Document:

Letter Agreement between the Registrant and Henry C. Duques

 Exhibit 10.26 
 November 26, 2005                   
 Mr. Henry C. Duques 
 Dear Mr. Duques: 
 This letter sets forth the terms and conditions of your employment with First Data
Corporation (the “Company”). 
 1. Duties. Effective as of November 26, 2005 (the “Commencement Date”), you
will commence employment as the Chief Executive Officer of the Company . You shall also be elected as a member of the Board of Directors (the “Board”). You will become Chairman of the Board, effective as of January 1, 2006. You will
devote all of your skill, knowledge and full working time (reasonable vacation time and absence for sickness or disability excepted) solely and exclusively to the conscientious performance of your duties hereunder. 
 2. Term. You shall serve hereunder for such period as shall be determined by the Board, which is currently expected to be approximately two years
from the Commencement Date. It is agreed and understood that the Board may, at any time, appoint another person to serve as Chief Executive Officer and/or Chairman of the Board. In the event that you are replaced as to only one such position, you
shall have the right, upon thirty days’ written notice to the Board (or such lesser period of notice as the Board shall accept), to terminate your employment hereunder. It is also agreed and understood that, except with respect to the special
provisions applicable in respect of the Options (as set forth in paragraph 4 hereof), you shall not be entitled to any severance or other termination or retirement benefits on account of your separation from employment. 
 3. Base Salary. As consideration for the services to be performed by you under the terms of this letter, the Company will pay you a base salary in
the amount of $250,000 per annum, payable at the same time as the Company pays salary to its other executive employees and subject to all applicable deductions or reductions therein made pursuant to your elections under the Company’s
compensation plans or programs. The Company recognizes that you have requested this level of salary in consideration for the grant of stock options referred to below. 
 4. Annual Bonus. You will be eligible to receive an annual bonus, starting with calendar year 2006, based on the achievement of such performance objectives as shall be determined by the Board (or the duly
authorized committee thereof). Your target annual bonus will be $1.4 million, with the opportunity to receive a greater or lesser amount (including zero) depending on the assessed level of performance. Except in the event that you shall be employed
for less than the full calendar year for any of the reasons specified in paragraph 2 (in which case the Board or a duly authorized committee shall determine the amount to be payable to you for such partial calendar year), payment of any such annual
bonus shall be contingent on your being employed for the full calendar year. 
 5. Stock Options. Effective as of the Commencement
Date, you will be granted a stock option having a five-year term in respect of 850,000 shares of the Company’s common stock (the “Option”) under the terms of the Company’s 2002 Long-Term Incentive Plan (the “2002
Plan”). In consideration of, and as an inducement for you to recommence your employment and accept appointment as the Company’s Chief Executive Officer, one half of this Option (pertaining to 425,000 shares of the Company’s common
stock) shall be immediately vested and exercisable. Subject to (i) your not having voluntarily terminated your employment prior to the second anniversary of the Commencement Date (other than as expressly permitted under paragraph 2 above) and
(ii) our not having terminated your employment for Cause (as defined in 2002 Plan), the remaining half of the Option will become exercisable and vested on the second anniversary of the Commencement Date. The remaining half of the Option will
also become exercisable and vested on an accelerated basis to the extent expressly provided under the terms of the 2002 Plan, such as upon the date, if any, on which a Change of Control (as defined in the 2002 Plan) occurs or on which your
employment terminates due to your death or Disability (as defined in the 2002 Plan). The remaining half of the Option shall also become exercisable and vested in the event that your employment terminates in accordance with the provisions of
Section 2. Unless you voluntarily terminate your employment prior to the second anniversary of the Commencement Date or your employment is terminated for Cause, you shall be treated as having retired for purposes of the 2002 Plan, so that, once
the Option has become exercisable and vested, it shall remain exercisable for a period of four years from the date your employment hereunder terminates (or, if less, for the remainder of its term). The per share exercise price for the shares subject
to the Option will be the Fair Market Value (as defined in the 2002 Plan) on the Commencement Date, as determined in accordance with the terms of the 2002 Plan. All other terms of the Option will be as provided in the 2002 Plan and the form of
non-qualified stock option agreement previously filed with the Securities and Exchange Commission with respect to stock options granted to executive employees. 
 6. Employee Benefits. While you are providing services pursuant to this letter agreement, you will be eligible to participate in the employee benefit plans and programs generally available to the Company’s
employees (including, but not limited to, coverage under the Company’s medical, dental, life and disability insurance plans and participation in the 

 Company’s savings plan) as in effect from time to time on the same basis as the Company’s other employees,
subject to the terms and provisions of such plans and programs. You will be eligible to receive the perquisites and other personal benefits made available to the Company’s senior executives from time to time. 
 7. Expenses. The Company will reimburse you for all reasonable expenses incurred by you in connection with your performance of services under this
letter agreement in accordance with the Company’s policies, practices and procedures. 
 8. General Provisions. No provisions of
this letter agreement may be modified, waived or discharged unless such modification, waiver or discharge is approved by the Company’s Board of Directors and is agreed to in writing. No waiver by either party hereto at any time of any breach by
the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party will be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.
No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not set forth expressly in this letter agreement. All amounts payable to you hereunder will
be paid net of any and all applicable income or employment taxes required to be withheld therefrom under applicable Federal, State or local laws or regulations. The validity, interpretation, construction and performance of this letter agreement will
be governed by the laws of the State of New York, without giving effect to its conflict of laws provisions. 
 *         *         *         * 
 If the foregoing accurately sets forth the terms of your employment with the Company, please so indicate by signing below and returning one signed copy
of this letter agreement to me. 
  

	
	Sincerely,
	
	FIRST DATA CORPORATION
	
	 ACCEPTED AND AGREED
 as of this
    th day
 of November, 2005

	
	 /s/ Henry C. DuquesEmployment Agreement between the Registrant and Edward A. Labry III

 Exhibit 10.27 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement (this “Agreement”) is entered into as of
April 1, 2003 by and between Concord EFS, Inc., a Delaware corporation (the “Company”), and Edward Labry (the “Executive”). 
 WHEREAS, the Company desires to employ the Executive to serve as Special Advisor to the Chief Executive Officer of First Data Corporation (“FDC”) following the consummation of the merger (the
“Merger”) contemplated by the Agreement and Plan of Merger dated as of April 1, 2003 among the Company, FDC and Monaco Subsidiary Corporation, and the Executive desires to be employed by the Company, upon the terms and subject to the
conditions set forth herein. 
 NOW, THEREFORE, in consideration of the mutual promises contained herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Executive agree as follows: 
 1)
Employment. This Agreement shall become effective concurrently with the completion of the Merger. Upon consummation of the Merger, the Company will employ the Executive and the Executive hereby agrees to be employed by the Company upon
the terms and subject to the conditions contained in this Agreement. The term of employment of the Executive by the Company pursuant to this Agreement shall commence upon the consummation of the Merger and, unless earlier terminated pursuant to
Section 4, shall end 24 months after such date (such period referred to herein as the “Initial Term”, collectively with any extensions of this Agreement as the “Employment Period”), provided that such term(s) shall be
automatically extended for additional thirty (30) day periods unless either party gives notice to the other party fifteen (15) days prior to the end of a term that such party does not wish to extend the Employment Period. 
 2) Position and Duties; Responsibilities. The Company shall employ the Executive during the Employment Period as Special Advisor to the
Chief Executive Officer of FDC after the Merger. During the Employment Period, the Executive shall perform faithfully and loyally and to the best of the Executive’s abilities the duties assigned to the Executive hereunder and shall devote the
Executive’s full business time, attention and effort to the affairs of the Company and its subsidiaries and shall use the Executive’s best efforts to promote the interests of the Company and its subsidiaries. The Executive may engage in
charitable, civic or community activities and, with the prior approval of the Board of Directors of the Company (the “Board”), may serve as a director of any other business corporation, provided that such activities or service do not
interfere with the Executive’s duties hereunder or violate the terms of any of the covenants contained in Sections 6, 7 or 8 hereof. The Executive shall at all times abide by all policies and procedures of the Company as in effect or amended
from time to time in the Company’s discretion. 
 3) Compensation.  
 a) Base Salary. During the Employment Period, the Company shall pay to the Executive a base salary at the rate of $750,000 per annum (“Base
Salary”), payable in accordance with the Company’s normal payroll practices net of required or permitted withholdings and deductions. 
 b) Other Benefits. During the Employment Period, the Executive shall be eligible to participate in the Company’s health, disability and group life plans and such other employee benefit plans as the Executive and the Company may
mutually agree from time to time. The Company reserves the right to alter, suspend, amend or discontinue any and all of its benefit plans and fringe benefits, in whole in or party, at any time with or without notice. 
 c) Expense Reimbursement. During the Employment Period, the Company shall reimburse the Executive, in accordance with the Company’s policies
and procedures, for all proper expenses incurred by the Executive in the performance of the Executive’s duties hereunder. 
 4)
Termination.  
 a) Death. Upon the death of the Executive, this Agreement shall automatically terminate and all rights
of the Executive and the Executive’s heirs, executors and administrators to compensation and other benefits under this Agreement shall cease immediately, except that the Executive’s heirs, executors or administrators, as the case may be,
shall be entitled to: 
  

	 	i)	accrued Base Salary and vacation pay, less required and authorized withholding and deductions, through and including the Executive’s date of death; 

  

	 	ii)	other Employee Benefits to which the Executive was entitled on the date of death in accordance with the terms of the plans and programs of the Company; and 

	 	iii)	payment equal to the Executive’s Base Salary at the Executive’s then current rate for 12 months, less required and authorized withholding and deductions, payable in
accordance with the Company’s normal payroll practices or in a lump sum, as determined by the Company in its discretion. 

 b) Disability. The Company may, at its option, terminate this Agreement upon written notice to the Executive if the Executive, because of physical or mental incapacity of disability, fails to perform the essential functions of the
Executive’s position, with or without reasonable accommodation, required of the Executive hereunder for a continuous period of 30 days. Upon such termination, all obligations of the Company hereunder shall cease immediately, except that the
Executive shall be entitled to: 
  

	 	i)	accrued Base Salary and vacation pay, less required and authorized withholding and deductions, through and including the effective date of the Executive’s termination of
employment; 

  

	 	ii)	other Employee Benefits to which the Executive is entitled upon termination of employment in accordance with the terms of the plans and programs of the Company; and

  

	 	iii)	payment equal to the Executive’s Base Salary at the Executive’s then current rate for 12 months, less required and authorized withholding and deductions, payable in
installments in accordance with the Company’s normal payroll practices or in a lump sum, as determined by the Company in its discretion. 

 In the event of any dispute regarding the existence of the Executive’s incapacity of disability hereunder, the matter shall be resolved by the determination of a physician selected by the Board. The Executive
shall submit to appropriate medical examinations for purposes of such determinations. 
 c) Cause. 
  

	 	i)	The company may, at its option, terminate the Executive’s employment under this Agreement for Cause (as hereinafter defined) upon written notice to the Executive (the
“Cause Notice”). Any such termination for Cause shall be authorized by the Board. The Cause Notice shall state the particular action(s) or inaction(s) giving rise to termination for Cause. The Executive shall have five (5) days after
the Cause Notice is given to cure the particular action(s) or inaction(s), to the extent a cure is possible. If the Executive so effects a cure to the satisfaction of the Board, the Cause Notice shall be deemed rescinded and of no force or effect.

  

	 	ii)	As used in this Agreement, the term “Cause” shall mean any one of more of the following: 

  

	 	(1)	any refusal by the Executive to perform the Executive’s duties under this Agreement or to perform specific directives of the Board or of the Chairman of the Board which are
consistent with the scope and nature of the Executive’s duties and responsibilities as set forth herein; 

  

	 	(2)	any act of fraud, embezzlement or theft by the Executive in connection with the Executive’s duties hereunder or in the course of the Executive’s employment hereunder or
any prior employment, or the Executive’s admission or conviction of a felony or of any crime involving moral turpitude, fraud, embezzlement, theft or misrepresentation; 

  

	 	(3)	any gross negligence or willful misconduct of the Executive resulting in a loss to the Company or any of its subsidiaries, or damage to the reputation of the Company or any of its
subsidiaries; 

  

	 	(4)	any breach by the Executive of any one or more of the covenants contained in Sections 6, 7 or 8 hereof; or 

  

	 	(5)	any violation of any statutory or common law duty of loyalty to the Company or any of its subsidiaries. 

  

	 	iii)	The exercise of the right of the Company to terminate this Agreement pursuant to this Section 4(c) shall not abrogate the rights or remedies of the Company in respect of the
breach giving rise to such termination. 

  

	 	iv)	If the Company terminates the Executive’s employment for Cause, all obligations of the Company hereunder shall cease, except that the Executive shall be entitled only to the
payments and benefits specified in Sections 4(a)(i) and 4(a)(ii) hereof. 

 d) Termination Without Cause. The Company may, at its option, terminate the Executive’s
employment under this Agreement upon written notice to the Executive for any reason. However, if the Company terminates the Executive’s employment for any reason other than a reason set forth in Section 4(a), 4(b) or 4(c), all obligations
of the Company hereunder shall cease immediately except that the Executive shall be (1) entitled to the payments and benefits specified in Section 4(a)(i) through 4(a)(iii) and (2) solely for purposes of continuing to have the right
to exercise any vested and theretofore unexercised stock options, Executive shall be deemed to be actively employed through the 24-month period commencing upon the consummation of the Merger. If the Company terminates the Executive’s employment
for any such reason, all obligations of the Company hereunder shall cease immediately, except that the Executive shall be entitled to the payments and benefits specified in Sections 4(a)(i) through 4(a)(iii) (inclusive); provided, however, that no
termination without cause shall be effective unless, prior to such termination, the stock option plans pursuant to which all Company stock options held by the Executive have been issued permit (including, as and if necessary, by amendment of such
plans subsequent to the date hereof) the exercise of all such options through the 24-month period commencing upon the consummation of the Merger notwithstanding any such termination; and provided further that, in the event that such plans provide
for any such extension of the exercise period beyond the post-termination period provided for currently under such plans, such options shall be exercisable through the 24-month period commencing upon the consummation of the Merger and the additional
90-day period as provided under the terms of the applicable option plans. 
 e) Termination for Good Reason. 
  

	 	i)	The Executive may terminate the Executive’s employment under this Agreement for Good Reason (as hereinafter defined) upon written notice to the Company (the “Good Reason
Notice”). The Good Reason Notice shall state the particular action(s) or inaction(s) giving rise to the termination for Good Reason and must be delivered to the Company within thirty (30) days after the Executive becomes aware of such
action(s) or inaction(s). The Company shall have thirty (30) days after the Good Reason Notice is given to cure the particular action(s) or inaction(s). If the Company so effects a cure, the Good Reason Notice shall be deemed rescinded and of
no further force and effect. A termination for Good Reason shall be treated as a termination without cause by the Company under Section 4(d). 

  

	 	ii)	As used in this Agreement, the term “Good Reason” shall mean any one or more of the following: (A) action by the Company resulting in a substantial diminution of the
Executive’s titles or positions with the Company after the Merger, (B) any reduction in the Executive’s Base Salary or (C) any relocation of the Executive more than fifty (50) miles from Memphis, Tennessee.

 f) Payments in Lieu of Other Severance Rights. The severance payments provided hereunder shall be made in lieu of any
other severance payments under any severance agreement, plan, program or arrangement of the Company applicable to the Executive; provided that the sum of such payments shall not be less than the amount that otherwise would have been payable
to the Executive under the Company’s severance policy, if any. 
 g) Cooperation & Indemnification. In the event of
termination, the Executive agrees to reasonably assist and cooperate with the Company, its subsidiaries and/or their agents, officers, directors and employees (i) on matters relating to the tasks for which the Executive was responsible, or
about which the Executive had knowledge, before cessation of employment or which may otherwise be within the knowledge of the Executive and (ii) exclusively in connection with any existing or future disputes, litigation or investigations of any
nature brought by, against, or otherwise involving the Company in which the Company deems the Executive’s cooperation necessary. The Company will reimburse the Executive for reasonable out of pocket expenses incurred in connection therewith, in
accordance with the Company policy. Executive shall be eligible for such indemnification as is provided for by the bylaws of the Company. 
 5) Federal and State Withholding. The Company shall deduct from the amounts payable to the Executive pursuant to this Agreement the amount of all required federal, state and local withholding taxes in accordance with the
Executive’s Form W-4 on file with the Company, and all applicable federal employment taxes. The Executive shall be solely responsible for all other taxes associated with the amounts payable under the Agreement, except for the employer portion
of any employment taxes as required under applicable law. 
 6) Noncompetition; Nonsolicitation.  
 a) General. The Executive acknowledges that in the course of the Executive’s employment with the Company, the Executive has and will become
familiar with trade secrets and other confidential information concerning the Company and its affiliates and has established and will establish substantial relationships with certain customers of the Company and its affiliates. The Executive further
acknowledges that the Executive’s services will be of special, unique and extraordinary value to the Company and its affiliates. 
 b)
Noncompetition. The Executive agrees that during the period of the Executive’s employment with the Company, the period, if any, during which the Executive is receiving payments from the Company pursuant to Section 4, and 

 for a period of 12 months thereafter (the “Noncompetition Period”), the Executive shall not in any manner,
directly or indirectly, through any person, firm or corporation, alone or as a member of a partnership or as an officer, director, stockholder, investor or employee of or consultant to any other corporation or enterprise or otherwise, engage or be
engaged, or assist any other person, firm, corporation or enterprise in engaging or being engaged, in the business of furnishing electronic funds transfer and related services consisting of automated teller machine, point of sale transactions and
related services, data processing services related to terminal driving, debit or credit processing or card authorization and card production and other payment system services, or in any other business being conducted by the Company or any of its
affiliates as of the termination of the Executive’s employment in which the Executive was involved during the Executive’s employment, in any geographic area in which the Company or any of its affiliates is then conducting such business.
Notwithstanding the foregoing, the Noncompetition Period shall not last more than 36 months. 
 c) Nonsolicitation. The Executive
further agrees that during the Noncompetition Period, the Executive shall not (i) in any manner, directly or indirectly, induce or attempt to induce any employee of the Company or any of its affiliates to terminate or abandon his or her
employment for any purpose whatsoever or (ii) in connection with any business to which Section 6(b) applies, call on, service, solicit or otherwise do business with any customer (determined as of the effective date of the termination of
Executive’s employment) of the Company or any of its affiliates. 
 d) Exceptions. Nothing in this Section 6 shall prohibit
the Executive from being (i) a stockholder in a mutual fund or a diversified investment company or (ii) an owner of not more than two percent (2%) of the outstanding stock of any class of a corporation, any securities of which are
publicly traded, so long as the Executive has no active participation the business of such corporation. 
 e) Nondisparagement. Except
as otherwise required by applicable law, the Executive agrees not to make, or cause to be made, any oral or written statement, or take any other action, which disparages, criticizes, damages the reputation of, or is hostile to, the Company or its
administration, employees, management, officers, shareholders, agents and/or directors. In the event that the Executive violates this provision, including making statements to the media, it will be considered a material breach hereof. 
 f) Tolling. The Noncompetition Period shall be extended for any period during which the Executive is in breach of this Section 6. 

7) Confidentiality. The Executive shall not, at any time during the Employment Period or thereafter, make use of or disclose, directly
or indirectly, any (i) trade secret or other confidential or secret information of the Company or of any of its subsidiaries or (ii) other technical, business, marketing, proprietary, financial, customer, pricing or personnel information
of the Company or any of its subsidiaries not intended to be available to the public generally or to the competitors of the Company or to the competitors of any of its subsidiaries (“Confidential Information”), except to the extent that
such Confidential Information (a) becomes a matter of public record or is published in a newspaper, magazine or other periodical or on electronic or other media available to the general public, other than as a result of any act or omission of
the Executive, (b) is required to be disclosed by any law, regulation or order of any court or regulatory commission, department or agency, provided that the Executive gives prompt notice of such requirement to the Company to enable the Company
to seek an appropriate protective order, or (c) is required to be used or disclosed by the Executive to perform properly the Executive’s duties under this Agreement. Promptly following the termination of the Employment Period, the
Executive shall surrender to the Company all property of the Company and its subsidiaries and the actual and prospective customers of the Company and its subsidiaries that the Executive may then possess or have under the Executive’s control
(together with all copies thereof), including but not limited to records, memoranda, notes, plans, reports, computer tapes and software and other documents and data which constitute Confidential Information. 
 8) Intellectual Property and Developments. The Executive shall disclose promptly to the Company all inventions, discoveries, developments,
improvements, processes, designs, works of authorship, ideas and related documentation that are written, discovered, made, conceived or first reduced to practice by the Executive (either solely or jointly with another or others) while employed by
the Company (collectively, “Development(s)”), whether or not they are patentable, copyrightable or subject to trade secret provision. The Executive shall not, at any time during or after the Executive’s employment, have or claim any
right, title or interest in or to, or disclose to any third party, any Development(s) or any trade name, patent, trademark, copyright, intellectual property or other proprietary rights belonging to the Company. All Development(s) shall be the sole
and exclusive property of the Company and shall be “work made for hire” as that term is defined in the copyright laws of the United States, not works of joint ownership. In any event, to the extent that any Development(s) may not be held
to be work made for hire, or to the extent that the Executive has any right, title or interest in or to the Development(s) (including without limitation patent rights, copyrights, trade secrets or other proprietary rights), the Executive hereby
assigns to the Company (without any further consideration) all such rights, titles, and interest in and to the Development(s). The Executive shall cooperate fully with the Company during the Executive’s employment and thereafter in the securing
of any trade name, patent, trademark, copyright or intellectual property protection or other similar rights in the United States and in foreign countries and shall give evidence and testimony and execute and deliver to the Company all papers
reasonably requested by any of them in connection therewith. 

 9) Remedies.  
 a) Acknowledgment. The Executive acknowledges that the provisions contained in Sections 6, 7, and 8 are reasonable and necessary because of the substantial harm that could be caused to the Company by the
Executive engaging in any of the prohibited or restricted activities contained in such Sections. The Executive represents and warrants that the prohibitions and restrictions contained in Sections 6, 7, and 8 will not impair the Executive’s
ability to earn a livelihood because the Executive has the ability and experience to engage in employment that will not breach or violate the prohibitions and restrictions contained in such Sections. 
 (b) Injunctive Relief. The parties hereto agree that the Company and its subsidiaries would be damaged irreparably in the event that any provision
of Section 6, 7, and 8 of this Agreement were not performed in accordance with its terms or were otherwise breached and that money damages would be an inadequate remedy for any such nonperformance or breach. Accordingly, the Company and its
successors and permitted assigns shall be entitled, in addition to other rights and remedies existing in their favor, to an injunction or injunctions to prevent any breach or threatened breach of any of such provisions and to enforce such provisions
specifically (without posting a bond or other security). The Executive agrees that the Executive will submit to the personal jurisdiction of the courts of the State of Delaware in any action by the Company to enforce an arbitration award against the
Executive or to obtain interim injunctive or other relief pending an arbitration decision. 
 (c) Reformation. The Executive and the
Company agrees that in the event of any of the prohibitions or restrictions set forth in Sections 6, 7, and 8 of this Agreement are found by a court of final and competent jurisdiction to be unreasonable and accordingly unfavorable, it is the
purpose and intent of the parties that any prohibitions or restrictions be deemed modified or limited so that, as modified or limited, such prohibitions or restrictions may be enforced to the fullest extent permitted by law. 
 10) Representations. The Executive represents and warrants to the Company that (i) the execution, delivery and performance of this
Agreement by the Executive does not and will not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order judgment or decree to which the Executive is a party or by which the Executive is bound,
(ii) the Executive is not a party to or bound by any employment agreement, noncompetition agreement or confidentiality agreement with any other person or entity that will interfere with Executive’s ability to fulfill his obligations under
this Agreement and (iii) upon the execution of this Agreement by the Company and the Executive, this Agreement shall be the valid and binding obligation of the Executive, enforceable in accordance with its terms. 
 11) Survival. Sections 4 through 19 of this Agreement shall survive and continue in full force and effect in accordance with their
respective terms, notwithstanding any termination of the Employment Period. 
 12) Arbitration. Except as otherwise set forth
in Section 9 hereof, any dispute or controversy between the Company and the Executive, whether arising out of or relating to this Agreement, the breach of this Agreement or otherwise, shall be settled by arbitration in Delaware administered by
the American Arbitration Association, with any such dispute or controversy arising under this Agreement being so administered in accordance with its Commercial Rules then in effect, and judgment on the award rendered by the arbitrator may be entered
in any court having jurisdiction thereof. The arbitrator shall have the authority to award any remedy or relief that a court of competent jurisdiction could order or grant, including, without limitation, the issuance of an injunction. Except as
necessary in court proceedings to enforce this arbitration provision or an award rendered hereunder, or to obtain interim relief, neither a party nor an arbitrator may disclose the existence, content or results of any arbitration hereunder without
the prior written consent of the Company and the Executive. The Company and Executive acknowledge that this Agreement evidences a transaction involving interstate commerce. Notwithstanding any choice of law provisions included in this Agreement, the
United States Federal Arbitration Act shall govern the interpretation and enforcement of this arbitration provision. 

 13) Notices. All notices and other communication required or permitted hereunder shall be
in writing and shall be deemed given when (a) delivered personally or by overnight courier to the following address of the other party hereto (or such other address for such party as shall be specified by notice given pursuant to this Section)
or (b) sent by facsimile to the following facsimile number of the other party hereto (or such other facsimile number for such party as shall be specified by notice pursuant to this Section), with the confirmatory copy delivered by overnight
courier to the address of such party pursuant to this Section 13: 
 If to the Company, to: 
 Office of the General Counsel 
 Concord EFS,
Inc. 
 1100 Carr Road 
 Wilmington, DE 19809 
 If to the Executive, to: 
 Edward Labry 
 230 East Cherry Circle 
 Memphis, TN 38117 
 14)
Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or
unenforceable in any respect under applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect the validity, legality or unenforceability of any other provision of this Agreement or the validity,
legality or enforceability of such provision in any other jurisdiction, buy this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

 15) Entire Agreement. This Agreement constitutes the entire agreement and understanding between the parties with respect to
the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by or between the parties, written or oral, which may have related in any manner to the subject matter hereof. 
 16) Successors and Assigns. This Agreement shall be enforceable by the Executive and the Executive’s heirs, executors, administrators
and legal representatives, and by the Company and its successors and assigns. The Executive may not assign the Agreement and any such assignment shall be null and void. The Company shall have the right to assign the Agreement. 
 17) Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of
Delaware without regard to principles of conflict of laws. 
 18) Amendment and Waiver. The provisions of this Agreement may be
amended or waived only by the written agreement of the Company and the Executive, and no course of conduct or failure or delay in enforcing the provisions of this Agreement shall affect the validity, binding effect or enforceability of this
Agreement. 
 19) Counterparts. This Agreement may be executed in two counterparts, each of which shall be deemed to be an
original and both or which together shall constitute one and the same instrument. 
 IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the date first written above. 
  

			
	CONCORD EFS, INC.
		
	By:	 	 /s/ J. Richard Buchignani

	Title:	 	General Counsel and Vice Chairman
	
	 EDWARD LABRY

	
	 /s/ Edward L. Labry

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