Short-Term Incentive Plan



 Exhibit 10.15 
 SHORT-TERM INCENTIVE PLAN 
 Crawford & Company’s 2008 Short-Term Incentive Plan (STIP) is one component of the total
compensation of individuals who are vital to the overall success of the company (“Company”). The STIP is not intended to be governed by the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), as either a
welfare benefit plan or a pension plan. It is intended to be a bonus program as such term is defined in the regulations under ERISA at 29 C.F.R. § 2510.3-2(c). 
 Important Information About the STIP 
 This STIP supersedes all prior short-term incentive plans. The Nominating/Corporate
Governance/Compensation Committee (the “Committee”) of the Board of Directors of the Company has full discretion to interpret, amend or modify the plan at its sole discretion, including the modification of individual payouts. The Committee
shall appoint an administrative committee that shall be responsible for the day to day administration of the Plan. 
 Participation in the STIP does not
create any contractual or other right to receive any other benefits, nor does participation constitute a condition or right of future employment. 
 Overall Objectives 
 The STIP has been designed to: 
  

	 	•	 	 Build a strong, uniform performance-based culture across the Company. 


  

	 	•	 	 Support and reward the achievement of corporate, division and, in some cases, individual results. 


  

	 	•	 	 Provide significant reward for exceeding set goals. 


  

	 	•	 	 Provide a market-competitive total cash compensation opportunity. 


  


	 	•	 	 Assist in attraction and retention of talent critical to the Company’s success. 


 Eligibility 
 Company employees, including employees of designated
Company subsidiaries, are eligible for participation in the STIP if they meet the following criteria: 
  

	 	•	 	 Employees must be a “full-time employee.” 


  

	 	•	 	 Unless specified by the Committee, employees must be in a management level position, equivalent to a U.S. grade level 8 and above. 


  

	 	•	 	 Employees must be employed in an STIP-eligible position prior to the start of the STIP year or at time of hire or are promoted into a STIP-eligible position by
September 30 of the applicable STIP year. 









 Short-Term Incentive Plan 
  

	 	•	 	 Employees must be in the STIP-eligible position until the end of the STIP year as a full time employee and on the payroll at time of STIP payment date, which is
targeted to take place by March 15 following the end of the applicable STIP year. 


 If an employee is in corrective action status on
the date when the STIP payment is distributed, the employee is ineligible for STIP payment. 
 If an employee is hired into a STIP eligible position
after February 1 and before September 30 of the applicable STIP year... 
 If an employee is hired into a STIP eligible position after
February 1 and before September 30 of the applicable STIP year, the employee will be eligible to receive a prorated amount of the STIP payment based on the number of full months he or she is in an STIP eligible position. 
 How the STIP Works 
 STIP awards are based on performance measures
that may include a combination of corporate, division and individual performance goals. Important: For any STIP payouts to be made, the Company must achieve at least 80% of the target for corporate operating earnings in a STIP year.

 STIP Target Levels 
 If an employee is eligible
for participation in the STIP, the employee will have a target STIP payment, based on the employee’s salary grade. The target STIP payment shall be a percentage of the employee’s base salary as shown below: 
 STIP 2008 Target Levels 
  

				
	Salary Grade	  	Target STIP Payment (as % of salary)	 
	20    	  	65.0	%
	19    	  	47.5	%
	18    	  	47.5	%
	17    	  	45.0	%
	16    	  	30.0	%
	15 c	  	35.0	%
	15 b	  	30.0	%
	15    	  	22.5	%
	14 c	  	30	%
	14 b	  	22.5	%
	14    	  	17.5	%
	13 c	  	30.0	%
	13 b	  	22.5	%
	13    	  	14.5	%
	12 c	  	22.5	%
	12 b	  	14.5	%
	12    	  	11.0	%
	11 c	  	14.5	%

  

 2 








 Short-Term Incentive Plan 
 STIP 2008 Target Levels 
  

				
	 Salary
Grade
	  	Target STIP Payment (as % of salary)	 
	11 b	  	11.0	%
	11    	  	11.0	%
	10 c	  	14.5	%
	10 b	  	11.0	%
	10    	  	11.0	%
	  9 c	  	14.5	%
	  9 b	  	11.0	%
	9  	  	10.0	%
	 8 c	  	5.0	%
	  8 b	  	14.5	%
	8  	  	10.0	%

  

	 	•	 	 Target levels are not guaranteed; any STIP payout is based on satisfaction of applicable performance measures and can be below, at or above target. In addition, for
any payout to occur, the Company must achieve at least 80% of the corporate operating earnings target measure. Refer to “STIP Performance Measures” on page 5 for more information. 


  

	 	•	 	 Any employee may earn above the STIP target for outstanding performance. The maximum an employee can receive is two times the target STIP payment. For example, if
an employee is classified as grade 11, the employee’s maximum STIP payout would be 22.0% of his or her base salary. 


  

	 	•	 	 “Base salary” is the annualized base rate of pay, and does not include other income such as bonuses, commissions, disability benefits, etc. Any STIP award
is based on an employee’s salary as of January 1 of the applicable STIP year unless the employee becomes STIP-eligible after the start of such STIP year in which case the STIP award is based on the employee’s salary on the date he or
she becomes STIP-eligible. 


 STIP Result Categories 
 An employee’s STIP award is based on performance measures in up to three categories: 
  

	 	•	 	 Corporate 


  

	 	•	 	 Division 


  

	 	•	 	 Individual 


 The categories and applicable weightings
for corporate and division employees are set forth in the following charts: 
 Corporate 
  

							
	Grade1	  	Corporate	 	 	Individual	 
	20	  	100	%	 	0	%
	19	  	100	%	 	0	%
	18	  	100	%	 	0	%
	17	  	80	%	 	20	%
	16	  	80	%	 	20	%
	15	  	80	%	 	20	%

  

 3 








 Short-Term Incentive Plan 
  

							
	 Grade1
	  	Corporate	 	 	Individual	 
	14	  	80	%	 	20	%
	13	  	80	%	 	20	%
	12	  	80	%	 	20	%
	11	  	70	%	 	30	%
	10	  	70	%	 	30	%
	9	  	70	%	 	30	%
	8	  	70	%	 	30	%

  

	 1
	 Includes b and c levels within a grade.



 Division 
  

										
	 Grade1
	  	Corporate	 	 	Division	 	 	Individual	 
	19	  	30	%	 	70	%	 	0	%
	18	  	30	%	 	70	%	 	0	%
	17	  	20	%	 	60	%	 	20	%
	16	  	20	%	 	60	%	 	20	%
	15	  	20	%	 	60	%	 	20	%
	14	  	20	%	 	60	%	 	20	%
	13	  	20	%	 	60	%	 	20	%
	12	  	20	%	 	60	%	 	20	%
	11	  	20	%	 	50	%	 	30	%
	10	  	20	%	 	50	%	 	30	%
	9	  	20	%	 	50	%	 	30	%
	8	  	20	%	 	50	%	 	30	%

  

	 1
	 Includes b and c levels within a grade.



 STIP Performance Measures 
 Quick Note 
 Not all STIP participants have awards that include individual performance. 
 Each of the results categories are made up of one or more performance measures. The performance measure targets in each category are established by the Committee for
each STIP year. 
 Corporate and division performance measures include: 
  

	 	•	 	 Revenue – Adjusted for acquisitions, dispositions and exchange rate fluctuations. 


  

	 	•	 	 Operating earnings 


  

	 	•	 	 Workdays outstanding in total billed and unbilled accounts receivable (“Total A/R”) 


 While using the same performance measures, corporate results are based on overall corporate performance measured against revenue, operating earnings and workdays
outstanding in Total A/R and division results are based on division-specific performance against these measures. 
 Individual performance measures
are based on individual performance evaluation ratings. 
  

 4 








 Short-Term Incentive Plan 
 Threshold, Target and Maximums for Performance Measures 
 Each performance measure is assigned a: 

 

	 	•	 	 Threshold – Results at or below the threshold level of performance provide no incentive award. 


  

	 	•	 	 Target – Results meeting target trigger payment of 100% of the target goal. 


  

	 	•	 	 Maximum – Results meeting maximum trigger payment of 200% of the target goal. 


 Performance measures and their thresholds, targets and maximums are set annually by the Committee. 
 Performance Measure Weighting 
 Each performance measure is given a weight, as approved by the Committee. The
weightings for 2008 are shown below: 
  

										
	 Performance Measure
	  	2008 Weighting of Goals	 
	 	  	Corporate	 	 	Division*	 	 	Individual	 
	 Revenue
	  	20	%	 	20	%	 	n/a	 
	 Operating earnings
	  	60	%	 	60	%	 	n/a	 
	 Workdays outstanding in Total A/R
	  	20	%	 	20	%	 	n/a	 
	 Individual Performance
	  	n/a	 	 	n/a	 	 	100	%

  

	*	Division weighting are based on division specific goals for revenue, operating earnings and workdays outstanding in Total A/R. 

 Quick Note 
 For any STIP payout to occur, the Company must achieve at
least 80% of the target for the corporate operating earnings performance measure for that year. 
 Keep in mind: 
  

	 	•	 	 The specific measures and weightings used to determine an employee’s STIP payout will be based on the employee’s salary grade and to which
division/operating company the employee is employed. For example, if an employee works in US P&C operations, division specific P&C performance would constitute the larger portion of such employee’s STIP award, followed by individual
performance and total company results. 


  

	 	•	 	 To meet threshold and target for individual performance, an employee must receive a 3.0 or better rating on his or her most recent performance evaluation.
Any STIP payment in excess of 100% of the target goal attributable to individual performance is solely at the discretion of the Committee. 


  

	 	•	 	 It is possible to receive performance results that fall between the three milestones of threshold, target and maximum. For example, Company operating earnings
results may be above target but below maximum. Any STIP payment will be adjusted to reflect actual performance results. 


  

 5 








 Short-Term Incentive Plan 
 STIP Personalized Statement 
 Each employee will receive a STIP personalized statement outlining his or her bonus opportunity under the STIP.
This statement will be updated and reissued with any actual payout information following the end of the applicable STIP year. 
 STIP Payout – An
Example 
 Following is an example of a STIP payout at threshold, target, and maximum, assuming for an employee: 
  

	 	•	 	 The employee is employed in US P&C. 


  

	 	•	 	 The employee is a salary grade 9. 


  

	 	•	 	 The employee is earning a base salary of $85,000. 


  

	 	•	 	 The employee has a STIP Target of $8,500 (10.0% x $85,000). 


  

																	
	 Component
	  	Weight
of
Metric	 	Percentage
of
Bonus	 	THRESHOLD	 	 	TARGET	 	 	MAXIMUM	 
	 1. Total Company Performance
	  		 		 				 			
	 Revenue
	  	  20%	 	   4%
	 	$	0	 	 	$	340	 	 	$	680	 
	 Operating Earnings
	  	  60%	 	12%	 	$	0	 	 	$	1,020	 	 	$	2,040	 
	 Weekdays O/S in Total A/R
	  	  20%	 	  4%	 	$	0	 	 	$	340	 	 	$	680	 
		  	100%	 	20%	 	$	0	 	 	$	1,700	 	 	$	3,400	 
	 2. Division Performance
	  		 		 				 				 			
	 Div Revenue
	  	  20%	 	10%	 	$	0	 	 	$	850	 	 	$	1,700	 
	 Div Operating Earnings
	  	  60%	 	30%	 	$	0	 	 	$	2,550	 	 	$	5,100	 
	 Div Weekdays O/S in Total A/R
	  	  20%	 	10%	 	$	0	 	 	$	850	 	 	$	1,700	 
		  	100%	 	50%	 	$	0	 	 	$	4,250	 	 	$	8,500	 
	 3. Individual Performance
	  		 		 				 				 			
	 Individual Performance
	  	100%	 	30%	 	$	0	 	 	$	2,550	 	 	$	5,100	 
		  	100%	 	30%	 	$	0	 	 	$	2,550	 	 	$	5,100	 
	 Total Annual Incentive Payout:
	  		 		 	$	0	 	 	$	8,500	 	 	$	17,000	 
	 Actual Payout as % of Salary:
	  		 		 	 	0.0	%	 	 	10.0	%	 	 	20.0	%

 STIP Payments 
 Employees who qualify will receive any STIP payout in a lump sum cash payment. The Company will endeavor to distribute such payments no later than March 15 following the end of the applicable STIP year. 
 All STIP payments are subject to applicable federal, state, local, and FICA withholdings and taxes. In addition, applicable 401(k) contributions will be made from an
employee’s STIP payment in accordance with his or her current contribution rate. 
  

 6 








 Short-Term Incentive Plan 
 Life Events and the STIP 
  

			
	 Life Event
	  	 What Happens to the STIP payment

		
	An employee is not currently eligible for the STIP and is promoted to a STIP eligible position	  	In general, the employee will be eligible for STIP participation for any full months that he or she works in the STIP year, provided the employee is promoted before September 30 of that STIP
year.
		
	An employee is currently eligible for the STIP and is promoted to new salary grade	  	The employee’s STIP payout, if any, for that STIP year will be a prorated combination of his or her full months worked at the previous and new salary grades; provided, however, the employee
must move into the new salary grade before September 30 of the applicable STIP year. If an employee moves into a new salary grade after September 30 of the applicable STIP year, his or her STIP payment will be based on the salary grade effective
prior to September 30 of such year.
		
	An employee is currently eligible for the STIP and moves to a non-STIP eligible position	  	The employee is eligible to receive a prorated amount of his or her STIP payout for any full months worked during the applicable STIP year while STIP eligible.
		
	An employee is currently eligible for the STIP and his or her employment terminates	  	The employee will not be eligible for any STIP payout for the STIP year in which the termination occurred unless the termination is for death or retirement. If an employee is STIP eligible and
his or her employment is terminated in a Company-initiated reduction in force, the employee may be eligible for a prorated amount of the STIP payment.
		
	An employee is eligible for the STIP, leaves the Company and is rehired in a STIP-eligible position in the same STIP year	  	The employee will be eligible for a STIP payout based on the full months worked after his or her rehire date – any eligibility accrued before the employee terminated from employment will
not count in his or her STIP payout calculation.
		
	An employee is STIP-eligible and goes on an approved unpaid leave of absence	  	Provided applicable state or federal laws allow, the employee is eligible to receive a prorated amount of his or her STIP payout for any full months worked during the year while STIP eligible.

		
	An employee is STIP-eligible and returns from an approved unpaid leave of absence	  	Provided applicable state or federal laws allow, the employee is eligible to receive a prorated amount of his or her STIP payout for any full months worked during the year while STIP eligible.

		
	An employee retires	  	The employee is eligible to receive a prorated amount of his or her STIP payout for any full months worked during the STIP year before retirement.
		
	An employee dies	  	The employee’s estate is eligible to receive a prorated amount of his or her STIP payout for any full months worked during the STIP year before death.

  

 7