Document:

EX-10.02

Exhibit 10.02

MONEYGRAM INTERNATIONAL, INC.

PERFORMANCE BONUS PLAN

As Amended and Restated February 17, 2010

Section 1. Purpose. The purpose of the Plan is to provide professional, management
and executive level employees of the Corporation and its subsidiaries with an incentive to achieve
goals as set forth under the Plan for each Plan Year for the Corporation and/or their respective
line of business, where incentive differentiation is driven by Company and individual performance,
and to provide effective management and leadership to that end. The Plan will provide eligible
participants incentive bonuses based upon performance measurements determined by the Committee.
Awards to Executive Officers pursuant to the Plan are “Performance Awards” as defined in, and are
granted under and subject to the terms of, the 2005 Omnibus Plan.

Section 2. Definitions. The following definitions are applicable to the Plan:

“2005 Omnibus Plan” shall mean the MoneyGram International, Inc. 2005 Omnibus Incentive Plan,
as amended from time to time.

“Affiliate” shall mean any “Parent Corporation” or “Subsidiary Corporation” of the Corporation
as such terms are defined in Section 425(e) and (f), or the successor provisions, if any,
respectively, of the Code.

“Board” shall mean the Board of Directors of the Corporation.

“Change of Control” shall mean any of the following events:

(a) An acquisition by an individual, entity or group (within the meaning of Section
13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”) of beneficial ownership (within the
meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either: (1) the
then outstanding shares of Common Stock of the Corporation (the “Outstanding Corporation
Common Stock”) or (2) the combined voting power of the then outstanding voting securities of
the Corporation entitled to vote generally in the election of directors (the “Outstanding
Corporation Voting Securities”); excluding, however the following:

(A) any acquisition directly from the Corporation or any entity controlled by
the Corporation other than an acquisition by virtue of the exercise of a conversion
privilege unless the security being so converted was itself acquired directly from
the Corporation or any entity controlled by the Corporation,

(B) any acquisition by the Corporation, or any entity controlled by the
Corporation,

(C) any acquisition by any employee benefit plan (or related trust) sponsored
or maintained by the Corporation or any entity controlled by the Corporation or

(D) any acquisition pursuant to a transaction which complies with clauses (1),
(2) and (3) of Section (c) below; or

(b) A change in the composition of the Board such that the individuals who, as of the
effective date of the Plan, constitute the Board (such Board shall be hereinafter referred
to as the “Incumbent Board”) cease for any reason to constitute at least a majority of the
Board; provided, however, for purposes of this Section (b) that any individual, who becomes
a member of the Board subsequent to the effective date of the Plan, whose election, or
nomination for election by the Corporation’s stockholders, was approved by a vote of at
least a majority of those individuals who are members of the Board and who were also
members of the Incumbent Board, (or deemed to be such pursuant to this proviso) shall be
considered as though such individual were a member of the Incumbent Board; but provided
further, that any such individual whose initial assumption of office occurs as a result of
either an actual or threatened election contest (as such terms are used in Rule 14a-11 of
Regulation 14A promulgated under the Exchange Act) or other actual or threatened
solicitation of proxies or consents by or on behalf of a Person other than the Board shall
not be so considered as a member of the Incumbent Board, or

(c) Consummation of a reorganization, merger or consolidation or sale or other
disposition of all or substantially all of the assets of the Corporation (a “Corporate
Transaction”) excluding, however, such a Corporate Transaction pursuant to which (1) all or
substantially all of the individuals and entities who are the beneficial owners,
respectively, of the Outstanding Corporation Common Stock and Outstanding Corporation Voting
Securities immediately prior to such Corporate Transaction (the “Prior Stockholders”)
beneficially own, directly or indirectly, more than 60% of, respectively, the outstanding
            shares of Common Stock and the combined voting power of the then outstanding voting
securities entitled to vote generally in the election of directors, as the case may be, of
the Corporation or other entity resulting from such Corporate Transaction (including,
without limitation, a corporation or other entity which as a result of such transaction owns
the Corporation or all or substantially all of the Corporation’s assets either directly or
through one or more subsidiaries) in substantially the same proportions as their ownership,
immediately prior to such Corporate Transaction, of the Outstanding Corporation Common Stock
and Outstanding Corporation Voting Securities, as the case may be, (2) no Person (other than
the Corporation or any entity controlled by the Corporation, any employee benefit plan (or
related trust) of the Corporation or any entity controlled by the Corporation or such
corporation or other entity resulting from such Corporate Transaction) will beneficially
own, directly or indirectly, 20% or more of, respectively, the outstanding shares of Common
Stock of the Corporation or other entity resulting from such Corporate Transaction or the
combined voting power of the outstanding voting securities of the Corporation or such other
entity entitled to vote generally in the election of directors except to the extent that
such ownership existed prior to the Corporate Transaction and (3) individuals who were
members of the Incumbent Board will constitute at least a majority of the members of the
board of directors of the corporation resulting from such Corporate Transaction; and further
excluding any disposition of all or substantially all of the assets of the Corporation
pursuant to a spin-off, split-up or similar transaction (a “Spin-off”) if, immediately
following the Spin-off, the Prior Stockholders beneficially own, directly or indirectly,
more than 80% of the outstanding shares of common stock and the combined voting power of the
then outstanding voting securities entitled to vote generally in the election of directors
of both entities resulting from such transaction, in substantially the same proportions as
their ownership, immediately prior to such transaction, of the Outstanding Corporation
Common Stock and Outstanding Corporation Voting Securities, respectively; provided, that if
another Corporate Transaction involving the Corporation occurs in connection with or
following a Spin-off, such Corporate Transaction shall be analyzed separately for purposes
of determining whether a Change of Control has occurred;

(d) The approval by the stockholders of the Corporation of a complete liquidation or
dissolution of the Corporation.

“Code” shall mean the Internal Revenue Code of 1986, as amended, or its successor general
income tax law of the United States.

“Committee” shall mean the Human Resources and Nominating Committee of the Board or any
successor committee of the Board designated by the Board to administer the Plan. Each member of
the Committee shall be an “outside director” within the meaning of Section 162(m) of the Code.

“Common Stock” shall mean the common stock, par value $.01 per share, of the Corporation.

“Company” shall mean each line of business or corporate group listed below:

	 
	Global Funds Transfer

	Financial Paper Products

	MoneyGram International, Inc. Corporate Staff

The Corporation may, by action of the Board or the Committee, add or remove lines of business or
corporate groups included in the definition of “Company” from time to time.

“Corporation” shall mean MoneyGram International, Inc., a Delaware corporation, or any
successor corporation.

“Disability” shall mean a medically determinable physical or mental impairment which: (i)
renders the individual incapable of performing the essential functions of his or her job
responsibilities at the Corporation or its Affiliates and incapable of holding any job at the
Corporation or its Affiliates which qualifies him or her for participation in the Plan, (ii) can be
expected to result in death or can be expected to last for a continuous period of not less than
twelve (12) months, and (iii) is evidenced by a certification to this effect by a doctor of
medicine approved by the Corporation.

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

“Executive Officers” shall have the meaning set forth in Section 16(b) of the Exchange Act.

“Participant” shall mean any employee of the Corporation or any of its Affiliates who is
selected for participation in the Plan pursuant to Section 3.

“Performance Goal” shall have the meaning given that term in the 2005 Omnibus Plan.

“Plan” shall mean this Amended and Restated MoneyGram International, Inc. Performance Bonus
Plan, as may be further amended from time to time.

“Plan Year” shall mean a calendar year.

“Retirement” shall mean a Participant’s voluntary termination of employment upon attaining age
55 or older and completion of at least ten (10) years of service with the Corporation or its
Affiliates.

Section 3. Participant Eligibility. The Committee will select the Executive Officers,
other than the CEO, who shall be Participants for any Plan Year no later than 90 days after the
beginning of the Plan Year. Other personnel will become Participants annually if they meet the
eligibility requirements. If at any time an individual does not qualify under the criteria
established for the Plan Year, the individual will not be eligible to remain on the Plan for the
remainder of the Plan Year, unless designated and approved by the Executive Vice President, Human
Resources. The CEO is selected by the Board of Directors of MoneyGram.

Section 4. Annual Funding Limit and Awards for Executive Officers. A funding limit
for each Plan Year, based on the achievement of one or more Performance Goals, shall be established
by the Committee for each Executive Officer no later than 90 days after the beginning of the Plan
Year; provided that the funding limit for any Executive Officer may not exceed the limit on
Performance Awards under the 2005 Omnibus Plan. Awards paid under this Plan to any Executive
Officer for any Plan Year shall not exceed the funding limit for such Executive Officer. However,
the Committee may in its discretion determine that the award paid under this Plan to any Executive
Officer shall be less than the funding limit for such Executive Officer, based on the level of
achievement of one or more Performance Goals established for such Executive Officer or any other
factor deemed relevant by the Committee in its sole discretion; provided that any Performance Goals
established pursuant to this sentence need not be established, and any other determination by the
Committee pursuant to this sentence need not be made, within 90 days after the beginning of the
Plan Year.

Section 5. Awards for Other Participants. Participants who are not Executive Officers
may earn awards based on the level of achievement of one or more Performance Goals established for
such Participants or any other factor deemed relevant by the Committee in its sole discretion.

Section 6. Repayment Provisions.

(a) Non-Compete. Unless a Change of Control shall have occurred after the date
hereof:

(1) In order to better protect the goodwill of the Corporation and its
Affiliates and to prevent the disclosure of the Corporation’s or its Affiliates’
trade secrets and confidential information and thereby help ensure the long-term
success of their respective businesses, each Participant in the Plan, without prior
written consent of the Corporation, will not engage in any activity or provide any
services, whether as a director, manager, supervisor, employee, adviser, agent,
consultant, owner of more than five percent of any enterprise or otherwise, for a
period of two years following the date of such Participant’s termination of
employment with the Corporation or any of its Affiliates, in connection with the
manufacture, development, advertising, promotion, design, or sale of any service or
product which is the same as or similar to or competitive with any services or
products of the Corporation or its Affiliates (including both existing services or
products as well as services or products known to such Participant, as a consequence
of such Participant’s employment with the Corporation or one of its Affiliates, to
be in development):

(A) with respect to which such Participant’s work has been directly concerned
at any time during the two years preceding termination of employment with the
Corporation or one of its Affiliates, or

(B) with respect to which during that period of time such Participant, as a
consequence of Participant’s job performance and duties, acquired knowledge of trade
secrets or other confidential information of the Corporation or its Affiliates.

(2) For purposes of the provisions of Section 6(a), it shall be conclusively
presumed that a Participant in the Plan has knowledge of information he or she was
directly exposed to through actual receipt or review of memos or documents
containing such information, or through actual attendance at meetings at which such
information was discussed or disclosed.

(3) If, at any time within two years following the date of a Participant’s
termination of employment with the Corporation or any of its Affiliates, such
Participant engages in any conduct agreed to be avoided in accordance with Section
6(a), then all bonuses paid under the Plan to such Participant during the last 12
months of employment shall be returned or otherwise repaid by such Participant to
the Corporation. Participants in the Plan consent to the deduction from any amounts
the Corporation or any of its Affiliates owes to such Participants to the extent of
the amounts such Participants owe the Corporation hereunder.

(b) Misconduct. Unless a Change of Control shall have occurred after the date
hereof, all bonuses paid thereafter under the Plan to any Participant shall be returned or
otherwise repaid by such Participant to the Corporation if the Corporation reasonably
determines that during a Participant’s employment with the Corporation or any of its
Affiliates:

(A) such Participant knowingly participated in misconduct that causes a
misstatement of the financial statements of the Corporation or any of its Affiliates
or misconduct which represents a material violation of any code of ethics of the
Corporation applicable to such Participant or of the compliance program or similar
program of the Corporation; or

(B) such Participant was aware of and failed to report, as required by any code
of ethics of the Corporation applicable to such Participant or by the Always Honest
compliance program or similar program of the Corporation, misconduct that causes a
misstatement of the financial statements of the Corporation or any of its Affiliates
or misconduct which represents a material violation of any code of ethics of the
Corporation applicable to such Participant or of the Always Honest compliance
program or similar program of the Corporation.

Participants in the Plan consent to the deduction from any amounts the Corporation or
any of its Affiliates owes to such Participants to the extent of the amounts such
Participants owe the Corporation hereunder.

(c) Acts Contrary to the Corporation. Unless a Change of Control shall have
occurred after the date hereof, if the Corporation reasonably determines that at any time
within two years after the award of any bonus under the Plan to a Participant that such
Participant has acted significantly contrary to the best interests of the Corporation,
including, but not limited to, any direct or indirect intentional disparagement of the
Corporation, then any bonus paid under the Plan to such Participant during the prior
two-year period shall be returned or otherwise repaid by the Participant to the Corporation.
Participants in the Plan consent to the deduction from any amounts the Corporation or any
of its Affiliates owes to such Participants to the extent of the amounts such Participants
owe the Corporation hereunder.

(d) Reasonable Determination. The Corporation’s reasonable determination
required under Sections 6(b) and 6(c) shall be made by the Committee, in the case of
Executive Officers of the Corporation, and by the Chairman and Chief Executive Officer and
General Counsel of the Corporation, in the case of all other personnel.

Section 7. Approval and Distribution. The individual incentive bonus amounts and the
terms of payment thereof will be fixed following the close of the Plan Year by the Committee, with
such de minimis, administrative changes not to exceed $100,000 in the aggregate per year, as the
Chairman and Chief Executive Officer may approve for amounts paid to participants who are not
Executive Officers of the Corporation. All amounts payable to Participants under the Plan shall be
paid following Committee approval within 75 days following the close of the Plan Year. The
Committee shall certify in writing that the Performance Goals for each Participant have been met
prior to payment of bonus awards to the extent required by Section 162(m) of the Code.

Section 8. Plan Administration. The Executive Vice President, Human Resources is
appointed by the Chairman and Chief Executive Officer of the Corporation to assist the
Committee in the implementation and administration of the Plan. The Executive Vice President,
Human Resources shall propose administrative guidelines to the Committee to govern interpretations
of the Plan and to resolve ambiguities, if any, but the Executive Vice President, Human Resources
will not have the power to terminate, alter, amend, or modify the Plan or any actions hereunder in
any way at any time.

Section 9. Special Compensation Status. All bonuses paid under the Plan shall be
deemed to be special compensation and, therefore, unless otherwise provided for in another plan or
agreement, will not be included in determining the earnings of the recipients for the purposes of
any pension, group insurance or other plan or agreement of the Corporation.

Section 10. Deferrals. Amounts awarded under this Plan may be deferred pursuant to
the MoneyGram International, Inc. Deferred Compensation Plan (the “Deferred Compensation Plan”).
The Board may, in its sole discretion, elect to amend, terminate or freeze the Deferred
Compensation Plan or other plans at some point in the future.

Section 11. Plan Termination. The Plan shall continue in effect until such time as it
may be canceled or otherwise terminated by action of the Board and will not become effective with
respect to any Company unless and until the Board or the Committee adopts a specific plan for such
Company. The Board may terminate, amend, alter, or modify the Plan at any time and from time to
time. Participation in the Plan for any Plan Year shall not create any right to participate in the
Plan for any subsequent Plan Year.

Section 12. Employee Rights. No Participant in the Plan shall be deemed to have a
right to any part or share of the Plan, except as provided in Section 14. The Plan does not create
for any employee or Participant any right to be retained in service by the Corporation or any of
its Affiliates, nor affect the right of the Corporation or any of its Affiliates to discharge any
employee or Participant from employment. Except as provided for in administrative guidelines and
as otherwise provided in this Plan, a Participant who is not an employee of the Corporation or one
of its Affiliates on the date awards under this Plan are paid will not receive such an award.

Section 13. Effect of Change of Control. Notwithstanding anything to the contrary in
the Plan, in the event of a Change of Control each Participant in the Plan shall be entitled to a
pro rata bonus award calculated on the basis of achievement of Performance Goals through the date
of the Change of Control.

Section 14. Effect of Retirement, Death and Disability. Notwithstanding anything to
the contrary in the Plan, in the event of a Participant’s termination of employment during a Plan
Year due to Retirement, death or Disability, the Participant shall be eligible to receive a bonus
award if bonus awards are paid by the Corporation, the amount of which shall be prorated for the
period of time from the first day on which the Participant is eligible to participate in the Plan
for the applicable Plan Year to the date of Retirement or termination of employment due to death or
Disability, as the case may be. Any bonus award paid pursuant to this Section shall be paid at the
time all other bonus awards are paid. A deceased Participant’s bonus award shall be payable to the
beneficiary or beneficiaries designated by the Participant on forms furnished and filed with the
Corporation. In the absence of a designation or if such designation fails, such benefit shall be
payable in accordance with the rules for beneficiaries under the MoneyGram International, Inc.
401(k) Plan.

Section 15. Relationship to 2005 Omnibus Plan. Bonus awards made under the Plan will
be subject to and governed by the 2005 Omnibus Plan.

Section 16. Effective Date. The Plan was originally effective June 30, 2004. The
latest amendment and restatement of the Plan shall be effective February 17, 2010.

ADOPTED: JUNE 30, 2004

AMENDED: FEBRUARY 17, 2005

AMENDED NOVEMBER 17, 2005

AMENDED AND RESTATED: FEBRUARY 15, 2007

AMENDED AND RESTATED MAY 9, 2007

AMENDED AND RESTATED MARCH 24, 2008

AMENDED AND RESTATED FEBRUARY 17, 2010EX-10.03

Exhibit 10.03

MONEYGRAM INTERNATIONAL, INC.

SEVERANCE PLAN

SUMMARY PLAN DESCRIPTION AND PLAN DOCUMENT

(Restated Effective February 17, 2010)

MONEYGRAM INTERNATIONAL, INC.

SEVERANCE PLAN

SUMMARY PLAN DESCRIPTION AND PLAN DOCUMENT

HISTORY

The MoneyGram International, Inc. Severance Plan (“Plan”) was first established effective January
1, 2005 as a severance plan that provides severance benefits in such amounts as determined in the
Company’s sole discretion and to such former employees selected by the Company in its sole
discretion. This Plan is restated effective February 17, 2010. This Plan applies to Eligible
Employees (as defined below) whose employment is terminated under the conditions described below on
or after February 17, 2010. This Plan restatement entirely supersedes and replaces all prior plan
documents, rules, programs and policies regarding severance benefits for Eligible Employees.

PURPOSE

The purpose of the Plan is to provide uniform and consistent guidelines under which severance pay
will be awarded to employees of MoneyGram International, Inc. and its wholly-owned U.S.
subsidiaries (collectively, the “Company”) whose employment is involuntarily terminated as part of
a reduction in force, reorganization, job elimination or job relocation of more than fifty (50)
miles and who have not secured alternate employment in the Company. This Plan applies only to
Company employees who reside in the United States and to Company employees who are United States
citizens temporarily on assignment outside the United States.

The Plan constitutes the complete and entire statement regarding severance pay for all Company
employees who meet the eligibility requirements and supersedes any and all policies, plans or
agreements relating to the payment of severance benefits or pay in lieu of notice upon an
employee’s termination of employment with the Company, except for separate employment or severance
agreements between the Company and a particular employee that provide for termination or severance
benefits for that employee.

EMPLOYEE ELIGIBILITY

Employees of the Company are eligible to participate in the Plan if they are classified by
MoneyGram International, Inc. as full-time employees regularly scheduled to work at least forty
(40) hours per week or part-time employees regularly scheduled to work at least twenty (20) hours
per week (“Eligible Employees”).

The Company’s classification of an employee as eligible or ineligible is conclusive for purposes of
determining benefit eligibility under this Plan. No reclassification of a person’s status, for any
reason, by a third party, whether by a court, governmental agency or otherwise, without regard to
whether the Company agrees to the reclassification, shall make the person retroactively or
prospectively eligible for benefits. However, the Company, in its sole discretion, may reclassify
a person as benefits eligible on a prospective basis. Any uncertainty regarding an individual’s
classification will be resolved by excluding the person from eligibility.

POLICY

	I.	 	ELIGIBILITY FOR SEVERANCE PAY AND OTHER SEVERANCE BENEFITS

Any Eligible Employee whose employment is involuntarily terminated by the Company as part of
a reduction in force, reorganization, job elimination or or job relocation of more than
fifty (50) miles, shall be eligible for severance pay and other severance benefits in the
event that s/he has not secured alternate employment in the Company as of the termination
date. In order to receive severance pay and other severance benefits, the Eligible Employee
must sign a severance and release agreement in the form and manner required by the Company.
Severance payments and other severance benefits shall not be provided until any rescission
or revocation periods specified in the separation and release agreement have expired.
Employees who are a party to an individual employment or severance agreement or other
arrangement relating to or addressing termination of employment that provides for
termination or severance benefits are not eligible to participate in this Plan.
Additionally, employees who are eligible to participate in the MoneyGram International, Inc.
Executive Severance Plan (Tier I or Tier II) or the MoneyGram International, Inc. Special
Executive Severance Plan (Tier I or Tier II) are not eligible to participate in this Plan.

	II.	 	SEVERANCE PAYMENTS AND OTHER SEVERANCE BENEFITS

	 	A.	 	Definitions:

“Week of Severance Pay” means an Eligible Employee’s annual base salary in effect on
the date of his/her termination, divided by fifty two (52). With respect to an
Eligible Employee paid on an hourly basis, a Week of Severance Pay shall be based on
the Eligible Employee’s hourly rate in effect on the date of his/her termination,
multiplied by forty (40) (which number shall be prorated in the case of a part-time
employee regularly scheduled to work less than forty (40) hours a week). A Week of
Severance Pay for an Eligible Employee paid on a commission basis will be based on
the sum of that Eligible Employee’s annual basic salary, if any, plus all
commissions paid over the twelve month period preceding the date of termination,
divided by fifty two (52) (or if service is less than twelve months, the number of
full weeks of actual employment).

“Year of Service” means twelve consecutive months of service, including the month in
which the employee was hired and the month in which employment termination occurs,
regardless of the number of days of service in those months.

	 	B.	 	Amount of Severance Pay. An Eligible Employee who is eligible for
severance pay under Section I shall receive one Week of Severance Pay for each Year of
Service, subject to the following minimum and maximum Weeks of Severance Pay, based of
classification of employment.

	 	 	 	 	 
	Classification	 	Minimum Severance	 	Maximum Severance
	Vice President

	 	16 Weeks
	 	26 Weeks
	 

	 	 
	 	 
	Director

	 	12 Weeks
	 	26 Weeks
	 

	 	 
	 	 
	Managers & Exempt Employees

	 	8 Weeks
	 	26 Weeks
	 

	 	 
	 	 
	Non-Exempt Employees

	 	2 Weeks
	 	26 Weeks
	 

	 	 
	 	 

	 	C.	 	Manner of Payment. Severance pay shall be paid to the Eligible
Employee in a single lump sum upon expiration of rescission or revocation periods
specified in the Eligible Employee’s separation and release agreement. All severance
pay will be subject to all applicable federal, state and local withholding and
deduction requirements.

	 	D.	 	Outplacement Assistance. The Company may arrange and pay for
reasonable outplacement assistance to be provided by an outplacement organization
chosen at its sole discretion for employees eligible for severance benefits under
Section I. The type and duration of outplacement assistance will be at the discretion
of the Company and will take into account the level of the employee.

	 	E.	 	ERISA and 409A Limitation. Notwithstanding any provision in this Plan
to the contrary, the total amount of severance and outplacement assistance (if any)
paid to an Eligible Employee shall be reduced as necessary (and paid within the time
constraints required) so as to prevent this Plan from constituting an employee pension
plan under ERISA or a non-qualified deferred compensation arrangement under Section
409A of the Internal Revenue Code.

	III.	 	BENEFITS UNDER OTHER PLANS AND POLICIES

Terminated employees will receive payment for Paid Time Off (PTO) accrued through the date
of termination but not yet taken. Upon any termination of employment, an employee’s rights
and benefits under the Company’s benefit plans shall be determined in accordance with the
provisions of those plans.

	IV.	 	OTHER SEVERANCE POLICY FEATURES

	 	A.	 	Assignment. No employee shall have the right to assign, encumber or
otherwise anticipate any payment or other benefits to be made under the Plan. The
benefits provided under the Plan shall not be subject to seizure for payment of any
order or judgment against a participating employee.

	 	B.	 	Administrator. MoneyGram International, Inc. shall be the
Administrator of the Plan and shall make such determinations as may be required from
time to time in the administration of the Plan. The Administrator has the complete and
total discretion to determine the eligibility of employees for severance payments and
other benefits under the Plan and retains complete and total discretion to define
interpret, construe and apply all of the terms of the Plan.

	 	1.	 	Functions generally assigned to the Administrator hereunder
shall be discharged by its Chief Executive Officer, except where delegated.
Except as hereinafter provided, the Chief Executive Officer of the Company may
delegate or redelegate and allocate and reallocate to one or more persons or to
a committee of persons jointly or severally, and whether or not such persons
are directors, officers or employees, such functions assigned to the Chief
Executive Officer or to the Company generally hereunder, as the Chief Executive
Officer may from time to time deem advisable.

	 	2.	 	Where necessary to comply with applicable corporate or
securities law, or applicable rules of the New York Stock Exchange, the Board
of Directors of MoneyGram International, Inc. shall have the exclusive
authority (which may not be delegated except to a committee of the Board) to
make determinations with respect to benefits under this Plan (e.g., with
respect to certain executive officers, if any, that participate in the Plan).

	 	C.	 	Right to Terminate Employment. The Plan does not constitute an
employment contract or a right to employment by any employee. Either the Company or
the employee may terminate the employment relationship at any time for any reason or
for no reason. Failure to qualify for a benefit or particular level of benefit shall
not necessarily establish any right of any kind or description to a continuation or to
a reinstatement of employment with the Company and shall not establish any right of any
kind or description whatsoever to receive any payment from the Company in lieu of such
benefit.

	 	D.	 	Claims Procedure. If you are an employee who has not received benefits
under the Plan but believe that you are eligible for benefits under the Plan, benefits
will be paid to you or your personal representative from the Plan only after a proper
written claim for the benefits has been filed with the Administrator and a
determination has been made that benefits are due. If you believe you may be entitled
to benefits, or if you are in disagreement with any determination that has been made,
you may present a claim to the Administrator, as follows:

	 	1.	 	Making a Claim – Your claim must be in writing and must
be delivered to the Administrator within ninety (90) days after you knew or
reasonably should have known of the principal facts upon which the claim is
based. Your claim should state the facts and the arguments that you want the
Administrator to consider.

	 	2.	 	Response from the Administrator – Within ninety (90)
days of the date the Administrator receives your claim, you will receive
either: (a) a decision; or (b) a notice describing special circumstances
requiring a specified amount of additional time (up to 90 additional days) to
reach a decision. If the Administrator notifies you that it needs additional
time, the notice will describe the special circumstances requiring the
extension and the date by which it expects to reach a decision. If the
Administrator denies your claim, in whole or in part, you will receive a
written notice specifying: (a) the reasons for denial; (b) the Plan provisions
on which the denial is based; (c) a description of any additional material, if
any, needed to complete the claim; (d) an explanation of your right to request
a review; and (e) a statement of your right to file an action in court under
section 502(a) of ERISA if your claim is denied after review.

	 	3.	 	Requesting Review of Denied Claim – You may request
that a denied claim be reviewed. Your request for review must be in writing
and the Administrator must receive actual delivery within sixty (60) days after
you received the written notice that your claim was denied. Your request for
review should state the facts and make the arguments that you want considered
in the review. You may submit written comments, documents, records, and other
information relating to your claim. Upon request you are entitled to receive,
without charge, reasonable access to, and copies of, the documents, records,
and information relevant to your claim.

	 	4.	 	Response from the Administrator on Review – Within 60
days after the date the Administrator receives your request for review, you
will receive either: (a) a written notice of the decision; or (b) a notice
describing the need for additional time (up to 60 additional days) to reach a
decision. If the Administrator notifies you that it needs additional time, the
notice will describe the special circumstances requiring the extension and the
date by which it expects to reach a decision. If the Administrator affirms the
denial of your claim, in whole or in part, you will receive a notice
specifying: (a) the reasons; (b) the Plan provisions on which it is based;
(c) notice that upon request you are entitled to receive free of charge
reasonable access to and copies of the relevant documents, records, and
information used in the claims process; and (d) your right to file a civil
action under section 502(a) of ERISA.

	 	5.	 	Administrator Request for Further Information Regarding
Your Claim on Review – If the Administrator determines it needs further
information to complete its review of your denied claim, you will receive a
written notice describing the additional information necessary to make the
decision. You will then have 60 days from the date you receive the notice
requesting additional information to provide the requested information to the
Administrator. The time between the date the Administrator sends its request
to you and the date the Administrator receives the requested additional
information from you does not count against the 60-day period in which the
Administrator has to decide your claim on review. If the Administrator does
not receive a response from you, then the period by which the Administrator
must reach its decision shall be extended by the 60-day period that was
provided to you for you to submit the additional information. Note: If
special circumstances exist, this period may be further extended.

	 	6.	 	In General – The Administrator will make all decisions
on claims and review of denied claims. The Administrator has the sole
discretion, authority, and responsibility to decide all factual and legal
questions under the Plan. This includes interpreting and construing the Plan
and any ambiguous or unclear terms, and determining whether a claimant is
eligible for benefits and the amount of the benefits, if any, a claimant is
entitled to receive. The Administrator may hold hearings and reserves the
right to delegate its authority to make decisions. The Administrator may rely
on any applicable statute of limitations as a basis to deny a claim. The
Administrator’s decisions are conclusive and binding on all parties. You may,
at your own expense, have an attorney or representative act on your behalf, but
the Administrator reserves the right to require a written authorization for a
person to act on your behalf.

	 	7.	 	Time Periods – The time period for the Administrator to
decide your claim begins to run on the date the Administrator receives your
written claim. If you file a timely request for review of a denied claim, the
time period for the Administrator to decide begins to run on the date the
Administrator receives your written request. In both cases, the time period
begins to run whether or not you submit comments or information that you would
like considered by the Administrator.

	 	8.	 	Limitations Period – If you file your claim within the
required time, complete the entire claim procedures, and the Administrator
denies your claim after you request a review, you may sue over your claim
(unless you have executed a release on your claim). You must commence this
lawsuit within 6 months after the claims process is completed. Regardless of
when you file your claim, you may not, under any circumstances, commence a
lawsuit more than 30 months after you knew or should have known of facts behind
your claim.

	 	9.	 	Exhaustion of Administrative Remedies – Before
commencing legal action to recover benefits, or to enforce or clarify rights,
you must complete all of the Plan’s claim procedures.

	 	E.	 	Amendment or Termination of the Plan. The Board of Directors of
MoneyGram International, Inc. (or the Human Resources Committee thereof) reserves the
right to amend or terminate the provisions of the Plan at any time without
notice.

	 	F.	 	Funding. Payments made pursuant to the Plan will be paid out of the
general assets of the Company, and a participating employee will not have any secured
or preferred interest by way of trust, escrow, lien or otherwise in any specific assets
of the Company. Participating employees’ rights shall be solely those of a general
unsecured creditor of the Company.

	V.	 	ADDITIONAL INFORMATION

	 	A.	 	Name and Number of the Plan. The Plan’s name is the “MoneyGram
International, Inc. Severance Plan.” The Internal Revenue Service and the Department
of Labor identify the Plan by its name and by its number: 508.

	 	B.	 	Type of Plan. The Plan is a severance pay welfare benefit plan and is
not a pension benefit plan.

	 	C.	 	Plan Sponsor. The name of the employer sponsoring the Plan and its
federal taxpayer identification number (EIN) are:

MoneyGram International, Inc.

1550 Utica Avenue South

Minneapolis, MN 55416

Telephone: (952) 591-3191

EIN: 16-1690064

	 	D.	 	Plan Administrator. The Plan is administered by MoneyGram
International, Inc. Communications directed to the Company in its capacity as
Administrator of the Plan should be addressed to:

MoneyGram International, Inc.

Attn: Plan Administrator for MoneyGram International, Inc. Severance Plan

1550 Utica Avenue South

Minneapolis, MN 55416

Telephone: (952) 591-3191

	 	E.	 	Plan Year. January 1 – December 31

	 	F.	 	Service of Legal Process. The General Counsel of MoneyGram
International, Inc. (at the address shown above) is designated as the agent for service
of legal process against the Plan. Also, service of legal process may be made upon the
Company as Plan Administrator.

	 	G.	 	ERISA Rights. Participating employees in the Plan are entitled to
certain rights and protections under the Employee Retirement Income Security Act of
1974 (ERISA). ERISA provides that all Plan participants are entitled to:

	 	1.	 	Examine, without charge, at the Company’s office, all Plan
documents and copies of all documents governing the Plan, a copy of the latest
annual report (Form 5500 Series) filed by the Plan with the U.S. Department of
Labor and available at the Public Disclosure Room of the Employee Benefits
Security Administration.

	 	2.	 	Obtain, upon written request to the Company, copies of all
documents governing the Plan, including copies of the latest annual report
(Form 5500 series) and updated summary plan description upon written request to
the Company. The Company may make a reasonable charge for the copies.

In addition to creating rights for the Plan participants, ERISA imposes duties upon
the people who are responsible for the operation of the Plan. The people who
operate your Plan, called “fiduciaries” of the Plan, have a duty to do so prudently
and in the interest of you and other Plan Participants and beneficiaries. No one,
including the Company, may fire you or otherwise discriminate against you in any way
to prevent you from obtaining a benefit or exercising your rights under ERISA.

If your claim for a benefit is denied or ignored, in whole or in part, you have a
right to know why this was done, to obtain copies of documents relating to the
decision without charge and to have the denial reviewed and reconsidered (see Part
IV), all within certain time schedules. Under ERISA, there are steps you can take
to enforce the above rights. For instance, if you request a copy of the plan
document or the latest annual report from the Plan and do not receive them within 30
days, you may file suit in a federal court.

In such a case, the court may require the Company to provide the materials and pay
you up to $110 a day until you receive the materials, unless the materials were not
sent because of reasons beyond the control of the Company. If you have a claim for
benefits which is denied or ignored, in whole or in part, you may file suit in a
state or federal court after you exhaust the Plan’s claims procedures. If it should
happen that Plan fiduciaries misuse the Plan’s money, or if you are discriminated
against for asserting your rights, you may seek assistance from the U.S. Department
of Labor, or you may file suit in a federal court. The court will decide who should
pay court costs and legal fees. If you are successful, the court may order the
person you have sued to pay these costs and fees. If you lose, the court may order
you to pay these costs and fees, for example, if it finds your claim is frivolous.

If you have any questions about your Plan, you should contact the Company. If you
have any questions about this statement or about your rights under ERISA, or if you
need assistance in obtaining documents from the Company, you should contact the
nearest office of the Employee Benefits Security Administration, U.S. Department of
Labor, listed in your telephone directory or the Division of Technical Assistance
and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor,
200 Constitution Avenue N.W., Washington, D.C. 20210. You may also obtain certain
publications about your rights and responsibilities under ERISA by calling the
publications hotline of the Employee Benefits Security Administration.

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