Description of 2018-2019 Non-Employee Director Compensation
Exhibit 10.1
The Hanover Insurance Group, Inc.
2018-2019 Compensation of Non-Employee Directors
— For the annual service period beginning on May 15, 2018, the date of the 2018 Annual Meeting of Shareholders—
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| Standard Fees |
| Description | |
| Annual Director Retainer |
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| - Stock Component |
| - $135,000 valuation | |
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| - Granted on May 15, 2018. Issued pursuant to the Company’s 2014 Long-Term Incentive Plan (the “2014 Plan”) | |
| - Cash Component |
| - $95,000 | |
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| - Payable on or after May 15, 2018 | |
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| Committee Chairperson Annual Retainer (payable in addition to Committee Annual Retainer) |
| - $21,000 for the chairperson of the Nominating and Corporate Governance Committee, payable on or after May 15, 2018 | |
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| - $25,000 for the chairperson of the Compensation Committee, payable on or after May 15, 2018 | |
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| - $36,000 for the chairperson of the Audit Committee, payable on or after May 15, 2018 | |
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| Chairman of the Board Retainer |
| - $125,000 - Payable on or after May 15, 2018
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| Committee Annual Retainer |
| - $10,000 for each member of the Nominating and Corporate Governance Committee, payable on or after May 15, 2018 | |
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| - $11,000 for each member of the Compensation Committee, payable on or after May 15, 2018 | |
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| - $15,000 for each member of the Audit Committee, payable on or after May 15, 2018 | |
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| 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 (2.80% in 2018). All deferrals are pursuant to The Hanover Insurance Group, Inc. Non-Employee Director Deferral Plan.
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| 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 2014 Plan | |
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| Reimbursable Expenses |
| - Travel and related expenses incurred in connection with service on the Board of Directors and its Committees
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| Matching Charitable Contributions |
| - Company will provide matching contributions to qualified charitable organizations up to $5,000 per director per year | |
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