You can change each of these lines to suit your theme. The only required lines are the Theme Name, the Template.
The Template is the directory name of the parent theme. In this case, the parent theme is the Twenty Fourteen theme, so the Template is twentyfourteen, which is the name of the directory where the Twenty Fourteen theme resides. If you want to make a child of a theme with the directory name example-theme-name, then you would use Template: example-theme-name.