Document:

EX-10.1

EXHIBIT 10.1

EVANS BANK, N.A.

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

FOR SENIOR EXECUTIVES

Article 1

Description, Purpose and Definitions

1.1 Name. The name of this Plan is the “Evans Bank, N.A. Supplemental Executive Retirement
Plan for Senior Executives.”

1.2 Purpose. The purpose of this Plan is to provide supplemental retirement benefits to
certain executives who have been designated by the Board of Directors (“Board”) of Evans Bank, N.A.
(the “Bank”) as being eligible to participate in the Plan. The Plan is intended at all times to
satisfy Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) (and all
guidance published thereunder), and the provisions of the Plan shall be construed to effectuate
such intent.

1.3 Definitions. For purposes of the Plan, the following words and phrases shall have the
meanings indicated, unless the context clearly indicates otherwise.

“Accrued Benefit” means each Participant’s Benefit Percentage multiplied by the Participant’s
Final Average Compensation, without offsets, accrued over the period of the Participant’s Required
Benefit Service.

“Bank” is Evans Bank, N.A., Angola, New York.

“Benefit Percentage” means the percentage specified on each Participant’s Participation
Agreement.

“Cause” means termination of Participant’s employment due to the Participant’s personal
dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit,
material breach of the Code of Ethics of either the Bank or the Company, material violation of the
Sarbanes-Oxley requirements for officers of public companies that in the reasonable opinion of the
Board will likely cause substantial financial harm or substantial injury to the reputation of the
Company or the Bank, willfully engaging in actions that in the reasonable opinion of the Board will
likely cause substantial financial harm or substantial injury to the business reputation of the
Company or the Bank, failure to perform stated duties after receiving written notice of the
Participant’s failure to perform assigned duties, willful violation of any law, rule or regulation
(other than routine traffic violations or similar offenses) or final cease-and-desist order, or
material breach of any provision of the Agreement.

For purposes of this Section, no act or failure to act, on the part of the Participant, shall
be considered “willful” unless it is done, or omitted to be done, by the Participant in bad faith
or without reasonable belief that the Participant’s action or omission was in the best interests of
the Bank. Any act, or failure to act, based upon the direction of the Board or based upon the
advice of counsel for the Bank shall be conclusively presumed to be done, or omitted to be done, by
the Participant in good faith and in the best interests of the Bank.

If the Bank wishes to terminate the Participant’s employment for “Cause,” the Board shall
first provide the Participant with a written statement of its grounds for proposing to make such
determination, and the Participant shall be afforded a reasonable opportunity to make oral and
written presentations to the members of the Board to refute the grounds for proposed termination.

1.4 “Change in Control” means a change in control of the Bank or the Company, of a nature
that:

(a) would be required to be reported in response to Item 5.01 of the current report on Form
8-K, as in effect on the date hereof, pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 (the “Exchange Act”); or

(b) results in a Change in Control of the Bank or the Company within the meaning of the Bank
Holding Company Act, as amended, and applicable rules and regulations promulgated thereunder by the
Federal Reserve Board (collectively, the “BHCA”), or under the Bank in Control Act and the rules
and regulations promulgated thereunder by the Federal Reserve Board, as in effect at the time of
the Change in Control; or

(c) without limitation such a Change in Control shall be deemed to have occurred at such time
as (i) any “person” (as the term is used in Sections 13(d) and 14(d) of the Exchange Act) is or
becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of securities of the Company representing 25% or more of the combined voting power of
Company’s outstanding securities, except for any securities purchased by the Bank’s employee stock
ownership plan or trust; or (ii) individuals who constitute the Board on the date hereof (the
“Incumbent Board”) cease for any reason to constitute at least a majority thereof, provided that
any person becoming a director subsequent to the date hereof whose election was approved by a vote
of at least three-quarters of the directors comprising the Incumbent Board, or whose nomination for
election by the Company’s stockholders was approved by the same Nominating Committee serving under
an Incumbent Board, shall be, for purposes of this clause (ii), considered as though he were a
member of the Incumbent Board; or (iii) a plan of reorganization, merger, consolidation, sale of
all or substantially all the assets of the Bank or the Company or similar transaction in which the
Bank or Company is not the surviving institution occurs or is implemented; or (iv) a proxy
statement soliciting proxies from stockholders of the Company is distributed, by someone other than
the current management of the Company, seeking stockholder approval of a plan of reorganization,
merger or consolidation of the Company or similar transaction with one or more corporations as a
result of which the outstanding shares of the class of securities then subject to the plan are
exchanged for or converted into cash or property or securities not issued by the Company; or (v) a
tender offer is made for 25% or more of the voting securities of the Company and the shareholders
owning beneficially or of record 25% or more of the outstanding securities of the Company have
tendered or offered to sell their shares pursuant to such tender offer and such tendered shares
have been accepted by the tender offeror.

“Company” means Evans Bancorp, Inc., a New York corporation.

“Compensation” means a Participant’s total base salary and annual cash incentive bonus paid
during each calendar year, including salary deferrals into the Bank’s 401(k) plan and cafeteria
plan under Code Section 125.

“Disability” means the Participant is (i) unable to engage in any substantial gainful activity
by reason of any medically determinable physical or mental impairment that can be expected to
result in death or can be expected to last for a continuous period of not less than 12 months, or
(ii) by reason of any medically determinable physical or mental impairment that can be expected to
result in death or can be expected to last for a continuous period of not less than 12 months,
receiving income replacement benefits for a period of not less than 3 months under an accident and
health plan covering employees of the Bank, or (iii) determined to be totally disabled by the
Social Security Administration.

“Eligible Employee” means one of a select group of management or highly compensated employees
of the Bank.

“Final Average Earnings” means Compensation averaged over the highest consecutive 5 calendar
years of the Participant’s employment with the Bank.

“Participant” means an Eligible Employee who has been selected by the Administrator to
participate in the Plan and who has executed a Participation Agreement.

“Participation Agreement” means the agreement set forth as Exhibit A hereto, executed by the
Bank and each Participant hereunder which states (i) the date the Participant joined the Plan; (ii)
the Participant’s Benefit Percentage; (iii) the Participant’s Required Benefit Service; and (iv)
the time and form of payment to be made to the Participant.

“Required Benefit Service” means the number of years over which each Participant’s Accrued
Benefit is scheduled to accumulate, as specified on the Participant’s Participation Agreement.

“Separation from Service” or “Separates from Service” means the Participant’s retirement or
other termination of employment with the Bank within the meaning of Code Section 409A. No
Separation from Service shall be deemed to occur due to military leave, sick leave or other bona
fide leave of absence if the period of such leave does not exceed 6 months or, if longer, so long
as the Participant’s right to reemployment is provided by law or contract. If the leave exceeds 6
months and the Participant’s right to reemployment is not provided by law or by contract, then the
Executive shall have a Separation from Service on the first date immediately following such
six-month period.

Whether a Separation from Service has occurred is determined based on whether the facts and
circumstances indicate that the Bank and the Participant reasonably anticipated that no further
services would be performed after a certain date or that the level of bona fide services the
employee would perform after such date (whether as an employee or as an independent contractor)
would permanently decrease to an amount less than 50% of the average level of bona fide services
performed over the immediately preceding 36 months (or such lesser period of time in which the
Executive performed services for the Bank). The determination of whether the Participant has had a
Separation from Service shall be made by applying the presumptions set forth in the Treasury
Regulations under Code Section 409A.

“Specified Employee” means a key employee of the Bank or the Company within the meaning of
Code Section 409A and the Treasury regulations issued thereunder.

Article 2

Eligibility

2.1 Selection of Participants. An Eligible Employee shall become a Participant in the Plan
only upon his selection by the Administrator. Participation begins upon the completion of a
Participation Agreement as set forth in Exhibit A hereto.

2.2 Vesting and Entitlement to Benefits. Except as provided below, a Participant shall become
entitled to receive a benefit under the Plan only if the Participant Separates from Service for
reasons other than for Cause, and is fully vested. Participants become fully vested after
completing 10 full calendar years of service, measured from the Participant’s original date of hire
with the Bank. Notwithstanding anything in this Plan to the contrary, no benefit shall be payable
to a Participant whose employment is terminated for Cause or if the Participant voluntarily
terminates employment before completing 10 full calendar years of service with the Bank.
Participants shall become fully vested upon involuntary termination without Cause, voluntary
termination due to Good Reason (as defined in Code Section 409A), Change in Control, death and
disability.

Article 3

Supplemental Retirement Benefits

3.1 Retirement Benefit. Subject to the succeeding provisions of this Article, a Participant
shall be entitled to an Accrued Benefit upon the Participant’s Separation from Service (other than
for Cause) on or after attaining age 65. Such benefit shall be paid in accordance with the
Participant’s election on the Participation Agreement (or on any subsequent Change in Election
Form).

3.2 Early Retirement Benefit. If a Participant’s Separation from Service occurs prior to the
date the Participant attains age 62, other than by reason of the Participant’s death or Disability
or following a Change in Control, the Participant shall be entitled to the Participant’s Accrued
Benefit reduced by 6% for each full calendar year prior to age 62 that the Accrued Benefit is paid.
For example, if the Participant Separates from Service at upon his attainment of age 60, the
Participant’s Accrued Benefit would be reduced by 12% (2 years x 6%) There is no reduction for
payments that begin on or after the Participant has attained age 62. Such benefit shall be paid in
accordance with the Participant’s election on the Participation Agreement (or on any subsequent
Change in Election Form).

3.3 Death and Disability Benefits.

(a) If a Participant dies while employed by the Bank, the Participant’s designated beneficiary
shall be paid a cash lump sum equal to the present value of the Participant’s Accrued Benefit
without any reduction for early retirement, no later than 180 days after the date of the
Participant’s death.

(b) If a Participant dies after his entitlement to a benefit has been established by reason of
his Separation from Service but prior to the time that benefit payment(s) have commenced, such
payment(s) shall be made to the Participant’s beneficiary in accordance with the Participant’s
election.

(c) Each Participant may, on the Beneficiary Designation Form (attached hereto as Exhibit B),
designate a beneficiary to receive any death benefit payable under this section. If no effective
beneficiary designation is on file at the time of the Participant’s death, the death benefit under
this section shall be paid as follows: (i) to the Participant’s surviving spouse, or (ii) if no
spouse survives, to the Participant’s surviving children in equal shares, with the descendants of a
child who has predeceased the Participant taking such child’s share by representation; or (iii) if
none of the Participant’s spouse and descendants is living, to the representative of the
Participant’s estate.

(d) The beneficiaries shall become fixed at the Participant’s death so that if a beneficiary
survives the Participant but dies before final payment of the death benefit, any remaining death
benefits shall be paid to the representative of such beneficiary’s estate.

(e) If a Participant Separates from Service by reason of Disability, there shall be paid to
the Participant an amount equal to the benefit the Participant would have received hereunder if the
Participant had attained age 65 on the date immediately preceding the Participant’s date of
Disability and the Participant’s base salary had increased 3% per calendar year, then discounted to
the lump sum present value as of the date of Disability, and paid as a cash lump sum no later than
180 days after the date of Disability.

3.4 Change in Control Benefit

(a) If a Participant Separates from Service with the Bank due to an involuntary termination of
employment (other than for Cause) or a voluntary resignation for Good Reason (as defined in Code
Section 409A) within 24 months following a Change in Control, there shall be paid to the
Participant an amount equal to the present value of the Accrued Benefit the Participant would have
received if (i) the Participant had attained age 65 on the date immediately preceding his date of
Separation from Service; and (ii) the Participant’s Base Salary had increased 3% per calendar year,
discounted to a lump sum present value. Such benefit shall be paid as a cash lump sum within 180
days following the date of such Separation from Service.

(b) Notwithstanding anything herein to the contrary, (i) the present value of the amount to be
paid to the Participant upon a Change in Control shall be calculated in accordance with Code
Section 280G and the regulations thereunder (i.e., using 120% of the applicable federal rate as the
discount rate) and (ii) in the event that the aggregate payments or benefits to be made or afforded
to a Participant in the event of a Change in Control would be deemed to include an “excess
parachute payment” under Section 280G of the Code or any successor thereto, then the benefits
payable hereunder shall be reduced by the minimum amount necessary to result in no portion of the
payments and benefits payable by the Bank hereunder being non-deductible pursuant to Code Section
280G and subject to an excise tax imposed under Code Section 4999.

(c) Notwithstanding anything in this Plan to the contrary, if a Participant is receiving
installment payments hereunder and a change in control (as defined in Code Section 409A) occurs
during the installment period, all remaining installments shall be converted into an actuarially
equivalent lump sum amount and such amount shall be paid in a cash lump sum within 180 days after
the effective date of such change in control.

3.5 Forfeiture of Benefit Due to Termination for Cause. Notwithstanding anything herein to
the contrary, if the Participant’s employment is terminated for Cause, the Participant shall
forfeit all benefits hereunder.

3.6 Form of Benefit.

(a) Upon a Participant’s entitlement to a benefit under this Plan, the Participant’s benefit
shall be paid in the form of (i) 15 equal annual installment payments or (ii) a lump sum which is
the present value actuarial equivalent to 15 equal annual installment payments, as designated by
the Participant on the Participation Agreement, attached hereto as Exhibit A. A new Participant
must designate the time and form of payment on the Participation Agreement on or before the
30th day following the date on which the Participant first became eligible to
participate in the Plan, otherwise the Participant will be deemed to have elected to be paid a lump
sum upon Separation from Service.

(b) A current Participant may change the form of benefit payment by filing a Change of
Distribution Election Form, attached hereto as Exhibit C, with the Bank provided that such change
must be elected at least 12 months before the benefit would have otherwise been paid or begun to be
paid and any change to the form of payment must result in a minimum 5-year delay in the starting
date of the affected payment, in accordance with Code Section 409A. No changes in the form of
benefit payment shall be permitted following a Participant’s Separation from Service.

3.7 Time of Payment. Benefit payments made to a Participant or beneficiary shall commence not
later than 180 days following: (i) the Participant’s Separation from Service; (ii) the
Participant’s attainment of an age designated on the Participant’s Participation Agreement (or
subsequent Change in Election Form); or (iii) the later of (i) or (ii), all as designated on the
Participant’s Participation Agreement (or subsequent Change in Election Form). Notwithstanding the
foregoing, if the Participant is a Specified Employee and the distribution under the Plan is due to
Separation from Service (other than due to death or Disability), then solely to the extent
necessary to avoid penalties under Code Section 409A, no distribution shall be made during the
first 6 months following the Participant’s Separation from Service. Rather, any distribution which
would otherwise be paid to the Participant shall be accumulated and paid to the Participant in a
single cash lump sum distribution on the first day of the seventh month following such Separation
from Service. All subsequent distributions shall be paid in the manner specified in the
Participation Agreement (or subsequent Change in Election Form).

3.8 Payment in the Event of Incapacity or Minority. If the Administrator, in its discretion,
determines that any person entitled to receive any payment under this Plan is physically, mentally
or legally incapable of receiving or acknowledging receipt of payment, and no legal representative
has been appointed for such person, the Administrator in its discretion may (but shall not be
required to) cause any sum otherwise payable to such person to be paid to such one or more as may
be chosen by the Administrator from among the following: the institution maintaining such person,
such person’s spouse, children, parents or other relatives by blood or marriage, a custodian under
any applicable Uniform Transfers to Minors Act or any other person determined by the Administrator
to have incurred expense for such person. The Administrator’s payment based upon its good faith
determination of the incapacity of the person otherwise entitled to payments under this Plan and
the existence of any other person specified above shall be conclusive and binding on all persons.
Any such payment shall be a complete discharge of the liabilities of the Bank under this Plan to
the extent of such payment.

Article 4

Source of Benefits

4.1 Employer Funds. This Plan is unfunded, and all benefits payable to Participants and
beneficiaries shall be payable solely from the general assets of the Bank. No Participant shall be
required or permitted to make any contribution to the Plan.

4.2 Trust Fund. The Bank may establish a trust from which part or all of the benefits under
the Plan are to be paid. If a trust is established, all of the principal and income of such trust
shall remain subject to the claims of the Bank’s creditors until applied to the payment of
benefits.

4.3 Participant’s Right to Funds. This Plan constitutes a mere promise by the Bank to make
benefit payments in the future. Beneficial ownership of any assets, whether cash or investments,
that the Bank may earmark or place in trust to pay the Participants’ benefits under this Plan shall
at all times remain in the Bank, and no Participant or beneficiary shall have any property interest
in any specific assets of the Bank. To the extent a Participant or any other person acquires a
right to receive payments from the Bank under this Plan, such right shall be no greater than the
right of any unsecured general creditor of the Bank.

Article 5

Post-Termination of Employment Obligations

5.1 Non-Competition and Non-Solicitation. The Participant hereby covenants and agrees that,
for a period of two years following his termination of employment with the Bank, the Participant
shall not, without the written consent of the Bank, either directly or indirectly:

(a) solicit, offer employment to, or take any other action intended (or that a reasonable
person acting in like circumstances would expect) to have the effect of causing any officer or
employee of the Company or the Bank or any of their affiliates to terminate his or her employment
and accept employment or become affiliated with, or provide services for compensation in any
capacity whatsoever to, any business whatsoever that competes with the business of the Company or
the Bank or any of their affiliates or has headquarters or offices within 35 miles of the locations
in which the Company or the Bank or their affiliates has business operations or has filed an
application for regulatory approval to establish an office;

(b) become an officer, employee, consultant, director, independent contractor, agent, sole
proprietor, joint venturer, greater than 5% equity-owner or stockholder, partner or trustee of any
savings bank, savings and loan association, savings and loan holding company, credit union, bank or
bank holding company, insurance company or agency, any mortgage or loan broker or any other entity
competing with the Company or the Bank or their affiliates in the same geographic locations where
the Company or the Bank or their affiliates has material business interests; provided, however,
that this restriction shall not apply if the Participant’s employment is terminated following a
Change in Control or due to termination of employment for Cause; or

(c) solicit, provide any information, advice or recommendation or take any other action
intended (or that a reasonable person acting in like circumstances would expect) to have the effect
of causing any customer of the Company or the Bank or their affiliates to terminate an existing
business or commercial relationship with the Company or the Bank or their affiliates.

5.2 Duty to Cooperate. The Participant shall, upon reasonable notice, furnish such
information and assistance to the Bank and/or its affiliates, as may reasonably be required by the
Bank and/or its affiliates, in connection with any litigation in which it or any of its
subsidiaries or affiliates is, or may become, a party; provided, however, that Participant shall
not be required to provide information or assistance with respect to any litigation between the
Participant and the Bank, or any of its affiliates.

5.3 Non-Disclosure; Confidentiality. The Participant agrees that the Participant shall not,
directly or indirectly, use, make available, sell, disclose or otherwise communicate to any person,
other than in the course of the Participant’s’s assigned duties and for the benefit of the Company
or the Bank, either during the period of the Participant’s employment or at any other time
thereafter, any nonpublic, proprietary or confidential information, knowledge or data relating or
belonging to the Company or the Bank, any of their respective subsidiaries, affiliated companies or
businesses, which shall have been obtained by the Participant during the Participant’s employment
with the Company or the Bank. The foregoing shall not apply to information that (i) was known to
the public prior to its disclosure to the Participant; (ii) becomes known to the public subsequent
to disclosure to the Participant through no wrongful act of the Participant of any representative
of the Participant; or (iii) the Participant is required to disclose by applicable law, regulation
or legal process (provided that the Participant provides the Company and the Bank, as the case may
be, with prior notice of the contemplated disclosure and reasonably cooperates with the Company or
Bank, as the case may be, at its expense in seeking a protective order or other appropriate
protection of such information). Notwithstanding clauses (i) and (ii) of the preceding sentence,
the Participant’s obligation to maintain such disclosed information in confidence shall not
terminate where only portions of the information are in the public domain.

5.4 Enforcement. All payments and benefits to the Participants under this Plan shall be
subject to the Participant’s compliance with this Section. The parties hereto, recognizing that
irreparable injury will result to the Bank, its business and property in the event of the
Participant’s breach of this Section, agree that, in the event of any such breach by the
Participant, the Bank will be entitled, in addition to any other remedies and damages available, to
an injunction to restrain the violation hereof by the Participant and all persons acting for or
with the Participant. The Participant represents and admits that the Participant’s experience and
capabilities are such that the Participant can obtain employment in a business engaged in other
lines and/or of a different nature than the Bank, and that the enforcement of a remedy by way of
injunction will not prevent the Bank from earning a livelihood. Nothing herein will be construed
as prohibiting the Bank from pursuing any other remedies for such breach or threatened breach,
including the recovery of damages from the Participant.

Article 6

Administration

6.1 Administrator. The Board shall be the Administrator of the Plan. The Board may delegate
any of its administrative functions to another person, subject to revocation of such delegation at
any time.

6.2 Discretion. The Administrator shall have the discretionary power and authority to
determine the individuals who shall become Participants in the Plan. The Administrator shall also
have the discretionary power and authority, which it shall exercise in good faith, to determine
whether a Participant is entitled to a benefit under the Plan, the identity of a Participant’s
beneficiary, and the amount and form of the benefit payable to any Participant or beneficiary. The
Administrator shall have the discretion and authority to interpret the Plan and to make such rules
and regulations as it deems necessary for the administration of the Plan and to carry out its
purposes. The determinations of the Administrator shall be conclusive and binding on all persons.

6.3 Determination of Benefit. The Administrator’s good faith determination of the benefits to
which a Participant, surviving spouse, or beneficiary is entitled under this Plan shall be
conclusive and binding on all persons; provided, however, that this provision shall not preclude
the Administrator’s correcting any error the Administrator determines to have been made in the
computation of any benefit. The Administrator shall be entitled to recover from any Participant or
beneficiary, or from his estate, the amount of any overpayment of benefits and may reduce the
amount of future benefits payable to any Participant or beneficiary by the amount of any
overpayment made with respect to the Participant.

6.4 Benefit Claim Procedure. Within a reasonable period of time following a Participant’s
termination of employment, the Administrator will inform the Participant or the beneficiary of a
deceased Participant of the amount of benefits, if any, payable from the Plan. Not later than 30
days after receipt of such notification, the Participant or beneficiary may file with the
Administrator a written claim objecting to the amount of benefits payable under the Plan. The
Administrator, not later than 90 days after receipt of such claim, will render a written decision
to the claimant on the claim. If the claim is denied, in whole or in part, such decision will
include the reason or reasons for the denial, a reference to the Plan provision that is the basis
for the denial, a description of additional material or information, if any, necessary for the
claimant to perfect the claim, an explanation as to why such information or material is necessary
and an explanation of the Plan’s claim procedure. The claimant may file with the Administrator, not
later than 60 days after receiving the Administrator’s written decision, a written notice of
request for review of the decision, and the claimant or the claimant’s representative may review
Plan documents which relate to the claim and may submit written comments to the Administrator. Not
later than 60 days after receipt of such review request, the Administrator will render a written
decision on the claim, which decision will include the specific reasons for the decision, including
a reference to the Plan’s specific provisions where appropriate. The foregoing 90- and 60-day
periods during which the Administrator must respond to the claimant may be extended by up to an
additional 90 or 60 days, respectively, if special circumstances beyond the Administrator’s control
so require.

6.5 Arbitration. If, within 30 days after an appealed claim is denied, a Participant
notifies the Bank that a dispute exists concerning the benefits hereunder, the parties shall
promptly proceed to arbitration, as described in this Section.

(a) Any disagreement, dispute, controversy or claim arising out of or relating to this Plan or
the interpretation or validity hereof shall be settled exclusively and finally by arbitration. It
is specifically understood and agreed that any disagreement, dispute or controversy which cannot be
resolved between the parties, including without limitation any matter relating to the
interpretation of this Plan, may be submitted to arbitration irrespective of the magnitude thereof,
the amount in controversy or whether such disagreement, dispute or controversy would otherwise be
considered justifiable or ripe for resolution by a court or arbitral tribunal. The arbitration
shall be conducted in accordance with the Commercial Arbitration Rules of the American Arbitration
Association (the “AAA”).

(b) The arbitral tribunal shall consist of one arbitrator who shall be an attorney of
recognized standing at the bar with at least 15 years experience in the practice of law. The
parties to the arbitration jointly shall directly appoint such arbitrator within 30 days of
initiation of the arbitration. If the parties shall fail to appoint such arbitrator as provided
above, such arbitrator shall be appointed by the AAA as provided in the Commercial Arbitration
Rules and shall be a person who (i) maintains his or her principal place of business either within
75 miles of Buffalo, New York and (ii) had substantial experience in commercial and business
matters. The the Bank shall pay all of the fees and expenses of the arbitrator, in a lump sum no
later than 2 1/2 months after the end of the calendar year in which such expenses were incurred. The
arbitration shall be conducted within the Buffalo, New York metropolitan area or in such other city
in the Untied States of America as the parties to the dispute may designate by mutual written
consent.

(c) At any oral hearing of evidence in connection with the arbitration, each party thereto or
its legal counsel shall have the right to examine its witnesses and to cross-examine the witnesses
of any opposing party. No evidence of any witness shall be presented unless the opposing party or
parties shall have the opportunity to cross-examine such witness, except as the parties to the
dispute otherwise agree in writing or except under extraordinary circumstances where the interests
of justice require a different procedure.

(d) A decision or award of the arbitral tribunal shall be final and binding upon the parties
to the arbitration proceeding. The parties hereto hereby waive to the extent permitted by law any
rights to appeal or to seek review of such award by any court or tribunal. The parties hereto
agree that the arbitral award may be enforced, against the parties to the arbitration proceeding or
their assets wherever they may be found and that a judgment upon the arbitral award may be entered
in any court having jurisdiction thereof.

(e) Nothing herein contained shall be deemed to give, the arbitral tribunal any authority,
power, or right to alter, change, amend, modify, add to, or subtract from any of the provisions of
this Plan.

6.6 Indemnification. The Bank shall indemnify the Administrator and each other person to whom
administrative functions are delegated against any and all liabilities that may arise out of their
administration of the Plan, except those that are imposed on account of such person’s willful
misconduct.

6.7 Limitation of Authority. No person performing any administrative functions with respect to
the Plan shall exercise, or participate in the exercise of, any discretion with respect to his own
benefit under the Plan. This provision shall not preclude such person from exercising discretionary
authority with respect to the generally applicable provisions of the Plan, even though such
person’s benefit may be affected by such exercise.

Article 7

Miscellaneous

7.1 Actuarial Equivalency. Whenever an actuarial equivalent must be determined under this
Plan, it shall be determined using 6% interest rate and 1994 Group Annuity Reserving Table.
Payments made as lump sums shall be equal to the present value of a stream of payments calculated
as of the specified payment date, multiplied by the immediate lump sum factor based on the
Participant’s age at that date.

7.2 Termination of Employment. A Participant shall be deemed to have terminated employment for
purposes of this Plan when he or she has ceased to provide service to the Bank as an employee.

7.3 Effective Date. This Plan is effective as of January 1, 2010.

7.4 No Employment Rights. Nothing contained in this Plan shall be construed as conferring upon
any employee the right to continue in the employ of the Bank.

7.5 No Compensation Guarantees. Nothing contained in this Plan shall be construed as
conferring upon any employee the right to receive any specific level of compensation; nor shall the
Bank be prevented in any way from modifying the manner or form in which the employee is to be
compensated.

7.6 Effect on Benefit Plans. Neither benefits accrued by a Participant under this Plan nor
amounts paid pursuant to the Plan following the Participant’s termination of employment shall be
deemed to be salary or other compensation to the Participant for the purpose of computing benefits
to which he or she may be entitled under any pension plan or other employee benefit plan or
arrangement sponsored by the Bank, except to the extent such other plan expressly provides
otherwise.

7.7 Rights and Benefits Not Assignable. The rights and benefits of a Participant and any other
person or persons to whom payments may be made pursuant to this Plan are personal and, except for
payments made to the representative of a person’s estate which may be assigned to the persons
entitled to such estate, shall not be subject to any voluntary or involuntary anticipation,
alienation, sale, assignment, pledge, transfer, encumbrance, attachment, garnishment by creditors
of the Participant or such person or other disposition.

7.8 Amendment and Termination.

(a) The Board of Directors of the Bank may amend this Plan in such manner as it deems
advisable, provided that no amendment shall reduce the accrued benefit of any Participant,
determined as of the date of the adoption of such amendment.

(b) The Bank reserves the right to terminate the Plan at any time. Upon Plan termination, the
Bank shall determine whether all payments of benefits shall be made in accordance with the normal
distribution schedule set forth under the Plan or if payment of benefits shall be accelerated in
order to wind down the Plan.

(c) Pursuant to Code Section 409A, any acceleration of the payment of benefits hereunder
due to Plan termination shall comply with the following. This section shall not apply in the event
that the plans are terminated proximate to an economic downturn of the Bank or the Company: (i) all
arrangements sponsored by the Bank that would be aggregated with this Plan under Treasury
Regulation 1.409A-1(c)(2) if any Participant covered by this Plan was also covered by any of those
other arrangements are also terminated; (ii) no payments other than payments that would be payable
under the terms of the arrangement if the termination had not occurred are made within 12 months of
the termination of the arrangement; (iii) all payments are made within 24 months of the termination
of the arrangements; and (iv) the Bank does not adopt a new arrangement that would be aggregated
with any terminated arrangement under Treasury Regulation 1.409A-1(c)(2) if the same Participant
participated in both arrangements, at any time within three years following the date of termination
of the arrangement.

(d) Notwithstanding the foregoing, the Bank may terminate the Plan within 12 months of a
corporate dissolution taxed under Code Section 331, or with approval of a bankruptcy court pursuant
to 11 U.S.C. §503(b)(1)(A) and accelerate the payment of benefits under the Plan that are subject
to Code Section 409A, provided that the such benefits under the Plan are included in the
Participant’s gross income in the latest of (i) the calendar year in which the Plan terminates;
(ii) the calendar year in which the amount is no longer subject to a substantial risk of
forfeiture; or (iii) the first calendar year in which the payment is administratively practicable.

(e) Notwithstanding the foregoing, the Bank may terminate the Plan by irrevocable board action
taken within the 30 days preceding a Change in Control (but not following a change in control) that
is defined in accordance with Code Section 409A and accelerate the payment of benefits under the
Plan that are subject to Code Section 409A, provided that the Plan shall only be treated as
terminated if all substantially similar arrangements sponsored by the Bank are terminated so that
the Participants and all executives under substantially similar arrangements are required to
receive all amounts of compensation deferred under the terminated arrangements within 12 months of
the date of the termination of the arrangements.

7.9 Tax Withholding and Payment of Code Section 409A Taxes. The Bank may withhold from any
benefit payable under this Plan all federal, state, city, income, employment or other taxes as
shall be required pursuant to any law or governmental regulation then in effect. Moreover, the
Plan shall permit the acceleration of the time or schedule of a payment to pay employment related
taxes as permitted under Treasury Regulation 1.409A-3(j) or to pay any taxes that may become due at
any time that the arrangement fails to meet the requirements of Code Section 409A and the
regulations and other guidance promulgated thereunder. In the latter case, such payments shall not
exceed the amount required to be included in income as the result of the failure to comply with the
requirements of Code Section 409A.

7.10 Acceleration of Payments. Except as specifically permitted herein or in other sections
of this Plan, no acceleration of the time or schedule of any payment may be made hereunder.
Notwithstanding the foregoing, payments may be accelerated hereunder by the Bank, in accordance
with the provisions of Treasury Regulation 1.409A-3(j)(4) and any subsequent guidance issued by the
United States Treasury Department. Accordingly, payments may be accelerated, in accordance with
requirements and conditions of the Treasury Regulations (or subsequent guidance) in the following
circumstances: (i) as a result of certain domestic relations orders; (ii) in compliance with ethics
agreements with the Federal government; (iii) in compliance with ethics laws or conflicts of
interest laws; (iv) in limited cash-outs (but not in excess of the limit under Code Section
402(g)(1)(B)); (v) in the case of certain distributions to avoid a non-allocation year under Code
Section 409(p); (vi) to apply certain offsets in satisfaction of a debt of the Participant to the
Bank; (vii) in satisfaction of certain bona fide disputes between the Participant and the Bank; or
(viii) for any other purpose set forth in the Treasury Regulations and subsequent guidance.

7.11 Governing Law. Except to the extent preempted by federal law, this Plan shall be
construed in accordance with, and governed by, the laws of the State of New York without regard to
rules relating to choice of law.

7.12 Entire Agreement. This Plan constitutes the entire understand between the Bank and each
Participant as to the subject matter hereof. No rights are granted to a Participant by virtue of
this Agreement other than those specifically set forth herein.

[Signature Page to Follow]

1

IN WITNESS WHEREOF, the Bank has caused this Plan to be executed on the day written below.

EVANS BANK, N.A.

Date:       04/08/2010  By: /s/Thomas H. Warning Jr.

2

EXHIBIT A

EVANS BANK, N.A.

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

FOR SENIOR EXECUTIVES

PARTICIPATION AGREEMENT

	 	 	 
	Participant Name:

	 	Date of Birth:
	 

	 	 
	Participation Date:

	 	Benefit Percentage:

Required Benefit Service:

Distribution Election

I hereby elect that my benefit will be paid in the following manner (please select only one
optional form of benefit):

	 	 	 	 	 
	r	 	15 Annual Installments, starting 180 days after:
	 	 	r

r
	 	Separation from Service

Age      

	 	 	 
	(Note: Payments before age 62 are subject to a reduction of 6% per year)
	r
	 	the later of (i) Separation from Service or (ii) Age      

	 	 	 	 	 	 	 
	(Note: Payments before age 62 are subject to a reduction of 6% per year)
	OR
	 	

	 	

	 	

	 
	 	

	 	

	 	

	 	 	r	 	Lump Sum Distribution, paid within 180 days after:
	 	 	 	 	r

r
	 	Separation from Service

Age      

	 	 	 
	(Note: Payments before age 62 are subject to a reduction of 6% per year)
	r
	 	the later of (i) Separation from Service or (ii) Age      

(Note: Payments before age 62 are subject to a reduction of 6% per
year)

	 	 	 
	Date

ACKNOWLEDGED AND RECEIVED BY:

	 	Participant

EVANS BANK, N.A.
	     

	 	By:
	
 
	 	 
	Date

	 	

EXHIBIT B

EVANS BANK, N.A.

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

FOR SENIOR EXECUTIVES

BENEFICIARY DESIGNATION FORM

Print Name: _________________________________________________________________

I hereby designate the following Beneficiary(ies) to receive my Death Benefit under the Plan,
following my death:

	 	 	 
	PRIMARY BENEFICIARY:

	 	

	Name:      

Name:      

Name:      

	 	% of Benefit:     

% of Benefit:     

% of Benefit:     
	SECONDARY BENEFICIARY (if all Primary Beneficiaries pre-decease the Participant):

	Name:      

Name:      

Name:      

	 	% of Benefit:     

% of Benefit:     

% of Benefit:     

This Beneficiary Designation hereby revokes any prior Beneficiary Designation which may have been
in effect. This Beneficiary Designation is revocable.

	 	 	 
	Date Participant

	 	

	ACKNOWLEDGED AND RECEIVED BY:

	 	EVANS BANK, N.A.
	     

	 	By:
	
 
	 	 
	Date

	 	

EXHIBIT C

EVANS BANK, N.A.

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

FOR SENIOR EXECUTIVES

CHANGE OF DISTRIBUTION ELECTION FORM

Print Name:       

I hereby elect to change the time or form (or both) of the benefit payments that I previously
designated under the Plan to be the following time and form of payment. I understand that this
change in the time and/or form of the benefit payment must be elected at least 12 months before the
benefit would otherwise be paid or begin to be paid and that any change, regardless of whether the
change is to the time or the form (or both) must result in a minimum 5-year delay for the payment
of the affected amount.

I hereby elect that my benefit will be paid in the following manner (please select only one
optional form of benefit):

	 	 	 	 	 
	r	 	15 Annual Installments, starting 180 days after:
	 	 	r

r
	 	Separation from Service

Age      

	 	 	 
	(Note: Payments before age 62 are subject to a reduction of 6% per year)
	r
	 	the later of (i) Separation from Service or (ii) Age      

	 	 	 	 	 	 	 
	(Note: Payments before age 62 are subject to a reduction of 6% per year)
	OR
	 	

	 	

	 	

	 
	 	

	 	

	 	

	 	 	r	 	Lump Sum Distribution, paid within 180 days after:
	 	 	 	 	r

r
	 	Separation from Service

Age      

	 	 	 
	(Note: Payments before age 62 are subject to a reduction of 6% per year)
	r
	 	the later of (i) Separation from Service or (ii) Age      

(Note: Payments before age 62 are subject to a reduction of 6% per
year)

	 	 	 
	Date

ACKNOWLEDGED AND RECEIVED BY:

     

	 	Participant

EVANS BANK, N.A.

By:
	
 
	 	 
	Date

	 	

3EX-10.1

Exhibit 10.1

MONEYGRAM INTERNATIONAL, INC.

DEFERRED COMPENSATION PLAN

As Amended and Restated on April 12, 2010,

But Effective April 1, 2010

MONEYGRAM INTERNATIONAL, INC.

DEFERRED COMPENSATION PLAN

As Amended and Restated on April 12, 2010

But Effective April 1, 2010

TABLE OF CONTENTS

Page

	 	 	 
	APPENDIX A —

PLAN

	 	RULES AFFECTING MONEYGRAM INTERNATIONAL, INC. PARTICIPANTS IN

VIAD CORP DEFERRED COMPENSATION

A-1

MONEYGRAM INTERNATIONAL, INC.

DEFERRED COMPENSATION PLAN

As Amended and Restated on April 12, 2010

But Effective April 1, 2010

SECTION 1

INTRODUCTION AND DEFINITIONS

1.1. Statement of Plan.

1.1.1. History. This Plan is a nonqualified, unfunded deferred compensation plan known as the
“MONEYGRAM INTERNATIONAL, INC. DEFERRED COMPENSATION PLAN.” The Plan was originally named the
“MONEYGRAM INTERNATIONAL, INC. SUPPLEMENTAL 401(k) PLAN” and was first established January 1, 2006
by MONEYGRAM INTERNATIONAL, INC. (hereinafter sometimes referred to as “MGI”) and certain
affiliated corporations (together with MGI hereinafter sometimes collectively referred to as the
“Employers” and separately as the “Employer”) to permit eligible employees to defer Compensation
and receive matching credits with respect to such deferrals. At the time this Plan was
established, another nonqualified, unfunded deferred compensation plan known as the “MONEYGRAM
INTERNATIONAL, INC. SUPPLEMENTAL PROFIT SHARING PLAN,” which provided eligible employees with
supplemental profit sharing credits, was merged with and continues to be operated under the terms
of this Plan. Effective February 16, 2006, MGI amended and restated the Plan to permit eligible
employees to elect to defer certain Incentive Pay and receive matching credits with respect to such
deferrals, and the Plan was renamed as the “MONEYGRAM INTERNATIONAL, INC. DEFERRED COMPENSATION
PLAN.” Effective November 16, 2006, the Plan was amended and restated to permit each Participant
to make separate elections as to the form of payment upon Termination of Employment with respect to
such Participant’s Compensation Deferral Account, Incentive Pay Deferral Account and Profit Sharing
Account. Effective as of May 9, 2007, the Plan was amended and restated by the addition of
Appendix A attached hereto to apply exclusively to the deferred compensation obligations under the
Viad Corp Deferred Compensation Plan assumed in connection with the spin off of MGI by Viad Corp.
Such obligations are now a part of, and governed under the terms of, the Plan and Appendix A.
Effective August 16, 2007, the Plan was amended and restated to make modifications required by
Section 409A of the Code (as defined below). Effective April 1, 2010, the Plan is hereby amended
and restated as described below:

	 	(a)	 	Effective April 1, 2010, no further Participants shall be admitted to this
Plan.

	 	(b)	 	Effective April 1, 2010, the Employer shall no longer accept elections to
defer Compensation or Incentive Pay under this Plan.

	 	(c)	 	Effective April 1, 2010, the Employer shall no longer make matching credits
or supplemental profit sharing credits under this Plan.

	 	(d)	 	Effective April 1, 2010, the Viad Accounts described in Appendix A that are
credited with stock units representing MGI Common Stock, shall be converted to the
cash value of such stock units based on the per share closing price of the Common
Stock on the New York Stock Exchange on April 1, 2010 as reported in the consolidated
transaction reporting system. Thereafter, such Viad Accounts shall be increased (or
decreased) for earnings, gains or losses based on one or more investment options in
which such accounts are deemed invested in accordance with Section 4.3 of the Plan.

1.1.2. Purpose. MGI established this nonqualified, unfunded, deferred compensation plan which
contains three components:

	 	(a)	 	the first component allowed a select group of management and highly
compensated employees whose elective Pre-Tax Deferrals for a Plan Year under the
MoneyGram International, Inc. 401(k) Plan are expected to be limited under
section 402(g) of the Code to defer the receipt of Compensation which would otherwise
be paid to those employees, and to receive matching credits with respect to such
deferrals;

	 	(b)	 	the second component allowed a select group of management and highly
compensated employees whose Profit Sharing Contribution for a Plan Year under the
MoneyGram International, Inc. 401(k) Plan was reduced by sections 401(a)(17) and 415
of the Code or any other legal limitations to receive a supplemental profit sharing
credit under this Plan; and

	 	(c)	 	the third component allowed a select group of management and highly
compensated employees to defer receipt of Incentive Pay which would otherwise be paid
to those employees, and receive matching credits with respect to such deferrals.

1.2. Definitions. When the following terms are used herein with initial capital letters, they
shall have the following meanings:

1.2.1. Account — the separate bookkeeping account representing the separate unfunded and
unsecured general obligation of the Employers established with respect to each person who is a
Participant in this Plan in accordance with Section 2 and to which is credited the amounts
specified in Section 3 and Section 4, which will vest in accordance with Section 5 and from which
are subtracted payments made pursuant to Section 6 and Section 7. Each separate bookkeeping
account shall be comprised of the following sub-accounts:

	 	(a)	 	Compensation Deferral Account — the bookkeeping account representing the
Participant’s Compensation deferred, if any, along with any matching credits made
thereon, as adjusted for earnings, gains or losses.

	 	(b)	 	Incentive Pay Deferral Account — the bookkeeping account representing the
Participant’s Incentive Pay deferred, if any, along with any matching credits made
thereon, as adjusted for earnings, gains or losses.

	 	(c)	 	Profit Sharing Account — the bookkeeping account representing the
Participant’s Profit Sharing credits, if any, as adjusted for earnings, gains or
losses.

1.2.2. Affiliate — a business entity which is affiliated in ownership with MGI that is
recognized as an Affiliate by MGI for the purposes of this Plan.

1.2.3. Annual Deferral Amount — an entry on the records of the Employers equal to the
following amounts deferred in any one Plan Year equal to:

	 	(a)	 	with respect to a Participant in the Compensation deferral component of the
Plan, that portion of a Participant’s Compensation that a Participant elects to defer
for the Plan Year, along with any matching credits made thereon; and

	 	(b)	 	with respect to a Participant in the Incentive Pay deferral component of
the Plan, that portion of a Participant’s Incentive Pay that a Participant elects to
defer for a performance period and which is credited to the Plan during a Plan Year,
along with any matching credits made thereon.

The Annual Deferral Amount shall be a bookkeeping entry only and shall be utilized solely as a
device for the measurement and determination of the amounts credited to a Participant’s Account.

1.2.4. Beneficiary — a person designated in accordance with Section 7.4 to receive all or a
part of the Participant’s Account in the event of the Participant’s death prior to full
distribution thereof. A person so designated shall not be considered a Beneficiary until the death
of the Participant.

1.2.5. Chief Executive Officer — the chief executive officer of MGI.

1.2.6. Code — the Internal Revenue Code of 1986, as amended (including, when the context
requires, all regulations, interpretations and rulings issued thereunder).

1.2.7. Common Stock — common stock of MGI.

1.2.8. Compensation — Compensation as defined under the MoneyGram International, Inc. 401(k)
Plan; provided, however, that Compensation for purposes of this Plan shall be determined without
regard to limitations imposed under section 401(a)(17) of the Code. Performance-based pay (as that
term is defined under section 409A of the Code and regulations thereunder) shall be excluded from
Compensation.

1.2.9. Disability — a medically determinable physical or mental impairment which: (i) renders
the individual incapable of performing any substantial gainful employment, (ii) can be expected to
result in death or can be expected to last for a continuous period of not less than twelve (12)
months, and (iii) is evidenced by a certification to this effect by a doctor of medicine approved
by MGI. In lieu of such a certification, a Participant shall be considered disabled if the
Participant is, by reason of any medically determinable physical or mental impairment which can be
expected to result in death or can be expected to last for a continuous period of not less than
twelve (12) months, receiving income replacement benefits for a period of not less than three (3)
months under an accident and health plan covering employees of the Participant’s Employer.

1.2.10. Effective Date — the date this restated Plan document is adopted by the Board of
Directors of MGI.

1.2.11. Employers — MGI and each business entity affiliated with MGI that employs persons who
are designated for participation in this Plan (collectively the “Employers” and separately the
“Employer”).

1.2.12. ERISA — the Employee Retirement Income Security Act of 1974, as amended (including,
when the context requires, all regulations, interpretations and rulings issued thereunder).

1.2.13. Event of Maturity — any of the occurrences described in Section 6 by reason of which a
Participant or Beneficiary may become entitled to a distribution from this Plan.

1.2.14. HRN Committee — the Human Resources and Nominating Committee of the Board of Directors
of MGI (or any successor committee).

1.2.15. Incentive Pay — any performance-based cash compensation, other than Compensation,
earned by a Participant under any Employer’s annual or long-term incentive plans for services
rendered during a performance period of at least 12 months, as specified and approved by the HRN
Committee in its sole discretion (in accordance with Section 409A of the Code and related
guidance).

1.2.16. MGI — MoneyGram International, Inc. and any successor thereto.

1.2.17. Participant — an employee of an Employer who is designated as eligible to participate
in this Plan and becomes a Participant in this Plan in accordance with the provisions of Section 2.
An employee who has become a Participant shall be considered to continue as a Participant in this
Plan until the date of the Participant’s death or, if earlier, the date when the Participant is no
longer employed by an Employer or an Affiliate and upon which the Participant no longer has any
Account under this Plan (that is, the Participant has received a distribution of all of the
Participant’s Account).

1.2.18. Plan — the nonqualified, income deferral program maintained by MGI established for the
benefit of Participants eligible to participate therein, as set forth in the Plan Statement. (As
used herein, “Plan” does not refer to the documents pursuant to which this Plan is maintained.
That document is referred to herein as the “Plan Statement”). The Plan shall consist of three
parts: (i) the “Compensation deferral” component consisting of elective deferrals of Compensation
and matching credits with respect to such deferrals, if applicable; (ii) the “supplemental profit
sharing” component consisting of supplemental profit sharing credits made with respect to one or
more Participants; and (iii) the “Incentive Pay deferral” component consisting of deferrals of
Incentive Pay and matching credits with respect to such deferrals, if applicable. All parts
together constitute the Plan and shall be referred to as the “MONEYGRAM INTERNATIONAL, INC.
DEFERRED COMPENSATION PLAN.”

1.2.19. Plan Statement — this document entitled “MONEYGRAM INTERNATIONAL, INC. DEFERRED
COMPENSATION PLAN” as adopted by the Board of Directors of MGI (based upon recommendation by the
HRN Committee), as the same may be amended from time to time thereafter.

1.2.20. Plan Year — the twelve (12) consecutive month period ending on any December 31.

1.2.21. Scheduled Distribution — the scheduled, in-service distribution set forth in
Section 7.1.

1.2.22. Termination of Employment — a complete severance of an employee’s employment
relationship with the Employers and all Affiliates, if any, for any reason. A transfer from
employment with an Employer to employment with an Affiliate of an Employer shall not constitute a
Termination of Employment. A transfer from full-time employment to employment on a part-time basis
shall not constitute a Termination of Employment. If an Employer who is an Affiliate ceases to be
an Affiliate because of a sale of substantially all the stock or assets of that Employer, then
Participants who are employed by that Employer shall be deemed to have thereby had a Termination of
Employment for the purpose of commencing distributions from this Plan. Notwithstanding the
foregoing, a Termination of Employment shall not occur unless such termination also qualifies as a
“separation from service”, as defined under section 409A of the Code and related guidance
thereunder.

1.2.23. Unforeseeable Emergency — a severe financial hardship to the Participant resulting
from an illness or accident of the Participant, the Participant’s spouse, or a dependent (as
defined in section 152(a) of the Code) of the Participant, loss of the Participant’s property due
to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of
events beyond the control of the Participant.

1.2.24. Valuation Date — the last day of each calendar quarter of the Plan Year, and such
other dates as may be specified by MGI.

SECTION 2

1

PARTICIPATION

2.1. Eligibility to Participate. In all cases, an employee selected for participation under
this Section 2 shall be a member of a select group of management or highly compensated employees
(as that expression is used in ERISA). Such employee shall as a condition of participation in this
Plan complete such forms as MGI may require for the effective administration of this Plan.
Effective April 1, 2010, no further Participants shall be admitted to this Plan.

2.2. Enrollment for Elective Deferrals.

2.2.1. Compensation Deferrals. Effective April 1, 2010, the Employer shall no longer accept
elections to defer Compensation.

2.2.2. Incentive Pay Deferrals. Effective April 1, 2010, the Employer shall no longer accept
elections to defer Incentive Pay.

2.2.3. Election As to Time and Form of Payment. In connection with the Participant’s initial
enrollment in any one of the three components of the Plan, the Participant was required to elect
the form in which his or her Compensation Account, Incentive Pay Account or Profit Sharing Account
(as the case may be) shall be paid upon such Participant’s Termination of Employment (to the extent
not previously distributed as a Scheduled Distribution). The Participant was permitted to elect to
receive such Account at Termination of Employment in the form of a lump sum or pursuant to an
annual installment method of up to five (5) years (in accordance with Section 7). In addition, in
connection with each election to defer an Annual Deferral Amount, the Participant was permitted to
elect whether to receive all or a portion of his or her Annual Deferral Amount as a Scheduled
Distribution. An election as to the time and form of payment, once accepted by the Employer and
made effective, may not be changed. Notwithstanding the foregoing, in the case of each individual
who is a Participant in a component of the Plan as of the date of adoption of this restatement and
who previously made an election under this Section 2.2.3, such Participant was permitted to modify
his or her prior payment election if such modification was made on or before December 31, 2006 and
complies in all respects with the election timing requirements of Section 409A of the Code (and
regulations and other guidance issued thereunder).

SECTION 3

2

CREDITS TO ACCOUNTS

3.1. Elective Deferral Credits. Effective April 1, 2010, the Employer shall no longer accept
elections to defer Compensation or Incentive Pay under this Plan.

3.2. Matching Credits. Effective April 1, 2010, the Employer shall no longer make matching credits
under this Plan.

3.3. Supplemental Profit Sharing Credits. Effective April 1, 2010, the Employer shall no longer
make supplemental profit sharing credits under this Plan.

SECTION 4

3

ADJUSTMENT OF ACCOUNTS

4.1. Establishment of Accounts. There shall be established for each Participant unfunded,
bookkeeping Accounts which shall be adjusted each Valuation Date.

4.2. Adjustments of Accounts. From time to time but not less frequently than each Valuation Date,
MGI shall cause the value of each Account or portion of an Account to be increased (or decreased)
from time to time for distributions, credits (including any earnings, gains or losses thereon) and
expenses, if any, charged to the Account.

4.3. Investment Adjustments. The HRN Committee may designate from time to time one or more
investment options in which Accounts may be deemed invested. Such deemed investment options may
include any investment which the HRN Committee deems appropriate, including, but not limited to,
fixed interest credits, notional mutual fund(s), an investment index, or no investment adjustment
at all. The HRN Committee shall have the sole discretion to determine the number of deemed
investment options to be designated hereunder and the nature of the options and may change or
eliminate the investment options from time to time. The HRN Committee shall adopt rules specifying
the deemed investment options, the circumstances under which a particular option may be elected (or
shall be automatically utilized), the minimum or maximum percentages which may be allocated to the
investment option, the procedures (if any) for Participants making or changing elections, the
extent (if any) to which beneficiaries of deceased Participants may make investment elections and
the effect of a Participant’s or beneficiary’s failure to make an effective investment election
with respect to all or any portion of an Account.

SECTION 5

4

VESTING OF ACCOUNTS

The Account of each Participant shall be fully (100%) vested and nonforfeitable at all times.
Notwithstanding the foregoing, if MGI determines in its discretion that a Participant has
improperly received a credit under this Plan for any reason (including, but not limited to, an
erroneous calculation or other mistake of fact, or on account of a restatement of earnings), the
Account shall be reduced by the amount of the improper credit.

SECTION 6

5

MATURITY

The vested portion of a Participant’s Account shall mature and shall become distributable in
accordance with Section 7 upon the earliest occurrence of any of the following events:

	 	(a)	 	the Participant incurs a Termination of Employment;

	 	(b)	 	the Participant dies; and

	 	(c)	 	the Participant incurs a Disability.

SECTION 7

6

DISTRIBUTIONS

7.1. Scheduled Distributions.

7.1.1. Scheduled Distributions of Compensation Deferrals and Matching Credits. In connection
with each election to defer Compensation, a Participant may irrevocably elect to receive a
Scheduled Distribution. The Scheduled Distribution shall be a lump sum payment in an amount that
is equal to the portion of the Annual Deferral Amount (i.e., the Compensation deferral plus any
matching credits thereon for such Plan Year, if any) the Participant elected to have distributed as
a Scheduled Distribution, plus amounts credited or debited in the manner provided in Section 4 on
that amount, calculated as of the Valuation Date immediately preceding the date on which the
Scheduled Distribution becomes payable. Subject to the other terms and conditions of this Plan,
each Scheduled Distribution elected shall be paid out during a sixty (60)-day period commencing
immediately after the first day of any Plan Year designated by the Participant. The Plan Year
designated by the Participant must be at least three (3) Plan Years after the end of the Plan Year
to which the Participant’s deferral election relates. By way of example, if a Scheduled
Distribution is elected for Compensation deferred for the Plan Year commencing January 1, 2006, the
earliest Scheduled Distribution could become payable during a sixty (60)-day period commencing
January 1, 2010.

7.1.2. Scheduled Distributions of Incentive Pay Deferrals and Matching Credits. In connection
with each election to defer Incentive Pay, a Participant may irrevocably elect to receive a
Scheduled Distribution. The Scheduled Distribution shall be a lump sum payment in an amount that
is equal to the portion of the Annual Deferral Amount (i.e., the Incentive Pay deferral credited
during a Plan Year, plus any matching credits thereon, if any) the Participant elected to have
distributed as a Scheduled Distribution, plus amounts credited or debited in the manner provided in
Section 4 on that amount, calculated as of the Valuation Date immediately preceding the date on
which the Scheduled Distribution becomes payable. Subject to the other terms and conditions of
this Plan, each Scheduled Distribution elected shall be paid out during a sixty (60)-day period
commencing immediately after the first day of any Plan Year designated by the Participant. The
Plan Year designated by the Participant must be at least three (3) Plan Years after the end of the
Plan Year during which the Incentive Pay deferral is actually credited to the Plan. By way of
example, if a Scheduled Distribution is elected for Incentive Pay deferrals that are credited in
the Plan Year commencing January 1, 2006, the earliest Scheduled Distribution could become payable
during a sixty (60)-day period commencing January 1, 2010.

7.1.3. Event of Maturity Takes Precedence Over Scheduled Distributions. If an Event of
Maturity occurs that triggers payment under Section 7.3, any Scheduled Distribution elections
outstanding but unpaid shall not be paid in accordance with this Section 7.1, but shall be paid in
accordance with Section 7.3. Notwithstanding the foregoing, the HRN Committee shall interpret this
Section 7.1.3 in a manner that is consistent with Code Section 409A and other applicable tax law,
including but not limited to guidance issued after the effective date of this Plan.

7.2. Hardship Withdrawals. A Participant who has not incurred an Event of Maturity but who has
incurred an Unforeseeable Emergency may request a withdrawal from such Participant’s Account. In
the event that MGI, upon written petition of the Participant, determines in his or her sole
discretion that the Participant has suffered an Unforeseeable Emergency, the Employer shall
distribute to the Participant as soon as reasonably practicable following such determination, an
amount, not in excess of the value (based on the immediately preceding Valuation Date) of the
Participant’s Account, necessary to satisfy the emergency. Immediately upon the distribution, such
Participant’s deferral agreement shall be cancelled in accordance with Section 2.2.

7.3. Payment Upon Event of Maturity.

7.3.1. Time of Payment. Upon the occurrence of an Event of Maturity effective as to a
Participant, payment of such Participant’s entire Account balance (reduced by the amount of any
applicable payroll, withholding and other taxes) shall commence in the form designated under
Section 7.3.2 below. Distribution shall not be made to any Beneficiary until MGI has determined
that the Beneficiary is entitled to payment. Notwithstanding the foregoing, where payment under
this Section 7 is made to any “Specified Employee” (as defined in MGI’s Policy Defining Specified
Employees) on account of Termination of Employment, such payment shall commence no earlier than six
(6) months following a Termination of Employment (or upon the death of the Specified Employee, if
earlier) if required to comply with section 409A of the Code.

7.3.2. Form of Payment. If a Participant’s Compensation Account, Incentive Pay Account or
Profit Sharing Account, as applicable, becomes distributable by reason of one of the Events of
Maturity listed in Section 6, distribution of the Participant’s entire Account balance shall be
made in a single lump sum; provided, however, that if the Event of Maturity is the Participant’s
Termination of Employment, distribution shall be made: (i) in a single lump sum, or (ii) in annual
installments over a period not to exceed five (5) years, in accordance with such Participant’s
initial enrollment election under Section 2.2 (on forms furnished and filed with MGI). In the
event no election is made by the Participant, payment shall be made in a single lump sum. For
purposes of this Section 7.3.2, the following rules shall apply:

	 	(a)	 	Lump sum distributions shall be valued as soon as administratively
practicable (but in no event more than ninety (90) days) following the Valuation Date
coincident with or next following the Participant’s Event of Maturity (or in the case
of a Specified Employee whose Event of Maturity is a Termination of Employment, the
date which is six (6) months following such Event of Maturity). Actual distribution
shall be made as soon as administratively practicable (but in no event more than
ninety (90) days) after such determination.

	 	(b)	 	The amount of each annual installment shall be determined as of the
Valuation Date coincident with or next following each December 31, by dividing the
amount of the Account as of such Valuation Date by the number of remaining
installment payments to be made. Such installments shall be paid as soon as
administratively practicable (but in no event more than ninety (90) days) after such
determination. In the case of a Specified Employee, installments shall be determined
as of the Valuation Date coincident with or next following the December 31 which is
at least six (6) months following such Participant’s Termination of Employment.

	 	(c)	 	If the Participant dies following a Termination of Employment but before
installments are completed, all remaining installments shall be made to the
beneficiary or beneficiaries designated under Section 7.4 in a single lump sum.

7.4. Designation of Beneficiaries. A deceased Participant’s Compensation Deferral Account,
Incentive Pay Deferral Account or Profit Sharing Account, as applicable, shall be payable to the
beneficiary or beneficiaries designated by the Participant on forms furnished and filed with MGI.
In the absence of a designation or if such designation fails, such benefit shall be payable in
accordance with the rules for automatic beneficiaries under the MoneyGram International, Inc.
401(k) Plan.

7.5. No Spousal Rights. No spouse or surviving spouse of a Participant and no person designated to
be a Beneficiary shall have any rights or interest in the benefits credited under this Plan
including, but not limited to, the right to be the sole Beneficiary or to consent to the
designation of Beneficiaries (or the changing of designated Beneficiaries) by the Participant.

7.6. Death Prior to Full Distribution. If, at the death of the Participant, any payment to the
Participant was due or otherwise pending but not actually paid, the amount of such payment shall be
included in the Account which is payable to the Beneficiary (and shall not be paid to the
Participant’s estate).

7.7. Distributions in Cash. Distributions from this Plan shall be made in cash.

SECTION 8

7

FUNDING OF PLAN

8.1. Unfunded Obligation. The obligation of the Employers to make payments under this Plan
constitutes only the unsecured (but legally enforceable) promise of the Employers to make such
payments. No Participant shall have any lien, prior claim or other security interest in any
property of the Employers. The Employers shall have no obligation to establish or maintain any
fund, trust or account (other than a bookkeeping account or reserve) for the purpose of funding or
paying the benefits promised under this Plan. If such a fund, trust or account is established, the
property therein shall remain the sole and exclusive property of the Employer that established it.
The Employers shall be obligated to pay the benefits of this Plan out of their general assets.

8.2. Corporate Obligation. Neither MGI, the Board of Directors of MGI, the Chief Executive
Officer, the HRN Committee, the Employers nor any of their directors, officers, agents or employees
in any way secure or guarantee the payment of any benefit or amount which may become due and
payable hereunder to or with respect to any Participant. Each person entitled or claiming to be
entitled at any time to any benefit hereunder shall look solely to the assets of the Employers for
such payments as unsecured general creditors. If, or to the extent that, Accounts have been paid
to or with respect to a present or former Participant and that payment purports to be the payment
of a benefit hereunder, such former Participant or other person or persons, as the case may be,
shall have no further right or interest in the other assets of the Employers in connection with
this Plan. No person shall be under any liability or responsibility for failure to effect any of
the objectives or purposes of this Plan by reason of the insolvency of the Employers.

SECTION 9

8

AMENDMENT AND TERMINATION

9.1. Amendment and Termination. The Board of Directors of MGI (based upon recommendation by
the HRN Committee) may unilaterally amend the Plan Statement prospectively, retroactively or both,
at any time and for any reason deemed sufficient by it without notice to any person affected by
this Plan and may likewise terminate this Plan both with regard to persons expecting to receive
benefits in the future; provided, however, that the Participant’s vested accrued benefit as of the
date of such amendment or termination, if any, shall not be, without the written consent of the
Participant, diminished or delayed by such amendment or termination. If there is a termination of
the Plan with respect to all Participants, MGI shall have the right, in its sole discretion, and
notwithstanding any elections made by the Participant, to amend the Plan to immediately pay all
benefits in a lump sum following such Plan termination, to the extent permissible under
Section 409A of the Code and related Treasury regulations and guidance.

9.2. No Oral Amendments. No modification of the terms of the Plan Statement or termination of this
Plan shall be effective unless it is in writing and approved by the Board of Directors of MGI by a
person authorized to execute such writing. No oral representation concerning the interpretation or
effect of the Plan Statement shall be effective to amend the Plan Statement.

9.3. Plan Binding on Successors. MGI will require any successor (whether direct or indirect, by
purchase, merger, consolidation or otherwise to all or substantially all of the business and/or
assets of MGI), by agreement, to expressly assume and agree to perform this Plan in the same manner
and to the same extent that MGI would be required to perform it if no such succession had taken
place.

SECTION 10

9

DETERMINATIONS — RULES AND REGULATIONS

10.1. Determinations. MGI shall make such determinations as may be required from time to time
in the administration of this Plan. MGI shall have the discretionary authority and responsibility
to interpret and construe the Plan Statement and to determine all factual and legal questions under
this Plan, including but not limited to the entitlement of Participants and Beneficiaries, and the
amounts of their respective interests. Each interested party may act and rely upon all information
reported to them hereunder and need not inquire into the accuracy thereof, nor be charged with any
notice to the contrary.

10.2. Method of Executing Instruments. Information to be supplied or written notices to be made or
consents to be given by MGI or any other person pursuant to any provision of the Plan Statement may
be signed in the name of MGI by any officer or other person who has been authorized to make such
certification or to give such notices or consents.

10.3. Claims Procedure. The claim and review procedures set forth in this Section shall be the
mandatory claim and review procedures for the resolution of disputes and disposition of claims
filed under the Plan. An application for a distribution shall be considered as a claim for the
purposes of this Section.

10.3.1. Initial Claim. An individual may, subject to any applicable deadline, file with MGI a
written claim for benefits under the Plan in a form and manner prescribed by MGI.

	 	(a)	 	If the claim is denied in whole or in part, MGI shall notify the claimant
of the adverse benefit determination within ninety (90) days after receipt of the
claim.

	 	(b)	 	The ninety (90) day period for making the claim determination may be
extended for ninety (90) days if MGI determines that special circumstances require an
extension of time for determination of the claim, provided that MGI notifies the
claimant, prior to the expiration of the initial ninety (90) day period, of the
special circumstances requiring an extension and the date by which a claim
determination is expected to be made.

10.3.2. Notice of Initial Adverse Determination. A notice of an adverse determination shall
set forth in a manner calculated to be understood by the claimant:

	 	(a)	 	the specific reasons for the adverse determination;

	 	(b)	 	references to the specific provisions of the Plan Statement (or other
applicable Plan document) on which the adverse determination is based;

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

	 	(d)	 	a description of the claim and review procedures, including the time limits
applicable to such procedure, and a statement of the claimant’s right to bring a
civil action under ERISA section 502(a) following an adverse determination on review.

10.3.3. Request for Review. Within sixty (60) days after receipt of an initial adverse
benefit determination notice, the claimant may file with MGI a written request for a review of the
adverse determination and may, in connection therewith submit written comments, documents, records
and other information relating to the claim benefits. Any request for review of the initial
adverse determination not filed within sixty (60) days after receipt of the initial adverse
determination notice shall be untimely.

10.3.4. Claim on Review. If the claim, upon review, is denied in whole or in part, MGI shall
notify the claimant of the adverse benefit determination within sixty (60) days after receipt of
such a request for review.

	 	(a)	 	The sixty (60) day period for deciding the claim on review may be extended
for sixty (60) days if MGI determines that special circumstances require an extension
of time for determination of the claim, provided that MGI notifies the claimant,
prior to the expiration of the initial sixty (60) day period, of the special
circumstances requiring an extension and the date by which a claim determination is
expected to be made.

	 	(b)	 	In the event that the time period is extended due to a claimant’s failure
to submit information necessary to decide a claim on review, the claimant shall have
sixty (60) days within which to provide the necessary information and the period for
making the claim determination on review shall be tolled from the date on which the
notification of the extension is sent to the claimant until the date on which the
claimant responds to the request for additional information or, if earlier, the
expiration of sixty (60) days.

	 	(c)	 	MGI’s review of a denied claim shall take into account all comments,
documents, records, and other information submitted by the claimant relating to the
claim, without regard to whether such information was submitted or considered in the
initial benefit determination.

10.3.5. Notice of Adverse Determination for Claim on Review. A notice of an adverse
determination for a claim on review shall set forth in a manner calculated to be understood by the
claimant:

	 	(a)	 	the specific reasons for the denial;

	 	(b)	 	references to the specific provisions of the Plan Statement (or other
applicable Plan document) on which the adverse determination is based;

	 	(c)	 	a statement that the claimant is entitled to receive, upon request and free
of charge, reasonable access to, and copies of, all documents, records, and other
information relevant to the claimant’s claim for benefits;

	 	(d)	 	a statement describing any voluntary appeal procedures offered by the Plan
and the claimant’s right to obtain information about such procedures; and

	 	(e)	 	a statement of the claimant’s right to bring an action under ERISA
section 502(a).

10.4. Rules and Regulations.

10.4.1. Adoption of Rules. Any rule not in conflict or at variance with the provisions hereof
may be adopted by MGI.

10.4.2. Specific Rules.

	 	(a)	 	Any decision or determination to be made by MGI shall be made by the Chief
Executive Officer unless delegated as provided for in the Plan, in which case
references in this Section 10 to the Chief Executive Officer shall be treated as
references to the Chief Executive Officer’s delegate. No inquiry or question shall
be deemed to be a claim or a request for a review of a denied claim unless made in
accordance with the established claim procedures. MGI may require that any claim for
benefits and any request for a review of a denied claim be filed on forms to be
furnished by MGI upon request.

	 	(b)	 	All decisions on claims and on requests for a review of denied claims shall
be made by MGI.

	 	(c)	 	Claimants may be represented by a lawyer or other representative at their
own expense, but MGI reserves the right to require the claimant to furnish written
authorization and establish reasonable procedures for determining whether an
individual has been authorized to act on behalf of a claimant. A claimant’s
representative shall be entitled to copies of all notices given to the claimant.

	 	(d)	 	The decision on a claim and on a request for a review of a denied claim may
be provided to the claimant in electronic form instead of in writing at the
discretion of MGI.

	 	(e)	 	In connection with the review of a denied claim, the claimant or the
claimant’s representative shall be provided, upon request and free of charge,
reasonable access to, and copies of, all documents, records, and other information
relevant to the claimant’s claim for benefits.

	 	(f)	 	The time period within which a benefit determination will be made shall
begin to run at the time a claim or request for review is filed in accordance with
the claims procedures, without regard to whether all the information necessary to
make a benefit determination accompanies the filing.

	 	(g)	 	The claims and review procedures shall be administered with appropriate
safeguards so that benefit claim determinations are made in accordance with governing
plan documents and, where appropriate, the plan provisions have been applied
consistently with respect to similarly situated claimants.

	 	(h)	 	For the purpose of this Section, a document, record, or other information
shall be considered “relevant” if such document, record, or other information:
(i) was relied upon in making the benefit determination; (ii) was submitted,
considered, or generated in the course of making the benefit determination, without
regard to whether such document, record, or other information was relied upon in
making the benefit determination; (iii) demonstrates compliance with the
administration processes and safeguards designed to ensure that the benefit claim
determination was made in accordance with governing plan documents and that, where
appropriate, the Plan provisions have been applied consistently with respect to
similarly situated claimants; and (iv) constitutes a statement of policy or guidance
with respect to the Plan concerning the denied treatment option or benefit for the
claimant’s diagnosis, without regard to whether such advice or statement was relied
upon in making the benefit determination.

	 	(i)	 	MGI may, in its discretion, rely on any applicable statute of limitation or
deadline as a basis for denial of any claim.

10.4.3. Limitations and Exhaustion.

	 	(a)	 	No claim shall be considered under these administrative procedures unless
it is filed with MGI within two (2) years after the Participant knew (or reasonably
should have known) of the general nature of the dispute giving rise to the claim.
Every untimely claim shall be denied by MGI without regard to the merits of the
claim. No suit may be brought by or on behalf of any Participant or Beneficiary on
any matter pertaining to this Plan unless the action is commenced in the proper forum
before the earlier of:

	 	(i)	 	three (3) years after the Participant knew (or
reasonably should have known) of the general nature of the dispute
giving rise to the action, or

	 	(ii)	 	sixty (60) days after the Participant has
exhausted these administrative procedures.

	 	(b)	 	These administrative procedures are the exclusive means for resolving any
dispute arising under this Plan:

	 	(i)	 	no Participant or Beneficiary shall be
permitted to litigate any such matter unless a timely claim has been
filed under these administrative procedures and these administrative
procedures have been exhausted; and

	 	(ii)	 	determinations under these administrative
procedures (including determinations as to whether the claim was timely
filed) shall be afforded the maximum deference permitted by law.

	 	(c)	 	For the purpose of applying the deadlines to file a claim or a legal
action, knowledge of all facts that a Participant knew or reasonably should have
known shall be imputed to every claimant who is or claims to be a Beneficiary of the
Participant or otherwise claims to derive an entitlement by reference to the
Participant for the purpose of applying the previously specified periods.

SECTION 11

10

PLAN ADMINISTRATION

11.1. Authority.

11.1.1. MGI. Functions generally assigned to MGI shall be discharged by its Chief Executive
Officer, except where delegated and allocated as provided herein.

11.1.2. Chief Executive Officer. Except as hereinafter provided, the Chief Executive Officer
of MGI may delegate or redelegate and allocate and reallocate to one or more persons or to a
committee of persons jointly or severally, and whether or not such persons are directors, officers
or employees, such functions assigned to the Chief Executive Officer or to MGI generally hereunder,
as the Chief Executive Officer may from time to time deem advisable.

11.1.3. Board of Directors. Notwithstanding the foregoing, the Board of Directors of MGI
shall have the exclusive authority (which may not be delegated except to a committee of the Board)
to amend the Plan Statement and to terminate this Plan, based upon recommendation by the HRN
Committee. In addition, where necessary to comply with applicable corporate or securities law, or
applicable rules of the New York Stock Exchange, the HRN Committee shall have the exclusive
authority to make determinations with respect to benefits under this Plan (e.g., with respect to
executive officers).

11.2. Conflict of Interest. If any individual to whom authority has been delegated or redelegated
hereunder shall also be a Participant in this Plan, such Participant shall have no authority with
respect to any matter specially affecting such Participant’s individual interest hereunder or the
interest of a person superior to him or her in the organization (as distinguished from the
interests of all Participants and Beneficiaries or a broad class of Participants and
Beneficiaries), all such authority being reserved exclusively to other individuals as the case may
be, to the exclusion of such Participant, and such Participant shall act only in such Participant’s
individual capacity in connection with any such matter.

11.3. Service of Process. In the absence of any designation to the contrary by the Chief Executive
Officer, the Secretary of MGI is designated as the appropriate and exclusive agent for the receipt
of service of process directed to this Plan in any legal proceeding, including arbitration,
involving this Plan.

SECTION 12

11

CONSTRUCTION

12.1. ERISA Status. This Plan is adopted with the understanding that it is an unfunded plan
maintained primarily for the purpose of providing deferred compensation for a select group of
management or highly compensated employees as provided in section 201(2), section 301(3) and
section 401(a)(1) of ERISA. Each provision shall be interpreted and administered accordingly.

12.2. IRC Status. This Plan is intended to be a nonqualified deferred compensation arrangement.
The rules of section 401(a) et. seq. of the Code shall not apply to this Plan. The rules of
section 3121(v) and section 3306(r)(2) of the Code shall apply to this Plan.

12.3. Effect on Other Plans. This Plan shall not alter, enlarge or diminish any person’s
employment rights or obligations or rights or obligations under any other qualified or nonqualified
plan. It is specifically contemplated that this Plan will, from time to time, be amended and
possibly terminated.

12.4. Disqualification. Notwithstanding any other provision of the Plan Statement or any election
or designation made under this Plan, any individual who feloniously and intentionally kills a
Participant shall be deemed for all purposes of this Plan and all elections and designations made
under this Plan to have died before such Participant. A final judgment of conviction of felonious
and intentional killing is conclusive for this purpose. In the absence of a conviction of
felonious and intentional killing, MGI shall determine whether the killing was felonious and
intentional for this purpose.

12.5. Rules of Document Construction.

	 	(a)	 	An individual shall be considered to have attained a given age on such
individual’s birthday for that age (and not on the day before). Individuals born on
February 29 in a leap year shall be considered to have their birthdays on February 28
in each year that is not a leap year.

	 	(b)	 	Whenever appropriate, words used herein in the singular may be read in the
plural, or words used herein in the plural may be read in the singular; the masculine
may include the feminine; and the words “hereof,” “herein” or “hereunder” or other
similar compounds of the word “here” shall mean and refer to the entire Plan
Statement and not to any particular paragraph or Section of the Plan Statement unless
the context clearly indicates to the contrary.

	 	(c)	 	The titles given to the various Sections of the Plan Statement are inserted
for convenience of reference only and are not part of the Plan Statement, and they
shall not be considered in determining the purpose, meaning or intent of any
provision hereof.

	 	(d)	 	Notwithstanding any thing apparently to the contrary contained in the Plan
Statement, the Plan Statement shall be construed and administered to prevent the
duplication of benefits provided under this Plan and any other qualified or
nonqualified plan maintained in whole or in part by the Employers.

12.6. References to Laws. Any reference in the Plan Statement to a statute or regulation shall be
considered also to mean and refer to any subsequent amendment or replacement of that statute or
regulation unless, under the circumstances, it would be inappropriate to do so. The terms
“spouse,” “nonspouse,” “married,” “surviving spouse,” and other similar terms shall be construed,
interpreted and applied on a basis consistent with the federal statute known as the Defense of
Marriage Act.

12.7. Choice of Law. Except to the extent that federal law is controlling, this Plan Statement be
construed and enforced in accordance with the laws of the State of Minnesota.

12.8. ERISA Administrator. MGI shall be the plan administrator of this Plan.

12.9. Delegation. No person shall be liable for an act or omission of another person with regard
to a responsibility that has been allocated to or delegated to such other person pursuant to the
terms of the Plan Statement or pursuant to procedures set forth in the Plan Statement.

12.10. Not an Employment Contract. This Plan is not and shall not be deemed to constitute a
contract of employment between any Employer and any employee or other person, nor shall anything
herein contained be deemed to give any employee or other person any right to be retained in any
Employer’s employ or in any way limit or restrict any Employer’s right or power to discharge any
employee or other person at any time and to treat him without regard to the effect which such
treatment might have upon him as a Participant in this Plan. Neither the terms of the Plan
Statement nor the benefits under this Plan nor the continuance thereof shall be a term of the
employment of any employee. The Employers shall not be obliged to continue this Plan.

12.11. Tax Withholding. The Employers (or any other person legally obligated to do so) shall
withhold the amount of any federal, state or local income tax, payroll tax or other tax required to
be withheld under applicable law with respect to any amount payable under this Plan. All benefits
otherwise due hereunder shall be reduced by the amount to be withheld.

12.12. Expenses. All expenses of administering the benefits due under this Plan shall be borne by
the Employers.

12.13. Spendthrift Provision. No Participant or Beneficiary shall have any interest in any Account
which can be transferred nor shall any Participant or Beneficiary have any power to anticipate,
alienate, dispose of, pledge or encumber the same while in the possession or control of the
Employers. MGI shall not recognize any such effort to convey any interest under this Plan. No
benefit payable under this Plan shall be subject to attachment, garnishment, execution following
judgment or other legal process before actual payment to such person.

The power to designate Beneficiaries to receive the Account of a Participant in the event of such
Participant’s death shall not permit or be construed to permit such power or right to be exercised
by the Participant so as thereby to anticipate, pledge, mortgage or encumber such Participant’s
Account or any part thereof, and any attempt of a Participant so to exercise said power in
violation of this provision shall be of no force and effect and shall be disregarded by the
Employers.

This section shall not prevent MGI from exercising, in its discretion, any of the applicable powers
and options granted to it upon the occurrence of an Event of Maturity, as such powers may be
conferred upon it by any applicable provision hereof.

APPENDIX A

RULES AFFECTING MONEYGRAM INTERNATIONAL, INC. PARTICIPANTS IN VIAD CORP DEFERRED COMPENSATION PLAN

1.1. Scope of Rules Established in Appendix A. Notwithstanding the other provisions of the
Plan document, the rules established in this Appendix A shall apply to Participants as defined in
Section 1.2 of this Appendix A. Any provisions of the Plan document which are not superceded by
the rules in this Appendix A shall apply as described in the Plan document. Capitalized terms used
in this Appendix A shall have the same meaning as under the Plan document except to the extent that
such terms are expressly defined in this Appendix A.

1.2. History. In connection with the spin off of MoneyGram International, Inc. (“MGI”) by Viad
Corp (the “Spin Off”), MGI assumed Viad Corp’s obligations with respect to deferred compensation
accrued under the Viad Corp Deferred Compensation Plan (the “Viad Plan”) for a specified group of
MGI participants. The Viad Plan was an unfunded voluntary deferral plan that provided a select
group of management and highly compensated employees with an opportunity to defer receipt of
incentive compensation. The rules in this Appendix A apply exclusively to the deferred
compensation obligations under the Viad Plan assumed in connection with the Spin Off. Such
obligations (hereinafter “Viad Accounts”) are now a part of, and governed under the terms of, the
Plan and this Appendix.

1.3. Adjustments of Viad Accounts. From time to time but not less frequently than each Valuation
Date, MGI shall cause the value of each Viad Account or portion of a Viad Account to be increased
(or decreased) from time to time for distributions, credits (including any earnings, gains or
losses thereon) and expenses, if any, charged to the Viad Account. The HRN Committee shall
designate from time to time one or more investment options in which Viad Accounts may be deemed
invested in accordance with Section 4.3 of the Plan. Viad Accounts that are, as of April 1, 2010,
credited with stock units representing MGI Common Stock, shall be converted to the cash value of
such stock units based on the per share closing price of the Common Stock on the New York Stock
Exchange on April 1, 2010 as reported in the consolidated transaction reporting system.
Thereafter, such Viad Accounts shall be increased (or decreased) for earnings, gains or losses
based on one or more investment options in which such accounts are deemed invested in accordance
with Section 4.3 of the Plan.

1.4. Distributions.

	 	(a)	 	Medium of Distributions. Distributions shall be made in cash (including
the portion of the Viad Account formerly credited with stock units representing MGI
Common Stock).

	 	(b)	 	Time and Form of Distribution. Distribution of the Participant’s Viad
Account shall be made to the Participant entitled to receive distribution at the time
and in the manner as specified by the Participant, subject to the following:

	 	(i)	 	Active Participants. In accordance with
transitional guidance issued under Section 409A of the Code, a
Participant who was actively employed with MGI was permitted to modify
all or a portion of his or her prior payment election under the Viad
Plan if such modification was made on or before December 31, 2007. The
modified time and form of payment elected must apply to his or her
entire Viad Account and must otherwise comply with restrictions for
time and form of payment under Section 7 of the Plan document, with the
exception that the Participant was permitted to: (1) make separate
payment elections for his or her stock unit account and cash account;
and (2) elect to receive payments made on account of Termination of
Employment in a single lump sum, or in annual installments over a
period not to exceed ten (10) years.

	 	(ii)	 	Inactive Participants. To the extent permitted
under transitional guidance issued under Section 409A of the Code, a
Participant who was not actively employed with MGI and who had not
previously elected to commence payment of his or her Viad Account on or
before December 31, 2007 was required to modify his or her prior
payment election on or before December 31, 2007 to provide that payment
of the Viad Account commence no later than 2008 in either (1) a single
lump sum, or (2) annual installments over a period not to exceed ten
(10) years. Inactive Participants who had already commenced payment on
or before December 31, 2007 (if any) shall be paid in accordance with
the schedule elected under the Viad Plan.

12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00172-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00172-of-00352.parquet"}]]