Document:

exv10w5

 

Exhibit 10.5

EMPLOYMENT AGREEMENT

     This Employment Agreement (the “Agreement”) is made as of April 10, 2008 (the “Effective
Date”) by and between Euronet Worldwide, Inc., a Delaware corporation (“Employer”), and Jeffrey B.
Newman (“Employee”).

RECITALS

     WHEREAS, Employee is currently employed by Employer and both Employer and Employee desire for
Employee to continue such employment on certain terms and conditions.

     NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements
contained herein, and for other good and valuable consideration, the adequacy of which is hereby
acknowledged, Employer and Employee, each intending to be legally bound, agree as follows:

     1. Term. The term of this Agreement (the “Term”) shall commence on the Effective Date
and shall continue indefinitely until the date on which Employee’s employment by Employer
terminates pursuant to Section 7 or 8 of this Agreement. This Agreement shall, as of the Effective
Date, supercede and replace in its entirety any written or verbal employment agreement then in
effect between Employer and Employee.

     2. Service. During the Term, Employee shall serve as Executive Vice President and
General Counsel and, subject to the provisions hereof regarding constructive termination Without
Cause, in such other positions and perform services in such other departments of Employer as
requested by Employer’s Board of Directors (the “Board”). Employee shall perform such services as
normally are associated with such positions.

     3. Compensation and Benefits.

          (a) Base Salary. During the Term, as compensation for services rendered by Employee
under this Agreement, Employer shall pay Employee an annual base salary of $290,000 per annum,
which shall be payable in installments and increased from time to time in accordance with
Employer’s general payroll practices (as in effect from time to time, “Base Salary”).

          (b) Other Compensation.

	 	(i)	 	During the Term, Employee shall be entitled to
such comparable fringe benefits and perquisites as may be provided to
Employer’s executive level employees pursuant to policies established
from time to time by Employer. Employee shall be eligible for bonuses
under 

 

 

	 	 	 	Employer’s executive bonus plan, subject to meeting performance
or other targets set by Employer with respect to such bonuses.

	 	(ii)	 	Employee and Employee’s immediate family shall
be provided by Employer with medical, dental and life insurance through
and in accordance with the terms of Employer’s group health insurance
plan, subject to payment by Employee of a portion of the premiums in
accordance with policies established by Employer from time to time.

     4. Other Benefits. During the Term, Employee shall be entitled to annual vacation of
20 days, provided however that Employee may not use more than ten consecutive vacation days at one
time.

     5. Business Expense Reimbursement. Employer shall reimburse Employee for all
reasonable and proper business expenses incurred by Employee in the performance of Employee’s
duties hereunder during the Term, in accordance with Employer’s customary practices for executive
level employees, and provided such business expenses are supported by actual receipts and are
reasonably documented as to purpose, persons, place and time.

     6. Restrictions on Employee’s Conduct.

          (a) Exclusive Services. During the Term, Employee shall at all times devote
Employee’s full-time attention, energies, efforts and skills to the business of Employer (which
term shall hereinafter include each of Employer’s subsidiaries) and shall not, directly or
indirectly, engage in any other business activity, whether or not for profit, gain or other
pecuniary advantages, without Employer’s written consent, provided that such prior consent shall
not be required with respect to: (i) business interests that neither compete with Employer nor
interfere with the performance of Employee’s duties and obligations under this Agreement; or (ii)
Employee’s charitable, philanthropic or professional association activities which do not interfere
with the performance of Employee’s duties and obligations under this Agreement.

          (b) Confidential Information. During the Term and after the termination of the Term,
Employee shall not disclose or use, directly or indirectly, any Confidential Information. For the
purposes of this Agreement, “Confidential Information” shall mean all information disclosed to
Employee, or known by him as a consequence of or through Employee’s employment with Employer (under
this Agreement or prior to this Agreement) where such information is not generally known in the
trade or industry or was regarded or treated as confidential by Employer, and where such
information refers or relates in any manner whatsoever to the business activities, processes,
services or products of Employer. Confidential Information shall include business and development
plans (whether contemplated, initiated or completed), information with respect to the development
of technical and management services, business contacts, methods of operation, results of analysis,
business forecasts, financial data, costs, revenues, and similar information. Upon

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termination of
the Term, Employee shall immediately return to Employer all property of Employer and all
Confidential Information, which is in tangible form, including all copies, extracts, and
summaries thereof and any Confidential Information stored electronically on drives, hard drives,
tapes, computer disks or in any other manner.

          (c) Business Opportunities and Conflicts of Interests.

	 	(i)	 	During the Term, Employee shall promptly
disclose to Employer each business opportunity of a type which, based
upon its prospects and relationship to the existing businesses of
Employer, Employer might reasonably consider pursuing. After
termination of this Agreement, regardless of the circumstances thereof,
Employer shall have the exclusive right to participate in or undertake
any such opportunity on its own behalf without any involvement of
Employee.
	 
	 	(ii)	 	During the Term, Employee shall refrain from
engaging in any activity, practice or act which conflicts with, or has
the potential to conflict with, the interests of Employer, and he shall
avoid any acts or omissions which are disloyal to, or competitive with
Employer.

          (d) Non-Solicitation. For a period of two years following any termination of this
Agreement, Employee shall not directly or indirectly, induce or attempt to induce or otherwise
counsel, advise, ask or encourage any person to leave the employ of Employer, or solicit or offer
employment to any person who was employed by Employer at any time during the twelve-month period
preceding the solicitation or offer.

          (e) Covenant Not to Compete.

	 	(i)	 	During the Term, Employee shall not, without
Employer’s prior written consent, directly or indirectly, either as an
officer, director, employee, agent, advisor, consultant, principal,
stockholder, partner, owner or in any other capacity, on Employee’s own
behalf or otherwise, in any way engage in, represent, be connected with
or have a financial interest in, any business which is, or to
Employee’s knowledge, is about to become, engaged in any business with
which Employer is currently or has previously done business or any
subsequent line of business developed by Employer or any business
planned during the Term to be established by Employer. Notwithstanding
the foregoing, Employee shall be permitted to own passive investments
in publicly held companies provided that such investments do not exceed
five percent (5%) of any such company’s outstanding equity.

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	 	(ii)	 	For a period of two years following any
termination of this Agreement and without regard to whether Employer or
Employee terminates this Agreement, Employee shall not, engage in
competition with Employer, or solicit, from any person or entity who
purchased any product or service from Employer during Employee’s
employment hereunder, the purchase of any product or service in
competition with then existing products or services of Employer.
	 
	 	(iii)	 	For purposes of this Agreement, Employee shall
be deemed to engage in competition with Employer if he shall directly
or indirectly, either individually or as a stockholder, director,
officer, partner, consultant, owner, employee, agent, or in any other
capacity, consult with or otherwise assist any person or entity engaged
in providing electronic financial transaction processing or other
services similar to those provided by Employer or any member of
Employer’s group of companies. The provisions of this Section 6(e)
shall apply in any location in which Employer has established, or is in
the process of establishing, a business presence.

          (f) Employee Acknowledgment. Employee hereby agrees and acknowledges that the
restrictions imposed upon him by the provisions of this Section 6 are fair and reasonable
considering the nature of Employer’s business, and are reasonably required for Employer’s
protection.

          (g) Invalidity. If a court of competent jurisdiction or an arbitrator shall declare
any provision or restriction contained in this Section 6 as unenforceable or void, the provisions
of this Section 6 shall remain in full force and effect to the extent not so declared to be
unenforceable or void, and the court may modify the invalid provision to make it enforceable to the
maximum extent permitted by law.

          (h) Specific Performance. Employee agrees that if he breaches any of the provisions
of this Section 6, the remedies available at law to Employer would be inadequate and in lieu
thereof, or in addition thereto, Employer shall be entitled to appropriate equitable remedies,
including specific performance and injunctive relief. Employee agrees not to enter into any
agreement, either written or oral, which may conflict with this Agreement, and Employee authorizes
Employer to make known the terms of this Section 6 to any person, including future employers of
Employee.

     7. Termination.

          (a) Termination by Employer for Cause. Subject to the last sentence of this Section
7(a), at any time during the Term of this Agreement, Employer may terminate Employee’s employment
for Cause, as defined below, upon at least fourteen (14) days written

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notice setting forth a
description of the conduct constituting Cause. If Employee’s employment is terminated for Cause,
he shall be entitled to:

	 	(i)	 	payment of any earned but unpaid portion of Employee’s Base
Salary through the effective date of such termination;
	 
	 	(ii)	 	reimbursement for any reasonable, unreimbursed and documented
business expense he has incurred in performing Employee’s duties hereunder
	 
	 	(iii)	 	the right to elect continuation coverage of insurance benefits
to the extent required by law; and
	 
	 	(iv)	 	payment of any accrued but unpaid benefits (including without
limitation, any bonus due by virtue of having met all applicable performance
targets prior to the effective date of such termination), and any other rights,
as required by the terms of any employee benefit plan or program of Employer.

For purposes of this Agreement, “Cause” shall mean: (1) conviction of Employee of, or the entry of
a plea of guilty or nolo contendere by Employee to, any felony, or any misdemeanor involving moral
turpitude; (2) fraud, misappropriation or embezzlement by Employee; (3) Employee’s wilful failure,
gross negligence or gross misconduct in the performance of Employee’s assigned duties for Employer;
(4) willful failure by Employee to follow reasonable instructions of any officer to whom Employee
reports or the Euronet board; (5) Employee’s gross negligence or gross misconduct in the
performance of Employee’s assigned duties for Employer. Notwithstanding the provisions of this
Section 7(a) defining “Cause,” in the event of a Change of Control, as defined hereafter, a
Termination for Cause shall mean only a termination for an act of dishonesty by Employee
constituting a felony which was intended to or resulted in gain or personal enrichment of Employee
at Employer’s expense. For purposes of this entire agreement and for the avoidance of doubt, the
“termination” of Employee’s employment is intended to be a “separation from service” under Code
section 409A(a)(2)(A)(i) and is to be interpreted in a manner consistent with such section and
applicable Treasury regulations issued thereunder.

          (b) Termination by Employer Without Cause or Constructive Termination Without Cause Before
a Change of Control. At any time before a Change of Control, Employer may terminate Employee’s
employment without Cause, by giving written notice of termination. If Employee’s employment is
terminated without Cause, or if there is a constructive termination without Cause, as defined
below, Employee shall be entitled to receive from Employer the following:

	 	(i)	 	severance benefits including:

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	 	(A)	 	subject to
Section 7(h) below, payment of the then current Base
Salary for a severance Period of 24-months commencing on
the effective date of Employee’s termination (the
“Severance Period”), in accordance with Employer’s
regular salary payment practices,
	 
	 	(B)	 	continuation of
the vesting of any outstanding stock options, restricted
stock awards and other equity incentive awards
(“Equity-Based Awards”) and continuation of the
Employee’s rights to exercise any outstanding
Equity-Based Awards, through the full 24 month Severance
Period. For purposes of these equity awards, Employee
shall be considered to be an employee of the Employer
during the entire Severance Period, and shall abide by
the Covenant Not to Compete of Section 6(e) of this
Agreement; and
	 
	 	(C)	 	continued
coverage for Employee (and, if applicable under the
applicable welfare benefit plan(s), his spouse and
family) under Employer’s welfare benefit plans (such as
medical, dental, disability and life) that covered him
(or them) immediately before Employee’s termination as
if he had remained in employment until the end of the
Severance Period. If Employee’s participation in any
Employer welfare benefit plan is barred or cannot be
continued under applicable laws, Employer shall either
arrange to provide substantially similar welfare
benefits or pay Employee the equivalent tax affected
value of such substantially similar welfare benefits in
cash, provided such cash payment(s) are made in the tax
years such that the payments are compliant with the
payment rules under Code Section 409A. In no event will
any reimbursement for expense associated with continued
coverage under an applicable welfare plan be made later
than the end of the year following the year in which the
expense was incurred;

	 	(ii)	 	reimbursement for any reasonable, unreimbursed and documented
business expense Employee incurred in performing his duties hereunder during
the Term;
	 
	 	(iii)	 	payment of any accrued but unpaid benefits up to and including
the effective date of the termination of employment (including without
limitation, any tax equalization payments, bonus due up to the date on which
the Severance

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	 	 	 	Period commences), and any other rights, as required by the terms
of any employee benefit plan or program of Employer;
	 
	 	(iv)	 	the right to elect continuation coverage of insurance benefits
to the extent required by law; and
	 
	 	(v)	 	payment of COBRA premiums for medical benefits for a period of
up to six (6) months following termination of the Severance Period, if Employee
timely elects to continue those benefits under COBRA.

For purposes of this Agreement, termination “without Cause” shall mean involuntary termination of
employment, at the direction of Employer, in the absence of “Cause” as defined above. For purposes
of this Agreement, “constructive termination without Cause” shall mean a termination of Employee at
Employee’s own initiative within one year following the occurrence, without Employee’s prior
written consent, of one or more of the following events not on account of Cause (“Constructive
Termination Events”):

(1) a significant and adverse diminution in the nature or scope of Employee’s authority,
title, responsibilities or duties, unless Employee is given new authority or duties that are
substantially comparable to Employee’s previous authority or duties;

(2) a reduction in Employee’s then-current Base Salary, or a significant reduction in
Employee’s opportunities for earnings under Employee’s incentive compensation plans (not
attributable to economic conditions or business performance at the time), or the termination
or significant reduction of any employee benefit or perquisite enjoyed by him (except as
part of a general reduction that applies to substantially all similarly situated employees
or participants);

(3) a change in Employee’s place of employment such that Employee is required to work more
than 50 miles from Employee’s then current place of employment; or

(4) the failure of Employer to obtain an assumption in writing of its obligation to perform
this Agreement by any successor to all or substantially all of the assets of Employer within
45 days after a merger, consolidation, sale or similar transaction.

If Employee believes there exists a basis for a constructive termination without Cause, Employee
shall provide Employer written notice within 30 days of the occurrence of the Constructive
Termination Event describing such event, and Employer shall be provided the opportunity to cure the
cause of the constructive termination event within a 30-day period following Employer’s receipt of
the written notice. If the cause of the constructive termination is cured, then no constructive
termination without Cause shall be found to have taken place.

          (c) Voluntary Termination by Employee. Employee may terminate this Agreement at any
time by giving 60 days’ written notice to Employer. If Employee voluntarily

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terminates his
employment for reasons other than Employee’s death, disability, or constructive termination without
Cause, he shall be entitled to:

	 	(i)	 	payment of any earned but unpaid portion of Employee’s then
current Base Salary through the effective date of such termination;
	 
	 	(ii)	 	reimbursement of any reasonable, unreimbursed and documented
business expense Employee incurred in performing Employee’s duties hereunder.
	 
	 	(iii)	 	the right to elect continuation coverage of insurance benefits
to the extent required by law; and
	 
	 	(iv)	 	payment of any accrued but unpaid benefits, and any other
rights, as required by the terms of any employee benefit plan or program of
Employer.

Any payments made under this Section 7(c) shall be made within 30 days of Employee’s termination of
employment.

          (d) Termination Due to Death. Employee’s employment and this Agreement shall
terminate immediately upon Employee’s death. If Employee’s employment is terminated because of
Employee’s death, Employee’s estate or Employee’s beneficiaries, as the case may be, shall be
entitled to:

	 	(i)	 	payment of any earned but unpaid portion of Employee’s then
current Base Salary through the effective date of such termination;
	 
	 	(ii)	 	reimbursement for any reasonable, unreimbursed and documented
business expense Employee incurred in performing his duties hereunder;
	 
	 	(iii)	 	the right to elect continuation coverage of insurance benefits
to the extent required by law;
	 
	 	(iv)	 	any pension survivor benefits that may become due pursuant to
any employee benefit plan or program of Employer, and
	 
	 	(v)	 	payment of any accrued but unpaid benefits and any other
rights, and vesting of any outstanding Equity-Based Awards as provided by the
terms of any employee benefit plan or program of Employer.

Any payments made under this Section 7(d) shall be made within 30 days of Employee’s death.

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          (e) Termination Due to Disability. Employer may terminate Employee’s employment at
any time if Employee becomes disabled, upon written notice by Employer to Employee. If Employee’s
employment is terminated because of Employee’s disability, he shall be entitled to:

	 	(i)	 	payment of a lump-sum disability benefit equal to 12 months’
then current Base Salary;
	 
	 	(ii)	 	continuation of the vesting of any outstanding Equity-Based
Awards and continuation of Employee’s rights to exercise any outstanding
Equity-Based Awards, through the effective date of such termination and for a
period of 12 months following such termination.
	 
	 	(iii)	 	reimbursement for any reasonable, unreimbursed and documented
business expense Employee incurred in performing his duties hereunder;
	 
	 	(iii)	 	the right to elect continuation coverage of insurance benefits
to the extent required by law; and
	 
	 	(iv)	 	payment of any accrued but unpaid benefits and any other
rights, and vesting of any outstanding Equity-Based Awards, as provided by the
terms of any employee benefit plan or program of Employer.

Any payments under this Section 7(e) shall be made within 30 days of Employee’s termination of
employment. “Disability,” as used in this paragraph, means a physical or mental illness, injury,
or condition that (a) prevents, or is likely to prevent, as certified by a physician, Employee from
performing one or more of the essential functions of Employee’s position, for at least 120
consecutive calendar days or for at least 150 calendar days, whether or not consecutive, in any 365
calendar day period, and (b) which cannot be accommodated with a reasonable accommodation, without
undue hardship on Employer, as specified in the Americans with Disabilities Act.

          (f) Payments Terminated. If the Board of Employer has determined in good faith that
the Employee has failed to comply with the requirements of the Confidentiality, Non-Solicitation
and Non-Competition provisions referenced in Section 6 hereof at any time following any
termination, then Employer shall have no further obligation to pay any amounts or provide any
benefits under this Agreement.

          (g) No Obligation to Mitigate. Following any termination under this Section 7,
Employee shall not be required to mitigate the amount of any payment provided for in this Agreement
by seeking other employment or otherwise and except as expressly set forth herein no such other
employment, if obtained, or compensation or benefits payable in connection therewith shall reduce
any amounts or benefits to which Employee is entitled hereunder.

          (h) Payments to Specified Employee. If Employee is a “specified employee” (as defined
in section 409A(a)(2)(B)(i) of the Internal Revenue Code (the “Code”) (hereinafter a

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“Specified
Employee”)) at the time Employee is eligible to be paid any amounts under Section 7(b)(i)(A) and
(B), such payment(s) shall be made as follows:

	 	(i)	 	That portion of the total amount to be paid to Employee which
does not exceed two times the lesser of (A) and (B), below, shall be paid in
equal installments in accordance with Employer’s regular salary payment
practices over the Severance Period
—

	 	(A)	 	The sum of Employee’s annualized compensation
based upon the annual rate of pay for services provided to Employer for
Employee’s taxable year preceding Employee’s taxable year in which
Employee has a separation from service with Employer (adjusted for any
increase during that year that was expected to continue indefinitely if
Employee had not terminated employment); or
	 
	 	(B)	 	The maximum amount that may be taken into
account under a qualified plan pursuant to Code section 401(a)(17) for
the year of Employee’s termination of employment.

	 	(ii)	 	That portion which exceeds the amount that may be paid under
Section 7(h)(i) above shall be paid in equal installments in accordance with
Employer’s regular salary payment practices over the Severance Period except
that no payments shall be made during the first six months following Employee’s
termination of employment and each such payment which otherwise would have been
made during such initial six-month time period shall be held in arrears by
Employer until the first day after six months following Employee’s termination
of employment, at which time all amounts held in arrears shall be paid in a
lump sum and the remaining 18 months of severance pay shall be paid in equal
installments in accordance with Employer’s regular salary payment practices
over the remainder of the Severance Period.

8. Continuation of Employment Upon Change of Control.

          (a) Continuation of Employment. Subject to the terms and conditions of this Section
8, in the event of a Change of Control of Employer (as defined in Section 8(c)) at any time during
Employee’s employment hereunder, Employee will remain in the employ of Employer for a period of an
additional three years from the date of such Change of Control (the “Control Change Date”).
Employer shall, for the three year period (the “Three-Year Period”) immediately following the
Control Change Date, continue to employ Employee in a position without substantial adverse
alteration in the nature or status of Employee’s authority, duties or responsibility as compared
with the position Employee held immediately prior to the Change of Control. During the Three-Year
Period, Employer shall continue to pay Employee salary on the same basis, at the same intervals and
at a rate not less than, that paid to Employee at the Control

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Change Date. Any termination of
employment by the Employer following a Control Change Date and during the Three-Year Period (a
“Post-CoC Termination”) shall be governed by this Section 8 rather than the provisions of Section
7(a) or (b).

          (b) Benefits. During the Three Year Period, Employee shall be entitled to receive the
following benefits and participate, on the basis of his employment position, in each of the
following plans (collectively, the “Specified Benefits”) in existence, and in accordance with the
terms thereof, at the Control Change Date:

	 	(i)	 	any incentive compensation plans;
	 
	 	(ii)	 	any benefit plan and trust fund associated therewith, related
to (A) life, health, dental, disability, or accidental death and dismemberment
insurance, (B) employee stock ownership (such as under the Employer’s ESPP and
other stock option plans); and
	 
	 	(iii)	 	any other benefit plans hereafter made generally available to
employees at Employee’s level or to the employees of Employer generally.

In addition, all outstanding Equity-Based Awards held by Employee shall become immediately vested
on the Control Change Date.

          (c) Definition of Change of Control. For purposes of this Section, a “Change of
Control” shall be considered to have occurred if (i) Employer has completed a merger, consolidation
or dissolution such that immediately after such event the shareholders of Employer immediately
before such merger, consolidation or dissolution hold less than 50% of the surviving entity and
such transaction has been closed; (ii) Employer completes a sale, exchange or disposition of all or
substantially all of Employer’s assets and such transaction has been closed; (iii) less than 75% of
the members of the Board shall be individuals who were members of the Board on the Effective Date
or whose election or nomination was approved by a vote of at least 75% of the members of the Board
then still in office who were either members of the Board on the Effective Date or whose election
or nomination was so approved; or (iv) any “person” (as such term is used in Sections 13(d) and
14(d) of the U.S. Securities Exchange Act of 1934 (the “Exchange Act”) shall have become
“beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) directly or indirectly of
securities of Employer representing 40% or more (calculated in accordance with Rule 13d-3) of the
aggregate voting power of Employer’s then outstanding voting securities.

          (d) Termination Without Cause After Change of Control. Notwithstanding any other
provision of this Section 8, at any time after the Control Change Date, Employer may terminate the
employment of Employee with or without Cause. To the extent Employee experiences a Post-CoC
Termination:

	 	(i)	 	Employer shall pay Employee any earned but unpaid portion of
Employee’s Base Salary through the effective date of such Post-CoC
Termination;

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	 	(ii)	 	Employer shall reimburse Employee for any reasonable,
unreimbursed and documented business expenses Employee incurred in performing
Employee’s duties hereunder;
	 
	 	(iii)	 	Employer shall pay Employee an amount (the “Special
Severance Payment”) equal to the present value (calculated using a discount
rate equal to 7.5% per annum) of Employee’s Base Salary that would have been
paid to Employee had Employee remained an employee until the later of (A) the
end of the Three-Year Period or (B) 24 months following
the effective date of Employee’s Post-CoC Termination (such additional 24
month period in this Section 8(d)(iii)(B) hereinafter referred to as the
“Extended Period”); provided, however, if any portion of Employee’s Special Severance Payment is not accelerated and
paid earlier than it would have been paid as a monthly installment payment (as may be the case with
certain amounts paid within six months following Employee’s termination or certain amounts paid
under Section 8(f)(iii)-(vi)), no such present value discount shall be applied to such portion(s)
of the payment; and
	 
	 	(iv)	 	Employer shall provide Employee (and, if applicable under the
applicable welfare benefit plan(s), his spouse and family) coverage under
Employer’s welfare benefit plans (such as medical, dental, disability and
life) that covered him (or them) immediately before Employee’s termination as
if he had remained in employment until the end of the Three-Year Period, or,
if longer, the end of the Extended Period. If Employee’s participation in any
welfare plan is barred, the Employer shall either arrange to provide Employee
(his spouse and family, if applicable) substantially similar welfare benefits
or pay Employee the equivalent tax affected value of the substantially similar
welfare benefits in cash, provided such cash payment(s) are made in the tax
years such that the payments are compliant with the payment rules under Code
section 409A. In no event will any reimbursement for expense associated with
continued coverage under an applicable welfare plan be made later than the end
of the year following the year in which the expense was incurred

               Payments required under paragraphs (i) through (iv) above shall be made in accordance with
Section 8(f).

          (e) Resignation following a Change of Control. If, within the Three-Year Period
Employee experiences a Constructive Termination Event, and after providing written notice to
Employer no later than 90 days of the date the Constructive Termination Event first arose or
occurred, Employer fails to cure the event or condition giving rise to the Constructive Event
within the 30-day period following Employer’s receipt of the written notice, Employee may,
effective at the end of such 30-day cure period, resign his employment with Employer (the
“Resignation”). In connection with such Resignation, Employer shall pay to Employee the same
amounts and benefits Employee would have been entitled to receive if he experienced a Post-CoC
Termination under Section 8(d) above.

          (f) Timing of Payments. The time at which all payments due under Sections 8(d) or
8(e) above will commence and the form in which such payments will be made will depend upon

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the
following three factors: (1) whether Employee is a Specified Employee, (2) whether the Post-CoC
Termination occurs on or before, or after the second anniversary of the Control Change Date and (3)
whether the Change of Control constitutes a “change in the ownership or effective control” of
Employer or a “change in the ownership of a substantial portion of the assets” of Employer within
the meaning of Code section 409A(a)(2)(A)(v) and the applicable Treasury Regulations issued
thereunder (a “Section 409A Change of Control”) . Each of the payment scenarios is set forth
below:

	 	(i)	 	If Employee is a Specified Employee at the time Employee is
eligible to be paid any amounts under Section 8(d) or 8(e), Employee’s
termination
from employment is on or before the second anniversary of the Control Change
Date, and the Change of Control is a Section 409A Change of Control, such
payment(s) shall be made as follows:

	 	(A)	 	That portion of the total amount to be paid to
Employee which does not exceed two times the lesser of (1) and (2)
below shall be paid in a lump sum payment within 5 business days of
Employee’s termination of employment—

	 	(1)	 	The sum of Employee’s annualized
compensation based upon the annual rate of pay for services
provided to Employer for Employee’s taxable year preceding
Employee’s taxable year in which Employee has a separation from
service with such Employer (adjusted for any increase during
that year that was expected to continue indefinitely if Employee
had not terminated employment); or
	 
	 	(2)	 	The maximum amount that may be
taken into account under a qualified plan pursuant to Code
section 401(a)(17) for the year of Employee’s termination of
employment.

	 	(B)	 	That portion which exceeds the amounts that may
be paid under Section 8(f)(i)(A) above shall be paid, in a lump sum, on
the first day after the six month anniversary of the effective date of
Employee’s termination of employment.

	 	(ii)	 	If Employee is not a Specified Employee at the time Employee
is eligible to be paid any amounts under Section 8(d) or 8(e), Employee’s
termination from employment is on or before the second anniversary of the
Control Change Date, and the Change of Control is a Section 409A Change of
Control, such payment(s) shall be paid in a lump sum payment within 5 business
days of Employee’s termination of employment.

13

 

	 	(iii)	 	If Employee is a Specified Employee at the time Employee is
eligible to be paid any amounts under Section 8(d) or 8(e), Employee’s
termination from employment is after the second anniversary of the Control
Change Date, and whether or not the Change of Control is a Section 409A Change
of Control, such payment(s) shall be made as follows:

	 	(A)	 	That portion of the total amount to be paid to
Employee which does not exceed two times the lesser of (1) and (2)
below shall be paid in a lump sum payment within 5 business days of
Employee’s termination of employment—

	 	(1)	 	The sum of Employee’s annualized
compensation based upon the annual rate of pay for services
provided to Employer for Employee’s taxable year preceding
Employee’s taxable year in which Employee has a separation from
service with such Employer (adjusted for any increase during
that year that was expected to continue indefinitely if Employee
had not terminated employment); or
	 
	 	(2)	 	The maximum amount that may be
taken into account under a qualified plan pursuant to Code
section 401(a)(17) for the year of Employee’s termination of
employment.

	 	(B)	 	That portion which exceeds the amount that may
be paid under Section 8(f)(iii)(A) above shall be paid in equal
installments in accordance with Employee’s regular salary payment
practices over the Severance Period except that no payments shall be
made during the first six months following Employee’s termination of
employment and each such payment which otherwise would have been made
during such initial six-month time period shall be held in arrears by
Employer until the first payment made six months and one day following
Employee’s termination of employment at which time all amounts held in
arrears shall be paid in a lump sum and the remaining 18 months of
severance pay shall be paid in equal installments in accordance with
Employer’s regular salary payment practices over the Severance Period.

	 	(iv)	 	If Employee is not a Specified Employee at the time Employee
is eligible to be paid any amounts under Section 8(d) or 8(e), Employee’s
termination from employment is after the second anniversary of the Control
Change Date, and whether or not the Change of Control is a Section 409A Change
of Control, such payment(s) shall be made as follows:

14

 

	 	(A)	 	That portion of the total amount to be paid to
Employee which does not exceed two times the lesser of (1) and (2),
below, shall be paid in a lump sum payment within 5 business days of
Employee’s termination of employment—

	 	(1)	 	The sum of Employee’s annualized
compensation based upon the annual rate of pay for services
provided to Employer for Employee’s taxable year preceding
Employee’s taxable year in which Employee has a separation from
service with such Employer (adjusted for any increase during
that year that was expected to continue
indefinitely if Employee had not terminated employment); or
	 
	 	(2)	 	The maximum amount that may be
taken into account under a qualified plan pursuant to Code
section 401(a)(17) for the year of Employee’s termination of
employment.

	 	(B)	 	That portion which exceeds the amount that may
be paid under Section 8(f)(iv)(A), above, shall be paid in equal
installments over the Severance Period in accordance with Employer’s
regular salary payment practices.

	 	(v)	 	If Employee is a Specified Employee at the time Employee is
eligible to be paid any amounts under Section 8(d) or 8(e), Employee’s
termination from employment is on or before the second anniversary of the
Control Change Date, and the Change of Control is not a Section 409A Change of
Control, such payment(s) shall be made in the same manner as Section 8(f)(iii)
above.
	 
	 	(vi)	 	If Employee is not a Specified Employee at the time Employee
is eligible to be paid any amounts under Section 8(d) or 8(e), Employee’s
termination from employment is on or before the second anniversary of the
Control Change Date, and the Change of Control is not a Section 409A Change of
Control, such payment(s) shall be shall be made in the same manner as Section
8(f)(iv) above.

          (g) Mitigation and Expenses.

               (i) Other Employment. After the Control Change Date, Employee shall not be required
to mitigate the amount of any payment provided for in this Agreement by seeking other employment or
otherwise and except as expressly set forth herein no such other employment, if

15

 

obtained, or
compensation or benefits payable in connection therewith shall reduce any amounts or benefits to
which Employee is entitled hereunder.

               (ii) Expenses. If any dispute should arise under this Agreement after the Control
Change Date involving an effort by Employee to protect, enforce or secure rights or benefits
claimed by Employee hereunder, Employer shall pay (promptly upon demand by Employee accompanied by
reasonable evidence of incurrence) all reasonable expenses (including attorney’s fees) incurred by
Employee in connection with such dispute, without regard to whether Employee prevails in such
dispute except that Employee shall repay Employer any amounts so received if a court having
jurisdiction shall make a final, non-appealable determination that Employee acted frivolously or in
bad faith by such dispute.

          (h) Successors in Interest. The rights and obligations of Employer and Employee under
this Section 8 shall inure to the benefit of and be binding in each and every respect upon
the direct and indirect successors and assigns of Employer and Employee, regardless of the manner
in which such successors or assigns shall succeed to the interest of Employer or Employee hereunder
and this Section 8 shall not be terminated by the voluntary or involuntary dissolution of Employer
or any merger or consolidation or acquisition involving Employer, or upon any transfer of all or
substantially all of Employer’s assets, or terminated otherwise than in accordance with its terms.
In the event of any such merger or consolidation or transfer of assets, the provision of this
Section 8 shall be binding upon and shall inure to the benefit of the surviving corporation or the
corporation or other person to which such assets shall be transferred.

     9. Deductions and Withholding. Employee agrees that Employer may withhold from any
and all payments required to be made by Employer to Employee under this Agreement all taxes or
other amounts that Employer is required by law to withhold in accordance with applicable laws or
regulations from time to time in effect.

     10. Gross Up Payment. If at any time or from time to time, it shall be determined by
tax counsel mutually agreeable to Employer and Employee that any payment or other benefit to
Employee pursuant to this Agreement or otherwise (“Potential Parachute Payment”) is or will become
subject to the excise tax imposed by Section 4999 of the Code or any similar tax (“Excise Taxes”),
then Employer shall, subject to the limitations below, pay or cause to be paid a tax gross-up
payment (“Gross-Up Payment”) with respect to all such Excise Taxes and other taxes on the Gross-Up
Payment. The Gross-Up Payment shall be an amount equal to the product of (a) the amount of the
Excise Taxes multiplied by (b) a fraction (the “Gross-Up Multiple”), the numerator or which is one
(1.0), and the denominator of which is one (1.0) minus the lesser of (i) the sum, expressed as a
decimal fraction, of the effective marginal rates of any taxes and any Excise Taxes applicable to
the Gross-Up Payment or (ii) .80, it being intended that the Gross-Up Multiple shall in no event
exceed five (5.0). If different rates of tax are applicable to various portions of a Gross-Up
Payment, the weighted average of such rates shall be used. Excise Taxes and other penalties under
Section 409A of the Code shall not be “any similar tax” for purposes of this Agreement.

16

 

          (a) To the extent possible, any payments or other benefits to Employee pursuant to this
Agreement shall be allocated as consideration for Employee’s entry into the covenants made by him
in Section 6.

          (b) Notwithstanding any other provisions of this Section 10, if the aggregate After-Tax
Amount (as defined below) of the Potential Parachute Payments and Gross-Up Payment that, but for
this limitation, would be payable to Employee, does not exceed 120% of After-Tax Floor Amount (as
defined below), then no Gross-Up Payment shall be made to Employee and the aggregate amount of
Potential Parachute Payments payable to Employee shall be reduced (but not below the Floor Amount)
to the largest amount which would both (i) not cause any Excise Tax to be payable by Employee and
(ii) not cause any Potential Parachute Payments to become nondeductible by Employer by reason of
Section 280G of the Code (or any successor provision). For purposes of the preceding sentence,
Employee shall be deemed to be subject to the highest effective after-tax marginal rate of taxes.

          For purposes of this Agreement:

          (i) “After-Tax Amount” means the portion of a specified amount that would remain after
payment of all taxes paid or payable by Employee in respect of such specified amount; and

          (ii) “Floor Amount” means the greatest pre-tax amount of Potential Parachute Payments that
could be paid to Employee without causing Employee to become liable for any Excise Taxes in
connection therewith; and

          (iii) “After-Tax Floor Amount” means the After-Tax Amount of the Floor Amount.

          (c)  If for any reason tax counsel mutually agreeable to Employer and Employee later
determine that the amount of Excise Taxes payable by Employee is greater than the amount initially
determined pursuant to the above provisions of this Section 10, then Employer shall, subject to
Sections 10(d) and 10(e) pay Employee, within thirty (30) days of such determination, or pay to the
IRS as required by applicable law, an amount (which shall also be deemed a Gross-Up Payment) equal
to the product of (a) the sum of (i) such additional Excise Taxes and (ii) any interest, penalties,
expenses or other costs incurred by Employee as a result of having taken a position in accordance
with a determination made pursuant to Paragraph 10(d), multiplied by (b) the Gross-Up Multiple.

          (d)  Employee shall immediately notify Employer in writing (an “Employee’s Notice”) of any
claim by the IRS or other taxing authority (an “IRS Claim”) that, if successful, would require the
payment by Employee of Excise Taxes in respect of Potential Parachute Payments in an amount in
excess of the amount of such Excise Taxes determined in accordance with Section 10. Employee’s
Notice shall fully inform Employer of all particulars of the IRS Claim and the date on which such
IRS Claim is due to be paid (the “IRS Claim Deadline”).

17

 

          Employer shall direct the Employee as to whether to pay all or part of the IRS Claim or to
contest the IRS Claim or to pursue a claim for a refund (a “Refund Claim”) of all or any portion of
such Excise Taxes, other taxes, interest or penalties as may be specified by Employer in a written
notice to Employee. If Employer directs Employee to pay all or part of the IRS Claim, the amount
of such payment shall also be deemed a Gross-Up Payment, which Employer shall pay to the Employee
or the IRS, as appropriate. The Employee shall cooperate fully with Employer in good faith to
contest such IRS Claim or pursue such Refund Claim (including appeals) and shall permit Employer to
participate in any proceedings relating to such IRS Claim or Refund Claim.

          Employer shall control all proceedings in connection with such IRS Claim or Refund Claim (as
applicable) and in its discretion may cause Employee to pursue or forego any and all administrative
appeals, proceedings, hearings and conferences with the Internal Revenue Service or other taxing
authority.

          Employer shall pay directly all legal, accounting and other costs and expenses (including
additional interest and penalties) incurred by Employer or Employee in connection
with any IRS Claim or Refund Claim, as applicable, and shall indemnify Employee, on an after-tax
basis, for any Excise Tax or income tax, including related interest and penalties, imposed as a
result of such payment of costs or expenses.

          (e) If Employee receives any refund with respect to Excise Taxes, Employee shall (subject to
Employer’s complying with any applicable requirements of Section 10(d)) promptly pay Employer the
amount of such refund (together with any interest paid or credited thereon after taxes applicable
thereto). Any contest of a denial of refund shall be controlled by Section 10(d).

          (f) 409A Compliance. Any Gross-Up Payment made under this Agreement shall be made
no later than by the end of Employee’s taxable year next following Employee’s taxable year in which
he remits the Excise Taxes. In the event Employee has a right to a Gross-Up Payment due to a tax
audit or litigation addressing the existence or amount of a tax liability, whether Federal, state,
local, or foreign, any Gross-Up Payment relating thereto will be made by the end of Employee’s
taxable year following Employee’s taxable year in which the taxes that are the subject of the audit
or litigation are remitted to the taxing authority, or where as a result of such audit or
litigation no taxes are remitted, the end of Employee’s taxable year in which the audit is
completed or there is a final and nonappealable settlement or other resolution of the litigation.

     11. Arbitration. Whenever a dispute arises between the Parties concerning this
Agreement or any of the obligations hereunder, or Employee’s employment generally, Employer and
Employee shall use their best efforts to resolve the dispute by mutual agreement. If any dispute
cannot be resolved by Employer and Employee, it shall be submitted to arbitration to the exclusion
of all other avenues of relief and adjudicated pursuant to the American Arbitration Association’s
Rules for Employment Dispute Resolution then in effect. The decision of the arbitrator must be in
writing and shall be final and binding on the Parties, and judgment may be entered on the

18

 

arbitrator’s award in any court having jurisdiction thereof. The expenses of the arbitration shall
be borne by the losing Party to the arbitration and the prevailing Party shall be entitled to
recover from the losing Party all of its own costs and attorney’s fees with respect to the
arbitration. Nothing in this Section 11 shall be construed to derogate Employer’s rights to seek
legal and equitable relief in a court of competent jurisdiction as contemplated by Section 6(h).

     12. Non-Waiver. It is understood and agreed that one party’s failure at any time to
require the performance by the other party of any of the terms, provisions, covenants or conditions
hereof shall in no way affect the first party’s right thereafter to enforce the same, nor shall the
waiver by either party of the breach of any term, provision, covenant or condition hereof be taken
or held to be a waiver of any succeeding breach.

     13. Severability. If any provision of this Agreement conflicts with the law under
which this Agreement is to be construed, or if any such provision is held invalid or unenforceable
by a court of competent jurisdiction or any arbitrator, such provision shall be deleted from this
Agreement and the Agreement shall be construed to give full effect to the remaining provisions
thereof.

     14. Survivability. Unless otherwise provided herein, upon termination or expiration
of the Term, the provisions of Sections 6 and 11 through 18 shall nevertheless remain in full force
and effect but shall under no circumstance extend the Term of this Agreement (or the Executive’s
right to accrue additional benefits beyond the expiration of the Term as determined in accordance
with Section 1 but without regard to this Section).

     15. Governing Law. This Agreement shall be interpreted, construed and governed
according to the laws of the State of Delaware without regard to the conflict of law provisions
thereof.

     16. Construction. The Section headings and captions contained in this Agreement are
for convenience only and shall not be construed to define, limit or affect the scope or meaning of
the provisions hereof. All references herein to Sections shall be deemed to refer to numbered
sections of this Agreement.

     17. Entire Agreement. This Agreement contains and represents the entire agreement of
Employer and Employee and supersedes all prior agreements, representations or understandings, oral
or written, express or implied with respect to the subject matter hereof. This Agreement may not
be modified or amended in any way unless in a writing signed by each of Employer and Employee. No
representation, promise or inducement has been made by either Employer or Employee that is not
embodied in this Agreement, and neither Employer nor Employee shall be bound by or liable for any
alleged representation, promise or inducement not specifically set forth herein.

     18. Assignability. Neither this Agreement nor any rights or obligations of Employer
or Employee hereunder may be assigned by Employer or Employee without the other Party’s prior

19

 

written consent. Subject to the foregoing, this Agreement shall be binding upon and inure to the
benefit of Employer and Employee and their heirs, successors and assigns.

     19. Code Section 409A. This Agreement is intended to meet the requirements of Section
409A of the Code and may be administered in a manner that is intended to meet those requirements
and shall be construed and interpreted in accordance with such intent. To the extent that any
payment or benefit provided hereunder is subject to Section 409A of the Code, such payment or
benefit shall be provided in a manner that will meet the requirements of Section 409A of the Code,
including regulations or other guidance issued with respect thereto, such that the payment or
benefit shall not be subject to the excise tax applicable under Section 409A of the Code. Any
provision of this Agreement that would cause any payment or benefit to fail to satisfy Section 409A
of the Code shall be amended (in a manner that as closely as practicable achieves the original
intent of this Agreement) to comply with Section 409A of the Code on a timely basis, which may be
made on a retroactive basis, in accordance with regulations and other guidance issued under Section
409A of the Code.

     20. Notices. All notices required or permitted hereunder shall be in writing and
shall be deemed properly given if delivered personally or sent by certified or registered mail,
postage prepaid, return receipt requested, or sent by telegram, telex, telecopy or similar form of
telecommunication, and shall be deemed to have been given when received. Any such notice or
communication shall be addressed:

	 	 	 	 	 
	 

	 	if to Employer, to
	 	Euronet Worldwide, Inc.
	 

	 	 	 	Attention: General Counsel
	 

	 	 	 	4601 College Boulevard, Ste. 300 
	 

	 	 	 	Leawood, Kansas 66211
	 
	 	 	 	 
	 

	 	if to Employee, to
	 	Jeffrey B. Newman

or to such other address as Employer or Employee shall have furnished to the other in writing.

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

	 	 	 	 	 	 	 
	 

	 	 	 	Euronet Worldwide, Inc.	 	 
	/s/ Jeffrey B. Newman
 

Jeffrey B. Newman

	 	 
	 	a Delaware Corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	/s/ Michael J. Brown
 

By: Michael J. Brown
	 	 
	 

	 	 	 	Its: Chief Executive Officer	 	 

20exv10w6

 

Exhibit 10.6

EMPLOYMENT AGREEMENT

     This Employment Agreement (the “Agreement”) is made effective as of April 10, 2008 (the
“Effective Date”) by and between Euronet Worldwide, Inc., a Delaware corporation (“Employer”), and
Mr. Juan C. Bianchi, a permanent resident of the U.S. (“Employee”).

RECITALS

     WHEREAS, Employee is currently employed by Employer and both Employer and Employee desire for
Employee to continue such employment on certain terms and conditions.

     NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements
contained herein, and for other good and valuable consideration, the adequacy of which is hereby
acknowledged, Employer and Employee, each intending to be legally bound, agree as follows:

     1. Term. The term of this Agreement (the “Term”) shall commence on the Effective Date
and shall continue indefinitely until the date on which Employee’s employment by Employer
terminates pursuant to Section 7 or 8 of this Agreement. This Agreement shall, as of the Effective
Date, supercede and replace in its entirety any written or verbal employment agreement then in
effect between Employer and Employee.

     2. Service. Employee shall serve as Executive Vice President of the Employer,
responsible for the overall management and operation of the Employer’s subsidiary, Ria Envia, Inc.,
and shall perform services and serve in such other positions as requested by Employer’s Board of
Directors (the “Board”) or Chief Executive Officer. Employee shall perform such services as
normally are associated with such positions.

     3. Compensation and Benefits.

          (a) Base Salary. During the Term, as compensation for services rendered by Employee
under this Agreement, Employer shall pay Employee an annual base salary of $300,000 in installments
in accordance with Employer’s general payroll practices (as amended from time to time, “Base
Salary”).

          (b) Other Compensation.

	 	(i)	 	Employee will be awarded restricted stock of
Employer with an aggregate value of $6,500,000 at the first meeting of
the Compensation Committee following the Effective Date. The number of
shares of restricted stock awarded shall be equal to $6,500,000 divided
by the closing stock price on the date of the award (the

 

 

	 	 	 	“Award Date.” The overall restricted stock shall vest in accordance
with the conditions set forth in Schedule A.
	 
	 	(ii)	 	During the Term, Employee shall be entitled to
such comparable fringe benefits and perquisites as may be provided to
Employer’s executive level employees pursuant to policies established
from time to time by Employer.
	 
	 	(iii)	 	Employee and Employee’s immediate family shall
be provided by Employer with medical, dental and life insurance through
and in accordance with the terms of Employer’s group health insurance
plan, subject to payment by Employee of a portion of the premiums in
accordance with policies established by Employer from time to time.

     4. Other Benefits. During the Term, Employee shall be entitled to annual vacation of
twenty (20) days, provided however that Employee may not use more than ten (10) consecutive
vacation days at one time and that Employee may accrue no more than five (5) days of unused
vacation from year to year.

     5. Business Expense Reimbursement. Employer shall reimburse Employee for all
reasonable and proper business expenses incurred by Employee in the performance of Employee’s
duties hereunder during the Term, in accordance with Employer’s customary practices for executive
level employees, and provided such business expenses are reasonably documented.

     6. Restrictions on Employee’s Conduct.

          (a) Exclusive Services. During the Term, Employee shall at all times devote
Employee’s full-time attention, energies, efforts and skills to the business of Employer (which
term shall hereinafter include each of Employer’s subsidiaries) and shall not, directly or
indirectly, engage in any other business activity, whether or not for profit, gain or other
pecuniary advantages, without Employer’s written consent, provided that such prior consent shall
not be required with respect to: (i) business interests that neither compete with Employer nor
interfere with the performance of Employee’s duties and obligations under this Agreement; or (ii)
Employee’s charitable, philanthropic or professional association activities which do not interfere
with the performance of Employee’s duties and obligations under this Agreement.

          (b) Confidential Information. During the Term and after the termination of the Term,
Employee shall not disclose or use, directly or indirectly, any Confidential Information. For the
purposes of this Agreement, “Confidential Information” shall mean all information disclosed to
Employee, or known by him as a consequence of or through Employee’s employment with Employer (under
this Agreement or prior to this Agreement) where such information is not generally known in the
trade or industry and where such information refers or relates in any manner whatsoever to the
business activities, processes, services or products of Employer. Confidential

2

 

Information shall
include business and development plans (whether contemplated, initiated or
completed), information with respect to the development of technical and management services,
methods of operation, results of analysis, business forecasts, financial data, costs, revenues, and
similar information. Upon termination of the Term, Employee shall immediately return to Employer
all property of Employer and all Confidential Information, which is in tangible form, and all
copies thereof.

          (c) Business Opportunities and Conflicts of Interests.

	 	(i)	 	During the Term, Employee shall promptly
disclose to Employer each business opportunity of a type which, based
upon its prospects and relationship to the existing businesses of
Employer, Employer might reasonably consider pursuing. After
termination of this Agreement, regardless of the circumstances thereof,
Employer shall have the exclusive right to participate in or undertake
any such opportunity on its own behalf without any involvement of
Employee.
	 
	 	(ii)	 	During the Term, Employee shall refrain from
engaging in any activity, practice or act which conflicts with, or has
the potential to conflict with, the interests of Employer, and he shall
avoid any acts or omissions which are disloyal to, or competitive with
Employer.

          (d) Non-Solicitation. During the period of time with respect to which the Employee is
to receive severance payments under this Agreement (the “Severance Period”), Employee shall not,
except in the course of Employee’s duties under this Agreement, directly or indirectly, induce or
attempt to induce or otherwise counsel, advise, ask or solicit any person to leave the employ of
Employer, if such person was employed by Employer at any time during the twelve (12) month period
preceding the relevant communication.

          (e) Covenant Not to Compete.

	 	(i)	 	During the Term and for any Severance Period
under this Agreement, Employee shall not, without Employer’s prior
written consent, directly or indirectly, either as an officer,
director, employee, agent, advisor, consultant, principal, stockholder,
partner, owner or in any other capacity, on Employee’s own behalf or
otherwise, in any way engage in, represent, be connected with or have a
financial interest in, any business which is, or to Employee’s
knowledge, is about to become, engaged in any business with which
Employer is currently or has previously done business or any subsequent
line of business developed by Employer or any business planned during
the Term to be established by Employer. Notwithstanding the foregoing,
Employee shall be permitted to own passive investments in publicly held
companies provided that such

3

 

	 	 	 	investments do not exceed five percent
(5%) of any such company’s outstanding equity.
	 
	 	(ii)	 	If Employer or Employee terminates this
Agreement, Employee shall not, during the Severance Period, engage in
competition with Employer, or solicit, from any person or entity who
purchased any product or service from Employer during Employee’s
employment hereunder, the purchase of any product or service in
competition with then existing products or services of Employer.
	 
	 	(iii)	 	For purposes of this Agreement, without
limiting the provisions of Section 6(e)(i), Employee shall be deemed to
engage in competition with Employer if he shall directly or indirectly,
either individually or as a stockholder, director, officer, partner,
consultant, owner, employee, agent, or in any other capacity, consult
with or otherwise assist any person or entity engaged in providing
consumer to consumer money transfer services, prepaid card services or
electronic financial transactions services. The provisions of this
Section 6(e) shall apply in any location in which Employer has
established, or to the Employee’s knowledge, is in the process of
establishing, a subsidiary.

          (f) Employee Acknowledgment. Employee hereby agrees and acknowledges that the
restrictions imposed upon him by the provisions of this Section 6 are fair and reasonable
considering the nature of Employer’s business, and are reasonably required for Employer’s
protection.

          (g) Invalidity. If a court of competent jurisdiction or an arbitrator shall declare
any provision or restriction contained in this Section 6 as unenforceable or void, the provisions
of this Section 6 shall remain in full force and effect to the extent not so declared to be
unenforceable or void, and the court may modify the invalid provision to make it enforceable to the
maximum extent permitted by law.

          (h) Specific Performance. Employee agrees that if he breaches any of the provisions
of this Section 6, the remedies available at law to Employer would be inadequate and in lieu
thereof, or in addition thereto, Employer shall be entitled to appropriate equitable remedies,
including specific performance and injunctive relief. Employee agrees not to enter into any
agreement, either written or oral, which may conflict with this Agreement, and Employee authorizes
Employer to make known the terms of this Section 6 to any person, including future employers of
Employee.

4

 

     7. Termination.

          (a) Termination by Employer for Cause. Subject to the last sentence of this Section
7(a), at any time during the Term of this Agreement, Employer may terminate Employee’s employment
for Cause, as defined below, upon at least fourteen (14) days written notice setting forth a
description of the conduct constituting Cause. If Employee’s employment is terminated for Cause,
he shall be entitled to:

	 	(i)	 	payment of any unpaid portion of Employee’s Base Salary through
the effective date of such termination;
	 
	 	(ii)	 	reimbursement for any outstanding reasonable business expense
he has incurred in performing Employee’s duties hereunder
	 
	 	(iii)	 	the right to elect continuation coverage of insurance benefits
to the extent required by law; and
	 
	 	(iv)	 	payment of any accrued but unpaid benefits up to and including
the effective date of the termination (including without limitation, any tax
equalization payments, bonus due up to the date of termination), and any other
rights, as required by the terms of any employee benefit plan or program of
Employer;

For purposes of this Agreement, “Cause” shall mean: (1) conviction of Employee of, or the entry of
a plea of guilty or nolo contendere by Employee to, any felony, or any misdemeanor involving moral
turpitude; (2) fraud, misappropriation or embezzlement by Employee; (3) Employee’s wilful failure,
gross negligence or gross misconduct in the performance of Employee’s assigned duties for Employer;
(4) wilful failure by Employee to follow reasonable instructions of any officer to whom Employee
reports or the Euronet board; and (5) Employee’s gross negligence or gross misconduct in the
performance of Employee’s assigned duties for Employer provided, however, that should the Employer
seek to terminate Employee’s employment for Cause pursuant to numbers (3), (4), or (5), herein,
then the Employer shall first provide Employee with thirty (30) calendar days notice of such
deficiency and allow Employee to attempt to cure the alleged deficiency during that thirty (30) day
time period. Only upon expiration of the thirty (30) day time period, if the Employer believes
that Employee has not sufficiently cured the alleged deficiency, may the Employer issue the notice
of termination for Cause (upon the fourteen (14) day written notice described above).
Notwithstanding the provisions of this Section 7(a) defining “Cause,” in the event of a Change of
Control, as defined hereafter, a Termination for Cause shall mean only a termination for an act of
dishonesty by Employee constituting a felony which was intended to or resulted in gain or personal
enrichment of Employee at Employer’s expense. For purposes of this entire agreement and for the
avoidance of doubt, the “termination” of Employee’s employment is intended to be a “separation from
service” under Code section 409A(a)(2)(A)(i) and is to be interpreted in a manner consistent with
such section and applicable Treasury regulations issued thereunder.

5

 

          (b) Termination by Employer Without Cause or Termination by Employee for any Reason.
At any time before a Change of Control, Employer may terminate Employee’s employment without Cause,
by giving written notice of termination and Employee may terminate Employee’s employment for any
reason. Employee’s employment will also be terminated upon the death or disability of Employee, as
set forth below.

     (i) If Employee’s employment is terminated by Employer without Cause, Employee shall be
entitled to receive from Employer the following:

     (A) severance benefits including:

(1) subject to Section 7(f) below payment of the then current
Base Salary for a Severance Period of twenty-four (24)
months, in accordance with Employer’s regular salary payment
practices;

(2) continuation of the vesting of any of the restricted
stock identified as “Time Vest Restricted Stock” and
“Performance Vest Restricted Stock — Tranche A” on Schedule
A, through the full twenty-four (24) month Severance Period;

(3) continued coverage for Employee (and, if applicable under
the applicable welfare benefit plan(s), his spouse and
family) under Employer’s welfare benefit plans (such as
medical, dental, disability and life) that covered him (or
them) immediately before Employee’s termination as if he had
remained in employment until the end of the Severance Period.
If Employee’s participation in any Employer’s welfare
benefit plan is barred or cannot be continued under
applicable laws, Employer shall either arrange to provide
substantially similar benefits or pay Employee the equivalent
tax affected value of such substantially similar benefits in
cash, provided such cash payment(s) are made in the tax years
such that the payments are compliant with the payment rules
under Code Section 409A. In no event will any reimbursement
for expense associated with continued coverage under an
applicable welfare plan be made later than the end of the
year following the year in which the expense was incurred;

6

 

     (B) reimbursement for any outstanding reasonable business expense
Employee has incurred in performing his duties hereunder during the Term;

     (C) payment of any accrued but unpaid benefits up to and including the
effective date of the termination of employment (including without
limitation, any tax equalization payments, bonus due up to the date on which
the Severance Period commences), and any other rights, as required by the
terms of any employee benefit plan or program of Employer;

     (D) the right to elect continuation coverage of insurance benefits to
the extent required by law; and

     (E) payment of COBRA premiums for medical benefits for a period up to
six (6) months following termination of the Severance Period, if Employee
timely elects to continue those benefits under COBRA.

For purposes of this Agreement, termination “without Cause” shall mean involuntary termination of
employment, at the direction of Employer, in the absence of “Cause” as defined above.

          (ii) Subject to the provisions of Section 8, Employee may terminate his employment and this
Agreement at any time for any reason by giving thirty (30) days’ written notice to Employer. If
Employee terminates his employment, he shall be entitled to:

     (A) severance benefits including:

(1) subject to Section 7(f) below, payment of the then current Base
Salary for a Severance Period of twenty-four (24) months, in
accordance with Employer’s regular salary payment practices, and

(2) continuation of the vesting of the restricted stock identified as
“Time Vest Restricted Stock on the attached Schedule A through the
full twenty-four (24) month Severance Period.

     (B) reimbursement for any outstanding reasonable business expense Employee
has incurred in performing his duties hereunder during the Term;

     (C) the right to elect continuation coverage of insurance benefits to the
extent required by law; and

     (D) payment of any accrued but unpaid benefits up to and including the
effective date of termination of employment (including without limitation,
any tax equalization payments, bonus due up to the date on which the
Severance Period commences, and any other rights, as required by the terms
of any employee benefit plan or program of Employer.

7

 

          (c) Termination Due to Death. Employee’s employment and this Agreement shall
terminate immediately upon Employee’s death. If Employee’s employment is terminated because of
Employee’s death, Employee’s estate or Employee’s beneficiaries, as the case may be, shall be
entitled to:

	 	(i)	 	payment of any unpaid portion of Employee’s then current Base
Salary through the effective date of such termination;
	 
	 	(ii)	 	reimbursement for any outstanding reasonable business expense
Employee incurred in performing Employee’s duties hereunder;
	 
	 	(iii)	 	the right to elect continuation coverage of insurance benefits
to the extent required by law;
	 
	 	(iv)	 	any pension survivor benefits that may become due pursuant to
any employee benefit plan or program of Employer, and
	 
	 	(v)	 	payment of any accrued but unpaid benefits and any other
rights, and vesting of any outstanding stock options, restricted stock awards
and other equity incentive awards (“Equity-Based Awards”) as provided by the
terms of any employee benefit plan or program of Employer.

          (d) Termination Due to Disability. Employer may terminate Employee’s employment at
any time if Employee becomes disabled, upon written notice by Employer to Employee. If Employee’s
employment is terminated because of Employee’s disability, he shall be entitled to:

	 	(i)	 	payment of a lump-sum disability benefit equal to twelve (12)
months’ then current Base Salary;
	 
	 	(ii)	 	continuation of the vesting of any outstanding Equity-Based
Awards”) and continuation of Employee’s rights to exercise such Equity Based
Awards, through the effective date of such termination and for a period of
twelve (12) months following such termination.
	 
	 	(iii)	 	reimbursement for any outstanding reasonable business expense
he has incurred in performing Employee’s duties hereunder;
	 
	 	(iv)	 	the right to elect continuation coverage of insurance benefits
to the extent required by law; and

8

 

	 	(iv)	 	payment of any accrued but unpaid benefits and any other
rights, and vesting of any outstanding Equity Based Awards as provided by the
terms of any employee benefit plan or program of Employer.

“Disability,” as used in this paragraph, means a physical or mental illness, injury, or condition
that (a) prevents, as certified by a physician, Employee from performing one or more of the
essential functions of Employee’s position, for at least 120 consecutive calendar days or for at
least 150 calendar days, whether or not consecutive, in any 365 calendar day period, and (b) which
cannot be accommodated with a reasonable accommodation, without undue hardship on Employer, as
specified in the Americans with Disabilities Act. Any payment under this Section 7(d) shall be
made within 30 day of Employee’s termination of employment; provided, however, if Employee is a
Specified Employee (as defined below in Section 7(f)), the payment provided for above under Section
7(d)(i) shall not be made until the first day after six months after Employee’s termination of
employment.

          (e) Payments Terminated. If the Board of Employer has determined in good faith that
the Employee has failed to comply with the requirements of the Confidentiality, Non-Solicitation
and Non-Competition provisions referenced in Section 6 hereof at any time following any
termination, other than a termination without Cause under Section 7 or 8, or a termination
following or in anticipation of a Change of Control, then Employer may cease payment of and/or
cease the provision of any benefits under this Agreement, provided however that should Employee
seek to adjudicate the Board’s determination of Employee’s failure to comply, then upon a final
adjudication in Employee’s favor, Employer shall immediately pay, in lump sum, all such obligations
and provide all such benefits to Employee, along with any other damages to which Employee is
entitled by law or in accordance with Section 10, below.

          (f) Payments to Specified Employee. If Employee is a “specified employee” (as defined
in section 409A(a)(2)(B)(i) of the Internal Revenue Code (the “Code”) (hereinafter a “Specified
Employee”)) at the time Employee is eligible to be paid any amounts under Section 7(b)(i)(A) and
(B) or 7(b)(ii)(A) and (B), such payment(s) shall be paid in equal installments in accordance with
Employer’s regular salary payment practices over the Severance Period except that no payments shall
be made during the first six months following Employee’s termination of employment and each such
payment which otherwise would have been made during such initial six-month time period shall be
held in arrears by Employer until the first day after six months following Employee’s termination
of employment, at which time all amounts held in arrears shall be paid in a lump sum and the
remaining 18 months of severance pay shall be paid in equal installments in accordance with
Employer’s regular salary payment practices over the remainder of the Severance Period.

     8. Continuation of Employment Upon Change of Control.

          (a)
Continuation of Employment. Subject to the terms and conditions of this Section
8, in the event of a Change of Control of Employer (as defined in Section 8(v)) at any time during
Employee’s employment hereunder, Employee will remain in the employ of Employer for a period of an
additional three (3) years from the date of such Change of Control

9

 

(the “Control Change Date”). Employer shall, for the three (3) year period (the “Three-Year
Period”) immediately following the Control Change Date, continue to employ Employee at not less
than the capacity Employee held immediately prior to the Change of Control. During the Three-Year
Period, Employer shall continue to pay Employee salary on the same basis, at the same intervals and
at a rate not less than, that paid to Employee at the Control Change Date. Any termination of
employment by the Employer following a Control Change Date shall be governed by this Section 8
rather than the provisions of Section 7(a) or 7(b).

          (b) Benefits.  During the Three Year Period, Employee shall be entitled to
participate, on the basis of his Employee position, in each of the following plans (together, the
“Specified Benefits”) in existence, and in accordance with the terms thereof, at the Control Change
Date:

	 	(i)	 	any incentive compensation plans;
	 
	 	(ii)	 	any benefit plan and trust fund associated therewith, related
to (A) life, health, dental, disability, or accidental death and dismemberment
insurance, (B) employee stock ownership (such as under the Employer’s ESPP and
other stock option plans); and
	 
	 	(iii)	 	any other benefit plans hereafter made generally available to
Employees at Employee’s level or to the employees of Employer generally.

In addition, all outstanding Equity Based Awards held by Employee under any stock plan of Employer
or its affiliates shall become immediately vested on the Control Change Date.

          (c)
Definition of Change of Control. For purposes of this Section, a “Change of
Control” shall be considered to have occurred if (i) Employer has completed a merger, consolidation
or dissolution such that immediately after such event the shareholders of Employer immediately
before such merger, consolidation or dissolution hold less than 50% of the surviving entity and
such transaction has been closed; (ii) Employer completes a sale, exchange or disposition of all or
substantially all of Employer’s assets and such transaction has been closed; (iii) less than 75% of
the members of the Board shall be individuals who were members of the Board on the Effective Date
or whose election or nomination was approved by a vote of at least 75% of the members of the Board
then still in office who were either members of the Board on the Effective Date or whose election
or nomination was so approved; or (iv) any “person” (as such term is used in Sections 13(d) and
14(d) of the U.S. Securities Exchange Act of 1934 (the “Exchange Act”) shall have become
“beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) directly or indirectly of
securities of Employer representing 40% or more (calculated in accordance with Rule 13d-3) of the
aggregate voting power of Employer’s then outstanding voting securities.

          (d)
Termination Without Cause After Change of Control. Notwithstanding any other
provision of this Section 8, at any time after the Control Change Date, Employer may terminate the
employment of Employee without Cause (the “Termination”), but it shall pay to

10

 

Employee in accordance with Section 8(f) his full Base Salary through the Termination, to the
extent not theretofore paid, plus an amount (the “Special Severance Payment”) equal to the product
(discounted to the then present value on the basis of a rate of 7.5% per annum) of his annual Base
Salary specified in Section 3 hereof multiplied by the number of years and any portion thereof
remaining in the Three-Year Period (or if the remaining term in the Three-Year Period after the
Termination is less than two years, for two years — the “Extended Period”); provided, however, if any portion of Employee’s Special Severance Payment is not accelerated and
paid earlier than it would have been paid as a monthly installment payment (as may be the case with
certain amounts paid within six months following Employee’s termination or certain amounts paid
under Section 8(f)(iii)-(vi)), no such present value discount shall be applied to such portion(s)
of the payment. Specified Benefits to
which Employee was entitled immediately prior to Termination shall continue until the end of the
Three Year Period (or the Extended Period, if applicable); provided that: (i) if any plan pursuant
to which Specified Benefits are provided immediately prior to Termination would not permit
continued participation by Employee after Termination and that Specified Benefit does not
constitute nonqualified deferred compensation subject to Code section 409A, then Employer shall pay
to Employee within five days after Termination a lump sum payment equal to the amount of such
Specified Benefit(s) Employee would have received if Employee had been fully vested an a continuing
participant in such plan to the end of the Three-Year Period or the Extended Period, if applicable;
and (ii) if Employee obtains new employment following Termination, then following any waiting
period applicable to participation in any plan of the new employer, Employee shall continue to be
entitled to receive benefits pursuant to this sentence only to the extent such benefits would
exceed those available to Employee under comparable plans of the Employee’s new employer (but
Employee shall not be required to repay any amounts then already received by him).

          (e) Resignation following a Change of Control. In the event of a Change of Control of
Employer, thereafter, for “good reason” (as defined below), Employee may, at any time during the
Three Year Period, in his sole discretion, on not less than thirty (30) days’ written notice and
effective at the end of such notice period, resign his employment with Employer (the
“Resignation”). In accordance with Section 8(f), Employer shall pay to Employee his full Base
Salary through the effective date of such Resignation, to the extent not theretofore paid, plus an
amount equal to the Special Severance Payment (computed as provided in the first sentence of
Section 8(d), except that for purposes of such computation all references to “Termination” shall be
deemed to be references to “Resignation”). Upon Resignation of Employee, Specified Benefits to
which Employee was entitled immediately prior to Resignation shall continue on the same terms and
conditions as provided in Section 8(d) in the case of Termination (including equivalent payments
provided for therein). For purposes of this Agreement, “good reason” shall mean the occurrence of
one of the following occurrences: (i) a significant diminution in the nature or scope of Employee’s
authority, title, responsibilities or duties, unless Employee is given new authority or duties that
are substantially comparable to Employee’s previous authority or duties; (ii) a reduction in
Employee’s then-current Base Salary, or a significant reduction in Employee’s opportunities for
earnings, or the termination or significant reduction of any Employee benefit or perquisite enjoyed
by him; (iii) a change in Employee’s place of employment such that Employee is required to work
more than fifty (50) miles from Employee’s then current place of employment; (iv) the failure of
Employer to obtain an assumption in writing of its obligation to perform this Agreement by any
successor to all or substantially all of the assets of Employer within forty-five (45) days after a
merger, consolidation, sale or similar transaction; or (v) any material breach of this Agreement by
Employer, provided however that to

11

 

the extent Employee believes that Employer has engaged in a
material breach of this Agreement,
Employee shall provide Employer with ten (10) calendar days notice of such material breach and
allow Employer to attempt to cure the alleged breach during that ten (10) day time period. Only
upon expiration of the ten (10) day time period, if Employee believes that Employer has not
sufficiently cured the alleged breach may Employee issue the notice of Resignation for “good
reason” described above).

          (f) Timing of Payments. The time at which all payments due under Sections 8(d) or
8(e) above will commence and the form in which such payments will be made will depend upon the
following three factors: (1) whether Employee is a Specified Employee, (2) whether the Termination
or Resignation following a Change of Control occurs on or before, or after the second anniversary
of the Control Change Date and (3) whether the Change of Control constitutes a “change in the
ownership or effective control” of Employer or a “change in the ownership of a substantial portion
of the assets” of Employer within the meaning of Code section 409A(a)(2)(A)(v) and the applicable
Treasury Regulations issued thereunder (a “Section 409A Change of Control”). Each of the payment
scenarios is set forth below:

	 	(i)	 	If Employee is a Specified Employee at the time Employee is
eligible to be paid any amounts under Section 8(d) or 8(e), Employee’s
termination from employment is on or before the second anniversary of the
Control Change Date, and the Change of Control is a Section 409A Change of
Control, such payment(s) shall be made in a lump sum, on the first day after
the six month anniversary of the effective date of Employee’s termination of
employment.
	 
	 	(ii)	 	If Employee is not a Specified Employee at the time Employee
is eligible to be paid any amounts under Section 8(d) or 8(e), Employee’s
termination from employment is on or before the second anniversary of the
Control Change Date, and the Change of Control is a Section 409A Change of
Control, such payment(s) shall be paid in a lump sum payment within 5 business
days of Employee’s termination of employment.
	 
	 	(iii)	 	If Employee is a Specified Employee at the time Employee is
eligible to be paid any amounts under Section 8(d) or 8(e), Employee’s
termination from employment is after the second anniversary of the Control
Change Date, and whether or not the Change of Control is a Section 409A Change
of Control, such payment(s) shall be paid in equal installments in accordance
with Employee’s regular salary payment practices over the Severance Period
except that no payments shall be made during the first six months following
Employee’s termination of employment and each such payment which otherwise
would have been made during such initial six-month time period shall be held
in arrears by Employer until the first payment made six months and one day
following Employee’s termination of employment at which time all amounts held
in arrears shall be paid in a

12

 

	 	 	 	lump sum and the remaining 18 months of
severance pay shall be paid in
equal installments in accordance with Employer’s regular salary payment
practices over the Severance Period.
	 
	 	(iv)	 	If Employee is not a Specified Employee at the time Employee
is eligible to be paid any amounts under Section 8(d) or 8(e), Employee’s
termination from employment is after the second anniversary of the Control
Change Date and whether or not the Change of Control is a Section 409A Change
of Control, such payment(s) shall be made in equal installments over the
Severance Period in accordance with Employer’s regular salary payment
practices.
	 
	 	(v)	 	If Employee is a Specified Employee at the time Employee is
eligible to be paid any amounts under Section 8(d) or 8(e), Employee’s
termination from employment is on or before the second anniversary of the
Control Change Date, and the Change of Control is not a Section 409A Change of
Control, such payment(s) shall be paid in equal installments in accordance
with Employee’s regular salary payment practices over the Severance Period
except that no payments shall be made during the first six months following
Employee’s termination of employment and each such payment which otherwise
would have been made during such initial six-month time period shall be held
in arrears by Employer until the first payment made six months and one day
following Employee’s termination of employment at which time all amounts held
in arrears shall be paid in a lump sum and the remaining 18 months of
severance pay shall be paid in equal installments in accordance with
Employer’s regular salary payment practices over the Severance Period.
	 
	 	(vi)	 	If Employee is not a Specified Employee at the time Employee
is eligible to be paid any amounts under Section 8(d) or 8(e), Employee’s
termination from employment is on or before the second anniversary of the
Control Change Date, and the Change of Control is not a Section 409A Change of
Control, such payment(s) shall be made in equal installments over the
Severance Period in accordance with Employer’s regular salary payment
practices.

          (g) Mitigation and Expenses.

               (i) Other
Employment. After the Control Change Date, Employee shall not be required
to mitigate the amount of any payment provided for in this Agreement by seeking other employment or
otherwise and except as expressly set forth herein no such other employment, if obtained, or
compensation or benefits payable in connection therewith shall reduce any amounts or benefits to
which Employee is entitled hereunder.

13

 

               (ii) Expenses. If any dispute should arise under this Agreement after the Control
Change Date involving an effort by Employee to protect, enforce or secure rights or
benefits claimed by Employee hereunder, Employer shall pay (promptly upon demand by Employee
accompanied by reasonable evidence of incurrence) all reasonable expenses (including attorney’s
fees) incurred by Employee in connection with such dispute, without regard to whether Employee
prevails in such dispute except that Employee shall repay Employer any amounts so received if a
court having jurisdiction shall make a final, non-appealable determination that Employee acted
frivolously or in bad faith by such dispute

          (h)
Successors in Interest. The rights and obligations of Employer and Employee under
this Section 8 shall inure to the benefit of and be binding in each and every respect upon the
direct and indirect successors and assigns of Employer and Employee, regardless of the manner in
which such successors or assigns shall succeed to the interest of Employer or Employee hereunder
and this Section 8 shall not be terminated by the voluntary or involuntary dissolution of Employer
or any merger or consolidation or acquisition involving Employer, or upon any transfer of all or
substantially all of Employer’s assets, or terminated otherwise than in accordance with its terms.
In the event of any such merger or consolidation or transfer of assets, the provision of this
Section 8 shall be binding upon and shall inure to the benefit of the surviving corporation or the
corporation or other person to which such assets shall be transferred.

     9. Deductions and Withholding. Employee agrees that Employer may withhold from any
and all payments required to be made by Employer to Employee under this Agreement all taxes or
other amounts that Employer is required by law to withhold in accordance with applicable laws or
regulations from time to time in effect.

     10. Gross Up Payment. If at any time or from time to time, it shall be determined by
tax counsel mutually agreeable to Employer and Employee that any payment or other benefit to
Employee pursuant to this Agreement or otherwise (“Potential Parachute Payment”) is or will become
subject to the excise tax imposed by Section 4999 of the Code or any similar tax (“Excise Taxes”),
then Employer shall, subject to the limitations below, pay or cause to be paid a tax gross-up
payment (“Gross-Up Payment”) with respect to all such Excise Taxes and other taxes on the Gross-Up
Payment. The Gross-Up Payment shall be an amount equal to the product of (a) the amount of the
Excise Taxes multiplied by (b) a fraction (the “Gross-Up Multiple”), the numerator or which is one
(1.0), and the denominator of which is one (1.0) minus the lesser of (i) the sum, expressed as a
decimal fraction, of the effective marginal rates of any taxes and any Excise Taxes applicable to
the Gross-Up Payment or (ii) .80, it being intended that the Gross-Up Multiple shall in no event
exceed five (5.0). If different rates of tax are applicable to various portions of a Gross-Up
Payment, the weighted average of such rates shall be used. Excise Taxes and other penalties under
Section 409A of the Code shall not be “any similar tax” for purposes of this Agreement.

14

 

     (a) To the extent possible, any payments or other benefits to Employee pursuant to this
Agreement shall be allocated as consideration for Employee’s entry into the covenants made by him
in Section 6.

     (b) Notwithstanding any other provisions of this Section 10, if the aggregate After-Tax Amount
(as defined below) of the Potential Parachute Payments and Gross-Up Payment that, but for this
limitation, would be payable to Employee, does not exceed 120% of After-Tax Floor Amount (as
defined below), then no Gross-Up Payment shall be made to Employee and the aggregate amount of
Potential Parachute Payments payable to Employee shall be reduced (but not below the Floor Amount)
to the largest amount which would both (i) not cause any Excise Tax to be payable by Employee and
(ii) not cause any Potential Parachute Payments to become nondeductible by Employer by reason of
Section 280G of the Code (or any successor provision). For purposes of the preceding sentence,
Employee shall be deemed to be subject to the highest effective after-tax marginal rate of taxes.

   For purposes of this Agreement:

   (i) “After-Tax Amount” means the portion of a specified amount that would remain after payment
of all taxes paid or payable by Employee in respect of such specified amount; and

   (ii) “Floor Amount” means the greatest pre-tax amount of Potential Parachute Payments that
could be paid to Employee without causing Employee to become liable for any Excise Taxes in
connection therewith; and

   (iii) “After-Tax Floor Amount” means the After-Tax Amount of the Floor Amount.

     (c) If for any reason tax counsel mutually agreeable to Employer and Employee later determine
that the amount of Excise Taxes payable by Employee is greater than the amount initially determined
pursuant to the above provisions of this Section 10, then Employer shall, subject to Sections 10(d)
and 10(e) pay Employee, within thirty (30) days of such determination, or pay to the IRS as
required by applicable law, an amount (which shall also be deemed a Gross-Up Payment) equal to the
product of (a) the sum of (i) such additional Excise Taxes and (ii) any interest, penalties,
expenses or other costs incurred by Employee as a result of having taken a position in accordance
with a determination made pursuant to Paragraph 10(d), multiplied by (b) the Gross-Up Multiple.

     (d) Employee shall immediately notify Employer in writing (an “Employee’s Notice”) of any
claim by the IRS or other taxing authority (an “IRS Claim”) that, if successful, would require the
payment by Employee of Excise Taxes in respect of Potential Parachute Payments in an amount in
excess of the amount of such Excise Taxes determined in accordance with Section 10. Employee’s
Notice shall fully inform Employer of all particulars of the IRS Claim and the date on which such
IRS Claim is due to be paid (the “IRS Claim Deadline”).

15

 

     Employer shall direct the Employee as to whether to pay all or part of the IRS Claim or to
contest the IRS Claim or to pursue a claim for a refund (a “Refund Claim”) of all or any portion of
such Excise Taxes, other taxes, interest or penalties as may be specified by Employer in a written
notice to Employee. If Employer directs Employee to pay all or part of the IRS Claim, the amount
of such payment shall also be deemed a Gross-Up Payment, which Employer shall pay to the Employee
or the IRS, as appropriate. The Employee shall cooperate fully with
Employer in good faith to contest such IRS Claim or pursue such Refund Claim (including appeals)
and shall permit Employer to participate in any proceedings relating to such IRS Claim or Refund
Claim.

     Employer shall control all proceedings in connection with such IRS Claim or Refund Claim (as
applicable) and in its discretion may cause Employee to pursue or forego any and all administrative
appeals, proceedings, hearings and conferences with the Internal Revenue Service or other taxing
authority.

     Employer shall pay directly all legal, accounting and other costs and expenses (including
additional interest and penalties) incurred by Employer or Employee in connection with any IRS
Claim or Refund Claim, as applicable, and shall indemnify Employee, on an after-tax basis, for any
Excise Tax or income tax, including related interest and penalties, imposed as a result of such
payment of costs or expenses.

     (e) If Employee receives any refund with respect to Excise Taxes, Employee shall (subject to
Employer’s complying with any applicable requirements of Section 10(d)) promptly pay Employer the
amount of such refund (together with any interest paid or credited thereon after taxes applicable
thereto). Any contest of a denial of refund shall be controlled by Section 10(d).

     (f) 409A Compliance. Any Gross-Up Payment made under this Agreement shall be made no
later than by the end of Employee’s taxable year next following Employee’s taxable year in which he
remits the Excise Taxes. In the event Employee has a right to a Gross-Up Payment due to a tax
audit or litigation addressing the existence or amount of a tax liability, whether Federal, state,
local, or foreign, any Gross-Up Payment relating thereto will be made by the end of Employee’s
taxable year following Employee’s taxable year in which the taxes that are the subject of the audit
or litigation are remitted to the taxing authority, or where as a result of such audit or
litigation no taxes are remitted, the end of Employee’s taxable year in which the audit is
completed or there is a final and nonappealable settlement or other resolution of the litigation.

     11. Arbitration. Whenever a dispute arises between the Parties concerning this
Agreement or any of the obligations hereunder, or Employee’s employment generally, Employer and
Employee shall use their best efforts to resolve the dispute by mutual agreement. If any dispute
cannot be resolved by Employer and Employee, it shall be submitted to arbitration in Kansas City,
Missouri, to the exclusion of all other avenues of relief and adjudicated pursuant to the American
Arbitration Association’s Rules for Employment Dispute Resolution then in effect. The decision of
the arbitrator must be in writing and shall be final and binding on the Parties, and judgment may
be

16

 

entered on the arbitrator’s award in any court having jurisdiction thereof. The expenses of the
arbitration shall be borne by the losing Party to the arbitration and the prevailing Party shall be
entitled to recover from the losing Party all of its or Employee’s own costs and attorney’s fees
with respect to the arbitration (except as set forth in Section 8(g)(ii), above). Nothing in this
Section 11 shall be construed to derogate Employer’s rights to seek legal and equitable relief in a
court of competent jurisdiction as contemplated by Section 6(h).

     12. Non-Waiver. It is understood and agreed that one Party’s failure at any time to
require the performance by the other Party of any of the terms, provisions, covenants or conditions
hereof shall in no way affect the first Party’s right thereafter to enforce the same, nor shall the
waiver by either Party of the breach of any term, provision, covenant or condition hereof be taken
or held to be a waiver of any succeeding breach.

     13. Severability. If any provision of this Agreement conflicts with the law under
which this Agreement is to be construed, or if any such provision is held invalid or unenforceable
by a court of competent jurisdiction or any arbitrator, such provision shall be deleted from this
Agreement and the Agreement shall be construed to give full effect to the remaining provisions
thereof.

     14. Survivability. Unless otherwise provided herein, upon termination or expiration
of the Term, the provisions of Sections 6 through 20 hereof shall nevertheless remain in full force
and effect but shall under no circumstances extend the Term of this Agreement (or the Employee’s
right to accrue additional benefits beyond the expiration of the Term as determined in accordance
with Section 1 but without regard to this Section).

     15. Governing Law. This Agreement shall be interpreted, construed and governed
according to the laws of the State of Delaware without regard to the conflict of law provisions
thereof.

     16. Construction. The Section headings and captions contained in this Agreement are
for convenience only and shall not be construed to define, limit or affect the scope or meaning of
the provisions hereof. All references herein to Sections shall be deemed to refer to numbered
sections of this Agreement.

     17. Entire Agreement. This Agreement contains and represents the entire agreement of
Employer and Employee and supersedes all prior agreements, representations or understandings, oral
or written, express or implied with respect to the subject matter hereof. This Agreement may not
be modified or amended in any way unless in a writing signed by each of Employer and Employee. No
representation, promise or inducement has been made by either Employer or Employee that is not
embodied in this Agreement, and neither Employer nor Employee shall be bound by or liable for any
alleged representation, promise or inducement not specifically set forth herein.

17

 

     18. Assignability. Neither this Agreement nor any rights or obligations of Employer
or Employee hereunder may be assigned by Employer or Employee without the other Party’s prior
written consent. Subject to the foregoing, this Agreement shall be binding upon and inure to the
benefit of Employer and Employee and their heirs, successors and assigns.

     19. Code
Section 409A. This Agreement is intended to meet the requirements of Section
409A of the Code and may be administered in a manner that is intended to meet those requirements
and shall be construed and interpreted in accordance with such intent. To the extent that any
payment or benefit provided hereunder is subject to Section 409A of the Code, such
payment or benefit shall be provided in a manner that will meet the requirements of Section 409A of
the Code, including regulations or other guidance issued with respect thereto, such that the
payment or benefit shall not be subject to the excise tax applicable under Section 409A of the
Code. Any provision of this Agreement that would cause any payment or benefit to fail to satisfy
Section 409A of the Code shall be amended (in a manner that as closely as practicable achieves the
original intent of this Agreement) to comply with Section 409A of the Code on a timely basis, which
may be made on a retroactive basis, in accordance with regulations and other guidance issued under
Section 409A of the Code.

     20. Notices. All notices required or permitted hereunder shall be in writing and
shall be deemed properly given if delivered personally or sent by certified or registered mail,
postage prepaid, return receipt requested, or sent by telegram, telex, telecopy or similar form of
telecommunication, and shall be deemed to have been given when received. Any such notice or
communication shall be addressed:

	 	 	 	 	 
	 

	 	if to Employer, to
	 	Euronet Worldwide, Inc.
	 

	 	 	 	Attention: General Counsel
	 

	 	 	 	4601 College Boulevard, Ste. 300
	 

	 	 	 	Leawood, Kansas 66211
	 
	 	 	 	 
	 

	 	if to Employee, to
	 	Juan C. Bianchi

or to such other address as Employer or Employee shall have furnished to the other in writing.

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

	 	 	 	 	 	 	 
	 

	 	 	 	Euronet Worldwide, Inc.	 	 
	/s/ Juan C. Bianchi

	 	 	 	a Delaware Corporation
	 	 
	 

Juan C. Bianchi

	 	 	 	 	 	 
	 

	 	 	 	/s/ Michael J. Brown	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	By: Michael J. Brown	 	 
	 

	 	 	 	Its: Chairman and Chief Executive Officer	 	 

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Schedule A

Vesting Schedule

The restricted stock referred to in Section 3(b)(i) shall vest as follows:

Time Vest Restricted Stock :

Restricted stock with an aggregate value of $1,500,000 will be subject to time-based vesting over 5
years (“Time Vest Restricted Stock”). Each year, on the anniversary of the date on which the
restricted stock was awarded (each such date, a “Annual Vest Date,”) 20% of the shares awarded
shall vest to the Employee, provided he shall have remained in continuous employment with Employer
until such Annual Vest Date (including but not limited to the duration of the Term and the duration
of the Severance Period).

Performance Vest Restricted Stock — Tranche A:

Restricted stock with an aggregate value of $1,500,000 will be subject to performance based vesting
over 5 years (“Performance Vest Restricted Stock — Tranche A”) as follows: Each year, on the
anniversary of the date on which the restricted stock was awarded (each such date, a “Annual Vest
Date”) 20% of the shares awarded shall vest to the Employee, provided that (i) he shall have
remained in continuous employment with Employer until such Annual Vest Date (including but not
limited to the duration of the Term and the duration of the Severance Period) and (ii) EBITDA of
Ria Envia, Inc., as determined in the next paragraph, shall have increased 10% or more during the
12 month calendar period closed prior to each Annual Vest Date, as compared with the previous
year’s EBITDA.

EBITDA shall be determined exclusive of intercompany profits and in United States dollars. For the
avoidance of doubt, EBITDA represents “Operating Income” of Ria Envia Inc. and its consolidated
subsidiaries as disclosed in Employer’s financial statements filed with the Securities and Exchange
Commission (excluding the impact of acquisitions closed after April 5, 2007, intercompany profits
and depreciation and amortization), after deduction of all direct costs, salaries (including
bonuses paid or accrued), applicable share-based compensation, benefits and selling, general and
administrative expense incurred by, or allocated to, the Ria Envia, Inc. EBITDA shall be
determined by the Compensation Committee of the Board of Directors of the Employer on or before
each Annual Vest Date.

Performance Vest Restricted Stock — Tranche B.

Restricted stock with an aggregate value of $3,500,000 will be subject to performance based vesting
over 5 years (“Performance Vest Restricted Stock — Tranche B”) as follows: Each year,

20

 

on the
anniversary of the date on which the restricted stock was awarded (each such date, a
“Annual Vest Date”) 20% of the shares awarded shall vest to the Employee, provided that (i) he
shall have remained in continuous employment with Employer until such Annual Vest Date (including
but not limited to the duration of the Term and the duration of the Severance Period) and (ii) the
following targets are met:

     (a) on the first Annual Vest Date, Ria Envia Inc., on a consolidated basis (exclusive of the
impact of acquisitions closed subsequent to April 5, 2007) achieves EBITDA as defined above
totalling at least 90% of the EBITDA growth projected for Ria Envia Inc. in the financial plan
included in the Credit Suisse Confidential Information Memorandum relating to the sale of Ria Envia
Inc. (“Projected Ria Growth”) for the year ended December 31, 2007.

     (b) on the second Annual Vest Date, Ria Envia Inc., on a consolidated basis (exclusive of the
impact of acquisitions closed subsequent to April 5, 2007) achieves EBITDA as defined above
totalling at least 90% of Projected Ria Growth for the year ended December 31, 2008

     (c) on each of the third through the fifth Annual Vest Dates, if Ria Envia Inc., on a
consolidated basis (exclusive of the impact of acquisitions closed subsequent to April 5, 2007)
achieves EBITDA for each year that is at least 15% higher than the previous year.

21

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