CONCORD EFS INC
AMENDED CHRISTOPHER RECKERT SPLIT-DOLLAR AGREEMNT
<DOCUMENT>
<TYPE>EX-10.14
<SEQUENCE>7
<FILENAME>dex1014.txt
<DESCRIPTION>AMENDED CHRISTOPHER RECKERT SPLIT-DOLLAR AGREEMNT
<TEXT>
<PAGE>

                                                                   EXHIBIT 10.14

                              AMENDED AND RESTATED
                             SPLIT-DOLLAR AGREEMENT

         AGREEMENT (this "Agreement"), dated as of August 1, 2001, by and among
CONCORD EFS, INC., a corporation duly organized and existing under the laws of
the State of Delaware (hereinafter sometimes called the "Corporation"), and
CHRISTOPHER S. RECKERT, an individual resident of the State of Tennessee
(hereinafter called the "Owner"),

                              W I T N E S S E T H:
                              - - - - - - - - - -

         WHEREAS, the Corporation and the Owner entered into that certain
Split-Dollar Agreement, dated as of August 1, 1999 (the "1999 Agreement"), which
provided for a "split-dollar" arrangement with respect to a particular life
insurance policy identified in the 1999 Agreement (the "1999 Policy");

         WHEREAS, pursuant to Section 8.4 of the 1999 Agreement, the Corporation
and the Owner wish to amend and restate the 1999 Agreement to provide for
additional insurance coverage on the Owner's life to be owned by the Owner
thereunder;

         WHEREAS, the Owner continues to be a valued officer and employee of the
Corporation and the Corporation desires to retain him in such capacities;

         WHEREAS, as an inducement to such continued employment, the Corporation
desires to assist the Owner with his personal life insurance program by entering
into this Agreement with the Owner;

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         WHEREAS, the Corporation has determined that this assistance can best
be provided under a "split-dollar" arrangement and the Owner has, under the 1999
Agreement, applied for Insurance Policy No. 1Y000487 (the "1999 Policy") issued
by The New England Life Insurance Company (the "Insurer") on the Owner's life;

         WHEREAS, the Owner has, under this Agreement, applied for Insurance
Policy No 1Y200641 (the "2001 Policy"), and collectively with the 1999 Policy,
the "Policy") issued by the Insurer in the face amount of $5,947,582 on the
Owner's life; and

         WHEREAS, the Corporation and the Owner agree that the Policy shall be
subject to this Agreement.

         NOW, THEREFORE, in consideration of the premises, and for other good
and valuable consideration, the receipt, adequacy and sufficiency of which are
hereby acknowledged, the Corporation and the Owner hereby mutually covenant and
agree as follows:

Section 1.  Purchase of the 2001 Policy and Term of Funding Period

         1.1   The Owner has previously purchased the 1999 Policy subject to the
1999 Agreement. The Owner will purchase the 2001 Policy contemporaneously with
the execution of this Agreement. The Corporation and the Owner agree that (i)
they will take all necessary actions to cause the 2001 Policy to be issued to
the Owner and cause the Policy to conform to the terms of this Agreement, and
(ii) the Policy will be subject to the terms and conditions of this Agreement
and the Collateral Assignment, as that term is defined in Section 3.2 hereof.

         1.2   The term during which the Corporation will fund the 1999 Policy
under this Agreement shall commence on August 1, 1999 and shall end on the
earlier of August 1, 2009,

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and the term during which the Corporation will fund the 2001 Policy under this
Agreement shall commence on August 1, 2001, and shall end on the earlier of
August 1, 2011, respectively, or the normal retirement date of the Owner,
whichever shall first occur (collectively, the "Term"). For purposes of this
Section 1.2, the term "normal retirement date" means the latter of (i) the date
of the 65th birthday of the Owner or (ii) the date of the tenth anniversary of
the date of hire of the Owner by the Corporation.

Section 2.   Payment of Premiums

         2.1 During the Term, the Corporation agrees to pay all premiums due on
the Policy to the Insurer pursuant to the terms of the Policy, provided,
however, that the Corporation agrees to pay an amount to the Insurer on the 1999
Policy not to exceed $50,000 per year and on the 2001 Policy not to exceed
$200,000 per year. The Corporation shall, upon request of the Owner, promptly
furnish the Owner evidence of timely payment of such premiums.

         2.2 During the Term, in order to facilitate the payment of premiums on
the Policy, it is agreed that the Corporation (a) annually forward on a timely
basis the amount of premium required under this Agreement and pursuant to the
terms of the Policy to the Insurer, and (b) annually furnish the Owner
information concerning the economic benefit reportable by the Owner as gross
income for federal income tax purposes.

         2.3 The Corporation and the Owner believe that neither the 1999
Agreement and the _1999 Policy nor this Agreement and the 2001 Policy are
subject to Internal Revenue Notice 2001-10, 2001-5 IRB 459 (the "Notice").
Notwithstanding the foregoing, if the parties hereto later determine that either
the 1999 Policy or the 2001 Policy are subject to the Notice, or the Internal
Revenue Service issues further guidance concerning the federal income taxation
of split-

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dollar arrangement subsequent to the date of this Agreement, the Corporation and
the Owner reserve the right to amend, restate and modify the Agreement pursuant
to such further guidance.

Section 3.   Policy Ownership and Repayment of Premium Payments

         3.1 The Owner shall be the sole and absolute owner of the Policy and
may exercise all ownership rights granted to the owner thereof by the terms of
the Policy, except as may otherwise be expressly provided herein. All incidents
of ownership in the Policy are expressly retained by the Owner, including, as
example and not as a limitation of the foregoing, the right to change the
beneficiary of the Policy, the right to borrow on the security of the Policy
(but only to the extent of the difference between (a) the cash value of the
Policy and (b) the cumulative amount of the Corporation's interest in the Policy
in excess of the amount of all outstanding prior loans to the Corporation made
against the Policy); the right to pledge or assign his interest in the Policy
for such loans or advances; the right, in the event of a termination of this
Agreement, to realize against the cash value of the Policy (to the extent such
cash value exceeds the Corporation's interest therein); the right, in the event
of the Employee's death (as defined in Section 8.2 hereof), to exercise
settlement options and realize against the proceeds of the Policy to the extent
said proceeds exceed the Corporation's interest in the Policy; and the right,
subject to the interest of the Corporation to be reimbursed for its interest in
the Policy, to surrender or cancel the Policy. The Owner has the right to assign
his ownership rights to any person or entity he, in his absolute discretion,
chooses, but such an assignment will be subject to the Collateral Assignment, as
that term is defined in Section 3.2 hereof, to the Corporation.

         3.2 Except as may otherwise be expressly provided herein, the
Corporation shall have no rights,  interests or privileges of ownership in the
Policy.  To secure the repayment to the

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Corporation of the amount equal to the aggregate premiums paid by it as of the
date of the Employee's death (as defined in Section 8.2 hereof) reduced by the
sum of (i) any amounts previously received by the Corporation from or to the
credit of the Owner as a repayment of the liabilities created hereunder and (ii)
any outstanding indebtedness incurred by the Corporation and owed to the Insurer
which was secured by the Policy, including interest accrued thereon, the Owner
has, contemporaneously herewith, assigned an interest in the Policy to the
Corporation as collateral (the "Collateral Assignment"), substantially in the
form attached hereto as Exhibit A, which gives the Corporation the limited power
                        ---------
to enforce its right to be repaid the amount due the Corporation. The
Corporation may neither have nor exercise any right as collateral assignee of
the Policy that could in any way defeat or impair the Owner's right to receive
the net cash surrender value of the Policy decreased by any outstanding Policy
loans to him on the death benefit proceeds of the Policy in excess of the amount
due the Corporation. The Collateral Assignment shall not be terminated, altered
or amended by the Owner without the express prior written consent of the
Corporation, except that the Owner may assign his ownership rights to a third
party, subject to the Collateral Assignment, as provided in Section 3.1 hereof.

         3.3 The Owner will not exercise any right under the Policy without
first giving the Corporation written notice of the Owner's intention to exercise
such right; provided, however, that a change of beneficiary having no effect on
the Corporation's status as a beneficiary shall not require such notice. The
Owner shall take no action with respect to the Policy that would in any way
compromise or jeopardize the Corporation's right to be repaid the amount due the
Corporation under Section 4.l(b) hereof, without the Corporation's express
written consent.

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         3.4   The Corporation may not, without the prior written consent of the
Owner, exercise its rights under the Policy, including, but not limited to, the
transfer or assignment of its interest in the Policy to any person or entity as
collateral.

         3.5   (a)  Within 60 days following the date of the termination of this
Agreement under Section 5 hereof, the Owner shall repay to the Corporation the
lesser of (a) the amount due the Corporation under Section 4.l(b) hereof, or (b)
the net cash surrender value of the Policy increased by any outstanding Policy
loans to the Owner, each determined as of the date of the termination of this
Agreement. Upon receipt of such amount, the Corporation shall release the
Collateral Assignment of the Policy, by the execution and delivery of an
appropriate instrument of release and shall be removed as beneficiary under the
Policy.

         (b)   If the Owner fails to repay the Corporation the amount specified
in Section 3.5(a), the Owner shall execute any and all instruments that may be
required to vest ownership of the Policy in the Corporation. Thereafter, the
Owner shall have no further interest in, or rights under, the Policy, or rights
under this Agreement.

Section 4.  Beneficiary Provisions

         4.1   At the time the life insurance proceeds become payable under the
Policy, the Corporation and the Owner agree the Corporation and the personal
representative of the Owner or the beneficiary or beneficiaries designated on
the Policy by the Owner if other than the estate of the Owner, as the case may
be, shall promptly take all action necessary to obtain payment of the death
benefit provided under the Policy from the Insurer of the amount payable under
the Policy, and payment of such death benefit will be divided and paid as
follows:

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                  (a)  The beneficiary or beneficiaries designated on the Policy
         by the Owner as then in effect under the Policy shall receive an amount
         of such death benefit equal to the product obtained by multiplying an
         amount equal to $250,000, plus 3% per annum beginning with the year
         2000, times a factor of 5.0; and

                  (b)  The Corporation, as collateral assignee under the
         Collateral Assignment, shall receive the aggregate premiums paid by it
         under this Agreement, not to exceed an amount equal to the balance of
         the payment of such death benefit, if any.

         4.2   It is agreed and understood that receipt by the Corporation of
any death benefit proceeds as a beneficiary under the Policy shall be considered
a repayment of the Corporation's premium payments under Section 4.1(b) hereof to
the extent of such proceeds.

Section 5.  Termination of Agreement

         Notwithstanding anything to the contrary herein, this Agreement shall
terminate on the first to occur of the following:

                  (a)  Express cancellation of this Agreement by the Owner upon
          ninety (90) days written notice to the Corporation;

                  (b)  Lapse or termination of the Policy after mutual written
          consent of the Owner and the Corporation to such lapse or termination;
          or

                  (c)  Termination of the Owner's employment by the Corporation
         (other than by reason of his death, disability or attaining normal
         retirement age).

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Section 6.  Employee Retirement Income Security Act of 1974

         6.1   For the purpose of the Employee Retirement Income Security Act of
1974 ("ERISA"), the Corporation will be the named fiduciary (the "Named
Fiduciary") and the plan administrator (the "Plan Administrator") of the
split-dollar life insurance arrangement created by this Agreement (the "Plan")
for which this Agreement is hereby designated the written plan instrument.

         6.2   The Corporation's Board of Directors may authorize a person or
group of persons to fulfill the responsibilities of the Corporation as Plan
Administrator. The Named Fiduciary or the Plan Administrator may employ others
to render advice with regard to its responsibilities under the Plan. The Named
Fiduciary may also allocate fiduciary responsibilities to others and may
exercise any other powers necessary for the discharge of its duties, to the
extent such exercise is not in conflict with ERISA.

         6.3   The following claims procedures shall control the determination
of benefit payments under the Plan:

               (a)  Filing of a Claim for Benefits. Any insured, beneficiary
                    ------------------------------
         or other individual ("Claimant") entitled to benefits under the Plan or
         under the Policy will file a claim request with the Insurer with
         respect to such benefits (the "Claim for Benefits"). The Plan
         Administrator will, upon written request of a Claimant, make available
         copies of any claim forms or instructions provided by the Insurer or
         advise the Claimant where copies of such forms or instructions may be
         obtained.

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               (b)  Denial of Claim. A Claim for Benefits will be denied if the
                    ---------------
         Insurer determines that the Claimant is not entitled to receive such
         benefits. Notice of denial shall be furnished to the Claimant within a
         reasonable period of time after receipt of the Claim for Benefits by
         the Insurer.

               (c)  Content of Notice. The Insurer shall provide to every
                    -----------------
         Claimant who is denied a Claim for Benefits written notice setting
         forth, in a manner calculated to be understood by the Claimant, the
         following:

                    1.   The specific reason or reasons for the denial;

                    2.   Specific reference to pertinent Plan provisions on
               which the denial is based;

                    3.   A description of any additional material or information
               necessary for the Claimant to perfect the claim, and an
               explanation of why such material or information is necessary; and

                    4.   An explanation of the Plan's Claim Review Procedure as
               set forth below.

               (d)  Claim Review Procedure.  The purpose of the Claim Review
                    ----------------------
         Procedure is to provide a method by which a Claimant may have a
         reasonable opportunity to appeal a denial of a Claim for Benefits to
         the Insurer for a full and fair review. To accomplish that purpose, the
         Claimant or his duly authorized representative:

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                    1.   May request a review upon written application to the
               Insurer;

                    2.   May review pertinent Plan documents; and

                    3.   May submit issues and comments in writing to the
               Insurer.

         A Claimant (or his duly authorized representative) shall request a
         review by filing a written application for review with the Insurer at
         any time within 60 days after receipt by the Claimant of written notice
         of the denial of his Claim for Benefits.

               (e)  Decision on Review.  A decision on review of a denied Claim
                    ------------------
         for Benefits shall be made in the following manner:

                    1.   The decision on review shall be made by the Insurer,
               who may in its discretion hold a hearing on the denied claim.
               Such decision shall be made promptly, and not later than 60 days
               after receipt of the request for review, unless special
               circumstances (such as the need to hold a hearing) require an
               extension of time for processing, in which case a decision shall
               be rendered as soon as possible, but not later than 120 days
               after receipt of the request for review.

                    2.   The decision on review shall be in writing and shall
               include specific reasons for the decision, written in a manner
               calculated to be understood by the Claimant, and specific

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          references to the pertinent Plan provisions upon which the decision is
          based.

Section 7.  Reorganization

     7.1  Nothing contained in this Agreement shall prevent any consolidation or
merger of the Corporation with or into any other corporation or corporations
(whether or not affiliated with the Corporation, or successive consolidations or
mergers in which the Corporation or its successor or successors shall be a party
or parties, or shall prevent any sale, conveyance or lease (or successive sales,
conveyances or leases) of all or substantially all of the property of the
Corporation to any other corporation (whether or not affiliated with the
Corporation) authorized to acquire and operate the same and which shall be
organized under the laws of a State of the United States or the District of
Columbia; provided, however, and the Corporation hereby covenants and agrees,
that upon any such consolidation, merger, sale, conveyance or lease, the due and
punctual performance and observance of all of the covenants and conditions of
this Agreement to be performed by the Corporation shall be expressly assumed, by
written instrument executed and delivered to the Owner, by the corporation or
corporations (if other than the Corporation) formed by such consolidation, or
into which the Corporation shall have been merged, or by the corporation or
corporations which shall have acquired or leased such property.

     7.2  In case of any such consolidation, merger, sale, conveyance or lease,
and upon the assumption, as provided in Section 7.1 above, by the successor
corporation of the due and punctual performance and observance of all covenants
and conditions of this Agreement to be performed by the Corporation, such
successor corporation shall succeed to and be substituted for the Corporation
with the same effect as it had been named herein as the "Corporation". In the

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event of any such consolidation, merger, sale, conveyance or lease, the party
named as the "Corporation" in this Agreement or any successor which shall
thereafter have become such in the manner prescribed in Section 7.1 above may be
dissolved, wound-up and liquidated at any time thereafter and such party shall
be released from its liabilities and obligations under this Agreement.

     7.3  Except as provided in Section 7.2 above, upon any distribution of
assets of the Corporation, upon any dissolution, winding up, total or partial
liquidation of the Corporation, voluntary or involuntary, or upon any
reorganization or similar proceeding relating to the Corporation or any of its
property, whether, bankruptcy, insolvency or receivership proceedings, or upon a
general assignment for the benefit of creditors, or any other marshalling of the
assets and liabilities of the Corporation (each a "Winding Up"), the Corporation
shall, prior to the taking of any corporate action in furtherance of any Winding
Up, set aside in trust, irrevocably, for the benefit of the Owner, sufficient
funds to satisfy all then-remaining obligations and liabilities of the
Corporation under this Agreement; and if such trust is not established for the
benefit of the Owner, then, upon any payment or distribution of assets of the
Corporation of any kind or character, whether in cash, property or securities,
an amount sufficient to satisfy such obligations and liabilities shall be paid
by the liquidating trustee or agent or other person making such payment or
distribution, whether a trustee in bankruptcy, a receiver or liquidating trustee
or otherwise, directly to the Owner in satisfaction of the Corporation's
obligations and liabilities hereunder.

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Section 8.  Miscellaneous Provisions

     8.1  This Agreement will be governed by and construed in accordance with
the laws of the State of Tennessee applied without giving effect to any
conflicts-of-law principles.

     8.2  For purposes of this Agreement, the phrases, "Employee dies",
"Employee's death" or the "death of the Employee", mean the death of the Owner.

     8.3  This Agreement shall not be deemed to constitute a contract of
employment between the parties, nor shall any provision hereof restrict the
right of the Corporation to discharge the Owner, or restrict the right of the
Owner to terminate employment.

     8.4  This Agreement sets forth the entire agreement among the parties
concerning the subject matter hereof, and any amendment or discharge will be
made only in writing. This Agreement is binding on, enforceable by and against
and shall benefit the parties, their legal representatives, successors and
assigns. No beneficiary under the Policy shall obtain any vested right to have
this Agreement continued in full.

     8.5  (a)  Notwithstanding the provisions of this Agreement, any life
insurance company which has issued a policy of insurance which is subject to the
provisions of this Agreement, including, but not limited to, the Insurer and the
Policy, is hereby authorized to act in accordance with the terms of such policy
as if this Agreement did not exist, and the payment or other performance of its
contractual obligations by any such insurance company, in accordance with the
terms of any such policy, shall completely discharge such insurance company from
all claim, suits and demands of all persons whatsoever.

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     (b)  Notwithstanding Section 6 hereof, the Insurer is not deemed a party to
this split-dollar arrangement, is not bound by the split-dollar arrangement, or
deemed to have notice of the provisions of this split-dollar arrangement.
Rather, the Insurer will be bound only by the provisions of and endorsements on
the Policy, and any payments made or actions taken by it in accordance with said
provisions or endorsements will fully discharge it from all claims, suits and
demands of all persons whatsoever.

     8.6  Whenever possible each provision of this Agreement is to be
interpreted in a manner as to be effective and valid under applicable law, but
if any provision is prohibited or invalid under applicable law, that provision
will be ineffective to the extent of the prohibition or invalidity, without
invalidating the remainder of the provisions or the remaining portions of this
Agreement. To the extent permitted by law, the parties waive any provision of
the law that renders a provision contained in this Agreement prohibited or
unenforceable in any respect.

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     IN WITNESS WHEREOF, the parties hereto have hereunto set their hands and
affixed their seals as of the date first above written.

                               CONCORD EFS, INC.


                               By: /s/ William E. Lucado
                                   ---------------------------------------

                               Its: ______________________________________

                                     /s/ Christopher S. Reckert      (L.S.)
                                     -----------------------------
                                        CHRISTOPHER S. RECKERT

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