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Exhibit 10.28
 Irwin Commercial Finance
Amended and Restated Short Term Incentive Plan
 1.
    
    Purpose
  2.
    
    Effective Date
  3.
    
    Definitions
 a)
    
    AWARD means a payment made pursuant to the Plan at the end of a Performance Period.b)
    
    BOARD means the Board of Directors of the Company.c)
    
    CHAIRMAN means the Chairman of the Board.d)
    
    CODE means the Internal Revenue Code of 1986, as now in effect or as amended, and the
regulations promulgated thereunder.e)
    
    COMMITTEE means the committee appointed by the Board to administer the Plan, which shall
consist solely of the Chairman until such time as the Plan is amended in accordance with
Section 9(a) hereof.f)
    
    COMPANY means Irwin Commercial Finance.g)
    
    COVERED OFFICER means any individual who, on the last day of a taxable year of IFC, is the
chief executive officer of IFC and any other officer of the Company who is, for such taxable
year, determined to be among IFCs four highest compensated officers (other than the chief
executive officer of IFC), as defined under Code Section 162(m)(3).




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h)
    
    DISABILITY means the Participant is unable to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment which can be expected to
result in death or can be expected to last for a continuous period of not less than 12 months,
or is, by reason of any medically determinable physical or mental impairment which can be
expected to result in death or can be expected to last for a continuous period of not less
than 12 months, receiving income replacement benefits for a period of not less than 3 months
under an accident and health plan covering the Companys employees.i)
    
    EXCHANGE ACT means the Securities Exchange Act of 1934, as amended.j)
    
    IFC means Irwin Financial Corporation, the Companys publicly-held parent company.k)
    
    IFC COMMITTEE means the committee appointed by the board of directors of IFC to administer
such short-term incentive plans as may be adopted by such board from time to time or, in the
absence of such a committee, the standing compensation committee of IFCs board of directors
as constituted from time to time; provided, that any such IFC Committee shall be comprised
solely of two or more members of the IFC board of directors who qualify as an outside
director under Code Section 162(m) and the regulations promulgated thereunder and as a
non-employee director within the meaning of Rule 16b-3(b)(3) (or any successor rule) under
the Exchange Act.l)
    
    PERFORMANCE PERIOD means the period of time during which performance is measured pursuant to
the Plan, which shall be the Companys fiscal year; provided, however, that the period of time
during which the performance is measured shall be equal to or greater than twelve (12) months
of time. The Companys fiscal year is the calendar year.m)
    
    PLAN means the Irwin Commercial Finance Amended and Restated Short Term Incentive Plan.n)
    
    SEPARATION FROM SERVICE means the employee dies, retires, or otherwise has a termination of
employment with the Company, excluding any military leave, sick leave, or other bona fide
leave of absence if the period of such leave does not exceed six months or longer, if the
individuals right to reemployment with the Company is provided by statute or contract.
 4.
    
    Eligibility
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5.
    
    Administration
  6.
    
    Awards
  a)
    
    establish a target Award opportunity in writing for each Plan participant for the Performance
Period, expressed as a percentage of such participants base salary at the end of the
Performance Period; andb)
    
    establish objective performance-based goals for an Award for which the outcome is
substantially uncertain at the time such goals are established and that (i) specify a
threshold, a target, a maximum and any other performance levels deemed by the Committee to be
necessary or appropriate to establish an accurate and effective pay-for-performance schedule
and (ii) base performance on one or more of the following financial indicators of the
Companys success: earnings per share, net earnings, net income, operating earnings, customer
satisfaction, revenues, net sales, financial return ratios such as return on equity, return on
assets, return on capital, and return on investment, ratio of debt to earnings or
shareholders equity, market performance, market share, balance sheet measurements, economic
profit, cash flow, shareholder return, margins, productivity improvement, distribution
expense, inventory turnover, delivery reliability, cost control or operational efficiency
measures, and working capital, any of which may be measured in absolute terms, growth or
improvement during a Performance Period or as compared to another company or companies.
Performance goals may be absolute in their terms or measured against or in relationship to
other companies comparably, similarly or otherwise situated or other external or internal
measure and may include or exclude extraordinary charges, losses from discontinued operations,
restatements and accounting changes and other unplanned special charges such as restructuring
expenses, acquisitions, acquisition expenses, including expenses related to goodwill and other
intangible assets, stock offerings, stock repurchases and strategic loan
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7.
    
    Payment of Awards; Adjustments
 a)
    
    At the end of a Performance Period, the amount of the Award payable, if any, shall be
determined by the degree to which the participant and/or Company meets the performance goals
set forth in the Performance Period Schedule. No Award shall be payable if the participant
and/or Company does not meet the performance goals set forth in the Performance Period
Schedule.b)
    
    For any Awards payable to Covered Officers, the IFC Committee shall certify prior to any such
payment in writing the extent to which the performance goal or goals (and any
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c)
    
    The Committee reserves the right to adjust the Award of any participant (other than a Covered
Officer) to reflect individual performance and/or extraordinary circumstances. The Award of
any Covered Officer shall be subject to the right of the IFC Committee to reduce in a manner
consistent with Code Section 162(m), but not increase, such Covered Officers Award to reflect
individual performance and/or extraordinary circumstances.d)
    
    A participants Award, if any, for each Performance Period shall be paid in a cash lump sum
as soon as practicable after it has been determined that the performance goals have been met,
but no later than the 14th day of the third month after the close of the
Performance Period, provided the participant is in the employ of the Company on the last
working day of the Performance Period except as provided in Section 7(f). If for any reason
it is administratively impracticable to pay the Awards by that deadline, such payments shall
be made as soon as administratively practicable by the end of the year. For an employee whose
employment commences during a Performance Period, a prorated Award will be paid based on the
portion of the Performance Period during which he or she was employed by the Company.e)
    
    If a participant transfers to or from IFC or any affiliate of IFC (other than the Company) at
any time during the Performance Period, he or she will be entitled to a prorated Award under
the Plan based on the portion of the Performance Period during which he or she was employed by
the Company; provided that the performance goals and performance criteria were met during the
applicable Performance Period. Any prorated Awards earned will be paid at the same time that
other participants Awards are paid and shall be based on performance results for the full
Performance Period.f)
    
    An Award is not earned and shall not be paid unless the employee is employed by the Company
and on the Companys payroll at the end of the Performance Period. The Committee may make
exceptions to this requirement, in its sole discretion, under circumstances including, but not
limited to, Separation from Service due to retirement or death or Disability, provided,
however, that such Award shall be evaluated by the Committee (and the IFC Committee, if
necessary) as set forth in this Section 7 after the conclusion of the relevant Performance
Period at the time the Committee (and the IFC Committee, if necessary) generally review
achievement of performance goals and Awards to other participants.g)
    
    There shall be deducted from all payments in respect of an Award made under the Plan any
taxes required to be withheld under applicable federal, state or local law.
 8.
    
    Deferral of Payment.
 a)
    
    Any participant may elect to defer all or a portion of his or her Award to be received with
respect to a Performance Period by submitting a written request to the Committee on or before
June 30 of that Performance Period, or such other designated date that is no less six months
prior to the end of the Performance Period, and in no event may a deferral
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election be made after it has become substantially certain that the performance goals will
be met. Notwithstanding anything to the contrary above, a participant shall not be
permitted to defer a pro-rated award if such participant is hired less than six months
before the end of the Performance Period or, if less, after it becomes substantially certain
that the performance goals set forth in the Performance Period Schedule have been met.b)
    
    The deferral request, which shall be made in a form adopted and approved by the Committee
from time to time, must state the amount of Award to be deferred (a dollar amount of a
percentage of the Award earned), and the date the deferred Award is to be paid. A deferral
Award shall be paid on the earliest of: (1) the first anniversary of the date of the
participants Separation from Service; (2) the date of the participants death; or (3) the
payment date specified in the participants deferral election.c)
    
    As soon as administratively feasible after a participants death, any deferred Award will be
paid to his or her beneficiary designated under the Companys group life insurance plan unless
the participant has submitted an alternative written beneficiary designation under this Plan.
Notwithstanding the above, in the event the participant is a specified employee, as such
term is defined in Code Section 409A and the regulations promulgated thereunder, any deferred
Award to be paid upon the participants Separation from Service may be made no earlier than
the day after the date that is six months after the Separation from Service date or the date
of death, if earlier, but only to the extent such delay is required by law or regulation. For
this purpose, specified employees shall be identified as of December 31 of the applicable
year.d)
    
    Deferred Awards shall be credited with interest from the first day of January of the fiscal
year following the fiscal year in which the Award is earned at the national prime rate as
reported in The Wall Street Journal on the date interest is credited.e)
    
    Notwithstanding the above, in the event a Plan participant makes a subsequent deferral
election to delay payment after his initial deferral election under Section 8(h) of the Plan,
the subsequent deferral election;
    9.
    
    Miscellaneous
 a)
    
    AMENDMENT, SUSPENSION OR TERMINATION OF THIS PLAN. Subject to the requirements of Code
Section 162(m) and 409A and the Treasury Regulations promulgated thereunder, the Board may, at
any time and from time to time, amend,
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suspend or terminate the Plan or any part of the Plan as it may deem proper and in the best
interest of the Company; provided, that, subject to the right of the Board and the IFC
Committee to adjust Awards pursuant to Section 7(c), no such action may cause any
participant to be deprived of any Award previously awarded but not yet paid, or be effective
in the fiscal year in which such action is taken unless it is taken within the first three
months of the fiscal year.b)
    
    ACCELERATION OF TIME OF PAYMENT IN THE EVENT OF PLAN TERMINATION. In accordance with the
proposed regulations issued pursuant to Code Section 409A, the Company has the discretion to
accelerate the time of payment of any Award deferred pursuant to Section 8 where the right to
payment arises due to a termination of the plan as follows:
    c)
    
    SECTIONS 162(M) AND 409A. The Company intends that Awards made to Covered Officers under the
Plan shall satisfy the requirements for performance-based compensation under Code Sections
162(m) and 409A and the Treasure Regulations promulgated thereunder. Therefore, Awards to
Covered Officers and interpretation of the Plan shall be guided by such provisions, as
appropriate. If a provision of the Plan would cause a payment to a Covered Officer to fail to
satisfy these requirements, it shall be interpreted and applied in a manner such that said
payment will satisfy Code Sections 162(m) and 409A. Notwithstanding the foregoing, the
Company shall request that IFC obtain IFC shareholder approval for any amendment of the Plan
as may be required under
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Code Section 162(m) to ensure the Plans qualification under Code Section 162(m). The
timing of a payment may be delayed to a date after the designated payment date where the
Company reasonably anticipates that the Companys deduction with respect to such payment
otherwise would be limited or eliminated by the application of Code Section 162(m);
provided, however, that the payment shall be made either at the earliest date at which the
Company reasonably anticipates that the deduction of the payment amount will not limited or
eliminated by application of Code Section 162(m) of the calendar year in which the
participant Separates from Service, as that term is defined by Code Section 409A and
regulations issued thereunder.d)
    
    NO ASSIGNMENT. No portion of any Award under the Plan may be pledged, assigned or
transferred otherwise than by will or the laws of descent and distribution prior to its
payment.e)
    
    LIMITATION ON LIABILITIES. In any matter related to the Plan, no director or employee of
Irwin Financial Corporation, or any affiliate of Irwin Financial Corporation shall be liable
for the action, or the failure to act, on the part of any other such person.f)
    
    LIMITATION ON VESTED INTEREST. Awarding a bonus is within the sole discretion of the
Committee. No participant has a vested interest in an award under the Plan prior to the end
of the Performance Period for which the Award is granted.g)
    
    EMPLOYMENT RIGHTS. Participation in this Plan shall not be construed to grant any employee
the right to be retained in the employ of the Company.h)
    
    UNSECURED GENERAL CREDITORS. Participants shall have no right, title, or interest whatsoever
in or to any investments which the Company may make to aid it in meeting its obligations under
the Plan. Nothing contained in the Plan, and no action taken pursuant to its provisions,
shall create or be construed to create a trust of any kind, or a fiduciary relationship
between the Company and any participant, beneficiary, legal representative or any other
person. To the extent that any person acquires a right to receive payments from the Company
under the Plan, such right shall be no greater than the right of an unsecured general creditor
of the Company. All payments to be made hereunder shall be paid from the general funds of the
Company and no special or separate fund shall be established and no segregation of assets
shall be made to assure payment of such amounts except as expressly set forth in the Plan.
The Plan is not intended to be subject to the Employee Retirement Income Security Act of 1974,
as amended.i)
    
    GOVERNING LAW. The validity and construction of the Plan and any rules relating to the Plan
shall be determined and governed by the laws of the State of Indiana without reference to
principles of conflict of laws, except as superseded by applicable federal law.
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