Document:

<PAGE>

                                                                    Exhibit 10.1

                               CRAWFORD & COMPANY
                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
                      AS AMENDED AND RESTATED JULY 22, 2003
                         EFFECTIVE AS OF JANUARY 1, 2003

                                       26
<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                  Page
                                                                  ----
<S>          <C>                                                  <C>
Section 1    PURPOSE......................................         28

Section 2    DEFINITIONS..................................         28

Section 3    PARTICIPATION................................         28

Section 4    BENEFIT......................................         29

Section 5    SOURCE OF BENEFIT PAYMENTS...................         30

Section 6    NOT A CONTRACT OF EMPLOYMENT.................         31

Section 7    NO ALIENATION OR ASSIGNMENT..................         31

Section 8    ERISA........................................         31

Section 9    ADMINISTRATION. AMENDMENT AND TERMINATION....         31

Section 10   CLAIMS PROCEDURES............................         31

Section 11   CONSTRUCTION.................................         33

Section 12   EXECUTION....................................         34
</TABLE>

                                       27
<PAGE>

                               CRAWFORD & COMPANY
                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
                      AS AMENDED AND RESTATED JULY 22, 2003
                         EFFECTIVE AS OF JANUARY 1, 2003

                                    Section 1

                                     PURPOSE

Crawford & Company hereby amends and restates the Crawford & Company
Supplemental Executive Retirement Plan as originally effective as of January 1,
1986 and as thereafter amended. The primary purpose of this SERP is to provide a
supplemental retirement benefit to the Participants described in Exhibit A to
supplement certain benefits payable to each of them under the Savings Plan,
Deferred Compensation Plan or Retirement Plan to the extent payment of such
benefits is limited by the application of Code Sections 401(a)(17) and 415.

                                    Section 2

                                   DEFINITIONS

The capitalized terms used in this SERP shall have the same meanings assigned to
those terms in the Retirement Plan except that the following terms shall have
the following meanings:

         2.1 Committee - means the Senior Compensation and Stock Option
             Committee of the Board of Directors of Crawford & Company.

         2.2 Deferred Compensation Plan - means the Crawford & Company Deferred
             Compensation Plan, and any successor plan, as amended from time to
             time.

         2.3 Retirement Plan - means the Crawford & Company Retirement Plan and
             Trust Agreement, as amended from time to time.

         2.4 Savings Plan - means the Crawford Saving and Investment Plan, as
             amended from time to time.

         2.5 SERP - means this Crawford & Company Supplemental Executive
             Retirement Plan, as amended from time to time.

                                    Section 3

                                  PARTICIPATION

The Committee shall have the power to designate an executive as a Participant in
this SERP and such designations shall be reflected on Exhibit A to this SERP.

                                       28
<PAGE>

                                    Section 4

                                     BENEFIT

         4.1 SERP Retirement Benefit.

         (a) General. This Section 4.1 shall not apply to any executive
             designated as a participant after December 31, 2002.

         (b) Amount of Benefit. A benefit shall be payable under this SERP to,
             or on behalf of, each o Participant, which benefit shall equal the
             excess, if any, of (1) over (2) where:

             (1) equals the aggregate of (i) the benefits which would have been
             payable to him or her, or on his or her behalf, under the
             Retirement Plan, plus (ii) Restoration Benefits under the Deferred
             Compensation Plan in the form elected by him or her, or his or her
             beneficiary, under the terms of the Retirement Plan and Deferred
             Compensation Plan absent the limitations of Code Sections
             401(a)(17) and 415, without regard to when such executive became a
             participant; and

             (2) Equals the aggregate benefits actually payable to him or her,
             or on his or her behalf, in such form under (i) the Retirement
             Plan, and (ii) the Restoration Benefits provisions of the Deferred
             Compensation Plan.

         (c) Payment of SERP Retirement Benefit. The SERP Retirement Benefit
             payable to, or on behalf of, a Participant under this Section 4.1
             shall be paid as of the same date, in the same benefit payment form
             and to the same person as his or her benefit under the Retirement
             Plan or Deferred Compensation Plan, and no payment shall be made
             to, or on behalf of, a Participant under this Section 4.1 unless a
             benefit is paid to him or her or on his or her behalf under the
             Retirement Plan.

         (d) Previously Retired Participants. Notwithstanding Section 4.1(c), if
             an executive, at the time of his or her designation as a
             Participant, is currently receiving benefits under the Retirement
             Plan, he shall not receive any SERP Retirement Benefit until such
             time as such Participant's employment terminates following his or
             her designation as a Participant ("Subsequent Retirement"). Such
             Participant's SERP Retirement Benefit under Section 4.1(b) shall,
             at the time of the Subsequent Retirement, be determined by
             including all periods of employment up to the Subsequent
             Retirement, without regard to any previous retirement, as if the
             Participant first started receiving benefits under the Retirement
             Plan as of the time of his or her Subsequent Retirement. Any
             Participant who retires and then returns to employment shall
             receive additional SERP benefits in accordance with this Section
             4.1 with respect to such period of subsequent employment if
             designated a continuing Participant by the Committee before January
             1, 2003.

         4.2 SERP Service Credit Benefit.

                                       29
<PAGE>

         (a) General. This Section 4.2 shall apply to any executive who is a
             Participant on or after January 1, 2003.

         (b) Amount of Benefit. On and after January 1, 2003, the Company will
             make a SERP Service Credit on behalf of each Participant for each
             Plan Year, which will be equal to the excess of (1) over (2) where:

             (1) equals the amount that would have been allocated to the
             Participant's account as a "service contribution" under the Savings
             Plan for such Plan Year if "compensation" under the Savings Plan
             had been determined without regard to the Participant's deferrals
             under the Deferred Compensation Plan for such Plan Year and without
             regard to the limitations of Code Sections 401(a)(17) and 415 and

             (2) equals the sum of the amount actually allocated for such Plan
             Year (i) as a "service contribution" to the Participant's account
             under the Savings Plan and (ii) as a "service credit" to the
             Participant's account under the Deferred Compensation Plan.

Each Participant's SERP Service Credit shall be allocated to a bookkeeping
account maintained as a part of the Company's books and records to show as of
any date the interest of each Participant in this SERP Service Credit Benefit,
which is referred to as such Participant's SERP account. Deemed interest shall
be credited to each such SERP account at the same rate and in the same manner
that deemed interest is credited to accounts maintained under the Deferred
Compensation Plan. Crawford & Company shall furnish a statement to each
Participant annually, which shows the deemed SERP account balance at the end of
the Plan Year preceding the statement date and, at Crawford & Company's
discretion, such other account data as Crawford & Company deems appropriate.

         (c) Payment of SERP Service Credit Benefit. The SERP Service Credit
             benefit payable to, or on behalf of, a Participant under this
             Section 4.2 shall be paid as of the later of the date the
             Participant terminates his or her employment with Crawford &
             Company and its affiliates or the date the Participant attains age
             55. Each Participant may elect to have his or her SERP account
             distributed in the same manner as a "retirement distribution" under
             Section 8.3 of the Deferred Compensation Plan.

                                    Section 5

                           SOURCE OF BENEFIT PAYMENTS

All benefits payable under the terms of this SERP shall be paid by Crawford &
Company from its general assets. No person shall have any right or interest or
claims whatsoever to the payment of a benefit under this SERP from any person
whomsoever other than Crawford & Company, and no Participant or beneficiary
shall have any right or interest whatsoever to the payment of a benefit under
this SERP which is superior in any manner to the right of any other general and
unsecured creditor of Crawford & Company.

                                       30
<PAGE>

                                    Section 6

                          NOT A CONTRACT OF EMPLOYMENT

Participation in this SERP shall not grant to any Participant the right to
remain an employee for any specific term of employment or in any specific
capacity or at any specific rate of compensation.

                                    Section 7

                           NO ALIENATION OR ASSIGNMENT

A Participant or a beneficiary under this SERP shall have no right or power to
alienate, commute, anticipate or otherwise assign at law or equity all or any
portion of any benefit otherwise payable under this SERP, and the Committee
shall have the right in light of any such action to suspend temporarily or
terminate permanently the payment of benefits to, or on behalf of, any
Participant or beneficiary who attempts to do so.

                                    Section 8

                                      ERISA

Crawford & Company intends that this SERP come within the various exceptions and
exemptions of ERISA and for an unfunded deferred compensation plan maintained
primarily for a select group of management or highly compensated employees
within the meaning of ERISA Section 201(2), Section 302(a)(3) and Section
401(a)(1) and any ambiguities in this SERP shall be construed to effect that
intent.

                                    Section 9

                    ADMINISTRATION. AMENDMENT AND TERMINATION

Crawford & Company shall have all powers necessary to administer this SERP in
its absolute discretion and shall have the right, by action of the Committee, to
amend this SERP from time to time in any respect whatsoever and to terminate
this SERP at any time; provided, however, that any such amendment or termination
shall not be applied retroactively to deprive a Participant of benefits accrued
under this Plan to the date of such amendment or termination. This SERP shall be
binding on any successor in interest to Crawford & Company.

                                   Section 10

                                CLAIMS PROCEDURES

         10.l Presentation of Claim. Any Participant or beneficiary (such
               Participant or beneficiary being referred to below as a
               "Claimant") may deliver to the Committee a written claim for a
               determination with respect to the amounts distributable to such
               Claimant

                                       31
<PAGE>

               from the Plan. If such a claim relates to the contents of a
               notice received by the Claimant, the claim must be made within 60
               days after such notice was received by the Claimant. All other
               claims must be made within 180 days of the date on which the
               event that caused the claim to arise occurred. The claim must
               state with particularity the determination desired by the
               Claimant.

         10.2 Notification of Decision. The Committee shall consider a
              Claimant's claim within a reasonable time, and shall notify the
              Claimant not later than 90 days after receipt of the claim:

         (a)  that the Claimant's requested determination has been made, and
              that the claim has been allowed in full; or

         (b)  that the Committee has reached a conclusion contrary, in whole or
              in part, to the Claimant's requested determination, and such
              notice must set forth in a manner calculated to be understood by
              the Claimant:

              (1)      the specific reason(s) for the denial of the claim, or
                       any part of it;

              (2)      specific reference(s) to pertinent provisions of the Plan
                       upon which such denial was based;

              (3)      a description of any additional material or information
                       necessary for the Claimant to perfect the claim, and an
                       explanation of why such material or information is
                       necessary;

              (4)      an explanation of the claim review procedure, and

              (5)      a statement of the Claimant's right to bring a civil
                       action under Section 502(a) of the Employee Retirement
                       Income Security Act of 1974, as amended, following an
                       adverse determination on review.

         10.3 Review of a Denied Claim. Within 60 days after receiving a notice
              from the Committee that a claim has been denied, in whole or in
              part, a Claimant (or the Claimant's duly authorized
              representative) may file with the Committee a written request for
              a review of the denial of the claim. Thereafter, the Claimant (or
              the Claimant's duly authorized representative):

         (a) may review all documents relevant to the claim for benefits under
             this Plan and receive copies of such documents upon request and
             free of charge;

         (b) may submit written comments or other documents; and/or

         (c) may request a hearing, which the Committee, in its sole discretion,
             may grant.

                                       32
<PAGE>

         10.4 Decision on Review. The Committee shall render its decision on
              review promptly, and not later than 60 days after the filing of a
              written request for review of the denial, unless a hearing is held
              or other special circumstances required additional time, in which
              case the decision must be rendered within 120 days after such
              date. If special circumstances, such as the need to hold a
              hearing, require additional time, the Claimant will be provided
              with notice of the need for additional time before the end of the
              initial 60-day period. The decision must be written in a manner
              calculated to be understood by the Claimant, and it must contain:

         (a) specific reasons for the decision;

         (b) specific reference(s) to the pertinent Plan provisions upon which
             the decision was based;

         (c) a statement of the Claimant's right to bring a civil action under
             Section 502(a) of the Employee Retirement Income Security Act of
             1974, as amended;

         (d) a statement of the Claimant's right to receive upon request and
             free of charge, copies of all documents relevant to the claim for
             benefits under this Plan; and

         (e) such other matters as the Committee deems relevant.

         10.5 Manner of Notification. The Committee may notify a Claimant of its
              decision either in writing or, where electronic notification would
              be appropriate under ERISA, electronically.

         10.6 Legal Action. A Claimant's compliance with the foregoing
              provisions of this Section 10 is a mandatory prerequisite to
              Participant's or beneficiary's right to commence any legal action
              with respect to any claim for benefits under this Plan.

                                   Section 11

                                  CONSTRUCTION

This SERP shall be construed in accordance with the laws of the State of
Georgia, and the masculine shall include the feminine and the singular the
plural whenever appropriate.

                                       33
<PAGE>

                                   Section 12

                                    EXECUTION

Crawford & Company, as the SERP sponsor, has executed this SERP to evidence the
adoption of this amendment and restatement by the Senior Compensation and Stock
Option Committee of its Board of Directors this 24th day of July, 2003.

                                           CRAWFORD & COMPANY

                                           By: /s/ Grover L. Davis

                                           Title: Chairman and CEO

                                       34
<PAGE>

                                    EXHIBIT A

                 CRAWFORD & COMPANY SUPPLEMENTAL RETIREMENT PLAN
                 AS AMENDED AND RESTATED JULY 22, 2003 EFFECTIVE
                              AS OF JANUARY 1, 2003

Name of Participant

T. G. Germany
F. L. Minix
R. P. Albright
P. A. Bollinger
D. R. Chapman
J. F. Osten
D. A. Smith
J. F. Giblin
A. L. Meyers, Jr.
G. L. Davis
J. A. McGee
H. L. Rogers
S. V. Festa
Victoria Holland
Gregory P. Hodson
Marshall G. Long

                                       35<PAGE>

                                                                    Exhibit 10.2

                               CRAWFORD & COMPANY
                           DEFERRED COMPENSATION PLAN
                  FOR ELIGIBLE EMPLOYEES AND ELIGIBLE DIRECTORS
                 (AS AMENDED AND RESTATED AS OF JANUARY 1, 2003)

                                       36
<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                         PAGE
                                                                                                                         ----
<S>                                                                                                                      <C>
SECTION  1     PURPOSE                                                                                                     40

SECTION  2     DEFINITIONS                                                                                                 40
         2.1.     Account                                                                                                  40
         2.2.     Account Balance                                                                                          40
         2.3.     Annual Deferral Amount                                                                                   40
         2.4.     Beneficiary                                                                                              40
         2.5.     Board of Directors                                                                                       40
         2.6.     Cash Compensation                                                                                        40
         2.7.     Cause                                                                                                    41
         2.8.     Change of Control                                                                                        41
         2.9.     Company                                                                                                  41
         2.10.    Company Discretionary Credit                                                                             41
         2.11.    Committee                                                                                                41
         2.12.    Eligible Director                                                                                        42
         2.13.    Eligible Employee                                                                                        42
         2.14.    Entry Date                                                                                               42
         2.15.    Long Term Incentive Credit                                                                               42
         2.16.    Plan                                                                                                     42
         2.17.    Restoration Benefit                                                                                      42
         2.18.    Retirement Plan                                                                                          42
         2.19.    Savings Plan                                                                                             42
         2.20.    Service Credit                                                                                           42
         2.21.    Subsidiary                                                                                               42
         2.22.    Year                                                                                                     42

SECTION  3     ELIGIBLE EMPLOYEES AND DIRECTORS                                                                            42
         3.1.     Starting Date                                                                                            42
                  (a)      Eligible Employee                                                                               43
                  (b)      Eligible Director                                                                               43
         3.2.     Ending Date                                                                                              43
                  (a)      Eligible Employee                                                                               43
                  (b)      Transfer                                                                                        43
                  (c)      Eligible Director                                                                               43
         3.3.     Enrollment                                                                                               43
         3.4.     Participation                                                                                            43

SECTION  4     DEFERRAL ELECTION RULES AND PROCEDURES                                                                      43
         4.1.     Cash Compensation Only                                                                                   43
         4.2.     Classification and Limitations                                                                           44
                  (a)      General Rules                                                                                   44
</TABLE>

                                       37
<PAGE>

<TABLE>
<CAPTION>
                                                                                                                         PAGE
                                                                                                                         ----
<S>                                                                                                                      <C>
                  (b)      Base Salary                                                                                     44
                  (c)      Bonuses, Incentive Compensation and Profit Sharing                                              44
                  (d)      Directors' Fees                                                                                 44
                  (e)      Short Year                                                                                      44
         4.3.     Irrevocable Election and Filing Deadlines                                                                44
                  (a)      General Rule                                                                                    44
                  (b)      Special Rule                                                                                    44
                  (c)      Expiration of Election                                                                          44
                  (d)      Irrevocable Election                                                                            45
                  (e)      Revocation of Election                                                                          45
                  (f)      Annual Election                                                                                 46
                  (g)      Percentage Figure                                                                               46
         4.4.     Withholding of Deferral Amounts and FICA                                                                 46
         4.5.     Subsidiary                                                                                               46

SECTION  5     ALLOCATION OF COMPANY DISCRETIONARY CREDIT AND SERVICE
               CREDIT                                                                                                      46
         5.1.     Company Discretionary Credit                                                                             46
         5.2.     Service Credit                                                                                           47

SECTION  6     ALLOCATION OF LONG TERM INCENTIVE CREDIT                                                                    47
         6.1.     Eligibility for Long Term Incentive Credit                                                               47
         6.2.     Allocation of Long Term Incentive Credit                                                                 48
         6.3.     Vesting of Long Term Incentive Credit                                                                    48
         6.4.     Forfeiture of Long Term Incentive Credit                                                                 48

SECTION  7     MAINTENANCE OF ACCOUNTS                                                                                     49

SECTION  8     DISTRIBUTIONS                                                                                               49
         8.1.     Distribution Events                                                                                      49
         8.2.     Manner of Distribution                                                                                   49
         8.3.     Installments                                                                                             49
                  (a)      Portion of Account Distributed in Installments                                                  49
                  (b)      Installment Election                                                                            49
                  (c)      Failure to Elect Installments                                                                   50
                  (d)      Payment of Installments                                                                         50
         8.4.     Short-term Distribution                                                                                  50
         8.5.     Distribution of Company Discretionary Credit                                                             50
         8.6.     Unforeseeable Emergency                                                                                  50
         8.7.     Distribution of Restoration Benefits                                                                     51

SECTION  9     DEEMED INTEREST CREDITING                                                                                   51
         9.1.     Interest Rate                                                                                            51
         9.2.     Prior to Distribution                                                                                    51
         9.3.     Installments                                                                                             51
                  (a)      Interest Rate                                                                                   52
                  (b)      "Deemed" Installment Payments                                                                   52
</TABLE>

                                       38
<PAGE>

<TABLE>
<CAPTION>
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<S>                                                                                                                      <C>
                  (c)      Amortization                                                                                    52
                  (d)      Monthly Payments                                                                                52

SECTION  10    SOURCE OF DISTRIBUTION                                                                                      52

SECTION  11    CLAIMS PROCEDURES                                                                                           52
         11.1.    Presentation of Claim                                                                                    52
         11.2.    Notification of Decision                                                                                 53
         11.3.    Review of a Denied Claim                                                                                 53
         11.4.    Decision on Review                                                                                       53
         11.5.    Manner of Notification                                                                                   54
         11.6.    Legal Action                                                                                             54

SECTION  12    MISCELLANEOUS                                                                                               54
         12.1.    Beneficiary                                                                                              54
         12.2.    No Assignment; Binding Effect                                                                            54
         12.3.    ERISA                                                                                                    55
         12.4.    Committee Powers                                                                                         55
         12.5.    Construction                                                                                             55
         12.6.    Employment Contract                                                                                      55
         12.7.    Term of Office                                                                                           55
         12.8.    Amendment and Termination                                                                                55
         12.9.    Distribution in the Event of Taxation                                                                    55
         12.10.   Furnishing Information                                                                                   56
</TABLE>

                                       39
<PAGE>

                               CRAWFORD & COMPANY
                           DEFERRED COMPENSATION PLAN
                  FOR ELIGIBLE EMPLOYEES AND ELIGIBLE DIRECTORS
                               AS EFFECTIVE AS OF
                                 JANUARY 1, 1995
                    (AMENDED AND RESTATED AS JANUARY 1, 2003)

                                SECTION 1 PURPOSE

The purpose of this Plan is to allow each Eligible Employee of the Company or a
Subsidiary and each Eligible Director of the Company to defer the payment of a
percentage of his or her Cash Compensation otherwise actually payable during
each Year for services rendered and to provide a benefit equal to the benefit
the Eligible Employee would have had if the amounts deferred under this Plan had
been treated as "compensation" for purposes of the Retirement Plan (the
Restoration Benefit) and for purposes of the "service contribution" under the
Savings Plan (the Service Credit). Certain employees will also receive Long Term
Incentive Credits under this Plan. In addition, the Company or a Subsidiary, in
its sole discretion may credit an Eligible Employee's Account with a Company
Discretionary Credit.

                              SECTION 2 DEFINITIONS

2.1      Account -- means the bookkeeping entry maintained as part of the
         Company's books and records in accordance with Section 7 to show as of
         any date the interest of each Eligible Employee and each Eligible
         Director in this Plan.

2.2      Account Balance -- means as of any date for each Account the amount
         that is in excess of credits to such Account over debits to such
         Account where (i) credits are the total dollar amount, if any, deferred
         under Section 4 through such date, the Company Discretionary Credits
         and Service Credits, if any, contributed under Section 5 through such
         date and the deemed interest credited under Section 9, if applicable,
         through such date and (ii) debits are the total dollar amount
         distributed through such date under Section 8.

2.3      Annual Deferral Amount -- means for any Year, that portion of an
         Eligible Employee's or Eligible Director's Cash Compensation which is
         deferred pursuant to such Eligible Employee's or Eligible Director's
         election for that Year.

2.4      Beneficiary -- means the person or persons designated as such in
         accordance with Section 12.1.

2.5      Board of Directors -- means the Board of Directors of the Company.

2.6      Cash Compensation -- means the following types of compensation payable
         to an Eligible Employee or Eligible Director by the Company or a
         Subsidiary in cash or cash equivalents:

         (a) For each Eligible Employee: (1) base salary, including basic wages
             and commission payments, but excluding draws (guaranteed or
             otherwise), reimbursed expenses, fringe benefits, moving expenses
             and auto allowances; (2) bonuses; (3) incentive compensation and
             (4) profit sharing.

                                       40
<PAGE>

         (b) For each Eligible Director who is not an Eligible Employee,
             directors' meeting and committee fees.

2.7      Cause -- means one or more of the following reasons:

         (a) a violation of any law;

         (b) insubordination;

         (c) violation of Company policies;

         (d) unsatisfactory attendance or performance;

         (e) refusal or failure to comply with a change in job conditions; or

         (f) refusal to cooperate with transition or redeployment activities;
             each as determined by the Chief Executive Officer in his or her
             absolute discretion.

2.8      Change of Control -- means the first to occur of any of the following
         events:

         (a) any "person" (as that term is used in Section 13 and 14(d)(2) of
             the Securities Exchange Act of 1934 (the "Exchange Act")) is or
             becomes the beneficial owner (as that term is used in Section 13(d)
             of the Exchange Act), directly or indirectly, of 50% or more of the
             Company's capital stock entitled to vote in the election of
             directors;

         (b) during any period of two consecutive years, individuals who at the
             beginning of such period constitute the Board of Directors cease
             for any reason to constitute at least a majority thereof, unless
             the election or the nomination for election by the Company's
             shareholders of each new director was approved by a vote of at
             least three-quarters of the directors still in office who were
             directors at the beginning of the period;

         (c) any consolidation or merger of the Company, other than a merger of
             the Company in which the holders of the shares of stock of the
             Company entitled to vote immediately prior to the merger hold more
             than 50% of the shares of stock of the surviving corporation
             entitled to vote immediately after the merger;

         (d) the liquidation or dissolution of the Company; or

         (e) substantially all of the assets of the Company are sold or
             otherwise transferred to a parties that are not within a
             "controlled group of corporations" (as defined in Section 1563 of
             the Internal Revenue Code of 1986, as amended) of which the Company
             is member.

2.9      Company -- means Crawford & Company, a Georgia corporation, and any
         successor to such corporation.

2.10     Company Discretionary Credit -- means for any Year, any amount that the
         Company or a Subsidiary, in its sole discretion, may credit to the
         Account of an Eligible Employee.

2.11     Committee -- means the committee chosen by the Board of Directors to
         manage and administer the Plan.

                                       41
<PAGE>

2.12     Eligible Director -- means a member of the Board of Directors.

2.13     Eligible Employee -- means an employee of the Company or a Subsidiary
         who is designated as such by the Committee in its sole discretion.

2.14     Entry Date -- means, in the case of an Eligible Employee, the first day
         of the Year following the date on which the Committee designates an
         employee as an Eligible Employee and the Eligible Employee complies
         with all the requirements under Section 3.3, or, in the case of an
         Eligible Director, the first day of the Year following the date on
         which the director commences serving on the Board of Directors and
         complies with all the requirements under Section 3.3, or, in the case
         of either an Eligible Employee or an Eligible Director, such other date
         as determined by the Committee in its sole discretion.

2.15     Long Term Incentive Credit -- means an amount credited to an Eligible
         Employee's account under Section 6 of the Plan.

2.16     Plan -- means this Crawford & Company Deferred Compensation Plan for
         Eligible Employees and Eligible Directors as amended and restated,
         effective January 1, 2003.

2.17     Restoration Benefit -- means, for an Eligible Employee, the difference
         between (a) the benefit that would be paid under the Retirement Plan
         based on employment completed on or before December 31, 2002 if base
         salary, bonuses and profit sharing deferred under this Plan through
         such date is included in the definition of compensation under the
         Retirement Plan at the time the deferral is made, and (b) the benefit
         that is actually payable under the Retirement Plan, calculated based on
         a single life annuity form of payment.

2.18     Retirement Plan -- means the Crawford & Company Retirement Plan and
         Trust Agreement, as amended from time to time.

2.19     Savings Plan -- means the Crawford Savings and Investment Plan, as
         amended from time to time.

2.20     Service Credit -- means for each Eligible Employee for each Year the
         excess of (a) the "company service contribution" (as that term is
         defined in the Savings Plan) that would have been contributed to the
         Savings Plan if "compensation" (as defined in the Savings Plan) was
         determined by including amounts deferred under this Plan at the time
         the deferral is made over (b) the "company service contribution" that
         is actually allocated to the Eligible Employee's account under the
         Savings Plan for such Year.

2.21     Subsidiary -- means a direct or indirect subsidiary of which the
         Company owns (directly or indirectly) fifty percent (50%) or more of
         the outstanding voting stock.

2.22     Year -- means a calendar year.

                   SECTION 3 ELIGIBLE EMPLOYEES AND DIRECTORS

3.1      Starting Date.

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         (a) Eligible Employee. An Eligible Employee shall be treated as such
             under this Plan starting as of the later of (1) January 1, 1995, or
             (2) the date he or she is so designated by the Committee.

         (b) Eligible Director. An Eligible Director shall be treated as such
             under this Plan starting as of the later of (1) January 1, 1995, or
             (2) the date his or her election to the Board of Directors becomes
             effective.

3.2      Ending Date.

         (a) Eligible Employee. Except with regard to any Restoration Benefit,
             an Eligible Employee's treatment as such under this Plan shall end
             as of the earlier of (1) the date his or her employment by the
             Company or a Subsidiary terminates for any reason whatsoever, or
             (2) the date the Committee revokes his or her designation as an
             Eligible Employee, and any deferral election made by him or her
             under Section 4 automatically shall become ineffective on such date
             as to any Cash Compensation otherwise payable on or after such
             date. With regard to any Restoration Benefit, an Eligible
             Employee's treatment as such shall continue until all Restoration
             Benefits are paid to such Eligible Employee under this Plan.

         (b) Transfer. A transfer from the Company to a Subsidiary, from one
             Subsidiary to another Subsidiary or from a Subsidiary to the
             Company shall not be treated as a termination of employment under
             this Plan.

         (c) Eligible Director. An Eligible Director's treatment as such under
             this Plan shall end as of the date he or she no longer serves as a
             member of the Board of Directors, and any deferral election made by
             him or her under Section 4 automatically shall become ineffective
             on such date as to any Cash Compensation payable on or after such
             date.

3.3      Enrollment. As a condition to participation, each Eligible Employee and
         Eligible Director shall complete, execute and submit to the Committee,
         at least 15 days prior to his or her Entry Date, such agreements,
         election forms, consents and other forms as the Committee deems are
         necessary for enrollment in the Plan. In the event the Eligible
         Employee or Eligible Director fails to meet all applicable enrollment
         requirements at least 15 days prior to his or her Entry Date, such
         Eligible Employee or Eligible Director shall not be eligible to
         participate in the Plan until the first day of the Year next following
         the date upon which such enrollment requirements are satisfied.

3.4      Participation. An Eligible Employee's or Eligible Director's
         participation in the Plan shall commence on his or her Entry Date.

                SECTION 4 DEFERRAL ELECTION RULES AND PROCEDURES

4.1      Cash Compensation Only. Subject to Section 4.2, each Eligible Employee
         and Eligible Director can elect to defer the payment of a portion of
         his or her Cash Compensation otherwise payable during each Year. No
         election shall be effective as to compensation otherwise payable in a
         form other than in cash or cash equivalents, and an election shall
         (except as provided in Section 3.2, Section 4.3(e)(2) and Section 7.5)
         be effective only for Cash Compensation otherwise actually payable
         during the Year covered by such election under Section 4.3.

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<PAGE>

4.2      Classification and Limitations.

         (a) General Rules.

                  (1)      An election to defer the payment of a percentage of
                           an Eligible Employee's or Eligible Director's Cash
                           Compensation otherwise actually payable during any
                           Year shall not be effective to the extent that such
                           election either fails to meet the minimum or exceeds
                           the maximum limits set forth in this Section 4.2.

                  (2)      Cash Compensation shall be deemed "otherwise actually
                           payable" under this Plan on the date such
                           compensation otherwise actually would have been paid
                           under the compensation and payroll practices of the
                           Company, and a deferral shall be credited to the
                           Eligible Employee or Eligible Director as of that
                           date.

         (b) Base Salary. If an election applies to base salary, such election
             shall apply to no less than two percent (2%) and no more than fifty
             percent (50%) of an Eligible Employee's base salary otherwise
             actually payable during the Year covered by such election under
             Section 4.3.

         (c) Bonuses, Incentive Compensation and Profit Sharing. If an election
             applies to bonuses, incentive compensation and profit sharing such
             election shall apply to no less than two percent (2%) and no more
             than one hundred percent (100%) of any cash bonus, incentive
             compensation or profit sharing otherwise actually payable during
             the Year covered by such election under Section 4.3.

         (d) Directors' Fees. If an election applies to directors' meeting and
             committee fees, such election shall apply collectively to no more
             than one hundred percent (100%) of an Eligible Director's meeting
             and committee fees otherwise payable during the Year covered by
             such election.

         (e) Short Year. If an Eligible Employee commences participation after
             the first day of a Year, the minimum Cash Compensation which may
             be deferred shall be an amount equal to five percent (5%) of such
             Eligible Employee's Cash Compensation.

4.3      Irrevocable Election and Filing Deadlines.

         (a) General Rule. An election to defer the payment of a percentage of
             an Eligible Employee's or Eligible Director's Cash Compensation
             shall be made on the form provided for this purpose by the
             Committee. Such election shall be effective for the Year which
             begins after the date the Eligible Employee or Eligible Director
             files the election form with the Committee.

         (b) Special Rule. If an Eligible Employee's or Eligible Director's
             Entry Date is not the first day of a Year, he or she can elect to
             defer the payment of a portion of his or her Cash Compensation
             otherwise actually payable during the remainder of such Year.

         (c) Expiration of Election. An election made for any Year shall expire
             on the last day of the Year unless such election is earlier revoked
             in accordance with Section 4.3(e).

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<PAGE>

         (d) Irrevocable Election. An election which becomes effective for a
             Year under Section 4.3(a) or for the remainder of a Year under
             Section 4.3(b) shall (except as provided in Section 4.3(e)(2),
             Section 4.3(e)(4), Section 3.2 or Section 7.5) be irrevocable for
             the remainder of such Year.

         (e) Revocation of Election.

                  (1)      An Eligible Employee or Eligible Director can revoke
                           an election otherwise effective for any Year if he or
                           she delivers written notice of such revocation to the
                           Committee in a form acceptable to the Committee
                           before the beginning of such Year.

                  (2)      An Eligible Employee may request the Committee to
                           revoke his or her election after the beginning of any
                           Year. If an election applies to an Eligible
                           Employee's base salary under Section 4.2(b) or
                           bonuses, incentive compensation or profit-sharing
                           under Section 4.2(c), the Committee shall have the
                           power to revoke such an election for any Year if such
                           Eligible Employee demonstrates to the Committee's
                           satisfaction that a failure to so revoke such
                           election will result in a severe financial hardship
                           for him or her for such Year, and any such revocation
                           shall be effective for payroll periods (otherwise
                           covered by such election) which begin after the date
                           the Committee exercises such power under this Section
                           4.3(e)(2). If an Eligible Employee's election for any
                           Year is revoked under this Section 4.3(e)(2), he or
                           she shall be ineligible to make or to continue any
                           deferral elections under this Plan with respect to
                           Cash Compensation otherwise actually payable during:
                           (i) the remainder of the Year which includes the date
                           the Committee exercises its power under this Section
                           4.3(e)(2), and (ii) for a period of one Year
                           thereafter.

                  (3)      The election of an Eligible Employee on an authorized
                           unpaid leave of absence shall be revoked during the
                           period of such unpaid absence. At such time as the
                           Eligible Employee returns to active employment, the
                           Committee shall resume deferrals for the remainder of
                           the Year in accordance with the election filed by the
                           Eligible Employee for that Year.

                  (4)      The Committee shall have the authority to offer an
                           Eligible Employee the opportunity to revoke his
                           election and, at the Eligible Employee's option, make
                           a new election during any Year in which the Eligible
                           Employee's compensation package is significantly
                           modified by the Company or a Subsidiary such that the
                           Committee determines that the Eligible Employee's
                           current election form is no longer reflective of the
                           original intent regarding the deferral of the
                           Eligible Employee's Cash Compensation. This
                           determination shall be made by the Committee in its
                           sole discretion. In no event shall a new election
                           apply to amounts otherwise payable to the Eligible
                           Employee prior to the effective date of the revised
                           election. The Eligible Employee may elect to defer a
                           different type of Cash Compensation or a different
                           percentage of amount of such Cash Compensation but
                           shall not be permitted to modify the form and timing
                           of the distribution as described in Section 7 hereof.

                                       45
<PAGE>

         (f) Annual Election. An Eligible Employee or Eligible Director shall
             make a new election for each Year during which he or she wishes to
             defer his or her Cash Compensation otherwise payable during that
             Year by submitting a completed and executed election form to the
             Committee no later than December 15th of the Year prior to the Year
             for which the Eligible Employee or Eligible Director wishes to make
             the election.

         (g) Percentage Figure.  An election may only describe a deferral as a
             percentage of Cash Compensation.

4.4      Withholding of Deferral Amounts and FICA. For Each Year that an
         election is in effect with respect to an Eligible Employee's Cash
         Compensation, the Company shall withhold the Annual Deferral Amount
         from an Eligible Employee's Cash Compensation in the percentage
         specified in his or her election pursuant to Section 4.3 or the special
         election in Section 4.3(b). The portion of the Annual Deferral Amount
         to be deferred from all other types of Cash Compensation shall be
         withheld at such time as the Cash Compensation is otherwise due to be
         paid to the Eligible Employee or Eligible Director. The Company shall
         withhold the Eligible Employee's or Eligible Director's share of FICA
         taxes from that portion of the Eligible Employee's or Eligible
         Director's Cash Compensation which is not being deferred. In the event
         FICA taxes required to be withheld on the Annual Deferral Amount or the
         Company Discretionary Credit exceed the amount of Cash Compensation not
         being deferred by the Eligible Employee or Eligible Director, the
         Eligible Employee's or Eligible Director's Annual Deferral Amount shall
         be automatically reduced by that amount by which FICA taxes exceed the
         Eligible Employee's or Eligible Director's Cash Compensation not being
         deferred.

4.5      Subsidiary. If an Eligible Employee is employed by a Subsidiary and
         makes a deferral election under this Section 4, the Committee shall
         direct such Subsidiary to stop paying the Cash Compensation which he or
         she has elected to defer in accordance with his or her election under
         this Section 4 to the extent that such election is effective with
         respect to such Cash Compensation. Similarly, if an Eligible Employee
         terminates a deferral election under this Section 4, the Committee
         shall direct the Subsidiary to resume paying his or her Cash
         Compensation in accordance with the termination of such election to the
         extent that such termination of election is effective under this Plan
         with respect to such Cash Compensation. The Subsidiary shall withhold
         the Eligible Employee's or Eligible Director's share of FICA taxes from
         that portion of the Eligible Employee's or Eligible Director's Cash
         Compensation which is not being deferred. In the event FICA taxes
         required to be withheld on the Annual Deferral Amount or the Company
         Discretionary Credit exceed the amount of Cash Compensation not being
         deferred by the Eligible Employee or Eligible Director, the Eligible
         Employee's or Eligible Director's Annual Deferral Amount shall be
         automatically reduced by that amount by which FICA taxes exceed the
         Eligible Employee's or Eligible Director's Cash Compensation not being
         deferred.

       SECTION  5 ALLOCATION OF COMPANY DISCRETIONARY CREDIT AND SERVICE CREDIT

5.1      Company Discretionary Credit. A Company Discretionary Credit may be
         credited to the Account of an Eligible Employee at any time, in the
         sole discretion of the Company or a Subsidiary, regardless of whether
         such Eligible Employee has elected to participate in the Plan for the
         Year during which the Company Discretionary Credit is made.

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<PAGE>

5.2      Service Credit. For each Year with respect to which the Company makes a
         "company service contribution" under the Savings Plan, the Company
         shall credit the Account of each Eligible Employee to whom is allocated
         a "company service contribution" under the Savings Plan a Service
         Credit under this Plan. If an Eligible Employee terminates his or her
         employment with the Company or a Subsidiary before attaining five
         "years of service" (as defined under the Savings Plan), then his or her
         Service Credits under this Plan shall be forfeited to the same extent
         they would be forfeited if they were a Company Service Contribution
         under the Savings Plan.

               SECTION 6 ALLOCATION OF LONG TERM INCENTIVE CREDIT

6.1      Eligibility for Long Term Incentive Credit. An Eligible Employee is
         eligible for allocation of a Long Term Incentive Credit if he or she:

         (a) works in the United States as an active, full-time employee;

         (b) is assigned to the Technical Services organization; and

         (c) is in one of the following job codes:

                  (1)      RA2600 - Executive General Adjuster,

                  (2)      DB1100 - Technical Services Non-Contract Manager, or

                  (3)      DA4350 - Managing Director, Technical Services.

         (d) An Eligible Employee who is on "positive improvement" (under the
             Company's evaluation criteria) will not be eligible for allocation
             of a Long Term Incentive Credit to his or her Account until the
             first January 1 when (1) the Eligible Employee is not on "positive
             improvement" and (2) the Eligible Employee has a "coaching for
             continuous improvement" rating of 3.5 or better (under the
             Company's evaluation criteria).

         (e) An Eligible Employee must maintain a 3.5 or better "coaching for
             continuous improvement" rating to have a Long Term Incentive Credit
             allocated to his or her Account. An Eligible Employee who receives
             a "coaching for continuous improvement" rating of less than 3.5
             will not be eligible to have a Long Term Incentive Credit allocated
             to his or her Account for the Year in which the rating drops.

         (f) An Eligible Employee who is terminated for Cause or demoted to an
             ineligible position shall not be eligible for allocation of a Long
             Term Incentive Contribution for the Year in which the demotion or
             termination occurred.

         (g) Eligible Employees in job code RA2600 must meet the following
             performance requirements for allocation of a Long Term Incentive
             Credit to his or her Account:

                  (1)      The Eligible Employee must achieve at least $250,000
                           annual net production (net of any billing
                           adjustments) while maintaining acceptable accounts
                           receivable within the Year.

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<PAGE>

                  (2)      An acceptable level of management of accounts
                           receivable includes both year end accounts receivable
                           unbilled of less than 84 workdays and year end
                           accounts receivable billed of less than 116 workdays.

                  (3)      To qualify for the Long Term Incentive Credit, the
                           Eligible Employee must meet both the production
                           threshold and the accounts receivable management
                           threshold.

6.2      Allocation of Long Term Incentive Credit. A Long Term Incentive Credit
         will be allocated to the account of an Eligible Employee who meets the
         requirements of Section 6.1, as follows:

         (a) Allocations for Eligible Employees in job code RA2600 will be made
             according to the following production thresholds:

                  (1)      The Eligible Employee must achieve in excess of
                           $275,000 annual net production (net of any billing
                           adjustments) while maintaining acceptable accounts
                           receivable (as described in Section 6.1(g)), within
                           the Year for allocation of a Long Term Incentive
                           Credit equal to 5% of the sum of base salary and
                           incentive compensation paid during the Year.

                  (2)      The Eligible Employee must achieve between $250,000
                           and $275,000 annual net production (net of any
                           billing adjustments) while maintaining acceptable
                           accounts receivable (as described in Section 6.1(g)),
                           within the Year for allocation of a Long Term
                           Incentive Credit equal to 3% of the sum of base
                           salary and incentive compensation paid during the
                           Year.

         (b) The annual Long Term Incentive Credit for Eligible Employees in
             job codes DB1100 and DA4350 will be 5% of the sum of base salary
             and incentive compensation paid during the Year.

         (c) The Long Term Incentive Credit will be allocated to the Account of
             each Eligible Employee entitled to receive such a credit not later
             than the end of February following the Year to which such Long Term
             Incentive Credit relates.

6.3      Vesting of Long Term Incentive Credit. Long Term Incentive Credits will
         become vested in five years following the end of the Year for which
         such credit was allocated, provided the Eligible Employee remains
         employed by the Company or a Subsidiary during that five-year period.
         All Long Term Incentive Credits become vested upon the earliest of (i)
         the Eligible Employee's attainment of age 62, (ii) the Eligible
         Employee's having completed ten (10) years continuous service after
         January 1, 2003 or (iii) the Eligible Employee's death while employed
         by the Company or a Subsidiary.

6.4      Forfeiture of Long Term Incentive Credit. In the event that an Eligible
         Employee's employment with the Company or a Subsidiary is terminated
         for Cause, his or her Long Term Incentive Credits shall be forfeited.
         Further, if an Eligible Employee is employed by a person or entity
         other than the Company or a Subsidiary as a technical adjuster, then
         his or her Long Term Incentive Credit shall be forfeited. Forfeiture
         shall occur without regard to whether such Long Term Incentive Credits
         are vested.

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<PAGE>

                        SECTION 7 MAINTENANCE OF ACCOUNTS

         The Committee shall maintain for each Eligible Employee or Eligible
Director separate Accounts for his or her Company Discretionary Credits, if any;
Service Credits, if any; Long Term Incentive Credits, if any; and for Annual
Deferral Amounts, if any; which shall show as of any date (1) the Account
Balance, at the end of each such date and (2) such other data as the Committee
deems relevant. Each Account shall be cancelled when the Account Balance reaches
zero. If an Account is maintained during a Year for an Eligible Employee or
Eligible Director, the Committee after the end of such Year (or such other time
as the Committee determines) shall furnish a statement to that Eligible Employee
or Eligible Director which shows the Account Balance in each of his or her
Accounts at the end of such Year and (at the Committee's discretion) such other
Account data as the Committee deems appropriate.

                             SECTION 8 DISTRIBUTIONS

8.1      Distribution Events. The distribution of an Eligible Employee's or
         Eligible Director's Account shall commence at the direction of the
         Committee as soon as practical after the earlier of (a) the date his or
         her employment by the Company or a Subsidiary terminates for any reason
         whatsoever, including death or retirement, (b) the date he or she no
         longer serves as a member of the Board of Directors as to any Account
         maintained for him or her as an Eligible Director, (c) the date upon
         which an Annual Deferral Amount is scheduled to be distributed pursuant
         to the election made by the Eligible Employee or Eligible Director with
         respect to that Annual Deferral Amount pursuant to Section 8.4 hereof,
         (d) such other date as determined by the Committee in its sole
         discretion pursuant to Section 8.6 hereof, or (e) a Change of Control
         of the Company. Each distribution to an Eligible Employee or Eligible
         Director under this Section 8 shall become a debit against his or her
         Account as of the date the distribution is made by the Company.

8.2      Manner of Distribution. Subject to Section 8.3 and Section 8.5, the
         distribution of the Account for Annual Deferral Amounts, Company
         Discretionary Credits or Service Credits to an Eligible Employee or
         Eligible Director shall be made in a lump sum. An Account for Long Term
         Incentive Credits is not subject to distribution in a lump sum and must
         be distributed in installments as provided in Section 8.3.

8.3      Installments. An Eligible Employee who terminates employment by
         "retirement" and an Eligible Employee whose Account includes Long Term
         Incentive Credits may elect (on a form provided by the Committee for
         this purpose) to receive monthly installments over five (5), ten (10)
         or fifteen (15) years commencing as of the date of termination.

         (a) Portion of Account Distributed in Installments. For an Eligible
             Employee whose Account includes Long Term Incentive Credits, the
             election shall apply only to the portion of his or her Account
             attributable to the Long Term Incentive Credits (unless he or she
             also terminates employment by "retirement"). For an Eligible
             Employee who terminates employment by "retirement", the election
             shall apply to his or her entire Account.

         (b) Installment Election. An election for installments must be made on
             or before the last business day of the Year prior to the final Year
             during which an Annual Deferral Amount is deferred or for which a
             Long Term Incentive Credit is allocated before termination of
             employment. By way of example, an Eligible Employee could elect to

                                       49
<PAGE>

             receive his or her Account Balances in monthly installments over
             ten (10) years if he or she submitted a form containing such
             election on or before the last business day of 2002, deferred a
             portion of her salary during 2003, and retired in 2003 or later. An
             election to receive an installment payout made on the last business
             day of 2002 would not be effective if the Eligible Employee did not
             defer any amounts under this Plan or have any Long Term Incentive
             Credits allocated to his or her Account after 2002. An Eligible
             Employee terminates employment by retirement if he or she
             terminates on or after the earlier of: (i) the date he or she
             attains age 65 or (ii) the date he or she attains age 55 with ten
             (10) years of service to the Company or a Subsidiary. Years of
             service shall be calculated, for purposes of this Plan, in the same
             manner as "vesting service" is calculated under the terms of the
             Retirement Plan as in effect on the date the calculation is made
             hereunder.

         (c) Failure to Elect Installments. If an Eligible Employee fails to
             properly elect installments under this Section 8.3, his or her
             Account Balance attributable to Company Discretionary Credits,
             Service Credits and Annual Deferral Amounts shall be distributed in
             a lump sum as provided in Section 8.2, and his or her Account
             Balance attributable to Long Term Incentive Credits shall be paid
             in monthly installments over fifteen (15) years. In the event an
             Eligible Employee makes more than one election hereunder, the
             election made latest in time, in compliance with this Section 8.3,
             shall govern such Eligible Employee's payout.

         (d) Payment of Installments. All monthly installments shall be
             distributed as of the first day of a month, and the calculation of
             each monthly installment shall be made as provided in Section 9.3
             hereof.

8.4      Short-term Distribution. An Eligible Employee or Eligible Director may
         elect, with respect to any Annual Deferral Amount, to receive a lump
         sum distribution of that Annual Deferral Amount, plus deemed interest
         credited to his or her Account with respect to that Annual Deferral
         Amount, within sixty (60) days after the first day of any Year that is
         either: (a) seven (7) Years; or (b) fifteen (15) Years after the Year
         in which the Annual Deferral Amount is deferred.

8.5      Distribution of Company Discretionary Credit. If a Company
         Discretionary Credit is credited on behalf of an Eligible Employee who
         has elected to participate in the Plan for such Year, the Company
         Discretionary Credit shall be paid to the Eligible Employee at the same
         time and in the same manner as the accompanying Annual Deferral Amount.
         If a Company Discretionary Credit is credited on behalf of an Eligible
         Employee who has elected not to participate in the Plan for such Year,
         the Company Discretionary Credit shall be paid at such time as the
         Eligible Employee may elect pursuant to Section 8.4, or, in the absence
         of such election, as provided by Section 8.1, and, if the Eligible
         Employee satisfies the requirements of Section 8.3, the Eligible
         Employee may elect to receive distribution of the Company Discretionary
         Credit in monthly installments as provided by Section 8.3, or, absent
         such election, distribution shall be made in the manner provided by
         Section 8.2. Any election made by an Eligible Employee under this
         Section 8.5 shall be made on the same forms and shall be subject to the
         same election periods as elections made with respect to Annual Deferral
         Amounts.

8.6      Unforeseeable Emergency. The Committee shall have the power in its
         absolute discretion to distribute all or a portion of an Eligible
         Employee's or Eligible Director's Account Balances attributable to
         Annual Deferral Amounts, Company Discretionary

                                       50
<PAGE>

         Credits or Service Credits on any date in the event that the Eligible
         Employee or Eligible Director, in the judgment of the Committee,
         experiences an "unforeseeable emergency". Account Balances attributable
         to Long Term Incentive Credits are not available for distribution in
         the event of an "unforeseeable emergency." An "unforeseeable emergency"
         is an event or circumstance which would, but for an immediate
         distribution, result in a severe financial hardship to the Eligible
         Employee or Eligible Director resulting from a sudden and unexpected
         illness or accident of the Eligible Employee or Eligible Director or a
         dependent of the Eligible Employee or Eligible Director, disability of
         the Eligible Employee or Eligible Director, loss of the Eligible
         Employee's or Eligible Director's property due to casualty, or other
         similar extraordinary and unforeseeable circumstances arising as a
         result of events beyond the control of the Eligible Employee or
         Eligible Director. The need to send an Eligible Employee's or Eligible
         Director's dependent to college or the desire to purchase a home shall
         not be an "unforeseeable emergency". The Committee shall have the
         authority to require such evidence as it deems necessary to determine
         if, and to what extent, a distribution is warranted. The Committee also
         shall have the power, in its absolute discretion, to accelerate the
         distribution of an Eligible Employee's Accounts (other than the Account
         for his or her Long Term Incentive Credit, if any) under Section 8.3 to
         the extent the Committee acting in its absolute discretion deems
         appropriate under the circumstances to meet the "unforeseeable
         emergency". No Eligible Employee or Eligible Director shall have the
         right to make or to continue any deferral election under this Plan with
         respect to Cash Compensation otherwise actually payable during: (i) the
         remainder of the Year which includes the date the Committee exercises
         its power under this Section 8.6 to distribute, or to accelerate the
         distribution of, his or her Accounts, and (ii) for a period of one Year
         thereafter.

8.7      Distribution of Restoration Benefits. An Eligible Employee's
         Restoration Benefit shall commence at the same time that benefits
         commence to such Eligible Employee under the Retirement Plan based on
         the employment completed on or before the December 31, 2002. Except as
         provided below, if an Eligible Employee is receiving monthly payments
         from the Plan at the time that his or her Restoration Benefit
         commences, the Restoration Benefit shall be paid monthly. In all other
         circumstances, Restoration Benefits shall be paid in a lump sum,
         calculated using the actuarial assumptions used for calculating lump
         sum benefits under the Retirement Plan. If at any time the present
         value of an Eligible Employee's Restoration Benefit is less than
         $10,000, such amount shall be paid in a lump sum.

                       SECTION 9 DEEMED INTEREST CREDITING

9.1      Interest Rate. Deemed interest shall be credited to each Account
         monthly at an annual rate to be determined by the Committee and
         specified in advance of the Eligible Employee's or Eligible Director's
         election for the Year.

9.2      Prior to Distribution. Deemed interest shall be credited and compounded
         monthly on each Eligible Employee's or Eligible Director's Account on
         the last day of each calendar month. If a distribution is made, for
         purposes of crediting deemed interest, an Eligible Employee's or
         Eligible Director's Account Balance shall be reduced as of the first
         day of the month in which the distribution is made.

9.3      Installments. In the event an Account or any portion thereof is
         distributed in installments, installment amounts shall be determined in
         the following manner:

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<PAGE>

         (a) Interest Rate. The interest rate to be used to calculate
             installment payment amounts shall be a fixed interest rate that is
             determined by averaging the interest rates for the Year in which
             installment payments commence and the four (4) preceding Years. If
             an Eligible Employee has participated in the Plan for fewer than
             five (5) Years, this average shall be determined using the interest
             rate for the Years during which the Eligible Employee participated
             in the Plan.

         (b) "Deemed" Installment Payments. For purposes of calculating
             installment payment amounts only (and notwithstanding the fact that
             installment payments shall actually be paid monthly), installment
             payments for each twelve (12) month period, starting with the date
             that the Eligible Employee becomes eligible to receive a
             distribution of an Account under this Plan (the "Eligibility Date")
             and continuing thereafter for each additional twelve (12) month
             period until the Eligible Employee's Account Balances are paid in
             full, shall be deemed to have been paid in one sum as of the first
             day of each such twelve (12) month period. (The result of this is
             that interest crediting shall be made on an annual basis after
             taking into account the "deemed" annual installment payment for the
             twelve (12) month period.)

         (c) Amortization. Based on the interest rate determined in accordance
             with Section 9.1 above and the "deemed" form of installment
             payments determined in accordance with Section 9.3(b) above, the
             Eligible Employee's Account Balances shall be amortized in equal
             annual installment payments over the term of the specified payment
             period (starting as of the Eligibility Date and stated in years
             rather than months).

         (d) Monthly Payments. The annual installment payment determined in
             Section 9.3(c) above shall be divided by twelve (12), and the
             resulting number shall be the monthly installment payment that is
             to be paid each month during the specified payment period in
             accordance with Section 8.3.

                        SECTION 10 SOURCE OF DISTRIBUTION

         All distributions under this Plan shall be made by the Company, from
its general assets, and the status of each Eligible Employee's or Eligible
Director's claim to his or her Accounts (and the claim of any Beneficiary) shall
be the same as the status of a claim against the Company by any of its general
and unsecured creditors. No person whomsoever shall look to, or have any claim
whatsoever against, any officer, director, employee or agent of the Company or
any Subsidiary in his or her individual capacity for the payment of any amounts
under this Plan.

                          SECTION 11 CLAIMS PROCEDURES

11.1     Presentation of Claim. Any Participant or beneficiary (such Participant
         or beneficiary being referred to below as a "Claimant") may deliver to
         the Committee a written claim for a determination with respect to the
         amounts distributable to such Claimant from the Plan. If such a claim
         relates to the contents of a notice received by the Claimant, the claim
         must be made within 60 days after such notice was received by the
         Claimant. All other claims must be made within 180 days of the date on
         which the event that caused the claim to arise occurred. The claim must
         state with particularity the determination desired by the Claimant.

                                       52
<PAGE>

11.2     Notification of Decision. The Committee shall consider a Claimant's
         claim within a reasonable time, and shall notify the Claimant not later
         than 90 days after receipt of the claim:

         (a) that the Claimant's requested determination has been made, and that
             the claim has been allowed in full; or

         (b) that the Committee has reached a conclusion contrary, in whole or
             in part, to the Claimant's requested determination, and such notice
             must set forth in a manner calculated to be understood by the
             Claimant:

                  (1)      the specific reason(s) for the denial of the claim,
                           or any part of it;

                  (2)      specific reference(s) to pertinent provisions of the
                           Plan upon which such denial was based;

                  (3)      a description  of any additional  material or
                           information  necessary for the Claimant to perfect
                           the claim, and an explanation of why such material or
                           information is necessary;

                  (4)      an explanation of the claim review procedure, and

                  (5)      a statement of the Claimant's right to bring a civil
                           action under Section 502(a) of the Employee
                           Retirement Income Security Act of 1974, as amended,
                           following an adverse determination on review.

11.3     Review of a Denied Claim. Within 60 days after receiving a notice from
         the Committee that a claim has been denied, in whole or in part, a
         Claimant (or the Claimant's duly authorized representative) may file
         with the Committee a written request for a review of the denial of the
         claim. Thereafter, the Claimant (or the Claimant's duly authorized
         representative):

         (a) may review all documents relevant to the claim for benefits under
             this Plan and receive copies of such documents upon request and
             free of charge;

         (b) may submit written comments or other documents; and/or

         (c) may request a hearing, which the Committee, in its sole discretion,
             may grant.

11.4     Decision on Review. The Committee shall render its decision on review
         promptly, and not later than 60 days after the filing of a written
         request for review of the denial, unless a hearing is held or other
         special circumstances require additional time, in which case the
         decision must be rendered within 120 days after such date. If special
         circumstances, such as the need to hold a hearing, require additional
         time, the Claimant will be provided with notice of the need for
         additional time before the end of the initial 60-day period. The
         decision must be written in a manner calculated to be understood by the
         Claimant, and it must contain:

         (a) specific reasons for the decision;

         (b) specific reference(s) to the pertinent Plan provisions upon which
             the decision was based;

                                       53
<PAGE>

         (c) a statement of the Claimant's right to bring a civil action under
             Section 502(a) of the Employee Retirement Income Security Act of
             1974, as amended;

         (d) a statement of the Claimant's right receive upon request and free
             of charge, copies of all documents relevant to the claim for
             benefits under this Plan; and

         (e) such other matters as the Committee deems relevant.

11.5     Manner of Notification. The Committee may notify a Claimant of its
         decision either in writing or, where electronic notification would be
         appropriate under ERISA, electronically.

11.6     Legal Action. A Claimant's compliance with the foregoing provisions of
         this Section 11 is a mandatory prerequisite to Participant's or
         beneficiary's right to commence any legal action with respect to any
         claim for benefits under this Plan.

                              SECTION  12 MISCELLANEOUS

12.1     Beneficiary. Each Eligible Employee and Eligible Director (for whom an
         Account is maintained) shall designate a Beneficiary, or more than one
         Beneficiary, to receive the balance, if any, of his or her Accounts
         under this Plan in the event of his or her death. Such designation
         shall be made on a form acceptable to the Committee and shall become
         effective when received by such Committee. An Eligible Employee or
         Eligible Director who is legally married shall be required to provide
         the Committee with a properly executed spousal consent form in order to
         name any individual or entity other than the Eligible Employee's or
         Eligible Director's current spouse as Beneficiary of fifty percent
         (50%) or more of the Eligible Employee's or Eligible Director's
         aggregate Account Balances. An Eligible Employee or Eligible Director
         may revoke any such designation by delivering a properly executed form
         revoking such prior designation and designating a new Beneficiary to
         the Committee, provided such form is received by the Committee prior to
         the date of the Eligible Employee's or Eligible Director's death. If no
         such designated Beneficiary survives an Eligible Employee or Eligible
         Director or if no designation is made, the Eligible Employee's or
         Eligible Director's estate shall be deemed his or her designated
         Beneficiary under this Plan. Upon the death of an Eligible Employee or
         Eligible Director before distribution of the Eligible Employee's or
         Eligible Director's Accounts has begun, the Company shall distribute
         the Eligible Employee's or Eligible Director's Accounts to the
         Beneficiary designated by such Eligible Employee or Eligible Director
         at such time and in such manner as the Eligible Employee or Eligible
         Director had elected. Upon the death of an Eligible Employee or
         Eligible Director after distribution has begun, the Company shall pay
         the Accounts to the Beneficiary in the same manner such distribution as
         being made before the Eligible Employee's or Eligible Director's death.

12.2     No Assignment; Binding Effect. No Eligible Employee, Eligible Director
         or Beneficiary shall have the right to alienate, assign, commute or
         otherwise encumber an Account or Restoration Benefit for any purpose
         whatsoever, and any attempt to do so shall be disregarded completely as
         null and void. The provisions of this Plan shall be binding on each
         Eligible Employee, Eligible Director and Beneficiary (and on each
         person who claims a benefit under the foregoing) and on the Company.

                                       54
<PAGE>

12.3     ERISA. The Company intends that this Plan come within the various
         exceptions and exemptions to the Employee Retirement Income Security
         Act of 1974, as amended, for an unfunded deferred compensation plan
         maintained primarily for a select group of management or highly
         compensated employees, and any ambiguities in this Plan shall be
         construed to effect that intent.

12.4     Committee Powers. The Committee, in the administration of this Plan,
         shall have the power to take such equitable and other action as the
         Committee acting in its absolute discretion deems proper or appropriate
         under the circumstances (including the power to delegate Committee
         functions to others) to the extent that such action is not inconsistent
         with the express provisions of this Plan as approved by the Board of
         Directors. The Committee shall have the exclusive responsibility and
         complete discretionary authority to control the operation, management
         and administration of this Plan, with all powers necessary to enable it
         properly to carry out such responsibilities, including (but not limited
         to) the power to construe this Plan, to determine eligibility for
         benefits, to resolve all interpretative, operational, equitable and
         other questions that arise under this Plan and to settle disputed
         claims. The decisions of the Committee shall be final and binding upon
         all persons. Members of the Committee who are Eligible Employees or
         Eligible Directors may defer Cash Compensation in accordance with the
         terms of the Plan; provided, however, that no member of the Committee
         shall act on any determination under Section 4.3(e)(2) or Section 8.5
         which relates to him or her.

12.5     Construction. This Plan shall be construed in accordance with the laws
         of the State of Georgia. Headings and subheadings have been added only
         for convenience of reference and shall have no substantive effect. All
         references to sections shall be to sections of this Plan. References to
         the singular shall include the plural whenever appropriate. The term
         "Eligible Employee" and "Eligible Director" shall include (except under
         Section 4) a former Eligible Employee or Eligible Director and any
         Beneficiary of a deceased Eligible Employee or Eligible Director.

12.6     Employment Contract. Participation in this Plan shall not constitute an
         employment contract, and the Company shall have the right at any time
         to terminate an Eligible Employee's employment, to reduce his or her
         Cash Compensation or other compensation or to take such other action in
         connection with his or her employment as the Company deems appropriate
         without regard to this Plan.

12.7     Term of Office. An Eligible Director's participation in this Plan shall
         not constitute a contract for him or her to serve as a member of the
         Board of Directors for any particular term or any particular fee, and
         participation in this Plan shall have no bearing on such terms, fees or
         any other conditions of membership on the Board of Directors.

12.8     Amendment and Termination. The Company acting through the Committee
         shall have the right at its discretion to amend this Plan from time to
         time and to terminate this Plan at any time. In the event the Plan is
         terminated, all deferrals shall cease and the Company shall retain all
         Accounts until distribution is scheduled to commence under Section 8.

12.9     Distribution in the Event of Taxation. If, for any reason, all or any
         portion of an Eligible Employee's or Eligible Director's Accounts
         become taxable to the Eligible Employee or Eligible Director prior to
         distribution, an Eligible Employee or Eligible Director may petition
         the Committee for a distribution of the Accounts sufficient to meet the
         Eligible Employee's or Eligible Director's tax liability (including
         penalties and interest).

                                       55
<PAGE>

12.10    Furnishing Information. An Eligible Employee or Eligible Director shall
         cooperate with the Committee by furnishing all information requested by
         the Committee and shall take such other actions as may be requested in
         order to facilitate administration of the Plan and the distribution of
         Accounts or Restoration Benefits hereunder, including without
         limitation, taking such physical examinations as the Committee may deem
         necessary.

IN WITNESS WHEREOF, Grover L. Davis, Chairman & Chief Executive Officer, has
executed this Plan this 21st day of August, 2003.

                                              /s/ Grover L. Davis
                                              ---------------------------
                                              GROVER L. DAVIS
                                              CHAIRMAN & CHIEF EXECUTIVE OFFICER

                                       56

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