Watson Richard Colin 4

What Happened

• Watson Richard Colin (reported as CEO, Inigo Limited) was granted two RSU awards for a total of 57,710 restricted stock units on 2026-05-21. The filing lists no purchase price (derivative awards), so no cash changed hands at grant.
• The awards break down as 22,860 time‑based RSUs and 34,850 performance‑based RSUs (target). The performance award is a target that can pay out up to 200% (up to 69,700 shares) depending on performance metrics.

Key Details

• Transaction date: 2026-05-21. Form 4 filed: 2026-05-26 (filed five days after the grant; Form 4s are normally due within two business days, so this filing appears later than the typical deadline).
• Price: N/A (RSU grants; no open‑market price).
• Shares reported: 22,860 time‑based RSUs; 34,850 performance‑based RSUs (target); total 57,710 RSUs.
• Shares owned after transaction: Not disclosed in this filing.
• Notable footnotes:
  • F1: Each RSU is a contingent right to receive one share on vesting.
  • F2: Time‑based RSUs vest pro rata on the first, second and third anniversaries of May 25, 2026.
  • F4: Performance RSUs are reported at target and can be earned up to 200% of target.
  • F5: Performance RSUs vest May 25, 2029 based on cumulative LTI book value per share and Radian TSR vs the S&P SmallCap 600 Financials index; shares generally subject to a one‑year post‑vest holding period.

Context

• These are compensation awards (RSUs), not open‑market purchases or sales. RSUs are settled in shares upon vesting and do not represent an immediate buy or sell decision by the insider.
• Performance awards depend on company metrics over a three‑year period; the final payout could be more or less than the target. The late filing may be a paperwork/timing issue and does not itself indicate insider intent.