Document:

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EXHIBIT 10.1

                    SEPARATION AGREEMENT AND GENERAL RELEASE
                    ----------------------------------------

                  This Separation Agreement and General Release (this
"Agreement") is made and entered into by and between William S. Leftwich ("Mr.
Leftwich") and Crdentia Corp., a Delaware corporation (the "Company"), with
reference to the following facts:

                  A. Mr. Leftwich has been employed by the Company in the
position of Chief Financial Officer and Secretary pursuant to the terms of a
certain Executive Employment Agreement dated on or about March 22, 2004 (the
"Employment Agreement").

                  B. The Company and Mr. Leftwich have mutually decided to end
the employment relationship with one another.

                  C. Mr. Leftwich and the Company each desire to settle,
compromise and resolve fully and finally any and all claims and disputes,
whether known or unknown, which exist or could exist on Mr. Leftwich's behalf
against the Company or its Affiliates (as hereinafter defined), arising out of
Mr. Leftwich's employment with the Company as an officer of the Company
(including, without limitation, as its Chief Financial Officer and Secretary),
and the cessation of that employment relationship.

                  NOW, THEREFORE, in consideration of the covenants and promises
contained herein, the parties hereto agree as follows:

                  1. AGREEMENT BY EMPLOYEE. Mr. Leftwich acknowledges that his
employment with the Company terminated effective as of September 10, 2004, and
in consideration for the payments and other terms set forth herein, Mr. Leftwich
voluntarily agrees to be bound by the terms of this Agreement.

                  2. VOLUNTARY RESIGNATION OF CORPORATE POSITIONS. Mr. Leftwich
hereby voluntarily resigns, effective as of September 10, 2004, all positions
held with the Company and its Affiliates as an officer or otherwise (including,
without limitation, the positions of Chief Financial Officer and Secretary of
the Company).

                  3. WAGES AND VACATION PAY. The Company shall pay to Mr.
Leftwich all of his wages and accrued and unused vacation time through September
10, 2004.

                  4. SEVERANCE PAYMENT. In consideration for his execution of
this Agreement, and subject to the terms and conditions of this Agreement and
the Employment Agreement, the Company agrees to pay Mr. Leftwich an amount in
cash equal to one (1) month of his Base Salary (as defined in the Employment
Agreement), which such amount shall be paid in accordance with the Company's
general payroll practices. Mr. Leftwich agrees that the severance payments
provided for herein are more than the Company is required to pay under its
normal policies and procedures, and Mr. Leftwich agrees that these payments are
fully satisfactory to him and constitute valid consideration in exchange for the
releases and commitments set forth in this Agreement.

                  5. STOCK OPTIONS. The parties acknowledge and agree that Mr.
Leftwich was issued a stock option award on April 8, 2004 to purchase up to
110,504 shares of the Company's Common Stock at an exercise price of $3.15 per

<PAGE>

share (the "Option Grant"). The parties acknowledge and agree that, effective as
of the termination of Mr. Leftwich's employment on September 10, 2004, he had
not vested in any of the shares of Common Stock underlying the Option Grant. In
consideration for Mr. Leftwich's execution of this Agreement, the Company agrees
to: (a) accelerate Mr. Leftwich's vesting in twenty-five percent (25%) of the
shares of Common Stock underlying the Option Grant (i.e., 27,626 shares) and (b)
provide Mr. Leftwich until September 10, 2005 in which to exercise the Option
Grant. All share numbers and calculations in this paragraph give effect to a
1-for-3 reverse split of the Company's Common Stock effected as of June 28,
2004.

                  6. NO FILING OF CLAIMS. Mr. Leftwich represents and warrants
that he does not presently have on file, and further represents that he will not
hereafter file, any claims, charges, grievances, actions, appeals or complaints
against the Company or its parent, subsidiaries and related entities or
corporations, or its or their past and present officers, directors,
stockholders, employees, agents, partners, attorneys, heirs, successors and
assigns (collectively, "Affiliates"), in or with any administrative, state,
federal or governmental entity, agency, board or court, or before any other
tribunal or panel of arbitrators, public or private, based upon any actions by
the Company or its Affiliates occurring prior to the date of this Agreement.

                  7. RELEASE OF ALL CLAIMS BY MR. LEFTWICH. In consideration for
the promises and compensation provided above, Mr. Leftwich hereby agrees to
waive, release, acquit and forever discharge the Company and its Affiliates from
any and all claims, demands, actions, charges, complaints and causes of action
(hereinafter collectively referred to as, "Claims"), of whatever nature, whether
known or unknown, which exist or may exist on Mr. Leftwich's behalf as of the
date of this Agreement, including but not limited to any and all tort claims,
contract claims (express or implied), wage claims, bonus claims, wrongful
termination claims, public policy claims, whistleblower claims, implied covenant
of good faith and fair dealing claims, retaliation claims, statutory claims,
personal injury claims, emotional distress claims, invasion of privacy claims,
defamation claims, fraud claims, and any and all claims arising under any
federal, state or other governmental statute, law, regulation or ordinance
covering discrimination in employment, including but not limited to Title VII of
the Civil Rights Act of 1964, as amended, the Federal Age Discrimination in
Employment Act of 1967, as amended, the Americans with Disabilities Act, the
Family and Medical Leave Act and the Equal Pay Act, covering discrimination in
employment including race, color, religious creed, national origin, ancestry,
physical or mental disability, medical condition, marital status, family care
leave, pregnancy, sex, sexual orientation, age, and harassment or retaliation.

                  8. WAIVER OF UNKNOWN CLAIMS BY MR. LEFTWICH. It is further
understood and agreed by Mr. Leftwich that he hereby expressly waives and
relinquishes any and all claims, rights or benefits that he may have pursuant to
any applicable law or regulation to the effect that:

                  "A general release does not extend to claims which the
                  creditor does not know or suspect to exist in his favor at the
                  time of executing the release which if known by him must have
                  materially affected his settlement with the debtor."

<PAGE>

In connection with such waiver and relinquishment, and notwithstanding the
foregoing provisions, Mr. Leftwich hereby expressly acknowledges that this
Agreement is intended to include, and does include in its effect, without
limitation, all such claims which he does not know or suspect to exist at the
time of the execution of this Agreement, and that this Agreement contemplates
the extinguishment of those claims. Mr. Leftwich further acknowledges,
understands and agrees that this representation and commitment is essential to
the Company and that this Agreement would not have been entered into were it not
for this representation and commitment.

                  9. COVENANT OF CONFIDENTIALITY. Mr. Leftwich acknowledges that
he executed the Company's Proprietary Rights and Information Agreement on or
about March 22, 2004, and that notwithstanding the termination of his
employment, he shall continue to have an obligation not to disclose or use any
"Proprietary Information" (as defined therein) obtained during the course of his
employment with the Company on the terms set forth therein.

                  10. NON-COMPETITION/NON-SOLICITATION. Mr. Leftwich
acknowledges and agrees that, pursuant Sections 7(a) and (b) of the Employment
Agreement, he shall have certain continuing obligations to refrain from
competing with the Company or soliciting the Company's employees or consultants,
which such obligations shall continue notwithstanding the termination of his
employment.

                  11. NON-ADMISSION OF LIABILITY. Mr. Leftwich acknowledges that
the Company denies any wrongdoing whatsoever in connection with Mr. Leftwich,
his employment, and the cessation of that employment, and that the severance
payment made pursuant to this Agreement is made solely for the purpose of
amicably resolving any disputes the parties have arising from the employment
relationship. Mr. Leftwich and the Company expressly understand and agree that
nothing contained in this Agreement shall constitute or be treated as an
admission of any wrongdoing or liability on the part of Mr. Leftwich or the
Company.

                  12. NO OTHER PAYMENTS DUE. Mr. Leftwich understands and agrees
that this Agreement is intended to and does bar all claims Mr. Leftwich has or
may have for injuries, losses, damages, wages, salaries, bonuses, commissions,
overtime pay, vacation pay, severance pay, car allowance, benefits, costs,
expenses, attorneys' fees or any similar claims that Mr. Leftwich could possibly
have against the Company or its Affiliates, and that Mr. Leftwich is not
entitled to receive and will not claim any right, benefit, or compensation other
than what is set forth above in Sections 4 and 5, above.

                  13. RETURN OF COMPANY PROPERTY. Mr. Leftwich agrees to
promptly return to the Company all office keys, building access cards, Company
credit cards, equipment, documents and any other materials of the Company that
he has in his possession, custody or control.

                  14. NON-DISPARAGEMENT. Each of Mr. Leftwich and the Company
hereby agrees that he and it (including its executive officers and directors)
will not disparage or in any way criticize the other party, its respective
Affiliates and/or their respective officers, managers, supervisors, employees,
investors, products, services, or technology at any time in the future. Nothing
contained in this Section is intended to prevent either party from testifying
truthfully in any legal proceeding.

<PAGE>

                  15. OWNERSHIP OF CLAIMS. Each party represents and warrants
that such party is the sole and lawful owner of all rights, title and interest
in and to all released matters, claims and demands referred to herein. Each
party further represents and warrants that there has been no assignment or other
transfer of any interest in any such matters, claims or demands which each party
may have against the other party.

                  16. CHOICE OF LAW. This Agreement, in all respects, shall be
interpreted, enforced and governed by and under the laws of the State of Texas.

                  17. SUCCESSORS AND ASSIGNS. The parties expressly acknowledge
and agree that this Agreement and all of its terms shall be binding upon Mr.
Leftwich's and the Company's respective representatives, heirs, executors,
administrators, successors and assigns.

                  18. ATTORNEY'S FEES. In the event that any party to this
Agreement asserts a claim for breach of this Agreement or seeks to enforce its
terms, the prevailing party in any such proceeding shall be entitled to recover
costs and reasonable attorney's fees.

                  19. HEADINGS. The headings in each paragraph herein are for
convenience of reference only and shall be of no legal effect in the
interpretation of the terms hereof.

                  20. INTEGRATION. This Agreement constitutes a single,
integrated, written contract, expressing the entire agreement between the
parties. In this regard, Mr. Leftwich represents and warrants that he is not
relying on any promises or representations which do not appear written herein.
Mr. Leftwich further understands and agrees that this Agreement can be amended
or modified only by a written agreement, signed by all of the parties hereto.

                  21. TIME FOR CONSIDERATION/REVOCATION OF THIS AGREEMENT. Mr.
Leftwich acknowledges that he is hereby given twenty-one (21) days from receipt
of this Agreement to consider signing this Agreement (through October 1, 2004)
(the "Expiration Date"), that he is advised to consult with an attorney before
signing this Agreement, and that he has the right to revoke this Agreement for a
period of seven (7) days after it is executed by him. In the event that Mr.
Leftwich chooses not to sign this Agreement on or before the Expiration Date, or
chooses to revoke this Agreement once signed, Employee will not receive any
consideration he would not be otherwise be entitled to received in the absence
of this Agreement. Mr. Leftwich understands that any revocation of this
Agreement must be made in writing and delivered to the Company at 14111 Dallas
Parkway, Suite 600, Dallas, Texas 75240 within such seven (7) day period.

                  22. EFFECTIVE DATE. This Agreement shall become effective and
binding upon the parties eight (8) days after Mr. Leftwich's execution thereof,
so long as he has not revoked it within the time period and in the manner
specified in Section 21, above.

                  23. VOLUNTARY AGREEMENT. Mr. Leftwich understands and agrees
that he may be waiving significant legal rights by signing this Agreement. Mr.
Leftwich understands that the Company has been represented in the preparation,
negotiation and execution of this Agreement by Morrison & Foerster LLP, counsel
to the Company, and that Morrison & Foerster LLP has not represented Mr.
Leftwich in the preparation, negotiation and execution of this Agreement. Mr.
Leftwich represents that he has been advised by legal counsel of his choice

<PAGE>

regarding this Agreement, and represents that he has entered into this Agreement
voluntarily, with a full understanding of and in agreement with all of its
terms.

                  THE SIGNATORIES HAVE CAREFULLY READ THIS ENTIRE AGREEMENT. THE
SIGNATORIES HAVE CONSULTED WITH LEGAL COUNSEL OF THEIR CHOICE REGARDING THIS
AGREEMENT. THE SIGNATORIES FULLY UNDERSTAND THE FINAL AND BINDING EFFECT OF THIS
AGREEMENT. THE SIGNATORIES ARE SIGNING THIS AGREEMENT VOLUNTARILY.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have executed this
Separation Agreement and General Release on the dates indicated below.

DATED:  September 15, 2004                  WILLIAM S. LEFTWICH

                                            By:     /S/  WILLIAM S. LEFTWICH
                                                    ----------------------------
                                                    William S. Leftwich

DATED:  September 10, 2004                  CRDENTIA CORP.

                                            By:     /S/  PAMELA ATHERTON
                                                    ----------------------------
                                            Name:   Pamela Atherton
                                            Its:    PresidentQuickLinks
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Exhibit 4.1    
    

[Face
of Note] 

 
 

FIRST DATA CORPORATION    
    
    3.90% Notes due 2009    
    

	CUSIP No. 319963AJ3	 	 
	

Registered No. R-1	
 	

Principal Amount: $450,000,000

        UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO., OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

        THIS
NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH
SUCCESSOR. 

        FIRST
DATA CORPORATION, a corporation duly organized and existing under the laws of Delaware (herein called the "Company," which term includes any successor corporation under the
Indenture referred to on the reverse hereof), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of $450,000,000 (Four Hundred Fifty Million
Dollars) on October 1, 2009, and to pay interest thereon from and including September 16, 2004 or from and including the most recent Interest Payment Date (as hereinafter defined) to
which interest has been paid or duly provided for, as the case may be. 

        Interest
will be paid semi-annually on April 1 and October 1 of each year (each, an "Interest Payment Date"), commencing April 1, 2005, at the rate of
3.90% per annum, until the principal hereof is paid or made available for payment. The interest so payable and punctually paid or duly provided for on any Interest Payment Date will, as provided in
the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Regular Record Date for such interest, which shall be the
March 15 or September 15, as the case may be, immediately preceding such Interest Payment Date. Except as otherwise provided in the Indenture, any such interest not so punctually paid or
duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid (i) to the Person in whose name this Note (or one or more predecessor
Notes) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof is to be given to Holders of Notes not less
than 10 calendar days prior to such Special Record Date, or (ii) in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed,
and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 

        Payment
of the principal of and interest on this Note will be made at the offices or agencies of the Company maintained for such purpose in the Borough of Manhattan, The City of New York
and Chicago, Illinois in Dollars; provided, that interest on this Note will be paid by check mailed to the address of the Person entitled thereto as
such address shall appear in the Security Register or, at the option of the Company, by wire transfer to an account designated by such Person in a bank located in the United States. 

 

        Notwithstanding
the foregoing, while the Notes are represented by one or more Global Notes registered in the name of the U.S. Depositary or its nominee, the Company will cause payments
of principal and interest on such Global Notes to be made to the U.S. Depositary or its nominee, as the case may be, by wire transfer to the extent, in the funds and in the manner required by
agreements with, or regulations or procedures prescribed from time to time by, the U.S. Depositary or its nominee, and otherwise in accordance with such agreements, regulations and procedures. 

        REFERENCE
IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT
THIS PLACE. 

        Unless
the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof, or its successor as Trustee, or its Authenticating Agent, by manual
signature of an authorized signatory, this Note will not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

        IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal. 

	Dated: September 16, 2004	 	 	 
	

 	

 	
 	

FIRST DATA CORPORATION
	

 	

 	
 	

By:	

 
	 	 	 	 	

	 	 	 	Its:	 
	 	 	 	 	

	

 	

 	
 	

Attest:	

 
	 	 	 	 	

	 	 	 	Its:	 
	 	 	 	 	

	

TRUSTEE'S CERTIFICATE OF AUTHENTICATION	
 	

 	

 
	

This is one of the series of Debt Securities issued under the within-mentioned Indenture.	
 	

 	

 
	

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee	
 	

 	

 
	

By:	

 	
 	

 	

 
	 	
 Authorized Officer

	 	 	 

2

 
[Reverse
of Note] 

 
 

FIRST DATA CORPORATION    
    
    3.90% Notes due 2009    
    

        SECTION
1.    General.    This Note is one of a duly authorized series of Debt Securities of the Company designated as
its 3.90% Notes due 2009 (herein called the "Notes"), limited in aggregate principal amount to $450,000,000 subject to the provisions of the next paragraph, issued under an Indenture dated as of
March 26, 1993, as supplemented by the 2003 Supplemental Indenture dated as of June 9, 2003 (as so supplemented, the "Indenture"), between the Company and Wells Fargo Bank, National
Association, as Trustee (herein called the "Trustee," which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes and of the terms upon which the Notes
are, and are to be, authenticated and delivered. 

        The
Company may, without the consent of the Holders, increase the principal amount of the Notes of this series by issuing additional Notes of the same series in the future on the same
terms and conditions, except for any differences in the issue price and interest accrued prior to the issue date of the additional Notes and with the same CUSIP number as the Notes represented hereby.
The Notes represented hereby and any additional Notes of the same series shall rank equally and ratably and shall be treated as a single series for all purposes under the Indenture. 

        SECTION
2.    Interest and Payments.    This Note will bear interest at the rate specified on the face hereof.
Interest on this Note will be payable on the Interest Payment Date or Interest Payment Dates as specified on the face hereof and, in either case, at Maturity. Payments on this Note with respect to any
Interest Payment Date or Maturity will include interest accrued from and including the Original Issue Date, or from and including the most recent Interest Payment Date to which interest has been paid
or duly provided for, to but excluding such Interest Payment Date or Maturity. Interest on this Note will be computed and paid on the basis of a 360-day year of twelve 30-day
months. 

        If
an Interest Payment Date or Maturity for this Note falls on a day that is not a Business Day, payment of principal and interest to be made on such day with respect to this Note will
be made on the next day that is a Business Day with the same force and effect as if made on the due date, and no additional interest will be payable on the date of payment for the period from and
after the due date as a result of such delayed payment. 

        SECTION
3.    Redemption; Optional Redemption.    The Notes will be redeemable, in whole at any time or in part from
time to time, at the Company's option at a redemption price equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed, and (ii) as determined by the Quotation
Agent (as defined below), the sum of the present values of the remaining scheduled payments of principal and interest thereon (not including any portion of such payments of interest accrued as of the
date of redemption), discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate
(as defined below), plus 15 basis points, plus accrued interest thereon to the date of redemption. 

        "Treasury
Rate" means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue,
assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. 

        "Comparable
Treasury Issue" means the United States Treasury security selected by the Quotation Agent as having a maturity comparable to the remaining term of the Notes to be redeemed
that would 

3

 

be
utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such
Notes. 

        "Comparable
Treasury Price" means, with respect to any redemption date, (i) the average of four Reference Treasury Dealer Quotations for such redemption date, after excluding the
highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Trustee obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations. 

        "Quotation
Agent" means the Reference Treasury Dealer appointed by the Company. 

        "Reference
Treasury Dealer" means (i) each of Citigroup Global Markets Inc. and three other Primary Treasury Dealers (as defined below) selected by the Company, and their
respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a "Primary Treasury Dealer"), the Company will
substitute therefor another Primary Treasury Dealer, and (ii) any other Primary Treasury Dealer selected by the Company. 

        "Reference
Treasury Dealer Quotations" means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Company, of the bid and asked
prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m., New
York City time, on the third business day preceding such redemption date. 

        Notice
of any redemption will be mailed at least 30 days but not more than 60 days before the redemption date to each holder of the Notes to be redeemed. Unless the Company
defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the Notes or portions thereof called for redemption. 

        SECTION
4.    Paying Agent and Security Registrar.    Initially, Wells Fargo Bank, National Association will act as
Principal Paying Agent and Security Registrar. The Company may appoint and change any Paying Agent or Security Registrar without notice, other than notice to the Trustee;  provided, that the Company will
maintain at least one Paying Agent in the Borough of Manhattan, City of New York, State of New York, which shall
initially be an office or agency of the Trustee. The Company or any of its Subsidiaries or any of their Affiliates may act as Paying Agent or Security Registrar. 

        SECTION
5.    Sinking Fund.    This Note is not subject to a sinking fund. 

        SECTION
6.    Events of Default.    If any Event of Default with respect to the Notes shall occur and be continuing,
the principal of all of the Notes may be declared due and payable in the manner and with the effect provided in the Indenture. 

        SECTION
7.    Modification or Waiver; Obligation of the Company Absolute.    The Indenture permits, with certain
exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Debt Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in principal amount of the Outstanding Debt Securities of each
series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Outstanding Debt Securities of each series, on behalf of the
Holders of all Debt Securities of such series, to waive, with respect to the Debt Securities of such series, compliance by the Company with certain provisions of the Indenture and certain past
defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note will be conclusive and binding upon such Holder and upon all future Holders of this Note and
of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note or any such other Note. 

4

 

        No
reference herein to the Indenture and no provision of this Note or of the Indenture will alter or impair the obligations of the Company, which are absolute and unconditional, to pay
the principal of and interest on this Note at the times, places and rates herein prescribed in accordance with the Indenture. 

        SECTION
8.    Discharge, Legal Defeasance and Covenant Defeasance.    The provisions contained in the Indenture
relating to defeasance at any time of (i) the entire indebtedness of the Company on this Note and (ii) certain restrictive covenants and the related Events of Default upon compliance by
the Company, with certain conditions specified therein, will apply to this Note. 

        SECTION
9.    Authorized Denominations.    The Notes are issuable only in global or certificated registered form,
without coupons, in denominations of $1,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein specified and to the limitations
described below, if applicable, the Notes are exchangeable for a like aggregate principal amount of Notes with a like Stated Maturity and with like terms and conditions of a different authorized
denomination, as requested by the Holder surrendering the same. 

        SECTION
10.    Registration of Transfer.    As provided in the Indenture and subject to certain limitations therein
specified and to the limitations described below, if applicable, the transfer of this Note is registerable in the Security Register upon surrender of this Note for registration of transfer at the
office or agency of the Company maintained for that purpose (which will initially be the Trustee at its office or agency located in the Borough of Manhattan, The City of New York and at its office
located in Chicago, Illinois, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by the Holder hereof or
the Holder's attorney duly authorized in writing, and thereupon one or more new Notes with a like Stated Maturity, of authorized denominations and for the same aggregate principal amount, will be
issued to the designated transferee or transferees. 

        This
Note is exchangeable for certificated Notes only upon the terms and conditions provided in the Indenture. Except as provided in the Indenture, owners of beneficial interests in this
Global Note will not be entitled to receive physical delivery of Notes in certificated registered form and will not be considered the Holders thereof for any purpose under the Indenture. 

        No
service charge will be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith. 

        SECTION
11.    Owners.    Prior to due presentment of this Note for registration of transfer, the Company, the Trustee
and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue and notwithstanding any
notation of ownership or other writing hereon, and none of the Company, the Trustee or any such agent will be affected by notice to the contrary. 

        SECTION
12.    Governing Law.    This Note will be governed by and construed in accordance with the laws of the State
of New York. 

        SECTION
13.    Defined Terms.    All terms used in this Note which are defined in the Indenture will have the meanings
assigned to them in the Indenture unless otherwise defined herein; and all references in the Indenture to "Debt Security" or "Debt Securities" will be deemed to include the Notes. 

5

 
 
 

ABBREVIATIONS    
    

        The following abbreviations, when used in the inscription on the face of this instrument, will be construed as though they were written out in full according to
applicable laws or regulations: 

	TEN COM—as tenants in common

TEN ENT—as tenants by the entireties

JT TEN—as joint tenants with right of survivorship and not as tenants in common
	

UNIF GIFT MIN ACT	
 	

Custodian
	 	 	

	 	 	(Cust)	 	 	 	(Minor)
	 	 	Under Uniform Gifts to Minors Act
	 	 	

	 	 	(State)
	

Additional abbreviations may also be used though not in the above list.

6

 
 
 

FORM OF ASSIGNMENT    
    

        FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

	 	 	
	 	 
	 	 	
	 	 
	 	 	
	 	 
	 	 	
	 	 

[PLEASE
PRINT OR TYPE NAME, ADDRESS, INCLUDING POSTAL ZIP CODE, AND SOCIAL SECURITY

OR OTHER TAXPAYER IDENTIFICATION NUMBER OF ASSIGNEE] 

the
within Note and all rights thereunder, hereby irrevocably constituting and appointing                        attorney to transfer
said Note on the books of the Company, with full power of substitution in
the premises. 

	

Dated:	
 	

 	
 	

 
	 	 	
	 	

	

 	
 	

 	
 	

 Signature(s)
	 	 	 	 	Sign exactly as name appears on the front of this Note
	

 	
 	

 	
 	

[Signature(s) must be guaranteed by a member of a recognized Medallion Guarantee Program]

	    	 	 
	NOTICE:	 	THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE WITHIN INSTRUMENT IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

7

QuickLinks

Exhibit 4.1

FIRST DATA CORPORATION 3.90% Notes due 2009

FIRST DATA CORPORATION 3.90% Notes due 2009

ABBREVIATIONS

FORM OF ASSIGNMENT

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