-03-10; Form 4 filed 2026-03-12 (filed two days after the transaction, which is within the usual 2‑business‑day reporting window).
• Instrument/amount: 545.707 phantom stock units (derivative award). Price: N/A. Total dollar value: N/A.
• Shares owned after the transaction: not specified in the provided filing details.
• Footnote F1: Dividend equivalents have accrued on previously awarded phantom stock units and will be settled proportionately with those awards; awards will be settled in stock upon retirement from the Board. Footnote F2: Not applicable.
• This is a compensation award (code A), not a purchase (P) or sale (S).

Context

• Phantom stock units are a deferred/derivative form of equity compensation: they track equity value but do not represent current voting stock or immediate proceeds. According to the filing, these units (and associated dividend equivalents) will be settled in actual Radian shares when Mr. Culang retires from the Board. Such grants are common for non‑employee directors as part of long‑term compensation and do not by themselves indicate a buy or sell signal.