Description of 2023 - 2024 Non-Employee Director Compensation
Exhibit 10.1
The Hanover Insurance Group, Inc.
Compensation for Non-Employee Directors
— For the annual service periods beginning on the date of the Annual Meeting of Shareholders—
|
|
|
Standard Fees | Description | |
Annual Director Retainer |
| |
- Stock Component | - $150,000 valuation | |
| - Issued pursuant to the Company’s 2022 Long-Term Incentive Plan (the “2022 Plan”) | |
- Cash Component | - $105,000 | |
Committee Chair Annual Retainer (amount includes Committee Annual Retainer) | - $21,000 for the chair of the Nominating and Corporate Governance Committee | |
| - $25,000 for the chair of the Compensation and Human Capital Committee | |
| - $36,000 for the chair of the Audit Committee | |
Chair of the Board Retainer | - $125,000 | |
Committee Annual Retainer | - $10,000 for each member of the Nominating and Corporate Governance Committee (excluding the Committee Chair) | |
| - $11,000 for each member of the Compensation and Human Capital Committee (excluding the Committee Chair) - $15,000 for each member of the Audit Committee (excluding the Committee Chair) | |
Deferred Compensation Plan | - Directors may defer receipt of their cash and stock compensation (including any cash compensation that is converted into stock under the Conversion Program). Deferred cash amounts are accrued in a memorandum account that is credited with interest derived from the so-called General Agreement on Tariffs and Trade (GATT) Rate (3.99% for 2023). All deferrals are pursuant to The Hanover Insurance Group, Inc. Non-Employee Director Deferral Plan. | |
Conversion Program | - At the election of each director, cash retainers may be converted into Common Stock of the Company with such stock issued pursuant to the 2022 Plan | |
Reimbursable Expenses | - Travel and related expenses incurred in connection with service on the Board of Directors and its Committees | |
Matching Charitable Contributions | - Company will provide matching contributions to qualified charitable organizations up to $5,000 per director per year |
