Exhibit 10.1
The Hanover Insurance Group, Inc.
2012-2013 Compensation of Non-Employee Directors
— For the annual service period beginning on May 15, 2012, the date of the 2012 Annual Meeting of Shareholders —
Standard Fees | Description | |
Annual Director Retainer | ||
- Stock Component | -$100,000 valuation | |
- Granted on May 15, 2012. Issued pursuant to Company’s 2006 Long-Term Incentive Plan (the “2006 Plan”) | ||
- Cash Component | -$60,000 | |
- Payable on or after May 15, 2012 | ||
Committee Chairperson Annual Retainer | -$9,000for the chairperson of the Nominating and Corporate Governance Committee, payable on or after May 15, 2012 | |
-$12,500 for the chairperson of the Compensation Committee, payable on or after May 15, 2012 | ||
-$20,000for the chairperson of the Audit Committee, payable on or after May 15, 2012 | ||
Chairman of the Board Retainer | -$100,000 - Payable on or after May 15, 2012 | |
Committee Annual Retainer | -$4,500for each member of the Nominating and Corporate Governance Committee, payable on or after May 15, 2012 | |
-$6,250 for each member of the Compensation Committee, payable on or after May 15, 2012 | ||
-$10,000for each member of the Audit Committee, payable on or after May 15, 2012 |
Other | ||
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 (3.02% in 2012). 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 2006 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 2006 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 |