Document:

Patent Ownership Agreement and Covenant Not to Sue

 Exhibit 10.3 
 PATENT OWNERSHIP AGREEMENT AND COVENANT NOT TO SUE 
 This Agreement is entered into and made
effective as of the 29th day of September, 2006, by and between First Data Corporation, a Delaware corporation, having a principal place of business at 6200 S. Quebec Street, Greenwood Village, CO 80111 (hereinafter “First Data”) and The
Western Union Company, a Delaware corporation having a principal place of business at 12500 E. Belford Ave., Englewood, CO 80112 (hereinafter “Western Union”). 
 1.0 BACKGROUND 
 The parties have entered into the Separation Agreement, under which they have agreed
to their separation into two separately traded public companies (the “Separation”). The parties desire to provide for ownership and other rights to patents that have previously been owned by the parent company prior to the Separation.
Accordingly, the parties agree as follows: 
 2.0 DEFINITIONS 
 The following capitalized terms, whether in singular of plural form, shall have the meanings set forth below for all purposes of this Agreement:

 “Affiliate” shall mean, when used with reference to a specific Person, any Person that, directly or indirectly, or
through one or more intermediaries, owns or controls, is owned or controlled by, or is under common ownership or common control with, such specific Person. As used herein, “control” means the power to direct the management or affairs of a
Person and “ownership” means the beneficial ownership of more than 50% of the voting equity securities of the Person. 
 “Business Unit” shall mean assets, liabilities and employees of a party that while not necessarily organized as a separate corporation or other legal entity is regarded by the party as a distinct unit for purposes of profit
and loss management, or which is designated for the specific purpose of disposition as an operating entity by a party. 
 “Contribution” shall have the same meaning as in the Separation Agreement. 
 “Control”
shall mean the power to direct the management of an entity, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “Controlled by” and “under common Control” have
meanings correlative to the foregoing. 
 “First Data Patents” shall mean (a) those U. S. patents (and any non-U.S.
patents corresponding thereto) identified in Exhibit A attached hereto, (b) any U.S. or non-U.S. patents corresponding to and issuing from those patent applications and invention disclosures identified in Exhibit A, and (c) divisions,
continuations, continuations-in-part, re-examinations, reissues, extensions or renewals of any such U.S. or non-U.S. patents. 
 “First Data Controlled Patents” shall mean (a) those U. S. patents (and any non-U.S. patents corresponding thereto) identified in Exhibit B attached hereto, (b) any U.S. or non-U.S. patents corresponding to and
issuing from those patent applications and invention 

 
disclosures identified in Exhibit B, and (c) divisions, continuations, continuations-in-part (but only to the extent claims are supported by the
specifications of those patents), re-examinations, reissues, extensions or renewals of any such U.S. or non-U.S. patents. 
 “Separation Agreement” shall mean the Separation and Distribution Agreement dated September 29, 2006 between the parties. 
 “Subsidiary” shall mean (a) a corporation or other legal entity Controlled by a party or (b) a Business Unit. Any such corporation, other legal entity or Business Unit shall be deemed a
Subsidiary of a party only so long as it is Controlled by that party. 
 “Western Union Patents” shall mean (a) those
U. S. patents (and any non-U.S. patents corresponding thereto) identified in Exhibit C attached hereto, (b) any U.S. or non-U.S. patents corresponding to and issuing from those patent applications and invention disclosures identified in Exhibit
C, and (c) divisions, continuations, continuations-in-part, re-examinations, reissues, extensions or renewals of any such U.S. or non-U.S. patents. 
 “Western Union Controlled Patents” shall mean (a) those U. S. patents (and any non-U.S. patents corresponding thereto) identified in Exhibit D attached hereto, (b) any U.S. or non-U.S.
patents corresponding to and issuing from those patent applications and invention disclosures identified in Exhibit D, and (c) divisions, continuations, continuations-in-part (but only to the extent claims are supported by the specifications of
those patents), re-examinations, reissues, extensions or renewals of any such U.S. or non-U.S. patents. 
 3.0 OWNERSHIP OF WESTERN UNION
PATENTS AND FIRST DATA PATENTS 
 3.1 At the time of The Contribution, Western Union shall become the sole and exclusive owner of all
right, title and interest in the Western Union Patents, including the right to sue for past infringement. 
 3.2 At the time of The
Contribution, First Data shall continue as the sole and exclusive owner of all right, title and interest in the First Data Patents, including the right to sue for past infringement. 
 3.3 The parties agree to file appropriate assignment documents with the U. S. Patent and Trademark Office (and at appropriate non-U. S. patent offices
for corresponding non-U. S. patents) and reasonably cooperate with each other in order to effect and record the ownership of the Western Union Patents and the First Data Patents as provided under this Section 3.0. The cost of such assignment
documents and their filing shall be born by Western Union for the Western Union Patents, and shall be born by First Data for the First Data Patents. 
  

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 4.0 OWNERSHIP OF WESTERN UNION CONTROLLED PATENTS AND FIRST DATA CONTROLLED PATENTS 
 4.1 At the time of The Contribution, Western Union and First Data shall each have, as joint owners, an undivided interest in and to all right, title and
interest in both the Western Union Controlled Patents and the First Data Controlled Patents. 
 4.2 The parties agree to file appropriate
assignment documents with the U. S. Patent and Trademark Office (and at appropriate non-U. S. patent offices for corresponding non-U.S. patents) and reasonably cooperate with each other in order to effect and record the joint ownership of the
Western Union Controlled Patents and the First Data Controlled Patents as provided under this Section 4.0. The cost of such assignment documents and their filing shall be born by Western Union for the Western Union Controlled Patents, and shall
be born by First Data for the First Data Controlled Patents. It is understood that the parties may delay the recording of assignment documents in jurisdictions outside of the U.S. for cost, administrative convenience or other reasons, but any such
delay in recording shall not operate as a waiver or otherwise affect the ownership of patents as provided herein. In the event of such delay and if a prompt recording should thereafter become necessary for carrying out any purpose of this Agreement,
the parties agree to proceed with such recording in a reasonably expeditious manner. 
 4.3 Western Union and First Data shall each have, as
joint owners, full right to practice the inventions claimed in the Western Union Controlled Patents and the First Data Controlled Patents. The scope of such rights shall be comparable to the scope of rights granted under Section 5.0 below (and
subject to Sections 6.0 and 7.0 below). 
 4.4 Western Union shall have the right (in its sole discretion) to transfer its joint ownership
interest in the Western Union Controlled Patents, but not the First Data Controlled Patents (subject to Paragraph 9.3). First Data shall have the right (in its sole discretion) to transfer its joint ownership interest in the First Data Controlled
Patents, but not the Western Union Controlled Patents (subject to Paragraph 8.3). 
 4.5 Western Union hereby agrees to provide all
commercially reasonable cooperation to First Data regarding notification of significant events in the process of prosecuting the Western Union Controlled Patents. First Data hereby agrees to provide all commercially reasonable cooperation to Western
Union regarding notification of significant events in the process of prosecuting the First Data Controlled Patents. Such commercially reasonable cooperation includes but is not limited to, making inventors who are employed by a party available for
review of amendments and signature of documents and providing copies of documents. 
  

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 5.0 IMMUNITY AS TO WESTERN UNION PATENTS AND FIRST DATA PATENTS 
 5.1 Western Union (on behalf of itself and its Subsidiaries) hereby grants to First Data and its Subsidiaries: 
 (a) an immunity from patent infringement claims, actions and suits based on any act which, if not licensed hereunder, would infringe,
contributorily infringe or induce the infringement of any Western Union Patent, and 
 (b) pursuant to such immunity, a
worldwide, royalty-free, non-exclusive license under the Western Union Patents to (i) make, have made (including authorizing others to provide to First Data for its own use), use (on behalf of First Data or for the benefit of its customers),
have used, sell, offer to sell, lease, import and otherwise transfer any machine, system, process or product, or any component thereof, (ii) provide and have provided any service, (iii) provide and have provided any software to third
parties, and (iv) practice and have practiced any process or method. 
 5.2 First Data (on behalf of itself and its Subsidiaries) hereby
grants to Western Union and its Subsidiaries: 
 (a) an immunity from patent infringement claims, actions and suits based on
any act which, if not licensed hereunder, would infringe, contributorily infringe or induce the infringement of any First Data Patent, and 
 (b) pursuant to such immunity, a worldwide, royalty-free, non-exclusive license under the First Data Patents to (i) make, have made (including authorizing others to provide to Western Union for its own use), use
(on behalf of First Data or for the benefit of its customers), have used, sell, offer to sell, lease, import and otherwise transfer any machine, system, process or product, or any component thereof, (ii) provide and have provided any service,
(iii) provide and have provided any software to third parties, and (iv) practice and have practiced any process or method. 
 5.3
Except as specifically provided otherwise in this Agreement, the immunity and licenses granted under this Section 5.0 are personal, non-transferable and non-assignable (other than to a successor resulting from an internal corporate
reorganization and not related to acquisition of the assigning party by a third party), and do not include the right to sublicense any other party unless such sublicense is granted to a third party for the exclusive purpose of having products,
processes, services, etc. provided to a Party. 
 5.4 The immunity and licenses granted under this Section 5.0 extend to and from
Subsidiaries of the parties. Each Subsidiary shall be bound by the terms and conditions of this Agreement as if it were a named party hereto. If at any time a Subsidiary of a party ceases to be a Subsidiary, then (a) any immunity and licenses
to such Subsidiary under the patents of the 

  

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other party shall continue, but only to the business operations of the Subsidiary (and its products and services) existing at the time it ceased to be a
Subsidiary, and (b) any immunity and licenses on behalf of such Subsidiary to the other party shall continue, notwithstanding its ceasing to be a Subsidiary. 
 5.5 Nothing in this Section 5.0 shall be deemed an obligation on the part of either party to provide trade secrets, know-how or any technical information to the other, nor shall be construed as granting by
implication, estoppel or otherwise any rights or licenses other than those expressly stated. Subject to either Party’s rights in patents, either Party shall be free to use any ideas, concepts, or know-how that may be or was learned, exchanged,
or developed while Western Union was a subsidiary of First Data without compensation to the other Party insofar as such ideas, concepts and know-how are retained in the unaided memory of the employees of either Western Union or First Data.

 5.6 Nothing in this Section 5.0 shall be deemed a grant of immunity from any claim, action, or suit other than as specifically
provided herein. 
 6.0 LICENSING OF WESTERN UNION CONTROLLED PATENTS 
 6.1 Western Union shall have the exclusive right (as between itself and First Data) to grant licenses under the Western Union Controlled Patents. The
grant of any such license, and the terms thereof, shall be within the sole discretion of Western Union, but subject to the rights granted to First Data under Sections 4.0 and 8.0. First Data shall have no right to an accounting by Western Union or
to otherwise share in any royalties received by Western Union under any such license. 
 6.2 Upon written request of First Data, such request
identifying a specific Western Union Controlled Patent and a third party, Western Union shall notify First Data in writing whether such third party has been granted a license under that Western Union Controlled Patent. 
 7.0 LICENSING OF FIRST DATA CONTROLLED PATENTS 
 7.1 First Data shall have the exclusive right (as between itself and Western Union) to grant licenses under the First Data Controlled Patents. The grant of any such license, and the terms thereof, shall be within the
sole discretion of First Data, but subject to the rights granted to Western Union under Sections 4.0 and 9.0. Western Union shall have no right to an accounting by First Data or to otherwise share in any royalties received by First Data under any
such license. 
 7.2 Upon written request of Western Union, such request identifying a specific First Data Controlled Patent and a third
party, First Data shall notify Western Union in writing whether such third party has been granted a license under that First Data Controlled Patent. 
  

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 8.0 ASSERTION OF WESTERN UNION CONTROLLED PATENTS 
 8.1 Western Union, and not First Data, shall have the sole and exclusive right (in its sole discretion) to assert and bring legal action against others
for infringement (including past infringement) of the Western Union Controlled Patents, except under the limited circumstances provided in Paragraph 8.2 below. First Data agrees to be bound by any decision in such action as to the affected Western
Union Controlled Patents. If, notwithstanding the foregoing, First Data is required by law or by the court to be a party to such action, First Data shall waive venue and permit itself to be joined as a party; however, in this instance, First Data
shall not incur any expenses as a joined party. Settlement decisions shall be made, with respect to the Western Union Controlled Patents, by Western Union, unless First Data has been joined voluntarily as a party. If First Data joined voluntarily as
a party, settlement decisions shall be made jointly with the cost of settlement and any benefits being shared between the Parties pursuant to Section 8.2. 
 8.2 As the only exception to the sole and exclusive right of Western Union to assert the Western Union Controlled Patents, should legal action be brought against First Data in any jurisdiction claiming infringement by
First Data of a patent of a third party issued in the U. S. or any other country, then First Data may assert any one or more of the Western Union Controlled Patents against such third party for infringement (including past infringement)
thereof, by bringing legal action for monetary and equitable relief against such third party with Western Union’s written consent, which shall not be unreasonably withheld. In determining whether Western Union is acting reasonably, it may take
into account all appropriate factors including i) value of the suit; ii) value of the Western Union Controlled Patent; iii) the presence of a good faith belief of infringement of the patent by the third party’s methods, systems or processes,
iv) likelihood of success on the merits; v) the potential harm to Western Union if the Western Union Controlled Patent were to be invalidated or its claims limited; and vi) the effort and/or expense that First Data would have to incur in order to
modify its product or service to avoid infringement. First Data may not grant a license under the Western Union Controlled Patents in settlement of such action, without the prior written approval and authorization of (and agreed compensation to)
Western Union. Under the limited circumstances provided under this Paragraph 8.2, First Data shall provide written notice of its intent to assert such patents. Such notice shall include (a) the name of the third party, (b) the
circumstances (including relevant dates) leading to such assertion, and (c) a summary of all information known to First Data relating to the infringement by the third party, and shall be delivered to Western Union at least thirty (30) days
prior to First Data’s proposed commencement of an infringement action. Any such assertion shall have a good faith and reasonable basis for claiming infringement by the third party. Western Union shall have the right (to be exercised within ten
(10) days after receiving the assertion notice) to have both parties jointly retain counsel (skilled in patent law and selected by mutual agreement) to assist in determining whether to grant or withhold its consent as provided in this
paragraph, with such advice and related discussions to be maintained as privileged and confidential. Such determination shall be made within thirty (30) days after delivery of the assertion notice from First Data. If Western Union does not
respond to the notice within thirty (30) days, First Data may commence the action. 
  

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 Western Union may, at its option, elect to join as a voluntary party to such legal action prior to its
commencement, in which event Western Union shall (a) share equally in the cost (including attorney fees) of such action, (b) have the right to participate (in good faith) in such action with counsel of its own choosing and at its own
expense, (c) be entitled to share equally in all damages that may be awarded (or made in settlement) against the third party on account of the Western Union Controlled Patents after deduction of both parties’ costs (including attorney
fees), and (d) have control over any matters that affect or are likely to affect the validity or enforceability (including future economic value) of the Western Union Controlled Patents, including the future enforceability against such third
party. First Data shall have control over all other matters arising in such action or its settlement (provided any settlement relating to the Western Union share of damages is agreed to by Western Union). 
 If Western Union declines to join as a voluntary party to such action prior to its commencement, it agrees to be bound by any decision in or settlement
of such action as to the affected Western Union Controlled Patents. In such event, all costs and expenses of such action shall be borne by First Data, and First Data shall be entitled to receive all damages that may be awarded (or made in
settlement). If notwithstanding the foregoing, Western Union is required by law or by the court to be a party to such action, Western Union shall waive venue and permit itself to be joined as a party. 
 8.3 The rights granted to First Data under Section 8.2 are personal, non-transferable and non-assignable (other than to a successor resulting from
an internal corporate reorganization not related to the acquisition of First Data by a third party). 
 9.0 ASSERTION OF FIRST DATA
CONTROLLED PATENTS 
 9.1 First Data, and not Western Union, shall have the sole and exclusive right (in its sole discretion) to assert
and bring legal action against others for infringement (including past infringement) of the First Data Controlled Patents, except under the limited circumstances provided in Paragraph 9.2 below. Western Union agrees to be bound by any decision in
such action as to the affected First Data Controlled Patents. If, notwithstanding the foregoing, Western Union is required by law or by the court to be a party to such action, Western Union shall waive venue and permit itself to be joined as a
party; however, in this instance Western Union shall not incur any expenses as a joined party. Settlement decisions shall be made, with respect to the First Data Controlled Patents, by First Data, unless Western Union has been joined as a party. If
Western Union joined voluntarily as a party, settlement decisions shall be made jointly, with cost of settlement and any benefits being shared between the Parties pursuant to Section 9.2. 
 9.2 As the only exception to the sole and exclusive right of First Data to assert the First Data Controlled Patents, should legal action be brought
against Western Union in any jurisdiction claiming infringement by Western Union of a patent of a third party issued in the U. S. or any other country, then Western Union may assert any one or more of the First Data Controlled Patents against
such third party for infringement (including past infringement) thereof, by bringing legal action for monetary and equitable relief against such third party with First Data’s written consent, which shall not be unreasonably withheld. In
determining whether 

  

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First Data is acting reasonably, it may take into account all appropriate factors including i) value of the suit; ii) value of the First Data Controlled
Patent; iii) the presence of a good faith belief of infringement of the patent by the third party’s methods, systems or processes, iv) likelihood of success on the merits; v) the potential harm to First Data if the First Data Controlled Patent
were to be invalidated or its claims limited; and vi) the effort and/or expense that Western Union would have to incur in order to modify its product or service to avoid infringement Western Union may not grant a license under the First Data
Controlled Patents in settlement of such action, without the prior written approval and authorization of (and agreed compensation to) First Data. Under the limited circumstances provided under this Paragraph 9.2, Western Union shall provide written
notice of its intent to assert such patents. Such notice shall include (a) the name of the third party, (b) the circumstances (including relevant dates) leading to such assertion, and (c) a summary of all information known to Western
Union relating to the infringement by the third party, and shall be delivered to First Data at least thirty (30) days prior to Western Union’s commencement of an infringement action. Any such assertion shall have a good faith and
reasonable basis for claiming infringement by the third party. First Data shall have the right (to be exercised within ten (10) days after receiving the assertion notice) to have both parties jointly retain counsel (skilled in patent law and
selected by mutual agreement) to assist in determining whether to grant or withhold its consent as provided in this paragraph, with such advice and related discussions to be maintained as privileged and confidential. Such determination shall be made
within thirty (30) days after delivery of the assertion notice from Western Union. If First Data does not respond to the notice within thirty (30) days, Western Union may commence the action. 
 First Data may, at its option, elect to join as a voluntary party to such legal action prior to its commencement, in which event First Data shall
(a) share equally in the cost (including attorney fees) of such action, (b) have the right to participate (in good faith) in such action with counsel of its own choosing and at its own expense, (c) be entitled to share equally in all
damages that may be awarded (or made in settlement) against the third party on account of the First Data Controlled Patents after deduction of both parties’ costs (including attorney fees) and (d) have control over any matters that affect
or are likely to affect the validity or enforceability (including future economic value) of the First Data Controlled Patents, including the future enforceability against such third party. Western Union shall have control over all other matters
arising in such action or its settlement (provided any settlement relating to the First Data share of damages is agreed to by First Data). 
 If First Data declines to join as a voluntary party to such action prior to its commencement, it agrees to be bound by any decision in or settlement of such action as to the affected First Data Controlled Patents. In such event, all costs
and expenses of such action shall be borne by Western Union, and Western Union shall be entitled to receive all damages that may be awarded (or made in settlement). If notwithstanding the foregoing, First Data is required by law or by the court to
be a party to such action, First Data shall waive venue and permit itself to be joined as a party. 
 9.3 The rights granted to Western Union
under Section 9.2 are personal, non-transferable and non-assignable (other than to a successor resulting from an internal corporate reorganization not related to acquisition of Western Union by a third party). 
  

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 10.0 JOINTLY OWNED PATENTS — PROSECUTION AND MAINTENANCE 
 10.1 Western Union shall have sole control over and be responsible for the prosecution and maintenance of the Western Union Controlled Patents (including
all costs and expenses in connection therewith). In the event Western Union decides to abandon any Western Union Controlled Patent, it shall use reasonable efforts to notify First Data in writing at least thirty (30) days prior to such
abandonment. Upon such notification, First Data may, at its option, elect to assume full and complete control over and bear all costs in connection with such patent. Upon such election, Western Union agrees to promptly transfer all of its ownership
interest in such patent to First Data, and thereafter such patent shall be deemed a First Data Patent for purposes of this Agreement (with immunity and licenses under such patent conveyed to Western Union pursuant to Section 5.0 above).

 10.2 First Data shall have sole control over and be responsible for the prosecution and maintenance of the First Data Controlled Patents
(including all costs and expenses in connection therewith). In the event First Data decides to abandon any First Data Controlled Patent, it shall use reasonable efforts to notify Western Union in writing at least thirty (30) days prior to such
abandonment. Upon such notification, Western Union may, at its option, elect to assume full and complete control over and bear all costs in connection with such patent. Upon such election, First Data agrees to promptly transfer all of its ownership
interest in such patent to Western Union, and thereafter such patent shall be deemed a Western Union Patent for purposes of this Agreement (with immunity and licenses under such patent conveyed to First Data pursuant to Section 5.0 above).

 10.3 Upon request, each party will provide to the other a copy of any patent issuing after the date of this Agreement, for which such
party has the responsibility for prosecution and maintenance under this Section 10. Such party shall also permit the other, at its expense, to inspect and make copies of the content of its file wrapper (as it customarily maintains such file,
but excluding any attorney-client privileged material) for any such patent at any time prior to or after issuance. 
 10.4 The party having
responsibility for prosecution and maintenance under this Section 10.0 shall have sole discretion as to all matters pertaining to such prosecution and maintenance, and shall have no liability to the other for any action, failure to take action
or decision in connection therewith, including for abandonment or for failure to notify the other of abandonment as required in Paragraphs 10.1 or 10.2. Notwithstanding any other provision in this Agreement, the party not having responsibility for
prosecution and maintenance can request in writing the ability to file any divisions, continuations, continuations-in-part, re-examinations, reissues, extensions or renewals of any such patents controlled by the other party, provided that any such
divisions, continuations, continuations-in-part, re-examinations, reissues, extensions or renewals shall meet applicable laws and regulations governing the filing of such patents. 
 10.5 Each party shall provide, upon request of the other, reasonable cooperation (including making inventor-employees reasonably available) to the other
as may be required in 

  

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the course of prosecution and enforcement of the Western Union Controlled Patents or the First Data Controlled Patents, at the requesting party’s
expense. 
 11.0 LICENSING AND ENFORCEMENT DISCUSSIONS; THIRD PARTY INFRINGEMENT; INDEMNIFICATION 
 11.1 If either party becomes aware of infringement by a third party of any jointly owned patent controlled by the other party, it shall notify the other
party in writing of such infringement. 
 11.2 If one party is required by law or by a court to be a party to an action (by virtue of being a
joint owner, and after having elected not to be a party to the action) against a third party brought by the other, such party shall appear as a party to such action and be indemnified by the other party against any costs and expenses (including
reasonable attorney fees) in connection with such action. If one party enforces a patent (and the other party is not a party to such enforcement action), the other party shall be indemnified by the first party against any costs and expenses
(including reasonable attorney fees) in connection with such action. 
 12.0 TERM 
 The term of this Agreement shall be from the date hereof until the expiration of the last to expire of the Western Union Patents, First Data Patents,
Western Union Controlled Patents, and First Data Controlled Patents, with the term as respects each individual Patent expiring on the date that the patent expires or otherwise becomes abandoned, unenforceable, or invalid. 
 13.0 ACQUISITION OF A PARTY 
 13.1 In
the event either party is Acquired by a third party (“Buyer”) at any time during the term of this Agreement, then: 
 (a) the immunity and licenses granted under Section 5.0 shall continue for both parties, but as to the Acquired party such immunity and licenses shall extend only to the business operations of the Acquired party (and its products and
services) existing at the time of acquisition, and shall not extend to the Buyer as a whole; 
 (b) if Western Union is the
Acquired party, it shall transfer, effective upon the date of its acquisition, all of its ownership rights in the First Data Controlled Patents to First Data and such patents shall thereafter be deemed First Data Patents for purposes of this
Agreement (including Section 5.0 above); and 
 (c) if First Data is the Acquired party, it shall transfer, effective
upon the date of its acquisition, all of its ownership rights in the Western Union Controlled Patents to Western Union and such patents shall thereafter be deemed Western Union Patents for purposes of this Agreement (including Section 5.0
above). 
  

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 13.2 Any transfer of ownership pursuant to Paragraph 13.1(b) and 13.1(c) above shall be subject to any
prior licenses granted by the transferor, and such transfer shall not operate to release the transferor from any obligations it has under such prior license or to impose any such obligations on the transferee. 
 13.3 For purposes of this Agreement, an entity shall be “Acquired” if (i) any “person” (as such term is used in Sections 13(d)
and 14(d)(2) of the Securities Exchange Act of 1934, as amended) becomes a beneficial owner (or otherwise has the authority to vote), directly or indirectly, securities representing more than 50% of the total voting power of such entity’s then
outstanding voting securities, or (ii) such entity becomes a party to a merger, consolidation or share exchange (other than a re-incorporation or the establishment of a holding company involving no change in ownership of the entity) and either
(x) such entity is not in substance the surviving corporation or (y) as a result of such transaction, such entity’s board of directors is reconstituted so that a majority of such board of directors consists of individuals who were not
directors prior to such transaction. Notwithstanding the foregoing, an entity shall not be deemed “Acquired” in the event of an internal corporate reorganization not involving a third party. 
 14.0 ALLOCATION OF PATENTS 
 It is
acknowledged by both parties that reasonable efforts have been undertaken prior to the Separation to allocate the patents previously owned by their combined businesses, with the allocation based on the overall relevance of individual patents to one
party or the other. If, after the date of this Agreement, either party notifies the other of a reasonable basis for believing that a patent has been improperly allocated to one party (solely owned or controlled by that party) when it should have
been allocated to the other, both parties agree to negotiate in good faith to determine the proper allocation of such patent and to establish any other terms as may be equitable in connection with such patent or its allocation to the proper party.

 15.0 MISCELLANEOUS 
 15.1 Confidentiality. Information concerning the First Data Patents and the Western Union Patents, to the extent it meets the definition of Confidential Information under the Separation Agreement, shall be the Confidential
Information of First Data and Western Union, respectively, under the Separation Agreement. However, nothing herein shall preclude either party from responding to a third party inquiry as to the scope of its licensing or enforcement rights under any
patent which is the subject of this Agreement. 
 15.2 Headings and Interpretation. Regardless of which Party may have drafted this
Agreement or any part thereof, no rule of strict construction shall be applied against either Party or any of its Affiliates. If any provision of this Agreement is determined by a court of law to be invalid, illegal, or unenforceable pursuant to a
judicial decree or decision, the Parties shall deem the provision to be modified to the extent necessary to allow it to be enforced to the extent permitted by law, or if it cannot be so modified, the provision will be severed and deleted from this
Agreement, and the remainder of this Agreement shall continue to be binding and enforceable according to its terms. In this Agreement: 
 (a) references to the singular include references to the plural and words denoting any gender shall include all genders; 
  

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 (b) the headings in this Agreement do not affect its interpretation; 
 (c) references to a party to this Agreement include references to its successors or assigns (immediate or otherwise of that party) as such
are appointed in accordance with the terms of this Agreement; 
 (d) references to a clause, section, paragraph or Exhibit are
to a clause, section, paragraph or Exhibit to this Agreement and references to this Agreement include the Exhibits; 
 (e) any
reference to a document being “in writing” includes any communication made by letter, facsimile transmission or email provided neither party may exercise any rights to terminate this Agreement or any of the services in it or make
any notifications under clause 24 (termination) by email; 
 (f) in the event of any conflict or inconsistency between these
Terms and Conditions and any of the other Exhibits or other Agreements as referenced herein, these Terms and Conditions shall prevail to the extent of that conflict or inconsistency unless expressly stated otherwise or agreed by the parties in
writing; and, 
 (g) any reference, express or implied, to an enactment (which includes any legislation in any jurisdiction)
includes references to (i) that enactment as re-enacted, amended, extended or applied by or under any other enactment (before or after the signature of this Agreement); or (ii) any subordinate legislation made (before or after the
signature of this Agreement) under such enactment. 
 (h) Words and expressions defined in any clause shall, unless the
application of any such word or expression is specifically limited to that clause, bear the meaning assigned to such word or expression throughout this Agreement. 
 (i) Terms other than those defined within this Agreement and its exhibits will be given their plain English meaning, and those terms,
acronyms, and phrases known in the information technology industry will be interpreted in accordance with their generally accepted meanings. 
 (j) Defined terms appearing in this Agreement and its Schedules in title case shall be given their meaning as defined, while the same terms appearing in lower case shall be interpreted in accordance with their plain
English meaning, and shall, unless the context otherwise requires, include the terms as defined. 
 (k) Reference to months or
years shall be construed as calendar months (i.e. one or more of the twelve periods into which a conventional year is divided) or conventional years (i.e. 1 January to 31 December). Reference to “days” shall be construed as calendar
days unless qualified by the word “business”, in which instance a “business day” shall be any day other than a Saturday, Sunday 

  

 12 

 
or public holiday. Any reference to “business hours” shall be construed as being the hours between 08h00 (eight hours) and 17h00 (seventeen hours)
on any business day. Any reference to time shall be based upon Eastern Standard Time. 
 (l) Unless specifically otherwise
provided, any number of days prescribed shall be determined by excluding the first and including the last day or, where the last day falls on a Saturday, Sunday or public holiday, the next succeeding business day. 
 (m) Where figures are referred to in numerals and in words, and there is any conflict between the two, the words shall prevail, unless the
context indicates a contrary intention. 
 (n) The words “include” and “including” mean “include
without limitation” and “including without limitation”. The use of the words “include” and “including” followed by a specific example or examples shall not be construed as limiting the meaning of the general
wording preceding it: the application of the eiusdem generis rule is excluded. 
 15.3 Severability. If any provision of this
Agreement or any document referred to in it is held to be illegal, invalid or unenforceable by any court of competent jurisdiction or Governmental Authority in whole or in part this Agreement shall continue to be valid as to its other provisions and
the remainder of the affected provision. The parties shall negotiate in good faith to agree to a substitute provision for any such provision held to be invalid. Any invalidity in one legal jurisdiction shall not affect the validity of any of the
provisions of this Agreement in any other legal jurisdiction in which this Agreement may apply or otherwise take effect. 
 15.4 Governing
Law. This Agreement shall be governed by and construed and enforced in accordance with the substantive laws of the State of Delaware and the federal laws of the United States of America applicable therein, as though all acts and omissions
related hereto occurred in Delaware. 
 15.5 Notices. All notices or other communications required to be given hereunder shall be in
writing and delivered either personally or by United States Postal Service, facsimile, or electronic mail, and addressed as provided in this Agreement or as otherwise requested by the receiving party. Notices delivered personally shall be effective
upon delivery and notices delivered by mail shall be effective upon their receipt by the party to whom they are addressed. The appropriate addressees are: 
  

			
	For Western Union:	  	For First Data:
	Intellectual Property Counsel	  	Intellectual Property Counsel
	12500 E. Belford Ave.	  	6200 S. Quebec Street
	Englewood, CO 80112	  	Greenwood Village, CO 80111
	Fax: (720) 332-0519	  	Fax: (303) 967-5258

 (ii) Dispute Resolution. If the disputing Parties are unable to resolve any Dispute, then
such Dispute shall be governed by the Dispute Resolution procedures contained in Article XIII of the Separation Agreement. 
  

 13 

 15.6 Assignment. This Agreement is personal to the Parties and their Affiliates. Neither this
Agreement nor any right or obligation under this Agreement shall be assignable or assumable, without the prior written consent of other Party, which consent may be withheld at the sole discretion of such other Party. 
 15.7 Survival. The following provisions of this Agreement will survive the expiration or any termination of this Agreement: Sections 3 and 11, and
any other provision that by its terms or implication is intended to survive. 
 15.8 Counterparts. This Agreement may be executed in
two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 15.9 Entire Agreement. This Agreement (together with any documents referred to herein) contains the entire agreement and understanding of the parties and supersedes all prior agreements, understandings or arrangements (both oral and
written) relating to the subject matter of this Agreement. Each of the parties acknowledges and agrees that: 
  

	 	(i)	it does not enter into this Agreement on the basis of and does not rely, and has not relied, upon any statement, representation, warranty, forecast or other information (in any case
whether oral, written, express or implied) made, given or agreed to by any person (whether negligently or innocently and whether or not made by a party to this Agreement) which is not expressly contained or referred to in this Agreement (a
“Representation”); 

  

	 	(ii)	nothing in this Agreement is intended to provide any representations or warranties, including any relating to ownership or freedom from infringement, as to any of the First Data
Patents, Western Union Patents, First Data Controlled Patents, or Western Union Controlled Patents, or to create any exception to the exclusion of representations and warranties contained in Section 7.1 and 7.2 of the Separation Agreement;

  

	 	(iii)	it shall have no remedy (including any rights to damages or rescission in an action for misrepresentation) for any Representation which was, is or becomes false or misleading;

  

	 	(iv)	the only remedy available in respect of any misleading or false warranty or other term contained in this Agreement shall be a claim for breach of contract under this Agreement

 save that nothing in this Agreement shall exclude or restrict a party’s rights, remedies or liability under the law
governing this Agreement in respect of any fraud or fraudulent misrepresentation. 
  

 14 

 IN WITNESS WHEREOF, each of the parties has caused this Agreement to be duly executed on its
behalf by its officers thereunto duly authorized, as of the date and year first written above. 
  

					
	FIRST DATA CORPORATION
		
	By:	 	/s/ Kimberly S. Patmore
		 	Name:	 	Kimberly S. Patmore
		 	Title:	 	Executive Vice President and
Chief Financial Officer

  

					
	THE WESTERN UNION COMPANY
		
	By:	 	/s/ David G. Barnes
		 	Name:	 	David G. Barnes
		 	Title:	 	 Executive Vice President
 Finance and Strategic
Development

 EXHIBIT A 
 FIRST DATA PATENTS 
 [Omitted] 

 EXHIBIT B 
 FIRST DATA CONTROLLED PATENTS 
 [Omitted] 

 EXHIBIT C 
 WESTERN UNION PATENTS 
 [Omitted] 

 EXHIBIT D 
 WESTERN UNION CONTROLLED PATENTS 
 [Omitted]Exchange Agreement

 Exhibit 10.4 
 EXCHANGE AGREEMENT 
 EXCHANGE AGREEMENT (this “Agreement”), dated as of
September 26, 2006, among First Data Corporation, a Delaware corporation (“FDC”), J.P. Morgan Securities Inc., Barclays Capital Inc. (collectively, the “Investment Banks”), and, solely with respect to Sections
2, 3(c), 4(a)(iv), 5, 6, 7, 8, 9, 10, 11 and 12 hereof, The Western Union Company, a Delaware corporation (“Western Union”). 
 WHEREAS, pursuant to a Separation and Distribution Agreement to be dated on or before September 29, 2006 between FDC and Western Union (the “Separation and Distribution Agreement”), Western Union will agree to issue to
FDC, in partial consideration for the Contribution (as defined in the Separation and Distribution Agreement), $1,000,000,000 aggregate principal amount of 5.930% notes due 2016 (the “Western Union Securities”); 
 WHEREAS, FDC desires to exchange such Western Union Securities for all or a portion of certain debt obligations of FDC described on Schedule I (the
“FDC Debt Obligations”) held by the Investment Banks; and the Investment Banks desire to exchange FDC Debt Obligations for such Western Union Securities; and 
 WHEREAS, the Investment Banks and Western Union are parties to that certain Purchase Agreement dated as of September 20, 2006 (the “Purchase
Agreement”) with J.P. Morgan Securities Inc. and Barclays Capital Inc., as initial purchasers (the “Initial Purchasers”), in connection with the sale pursuant to Rule 144A and Regulation S under the Securities Act of 1933,
as amended (the “Securities Act”), of the Western Union Securities and in connection therewith Western Union will enter into a Registration Rights Agreement with the Initial Purchasers relating to the grant by Western Union of
registration rights with respect to the Western Union Securities. 
 NOW THEREFORE, in consideration of the representations, warranties and
agreements contained in this Agreement, the parties agree as follows: 
 1. The Exchange. (a) Subject to the terms and on the
conditions and in reliance upon the representations and warranties in this Agreement, at the Closing (as defined below): 
 (i) FDC will transfer and deliver to each Investment Bank, and each Investment Bank will accept, one-half of the Western Union Securities; and 

 (ii) Each Investment Bank will transfer and deliver to FDC, and FDC will accept from such
Investment Bank, FDC Debt Obligations with a fair market value as of the Closing, as mutually agreed to by FDC and the Investment Banks on the Closing Date (as defined below) (taking into account the factors that would be relevant in determining
fair market value, including, but not limited to, (A) interest rates; (B) the credit risk of FDC; and (C) the aggregate principal amount of each series of FDC Debt Obligations being so exchanged relative to the total amount of each
applicable series of such FDC Debt Obligations outstanding, in each case as of Closing), equal to one-half of the fair market value of the Western Union Securities as of the Closing (it being agreed that the fair market value of the Western Union
Securities as of Closing will be the product of $1,000,000,000 multiplied by the offering price (expressed as a percentage of the principal amount of such securities); provided that the fair market value of FDC Debt Obligations (determined as
of the Closing as described above) otherwise required to be delivered by each Investment Bank will be reduced by one-half of the Initial Purchasers’ discounts and commissions as provided in the Purchase Agreement) (the aggregate amount of FDC
Debt Obligations to be delivered by the Investment Banks, the “Exchange FDC Debt Obligations”). 
 (b) The
exchange of the Western Union Securities for the Exchange FDC Debt Obligations (the “Closing”, and the date upon which the Closing occurs, the “Closing Date”) shall occur at the office of Davis Polk &
Wardwell, 450 Lexington Avenue, New York, New York (or at such other location or locations as may be agreed upon by the Investment Banks and FDC), immediately following the effective time of the Distribution (as defined in the Separation and
Distribution Agreement) and on the date of the Distribution, subject to satisfaction (or waiver) of the conditions set forth in Section 4 of this Agreement, provided that the exchange shall not occur prior to September 29, 2006. At
the Closing, each of the Investment Banks shall deliver to FDC (or a custodian on FDC’s behalf, as directed) one-half of the Exchange FDC Debt Obligations, and FDC shall deliver to each Investment Bank one-half of the Western Union Securities.

 (c) As used in this Agreement, the term (i) “Business Day” shall mean those days on which both the
New York Stock Exchange and banking institutions located in New York City are open for trading or banking, as the case may be, in the ordinary course of business and (ii) “Material Adverse Effect” shall mean with respect to any
person, a material adverse effect on the business, properties, management, financial position or results of operations of such person and its subsidiaries taken 
  

 2 

 as a whole. References to subsidiaries of Western Union shall be deemed to be the subsidiaries of Western
Union immediately following the Distribution. 
 2. Assignment of Rights by FDC. At the Closing, FDC shall deliver to each Investment
Bank a duly executed instrument of assignment assigning all of its rights arising out of or in respect of the Western Union Securities transferred and delivered to such Investment Bank pursuant to Section 1(a)(i) hereof in the form of
Exhibit A hereto, and Western Union shall deliver to such Investment Bank a duly executed consent to such assignment in the form of Exhibit B hereto. 
 3. Representations and Warranties. I. FDC hereby represents and warrants to the Investment Banks that: 
 (i) FDC is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware. FDC has all requisite corporate power and authority to enter into this Agreement and to perform
its obligations hereunder. This Agreement has been duly executed and delivered by FDC and constitutes a legal, valid and binding obligation of FDC, enforceable against FDC in accordance with its terms, except as enforceability may be limited by
applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability. 
 (ii) No consent, approval, license, permit, order or authorization of, or registration, declaration or filing with, any federal, state,
local or foreign government or any court of competent jurisdiction, administrative agency or commission or other governmental authority or instrumentality, domestic or foreign (a “Governmental Entity”) or nongovernmental third party
is required to be obtained or made by or with respect to FDC or any of its subsidiaries, including Western Union, in connection with the execution, delivery and performance of this Agreement, except as have been previously obtained or made.

 (iii) Neither the exchange of the Western Union Securities nor the consummation of any other of the transactions herein
contemplated nor the fulfillment of the terms hereof will result in a breach of any of the terms and provisions of, or constitute a default under, (A) any indenture, mortgage, deed of trust or other agreement or instrument to which FDC or any
of its subsidiaries is a party or by which any of them is bound, (B) FDC’s Second Amended and Restated Certificate of Incorporation or Bylaws, or (C) any order, rule or regulation applicable to FDC or any of its subsidiaries of any
Governmental Entity having jurisdiction over FDC or any of its subsidiaries or any of their respective properties except in the case of clauses (A) and (C) as would not, individually or in the aggregate, have a Material Adverse Effect on
FDC or adversely affect the ability of FDC to perform its obligations hereunder. 
  

 3 

 (iv) Following the receipt of the Western Union Securities and prior to the Closing, FDC
will have good and valid title to the Western Union Securities, free and clear of any liens, claims, encumbrances, security interests, options, charges or restrictions of any kind (collectively, “Liens”). Upon delivery of the
Western Union Securities by FDC to the Investment Banks at the Closing in exchange for the Exchange FDC Debt Obligations, each Investment Bank will acquire good and valid title to such Western Union Securities received by it, free and clear of any
Liens, other than those arising from acts of the Investment Banks or any of their affiliates. 
 (v) When the Western Union
Securities are issued by Western Union to FDC and when they are transferred to the Investment Banks at the Closing in exchange for the Exchange FDC Debt Obligations, the Western Union Securities will (A) have been duly and validly authorized
and issued, (B) constitute valid and legally binding obligations of Western Union enforceable against Western Union in accordance with their terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws
affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability, and (C) be entitled to the benefits of the indenture governing the Western Union Securities. 
 (vi) FDC has made its own independent inquiry as to the legal, tax and accounting aspects of the transactions contemplated by this
Agreement and any related transactions, and FDC has not relied on the Investment Banks, the Investment Banks’ legal counsel (in its capacity as such) or other advisors (in their capacity as such) for legal, tax or accounting advice in
connection with the transactions contemplated by this Agreement or any related transactions. 
 (vii) Neither FDC nor any of
its affiliates has sold any Exchange FDC Debt Obligations to the Investment Banks (other than to J.P. Morgan Securities Inc. as a dealer in connection with their initial issuance). 
 (b) Each of the Investment Banks hereby severally as to itself and not jointly represents and warrants to FDC that: 
 (i) Such Investment Bank is a corporation duly organized, validly existing and in good standing under the laws of the state of its
incorporation. Such Investment Bank has all requisite corporate power and authority to enter into this Agreement and to perform its obligations hereunder. This Agreement has been duly executed and delivered by such Investment Bank and constitutes
its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally
or by equitable principles relating to enforceability. 
  

 4 

 (ii) No consent, approval, license, permit, order or authorization of, or registration,
declaration or filing with, any Governmental Entity or nongovernmental third party is required to be obtained or made by or with respect to such Investment Bank in connection with the execution, delivery and performance of this Agreement, except as
have been previously obtained or made. 
 (iii) Neither the exchange of the Exchange FDC Debt Obligations held by it nor the
consummation of any other of the transactions herein contemplated nor the fulfillment of the terms hereof will result in a breach of any of the terms and provisions of, or constitute a default under, (A) any indenture, mortgage, deed of trust
or other agreement or instrument to which such Investment Bank is a party or by which it is bound, (B) such Investment Bank’s charter or other organizational documents, or (C) any order, rule or regulation applicable to it of any
Governmental Entity having jurisdiction over it or any of its properties except in the case of clauses (A) and (C) as would not, individually or in the aggregate, have a Material Adverse Effect on such Investment Bank or adversely affect
the ability of such Investment Bank to perform its obligations hereunder. 
 (iv) Such Investment Bank has good and valid
title to the Exchange FDC Debt Obligations to be exchanged by it pursuant to this Agreement, free and clear of any Liens. Upon delivery of such Exchange FDC Debt Obligations by such Investment Bank to FDC at the Closing in exchange for the Western
Union Securities, FDC will acquire good and valid title to such Exchange FDC Debt Obligations, free and clear of any Liens, other than those arising from acts of FDC or any of its affiliates. 
 (v) (1) All of the Exchange FDC Debt Obligations to be delivered by such Investment Bank in the exchange for the Western Union
Securities at the Closing were acquired by such Investment Bank for its own account, (2) no Exchange FDC Debt Obligations were acquired by such Investment Bank after September 14, 2006, (3) to the knowledge of such Investment Bank,
without independent inquiry, all of the Exchange FDC Debt Obligations acquired by such Investment Bank were acquired by such Investment Bank from third parties (“Sellers”) (or from the other Investment Bank, and, other than as a
dealer prior to sales to third parties, not from FDC or any affiliate of FDC) and (4) at or prior to the time of the original issuance of such Exchange FDC Debt Obligations, there was no arrangement or understanding between such Investment Bank
and any Seller that acquired such Exchange FDC Debt Obligations in connection with their original issuance (from such Investment Bank as a dealer or otherwise) that the Seller would sell such Exchange FDC Debt Obligations to such Investment Bank or
the other Investment Bank. 
  

 5 

 (vi) Such Investment Bank has made its own independent inquiry as to the legal, tax and
accounting aspects of the transactions contemplated by this Agreement and any related transactions, and it has not relied on FDC or Western Union, FDC’s or Western Union’s legal counsel (in their capacity as such) or FDC’s or Western
Union’s other advisors (in their capacity as such) for legal, tax or accounting advice in connection with the transactions contemplated by this Agreement or any related transactions. 
 (vii) Such Investment Bank is a qualified institutional buyer within the meaning of Rule 144A under the Securities Act and an accredited
investor within the meaning of Rule 501(a) under the Securities Act. 
 (c) Western Union hereby represents and warrants to the Investment
Banks that neither the consummation of any of the transactions herein contemplated nor the fulfillment of the terms hereof will result in a breach of any of the terms and provisions of, or constitute a default under, (A) any indenture,
mortgage, deed of trust or other agreement or instrument to which Western Union or any of its subsidiaries is a party or by which any of them is bound, (B) Western Union’s Amended and Restated Certificate of Incorporation or Amended and
Restated By-laws or (C) any order, rule or regulation applicable to Western Union or any of its subsidiaries, of any Governmental Entity having jurisdiction over Western Union or any of its subsidiaries, or any of their respective properties
except in the case of clauses (A) and (C), as would not, individually or in the aggregate, have a Material Adverse Effect on Western Union or adversely affect the ability of Western Union to perform its obligations hereunder. 
 4. Conditions. 
 (a)
The obligations of the Investment Banks to exchange the Exchange FDC Debt Obligations for the Western Union Securities at the Closing shall be subject to the satisfaction (or waiver by the Investment Banks) of the following conditions: 

(i) Sidley Austin LLP shall have furnished to the Investment Banks its opinion, dated the Closing Date, in substantially the form set
forth as Exhibit C-1 and Exhibit C-2 hereto. 
 (ii) No statute, rule, regulation, executive order, decree,
temporary restraining order, preliminary or permanent injunction or other order enacted, entered, promulgated, enforced or issued by any Governmental Entity or other legal restraint or prohibition shall be in effect preventing the consummation of
the transactions contemplated hereunder. 
 (iii) The representations and warranties of FDC in this Agreement shall be true
and correct in all material respects on and 
  

 6 

 as of the Closing Date, with the same effect as if made on the Closing Date, and FDC shall have complied
in all material respects with all the agreements on its part to be performed at or prior to the Closing Date, and FDC shall have furnished to the Investment Banks a certificate of FDC, in form reasonably satisfactory to the Investment Banks, signed
by a Vice President or Treasurer of FDC, dated the Closing Date, to the foregoing effects. 
 (iv) The representations and
warranties of Western Union in this Agreement shall be true and correct in all material respects on and as of the Closing Date, with the same effect as if made on the Closing Date, and Western Union shall have complied in all material respects with
all the agreements on its part to be performed at or prior to the Closing Date, and Western Union shall have furnished to the Investment Banks a certificate of Western Union, in form reasonably satisfactory to the Investment Banks, signed by a Vice
President or Treasurer of Western Union, dated the Closing Date, to the foregoing effects. 
 (v) The private letter ruling
FDC received from the Internal Revenue Service on September 1, 2006, shall continue to be valid as of the Closing Date and shall not have been revoked or modified in any material respect that is adverse to FDC or Western Union. 
 (vi) The Purchase Agreement shall remain in full force and effect, and all of the conditions to the obligations of the Initial Purchasers
to purchase and pay for the Western Union Securities as set forth in the Purchase Agreement shall have been waived or satisfied (other than those conditions which by their nature cannot be satisfied until the consummation of the exchange of Western
Union Securities for Exchange FDC Debt Obligations or until the consummation of the transactions pursuant to the Purchase Agreement, but which none of FDC, Western Union or the Investment Banks has any reason to believe will not be satisfied).

 In case any of such conditions shall not have been fulfilled by October 13, 2006, or if either the Separation and Distribution
Agreement or the Purchase Agreement shall have been terminated in accordance with its terms, this Agreement may be terminated by either of the Investment Banks by delivering written notice of termination to FDC and the other Investment Bank. Any
such termination shall be without liability of any party to any other party except to the extent (i) arising from a willful breach of this Agreement or (ii) provided in the Purchase Agreement. 
  

 7 

 (b) The obligations of FDC to exchange the Western Union Securities for the Exchange FDC
Debt Obligations at the Closing shall be subject to the satisfaction (or waiver by FDC) of the following conditions: 
 (i)
Davis Polk & Wardwell, counsel for the Investment Banks, shall have furnished to FDC its opinion, dated the Closing Date, in substantially the form set forth as Exhibit D hereto. 
 (ii) The representations and warranties of each of the Investment Banks in this Agreement shall be true and correct in all material
respects (other than those in Section 3(b)(v) hereof, which shall be true and correct in all respects) on and as of the Closing Date, with the same effect as if made on the Closing Date, and each of the Investment Banks shall have complied in
all material respects with all the agreements on its part to be performed at or prior to the Closing Date, and each Investment Bank shall have furnished to FDC a certificate, in form reasonably satisfactory to FDC signed by an officer of such
Investment Bank, dated the Closing Date, to the foregoing effects with respect to such Investment Bank. 
 (iii) No statute,
rule, regulation, executive order, decree, temporary restraining order, preliminary or permanent injunction or other order enacted, entered, promulgated, enforced or issued by any Governmental Entity or other legal restraint or prohibition shall be
in effect preventing the consummation of the transactions contemplated hereunder. 
 (iv) FDC shall have received the Western
Union Securities and the Purchase Agreement shall remain in full force and effect, and all of the conditions to the obligations of the Initial Purchasers to purchase and pay for the Western Union Securities as set forth in the Purchase Agreement
shall have been waived or satisfied (other than those conditions which by their nature cannot be satisfied until the consummation of the exchange of Western Union Securities for Exchange FDC Debt Obligations or until the consummation of the
transactions purchase to the Purchase Agreement, but which but which none of FDC, Western Union or the Investment Banks has any reason to believe will not be satisfied). 
 In case any of such conditions shall not have been fulfilled by October 13, 2006, or if either the Separation and Distribution Agreement or the Purchase Agreement shall have been terminated in accordance with its
terms, this Agreement may be terminated by FDC by delivering written notice of termination to the Investment Banks. Any such termination shall be without liability of any party to any other party except to the extent (i) arising from a willful
breach of this Agreement or (ii) provided in the Purchase Agreement. 
  

 8 

 5. Relationship of Parties. All acquisitions of the Exchange FDC Debt Obligations by the
Investment Banks, all exchanges of the Exchange FDC Debt Obligations for the Western Union Securities by the Investment Banks pursuant to this Agreement, any resales or offerings by the Investment Banks of the Western Union Securities and all other
acts or omissions of the Investment Banks in connection with this Agreement, are for the Investment Banks’ own accounts and not for the account of FDC. No principal-agent relationship is, or is intended to be, created between FDC and the
Investment Banks by any of the provisions of this Agreement. Each of FDC and Western Union acknowledges and agrees that the Investment Banks are acting solely in the capacity of arm’s length contractual counterparties to FDC and Western Union
with respect to the transactions contemplated hereby (including in connection with determining the terms of the offering under the Purchase Agreement) and not as financial advisors or fiduciaries to, or agents of, FDC, Western Union or any other
person. 
 6. Survival of Provisions. The respective agreements, representations, warranties and other statements of FDC, the
Investment Banks and Western Union set forth in, or made pursuant to, this Agreement will remain in full force and effect, regardless of any investigation made by, or on behalf of, the Investment Banks, FDC, Western Union or any of their respective
officers and will survive the exchange of the Exchange FDC Debt Obligations for the Western Union Securities. 
 7. Notices. All
notices or other communications under this Agreement shall be in writing and shall be deemed to be duly given as of the date delivered, mailed or transmitted, and shall be effective upon receipt, if delivered personally, mailed by registered or
certified mail (postage prepaid, return receipt requested) or delivered by a nationally recognized courier service to the parties at the following address or sent by electronic transmission to the telecopier numbers specified below: 
  

			
	If to the Investment Banks, to:	  	J.P. Morgan Securities Inc.
		  	270 Park Avenue
		  	New York, NY 10017-2070
		  	Attention: Akis Psarris
		  	Fax: (212) 834 6170
		
		  	Barclays Capital Inc.
		  	200 Park Avenue
		  	New York, NY 10166
		  	Attention: Liability Management Desk
		  	Fax: (212) 412 1615

  

 9 

			
	If to FDC, to:	  	First Data Corporation
		  	6855 Pacific Street, AK-31
		  	Omaha, Nebraska 68106
		  	Attention: General Counsel
		  	Facsimile: (402) 222-5256
		
	If to Western Union, to:	  	The Western Union Company
		  	100 Summit Avenue
		  	Montvale, New Jersey 07645
		  	Attention: General Counsel
		  	Facsimile: (201) 263-6384

 8. Successors. This Agreement will inure to the benefit of and be binding upon the parties
hereto and their respective successors and no other person will have any right or obligation hereunder. 
 9. Applicable Law. This
Agreement shall be governed by and construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed entirely within such State, without regard to the conflicts of law principles of such State.

 10. Jurisdiction. The parties hereto agree that any suit, action or proceeding seeking to enforce any provision of, or based on any
matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought in the United States District Court for the Southern District of New York or any New York State court sitting in the Borough of
Manhattan in New York City, so long as one of such courts shall have subject matter jurisdiction over such suit, action or proceeding, and that any cause of action arising out of this Agreement shall be deemed to have arisen from a transaction of
business in the State of New York, and each of the parties hereby irrevocably consents to the exclusive jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to
the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding brought in any such court has been
brought in an inconvenient forum. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees that
service of process on such party as provided in Section 7 shall be deemed effective service of process on such party. 
 11. WAIVER
OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
  

 10 

 12. Counterparts. This Agreement may be signed in one or more counterparts, each of which shall
constitute an original and all of which together shall constitute one and the same agreement. 
  

 11 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as of the date first
written above. 
  

			
	FIRST DATA CORPORATION
		
	By:	 	 /s/ Michael A. Jacobs

	Name:	 	Michael A. Jacobs
	Title:	 	Senior Vice President and Treasurer
	
	J.P. MORGAN SECURITIES INC.
		
	By:	 	 /s/ Akis Psarris

	Name:	 	Akis Psarris
	Title:	 	Managing Director
	
	BARCLAYS CAPITAL INC.
		
	By:	 	 /s/ Craig Orchant

	Name:	 	Craig Orchant
	Title:	 	Managing Director

 As to Sections 2, 3(c), 4(a)(iv), 5, 6, 7, 8, 9, 10, 11 and 12 only:

  

			
	THE WESTERN UNION COMPANY
		
	By:	 	 /s/ Rajesh K. Agrawal

	Name:	 	Rajesh K. Agrawal
	Title:	 	Senior Vice President and Treasurer

  

 12 

 SCHEDULE I 
 FDC Debt Obligations 
 FDC Debt CUSIP and Maturity Date 
 3200M5LG0    11/16/2006 
 3200M5LH8    11/17/2006 
 3200M5LL9    11/20/2006 
  

 13 

 EXHIBIT A 
 Form of FDC Assignment 
 [Investment Bank] 
 [address] 
 Pursuant to
Section 2 of the Exchange Agreement dated as of September 22, 2006 (the “Agreement”) among First Data Corporation, a Delaware corporation (“FDC”), J.P. Morgan Securities Inc. (“J.P.
Morgan”), Barclays Capital Inc. and, solely with respect to Sections 2, 3(c), 4(a)(iv), 5, 6, 7, 8, 9, 10, 11 and 12 thereof, The Western Union Company, a Delaware corporation (“Western Union”), FDC hereby transfers and
delivers to [Investment Bank] all of its rights arising out or in respect of the $500,000,000 aggregate principal amount of Western Union 5.930% notes due 2016 being transferred and delivered to [Investment Bank] simultaneously herewith pursuant to
the Agreement. 
 This assignment will inure to the benefit of and be binding upon the parties hereto and their respective successors and no
other person will have any right or obligation hereunder. 
 Capitalized terms used herein but not otherwise defined herein shall have the
meanings set forth in the Agreement. 
 *            *            *            * 
  

 A-1 

 IN WITNESS WHEREOF, FDC has caused this Instrument of Assignment to be duly executed and delivered
this      day of September, 2006. 
  

			
	FIRST DATA CORPORATION
		
	By:	 	  

	Name:	 	Joseph C. Mullin
	Title:	 	Assistant Secretary

  

 A-2 

 EXHIBIT B 
 Form of Western Union’s Consent 
 [Investment Bank] 
 [address] 
 Pursuant to
Section 2 of the Exchange Agreement dated as of September 22, 2006 (the “Agreement”) among First Data Corporation, a Delaware corporation (“FDC”), J.P. Morgan Securities Inc. (“J.P.
Morgan”), Barclays Capital Inc. and, solely with respect to Sections 2, 3(c), 4(a)(iv), 5, 6, 7, 8, 9, 10, 11 and 12 thereof, The Western Union Company, a Delaware corporation (“Western Union”), Western Union hereby
consents to the transfer and delivery by FDC of all of FDC’s rights arising out of or in respect of the $500,000,000 aggregate principal amount of Western Union 5.930% notes due 2016 being transferred and delivered to [Investment Bank]
simultaneously herewith pursuant to the Agreement. 
 This consent will inure to the benefit of and be binding upon the parties hereto and
their respective successors and no other person will have any right or obligation hereunder. 
 Capitalized terms used herein but not
otherwise defined herein shall have the meanings set forth in the Agreement. 
 *            *            *            * 
  

 B-1 

 IN WITNESS WHEREOF, Western Union has caused this Consent to be duly executed and delivered this
     day of September, 2006. 
  

			
	THE WESTERN UNION COMPANY
		
	By:	 	  

	Name:	 	Michael F. Rodin
	Title:	 	Assistant Secretary

  

 B-2 

 EXHIBIT C-1 
 Form of FDC’s counsel legal opinion 
 Barclays Capital Inc. 
 J.P. Morgan Securities Inc. 
 c/o J.P. Morgan Securities Inc. 
 270 Park Avenue 
 New York, New York 10017-2070 
 Re:    Exchange Agreement 
 Ladies and Gentlemen: 
 As counsel for First Data Corporation, a Delaware corporation (the “Company”), we address this letter to you pursuant to the Exchange
Agreement dated as of September 26, 2006 (the “Agreement”) among the Company, The Western Union Company, a Delaware corporation (“Western Union”), and you, Barclays Capital Inc and J.P. Morgan Securities Inc.
(collectively, the “Investment Banks”). Pursuant to the Agreement, each Investment Bank will exchange certain debt obligations of the Company held by such Investment Bank (collectively, the “Debt Obligations”) for
$500,000,000 aggregate principal amount of 5.930% notes due 2016 (the “Western Union Securities”) of Western Union. All capitalized terms used herein and not otherwise defined have the meanings ascribed to them in the Agreement.

 Pursuant to the requirement of Section 4(a)(i) of the Agreement, this will advise you that in the opinion of the undersigned:

 1. The Agreement has been duly authorized, executed and delivered by the Company. The Company is a validly existing corporation in good
standing under the laws of the State of Delaware, with corporate power and authority to sell, transfer and deliver the Western Union Securities to the Investment Banks pursuant to, and in accordance with, the Agreement. 
 2. With respect to each Investment Bank, upon payment for the security entitlement in respect of the Western Union Securities to be sold by the Company
to such Investment Bank as provided in the Agreement and the crediting of such Western Union Securities on the records of The Depository Trust Company (“DTC”) to a security account or security accounts in the name of such Investment
Bank (assuming that such Investment Bank does not have notice of any adverse claim (as such phrase is defined in Section 8-105 of the Uniform Commercial Code as in effect in the State of New York (the “UCC”)) to such Western
Union Securities or any security entitlement in respect thereof), (A) under Section 8-501 of the UCC, such Investment Bank will acquire a security entitlement in respect of such Western Union Securities and (B) such Investment

  

 C-1-1 

 Bank shall acquire its interest in the Western Union Securities free of any “adverse claim” (as defined in
Section 8-102(a)(1) of the UCC); it being understood that for purposes of this opinion, we have assumed that when such payment and crediting occur, (t) the Western Union Securities are “financial assets” (as defined in
Section 8-102(a)(9) of the UCC), (u) payment for such security entitlement in respect of such Western Union Securities as provided in the Agreement constitutes “value” within the meaning of Section 1-201(44) of the UCC,
(v) such Western Union Securities will have been registered in the name of Cede & Co. or such other nominee as may be designated by DTC, in each case on Western Union’s registry for such Western Union Securities in accordance with
its certificate of incorporation, bylaws, other instruments or documents and applicable law, (w) DTC is a “clearing corporation” within the meaning of Section 8-102 of the UCC, (x) DTC shall have made appropriate book
entries indicating that the Western Union Securities have been credited to the securities account or accounts in the name of such Investment Bank on the records of DTC pursuant to the UCC, (y) each securities account in the name of each
Investment Bank is a “securities account” (as defined in Section 8-501(a) of the UCC), and (z) the jurisdiction of DTC with respect to each securities account for purposes of the UCC is New York. Our opinion in this paragraph
(2) is limited to Article 8 of the UCC. 
 3. The execution, delivery and performance of the Agreement by the Company does not and will
not contravene the General Corporation Law of the State of Delaware or the certificate of incorporation or bylaws of the Company. 
 4. No
consent, approval, authorization or order of, or qualification with, any governmental body or agency under United States federal or New York state law that in our experience is normally applicable to a business corporation of the Company’s
nature in relation to transactions of the type contemplated by the Agreement is required for the performance by the Company of its obligations under the Agreement, except such as have been obtained and such as may be required under state securities
or Blue Sky laws. 
 For the purpose of rendering the foregoing opinions, we have relied to the extent we have deemed appropriate, as to
various questions of fact material to such opinions, upon the representations made in the Agreement and upon certificates of officers of the Company. We also have examined originals, or copies of originals certified to our satisfaction, of such
agreements, documents, certificates and other statements of governmental officials and other instruments, have examined such questions of law and have satisfied ourselves as to such matters of fact as we have considered relevant and necessary as a
basis for this letter. We have assumed the genuineness of all signatures, the legal capacity of all natural persons, the authenticity of all documents submitted to us as originals and the conformity with the original documents of all documents
submitted to us as certified or photostatic copies or by facsimile or other means of electronic transmission or which we obtained from the Commission’s Electronic Data Gathering, Analysis and Retrieval System. 
  

 C-1-2 

 This letter is limited to the laws of the State of New York, the General Corporation Law of the State of
Delaware and the federal laws of the United States of America. We express no opinion as to matters relating to securities or blue sky laws of any jurisdiction or any rules or regulations thereunder (other than federal securities laws). This letter
is based on the law in effect, and the facts and circumstances existing, on the date of this letter. We assume no obligation to update or supplement this letter to reflect any facts or circumstances which may hereafter come to our attention with
respect to the opinions expressed above, including any changes in applicable law which may hereafter occur. 
 This letter is being rendered
and delivered solely to and for the benefit of the persons to whom it is addressed; accordingly, it may not be delivered to or relied upon by any other person (including, without limitation, any person who acquires the Western Union Securities from
or through the Investment Banks), quoted or filed with any governmental authority or other regulatory agency or otherwise circulated or utilized for any other purpose without our prior written consent. 
 Very truly yours, 
  

 C-1-3 

 EXHIBIT C-2 
 Form of Western Union’s counsel legal opinion 
 Barclays Capital Inc.

 J.P. Morgan Securities Inc. 
 c/o J.P. Morgan Securities Inc. 
 270 Park Avenue 
 New York, New York 10017-2070 
 Re:    Exchange Agreement 
 Ladies and Gentlemen: 
 As counsel for The Western Union Company, a Delaware corporation (the “Company”), we address this letter to you pursuant to the Exchange
Agreement dated as of September 26, 2006 (the “Agreement”) among the Company, First Data Corporation, a Delaware corporation (“First Data”), and you, Barclays Capital Inc and J.P. Morgan Securities Inc.
(collectively, the “Investment Banks”). Pursuant to the Agreement, each Investment Bank will exchange certain debt obligations of First Data held by such Investment Bank (collectively, the “Debt Obligations”) for
$500,000,000 aggregate principal amount of 5.930% notes due 2016 (the “Western Union Securities”) of the Company. All capitalized terms used herein and not otherwise defined have the meanings ascribed to them in the Agreement.

 Pursuant to the requirement of Section 4(a)(i) of the Agreement, this will advise you that in the opinion of the undersigned:

 1. The Agreement has been duly authorized, executed and delivered by the Company. The Company is a validly existing corporation in good
standing under the laws of the State of Delaware. 
 2. The execution, delivery and performance of the Agreement by the Company does not and
will not contravene the General Corporation Law of the State of Delaware or the certificate of incorporation or bylaws of the Company. 
 For
the purpose of rendering the foregoing opinions, we have relied to the extent we have deemed appropriate, as to various questions of fact material to such opinions, upon the representations made in the Agreement and upon certificates of officers of
the Company. We also have examined originals, or copies of originals certified to our satisfaction, of such agreements, documents, certificates and other statements of governmental officials and other instruments, have examined such questions of law
and have satisfied ourselves as to such matters of fact as we have considered relevant and necessary as a basis for this letter. We have assumed the genuineness of all signatures, the legal capacity of 
  

 C-2-1 

 all natural persons, the authenticity of all documents submitted to us as originals and the conformity with the original
documents of all documents submitted to us as certified or photostatic copies or by facsimile or other means of electronic transmission or which we obtained from the Commission’s Electronic Data Gathering, Analysis and Retrieval System.

 This letter is limited to the laws of the State of New York, the General Corporation Law of the State of Delaware and the federal laws of
the United States of America. We express no opinion as to matters relating to securities or blue sky laws of any jurisdiction or any rules or regulations thereunder (other than federal securities laws). This letter is based on the law in effect, and
the facts and circumstances existing, on the date of this letter. We assume no obligation to update or supplement this letter to reflect any facts or circumstances which may hereafter come to our attention with respect to the opinions expressed
above, including any changes in applicable law which may hereafter occur. 
 This letter is being rendered and delivered solely to and for
the benefit of the persons to whom it is addressed; accordingly, it may not be delivered to or relied upon by any other person (including, without limitation, any person who acquires the Western Union Securities from or through the Investment
Banks), quoted or filed with any governmental authority or other regulatory agency or otherwise circulated or utilized for any other purpose without our prior written consent. 
  

	
	Very truly yours,

  

 C-2-2 

 EXHIBIT D 
 Form of Investment Banks’ counsel legal opinion 
 First Data Corporation

 6200 South Quebec Street 
 Greenwood Village, Colorado 80111 
 Ladies and Gentlemen: 
 We have acted as counsel for J.P. Morgan Securities Inc. and Barclays Capital Inc. (collectively, the “Investment Banks”), in connection
with the Exchange Agreement dated as of September 22, 2006 (the “Agreement”) among First Data Corporation, a Delaware corporation (the “Company”), and the Investment Banks. Pursuant to the Agreement, the
Investment Banks will exchange certain debt obligations of the Company held by the Investment Banks (the “Debt Obligations”) for $1,000,000,000 aggregate principal amount of 5.930% notes due 2016 of The Western Union Company, a
Delaware corporation. This opinion is delivered pursuant to Section 4(b)(i) of the Agreement. 
 We have examined originals or copies,
certified or otherwise identified to our satisfaction, of such documents, corporate records, certificates of public officials and other instruments as we have deemed necessary for the purposes of rendering this opinion. In our examination, we have
assumed the legal capacity of all natural persons, the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as copies, and the
authenticity of the originals of such copies. 
 Capitalized terms used but not otherwise defined herein are used as defined in the
Agreement. 
 Based upon the foregoing, we are of the opinion that: 
 (i) The Agreement has been duly authorized, executed and delivered by each of the Investment Banks. Each of the Investment Banks has the corporate power
and authority to sell, transfer and deliver the Debt Obligations to the Company pursuant to, and in accordance with, the Agreement. 
 (ii)
Upon payment for the security entitlement in respect of the Debt Obligations to be sold by the Investment Banks to the Company as provided in the Agreement and the crediting of such Debt Obligations on the records of The Depository Trust Company
(“DTC”) to a security account or security accounts in the name of the Company (assuming that the Company does not have notice of any adverse claim (as such phrase is defined in Section 8-105 of the Uniform 
  

 D-1 

 Commercial Code as in effect in the State of New York (the “UCC”)) to such Debt Obligations or any
security entitlement in respect thereof), (A) under Section 8-501 of the UCC, the Company will acquire a security entitlement in respect of such Debt Obligations and (B) the Company shall acquire its interest in the Debt Obligations
free of any “adverse claim” (as defined in Section 8-102(a)(1) of the UCC); it being understood that for purposes of this opinion, we have assumed that when such payment and crediting occur, (t) the Debt Obligations are
“financial assets” (as defined in Section 8-102(a)(9) of the UCC), (u) payment for such security entitlement in respect of the Debt Obligations as provided in the Agreement constitutes “value” within the meaning of
Section 1-201(44) of the UCC, (v) such Debt Obligations will have been registered in the name of Cede & Co. or such other nominee as may be designated by DTC, in each case on the Company’s registry for such Debt Obligations
in accordance with its certificate of incorporation, bylaws, other instruments or documents and applicable law, (w) DTC is a “clearing corporation” within the meaning of Section 8-102 of the UCC, (x) DTC shall have made
appropriate book entries indicating that the Debt Obligations have been credited to the securities account or accounts in the name of the Company on the records of DTC, (y) each securities account in the name of each Investment Bank is a
“securities account” (as defined in Section 8-501(a) of the UCC, and (z) the jurisdiction of DTC with respect to each securities account for purposes of the UCC is New York. Our opinion in this paragraph (ii) is limited to
Article 8 of the UCC. 
 (iii) The execution, delivery and performance of the Agreement by the Investment Banks do not and will not
contravene the General Corporation Law of the State of Delaware or the certificate of incorporation or bylaws of either Investment Bank. 
 (iv) No consent, approval, authorization or order of, or qualification with, any governmental body or agency under United States federal or New York state law that in our experience is normally applicable to a business corporation of the
nature of either Investment Bank in relation to transactions of the type contemplated by the Agreement is required for the performance by such Investment Bank of its obligations under the Agreement, except such as have been obtained and such as may
be required under state securities or Blue Sky laws. 
 We are members of the Bar of the State of New York, and the foregoing opinion is
limited to the laws of the State of New York, the General Corporation Law of the State of Delaware and the federal laws of the United States except that paragraph (ii) is limited to the UCC and paragraphs (iii) and (iv) are limited as
set forth therein. 
 This opinion is rendered solely to you in connection with the above matter. This opinion may not be relied upon by you
for any other purpose or relied upon by or furnished to any other person without our prior written consent. 
  

	
	Very truly yours,

  

 D-2

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