Hanover Preferred Stock Offering

Hanover Preferred Stock Offering. Shall mean the proposed sale by Hanover of approximately 1,400,000 shares of preferred stock of Hanover to Richemont or its affiliates or any other Person for a purchase price in the aggregate amount of $70,000,000 as described on the "Summary Terms for Preferred Stock" attached as Annex I to the draft letter, dated August 7, 2000, by Richemont Finance S.A. to Hanover.