Document:

EX-10.2

 Exhibit 10.2 

EXCHANGE AGREEMENT 

EXCHANGE AGREEMENT (this “Agreement”), dated as of May 4, 2016, among (i) CLAIRE’S STORES, INC., a Florida
corporation (the “Company”), (ii) the Guarantors named on the signature pages hereto (collectively, the “Guarantors”) and (iii) and the investor listed on Schedule 1 hereto (the
“Institutional Investor”). 
 W I T N E S S E T H :

 WHEREAS, there are outstanding $259.6 million aggregate principal amount of the Company’s 10.50% Senior Subordinated Notes due 2017,
guaranteed by the Guarantors (the “Existing Notes”); and 
 WHEREAS, the Institutional Investor beneficially owns
$18,779,000 aggregate principal amount of the Existing Notes as set forth on Schedule 1 hereto; and 
 WHEREAS, the Company and the
Institutional Investor desire to exchange (i) the Existing Notes held by the Institutional Investor for (ii) $18,779,000 aggregate principal amount of the Company’s newly issued 10.50% PIK Senior Subordinated Notes due 2017,
guaranteed by the Guarantors (the “New Notes”); and 
 WHEREAS, certain of the Institutional Investor’s affiliates are
concurrently exchanging $155,621,000 aggregate principal amount of Existing Notes for $155,621,000 aggregate principal amount of New Notes on substantially similar terms pursuant to a separate exchange agreement; and 

WHEREAS, the New Notes will be issued pursuant to an indenture to be dated as of May 4, 2016, between the Company, the Guarantors and The Bank
of New York Mellon Trust Company, N.A., as Trustee, substantially in the form annexed hereto as Exhibit A (the “New Indenture”); 

NOW THEREFORE, in consideration of the premises hereof and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows: 
  

	I.	EXCHANGE AND PURCHASE OF SECURITIES 

 1.1 Exchange of Securities. Simultaneously
with the execution of this Agreement (the “Closing Date”), subject to the terms and conditions hereof, the Institutional Investor shall sell, assign, transfer and deliver to the Company, and the Company shall purchase and acquire
from the Institutional Investor, the aggregate principal amount of the Existing Notes set forth opposite the name of the Institutional Investor on Schedule 1 hereto, in exchange for delivery by the Company to the Institutional Investor of New
Notes in the aggregate principal amount set forth opposite the name of the Institutional Investor on Schedule 1 hereto. 

	II.	CLOSING 

 2.1 Deliveries. On the Closing Date: 

(a) the Institutional Investor will cause to be transferred to the Company, or otherwise in accordance with the instructions of
the Company, the Existing Notes held by the Institutional Investor; and 
 (b) the Company shall issue and deliver in
accordance with the instructions of the Institutional Investor, the aggregate principal amount of New Notes to which the Institutional Investor is entitled. 
  

	III.	CERTAIN REPRESENTATIONS AND COVENANTS OF THE INSTITUTIONAL INVESTOR 

 3.1
Representations. The Institutional Investor represents to the Company that it is acquiring New Notes solely for its own account and not as a nominee or agent for any other person and not with a view to, or for sale in connection with, any
distribution thereof (within the meaning of the Securities Act of 1933, as amended (the “Securities Act”)), that would be in violation of the securities laws of the United States of America or any state thereof, without prejudice,
however, to such Institutional Investor’s right at all times to sell or otherwise dispose of any part of such New Notes in accordance with the terms thereof and applicable law. 

The Institutional Investor further represents to the Company that it: (i) is knowledgeable, sophisticated and experienced in business and
financial matters; (ii) is able to bear the economic risk of such person’s investment in the New Notes; (iii) is an “accredited investor” (as such term is defined in Rule 501(a) of Regulation D under the Securities Act);
(iv) understands that the New Notes are being issued pursuant to an exemption from registration under the Securities Act and that subsequent transfers of the New Notes are subject to limitations under the Securities Act; and (v) has been
afforded access to information about the Company and its subsidiaries and their financial condition, results, operations, businesses, properties, management and prospects and the opportunity to ask such questions as it has deemed necessary of, and
receive answers from, representatives of the Company and its subsidiaries concerning the terms and conditions of, and the merits and risks of investing in, the New Notes. 

3.2 Ownership. The Institutional Investor represents that it has all requisite power and authority to enter into and perform all its
obligations under this Agreement and to carry out the transactions contemplated hereby and that it is the lawful beneficial owner of the Existing Notes set forth opposite its name on Schedule 1 hereto, free of all liens, claims and
encumbrances. 
 3.3 Authorization. The Institutional Investor represents that it has taken all actions necessary to authorize it to
enter into and perform its obligations under this Agreement and to consummate the transactions contemplated hereby and thereby and that this Agreement is a valid and binding obligation of it, enforceable in accordance with its terms, except for the
effect of bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting the rights of creditors generally and limitations imposed by federal or state law or equitable principles upon the specific enforceability
of any of the remedies, covenants or other provisions thereof, and upon the availability of injunctive relief or other equitable remedies. 

  
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 3.4 No Conflicts. The Institutional Investor represents that neither the execution or
delivery of this Agreement, nor the consummation of the transactions contemplated hereby will: 
 (a) violate any provision
of its organizational documents; or 
 (b) violate any statute or law or any judgment, decree, order, regulation or rule of
any court or governmental authority to which it may be subject. 
  

	IV.	REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

 The Company and each Guarantor, jointly
and severally, represent and warrant to the Institutional Investor as follows: 
 4.1 Due Organization, etc. The Company and each
Guarantor are corporations or limited liability companies duly organized, validly existing and in good standing under the laws of their jurisdiction of incorporation or formation and have all requisite power and authority to own or lease and operate
their properties and carry on their business as now conducted. The Company and each Guarantor have all requisite power and authority to enter into and perform all their obligations under this Agreement, the New Indenture and the New Notes (the
“Transaction Documents”) and to carry out the transactions contemplated hereby and thereby. 
 4.2 Authorization.
The Company and each Guarantor have taken all actions necessary to authorize them to enter into and perform their obligations under the Transaction Documents and to consummate the transactions contemplated hereby and thereby. This Agreement is, and
the New Indenture and the New Notes will be, valid and binding obligations of the Company and each Guarantor, enforceable in accordance with their terms, except for the effect of bankruptcy, insolvency, reorganization, moratorium and other similar
laws relating to or affecting the rights of creditors generally and limitations imposed by federal or state law or equitable principles upon the specific enforceability of any of the remedies, covenants or other provisions thereof, and upon the
availability of injunctive relief or other equitable remedies. 
 4.3 No Conflicts. Neither the execution or delivery of the
Transaction Documents, nor the issuance and delivery of the New Notes, nor the consummation of the transactions contemplated hereby or thereby will: 

(a) violate any provision of the organizational documents of the Company or any of the Guarantors; 

(b) violate any statute or law or any judgment, decree, order, regulation or rule of any court or governmental authority to
which the Company or any Guarantor or any of their respective properties may be subject; or 
 (c) cause the acceleration of
the maturity of, violate, be in conflict with, constitute a default under, permit the termination of, require the consent of any person under or result in the creation of any lien upon any property of any of the Company or any Guarantor under any
agreement relating to indebtedness for borrowed money to which any of the Company or any Guarantor is a party or by which any thereof (or their respective properties) may be bound (i) other than required consents, all of which have been
obtained on or before the Closing Date, and (ii) other than as would not have a material adverse effect on the Company and its subsidiaries taken as a whole. 

  
 - 3 - 

 4.4 Investment Representations. 

(a) None of the Company, any of its subsidiaries, or to the knowledge of the Company, any of its affiliates, or any person
acting on its behalf, has engaged in any form of “general solicitation” or “general advertising” (as those terms are used in Regulation D as promulgated under the Securities Act) or in any manner involving a public offering
within the meaning of Section 4(a)(2) of the Securities Act in connection with the exchange of the New Notes. 
 (b)
None of the Company, any of its subsidiaries, any of its affiliates, or any person acting on its behalf, has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that
would require registration of the exchange of the New Notes under the Securities Act, whether through integration with prior offerings or otherwise. 

(c) Assuming the accuracy of the representations and warranties made by the Institutional Investor set forth in Article III
hereto, it is not necessary in connection with the exchange and delivery of the New Notes in the manner contemplated by this Agreement to register the offer, issuance or sale of any of the New Notes under the Securities Act and such offer, issuance
or sale does not require the New Indenture to be qualified under the Trust Indenture Act of 1939, as amended. 
  

	V.	COVENANTS OF THE COMPANY 

 5.1 Furnishing of Information. At any time when the
Company is not subject to Section 13 or 15(d) of the Securities and Exchange Act of 1934, as amended, the Company will promptly furnish or cause to be furnished upon request to the Institutional Investor and prospective purchasers of the New
Notes, to such holders and purchasers, copies of the information required to be delivered to holders and prospective purchasers of the New Notes pursuant to Rule 144A(d)(4) (or any successor provision thereto) to the extent necessary to permit
compliance with Rule 144A in connection with resales by such holders of the New Notes unless already on file via the Securities and Exchange Commission’s Electronic Data Gathering, Analysis and Retrieval System (“EDGAR”). The Company
will pay the expenses of printing and distributing to the Institutional Investor all such documents. 
  

	VI.	MISCELLANEOUS 

 6.1 Notices. All notices and communications provided for herein
shall be in writing and shall be delivered personally against written receipt or sent by registered or certified mail, return receipt requested, postage prepaid, to the person to whom it is directed, and shall be deemed given when received. Notices
shall be directed: 
 (a) if to the Company or a Guarantor, to such person at: 

Claire’s Stores, Inc. 

  
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 2400 West Central Road 

Hoffman Estates, IL 60192 

Attention: Chief Financial Officer 

(b) if to the Institutional Investor, to the address set forth on Schedule 1 hereto; 

or at such other address as a party shall have specified by notice in writing, in the case of the Company or the Guarantors, to the Institutional Investor,
and in the case of the Institutional Investor, to the Company and the Guarantors. 
 6.2 Governing Law. This Agreement shall be
governed by and construed in accordance with the laws of the State of New York without regard to any conflict of law principles that might require the application of the laws of another jurisdiction. 

6.3 Amendments, etc. This Agreement may not be modified or amended, and no provision hereof may be waived, except by an instrument in
writing signed by the parties hereto to be charged. 
 6.4 Assignments. The provisions of this Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and assigns. 
 6.5 Counterparts. This Agreement may be
executed in one or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. 

[Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, the parties have executed this agreement as of the date first above written.

  

					
	 CLAIRE’S STORES, INC.

		
	 By: 
	 	/s/ J. Per Brodin
		 	Name:	 	 J. Per Brodin

		 	Title:	 	 Executive Vice President and
Chief Financial Officer

	
	 BMS DISTRIBUTING CORP.

as Guarantor

		
	By:	 	/s/ J. Per Brodin
		 	Name:	 	 J. Per Brodin

		 	Title:	 	 Executive Vice President and
Chief Financial Officer

	
	 CBI DISTRIBUTING CORP.

as Guarantor

		
	By:	 	/s/ J. Per Brodin
		 	Name:	 	 J. Per Brodin

		 	Title:	 	 Executive Vice President and
Chief Financial Officer

	
	 CLAIRE’S BOUTIQUES, INC.

as Guarantor

		
	By:	 	/s/ J. Per Brodin
		 	Name:	 	 J. Per Brodin

		 	Title:	 	 Executive Vice President and
Chief Financial Officer

	
	 CLAIRE’S CANADA CORP.

as Guarantor

		
	By:	 	/s/ J. Per Brodin
		 	Name:	 	 J. Per Brodin

		 	Title:	 	 Executive Vice President and
Chief Financial Officer

  
 [Signature Page to
Exchange Agreement] 

  

					
	 CLAIRE’S PUERTO RICO CORP.

	 as Guarantor

		
	 By:
	 	/s/ J. Per Brodin
		 	Name:	 	 J. Per Brodin

		 	Title:	 	 Executive Vice President and
Chief Financial Officer

	
	 CSI CANADA LLC

as Guarantor

		
	 By:
	 	/s/ J. Per Brodin
		 	Name:	 	 J. Per Brodin

		 	Title:	 	Manager

  
 [Signature Page to
Exchange Agreement] 

 
			
	APOLLO INVESTMENT FUND VI, L.P.
		
	By: 	 	 Apollo Advisors VI, L.P.,
 its general
partner

		
	By:	 	 Apollo Capital Management VI, LLC,
 its general
partner

		
	By:	 	/s/ Laurie D. Medley
		 	 Name: Laurie D. Medley
 Title: Vice
President

  
 [Signature Page to
Exchange Agreement] 

 Schedule 1 
  

					
	 Institutional Investor
	  	Existing Notes	  	New Notes
	(Name and Address)	  	 	  	 
	 Apollo Investment Fund VI, L.P.
 c/o Apollo
Management VI, L.P.
 9 West 57th Street
 New York, NY
10019
	  	$18,779,000.00	  	$18,779,000.00

 Exhibit A 

Form of New IndentureEX-10.1

 EXHIBIT 10.1 

TOTAL SYSTEM SERVICES, INC. 
 STOCK OPTION
AGREEMENT 
 THIS AGREEMENT (“Agreement”) is made effective as of
                    , by and between TOTAL SYSTEM SERVICES, INC., a Georgia corporation (the “Company”), with its principal office
at One TSYS Way, Columbus, Georgia, and you (“Option Holder”), an employee of the Company, its Affiliate or its Subsidiary. 
 W
I T N E S S E T H: 
 WHEREAS, the Board of Directors of the Company has adopted the
Total System Services, Inc. 2012 Omnibus Plan (the “Plan”); and 
 WHEREAS, the Company recognizes the value to it of the services of the
Option Holder and intends to provide the Option Holder with added incentive and inducement to contribute to the success of the Company; and 

WHEREAS, the Company recognizes the potential benefits of providing employees the opportunity to acquire an equity interest in the Company and to more
closely align the personal interests of employees with those of other shareholders; and 
 WHEREAS, on
                    , the Compensation Committee of the Board of Directors of the Company approved the grant to the Option Holder effective
                     (the “Grant Date”), pursuant to Article 6 of the Plan, of an Option in respect of the number of Shares with an
initial economic value equal to the product of (a) the Option Holder’s base salary as of the Grant Date multiplied by (b)         % of his LTIP multiplier as determined by the
Compensation Committee prior to the Grant Date. The Compensation Committee also designated the Option a Nonqualified Stock Option and fixed and determined the Option price and exercise and termination dates as set forth below. 

NOW, THEREFORE, in consideration of grant of certain equity interests to you in connection with your employment, and your continued employment, by the
Company, its Affiliate or its Subsidiary, the mutual promises and representations herein contained and other good and valuable consideration, it is agreed by and between the parties hereto as follows 

1. The terms, provisions and definitions of the Plan are incorporated by reference and made a part hereof. All capitalized terms in this Agreement shall
have the same meanings given to such terms in the Plan except where otherwise noted. 
 2. Subject to and in accordance with the provisions of the
Plan, the Company hereby grants to the Option Holder a Nonqualified Stock Option to purchase, on the terms and subject to the conditions hereinafter set forth, all or any part of the aggregate 

  
 1 

 
shares of the common stock (par value $0.10 per share) so granted of the Company at the purchase price of $         per Share, exercisable in the
amounts and at the times set forth in Section 3 below, unless the Compensation Committee, in its sole and exclusive discretion, shall authorize the Option Holder to exercise all or part of the Option at an earlier date. 

3. The Option will vest over the period
                     –
                     (the “Vesting Period”) in accordance with the following schedule: 

 

					
	If employment	  	Percentage of	 
	 continues through
	  	Option Vested	 
	
                    
 (one year from grant)
	  	 	33	% 
	
                    
 (two years from grant)
	  	 	67	% 
	
                    
 (three years from grant)
	  	 	100	% 

 (a) In the event of Option Holder’s death or total and permanent disability, the Option shall become 100% vested
and Option Holder (or the legal representative of Option Holder’s estate or legatee under Option Holder’s will) shall be able to exercise the Option in full for the remainder of the Option’s term. 

(b) If Option Holder retires from the Company, its Affiliate or its Subsidiary on or after the date Option Holder attains age 65, or age 62 with 15 or
more years of service, Option Holder shall be able to exercise the Option, as follows: 
 (i) If Option Holder retires on or before
                     (one year from the date of grant), the Option will vest and become exercisable for a percentage of the Option, with such
percentage to be expressed as the ratio of the number of months since the Grant Date that Option Holder has been employed to 36. Partial months of employment will be counted as full months for purposes of this proration calculation. To the extent
the Option is exercisable pursuant to this subparagraph; it will be exercisable for the remainder of the Option’s term. 
 (ii) If Option Holder
retires after                      (one year from the date of grant), the Option Holder shall be deemed to have continued employment through
the end of the Vesting Period and the Option shall become 67% vested on                      (two years from the date of grant) and 100%
vested on                      (three years from the date of grant), and Option Holder shall be able to exercise the Option in full for the
remainder of the Option’s term. 
 If Option Holder is involuntarily terminated by the Company or its Affiliate or Subsidiary, Option Holder will not be
considered to have “retired” for purposes of this Section 3(b), regardless of whether Option Holder’s separation of employment occurs on or after the date Option Holder attains age 65, or age 62 with 15 or more years of service,
unless the Committee determines otherwise, in its sole discretion. Furthermore, if Option Holder violates any of the covenants referenced in Section 9, his unvested Options shall be immediately forfeited. 

  
 2 

 (c) In the event of Option Holder’s separation of employment for any reason other than the reasons
listed in Section 3(a) or 3(b), Option Holder shall be able to exercise the vested portion of the Option, determined as of the date of separation of employment, for 90 days following the date of such separation of employment. In the event of a
Change of Control (as defined in Section 2.8 of the Plan), any applicable terms of Section 8 will supersede the terms of this Section 3. 

Unless sooner terminated as provided in the Plan or in this Agreement, the Option shall terminate, and all rights of the Option Holder hereunder shall
expire, on                      (ten years from the date of grant). In no event may the Option be exercised after
                     (ten years from the date of grant). 

4. The Option or any part thereof, may, to the extent that it is vested and exercisable, be exercised in the manner provided in the Plan. Payment of the
aggregate Option price for the number of Shares purchased and any withholding taxes shall be made in the manner provided in the Plan. 
 5. The Option
or any part thereof may be exercised during the lifetime of the Option Holder only by the Option Holder and only while the Option Holder is in the employ of the Company, except as otherwise provided in the Plan. 

6. Unless otherwise designated by the Compensation Committee, the Option shall not be transferred, assigned, pledged or hypothecated in any way. Upon any
attempt to transfer, assign, pledge, hypothecate or otherwise dispose of a nontransferable Option or any right or privilege confirmed hereby contrary to the provisions hereof, the Option and the rights and privileges confirmed hereby shall
immediately become null and void. 
 7. In the event of any merger, reorganization, consolidation, recapitalization, stock dividend, or other change in
corporate structure affecting the Company’s Shares, any necessary adjustment shall be made in accordance with the provisions of Section 4.4 of the Plan. 

8. In the event of a Change of Control (as defined in Section 2.8 of the Plan), the following provisions shall apply to the Option: 

(a) If the Company is the surviving entity and any adjustments necessary to preserve the intrinsic value of the Option Holder’s outstanding Option
have been made, or the Company’s successor at the time of the Change of Control irrevocably assumes the Company’s obligations under the Plan and this Agreement or replaces the Option Holder’s outstanding Option with stock options
having substantially the same intrinsic value and having terms and conditions no less favorable to the Option Holder than those applicable to the Option immediately prior to the Change of Control (collectively,

  
 3 

 
an “Equitable Assumption or Replacement”), and if the Option Holder’s employment is terminated within two years following the date of such Change of Control either (i) by the
Company for any reason other than Cause or (ii) by the Option Holder for Good Reason (as the terms “Cause” and “Good Reason” are defined in the Company’s applicable Change of Control Agreement, the provisions of which
are incorporated herein by reference), then the Option may be exercised to the extent exercisable upon such termination pursuant to the schedule in Section 3 above. In addition, the Option will also vest and become exercisable for an additional
percentage of the Option determined by multiplying (i) the incremental percentage of the Option that has not yet vested and that would have become exercisable under such schedule on the next anniversary date if Option Holder’s employment
had not terminated, with such percentage to be expressed as a number of Shares, by (ii) the ratio of the number of months since the immediately preceding anniversary date (or since the Grant Date, if the termination occurs prior to
                     (one year from the date of grant)) that Option Holder has been employed to 12. Partial months of employment will be
counted as full months for purposes of this proration calculation. To the extent the Option is exercisable pursuant to this Section 8(a), it will be exercisable for the remainder of the Option’s term. 

(b) If there is no Equitable Assumption or Replacement, then the Option may be exercised to the extent exercisable upon such Change of Control pursuant
to the schedule in Section 3 above. In addition, the Option will also vest and become exercisable for an additional percentage of the Option determined by multiplying (i) the incremental percentage of the Option that has not yet vested and
that would have become exercisable under such schedule on the next anniversary date if the Change of Control had not occurred, with such percentage to be expressed as a number of Shares, by (ii) the ratio of the number of months since the
immediately preceding anniversary date (or since the Grant Date, if the Change of Control occurs prior to                      (one year from
the date of grant) through the date of the Change of Control to 12. Partial months of employment will be counted as full months for purposes of this proration calculation. 

9. By acceptance of this Option via electronic execution of this Agreement, you agree to the terms and conditions of the Restrictive Covenant Agreement
that is attached hereto as Exhibit “A”, the provisions of which are incorporated herein and made a part of this Agreement by this reference. 

Any notice to be given to the Company shall be addressed to the General Counsel of the Company at One TSYS Way, Post Office Box 2567, Columbus, Georgia
31902-2567. 
 10. Nothing herein contained shall affect the right of the Option Holder to participate in and receive benefits under and in accordance
with the provisions of any pension, insurance or other benefit plan or program of the Company as in effect from time to time and for which the Option Holder is eligible. 

  
 4 

 11. Nothing herein contained shall affect the right of the Company, subject to the terms of any written
contractual arrangement to the contrary, to terminate the Option Holder’s employment at any time for any reason whatsoever. 
 12. This Agreement
shall be binding upon and inure to the benefit of the Option Holder, his personal representatives, heirs, legatees. However, neither this Agreement nor any rights hereunder shall be assignable or otherwise transferable by the Option Holder except as
expressly set forth in this Agreement or in the Plan. 
 13. If this Award and the Shares acquired upon exercise of this Option are subject to recovery
under any law, government regulation or stock exchange listing requirement, this Award and the Shares shall be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation or stock exchange
listing requirement (or any policy adopted by the Company pursuant to any such law, government regulation or stock exchange listing requirement) and the Committee shall require that Option Holder reimburse the Company all or part of any payment or
transfer related to this Award and the Shares. 
 14. The Company has issued the Option subject to the foregoing terms and conditions and the
provisions of the Plan. Option Holder’s acceptance of the Option shall be made by electronic acknowledgement of this Agreement, and Option Holder agrees that his electronic acknowledgment of this Agreement shall be considered the equivalent of
his written signature. 
  

			
	TOTAL SYSTEM SERVICES, INC.
		
	By:	 	 /s/ Ryland Harrelson

		 	Ryland Harrelson
		 	Executive Vice-President and Chief HR Officer

  
 5 

 EXHIBIT A 

RESTRICTIVE COVENANT AGREEMENT 
 This
RESTRICTIVE COVENANT AGREEMENT (this “Agreement”) is made and entered into by and between, an executive of Total System Services, Inc. or one of its Affiliates or Subsidiaries (‘‘Executive”), and TOTAL SYSTEM
SERVICES, INC., a Georgia corporation or one of its Affiliates or Subsidiaries (collectively the “Company’‘). In consideration of the Company’s grant of certain equity interests to you in connection with your employment, and your
continued employment, by the Company or one of its Affiliates or Subsidiaries, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the parties, the parties agree as follows: 

 

	 	1.	Acknowledgments. 

 (a) Executive acknowledges that during the course of Executive’s employment
with the Company, Executive has had or will have access to Confidential Information (as defined below). Executive understands and agrees that such Confidential Information is of great competitive importance and commercial value to the Company and
its affiliates (collectively, the “Company Group”), and that the improper use or disclosure of such Confidential Information by Executive would cause irreparable harm to the Company Group. Accordingly, Executive agrees that the
restrictive covenants contained in this Agreement are reasonable, fair, and necessary to protect the Company Group’s legitimate business interests in safeguarding its Confidential Information and that any claim or cause of action of Executive
against the Company Group will not constitute a defense to the enforcement of such restrictive covenants. 
 (b) Executive acknowledges that an
important part of Executive’s duties is, has been, or will be to advance the business of the Company Group by directly or through the supervision of others, developing and maintaining substantial relationships with prospective or existing
clients of the Company Group and/or developing and maintaining the goodwill of the Company Group associated with (i) an ongoing business, commercial or professional practice, or (ii) a specific geographic location, or (iii) a specific
marketing or trade area and/or providing corporate support services for the Company Group including, but not limited to, legal, financial, human resources, technical, communication, and investor relations 

(c) Executive acknowledges that in the course of Executive’s employment with the Company, Executive has, does or will customarily and regularly
solicit clients or prospective clients and/or customarily and regularly engage in making sales or obtaining contracts for products or services to be performed by others, and/or perform each of the following duties: (i) have the primary duty of
managing the enterprise in which the Executive is employed; (ii) customarily and regularly direct the 

  
 1 

 
work of two or more employees; and (iii) have the authority to hire or fire other employees or have particular weight given to Executive’s suggestions and recommendations as to the
hiring, firing, advancement, promotion, or any other change of status of other employees, and/or by reason of the Company Group’s investment of time, training, money, trust, exposure to the public, or exposure to clients, vendors, or other
business relationships has (a) gained a high level of notoriety, fame, reputation, or public persona as the Company Group’s representative or spokesperson or a high level of influence or credibility with the Company Group’s clients,
vendors, or other business relationships and/or (b) become intimately involved in the planning for or direction of the business of the Company Group or a defined unit of the business of the Company Group and/or (c) obtained selective or
specialized skills, knowledge, abilities, or client contacts or information. 
  

	 	2.	Protection of Confidential Information. 

 (a) Non-disclosure of Confidential Information.
From and after                     , Executive shall hold in confidence all Confidential Information and shall not, either directly or
indirectly, use, transmit, copy, publish, reveal, divulge or otherwise disclose or make accessible any Confidential Information to any person or entity without the prior written consent of the General Counsel of the Company. Executive’s
obligation of non-disclosure as set forth herein shall continue for so long as the information in question continues to constitute Confidential Information. The restrictions in this section 2 are in addition to and not in lieu of any other
obligations of Executive to protect Confidential Information, including, but not limited to, obligations arising under the Company Group’s policies, ethical rules, applicable law, or any other contract or agreement. Nothing in this Agreement is
intended to or should be interpreted as diminishing any rights and remedies the Company Group has under applicable law related to the protection of confidential information or trade secrets. 

(b) Definition of Confidential Information. For purposes of this Agreement, “Confidential Information” means data or information
relating to the business of the Company Group that has been or will be disclosed to Executive or of which Executive becomes aware as a consequence of or through Executive’s relationship with the Company Group and which has value to the Company
Group or, if owned by someone else, has value to that third party, and is not generally known to the Company Group’s competitors. Confidential Information includes, but is not limited to, trade secrets, information regarding clients,
contractors and the industry not generally known to the public, strategies, methods, books, records and documents, technical information concerning products, equipment, services and processes, procurement procedures, pricing and pricing techniques,
information concerning past, current and prospective clients, investors and business affiliates, pricing strategies and price curves, plans or strategies for expansion or acquisitions, budgets, research, financial and sales data, communications
information, evaluations, opinions and interpretations of information and data, marketing and merchandising techniques, electronic databases, models, specifications, computer programs, contracts, bids or proposals, technologies and methods, training
methods and processes, organizational structure, personnel information, payments or rates paid to consultants or other service providers, and other 

  
 2 

 
such confidential or proprietary information, whether such information is developed in whole or in part by Executive, by others in the Company Group or obtained by the Company Group from third
parties, and irrespective of whether such information has been identified by the Company Group as secret or confidential. Confidential Information does not include any data or information that has been voluntarily disclosed to the public by the
Company Group (except where such public disclosure has been made by Executive without authorization) or that has been independently developed and disclosed by others, or that otherwise enters the public domain through lawful means. 

(c) Notice to Company Group. In the event Executive is requested or required pursuant to any legal, governmental, or investigatory proceeding or
process or otherwise to disclose any Confidential Information, Executive shall promptly notify the General Counsel of the Company in writing (in no event later than five business days prior to the disclosure unless disclosure is required in less
than five days, in which event Executive shall notify the Company Group as soon as possible), so that the Company Group may seek a protective order or other appropriate remedy, or, if it chooses, waive compliance with the applicable provision of
this Agreement. Executive shall cooperate with the Company Group to preserve the confidentiality of such Confidential Information consistent with applicable law or court order, and shall use Executive’s best efforts to limit any such disclosure
to the minimum disclosure necessary to comply with such law or court order. 
 3. Protection Against Unfair Competition. Executive agrees and
covenants that for a period of two (2) years from and after his termination of employment with the Company, Executive shall not, directly or indirectly, whether through Executive or through another person or entity, perform any of the
Prohibited Activities (as defined below) in the Territory (as defined below) or any part thereof for or on behalf of Executive or any other person or entity that competes with the Business of the Company Group (as defined below) or any part thereof.

 (a) For purposes of this Agreement, Executive’s “Prohibited Activities” means activities of the type conducted, provided, or
offered by Executive within two (2) years prior to his termination of employment with the Company, including supervisory, management, operational, business development, maintenance of client relationships, corporate strategy, community
relations, public policy, regulatory strategy, sales, marketing, investor relations, financial, accounting, legal, human resource, technical and other similar or related activities and including service as a director or in any similar capacity
without the consent of the Chief Executive Officer of the Company. 
 (b) For purposes of this Agreement, the “Territory” means the
United States of America, Mexico, Canada, Europe, and Brazil plus any other geographic area(s) in which Executive is performing services for or on behalf of the Company Group as of the date of Executive’s termination of employment. 

  
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 (c) For purposes of this Agreement, the “Business of the Company Group” means the business
of (i) providing payment processing services to financial and non-financial institutions, (ii) performing services, acquiring solutions and related systems and integrated support services to merchant acquiring and merchants, and related
payment services to financial and nonfinancial institutions, and (iii) providing general-purpose reloadable prepaid debit cards and payroll cards and alternative financial services to underbanked consumers and others, or similar or related
businesses or activities conducted, authorized, offered or provided by the Company Group within two (2) years prior to the date of Executive’s termination of employment. 

4. Non-solicitation of Clients. Executive agrees and covenants that for a period of two (2) years from and after the date of Executive’s
termination of employment, Executive shall not solicit or attempt to solicit, directly or by assisting others, any business from any of the Company Group’s clients, including actively sought prospective clients, with whom Executive had Material
Contact during Executive’s employment by the Company Group for purposes of providing products or services that are competitive with those provided by the Company Group. 

(a) For purposes of this Agreement, products or services shall be considered competitive with those provided by the Company Group if such products or
services are of the type conducted, authorized, offered or provided by the Company Group within two (2) years prior to the date of Executive’s termination of employment. 

(b) For purposes of this Agreement, the term “Material Contact” means contact between Executive and each client or potential client
(i) with whom Executive dealt on behalf of the Company Group, (ii) whose dealings with the Company Group were coordinated or supervised by Executive, (iii) about whom the Executive obtained Confidential Information in the ordinary
course of business as a result of Executive’s association with the Company Group, or (iv) who receives products or services authorized by the Company Group, the sale or possession of which results or resulted in possible compensation,
commissions, or earnings for Executive within two (2) years prior to the Executive’s termination of employment. 
 5. Non-solicitation of
Employees. Executive agrees and covenants that for a period of two (2) years from and after the date he terminates employment, Executive shall not solicit or attempt to solicit, directly or by assisting others, any person who was an
employee of the Company Group on, or within six (6) months before, the date of such solicitation or attempted solicitation and with whom Executive had contact while employed by, or serving as a director of, the Company, for purposes of inducing
such person to leave the employment of the Company Group. 
 6. Non-disparagement. Executive agrees not to make, publish or communicate to any
person or entity or in any public forum (including social media) at any time any defamatory or disparaging remarks, comments or statements concerning any of the Company Group, any of its affiliates, or any of their respective directors, officers and
employees. Notwithstanding the foregoing, this section 6 does not in any way, restrict or impede Executive from exercising protected rights to the extent that such rights cannot be waived by agreement or from complying with any applicable law or
regulation or a valid order of a court of competent jurisdiction or an authorized government agency. 

  
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 7. Enforcement. Executive acknowledges and agrees that a breach of any of the restrictive covenants
set forth in this Agreement would cause irreparable damage to the Company Group, the exact amount of which would be difficult to determine, and that the remedies at law for any such breach would be inadequate. Accordingly, Executive agrees that, in
addition to any other remedy that may be available at law, in equity, or hereunder, the Company Group shall be entitled to specific performance and injunctive relief, without posting bond or other security, to enforce or prevent any breach of any of
the restrictive covenants set forth in this Agreement. In any action for injunctive relief, the prevailing party will be entitled to collect reasonable attorneys’ fees and other reasonable costs from the non-prevailing party. 

8. Tolling. In the event the enforceability of any of the restrictive covenants in this Agreement are challenged in a claim or counterclaim in
court during the time periods set forth in this Agreement for such restrictive covenants, and Executive is not immediately enjoined from breaching any of the restrictive covenants herein, then if a court of competent jurisdiction later finds that
the challenged restrictive covenant is enforceable, the time periods set forth in the challenged restrictive covenant(s) shall be deemed tolled upon the filing of the claim or counterclaim in court seeking or challenging the enforceability of this
Agreement until the dispute is finally resolved and all periods of appeal have expired; provided, however, that to the extent Executive complies with such restrictive covenant(s) during such challenge, the time periods set forth in the
challenged restrictive covenant(s) shall not be deemed tolled. 
 9. Notification to Subsequent Employer. Executive agrees to notify any
subsequent employer of the existence and terms of this Agreement. In addition, Executive authorizes the Company Group to provide a copy of this Agreement to third parties, including but not limited to Executive’s subsequent, anticipated, or
possible future employers. 
 10. Notices. 

(a) All notices provided for or required by this Agreement shall be in writing and shall be deemed to have been properly given when sent to the other
party by facsimile (confirmation of receipt required) or when received by the other party if mailed by certified or registered mail, return receipt requested, as follows: 

 

			
	If to the Company:	  	Total System Services, Inc.
		  	Attn: General Counsel
		  	One TSYS Way
		  	Post Office Box 2567
		  	 Columbus, Georgia 31902-2567
  

	If to Executive:	  	Most recent address on file with the Company

  
 5 

 (b) Either party hereto may change the address to which notice is to be sent by written notice to the other
party in accordance with the provisions of this section 10. 
 11. Governing Law; Venue. This Agreement shall be deemed to be made in, and in
all respects shall be interpreted, construed, and governed by and in accordance with the laws of the State of Georgia, irrespective of its choice-of-law rules. Any action arising under or related to this Agreement, shall be filed exclusively in the
state or federal courts with jurisdiction over Muscogee County, Georgia or Gwinnett County, Georgia and each of the parties hereby consents to the jurisdiction and venue of such courts. 

12. Assignability. This Agreement is personal to Executive and may not be assigned by Executive. Any purported assignment by Employee shall be
null and void from the initial date of the purported assignment. This Agreement shall be assignable by the Company and shall inure to the benefit of the Company and its successors and assigns. 

13. Severability. Should any provision of this Agreement be declared or determined by any court of competent jurisdiction to be unenforceable or
invalid for any reason, the validity of the remaining parts, terms or provisions of this Agreement shall not be affected thereby and the invalid or unenforceable part, term or provision shall be deemed not to be a part of this Agreement. 

14. Third Party Beneficiaries. The parties agree that the Company Group and each member thereof are intended third party beneficiaries of this
Agreement, with full rights to enforce this Agreement. Except as stated in the preceding sentence, this Agreement does not confer any rights or remedies upon any person or entity other than the parties to this Agreement and their respective
successors and permitted assigns. 
 15. Modification. No provision of this Agreement may be modified or waived except in writing signed by
Executive and a duly authorized representative of the Company. The writing shall specifically reference this Agreement and the provision that the Company and Executive intend to waive or modify. Notwithstanding the foregoing, if it is determined by
a court of competent jurisdiction that any restrictive covenant set forth in this Agreement is excessive in duration or scope or is unreasonable or unenforceable, it is the intention of the parties that such restriction may be modified by the court
to render it enforceable to the maximum extent permitted by law. 
 16. Survival. Executive’s obligations under this Agreement shall
survive the termination of Executive’s employment for any reason, and shall thereafter be enforceable whether or not such termination is claimed or found to be wrongful or to constitute or result in a breach of any contract or of any other duty
owed or claimed to be owed to Executive by the Company. 

  
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 17. Electronic Signature. Executive’s acceptance and execution of this Agreement shall be made
by electronic acknowledgment, and Executive agrees that his or her electronic acknowledgment of this Agreement shall be considered the equivalent of his or her written signature. 

 

			
	TOTAL SYSTEM SERVICES, INC.
		
	By:	 	 /s/ Ryland Harrelson

		 	Ryland Harrelson
		 	Executive Vice-President and Chief HR Officer

  
 7

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