The Hanover Insurance Group, Inc. 2014-2015 Compensation of Non-Employee Directors — For the annual service period beginning on May 20, 2014, the date of the 2014 Annual Meeting of Shareholders—
Exhibit 10.8
The Hanover Insurance Group, Inc.
2014-2015 Compensation of Non-Employee Directors
— For the annual service period beginning on May 20, 2014, the date of the 2014 Annual Meeting of Shareholders—
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| Standard Fees |
| Description |
| Annual Director Retainer |
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| - Stock Component |
| - $115,000 valuation |
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| - Granted on May 20, 2014. Issued pursuant to the Company’s 2014 Long-Term Incentive Plan (the “2014 Plan”) |
| - Cash Component |
| - $75,000 |
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| - Payable on or after May 20, 2014 |
| Committee Chairperson Annual Retainer |
| - $9,000 for the chairperson of the Nominating and Corporate Governance Committee, payable on or after May 20, 2014 |
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| - $12,500 for the chairperson of the Compensation Committee, payable on or after May 20, 2014 |
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| - $20,000 for the chairperson of the Audit Committee, payable on or after May 20, 2014 |
| Chairman of the Board Retainer |
| - $100,000 - Payable on or after May 20, 2014 |
| Committee Annual Retainer |
| - $4,500 for each member of the Nominating and Corporate Governance Committee, payable on or after May 20, 2014 |
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| - $6,250 for each member of the Compensation Committee, payable on or after May 20, 2014 |
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| - $10,000 for each member of the Audit Committee, payable on or after May 20, 2014 |
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| Other |
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| Deferred Compensation Plan |
| - Directors may defer receipt of their cash and stock compensation. 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 (3.80% in 2014). At the election of each director, cash deferrals of retainers may be converted to Common Stock of the Company with such stock issued pursuant to the 2014 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 2014 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 |
