THE HANOVER INSURANCE GROUP AMENDED AND RESTATED

EXHIBIT 10.2

THE HANOVER INSURANCE GROUP

AMENDED AND RESTATED

NON-QUALIFIED RETIREMENT SAVINGS PLAN

ARTICLE I

NAME, PURPOSE AND EFFECTIVE DATE OF PLAN

This Plan was initially adopted by First Allmerica Financial Life Insurance Company (“First Allmerica”). First Allmerica, formerly known as State Mutual Life Assurance Company of America, had adopted this deferred compensation plan for the benefit of certain highly compensated employees to ensure that the overall effectiveness of First Allmerica’s compensation and benefits programs for top management will attract, retain and motivate qualified personnel. This Plan is intended to be a non-qualified and unfunded plan, maintained by First Allmerica solely for the purpose of providing deferred compensation benefits to a select group of management or highly compensated employees.

As of January 1, 2008, The Hanover Insurance Company (“Hanover”) agreed to assume (i) the sponsorship, and (ii) all liabilities and obligations, of the Plan.

ARTICLE II

DEFINITIONS

As used in this Plan, the following words and phrases shall have the meanings set forth herein unless a different meaning is clearly required by the context.

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For an Employee employed by the Company on a December 1, the Employee’s Annualized Base Salary shall be determined by the Plan Administrator for the immediately succeeding Plan Year. For an Employee who first completes an Hour of Service after a December 1, the Employee’s initial Annualized Base Salary shall be determined by the Plan Administrator as of the date the Employee first completes an Hour of Service, with subsequent Annualized Base Salary amounts being determined by the Plan Administrator for each such Employee employed by the Company on a December 1 as of such date for the immediately succeeding Plan Year.

(a) For Plan Years prior to January 1, 2008, “Eligible Compensation” shall equal (subject to Sections 2.10(d) and 2.10(e) below): the total salary, bonuses and other taxable remuneration paid to an Employee by the Company during a Plan Year (as reported on the Employee’s W-2 for the Plan Year) minus the 401(a)(17) Limit; provided, however, with respect to the President and Chief Executive Officer of The Hanover Insurance Group, Inc., commencing on and after January 1, 2007, in no event shall Eligible Compensation (subject to Sections 2.10(d) and 2.10(e) below) exceed, in the aggregate, the Eligible Compensation Cap.

(b) For Plan Years commencing on or after January 1, 2008, “Eligible Compensation” shall equal (subject to Sections 2.10(d) and 2.10(e) below): Base Salary plus Incentive Compensation (not to exceed target), if any, minus the 401(a)(17) Limit, but in no event to exceed the Eligible Compensation Cap.

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(c) “Eligible Compensation” shall also include any such other compensation earned or paid during a Plan Year as determined, from time to time, by the Plan Administrator.

(d) Notwithstanding the foregoing, Eligible Compensation shall be determined without reduction for (i) any Code Section 401(k) salary reduction contributions contributed on the Employee’s behalf for the Plan Year to the Defined Contribution Plan, (ii) the amount of any salary reduction contributions contributed on the Employee’s behalf for the Plan Year to any Code Section 125 plan sponsored by the Company, (iii) the amount of any Base Salary deferred pursuant to the terms of this Plan, (iv) Incentive Compensation deferred and converted pursuant to The Hanover Insurance Group, Inc. IC Deferral and Conversion Program, and (v) at the Plan Administrator’s discretion, the amount of such other compensation as may be deferred by an Employee during a given Plan Year pursuant to any other Company-sponsored deferral plan.

(e) Notwithstanding the above, Eligible Compensation shall not include:

(i) unless otherwise determined by the Plan Administrator, compensation paid to Employees pursuant to The Hanover Insurance Group, Inc. Amended Long-Term Stock Incentive Plan and/or The Hanover Insurance Group, Inc. 2006 Long-Term Incentive Plan or pursuant to any similar or successor executive incentive compensation plan;

(ii) Employer contributions to a deferred compensation plan or arrangement (other than salary reduction contributions to a Section 401(k) or 125 plan or amounts deferred pursuant to the terms of this Plan, or otherwise, as described above) either for the Plan Year of deferral or for the Year included in the Employee’s gross income;

(iii) unless otherwise determined by the Plan Administrator, any income which is received by or on behalf of an Employee in connection with the grant, receipt, settlement, exercise, lapse of risk of forfeiture or restriction on transferability, or disposition of any stock option, stock award, stock grant, stock appreciation right or similar right or award granted under any plan, now or hereafter in effect, of the Company or any successor to the Company, its parent, any such successor’s parent, its subsidiaries or affiliates, or any stock or securities underlying any such option, award, grant or right;

(iv) severance payments paid in a lump sum;

(v) Code Section 79 imputed income, long term disability payments and workers’ compensation payments;

(vi) taxable moving expense allowances or taxable tuition or other educational reimbursements;

(vii) non-cash taxable benefits provided to executives, including the taxable value of Company-paid club memberships, chauffeur services and Company-provided automobiles; and

(viii) other taxable amounts received other than cash compensation for services rendered, as determined by the Plan Administrator.

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For purposes of this Subsection (b) a payment shall be deemed to be made by or due from the Company regardless of whether such payment is made by or due from the Company directly, or indirectly, through, among others, a trust fund or insurer, to which the Company contributes or pays premiums.

In the case of a payment which is made or due which results in the crediting of Hours of Service under Subsection (b) or in the case of an award or agreement for back pay, to the extent that such an award or agreement is made with respect to a period during which an Employee performs no duties, the number of Hours of Service to be credited shall be determined as follows:

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ARTICLE III

ELIGIBILITY AND PARTICIPATION

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Notwithstanding (iii) above, for the 2005 Plan Year only, an otherwise eligible Employee employed by the Company on December 1, 2004, may execute a Salary Reduction Agreement satisfactory to the Plan Administrator on or prior to January 31, 2005 in order to be eligible to make deferrals of Base Salary paid on or after the effective date of the election.

In addition to the eligibility requirements set forth in this Section 3.01(a), for Plan Years commencing on or after January 1, 2008, Base Salary Deferrals may only be made to the extent expressly permitted by the Plan Administrator.

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Notwithstanding (iii) above, otherwise eligible Employees who first complete an Hour of Service during a Plan Year who have contributed during the Plan Year to a qualified 401(k) plan sponsored by their former employer(s) may furnish evidence satisfactory to the Plan Administrator of their contributions to such prior plan(s). So long as the amount contributed by the Employee to such prior plan(s) plus the amount contributed by the Company as a salary reduction contribution on behalf of the Employee to the Defined Contribution Plan equals the maximum amount permitted to be deferred as a non-catchup salary reduction contribution for such Plan Year, as described in Code Section 402(g), such Employee shall be deemed to have satisfied requirement (iii) above for such initial Plan Year.

An otherwise eligible Employee shall automatically be eligible to receive a Company-paid employer contribution and a Company-paid additional employer contribution for a Plan Year provided the Employee satisfies the requirements of Subsections 3.01(b) and (c) above for the applicable Plan Year.

Subject to Section 3.03, once an eligible Employee becomes a Participant in the Plan, he or she shall remain a Participant until all benefits to which he or she is entitled under the Plan have been paid.

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ARTICLE IV

PARTICIPANT ACCOUNTS, SALARY REDUCTION ELECTIONS AND

PLAN BENEFITS

Until otherwise voted by the Company’s Board of Directors, for Plan Years commencing on or after January 1, 2005, eligible Employees employed on the last day of a Plan Year shall be entitled to receive a Company-paid contribution equal to 3% of Eligible Compensation for the Plan Year (as described in Section 2.10 of the Plan).

Contributions shall be credited to a Participant’s Employer Contribution Account on or before March 15 of the calendar year following the Plan Year for which the contribution is to be credited.

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Until otherwise voted by the Company’s Board of Directors, for Plan Years commencing on or after January 1, 2005, eligible Employees employed on the last day of a Plan Year shall be entitled to receive a Company-paid contribution equal to 5% of Eligible Compensation for the Plan Year (as described in Section 2.10 of the Plan).

Contributions shall be credited to a Participant’s Additional Employer Contribution Account on or before March 15 of the calendar year following the Plan Year for which the contribution is to be credited.

ARTICLE V

VESTING AND PAYMENT OF PLAN BENEFITS

Each Participant who first completed an Hour of Service prior to January 1, 2005 shall also have a 100% vested and nonforfeitable interest in his or her Employer Contribution and Additional Employer Contribution Accounts.

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Each Participant who first completes an Hour of Service on or after January 1, 2005 shall have a vested and nonforfeitable interest in his or her Employer Contribution and Additional Employer Contribution Accounts, to be determined from the following vesting schedule:

Notwithstanding the foregoing, a Participant’s Accrued Benefit shall become 100% vested and nonforfeitable if a Participant dies while actively employed by the Company or, if earlier, upon attainment of a Participant’s Normal Retirement Age while actively employed by the Company.

Except as provided in Section 5.05, payment shall be made or shall commence within 60 days after the event described above occurs. If payment is to be made in installments, the second installment shall be paid on the first business day of the calendar year following the calendar year in which payment of the first installment occurs and subsequent installments shall be paid on the first business day of each succeeding calendar year until the entire benefit amount has been paid. No Participant or Beneficiary shall be entitled to any benefit under this Plan other than payment of the Participant’s vested Accrued Benefit in accordance with this Plan as in effect as of the date of the event described above.

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Notwithstanding the foregoing, if termination of employment occurs as a result of a change in control (as defined by the IRS), or if a distribution is to be paid to a “key employee” of a publicly traded company (as defined by Code Section 409A and in any guidance issued by the IRS), the Plan Administrator shall delay any distributions to the Participant or to his or her Beneficiary, if necessary to comply with Code Section 409A and any guidance issued by the IRS thereunder.

Within 30 days of the date an Employee first becomes a Participant in this Plan, the Participant shall file a written election with the Plan Administrator, on a form that is furnished by or satisfactory to the Plan Administrator, specifying the benefit option that shall be effective for him or her and for his or her Beneficiary. Any such election form must provide that the first scheduled payment (including any lump sum payment) cannot be made until at least one year from the date of the election. The Participant, may, by written notice, elect to change his or her or his or her Beneficiary’s benefit option at any time, but any such change shall not be effective until the date that is one year from the date the written notice is received by the Plan Administrator. Any such change that is intended to delay the payment of benefits payable hereunder must delay the initial payment by at least five years (except in the case of death). Any benefit election shall become irrevocable as of the scheduled distribution commencement date. A Participant’s initial election form or a subsequent election form that has been executed one year prior to its effective date shall govern the distribution of the Participant’s Accrued Benefit and such election shall be interpreted in accordance with the provisions of Code Section 409A and any guidance issued by the Internal Revenue Service thereunder.

Unless a Participant has elected otherwise, if a Participant dies after Plan benefits have commenced but before they have concluded under options (B) or (C) above, then the scheduled payment(s) shall continue thereafter to the Participant’s designated Beneficiary. If no Beneficiary has been designated or if no Beneficiary survives the Participant, then any remaining Plan benefits shall be paid instead in a lump sum to the Participant’s estate.

Notwithstanding the foregoing, if a Participant does not make a valid election as to how vested Plan benefits are to be paid, a Participant’s vested Accrued Benefit shall be paid in a lump sum, subject to the timing restrictions set forth in this Article V.

Additionally, notwithstanding the foregoing, upon termination of employment for reasons other than death or retirement, a single lump sum payment shall be made of a Participant’s Accrued Benefit in accordance with and subject to the timing restrictions set forth in the Article V.

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ARTICLE VI

PLAN ADMINISTRATION

In the administration of this Plan, the Plan Administrator may, from time to time, employ agents and delegate to them such administrative duties he/she/they deem(s) fit and from time to time consult with counsel who may be counsel to the Company.

Notwithstanding any provision of the Plan to the contrary, the Plan Administrator shall have total discretion to fulfill his, her or their duties and responsibilities as he, she or they see(s) fit on a uniform and consistent basis and as he/she/they believe(s) a prudent person acting in a like capacity and familiar with such matters would do.

ARTICLE VII

AMENDMENT AND TERMINATION

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ARTICLE VIII

MISCELLANEOUS

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Schedule A

Register of Approvals/Amendments

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