Company: BCO
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0000078890-25-000253
Chunk: 24

Company: BRINKS CO
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 24
---
 Carlo simulation model. IM PSUs are paid out in shares of Brink's stock when the awards vest. For IM PSUs granted in 2023, 2024 and 2025, the number of shares paid out ranges from 0% to 200% of an employee's award, depending on the achievement of pre-established financial goals over the performance period. Shares are not paid out if the financial results do not meet a pre-established threshold level of performance.

Before 2023, we granted TSR PSUs containing a market condition as well as a service condition. We measure the fair value of TSR PSUs at the grant date using a Monte Carlo simulation model. For TSR PSUs granted in 2022, the service period was from January 1, 2022 to December 31, 2024.

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

                                                         Shares      Weighted-Average Grant-Date Fair Value             
                                                 (in thousands)                                                         
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Nonvested balance as of December 31, 2024               639.1      $                                           72.64  
  Granted                                                 221.7      89.86                                              
  Forfeited or expired                                  ( 54.1)      80.66                                              
  Vested (a)                                           ( 235.0)      67.17                                              
  Nonvested balance as of June 30, 2025                   571.7      $                                           80.81  

(a) The vested PSUs presented are based on the target amount of the award. In accordance with the terms of the underlying award agreements, the actual shares earned and distributed for the performance period ended December 31, 2024 were 440.2 235.0

Deferred Stock Units ("DSUs")

We granted DSUs to our non-employee directors as part of our compensation program. We measure the fair value of DSUs at the grant date, based on the price of Brink's stock, and, if applicable, adjusted for a discount for dividends not received or accrued during the vesting period.

DSUs granted after 2014 will be paid out in shares of Brink's stock approximately one year after the grant date, provided that the director has not elected to defer the distribution of shares until a later date. DSUs granted prior to 2015, in general,