Company: BCO
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0000078890-25-000154
Chunk: 23

Company: BRINKS CO
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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 at a price set at the date the options were granted. Options granted to employees have a maximum term of six years.

The following table summarizes time-based stock option activity during the first three months of 2025:

                                                   Shares              Weighted-Average Grant-Date Fair Value             
                                                   (in thousands)                                                         
  Exercised                                        —                   —                                                  
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Outstanding balance as of December 31, 2024      22.5                $                                           20.98  
  Outstanding balance as of March 31, 2025         22.5                $                                           20.98  

Restricted Stock Units (“ RSUs”)

We granted RSUs which contain only a service condition as part of our compensation program. RSUs are paid out in shares of Brink's stock when the awards vest. For RSUs granted during the last three years, the units generally vest in three equal annual installments following the grant date. We measure the fair value of RSUs 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.

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

                                                         Shares      Weighted-Average Grant-Date Fair Value             
                                                 (in thousands)                                                         
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Nonvested balance as of December 31, 2024               290.4      $                                           74.24  
  Granted                                                 137.5      86.70                                              
  Forfeited                                             ( 14.7)      83.04                                              
  Vested                                               ( 111.0)      70.33                                              
  Nonvested balance as of March 31, 2025                  302.2      $                                           80.91  

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