Summary of 2004 Compensation for Non-Employee Directors of The Hartford Financial Services Group, Inc.
This document outlines the compensation package for non-employee directors of The Hartford Financial Services Group, Inc. for the period between the May 20, 2004 Annual Meeting and the next annual meeting. Directors receive annual stock options and restricted stock awards, cash retainers, meeting fees, and additional compensation for committee chairpersons. They may defer cash compensation, receive group life and AD&D insurance, and are reimbursed for travel expenses related to board service. Vesting schedules and award terms are specified for stock-based compensation.
Exhibit 10.2
The Hartford Financial Services Group, Inc.
2004 Compensation Of Non-Employee Directors
— For service for the period from the May 20, 2004 Annual Meeting of Shareholders through the next Annual Meeting —
| Standard Fees | Description | |||
Annual Stock Option Award | • | $60,000 valuation | ||
| • | Vests in 1/3 increments per year over a three-year period | |||
| • | Term = 10 years plus two days | |||
Annual Restricted Stock Award | • | $40,000 valuation | ||
| • | 1/3 of the shares vest three years from the date of the award and the remaining 2/3 of the shares vest five years from the date of the award | |||
Annual Retainer Payable in Cash | • | $30,000 | ||
Meeting Fee for each meeting of the Board of Directors attended | • | $1,500 per meeting | ||
Fee for each Committee meeting attended | • | $1,200 per Committee meeting | ||
Committee Chairperson Annual Retainer | • | $10,000 | ||
Other | ||||
Deferred Compensation Plan | • | May defer all or any portion of cash compensation into The Hartford Deferred Compensation Plan | ||
Insurance | • | $100,000 of group life insurance and $750,000 of AD&D | ||
| • | Directors may purchase additional AD&D insurance | |||
Travel and Related Expenses | • | Reimbursed for travel and related expenses incurred in connection with their serving on the Board of Directors and its Committees | ||
