MoneyGram 2011 Annual Report Download - page 233

Exhibit 10.95
SEVERANCE AGREEMENT
SEVERANCE AGREEMENT (the “Agreement”) dated as of [ ], 2009 by and between MoneyGram International, Inc., a Delaware corporation
(together with its parent companies, direct and indirect subsidiaries, successors and permitted assigns under this Agreement, the “Company”) and
[ ] (“Executive”).
The Company employs Executive as its [ ];
Executive’s employment with the Company is at−will;
The Company is willing to provide Executive with severance benefits described in this Agreement and the benefits provided by the MoneyGram
International, Inc. 2005 Omnibus Incentive Plan Non−Qualified Stock Option Agreement (“Option Agreement”) as consideration for Executive’s agreement
to continue providing services to the Company and Executive’s agreement to enter into an Employee Trade Secret, Confidential Information and
Post−Employment Restriction Agreement.
In consideration of the promises and mutual covenants herein and for other good and valuable consideration, the receipt and sufficiency of which is
mutually acknowledged, the parties agree as follows:
1. Definitions.
a. “Cause” shall mean (A) Executive’s willful refusal to carry out, in all material respects, the reasonable and lawful directions of the person or
persons to whom the Executive reports or the Board that are within Executive’s control and consistent with Executive’s status with the Company and his or
her duties and responsibilities hereunder (except for a failure that is attributable to Executive’s illness, injury or Disability) for a period of 10 days following
written notice by the Company to Executive of such failure, (B) fraud or material dishonesty in the performance of Executive’s duties hereunder, (C) an act
or acts on Executive’s part constituting (x) a felony under the laws of the United States or any state thereof, (y) a misdemeanor involving moral turpitude or
(z) a material violation of federal or state securities laws, (D) an indictment of Executive for a felony under the laws of the United States or any state
thereof, (E) Executive’s willful misconduct or gross negligence in connection with Executive’s duties which could reasonably be expected to be injurious in
any material respect to the financial condition or business reputation of the Company as determined in good faith by the Board, (F) Executive’s material
breach of the Company’s Code of Ethics, Always Honest policy or any other code of conduct in effect from time to time to the extent applicable to
Executive, and which breach could reasonably be expected to have a material adverse effect on the Company as determined in good faith by the Board, or
(G) Executive’s breach of the Employee Trade Secret, Confidential Information and Post−Employment Restriction Agreement which breach has an adverse
effect on the Company.
b. “Disability” shall exist if Executive becomes physically or mentally incapacitated and is therefore unable for a period of six (6) consecutive
months or for an aggregate of nine (9) months in any twenty−four (24) consecutive month period to perform