Company: BCO
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0000078890-25-000253
Chunk: 23

Company: BRINKS CO
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 23
---
 date, adjusted for a discount for dividends not received or accrued during the vesting period.

The following table summarizes RSU activity during the first six months of 2025:

                                                         Shares      Weighted-Average Grant-Date Fair Value             
                                                 (in thousands)                                                         
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Nonvested balance as of December 31, 2024               290.4      $                                           74.24  
  Granted                                                 145.8      86.71                                              
  Forfeited                                             ( 19.8)      83.53                                              
  Vested                                               ( 134.9)      69.49                                              
  Nonvested balance as of June 30, 2025                   281.5      $                                           82.32  

Performance Stock Units ("PSUs”)

Historically, we have granted Internal Metric PSUs ("IM PSUs") and Relative Total Shareholder Return PSUs ("TSR PSUs") as part of our compensation program.

The majority of outstanding IM PSUs contain a performance condition as well as a service condition. We measure the fair value of these PSUs based on the price of Brink’s stock at the grant date, adjusted for a discount for dividends not received or accrued during the vesting period. For IM PSUs granted in 2021, the performance period was from January 1, 2021 to December 31, 2022 with an additional one year of service requirement after 2022. For IM PSUs granted in 2022, the performance period was from January 1, 2022 to December 31, 2024. For IM PSUs granted in 2023, the performance period is from January 1, 2023 to December 31, 2025. For IM PSUs granted in 2024, the performance period is from January 1, 2024 to December 31, 2026. For IM PSUs granted in 2025, the performance period is from January 1, 2025 to December 31, 2027. In 2023, 2024 and 2025, we also granted IM PSUs to certain employees which contain a market condition (in the form of a relative TSR modifier), a performance condition, and a service condition. We measure the fair value of IM PSUs containing a market condition at the grant date using a Monte