Document:

EX-10.01

Exhibit 10.01

AMENDMENT TO EMPLOYMENT AGREEMENT

AMENDMENT TO EMPLOYMENT AGREEMENT (the “Amendment”) dated May 12, 2009 by and between
MoneyGram International, Inc., a Delaware corporation (together with its direct and indirect
subsidiaries, successors and permitted assigns under the Employment Agreement, the
“Company”) and Pamela H. Patsley (“Executive”). All capitalized terms not defined
herein shall have the meanings ascribed to them in the January 21, 2009 Employment Agreement
between Company and Executive.

1. Section 4 of the Agreement is hereby amended to read as follows:

4. Cash Bonus. Executive shall be eligible to participate in the Company’s Management
and Line of Business Incentive Plan (“MIP”). The annual MIP bonus targets shall be
established by the Board, and Executive’s annual bonus shall be 100% of Executive’s Base Salary if
the defined base target is achieved and 200% of the Executive’s Base Salary if the maximum defined
target is achieved. The annual bonus shall be paid in accordance with the terms of the MIP but in
no event later than the 15th day of the third month of the fiscal year following the fiscal year to
which such annual bonus relates.

2. Except as amended herein, all terms of the Agreement remain in effect and unchanged.

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IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and
year first above written.

	 	 	 
	MONEYGRAM INTERNATIONAL, INC.	 	PAMELA H. PATSLEY
	     

	 	     
	 

	 	

By: Anthony P. Ryan

Title: President and CEO

[THIS IS THE SIGNATURE PAGE TO THE AMENDMENT TO EMPLOYMENT AGREEMENT

BETWEEN THE ABOVE-REFERENCED PARTIES]

2EX-10.02

Exhibit 10.02

MONEYGRAM INTERNATIONAL, INC.

2005 OMNIBUS INCENTIVE PLAN

NON-QUALIFIED STOCK OPTION AGREEMENT

This Non-Qualified Stock Option Agreement (this “Agreement”) is made effective as of May 12,
2009 (the “Grant Date”) between MoneyGram International, Inc., a Delaware corporation (the
“Company”), and Pamela H. Patsley who is an employee of the Company (the “Optionee”).

WHEREAS, in connection with the Optionee’s employment with the Company or one of its
Subsidiaries, the Company desires to grant to the Optionee an option to purchase shares of the
Company’s Common Stock, par value $0.01 per share (the “Common Stock”) on the date hereof pursuant
to the terms and conditions of this Agreement and the Company’s 2005 Omnibus Incentive Plan (the
“Plan”);

WHEREAS, the Company’s Board of Directors has determined that it would be to the advantage,
and in the best interest, of the Company and its shareholders to grant the option provided for
herein to the Optionee as an incentive for her increased efforts during her employment with the
Company or one of its Subsidiaries;

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:

1. Grant of Option.

Subject to the terms and conditions of the Plan and this Agreement, the Company hereby grants
to the Optionee on the Grant Date, an option to purchase up to 1 million shares of
Common Stock at the option price set forth in Section 2 (the “Option”).

The foregoing award is a Non-qualified Stock Option granted under the Plan, which is
incorporated herein by this reference and made part of this Agreement. The Option is not an
incentive stock option within the meaning of Section 422 of the Internal Revenue Code of 1986, as
amended (the “Code”).

2. Option Price.

The per share purchase price of the shares subject to the Option shall be the higher of $1.50
or the Fair Market Value of the Common Stock as of the Grant Date (the “Option Price”), subject to
appropriate adjustment as may be determined by the Committee from time to time in accordance with
Section 9.

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3. Term of Option and Exercisability.

The term of the Option shall be for a period of ten years from the Grant Date, terminating at
the close of business on May 12, 2019 (the “Expiration Date”) or such shorter period as is
prescribed in Sections 5 and 6 of this Agreement. Subject to the provisions of Sections 4, 5 and 6
of this Agreement, 50% of the Option shall vest and become exercisable based on a time-vesting
schedule (the “Time-Based Option”) and the remaining 50% of the Option shall vest and become
exercisable based on performance-based vesting criteria (the “Performance-Based Option”).

(a) Time-Based Option: Subject to the Optionee’s continued employment with the Company
or any of its Subsidiaries on the applicable “Time-Vesting Date” set forth in the table below, or
as otherwise set forth in that certain Employment Agreement, dated as of January 21, 2009, between
the Company and Optionee, as amended (the “Employment Agreement”), the Time-Based-Option shall vest
as follows:

	 	 	 	 	 
	Time-Vesting Date

	 	Percentage Vested

Time-Based Option

	
 
	 	 	 	 
	On the first anniversary of the Grant Date

	 	 	25	%
	 

	 	 	 	 
	On the second anniversary of the Grant Date

	 	 	50	%
	 

	 	 	 	 
	On the third anniversary of the Grant Date

	 	 	75	%
	 

	 	 	 	 
	On the fourth anniversary of the Grant Date

	 	 	100	%
	 

	 	 	 	 

Except as set forth in the Employment Agreement, if the Optionee’s employment with the Company
or any of its Subsidiaries is terminated on or prior to the fourth anniversary of the Grant Date,
the unvested portion of the Time-Based Option shall be forfeited as described in Section 5 hereof.

(b) Performance-Based Option: Subject to the Optionee’s continued employment with the
Company or any of its Subsidiaries on the applicable Performance-Vesting Date (as defined below),
or as otherwise set forth in the Employment Agreement, the Performance-Based Option shall vest as
follows:

(i) 50% of the Performance-Based Option (“Tranche 1 Performance-Based Option”) shall vest in
full (A) so long as the Common Stock trades on a United States securities exchange or trading
market (which, for the purpose of Section 3(b), shall include an over-the-counter market on the OTC
Bulletin Board or Pink Sheets), on the earlier of (x) the date that the daily closing price of the
Common Stock on the principal United States securities exchange or trading market on which the
Common Stock is traded (the “Applicable Market”) equals or exceeds two (2) times the Option Price
for any period of twenty (20) consecutive trading days during the five-year period following the
Grant Date and (y) if there is a Change in Control (as defined below) during the five-year period
following the Grant Date, on the date of such Change in Control, in the event the per share
consideration in such Change in Control equals or exceeds two (2) times the Option Price or (B) in
the event the Common Stock does not trade on a United States securities exchange or trading market
(such cessation, a “Going Private Event”), on the earlier of (x) following a Subsequent Public
Offering (as defined below), the date during the five-year period following the Grant Date on which
the Equity Value (as defined below) of a share of Common Stock would result in the Investors (as
defined below) having value in their equity securities of the Company (assuming conversion into
Common Stock of all convertible securities then held by the Investors) equal to or exceeding two
(2) times the aggregate amount invested by the Investors in such securities and (y) if there is a
Change in Control during the five-year period following the Grant Date, on the date of such Change
in Control if the aggregate value of the cash, marketable securities and other consideration
received by the Investors pursuant to such Change in Control, together with any distributions or
proceeds previously received by the Investors, in each case, in connection with the equity
securities of the Company held by the Investors, is equal to or exceeds two (2) times the aggregate
amount invested by the Investors in securities of the Company (any of such dates, a “2X Performance
Vesting Date”); and

(ii) the remaining 50% of the Performance-Based Option (“Tranche 2 Performance-Based Option”)
shall vest in full (A) so long as the Common Stock trades on a United States securities exchange or
trading market, on the earlier of (x) the date that the daily closing price of the Common Stock on
the Applicable Market equals or exceeds three (3) times the Option Price for any period of twenty
(20) consecutive trading days during the five-year period following the Grant Date and (y) if there
is a Change in Control during the five-year period following the Grant Date, on the date of such
Change in Control, in the event the per share consideration in such Change in Control equals or
exceeds three (3) times the Option Price or (B) in the event of a Going Private Event, on the
earlier of (x) following a Subsequent Public Offering, the date during the five-year period
following the Grant Date on which the Equity Value of a share of Common Stock would result in the
Investors having value in their equity securities of the Company (assuming conversion into Common
Stock of all convertible securities then held by the Investors) equal to or exceeding three (3)
times the aggregate amount invested by the Investors in such securities and (y) if there is a
Change in Control during the five-year period following the Grant Date, on the date of such Change
in Control if the aggregate value of the cash, marketable securities and other consideration
received by the Investors pursuant to such Change in Control, together with any distributions or
proceeds previously received by the Investors, in each case, in connection with the equity
securities of the Company held by the Investors, is equal to or exceeds three (3) times the
aggregate amount invested by the Investors in securities of the Company (any of such dates, a “3X
Performance Vesting Date”). The 2X Performance Vesting Date and the 3X Performance Vesting Date
are each referred to as a “Performance-Vesting Date.”

Notwithstanding anything herein to the contrary, if the 2X Performance Vesting Date and/or the
3X Performance Vesting Date does not occur on or prior to the earlier of the fifth anniversary of
the Grant Date and a Change in Control (absent a substitution of the applicable Options), the
Tranche 1 Performance-Based Option and/or Tranche 2 Performance-Based Option, as applicable, shall
be forfeited on such earlier date. Except as set forth in Section 5 hereof, if the Optionee’s
employment with the Company is terminated prior to the 2X Performance Vesting Date and/or the 3X
Performance Vesting Date, the Tranche 1 Performance-Based Option and/or Tranche 2 Performance-Based
Option, as applicable, shall be forfeited, as described in Section 5 hereof.

For purposes hereof, the “Equity Value” shall mean the average daily closing price of the
Common Stock over a consecutive twenty (20) day trading period.

For purposes hereof, “Subsequent Public Offering” shall mean a firm commitment underwritten
public offering of shares of the Company or other event the result of which is that shares of the
Company are tradable on the New York Stock Exchange, American Stock Exchange, NASDAQ National
Market or similar market system, in each case, after a Going Private Event.

For purposes hereof, “Investors” shall mean the “Investors” as defined in that certain Amended
and Restated Purchase Agreement, dated March 17, 2008, by and between the Company and the other
parties thereto, and their respective affiliates (not including the Company).

4. Effect of Change in Control. 

Notwithstanding the vesting provisions contained in Section 3 above, but subject to the other
terms and conditions contained in this Agreement, from and after a Change in Control (as defined
below) the following provisions shall apply:

(a) If the Optionee is employed by the Company or any of its Subsidiaries on the date of a
“Change in Control”, or the Optionee is eligible for further vesting pursuant to the terms of the
Employment Agreement, the Committee, in its sole discretion, may vest immediately prior to the
consummation of the Change in Control all or any portion of the Time-Based Option not previously
vested, unless the Time-Based Option or any such portion thereof shall have been previously
terminated in accordance with the terms of the Plan and this Agreement.

(b) If at the time of the Change in Control, the per share Fair Market Value of an Option does
not exceed the per share Option Price, then this Option, whether vested or unvested, shall
immediately terminate in full and be of no further force or effect; and

(c) If at the time of the Change in Control, the per share Fair Market Value of an Option
exceeds the Option Price, then the Committee, in its sole discretion, may:

(i) provide the Optionee a reasonable amount of time (such period of time to be determined by
the Committee in its sole discretion) to exercise the vested and unexercised portion of this Option
(including any portion that may have vested pursuant to Section 4(a)) that is outstanding at the
time of the Change in Control and, if not exercised within such period, have this Option terminate
in full and be of no further force or effect with respect to any unexercised portion of such
Option;

(ii) provide for the termination of this Option in exchange for payment to the Optionee of the
excess of (x) the Fair Market Value of the vested portion of the Option that is outstanding and
unexercised at the time of the Change in Control over (y) the aggregate Option Price for such
vested portion of the Option; or

(iii) if the Change in Control involves the merger or consolidation of the Company with or
into another entity, provide for the substitution by the surviving entity or its direct or indirect
parent of awards with substantially the same terms as this Option in accordance with Section 422 of
the Code and Section 12.2 of the Plan.

(d) Notwithstanding the other provisions of this Section 4, if a Change in Control occurs, and
after giving effect thereto (i) the Common Stock no longer trades on a United States securities
exchange or trading market, and (ii) the Optionee’s employment under the Employment Agreement
either is terminated by the Company without Cause or is terminated by the Optionee for Good Reason
(as those terms are defined in the Employment Agreement), then the Committee shall accelerate any
portion of the Time-Based Options not previously vested.

(e) For purposes of this Agreement, “Change in Control” shall mean (i) a sale, transfer or
other conveyance or disposition, in any single transaction or series of transactions, of all or
substantially all of the Company’s assets, (ii) the transfer of more than 50% of the outstanding
securities of the Company, calculated on a fully-diluted basis, to an entity or group (within the
meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934 (the “Exchange
Act”)), or (iii) the merger, consolidation reorganization, recapitalization or share exchange of
the Company with another entity, in each case in clauses (ii) and (iii) above under circumstances
in which the holders of the voting power of the outstanding securities of the Company, as the case
may be, immediately prior to such transaction, hold less than 50% in voting power of the
outstanding securities of the Company or the surviving entity or resulting entity, as the case may
be, immediately following such transaction.

5. Effect of Termination of Employment.

If the Optionee ceases to be employed by the Company or any of its Subsidiaries, any portion
of the Option that was not vested on the date of the Optionee’s termination of employment and that
does not vest pursuant to the terms of the Employment Agreement shall be forfeited, and any portion
of the Time-Based Option that vests may be exercised until the earlier of (i) the Expiration Date
and (ii) the date that is 6 months after the date of the Optionee’s termination of employment, and
any portion of the Performance-Based Option that vests may be exercised until the earlier of
(i) the Expiration Date and (ii) the date that is six months after the later of the date of the
Optionee’s termination of employment or the date of any subsequent vesting pursuant to Section 5(d)
below, except that:

(a) if the Optionee’s employment with the Company or any of its Subsidiaries is terminated for
Cause (as such term is defined in the Employment Agreement), any portion of the Option that has not
been exercised on the date of the Optionee’s termination of employment shall be immediately
forfeited.

(b) if the Optionee’s employment with the Company or any of its Subsidiaries is terminated due
to a Disability (as such term is defined in the Employment Agreement), the Option may be exercised
until the earlier of (i) the Expiration Date and (ii) the date that is twelve (12) months after the
date of the Optionee’s termination due to Disability.

(c) if the Optionee’s employment with the Company or any of its Subsidiaries is terminated due
to death, the Option may be exercised by the Optionee’s personal representative or the
administrators of the Optionee’s estate or by any Person or Persons to whom the Option has been
transferred by will or the applicable laws of descent and distribution until the earlier of (i) the
Expiration Date and (ii) the date that is twelve (12) months after the date of the Optionee’s
death.

Notwithstanding anything to the contrary in (b) or (c)  of this Section 5, if the date on
which the Optionee ceases to be an employee of the Company due to Disability or death is within six
(6) months of the Grant Date of the Option, and the Optionee is an officer or director of the
Company subject to Section 16(b) of the Exchange Act, this Option shall not become fully
exercisable until six (6) months and one day after the Grant Date.

(d) As provided in the Employment Agreement, if the Company terminates the Optionee’s
employment without Cause (as such term is defined in the Employment Agreement) or the Optionee
terminates her employment with Good Reason (as such term is defined in the Employment Agreement),
then (x) the Time-Based Option will continue to vest through the date 12 months after the date of
termination, and (y) the Performance-Based Option shall vest through any Performance-Vesting Date
that occurs during the 12-month period following the date of termination. The number of Time-Based
Options deemed exercisable upon termination shall be calculated after giving effect to the
acceleration of vesting specified in this clause (d).

6. Forfeiture and Repayment Provisions. Unless a Change in Control (as defined above)
shall have occurred after the date hereof:

(a)  The right to exercise this Option shall be conditional upon the fact that the Optionee
has read and understood the forfeiture and repayment provisions set forth in this Section 6, that
the Optionee has not engaged in any misconduct or acts contrary to the Company as described below,
and that the Optionee has no intent to leave employment with the Company or any of its Subsidiaries
for the purpose of engaging in any activity or providing any services which are contrary to the
spirit and intent of the confidentiality, non-competition, non-solicitation and similar provisions
in Sections 9 and 10 of the Employment Agreement (collectively, the “Covenants”).

(b) The Company is authorized to suspend or terminate this Option and any other
outstanding stock option held by the Optionee prior to or after termination of employment if
the Optionee engages in any conduct agreed to be avoided pursuant to the Covenants. If, at
any time within two (2) years after the date of the Optionee’s termination of employment with
the Company or any of its Subsidiaries, the Optionee engages in any conduct agreed to be
avoided pursuant to the Covenants, then any gain (without regard to tax effects) realized by
the Optionee from the exercise of this Option, in whole or in part, shall be paid by the
Optionee to the Company. The Optionee consents to the deduction from any amounts the Company
or any of its Subsidiaries owes to the Optionee to the extent of the amounts the Optionee owes
the Company hereunder.

(c) Misconduct.

(i) The Company is authorized to suspend or terminate this Option and any other
outstanding stock option held by the Optionee prior to or after termination of employment if
the Company reasonably determines that during the Optionee’s employment with the Company or
any of its Subsidiaries:

(1) The Optionee knowingly participated in misconduct that causes a misstatement of the
financial statements of the Company or any of its Subsidiaries or misconduct which represents a
material violation of any code of ethics of the Company applicable to the Optionee or of the Always
Honest compliance program or similar program of the Company; or

(2) The Optionee was aware of and failed to report, as required by any code of ethics of the
Company applicable to the Optionee or by the Always Honest compliance program or similar program of
the Company, misconduct that causes a misstatement of the financial statements of the Company or
any of its Subsidiaries or misconduct which represents a material violation of any code of ethics
of the Company applicable to the Optionee or of the Always Honest compliance program or similar
program of the Company.

(ii) If, at any time after the Optionee exercises this Option, in whole or in part, the
Company reasonably determines that the provisions of Section 6(d) applies to the Optionee,
then any gain (without regard to tax effects) realized by the Optionee from such exercise
shall be paid by the Optionee to the Company. The Optionee consents to the deduction from any
amounts the Company or any of its Subsidiaries owes to the Optionee to the extent of the
amounts the Optionee owes the Company under this Section 6.

7. Method of Exercising Option; Payment of Option Price; Delivery of Purchased Shares.

(a) Subject to the terms and conditions of this Agreement, the Optionee may exercise the
Option by following the procedures established by the Company from time to time. In addition, the
Optionee may exercise the Option by written notice to the Company as provided in Section 10(l) of
this Agreement that states (i) the Optionee’s election to exercise the Option, (ii) the Grant Date
of the Option, (iii) the Option Price of the shares, (iv) the number of shares as to which the
Option is being exercised, (v) the manner of payment and (vi) the manner of payment for any income
tax withholding amount. The notice shall be signed by the Optionee or the Person or Persons
exercising the Option. The notice shall be accompanied by payment in full of the Option Price for
all shares designated in the notice. To the extent that the Option is exercised after the
Optionee’s death, the notice of exercise shall also be accompanied by appropriate proof of the
right of such Person or Persons to exercise the Option.

(b) Payment of the Option Price shall be made to the Company through one or a combination of
the following methods:

(i) cash, in United States currency (including check, draft, money order or wire transfer
made payable to the Company); or

(ii) delivery (either actual delivery or by attestation) of shares of Common Stock
acquired by the Optionee more than six (6) months prior to the date of exercise having a Fair
Market Value on the date of exercise equal to the Option Price (only full shares of Common
Stock shall be utilized for payment purposes). The Optionee shall represent and warrant in
writing that the Optionee is the owner of the shares so delivered, free and clear of all
liens, encumbrances, security interests and restrictions, and the Optionee shall duly endorse
in blank all certificates delivered to the Company.

(c) Upon any exercise of the Option, and subject to the payment of the Option Price under
Section 7(b) and of all tax obligations under Section 8, the Company shall deliver the shares
purchased in certificate form or, if the Company so permits, in book entry form. The certificate(s)
shall be registered in the name of the Optionee, the Optionee’s transferee, or if the Optionee so
requests, in writing at the time of exercise, jointly in the name of the Optionee and another
person with rights of survivorship. If the Optionee dies, the certificate(s) shall be registered in
the name of the person entitled to exercise the Stock Option in accordance with the Plan.

8. Taxes; Accounting Treatment.

(a) The Optionee acknowledges that the Optionee will consult with her personal tax adviser
regarding the income tax consequences of exercising the Option or any other matters related to this
Agreement. If the Optionee is employed by the Company or any of its Subsidiaries, in order to
comply with all applicable federal, state, local or foreign income tax laws or regulations, the
Company may take such action as it deems appropriate to ensure that all applicable federal, state,
local or foreign payroll, withholding, income or other taxes, which are the Optionee’s sole and
absolute responsibility, are withheld or collected from the Optionee.

(b) In accordance with the terms of the Plan, and such rules as may be adopted by the
Committee, the Optionee may elect to satisfy any applicable tax withholding obligations arising
from the exercise of the Option by (i) delivering cash (including check, draft, money order or wire
transfer made payable to the order of the Company), or (ii) delivering to the Company shares of
Common Stock acquired by the Optionee more than six (6) months prior to the date of exercise having
a Fair Market Value equal to the amount of such taxes (only full shares of Common Stock shall be
utilized for payment purposes) in accordance with the provisions set forth in Section 7(b)(ii).
The Optionee’s election must be made on or before the date that the amount of tax to be withheld is
determined.

(c) The Company acknowledges and agrees that for tax and accounting purposes, the Option will
be treated the same as all other non-qualified stock options issued by the Company that contain
substantially the same performance vesting features.

9. Adjustments.

In the event that the Company engages in a transaction such that any dividend or other
distribution (whether in the form of cash, shares of Common Stock, other securities or other
property), recapitalization, stock split, reverse stock split, reorganization, merger,
consolidation, split-up, spin-off, combination, repurchase or exchange of shares or other
securities of the Company, issuance of warrants or other rights to purchase shares or other
securities of the Company or other similar corporate transaction or event affects the shares
covered by the Option, in order to prevent dilution or enlargement of the benefits or potential
benefits intended to be made available under this Agreement, the terms of this Option (including,
without limitation, the number and kind of shares subject to this Option and the Option Price)
shall be adjusted as set forth in Section 4(c) of the Plan.

Upon a Change in Control, the Committee may, in its sole discretion, adjust the terms of this
Option (including, without limitation, the number and kind of shares subject to this Option and the
Option Price) by taking any of the actions permitted under this Agreement and in accordance with
Section 4(c) of the Plan.

10. General Provisions.

(a) Interpretations. This Agreement is subject in all respects to the terms of the
Plan. A copy of the Plan is available upon the Optionee’s request. Terms used herein which are
defined in the Plan shall have the respective meanings given to such terms in the Plan, unless
otherwise defined herein. In the event that any provision of this Agreement is inconsistent with
the terms of the Plan, the terms of the Plan shall govern. Any question of administration or
interpretation arising under this Agreement shall be determined by the Committee, and such
determination shall be final, conclusive and binding upon all parties in interest.

(b) No Rights as a Shareholder. Neither the Optionee nor the Optionee’s legal
representatives shall have any of the rights and privileges of a shareholder of the Company with
respect to the shares of Common Stock subject to the Option unless and until such shares are issued
upon exercise of the Option. Except as expressly provided by the Plan, no adjustment shall be made
for dividends or other rights for which the record date is prior to the issuance of any purchased
shares and the delivery of any certificate or certificates for such shares.

(c) No Right to Employment. Nothing in this Agreement or the Plan shall be construed
as giving the Optionee the right to be retained as an employee of the Company or any of its
Subsidiaries. In addition, the Company or any of its Subsidiaries, as applicable, may at any time
dismiss the Optionee from employment, free from any liability or any claim under this Agreement,
unless otherwise expressly provided in this Agreement.

(d) Termination of the Plan; No Right to Future Grants. By entering into this
Agreement, the Optionee acknowledges: (a) that the Plan is discretionary in nature and may be
suspended or terminated by the Company at any time; (b) that each grant of an option is a one-time
benefit which does not create any contractual or other right to receive future grants of options,
or benefits in lieu of options; (c) that all determinations with respect to any such future grants,
including, but not limited to, the times when the option shall be granted, the number of shares
subject to each option, the Option Price, and the time or times when each option shall be
exercisable, will be at the sole discretion of the Company; (d) that the Optionee’s participation
in the Plan is voluntary; (e) that the Option is not part of normal and expected compensation for
purposes of calculating any severance, resignation, bonuses, pension or retirement benefits or
similar payments; (g) that the right to purchase Common Stock ceases upon termination of employment
for any reason except as may otherwise be explicitly provided in the Plan or this Agreement;
(h) that the future value of the Option is unknown and cannot be predicted with certainty; (i) that
if the underlying shares do not increase in value, the Option will have no value; and (j) the
foregoing terms and conditions apply in full with respect to any prior option grants to the
Optionee.

(e) Option Not Transferable.

(i)  Except as otherwise provided by the Plan or by the Committee, the Option shall not
be transferable other than by will or by the laws of descent and distribution and the Option
shall be exercisable during the Optionee’s lifetime only by the Optionee or, if permissible
under applicable law, by the Optionee’s guardian or legal representative. The Option may not
be pledged, alienated, attached or otherwise encumbered, and any purported pledge, alienation,
attachment or encumbrance of the Option shall be void and unenforceable against the Company or
any Subsidiaries of the Company.

(ii) None of the purchased shares acquired pursuant to the exercise of this Option shall
be assigned, transferred, pledged, hypothecated, given away or in any other manner disposed of
or encumbered, whether voluntarily or by operation of law, unless such transfer is in
compliance with all applicable securities laws (including, without limitation, the Securities
Act of 1933, as amended.

(f) Reservation of Shares. The Company shall at all times during the term of the
Option reserve and keep available such number of shares of Common Stock as will be sufficient to
satisfy the requirements of this Agreement.

(g) Securities Matters. The Company shall not be required to deliver any shares of
Common Stock until the requirements of any federal or state securities or other laws, rules or
regulations (including the rules of any securities exchange) as may be determined by the Company to
be applicable are satisfied.

(h) Assignment. Neither this Agreement nor any right, remedy, obligation or liability
arising hereunder or by reason hereof shall be assignable by the Optionee.

(i) Successors and Assigns; No Third Party Beneficiaries. This Agreement shall inure
to the benefit of and be binding upon the Company and the Optionee and their respective heirs,
successors, legal representatives and permitted assigns. Nothing in this Agreement, expressed or
implied, is intended to confer on any Person other than the Company and the Optionee, and their
respective heirs, successors, legal representatives and permitted assigns, any rights, remedies,
obligations or liabilities under or by reason of this Agreement.

(j) Headings. Headings are given to the sections and subsections of this Agreement
solely as a convenience to facilitate reference. Such headings shall not be deemed in any way
material or relevant to the construction or interpretation of this Agreement or any provision
hereof.

(k) Governing Law; Venue; Waiver of Jury Trial.

(i) The internal law, and not the law of conflicts, of the State of Minnesota will govern
all questions concerning the validity, construction and effect of this Agreement. Any legal
action or proceeding with respect this Agreement shall be brought in the courts of the United
States for the Minnesota, and, by execution and delivery of this Agreement, each party hereby
irrevocably accepts for itself and in respect of its property, generally and unconditionally,
the exclusive jurisdiction of such courts.

(ii) THE COMPANY AND THE OPTIONEE HEREBY IRREVOCABLY WAIVE ANY AND ALL RIGHT TO TRIAL BY
JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS OPTION.

(l) Notices. The Optionee should send all written notices regarding this Agreement or
the Plan to the Company at the following address:

MoneyGram International, Inc.

General Counsel

1550 Utica Avenue South

Minneapolis, MN 55416

(m) Amendments. The Company may amend this Agreement at any time; provided that,
subject to Section 9 hereof and Section 7 of the Plan, no such amendment, alteration, suspension,
discontinuation or termination shall be made without the Optionee’s consent, if such action would
materially diminish any of the Optionee’s rights under this Agreement; provided, however, the
Company may amend this Agreement in such manner as it deems necessary to comply with applicable
laws.

(n) Entire Agreement. This Agreement and the Plan and the other agreements referred to
herein and therein and any schedules, exhibits and other documents referred to herein and therein
constitute the entire agreement and understanding among the parties hereto in respect of the
subject matter hereof and thereof and supersede all prior and contemporaneous arrangements,
agreements and understandings, both oral and written, whether in term sheets, presentations or
otherwise, among the parties hereto, or between any of them, with respect to the subject matter
hereof and thereof.

(o) Severability. If any provision of this Agreement is invalid, illegal, or
incapable of being enforced by any law, all other provisions of this Agreement shall remain in full
force and effect so long as the economic and legal substance of the transactions contemplated
hereby are not affected in any manner materially adverse to any party. If any provision of this
Agreement is held to be invalid, illegal, or incapable of being enforced, the parties hereto shall
negotiate in good faith to modify this Agreement so as to effect the original intent of the parties
as closely as possible in order that the transactions contemplated hereby are consummated as
originally contemplated to the greatest extent possible.

(p) Optionee Undertaking. The Optionee agrees to take such additional action and
execute such additional documents the Company may deem necessary or advisable to carry out or
effect one or more of the obligations or restrictions imposed either on the Optionee or upon this
Option pursuant to the provisions of this Agreement.

(q) Counterparts. For the convenience of the parties and to facilitate execution,
this Agreement and the Notice may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which shall constitute one and the same document.

* * * * * * * *

By signing below, the Optionee accepts this Option and the terms and conditions in this
Agreement and the Plan.

MONEYGRAM INTERNATIONAL, INC.

By:

Title:

OPTIONEE

Signature:

Print Name: Pamela H. Patsley

2

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