First Data also announced that Kevin J. Schultz, Executive Vice President and President, Financial Services for First Data, is retiring effective January 31, 2011. Mr. Schultz will be eligible for benefits under First Data's Severance/Change in Control Policy (the "Policy"), as amended by Amendment No. 1 to the Policy, which were included as Exhibit 10.27 of First Data's Annual Report on Form 10-K filed on March 13, 2008 and Exhibit 10.27 of First Data's Annual Report on Form 10-K filed on March 25, 2009, and are incorporated herein by reference. First Data also expects to pay Mr. Schultz an additional $360,000 subject to Mr. Schultz not soliciting First Data's customers and employees following his retirement, and fulfilling his other obligations under the Policy. Additionally, First Data expects that its parent company, First Data Holdings Inc. ("Holdings"), will repurchase 30,000 shares of vested restricted stock units and 183,333 shares of common stock of Holdings held by Mr. Schultz at the fair market value of the stock pursuant to the Management Stockholder's Agreement between Holdings and Mr. Schultz, a form of which was included as Exhibit 10.10 to First Data's Annual Report on Form 10-K filed on March 11, 2010, and is incorporate herein by reference.