Document:

Employment Agreement of Russell A. Olsen

 Exhibit 10.24 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement is between RUSSELL A. OLSON, an individual residing in Weston, Florida (“Executive”) and INTCOMEX, INC., a Delaware corporation (“Company”), and is made this
26th day of March, 2010. 
 Recitals 
 A. The Executive has been employed by the Company since March 14, 2005. He was employed subject to a written contract of employment whose term expired on December 31, 2008. 
 B. The parties have agreed that they should enter into a new employment contract, and this Agreement has been prepared for that purpose.

 Terms and Conditions 
 1. Employment; Position; Reporting Responsibilities. The Company agrees to continue to employ the Executive, and the Executive agrees to continued employment by the Company. The Executive
shall be employed by the Company as its Chief Financial Officer, (“CFO”). The Executive shall report to the President and Chief Executive Officer of the Company. As a full-time employee, the Executive shall devote all of his business time,
attention, and energies to Company work; however, this provision shall not be construed as preventing the Executive from investing savings or other assets in such form or manner as will not require any services on the part of the Executive, nor
shall it be construed as preventing the Executive from engaging in any charity or civic work approved by the Company. 
 2.
Term of the Agreement and Evergreen Renewal. The Executive’s employment by the Company shall continue for a period of one year (the Agreement’s “Initial Term”), commencing on January 1, 2010 (the
Agreement’s “Effective Date”), and ending on December 31, 2010, unless the Agreement is terminated first pursuant to Section 7. If not previously terminated, at the end of the Initial Term the Agreement shall be
automatically renewed for an additional term of one year, and it shall be similarly renewed on future one-year anniversary dates (“Renewal Terms”) until the Agreement is terminated pursuant to Section 7. The entire term of the
Agreement shall be referred to in this Agreement as the “Employment Period.” 
 3. Location, Travel and
Responsibilities. The Executive shall be assigned to work at the Company’s principal business address, although he will be expected to travel extensively in connection with his duties. The Executive shall use his best efforts in the
Company’s business and at all times shall competently, loyally, and conscientiously perform all of the duties and obligations required of him. The specific duties of the Executive may be set forth in a Company job description; however, in the
absence of a job description, the Executive will be expected to perform those duties and responsibilities typically assigned to the CFO of a similarly situated business, as well as any other management responsibilities assigned to him from time to
time. In addition, the Executive shall act in accordance with (i) all duly adopted directives of the Board of Directors of the Company (“Board of Directors”), (ii) all standing instructions for the position of CFO which
may be issued by the Company, (iii) all reasonable and lawful requests, directions and/or restrictions of the President and Chief Executive Officer, and (iv) all policies of the Company as prescribed from time to time. Upon termination of
employment, the Executive shall return all Company equipment and other Company property in the Executive’s possession, custody or control, to an authorized Company employee. 

 4. Salary and Incentive Compensation. The compensation for the Executive shall
include both a salary (“Base Salary”) and participation in short term and long term incentive plans. This compensation will be reviewed by the Compensation Committee of the Board of Directors (“Compensation
Committee”) on at least an annual basis, and upon such annual review, may be changed or adjusted as deemed appropriate by the Compensation Committee or by the Board of Directors. The Company agrees that any modification of the
Executive’s salary and incentive compensation will be documented in the official minutes and/or other documentation of the Compensation Committee. 
 a. Base Salary. The Executive shall be paid a salary by the Company (“Base Salary”). The Executive’s Base Salary for 2010 shall be $280,000 per year. This Base Salary shall be
reviewed by the Company from time to time. Payroll taxes shall be withheld from the Executive’s Base Salary as required by law. The Executive shall be paid his Base Salary at the Company’s regular payroll intervals. The Executive’s
Base Salary may be increased or decreased by the Compensation Committee, after consultation and agreement with the Executive. 
 b. Short Term Incentive Plan. The Executive shall participate in a Short Term Incentive Plan (“STIP”) established by the Compensation Committee. For 2010, his STIP target will be fifty percent (50%) of his Base
Salary, or $140,000. Payment under the STIP will be contingent on achieving quantitative and qualitative goals as determined by the Compensation Committee. 
 c. Long Term Incentive Plan. The Executive shall participate in a Long Term Incentive Plan (“LTIP”) established by the Compensation Committee. For 2010, his LTIP target will be
forty percent (40%) of his Base Salary, or $112,000, to be paid out in Restricted/Non-Voting Shares that will vest over four years in accordance with the following schedule: thirty percent (30%) at the end of the second year; thirty
percent (30%) at the end of the third year; and forty percent (40%) at the end of the fourth year. The amount of the payout under the LTIP will be indexed at the same total performance score used to pay the Executive under the STIP. The
Compensation Committee may change the LTIP for 2011 and for subsequent years, after consultation and agreement with the Executive, or retain the LTIP in its present form. 
 5. Fringe Benefits; Paid Vacation. The Executive shall enjoy the same fringe benefits as other Company executives. He shall receive fifteen (15) days per year of paid vacation, which
shall be earned and taken in accordance with the Company’s vacation policies. 
  

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 6. Reimbursement of Business Expenses. The Company shall reimburse the
Executive, or the Executive shall be entitled to charge to the Company, all reasonable and necessary business expenses incurred in the course of employment by the Executive, where such business expenses are incurred by the Executive as provided by
policies established by the Company. The Executive shall maintain records of such expenses in such form and detail as may be required, and shall make such records available for inspection on request. The Company reserves the right to require
pre-approval of expenses, and will provide notice to the Executive where pre-approval is necessary. 
 7.
Termination. 
 a. Death. The Executive’s employment and the Employment Period shall terminate
automatically upon the Executive’s death, as of the date of death. However, the Executive’s estate will be entitled to the Executive’s Accrued Obligations as defined in Section 8.c of this agreement. 
 b. By the Company. The Company may terminate the Executive’s employment under this Agreement at any time, with or without Cause,
by giving thirty (30) days notice of termination to the Executive, or by providing thirty (30) days of pay in lieu of notice. Notice of termination shall be in writing, and if for Cause, shall indicate the reasons why the termination is
for Cause. “Cause” means: 
 (i) serious, willful misconduct by the Executive in the discharge of his duties;
the Executive’s material failure to carry out and execute directions from the President, Chief Executive Officer, or Board of Directors; any act or omission by the Executive intended to enrich him, or any other party, in derogation of his
duties to the Company; any willful or purposeful act or omission by the Executive (or any act or omission taken by the Executive in bad faith) having the effect of injuring the business or business relationships of the Company; the Executive’s
commission of a crime of moral turpitude, fraud or misrepresentation; or the Executive’s material breach of this Agreement (the Company may not exercise the right to terminate employment for Cause for breach of this Agreement without first
giving the Executive one week’s notice of circumstances representing Cause and an opportunity to cure through appropriate corrective action); or 
 (ii) the Executive’s inability to perform duties assigned by the Company due to physical or mental disability, but only after all leaves of absence provided to the Executive by the Company, or
required by federal or state law, have been exhausted. 
 c. By the Executive. The Executive may terminate employment
under this Agreement by submission of a written resignation giving the Company at least thirty (30) day’s prior notice of termination; following the receipt of such notice, the Company may retain the Executive’s services for the
notice period, or release the Executive at any time after being given notice, in its sole discretion. 
 d. Date of
Termination. The “Date of Termination” means the date of the Executive’s death, or the date the termination of the Executive’s employment under this Agreement is effective. The Employment Period shall end on the Date
of Termination. 
  

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 8. Company’s Obligations upon Termination. 
 a. By Company Other Than for Cause, by the Executive for Good Reason following a Change of Control. If Company terminates the
Executive’s employment under this Agreement without Cause, or if the Executive resigns for Good Reason following a Change in Control (as those terms are defined below), the Executive shall be entitled to payment by the Company of a lump sum
equal to (i) twelve (12) months of the Executive’s current Base Salary, (ii) a pro rata bonus payment for the calendar year of Executive’s termination, based on the average rate of bonus payout from the past
two calendar years (including STIP and a cash value for LTIP, if applicable), and (iii) all granted and unvested restricted stock due the Executive under the LTIP will immediately vest and be granted in favor of the Executive. Pro rata service
is defined from the first day of the calendar year to the Date of Termination when conducting the pro rata determination (collectively, “Severance Pay”), and to payment of Accrued Obligations, as that term is
defined below; provided, however, that notwithstanding the foregoing, Company’s obligation to make any payment of Severance Pay shall be conditioned upon the Executive’s execution, and non-revocation, of a general release
(“Release”) of any and all claims against Company and its corporate affiliates and its officers, directors and employees, including all claims arising out of the Executive’s employment with Company and the termination of that
employment. In the event that the Executive decides not to sign the Release, the Executive shall not be entitled to Severance Pay, and shall not be deemed to have released any claims against Company; however, the parties will otherwise be bound by
the other obligations imposed by this Agreement, including those set forth below. Severance Pay shall be treated as salary for tax purposes by Company, and taxes will be withheld from Severance Pay as required by law. Severance Pay shall be payable
to the Executive within fifteen (15) days following Executive’s execution of the Release, unless it is revoked first by the Executive. 
 (i) “Good Reason” shall mean (a) a material adverse change in the job title, compensation, duties or responsibilities of the Executive which are unacceptable to him, or (b) the
Company’s material breach of this Agreement. The Executive may not terminate for Good Reason for breach of this Agreement by the Company without first giving the Company written notice of circumstances representing Good Reason and a one week
opportunity to cure through appropriate corrective action. In addition, the Executive may not resign for Good Reason where more than 90 days have passed since the triggering event(s) comprising the Good Reason. 
 (ii) A “Change of Control” means the occurrence of one or more of the following events: 
 (A) a sale of substantially all of the assets of the Company; 
 (B) the stockholders of the Company approve a merger or consolidation of the Company with any corporation or other entity, other than a
merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity)
more than fifty percent (50%) of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; or 
  

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 (C) a change in ownership of the Company through a transaction or series of transactions,
such that any person or entity 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 fifty percent (50%) or more of securities of the combined
voting power of the Company’s then outstanding securities; provided that, for such purposes, (1) any acquisition by the Company, in exchange for the Company’s securities, shall be disregarded, and (2) any acquisition of
securities by the Company’s Affiliates, as that term is defined below, in one transaction or in a series of transactions and regardless of the amount of securities acquired, shall not constitute a change in ownership or Change in Control.

 Provided, however, that in no event shall the sale of the Company’s stock as a result of or shortly after an initial public
offering, or changes of legal entity names or location, constitute a Change of Control. 
 b. By Company for Cause; By
Executive Not For Good Reason following a Change of Control. If the Executive’s employment is terminated by Company for Cause, or the Executive terminates or resigns employment, other than for Good Reason following a Change of Control, the
Company shall pay only the following to the Executive: (i) all Base Salary due through the Date of Termination, (ii) any unpaid bonus compensation for the prior calendar year which is due as of the Date of Termination, (iii) such
additional salary as may be due, under Company’s vacation policy, to compensate the Executive for accrued but unused vacation days as of the Date of Termination, (iv) compensation for any business expenses, not yet reimbursed, as provided
by Company’s business expense reimbursement policies, (v) all compensation due the Executive under the terms of Company’s employee benefit plans, as provided for and required by the terms of such plans, and (vi) all vested
restricted shares due the Executive through the Date of Termination (all such compensation and benefits are referred to collectively in this Agreement as “Accrued Obligations”). Provided, nothing herein is intended to waive,
cancel or forfeit any rights to workers compensation benefits or unemployment compensation benefits earned through Company employment. 
 c. Death. If the Executive’s Company employment is terminated by death or disability, Company shall pay the Accrued Obligations to the Executive or to the Executive’s estate or legal representative, as applicable, but shall
have no further obligations, under this Agreement or otherwise, to, or with respect to, the Executive. 
 9. Restrictive
Covenants. 
 a. Covenant of Duty of Loyalty. During the Employment Period, the Executive shall not, without the
prior written consent of the Board of Directors, directly or indirectly own, manage, operate, finance, join, control or participate in the ownership, management, operation, financing, or control of, or be associated as an officer, director,
employee, partner, principal, agent, trustee, representative, consultant, or use or permit his name to be used in connection with any line of business or enterprise similar to or in competition with the business then conducted by the Company or by
any of the Company’s Affiliates. The term “Affiliate” shall mean any corporation or other entity that, directly or indirectly, controls, is controlled by, or is under common control with, the Company. 
  

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 b. Covenants Applicable in the Event of Resignation or Termination of Employment for
Cause. If the Executive resigns or his employment is terminated for Cause, then for two (2) years after the Date of Termination, the Executive shall not, without the prior written consent of the Board of Directors, directly or
indirectly: (i) solicit business from a Customer, as defined below, or accept business from a Customer, or refer a Customer to some entity other than the Company for products or services offered by the Company, or otherwise interfere with the
Company’s business relationship with a Customer; or (ii) solicit for employment or attempt to employ, or assist any other entity in employing or soliciting for employment or attempting to employ, either on a full-time or part-time or
consulting basis, any employee or executive (whether salaried or otherwise), who is currently employed by the Company or who was employed by the Company within two years of the time of solicitation or attempted employment; or (iii) engage in
the business of wholesale distribution of electronics and/or information technology products (the “IT Wholesale Distribution Business”) in the Latin American and Caribbean markets as part of any business enterprise using a similar
business model to the Company (“engaging” includes, but is not limited to, being employed by, working for, providing services to or for, lending assistance to or for, or consulting with or for the benefit of any legal or natural
person). The term “Customer” means any current customer of the Company or any business which has been a customer of the Company at any time during the five-year period preceding the Date of Termination. 
 c. Covenants Applicable in the Event of Termination by the Company without Cause. If the Executive resigns for Good Reason following
a Change of Control or his employment is terminated without Cause, then for one (1) year after the Date of Termination, the Executive shall not, without the prior written consent of the Board of Directors, directly or indirectly:
(i) solicit business from a Customer, as defined above, or accept business from a Customer, or refer a Customer elsewhere, or otherwise interfere with the Company’s business relationship with a Customer; or (ii) solicit for employment
or attempt to employ, or assist any other entity in employing or soliciting for employment or attempting to employ, either on a full-time or part-time or consulting basis, any employee or executive (whether salaried or otherwise), who is currently
employed by the Company or was employed by the Company within two years of the time of solicitation or attempted employment; or (iii) engage in the IT Wholesale Distribution Business in the Latin American and Caribbean markets as part of any
business enterprise using a similar business model to the Company. 
 d. Related Provisions. The Executive agrees that
the rights of the Company provided by Section 9 of this Agreement are special, unique and of extraordinary character and that the Company will be without an adequate remedy at law if the Executive violates any of those covenants. Accordingly,
the Executive agrees that the Company shall be entitled to injunctive relief to enforce such covenants. It is also agreed that each of the covenants set forth in Section 9 of this Agreement is an agreement independent of any other provisions in
this Agreement, and that if any such covenant is held invalid, void or unenforceable, such invalidity, voidness or unenforceability shall not render any other provision of this Agreement unenforceable. It is the parties’ intent that any
covenant held overbroad by any court be enforced to the maximum extent deemed reasonable by that court. The parties also agree that in the event of breach of one of the covenants in Section 9 by the Executive, the time period associated with
the breached covenant shall be extended by the length of time during which the Executive is acting in breach of the covenant. The existence of any claim of the Executive against the Company, whether based on this Agreement or otherwise, shall not
constitute a defense to the enforcement by the Company of the Section 9 covenants. 
  

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 10. The Executive’s Confidentiality Commitment. The Executive agrees to
hold in strict confidence and not divulge to others nor make use thereof, except for the purposes of the Company, both during and after the Executive’s employment with the Company, any and all Proprietary Information or other confidential
information that the Executive obtains in the course of employment with the Company. All files, letters, memos, reports, sketches, drawings, notebooks or other written material containing such information, that come into the Executive’s custody
or possession, shall be and are the exclusive property of the Company, to be used by the Executive only in the performance of Company duties, and, upon termination of Company employment, the Executive will deliver to the Company all such records and
copies thereof in the Executive’s custody or possession. “Proprietary Information” means information, not generally known, about the Company’s business, work, procedures and “know-how,” including information
relating to systems, forms, customers (including customer lists), vendors (including sources of raw materials), purchasing, marketing, selling and accounting. Proprietary Information includes sources of distribution, financial data, prices,
confidential advertising information, and business plans. 
 11. Inventions. For purposes of this Agreement,
“Inventions” shall be defined as discoveries, improvements and ideas, whether or not patentable, relating to any activities of the Company which the Executive solely or jointly with others conceives or first actually reduces to
practice either (i) as a result of any work which the Executive performs for the Company, (ii) with the use of the time, material or facilities of the Company, or (iii) which relate to the business or Proprietary Information of the
Company or to the Company’s actual or demonstrably anticipated research or development activities. The Executive, with respect to all Inventions, shall promptly and fully inform the Company in writing of such Inventions. All Inventions shall be
the property of the Company whether or not the Company seeks patent protection for them. The Executive agrees to assign (and does hereby assign) to the Company all of the Executive’s rights to such Inventions, and to the applications for
letters patent and to letters patent granted upon such Inventions. In the event that any invention specifically relating to a field of activity of the Company, and not released to the Executive in writing by the Company, is made the subject of a
patent application filed by the Executive within one year after the Executive has left the employment of the Company, such Invention shall be presumed to have been conceived or to have resulted from developments made during the period of the
Executive’s employment by the Company, and the Executive agrees that any such Invention shall belong to the Company. The Executive agrees to acknowledge and deliver promptly to the Company (at its expense) such written instruments and do such
other acts as may be necessary in the opinion of the Company to obtain and maintain letters patent to such Inventions and to vest the entire right and title to them. 
  

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 12. Notices. All notices under this Agreement shall be in writing and shall be
given to the other party or by registered or certified mail, return receipt requested, or by reputable overnight courier, or by personal delivery or facsimile transmission, where proof of delivery or transmission is retained), addressed as follows:

 To the Company: 
 Intcomex, Inc. 
 Attention: Anthony Shalom and/or Michael Shalom 

3505 NW 107th Ave. 
 Miami, FL 33178 
 via FAX: (305) 477-5694 
 To the Executive: 
 Russell A. Olson 
 2543 Montclaire Circle 
 Weston, FL 33327 
 Via FAX: (954) 389-0979 
 Addresses may be changed at any time on ten (10) days’ prior notice given as provided above.

 13. General Provisions. 
 a. Amendment: Waiver. This Agreement may not be amended or modified except by a writing signed by the Company and by the Executive. No waiver of any of the provisions of this Agreement shall be
deemed, or shall constitute, a waiver of any other provisions, whether or not similar, and no waiver of any other provision shall constitute a continuing wavier. No waiver shall be binding unless executed in writing by the party making the waiver.

 b. Entire Agreement. This Agreement is the only employment agreement between the Executive and Company, and supersedes
any prior oral or written employment contracts between the Executive, on the one hand, and Company, on the other hand. 
 c.
Assignment. The Executive may not assign or delegate any of Executive’s rights or obligations under this Agreement. This Agreement will inure to the benefit of any and all successors to the business of Company, and Company or Affiliates
may assign all or a portion of their rights under this Agreement to any such successor, including all rights provided by Section 9, 10 and 11 of this Agreement. 
 d. Applicable Law. This Agreement shall be deemed made in the State of Florida and the rights, remedies, obligations and duties of the parties under this Agreement, shall be governed by, construed
in accordance with, and enforced under, the laws of that State. 
  

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 e. Submission to Jurisdiction. Both parties agree that all disputes, claims, actions
or lawsuits between them, arising out of or relating to this Agreement, or for alleged breach of this Agreement, shall be heard and determined by a state court sitting in Miami-Dade County, Florida, or by the United States District Court for
Southern District of Florida, or by their appellate courts. The parties expressly submit to the jurisdiction of those courts for adjudication of all such disputes, claims, actions and lawsuits arising out of or relating to this Agreement, or for
alleged breach of this Agreement, and agree not to bring any such action or proceeding in any other court. Both parties waive any defense of inconvenient forum as to the maintenance of any action or proceeding brought pursuant to this section of the
Agreement in those courts, and waive any bond, surety, or other security that might be required of the other party with respect to any aspect of such action, to the extent permitted by law. Provided, however, that either party may bring a
proceeding in a different court, jurisdiction or forum to obtain collection of any judgment, or to obtain enforcement of any injunction or order, entered against the other party. 
 f. Survival. The Company’s rights under Sections 9, 10 and 11 shall survive termination of the employment relationship, and the
Executive’s rights under Section 8 shall also survive termination of the employment relationship. After the Date of Termination, if the Company discovers facts or circumstances indicating serious misconduct by the Executive amounting to
Cause, it shall have the right to convert a prior termination without Cause into a termination for Cause, and in the event the termination for Cause was appropriate, recover any Severance Pay previously paid to the Executive. 
 g. Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed an original and said
counterparts shall constitute but one and the same instrument. 
  

									
	By:	 	
 

	 		 	By:	 	
 

		 	Russell A. Olson	 		 		 	Intcomex, Inc.
		 		 		 		 	Authorized Representative

  

 9Form of 5.253% 144A Note due 2020

 Exhibit 4.1 
 [FACE OF NOTE] 
 THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF IS
DEEMED TO HAVE AGREED TO BE BOUND BY THE PROVISIONS OF A REGISTRATION RIGHTS AGREEMENT AMONG THE WESTERN UNION COMPANY (THE “COMPANY”) AND THE DEALER MANAGERS NAMED THEREIN, DATED AS OF MARCH 30, 2010. THE COMPANY WILL PROVIDE A COPY OF
THE REGISTRATION RIGHTS AGREEMENT TO A HOLDER WITHOUT CHARGE UPON WRITTEN REQUEST TO ITS PRINCIPAL PLACE OF BUSINESS. 
 THIS SECURITY HAS NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THE HOLDER HEREOF, BY ACQUIRING THIS SECURITY, REPRESENTS THAT IT IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT
(“RULE 144A”)) AND AGREES FOR THE BENEFIT OF THE COMPANY THAT THIS SECURITY MAY NOT BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED PRIOR TO THE DATE WHICH IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUANCE DATE HEREOF AND THE LAST DATE ON
WHICH THE COMPANY OR ANY AFFILIATE THEREOF WAS THE OWNER OF THIS SECURITY OR THE EXPIRATION OF SUCH SHORTER PERIOD AS MAY BE PRESCRIBED BY SUCH RULE 144 (OR ANY SUCCESSOR PROVISION) PERMITTING RESALES OF THIS SECURITY WITHOUT ANY CONDITIONS (THE
“RESALE RESTRICTION TERMINATION DATE”) OTHER THAN (1) TO THE COMPANY, (2) IN A TRANSACTION ENTITLED TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT, (3) SO LONG AS THIS SECURITY IS ELIGIBLE
FOR RESALE PURSUANT TO RULE 144A, TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE
IS GIVEN THAT THE RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (4) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR 904 OF REGULATION S UNDER THE SECURITIES ACT, OR (5) IN ACCORDANCE WITH ANOTHER
APPLICABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES. THE FOREGOING RESTRICTIONS ON RESALE WILL NOT APPLY SUBSEQUENT TO THE RESALE RESTRICTION TERMINATION DATE. THE HOLDER OF THIS SECURITY ACKNOWLEDGES THAT THE COMPANY RESERVES THE RIGHT PRIOR TO ANY OFFER, SALE
OR OTHER TRANSFER (A) PURSUANT TO CLAUSE (2) PRIOR TO THE RESALE RESTRICTION TERMINATION DATE TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATIONS OR OTHER INFORMATION SATISFACTORY TO THE COMPANY AND (B) IN EACH OF THE
FOREGOING CASES, TO REQUIRE THAT A CERTIFICATE AS TO COMPLIANCE WITH CERTAIN CONDITIONS TO TRANSFER IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE COMPANY. 

 THIS SECURITY IS A REGISTERED GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO
AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE
AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO THE NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO
THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 

 THE WESTERN UNION COMPANY 
  

			
	5.253% Note Due April 1, 2020	  	CUSIP: [             ]
		
	No. R-[    ]	  	            $[             ]

 The Western Union Company, a Delaware corporation (the “Company”, which term includes any successor under the Indenture
hereinafter referred to), for value received, promises to pay to Cede & Co., or its registered assigns, the principal sum of [            ]
($[        ]), or such other amount as indicated on the Schedule of Exchanges of Notes attached hereto, on April 1, 2020. 
 Issue Date: March 30, 2010. 
 Interest Payment Dates: April 1 and
October 1, commencing October 1, 2010. 
 Regular Record Dates: March 15 and September 15. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which shall for all purposes have the same
effect as if set forth at this place. 
 [Signature page follows] 

 IN WITNESS WHEREOF, the Company has caused this Note to be signed manually or by
facsimile by its duly authorized officer. 
  

					
	Date:                     	 	THE WESTERN UNION COMPANY
			
		 	By:	 	  

		 	Name:	 	Scott E. Stevens
		 	Title:	 	 Senior Vice President and
 Treasurer

 (Trustee’s Certificate of Authentication) 
 This is one of the Securities authorized to be issued pursuant to the Indenture referred to in this Note. 
  

			
	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION, as Trustee

		
	By:	 	  

		 	Authorized Signatory

 [REVERSE SIDE OF NOTE] 
 THE WESTERN UNION COMPANY 
 5.253% Note Due April 1, 2020 
 1. Definitions. 
 Terms not otherwise defined herein shall have the meanings ascribed to such terms in the Indenture dated as of November 17, 2006, as amended by the Supplemental Indenture dated September 6, 2007, between the Company and Wells
Fargo Bank, National Association, as Trustee (as amended from time to time, the “Indenture”). 
 “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 be utilized, at the time of
selection and in accordance with customary financial practice, in pricing new issues of corporate notes of comparable maturity to the remaining term of such Notes. 
 “Comparable Treasury Price” means, with respect to any redemption date, (i) the average of three Reference Treasury Dealer Quotations for such redemption date, after excluding the
highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Quotation Agent obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such quotations. 
 “Credit Facility” means the amended and restated credit agreement, dated as of September 28, 2007, among The Western
Union Company, the banks named therein, as lenders, Wells Fargo Bank, National Association, as a syndication agent, and Citibank, N.A., as administrative agent, and any refinancings thereof. 
 “Guarantee Obligation” means as to any Person (the “Guaranteeing Person”), and without duplication, any
obligation of (a) the Guaranteeing Person or (b) another Person (including, without limitation, any bank under any letter of credit) to induce the creation of which the Guaranteeing Person has issued a reimbursement, counterindemnity or
similar obligation, in either case guaranteeing the payment or in effect guaranteeing the payment of any Indebtedness (the “Primary Obligations”) of any other third Person (the “Primary Obligor”) in any manner,
whether directly or indirectly, including, without limitation, any obligation of the Guaranteeing Person, whether or not contingent, (i) to purchase any such Primary Obligation or any property constituting direct or indirect security therefor,
(ii) to advance or supply funds (1) for the purchase or payment of any such Primary Obligation or (2) to maintain working capital or equity capital of the Primary Obligor or otherwise to maintain the net worth or solvency of the
Primary Obligor or (iii) to purchase property,

  

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securities or services primarily for the purpose of assuring the owner of any such Primary Obligation of the ability of the Primary Obligor to make payment of such Primary Obligation;
provided, however, that the term Guarantee Obligation shall not include (x) endorsements of instruments for deposit or collection in the ordinary course of business or (y) any bond or guarantee given by the Company or any
Subsidiary on behalf of any Subsidiary solely for the performance of contractual obligations with customers or on behalf of customers in the ordinary course of business. The amount of any Guarantee Obligation of any Guaranteeing Person shall be
deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary payment obligation in respect of which such Guarantee Obligation is made and (b) the maximum amount for which such Guaranteeing Person may be
liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such Primary Obligation and the maximum amount for which such Guaranteeing Person may be liable are not stated or determinable, in which case the amount of
such Guarantee Obligation shall be such Guaranteeing Person’s maximum reasonably anticipated liability in respect thereof as determined by the Company in good faith. 
 “Primary Treasury Dealer” means a primary U.S. Government securities dealer in New York City. 
 “Quotation Agent” means the Reference Treasury Dealer appointed by the Company. 
 “Reference Treasury Dealer” means (i) J.P. Morgan Securities Inc., Citigroup Global Markets Inc. and Morgan Stanley & Co. Incorporated, and their respective successors;
provided, however, that if any of the foregoing shall cease to be 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 Quotation Agent by such Reference
Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such redemption date. 
 “Registration Rights Agreement” means that certain Registration Rights Agreement, dated as of March 30, 2010, among the Company and the Dealer Managers named therein. 
 “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. 
  

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 2. Principal and Interest. 
 The Company promises to pay the principal of this Note on April 1, 2020. 
 The Company promises to pay interest on the principal amount of this Note on each interest payment date, as set forth on the face of this
Note, at the rate of 5.253% per annum. 
 Interest shall be payable semiannually in arrears (to the holders of record of
this Note at the close of business on the March 15 or September 15 immediately preceding the interest payment date) on each interest payment date, commencing October 1, 2010. 
 The Holder of this Note is entitled to the benefits of the Registration Rights Agreement. If: (i) the Exchange Offer Registration
Statement (as defined in the Registration Rights Agreement) is not filed with the Commission on or prior to December 25, 2010, (ii) the Exchange Offer Registration Statement has been filed and declared effective but thereafter ceases to be
effective or usable for its intended purpose prior to the consummation of the Registered Exchange Offer (as measured by the date the Registered Exchange Offer (as defined in the Registration Rights Agreement) is required to be consummated pursuant
to Section 2(b) of the Registration Rights Agreement), (iii) neither the Registered Exchange Offer is consummated on or prior to March 25, 2011 nor the Shelf Registration Statement (as defined in the Registration Rights Agreement) is
declared effective within 210 days after the date, if any, that the Company is obligated to file the Shelf Registration Statement pursuant to Section 2(b) of the Registration Rights Agreement, or (iv) the Shelf Registration Statement, if
required to be filed by the Registration Rights Agreement, has become effective and thereafter either ceases to be effective or the prospectus contained therein ceases to be usable, in each case whether or not permitted by the Registration Rights
Agreement, at any time during the Shelf Effectiveness Period (as defined in the Registration Rights Agreement), and such failure to remain effective or usable exists for more than 120 days (whether or not consecutive) in any 12-month period (each
such event referred to in clauses (i) to (iv), a “Registration Default”), then a special interest premium (the “Special Interest Premium”) will accrue in respect of this Note from and including the day on which
any Registration Default shall occur at a rate equal to 0.25% per annum. If the Exchange Offer Registration Statement is not declared effective on or prior to February 23, 2011 and the Company requests Holders of the Notes to provide the
information called for pursuant to the Registration Rights Agreement for inclusion in the Shelf Registration Statement, the Notes owned by Holders who do not deliver such information to the Company when required by the Registration

  

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Rights Agreement will not be entitled to any such increase in the interest rate for any day after February 23, 2011. In the event of a Registration Default, the interest rate on the Notes
will be reduced to the original interest rate for the Notes upon the date of a Registration Default Cure. “Registration Default Cure” means: (1) in the case of Registration Default under clause (i) above, the filing of the
Exchange Offer Registration Statement or a Shelf Registration Statement; (2) in the case of a Registration Default under clause (ii) above, (x) the Exchange Offer Registration Statement again becoming effective or usable (or a new
Exchange Offer Registration Statement becoming effective or usable), (y) the consummation of the Registered Exchange Offer, or (z) the effectiveness of a Shelf Registration Statement; and (3) in the case of a Registration Default
under clause (iii) above, (y) the consummation of the Registered Exchange Offer, or (z) the Shelf Registration Statement becoming effective. In the case of a Registration Default under clause (iv) above, the interest rate on the
Notes will be reduced to the original interest rate for the Notes from the earlier of such date that the Shelf Registration Statement has again become effective or the prospectus contained therein again becomes usable (or the date a new Shelf
Registration Statement becomes effective or a new prospectus becomes usable). 
 Interest on this Note shall accrue from the
most recent date to which interest has been paid or provided for on this Note or the Note surrendered in exchange for this Note (or, if there is no existing default in the payment of interest and if this Note is authenticated between a regular
record date and the next interest payment date, from such interest payment date) or, if no interest has been paid, from the Issue Date. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. 
 Interest not paid when due and any interest on principal, premium or interest not paid when due shall be paid to the Persons that are
Holders on a special record date, which shall be the 15th day preceding the date fixed by the Company for the payment of such interest, whether or not such day is a business day. At least 15 days before a special record date, the Company shall send
to each Holder and to the Trustee a notice that sets forth the special record date, the payment date and the amount of interest to be paid. 
 3. Indenture. 
 This is one of the Securities issued under the Indenture.
Capitalized terms used herein are used as defined in the Indenture unless otherwise indicated. The terms of this Note include those stated in or otherwise provided in accordance with the Indenture and those made part of the Indenture by reference to
the Trust Indenture Act. This Note is subject to all such terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of all such terms. To the extent permitted by applicable law, in the event of any inconsistency
between the terms of this Note and the terms of the Indenture, the terms of this Note shall control. 
  

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 This Note is a general unsecured obligation of the Company. The Indenture does not limit the
original aggregate principal amount of the Notes, or any additional Securities that may be issued pursuant to the Indenture, and the Notes and all such additional Securities vote together for all purposes as a single class. 
 4. Redemption and Repurchase; Discharge Prior to Redemption or Maturity. 
 The Company may redeem the Notes at its option, in whole at any time or in part from time to time, 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, the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (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, plus 15 basis
points plus, in each case, accrued interest thereon to the redemption date. 
 There is no sinking fund or mandatory redemption
applicable to this Note. 
 If the Company deposits with the Trustee money or U.S. Government Obligations sufficient to pay the
then outstanding principal of, premium, if any, and accrued interest on this Note to redemption or maturity, the Company may in certain circumstances be discharged from the Indenture and the Notes or may be discharged from certain of its obligations
under certain provisions of the Indenture. 
 5. Covenant Defeasance 
 The provisions in Article 8 of the Indenture relating to Discharge and Defeasance (including Sections 8.01, 8.05 and 8.06) shall be
applicable to the Notes. 
 6. Other Provisions. 
 In addition to the covenants set forth in Article 4 of the Indenture, this Note is subject to the following additional covenant: 

Limitation on Indebtedness of Restricted Subsidiaries. The Company will not permit any Restricted Subsidiaries, directly or
indirectly, to create, incur, assume or suffer to exist any Indebtedness (which for purposes of this covenant shall include, without duplication, Guarantee Obligations) unless immediately thereafter the aggregate amount of (x) all Indebtedness
of Restricted Subsidiaries

  

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(excluding (A) any Guarantee Obligations in respect of Indebtedness under the Credit Facility, and (B) Indebtedness owed to the Company or a Restricted Subsidiary, including any renewal
or replacement of any of the obligations under clauses (A) or (B)), (y) the aggregate amount of indebtedness secured by Liens permitted under clause (11) of the definition of “Permitted Liens” contained in the Indenture and
(z) the discounted present value of all net rentals payable under leases covered by Section 4.08 of the Indenture (and not expressly excluded therefrom) would not exceed the greater of $300 million or 15% of Consolidated Net Worth;
provided, however, that, solely, for the purposes of this covenant, Indebtedness shall not include indebtedness incurred in connection with (a) overdraft or similar facilities related to settlement, clearing and related activities by a
Restricted Subsidiary in the ordinary course of business consistent with past practice, (b) Purchased Receivables Financings, (c) to the extent the same constitutes Indebtedness, obligations in respect of net capital adjustments and/or
earn-out arrangements pursuant to a purchase or acquisition otherwise permitted under the Indenture, (d) obligations under performance bonds, surety bonds and letter of credit obligations to provide security for worker’s compensation
claims or other statutory obligations and obligations in respect of bank overdrafts not more than two days overdue, in each case, incurred in the ordinary course of business, (e) indebtedness owing to insurance companies to finance insurance
premiums incurred in the ordinary course of business and (f) Guarantee Obligations with respect to Indebtedness and other liabilities otherwise permitted under the Indenture; and provided, further, that any Indebtedness of a Person
(i) existing at the time such Person becomes a Restricted Subsidiary or is merged with or into the Company or a Restricted Subsidiary or other entity or (ii) assumed by the Company or a Subsidiary in connection with the acquisition of all
or a portion of the business of such Person, shall not be deemed to be Indebtedness created, incurred, assumed or guaranteed by a Restricted Subsidiary or otherwise deemed to be Indebtedness of a Restricted Subsidiary for the purposes of this
covenant. For purposes of this covenant only, “Indebtedness” shall not include any obligations of any Person under any Financing Lease if the obligations of the lessee in respect of such lease would not have been required to be capitalized
on a balance sheet of the lessee under United States generally accepted accounting principles as in effect on the Issue Date. 
 7. Registered Form; Denominations; Transfer; Exchange. 
 The Notes are in registered form without coupons in
denominations of $1,000 principal amount and any multiple of $1,000 in excess thereof. A Holder may register the transfer or exchange of Notes in accordance with the Indenture. The Trustee may require a Holder to furnish appropriate endorsements and
transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. Pursuant to the Indenture, there shall be certain periods during which the Trustee may not be required to issue, register the transfer of or exchange any
Note or certain portions of a Note. 
  

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 8. Defaults and Remedies. 
 If an Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the outstanding Notes may
declare all the Notes to be due and payable. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may require indemnity satisfactory to it before it enforces the Indenture or the Notes. Subject to
certain limitations provided in the Indenture, Holders of a majority in principal amount of the Notes then outstanding may direct the Trustee in its exercise of remedies. 
 9. Amendment and Waiver. 
 The Indenture and this Note may be amended, or
default thereunder may be waived, in accordance with provisions set forth in the Indenture. 
 10. Authentication.

 This Note is not valid until the Trustee (or Authenticating Agent) signs the certificate of authentication on the other side
of this Note. 
 11. Governing Law. 
 The laws of the State of New York shall govern this Note, without regard to conflicts of law principles thereof. 
 12. Abbreviations. 
 Customary abbreviations may be used in the name of a
Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian) and U/G/M/A/ (= Uniform Gifts to Minors Act).

 The Company shall furnish a copy of the Indenture to any Holder upon written request and without charge. 
  

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 [FORM OF TRANSFER NOTICE] 
 FOR VALUE RECEIVED the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto 
  

	
	Insert Taxpayer Identification No.
	  

	  

	 (Please print or typewrite name and address including zip code 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. 

 In connection with any transfer of this Note occurring prior to the date that is one year after the later of
the Issue Date and the last date on which the Company or any affiliate of the Company was the owner of this Note (or any predecessor of this Note), the undersigned confirms that: 
 Check One 
 [    ](a) This Note is being
transferred to the Company. 
 or 
 [    ](b) This Note is being transferred in a transaction entitled to an exemption from registration provided by Rule 144 under the Securities Act. 
 or 
 [    ](c) This Note is being transferred to a person whom the seller reasonably believes is a “qualified institutional buyer” within the meaning of Rule 144A purchasing for its own account or for the account of
a qualified institutional buyer to whom notice is given that such transfer is being made in reliance on Rule 144A. 
 or 

 [    ](d) This Note is being transferred in an offshore transaction in accordance with Rule 903 or 904 of Regulation S
under the Securities Act. 
 or 
 [    ](e) This Note is being transferred pursuant to (i) another exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, or
(ii) pursuant to an effective registration statement under the Securities Act. 
 In addition, in each of the cases set
forth above, such transfer will be in accordance with any applicable securities laws of any State of the United States. 
 In
connection with any offer, sale or transfer pursuant to (d) or (e)(i) above, the Company and the Trustee shall have the right, prior any such offer, sale or transfer, to require the delivery of an opinion of counsel, certification or other
information reasonably satisfactory to each of them. 
 If none of the foregoing boxes is checked, the Trustee is not obligated
to register this Note in the name of any Person other than the Holder hereof unless and until the conditions to any such transfer of registration set forth herein and in the Indenture have been satisfied. 

					
	Date:                     	 	  

		 	Seller	 	
			
		 	By	 	  

  

					
		  	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within-mentioned instrument in every particular, without
alteration or any change whatsoever.

			
	 Signature
 Guarantee: 5
	 	  
  

  

			
	By	 	  

	To be executed by an executive officer

  

	5	 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements
include membership or participation in the Securities Transfer Association Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

 SCHEDULE OF EXCHANGES OF NOTES 
 The following exchanges of a part of this Registered Global Security for other Securities or a part of another Registered Global Security have been made:

  

									
	 Date of Exchange
	  	Amount of decrease
in principal amount
of this Registered
Global Security	  	Amount of increase
in principal amount
of this Registered
Global Security	  	Principal amount
of this Registered
Global Security
following such
decrease
(or
increase)	  	Signature of
authorized officer
of Trustee

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