Exhibit 10.1
The Hanover Insurance Group, Inc.
Compensation for Non-Employee Directors
— For the annual service periods beginning on the date of the Annual Meeting of Shareholders—
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Standard Fees | | Description |
Annual Director Retainer | | |
- Stock Component | | - $150,000 valuation |
| | - Issued pursuant to the Company’s 2022 Long-Term Incentive Plan (the “2022 Plan”) |
- Cash Component | | - $105,000 |
Committee Chair Annual Retainer (amount includes Committee Annual Retainer) | | - $21,000 for the chair of the Nominating and Corporate Governance Committee |
| | - $25,000 for the chair of the Compensation and Human Capital Committee |
| | - $36,000 for the chair of the Audit Committee |
Chair of the Board Retainer | | - $125,000 |
Committee Annual Retainer | | - $10,000 for each member of the Nominating and Corporate Governance Committee (excluding the Committee Chair) |
| | - $11,000 for each member of the Compensation and Human Capital Committee (excluding the Committee Chair) - $15,000 for each member of the Audit Committee (excluding the Committee Chair) |
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 (3.99% for 2023). All deferrals are pursuant to The Hanover Insurance Group, Inc. Non-Employee Director Deferral 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 2022 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 |
