Summary of Director Compensation for James River Group, Inc.

Summary

This document outlines the compensation policy for directors of James River Group, Inc. Employee directors do not receive extra pay for board service. Non-employee directors receive an annual retainer, additional fees for attending board and committee meetings, and reimbursement for reasonable expenses. The Chairman receives a higher annual retainer. Directors may also be granted stock options or equity awards at the discretion of the compensation committee under existing incentive plans.

EX-10.13 32 file029.htm SUMMARY OF DIRECTOR COMPENSATION

  SUMMARY OF DIRECTOR COMPENSATION Directors who are also employees of James River Group, Inc. or any of its subsidiaries will not receive any additional compensation for serving as directors. Upon the effectiveness of this offering, non-employee directors of James River Group, Inc. will receive the following fees: Annual Retainer $20,000 ($40,000 per annum for the Chairman of the Board) Fee for each board meeting attended in $1,500 person or telephonically Fee for each board committee meeting $500 ($1000 for meetings of the Audit attended in person or telephonically Committee) We also expect to reimburse all directors (including employee directors) for reasonable out-of-pocket expenses they incur in connection with their service as directors. Directors are eligible to and have previously received non-qualified stock options and other equity-based awards when, as and if determined by the compensation committee pursuant to the terms of the 2003 Incentive Plan and the 2005 Incentive Plan.