Keleher Stephen 4

What Happened
Stephen Keleher, Senior Executive Vice President and Co‑Head of Mortgage Insurance at Radian Group Inc. (RDN), was granted a total of 20,370 restricted stock units (RSUs) on 2026‑05‑21. The grant consists of 8,070 time‑based RSUs and 12,300 performance‑based RSUs (reported as the target award). No cash price or purchase value is reported for these derivative awards (listed as N/A). These are compensation awards rather than open‑market purchases or sales.

Key Details

• Transaction date: 2026‑05‑21 (Form 4 filed 2026‑05‑26; Period of Report 2026‑05‑21)
• Transaction code: A = Award/Grant; price: N/A (derivative RSUs)
• Grant breakdown: 8,070 time‑based RSUs; 12,300 performance‑based RSUs (target) — total reported: 20,370 RSUs
• Performance potential: performance RSUs are target amounts and may pay up to 200% (i.e., up to 24,600 shares for the performance tranche); combined potential with time RSUs could reach more shares if performance maxes out
• Vesting: time‑based RSUs vest pro rata on each of the first, second and third anniversaries of May 25, 2026; performance RSUs vest on May 25, 2029 based on cumulative LTI book value per share and relative TSR vs. the S&P SmallCap 600 Financials index (0 to 24,600 shares possible)
• Post‑vest holding: performance‑based shares generally subject to a one‑year post‑vest holding period (per filing)
• Shares owned after transaction: not reported in the provided filing details
• Filing timeliness: Form filed 2026‑05‑26 covering the 2026‑05‑21 grant (no late‑filing indicator shown)

Context: RSU awards are a form of equity compensation (a contingent right to receive shares) tied to service and/or performance goals and are different from insider purchases or sales. They signal compensation alignment with shareholder outcomes but do not, by themselves, indicate the insider is buying or selling stock in the open market.