Document:

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                                                                    EXHIBIT 10.2

                               CRAWFORD & COMPANY
                       1997 KEY EMPLOYEE STOCK OPTION PLAN

                  (Restated for February 1, 2000 Amendment and
                    March 11, 1997 Three-for-Two Stock Split)

     Section 1. Plan Established. Crawford & Company, a Georgia corporation,
hereby adopts as of the 4th day of February, 1997, this 1997 Key Employee Stock
Option Plan, pursuant to which certain of the Key Employees of the Company and
Subsidiary Corporations, to be selected and determined as hereinafter set forth,
may be granted Options to purchase shares of the Class A Common Stock of the
Company; provided that no Option granted under the Plan will be exercisable
until shareholder approval of the Plan has been obtained and provided further
that the Plan and any Options granted under it will terminate if shareholder
approval is not received for the Plan within twelve (12) months after the date
first written above.

     Section 2. Purpose of Plan. The purpose of the Plan is to strengthen the
Company and those corporations which are or later become Subsidiary
Corporations, by providing to specific Key Employees added incentives for high
levels of performance and to encourage stock ownership in the Company. The Plan
seeks to accomplish these goals by providing a means whereby these Key Employees
may be given an opportunity to purchase, by way of option, shares of Stock of
the Company.

     Section 3. Definitions:

     (a) "Board" means the Board of Directors of the Company.

     (b) "Code" means the Internal Revenue Code of 1986, as amended.

     (c) "Committee" means the Senior Compensation and Stock Option Committee of
     the Board, or such other or successor committee as the Board may, from time
     to time, establish.

     (d) "Company" means Crawford & Company, a Georgia corporation, and any
     successor to such corporation.

     (e) "Incentive Stock Option" means an Option intended to meet all the
     requirements of Section 422 of the Code and the regulations thereunder.

     (f) "Fair Market Value" means (1) the closing price for a share of Stock on
     the New York Stock Exchange (or if Stock is no longer traded on the New
     York Stock Exchange, on the exchange or quotation system which reports or
     quotes the closing price for a share of Stock) as accurately reported for
     any date (or, if no shares of Stock are traded on such date, for the
     immediately preceding date on which shares of Stock were traded) in The
     Wall Street Journal (or if The Wall Street Journal no longer reports such
     price, in a newspaper or trade journal selected by the Committee) or (2) if
     no such price quotation is available, the price which the Committee, acting
     in good faith, determines through any reasonable valuation method that a
     share of Stock might change hands between a willing buyer and a

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     willing seller, neither being under any compulsion to buy or to sell and
     both having reasonable knowledge of the relevant facts.

     (g) "Key Employee" means full-time, salaried employees of the Company or a
     Subsidiary Corporation, as selected by the Committee.

     (h) "Non-Qualified Stock Option" means any Option, other than an Incentive
     Stock Option.

     (i) "Option" means any option awarded under this Plan.

     (j) "Optionee" means any Key Employee awarded an Option.

     (k) "Plan" means this Crawford & Company 1997 Key Employee Stock Option
     Plan, as amended from time to time.

     (l) "Stock" means the Class A Common Stock of the Company.

     (m) "Subsidiary Corporation" means any corporation which is a subsidiary
     corporation (within the meaning of Section 425(f) of the Code) of the
     Company.

     Section 4. Eligibility. Key Employees, who have been selected as provided
in Section 5, will be eligible to receive Options; provided, however, that Key
Employees owning more than 10% of the total combined voting power of all classes
of stock of the Company or any Subsidiary Corporation will be eligible to
receive Incentive Stock Options only if: (i) the option price is at least 110%
of the Fair Market Value (at the time the option is granted) of the shares
issued under the Option; and (ii) the Incentive Stock Option may not be
exercised after the expiration of five (5) years from the date the Incentive
Stock Option is granted.

     Section 5. Administration and Grant of Options. The Plan will be
administered by the Committee consisting of two or more directors appointed by
the Board who are "non-employee directors" (within the meaning of Rule 16b-3 of
the Securities Exchange Act of 1934) and "outside directors" (within the meaning
of Section 162(m) of the Code). Subject to the express provisions of the Plan,
the Committee will have complete authority to determine those Key Employees to
whom, the time or times, and the price at which Options may be granted, the
option periods, the number of shares subject to each Option, and whether an
Option will be granted as an Incentive Stock Option or a Non-Qualified Stock
Option. Subject to the express provisions of the Plan, the Committee will also
have complete authority to interpret the Plan, to prescribe, amend and rescind
rules and regulations consistent with the Plan and relating to it, to determine
the terms and provisions of each option agreement (which need not be the same),
to determine the rights and obligations of Optionees under the Plan, and to make
all other determinations necessary or advisable in the administration of the
Plan.

     Section 6. Shares Subject to the Plan. The maximum aggregate number of
shares in respect to which Options may be granted is 6,250,000 shares of Stock.
The aggregate number of shares which may be subject to Options granted to any
one Key Employee under the Plan shall not exceed 1,500,000. The maximum
aggregate number of shares which may be granted under the Plan or to any one Key
Employee is subject, however, to increase or decrease pursuant to the provisions
of Section 13. More than one Option may be granted to the same Key Employee. If
any Option will

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terminate for any reason without having been exercised in full, the shares
applicable to the unexercised portion of the Option will become available for
other Options under this Plan, unless the Plan is then terminated. The Plan will
continue for a period of ten (10) years from the date upon which it is adopted;
provided however, that the Board may terminate the Plan at any time within its
absolute discretion. No such termination, other than as provided for in Sections
1 and 14, will in any way affect any Option then outstanding.

     Section 7. Number of Shares. Subject to the express provision of the Plan,
the Committee will determine the number of shares to be covered by any Option
granted to an Optionee provided, however, that the aggregate Fair Market Value
(determined as of the time the Option is granted) of the Stock for which any Key
Employee may exercise Incentive Stock Options in any calendar year (under any
plans of the Company or any Subsidiary Corporation) will not exceed $100,000.

     Section 8. Option Price. The option price of the shares under each Option
shall be set by the Committee at the time of grant and, subject to Section 4,
such option price will not be less than the Fair Market Value of the shares on
the date of the grant of the Option.

     Section 9. Exercise of Options

     (a) Subject to the provisions of Sections 1 and 14, each Option will become
     exercisable at such times and in such installments as the Committee will
     provide in the terms of the option agreement; provided, however, that the
     Committee may, on terms and conditions as it may determine to be
     appropriate, accelerate the time at which such Option or any portion
     thereof may be exercised.

     (b) The Option will be exercised by the Optionee's giving written notice to
     the Company's Corporate Secretary specifying (i) the number of full shares
     to be purchased and (ii) the method of payment, in accordance with Section
     10. Where an Option is being exercised at any time only in part, not less
     than fifty (50) shares will be covered by any such partial exercise.

     Section 10. Payment of the Option Price and Taxes.

     (a) Full payment of the option price for the number of shares specified in
     the notice of exercise delivered pursuant to Section 9 shall accompany such
     notice of exercise. Additionally, in the case of the exercise of a
     Non-Qualified Option, the Optionee shall deliver to the Company, or make
     arrangements satisfactory to the Company, for the payment of any
     withholding or other taxes which are required to be paid by or collected on
     behalf of the Optionee by reason of the exercise.

     (b) The option price and required withholding or other taxes may be paid
     (i) in cash or certified check; (ii) by delivery to the Company of shares
     of Stock with a Fair Market Value on the exercise date equal to the option
     price and any required withholding or other taxes; or (iii) by any
     combination of (i) or (ii).

     Section 11. Termination of the Option. Each Option will specify a date upon
which the Option will terminate if it has not then been exercised in full. The
termination date will, in each instance, be fixed by the Committee, but in no
event will an Option permit the exercise thereof after

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the earlier of termination of the Option as described in Sections 1 or 14 hereof
or ten (10) years from date of grant.

     Section 12. Non-Transferable. No Option will be assignable or transferable
except by will or by laws of descent and distribution. Any other attempted
assignment or transfer, or any attempted pledge, hypothecation or other
disposition of, or levy of any execution, attachment or similar process upon any
Option will be null and void and without effect. During the lifetime of an
Optionee, the Option will be exercisable only by the Optionee.

     Section 13. Change in Capitalization. If the outstanding shares of Stock
are increased, decreased, or changed into, or exchanged for a different number
or kind of shares or securities of the Company, without receipt of consideration
by the Company, through reorganization, merger, recapitalization,
reclassification, stock split, stock dividend, stock consolidation, or
otherwise, an appropriate and proportionate adjustment will be made in the
number and kind of shares as to which Options may be granted. A corresponding
adjustment changing the number or kind of shares and the exercise price per
share allocated to unexercised Options, or portions thereof, which will have
been granted prior to any such change will likewise be made. Any such
adjustment, however, in an outstanding Option will be made without change in the
total price applicable to the unexercised portion of the Option, but with a
corresponding adjustment in the number of shares and price for each share
subject to the Option. Adjustments under this Section will be made by the Board
or the Committee, whose determination as to what adjustments will be made, and
to the extent thereof, will be final and conclusive. No fractional shares of
Stock will be issued under the Plan on account of any such adjustment.

     Section 14. Mergers or Consolidations. Not less than thirty (30) days prior
to the dissolution or liquidation of the Company or a reorganization, merger or
consolidation of the Company with one or more corporations as a result of which
the Company will not be the surviving or resulting corporation, or a sale of
substantially all of the assets of the Company to another person, or a reverse
merger in which the Company is the surviving corporation but the shares of the
Stock outstanding immediately preceding the merger are converted by virtue of
the merger to other property (a "Terminating Event"), the Board or the Committee
will notify each Optionee of the pendency of the Terminating Event. Upon
delivery of the notice, any Option granted prior to the Terminating Event will
be exercisable in full. Upon the date thirty (30) days after delivery of the
notice, any Option or portion thereof not exercised will terminate, and upon the
effective date of the Terminating Event, the Plan will terminate, unless
provision is made in connection with the Terminating Event for assumption of
Options previously granted, or substitution for such Options of new options
offering stock of a successor employer corporation, or a parent or subsidiary
corporation thereof, solely at the option of the successor corporation or parent
or subsidiary corporation, with appropriate adjustments as to the number and
kind of shares and prices.

     Section 15. Disposition of Shares. Any Optionee who acquires Stock pursuant
to an Option will, so long as he or she remains an employee of the Company or
Subsidiary Corporation, be obligated to advise the Company in the case of each
sale or other disposition of any Stock so acquired, such advice to be given to
the Company immediately upon the occurrence of any such sale or other
disposition.

     Section 16. Option Agreement. Each Option granted will be evidenced by a
written stock option agreement executed by the Company, and will contain each of
the provisions and agreements herein specifically required to be contained
therein, and in addition it may contain other

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terms and conditions as the Committee may deem desirable and which are not
inconsistent with the Plan.

     Section 17. Qualification of Plan. It is intended that each Incentive Stock
Option to be issued under this Plan will qualify as and be subject to exercise
only to the extent that it does qualify as an "incentive stock option" as
defined in Section 422 of the Code. The Board may make any amendment to the Plan
which, in the opinion of the counsel of the Company, will be required to obtain
or maintain such conformity.

     Section 18. Amendment of Plan. The Board may make changes in the Plan, and
with consent of the Optionee, in the terms and conditions of his or her Option,
as it will deem advisable, but may not, without the approval of the shareholders
of the Company: (a) increase the maximum number of shares of Stock subject to
the Plan (except as may be done pursuant to Section 13); (b) decrease the
minimum option price requirement contained in Section 8 (except as may be done
pursuant to Section 13); (c) extend the term of the Plan or the term of any
Option beyond 10 years; (d) decrease the option price applicable to any Option
granted under the Plan (except as may be done pursuant to Section 13); (e)
withdraw the administration of the Plan from the Committee; (f) permit any
member of the Committee to be eligible to hold or receive Options under the
Plan; or (g) alter any outstanding Option agreement to the detriment of the
Optionee, without the consent of the Optionee (except as may be done pursuant to
Section 13).

     Section 19. Type of Option Granted. Both Incentive Stock Options and
Non-Qualified Stock Options may be granted under the Plan. The Committee, at its
sole discretion, will determine whether an Option granted under the Plan to a
Key Employee will be an Incentive Stock Option or a Non-Qualified Stock Option.
The Committee may make such determination in any manner that it chooses,
including but not limited, to, an option-by-option or employee-by-employee
basis. The Committee will, at the time of grant, clearly designate the intended
nature of any Option granted, whether as an Incentive Stock Option or
Non-Qualified Stock Option.

     Section 20. Applicable Law; Severability; Interpretation. The Plan will be
construed, administered, and governed in all respects in accordance with the
laws of the State of Georgia; provided, however, that if any provision is
susceptible to more than one interpretation, it will be interpreted in a manner
consistent with the Plan being an incentive stock option plan under Section 422
of the Code. If any provision of the Plan will be held by a court of competent
jurisdiction to be invalid or unenforceable, the remaining provisions of the
Plan will continue to be fully effective. For purposes of this Plan, references
to the masculine shall include the feminine, reference to the singular shall
include the plural, and references to the plural shall include the singular.

     Section 21. Shares Reserved. The Company will at all times during the term
of the Plan reserve and keep available the number of shares of Stock as will be
sufficient to satisfy the requirements of the Plan, and will pay all fees and
expenses necessarily incurred by the Company in connection therewith.

     Section 22. No Shareholder Rights. No Optionee shall have any rights as a
shareholder of the Company as a result of the grant of an Option to him or her
under this Plan or his or her exercise of such Option pending the actual
delivery of Stock subject to such Option to such Optionee.

     Section 23. No Contract of Employment. The grant of an Option under this
Plan shall not constitute a contract of employment and shall not confer on an
Optionee any rights in connection

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with the termination of his or her employment in addition to those rights, if
any, expressly set forth in the option agreement which evidences his or her
Option.

     Section 24. Titles. Titles are provided in this Plan for convenience only
and are not to serve as a basis for interpretation or construction of the Plan.

     On this 1st day of February, 2000, I hereby certify that the foregoing
Plan, restated for the March 11, 1997 three-for-two stock split, was duly
amended by the Board on this date.

                                        /s/ JUDD F. OSTEN
                                        ----------------------------------------
                                        Judd F. Osten
                                        Corporate Secretary

(Corporate Seal)

     On this ___ day of _________, 2000, I hereby certify that the foregoing
restated and amended Plan was duly approved by the shareholders on _______ __,
2000.

                                        ----------------------------------------
                                        Judd F. Osten
                                        Corporate Secretary

(Corporate Seal)<PAGE>

                                                                    EXHIBIT 10.3

                               CRAWFORD & COMPANY
                  1997 NON-EMPLOYEE DIRECTOR STOCK OPTION PLAN

     Section 1. Plan Established. Crawford & Company, a Georgia corporation,
hereby adopts as of the 4th day of February, 1997, this 1997 Non-Employee
Director Stock Option Plan, pursuant to which Non-Employee Directors of the
Company shall be granted Options to purchase shares of the Class A Common Stock
of the Company; provided that no Option shall be granted under the Plan until
shareholder approval of the Plan has been obtained and provided further that the
Plan will terminate if shareholder approval is not received for the Plan within
twelve (12) months after the date first written above.

     Section 2. Purpose of Plan. The purpose of the Plan is to strengthen the
Company by providing to Non-Employee Directors added incentives for high levels
of performance and to encourage stock ownership in the Company on a basis
consistent with that provided to key employees, including employee directors,
under the Company's stock option and stock purchase plans. The Plan seeks to
accomplish these goals by providing a means whereby these Non-Employee Directors
shall be given an opportunity to purchase, by way of option, shares of Stock of
the Company.

     Section 3. Definitions:

          (a)  "Board" means the Board of Directors of the Company.

          (b)  "Code" means the Internal Revenue Code of 1986, as amended.

          (c) "Company" means Crawford & Company, a Georgia corporation and any
     successor to such corporation.

          (d) "Fair Market Value" means the closing price for a share of Stock
     on the New York Stock Exchange (or if Stock is no longer traded on the New
     York Stock Exchange, on the exchange or quotation system which reports or
     quotes the closing price for a share of Stock) as accurately reported for
     any date (or, if no shares of Stock are traded on such date, for the
     immediately preceding date on which shares of Stock were traded) in The
     Wall Street Journal (or if The Wall Street Journal no longer reports such
     price, in a newspaper or trade journal selected by the Board).

          (e) "Non-Employee Director" means any member of the Board who is not,
     at the time of grant of an Option, an employee or officer of the Company.

          (f) "Option" means any option awarded under this Plan.

          (g) "Optionee" means any Non-Employee Director awarded an Option.

          (h) "Plan" means this Crawford & Company 1997 Non-Employee Director
     Stock Option Plan, as amended from time to time.

          (i) "Stock" means the Class A Common Stock of the Company.

<PAGE>

     Section 4. Eligibility. Each Non-Employee Director shall be eligible to and
shall receive Options on (i) the day of the shareholder meeting of the Company
at which the Plan is approved for all Non-Employee Directors elected or
re-elected to the Board at that meeting; (ii) the day of first election to the
Board for all individuals who are not members of the Board on the date of
shareholder approval of the Plan; and (iii) on the day of each annual meeting of
the shareholders of the Company following shareholder approval of the Plan and
in which the Non-Employee Director is re-elected to the Board.

     Section 5. Grant of Options. Options shall be granted for the indicated
number of shares of Stock to each eligible Non-Employee Director as follows:

     (i)  10,000 shares on the day of shareholder approval of the Plan;

     (ii) 10,000 shares on the day of first election to the Board; and

     (iii) 2,000 shares on the day of re-election to the Board after shareholder
          approval of the Plan.

     Section 6. Shares Subject to the Plan. The maximum aggregate number of
shares in respect to which Options may be granted is 300,000 shares of Stock.
The maximum aggregate number of shares is subject, however, to increase or
decrease pursuant to the provisions of Section 13. If any Option will terminate
for any reason without having been exercised in full, the shares applicable to
the unexercised portion of the Option will become available for other Options
under this Plan, unless the Plan is then terminated.

     Section 7. Term of Plan. The Plan will continue for a period of ten (10)
years from the date upon which it is approved by the Shareholders of the
Company; provided, however, that the Board or Shareholders may terminate the
Plan at any time within their absolute discretion. No such termination, other
than as provided for in Section 14, will in any way affect any Option then
outstanding.

     Section 8. Option Price. The option price of the shares under each Option
shall be the Fair Market Value of the shares on the date of the grant of the
Option.

     Section 9. Exercise of Options. Each Option shall be exercisable at any
time after grant and before termination in accordance with Sections 11 and 14 by
delivery to the Company's Corporate Secretary of a notice of exercise, together
with payment in accordance with Section 10.

     Section 10. Payment of the Option Price.

          (a) Full payment of the option price for the number of shares
     specified in the notice of exercise delivered pursuant to Section 9 shall
     accompany such notice of exercise.

          (b) The option price may be paid (i) in cash or certified check; (ii)
     by delivery to the Company of shares of Stock with a Fair Market Value on
     the exercise date equal to the option price; or (iii) by any combination of
     (i) or (ii).

<PAGE>

     Section 11. Termination of the Option. Subject to Section 14, each Option
shall terminate on:

     (i)  the date on which the Optionee is no longer a Non-Employee Director,
          but only if such date occurs prior to the fifth anniversary of the
          grant date of the Option; or

     (ii) if the Optionee remains a Non-Employee Director through the fifth
          anniversary of the grant date of the Option, on the tenth anniversary
          of the grant date of the Option.

     Section 12. Non-Transferable. No Option will be assignable or transferable
except by will or by laws of descent and distribution. Any other attempted
assignment or transfer, or any attempted pledge, hypothecation or other
disposition of, or levy of any execution, attachment or similar process upon any
Option will be null and void and without effect. During the lifetime of an
Optionee, the Option will be exercisable only by the Optionee.

     Section 13. Change in Capitalization. If the outstanding shares of Stock
are increased, decreased, or changed into, or exchanged for a different number
or kind of shares or securities of the Company, without receipt of consideration
by the Company, through reorganization, merger, recapitalization,
reclassification, stock split, stock dividend, stock consolidation, or
otherwise, an adjustment will be made in the number and kind of shares as to
which Options may be granted and a corresponding adjustment changing the number
or kind of shares and the exercise price per share allocated to unexercised
Options, or portions thereof, which will have been granted prior to any such
change will likewise be made. Any such adjustment, however, in an outstanding
Option will be made without change in the total price applicable to the
unexercised portion of the Option, but with a corresponding adjustment in the
number of shares and price for each share subject to the Option. Adjustments
under this Section will be limited to and be on the same basis as those made
under the Company's 1997 Key Employee Stock Option Plan. No fractional shares of
Stock will be issued under the Plan on account of any such adjustment.

     Section 14. Mergers or Consolidations. Not less than thirty (30) days prior
to the dissolution or liquidation of the Company or a reorganization, merger or
consolidation of the Company with one or more corporations as a result of which
the Company will not be the surviving or resulting corporation, or a sale of
substantially all of the assets of the Company to another person, or a reverse
merger in which the Company is the surviving corporation but the shares of the
Stock outstanding immediately preceding the merger are to be converted by virtue
of the merger to other property (a "Terminating Event"), the Board shall notify
each Optionee of the pendency of the Terminating Event. Upon the date thirty
(30) days after delivery of the notice, any Option or portion thereof not
exercised will terminate, and upon the effective date of the Terminating Event,
the Plan will terminate, unless provision is made in connection with the
Terminating Event for assumption of Options previously granted, or substitution
for such Options of new options offering stock of a successor employer
corporation, or a parent or subsidiary corporation thereof, solely at the option
of the successor corporation or parent or subsidiary corporation, with
appropriate adjustments as to the number and kind of shares and prices.

     Section 15. Disposition of Shares. Any Optionee who acquires Stock pursuant
to an Option will, so long as he or she remains a member of the Board, be
obligated to advise the Company in the case of each sale or other disposition of
any Stock so acquired, such advice to be

<PAGE>

given to the Company's Corporate Secretary immediately upon the occurrence of
any such sale or other disposition.

     Section 16. Option Certificate. Each Option granted will be evidenced by a
written Option Certificate executed on behalf of the Company in the form
attached as Exhibit "A" hereto.

     Section 17. Amendment of Plan and Options. The Board may only make changes
in the Plan with the approval of the shareholders of the Company, other than
changes required by the Code, federal securities laws, or rules and regulations
promulgated thereunder. No change in the terms and conditions of any Option may
be made without the consent of the Optionee.

     Section 18. Applicable Law; Severability; Interpretation. The Plan will be
construed, administered, and governed in all respects in accordance with the
laws of the State of Georgia. If any provision of the Plan will be held by a
court of competent jurisdiction to be invalid or unenforceable, the remaining
provisions of the Plan will continue to be fully effective. For purposes of this
Plan, references to the masculine shall include the feminine, reference to the
singular shall include the plural, and references to the plural shall include
the singular.

     Section 19. Shares Reserved. The Company shall at all times during the term
of the Plan reserve and keep available the number of shares of Stock as will be
sufficient to satisfy the requirements of the Plan, and will pay all fees and
expenses necessarily incurred by the Company in connection therewith.

     Section 20. No Shareholder Rights. No Optionee shall have any rights as a
shareholder of the Company as a result of the grant of an Option to him or her
under this Plan or his or her exercise of such Option pending the actual
delivery of Stock subject to such Option to such Optionee.

     Section 21. Titles. Titles are provided in this Plan for convenience only
and are not to serve as a basis for interpretation or construction of the Plan.

<PAGE>

     On this 4th day of February, 1997, I hereby certify that the foregoing Plan
was duly adopted by the Board on this date.

                                        /s/ Judd F. Osten
                                        ----------------------------------------
                                        Judd F. Osten
                                        Corporate Secretary

(Corporate Seal)

     On this 22nd day of April, 1997, I hereby certify that the foregoing Plan
was duly approved by the shareholders on April 22, 1997.

                                        /s/ Judd F. Osten
                                        ----------------------------------------
                                        Judd F. Osten
                                        Corporate Secretary

(Corporate Seal)

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