exhibit10r_i.htm


    EXHIBIT
10(r)(i)

    


    CHANGE IN
CONTROL AGREEMENT

    dated as
of December 1, 2006

    between
The Brink’s Company

    a
Virginia corporation (the “Company”)

    and
Matthew A. P. Schumacher (the “Executive”)

    


    


    The Company and the Executive agree as
follows:

    


    SECTION
1.                                Definitions.  As
used in this Agreement:

     

         
(a)           “Affiliate”
has the meaning ascribed thereto in Rule 12b-2 pursuant to the Securities
Exchange Act of 1934, as amended (the “Act”).

     

          (b)  “Board”
means the Board of Directors of the Company.

    


      (c)           “Cause” means:

    


      (i)
an act or acts of dishonesty on the Executive’s part which are intended to
result in the Executive’s substantial personal enrichment at the expense of the
Company or

    


      (ii)
repeated material violations by the Executive of the Executive’s obligations
under Section 3 which are demonstrably willful and deliberate on the Executive’s
part and which have not been cured by the Executive within a reasonable time
after written notice to the Executive specifying the nature of such
violations.

    


      (d)           “Change
in Control” shall mean the occurrence of:

    


      (i)
the approval of the shareholders of the Company (or if such approval is not
required, the approval of the Board) of (A) any consolidation or merger of the
Company in which the Company is not the continuing or surviving corporation or
pursuant to which the Company’s common stock would be converted into cash,
securities or other property, other than a consolidation or merger in which
holders of the total voting power in the election of directors of the Company of
the Company’s common stock outstanding (exclusive of shares held by the
Company’s Affiliates)(the “Total Voting Power”) immediately prior to the
consolidation or merger will have the same proportionate ownership of the total
voting power in the election of directors of the surviving corporation
immediately after the consolidation or merger, or (B) any sale, lease, exchange
or other transfer (in one transaction or a series of transactions) of all or
substantially all the assets of the Company;

    


      (ii)
any “person” (as defined in Section 13(d) of the Act) other than the Company,
its Affiliates or an employee benefit plan or trust maintained by the Company or
its affiliates, becoming the “beneficial owner” (as defined in Rule 13d-3 under
the Act), directly or indirectly, of more than 20% of the Total Voting Power;
or


    
      
         
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    (iii) at
any time during a period of two consecutive years, individuals who at the
beginning of such period constituted the Board ceasing for any reason to
constitute at least a majority thereof, unless the election by the Company’s
shareholders of each new director during such two-year period was approved by a
vote of at least two-thirds of the directors then still in office who were
directors at the beginning of such two-year period; provided, however, that no
Change in Control shall be deemed to occur unless circumstances and events that
would otherwise constitute a Change in Control occur prior to January 1,
2008.

    


    
      	
              (e)  

            	
              “Good
      Reason” means:

            


    

    


    (i)
without the Executive’s express written consent and excluding for this
purpose

    an
isolated, insubstantial and inadvertent action not taken in bad faith and which
is remedied by the Company or its Affiliates promptly after receipt of notice
there of given by the Executive, (A) the assignment to the Executive of any
duties inconsistent with the Executive’s position, duties or responsibilities as
contemplated by Section 3(a) hereof, or (B) any failure by the Company to comply
with any of the provisions of Section 3(b) hereof;

    


    (ii)
without the Executive’s express written consent, the Company’s requiring
the

    Executive’s
work location to be other than as set forth in Section 3(a)(i);

    


    (iii) any
failure by the Company to comply with and satisfy Section 9(a); or

    


    (iv) any
breach by the Company of any other material provision of this
Agreement.

    


    (f)           “Incapacity”
means any physical or mental illness or disability of the Executive which
continues for a period of six consecutive months or more and which at any time
after such six-month period the Company shall reasonably determine renders the
Executive incapable of performing his or her duties during the remainder of the
Employment Period (as defined below).

    


    (g)           “Operative
Date” means the date on which a Change in Control shall have
occurred.

    


    SECTION 2.  Employment
Period.  The Company hereby agrees to continue the Executive in
its employ, and the Executive hereby agrees to remain in the employ of the
Company subject to the terms and conditions of this Agreement, for the period
commencing on the Operative Date and ending on the date twelve months thereafter
(the “Employment Period”).


    
      
         


      

      
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    SECTION 3.  Terms of
Employment.  (a) Position and
Duties.  (i) During the Employment Period: (A) the Executive’s
position, duties and responsibilities shall be at least commensurate in all
material respects with the most significant of those held, exercised and
assigned immediately prior to the Operative Date, and (B) the Executive’s
services shall be performed at the location at which the Executive was based on
the Operative Date and the Company shall not require the Executive to travel on
Company business to a substantially greater extent than required immediately
before the Operative Date, except for travel and temporary assignments which are
reasonably required for the full discharge of the Executive’s responsibilities
and which are consistent with the Executive’s being so based.

    


    (ii)
During the Employment Period, and excluding any periods of vacation and sick
leave to which the Executive is entitled, the Executive agrees to devote
reasonable attention and time during normal business hours to the business and
affairs of the Company and, to the extent necessary to discharge the
responsibilities assigned to the Executive hereunder, to use the Executive’s
reasonable best efforts to perform faithfully and efficiently such
responsibilities.

    


    (b)           Compensation.  (i)
Salary and
Bonus.  During the Employment Period the Executive will receive
compensation at an annual rate equal to the sum of (A) a salary (“Annual Base
Salary”) not less than the Executive’s annualized salary in effect immediately
prior to the Operative Date, plus (B) a bonus (“Annual Bonus”) not less than the
aggregate amount of the Executive’s highest bonus award applicable under the Key
Employees Incentive Plan (“KEIP”), the Management Employees Incentive Plan
(“MEIP”), or any substitute or successor plan for the last three calendar years
preceding the Operative Date.  In determining the Annual Bonus, for
any of the last three calendar years preceding the Operative Date in which the
Executive did not participate in either the KEIP or the MEIP, the Executive
shall be deemed to have received a bonus amount equal to the Executive’s target
award under the Plan in which the Executive is participating on the first day of
the Employment Period.

    


    (ii) Welfare Benefit
Plans.  While employed by the Company during the Employment
Period, the Executive and/or the Executive’s family or beneficiary, as the case
may be, shall be eligible to participate in and shall receive all benefits under
welfare benefit programs generally applicable to full-time employees of the
Company.

    


    (iii) Business
Expenses.  During the Employment Period the Company shall, in
accordance with policies then in effect with respect to the payment of expenses,
pay or reimburse the Executive for all reasonable out-of-pocket travel and other
expenses (other than ordinary commuting expenses) incurred by the Executive in
performing services hereunder.  All such expenses shall be accounted
for in such reasonable detail as the Company may require.

    


    (iv) Vacations.  The
Executive shall be entitled to periods of vacation not less than those to which
the Executive was entitled immediately prior to the Operative
Date.


    
      
         


      

      
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    SECTION 4.  Termination of
Employment.

    


    (a)           Death or
Incapacity.  The Executive’s employment shall terminate
automatically upon the Executive’s death during the Employment
Period.  The Executive’s employment shall cease and terminate on the
date of determination by the Company that the Incapacity of the Executive has
occurred during the Employment Period (“Incapacity Effective
Date”).

    


    (b)           Cause.  The
Company may terminate the Executive’s employment for Cause, as defined
herein.

    


    (c)           Good
Reason.  The Executive may terminate his or her employment for
Good Reason, as defined herein.

    


    (d)           Notice of
Termination.  Any termination by the Company for Cause or
Incapacity, or by the Executive for Good Reason, shall be communicated by Notice
of Termination to the other party hereto given in accordance with Section 11 of
this Agreement.  For purposes of this Agreement, a “Notice of
Termination” means a written notice which

    


    (i)
indicates the specific termination provision in this Agreement relied
upon,

    


    (ii) to
the extent applicable, sets forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of the Executive’s
employment under the provision so indicated, and

    


    (iii) if
the Date of Termination (as defined below) is other than the date of receipt of
such notice, specifies the termination date (which date shall be not more than
30 days after the giving of such notice).  The failure by the
Executive or the Company to set forth in the Notice of Termination any fact or
circumstance which contributes to a showing of Good Reason, Incapacity or Cause
shall not serve to waive any right of the Executive or the Company,
respectively, hereunder or preclude the Executive or the Company, respectively,
from asserting such fact or circumstance in enforcing the Executive’s or the
Company’s rights hereunder.

    


    (e)           Date of
Termination.  “Date of Termination” means (i) if the
Executive’s employment is terminated by the Company for Cause or by the
Executive for Good Reason, the date of receipt of the Notice of Termination or
any later date specified therein, as the case may be,

    


    (ii) if
the Executive’s employment is terminated by the Company other than for Cause or
Incapacity, the Date of Termination shall be the date on which the Company
notifies the Executive of such termination, and


    
      
         


      

      
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    (iii) if
the Executive’s employment is terminated by reason of death or Incapacity, the
Date of Termination shall be the date of death of the Executive or the
Incapacity Effective Date, as the case may be.

    


    SECTION 5.  Obligations of the Company
Upon Termination.  (a) Termination for Good Reason
or for reasons other than for Cause, death or Incapacity.  If,
during the Employment Period, the Company shall terminate the Executive’s
employment other than for Cause or Incapacity or the Executive shall terminate
his or her employment for Good Reason:

    


    (i) the Company shall pay to the
Executive in a lump sum in cash within ten (10) days after the Date of
Termination the aggregate of the following amounts:

    


    (A)           the
sum of (1) the Executive’s currently effective Annual Base Salary through the
Date of Termination to the extent not theretofore paid, (2) the product of (x)
the Annual Bonus and (y) a fraction, the numerator of which is the number of
days in the current calendar year through the Date of Termination, and the
denominator of which is 365 and (3) any accrued vacation pay, in each case to
the extent not theretofore paid (the sum of the amounts described in clauses
(1), (2) and (3) shall be hereinafter referred to as the “Accrued Obligations”);
and

    


    (B)           the
amount equal to the Executive’s Annual Base Salary.

    


    (ii) for the duration of the Employment
Period after the Executive’s Date of Termination, the Company shall continue
medical and dental benefits to the Executive and/or the Executive’s family and
the rights of the Executive and/or the Executive’s family under Section 4980B(f)
of the Internal Revenue Code shall commence at the end of such
period;

    


    (iii) the Company shall, at its sole
expense as incurred, provide the Executive with reasonable outplacement
services, the provider and scope of which shall be selected by the Company in
its sole discretion;

    


    (b)           Death or
Incapacity.  If the Executive’s employment is terminated by
reason of the Executive’s death or Incapacity during the Employment Period, this
Agreement shall terminate without further obligations to the Executive’s legal
representatives under this Agreement, other than for timely payment of Accrued
Obligations.

    


    (c)           Cause; Other than for Good
Reason.  If the Executive’s employment shall be terminated for
Cause during the Employment Period, this Agreement shall terminate without
further obligations to the Executive other than timely payment to the Executive
of the Executive’s currently effective Annual Base Salary through the Date of
Termination to the extent theretofore unpaid.  If the Executive
voluntarily terminates employment during the Employment Period, excluding a
termination for Good Reason,


    
      
         


      

      
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    this
Agreement shall terminate without further obligations to the Executive, other
than for the timely payment of Accrued Obligations.

    


    SECTION 6.  Non-exclusivity of
Rights.  Nothing in this Agreement shall prevent or limit the
Executive’s continuing or future participation in any plan, program policy or
practice provided by the Company or any of its Affiliates and for which the
Executive may qualify, nor, subject to Section 14(c), shall anything herein
limit or otherwise affect such rights as the Executive may have under any
contract or agreement with the Company or any of its
Affiliates.  Amounts which are vested benefits or which the Executive
is otherwise entitled to receive under any plan, policy, practice or program of
or any contract or agreement with the Company or any of its Affiliates at or
subsequent to the Date of Termination shall be payable in accordance with such
plan, policy, practice, program, contract or agreement except as explicitly
modified by this Agreement.

    


    SECTION 7.  No
Mitigation.  The Company agrees that, if the Executive’s
employment is terminated during the Employment Period for any reason, the
Executive is not required to seek other employment or to attempt in any way to
reduce any amounts payable to the Executive hereunder.  Further,
except as provided in Section 5(a)(ii) hereof, the amount of any payment or
benefit provided hereunder shall not be reduced by any compensation earned by
the Executive as the result of employment by another employer, by retirement
benefits, by offset against any amount claimed to be owed by the Executive to
the Company, or otherwise.

    


    SECTION 8.  Full
Settlement.  Subject to full compliance by the Company with all
of its obligations under this Agreement, this Agreement shall be deemed to
constitute the settlement of such claims as the Executive might otherwise be
entitled to assert against the Company by reason of the termination of the
Executive’s employment for any reason during the Employment
Period.  The Company’s obligation to make the payments provided for in
this Agreement and otherwise to perform its obligations hereunder shall not be
affected by any set-off, counterclaim, recoupment, defense or other claim, right
or action which the Company may have against the Executive or
others.  In no event shall the Executive be obligated to seek other
employment or take any other action by way of mitigation of the amounts payable
to the Executive under any of the provisions of this Agreement and such amounts
shall not be reduced, except as explicitly provided in Section 5(a)(ii), whether
or not the Executive obtains other employment.

    


    SECTION 9.  Successors; Binding
Agreement.

    


    (a)           The
Company will require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business
or assets of the Company, by agreement, in form and substance satisfactory to
the Executive, expressly to assume and agree to perform this Agreement in the
same manner and to the same extent that the Company would be required to perform
if no such succession had taken place.  As used in this Agreement,
“the Company” means the Company as defined in the preamble to this Agreement and
any successor to its business or assets which executes and delivers the
agreement provided for in this Section 9 or


    
      
         


      

      
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    which
otherwise becomes bound by all the terms and provisions of this Agreement by
operation of law or otherwise.

    


    (b)           This
Agreement shall be enforceable by the Executive’s personal or legal
representatives, executors, administrators, successors, heirs, distributes,
devisees and legatees.

    


    SECTION 10.  Non-assignability­.  This
Agreement is personal in nature and neither of the parties hereto shall, without
the consent of the other, assign or transfer this Agreement or any rights or
obligations hereunder, except as provided in Section 9
hereof.  Without limiting the foregoing, the Executive’s right to
receive payments hereunder shall not be assignable or transferable, whether by
pledge, creation of a security interest or otherwise, other than a transfer by
his or her will or by the laws of descent or distribution, and, in the event of
any attempted assignment or transfer by the Executive contrary to this Section,
the Company shall have no liability to pay any amount so attempted to be
assigned or transferred.

    


    SECTION 11.  Notices.  For
the purpose of this Agreement, notices and all other communications provided for
herein shall be in writing and shall be deemed to have been duly given when
delivered or mailed by United States registered or certified mail, return
receipt requested, postage prepaid, addressed as follows:

    


    If to the
Executive:               

     

    


    If to the
Company:               The
Brink’s Company

    1801 Bayberry Court

    P. O. Box 18100

    Richmond, Virginia
23226-8100

    Attention: Corporate
Secretary

    


    or to
such other address as either party may have furnished to the other in writing in
accordance herewith, except that notices of change of address shall be effective
only upon receipt.

    


    SECTION 12.  Operation of
Agreement.  (a) This Agreement shall be effective immediately
upon its execution and continued to be effective so long as the Executive is
employed by the Company or any of its Affiliates.  The provisions of
this Agreement do not take effect until the Operative Date.

    


    (b)           Notwithstanding
anything in Section 12(a) to the contrary, this Agreement shall, unless extended
by written agreement of the parties hereto, terminate, without further action by
the parties hereto, on December 31, 2007 if a Change in Control shall not have
occurred on or prior to such date.


    
      
         


      

      
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    SECTION 13.  Governing
Law.  The validity, interpretation, construction and
performance of this Agreement shall be governed by the laws of the Commonwealth
of Virginia without reference to principles of conflict of laws.

    


    SECTION 14.  Miscellaneous.  (a)
This Agreement contains the entire understanding with the Executive with respect
to the subject matter hereof and supersedes any and all prior agreements or
understandings, written or oral, relating to such subject matter.  No
provisions of this Agreement may be modified, waived or discharged unless such
modification, waiver or discharge is agreed to in writing signed by the
Executive and the Company.

    


    (b)           The
invalidity or unenforceability of any provision of this Agreement shall not
affect the validity or enforceability of any other provision of this
Agreement.

    


    (c)           Except
as provided herein, this Agreement shall not be construed to affect in any way
any rights or obligations in relation to the Executive’s employment by the
Company or any of its Affiliates prior to the Operative Date or subsequent to
the end of the Employment Period.

    


    (d)           This
Agreement may be executed in one or more counterparts, each of which shall be
deemed to be an original but all of which together will constitute one and the
same Agreement.

    


    (e)           The
Company may withhold from any benefits payable under this Agreement all Federal,
state, city or other taxes as shall be required pursuant to any law or
governmental regulation or ruling.

    


    (f)           The
captions of this Agreement are not part of the provisions hereof and shall have
no force or effect.

    


    IN WITNESS WHEREOF, the parties have
caused this Agreement to be executed and delivered as of the day and year first
above set forth. 

     

     

    
      
        
          
            
              	
                                                                                                                                                                                                                                   THE
      BRINK’S COMPANY

                    	 
      
	 
      	 
      
	
                                                                                                                                                                                                                                     By:

                    	
                      /s/
      Frank T. Lennon

                    	
                      12/6/06

                    
	 
      	
                      Frank
      T. Lennon

                    	
                      Date

                    
	 
      	
                      Vice
      President and Chief

                    	 
      
	 
      	
                      Administrative
      Officer

                    	 
      
	 
      	 
      	 
      
	 	 	 
	 	/s/ Matthew A. P.
      Schumacher	 12/6/06
	 
      	 Executive	 Date
	
                                                                                                                                                                                                                                             

                    	
                       

                    
	
                                                                                                                                                                                                                

                    	
                       

                    


            

          

        

      

    

    


    



    
      
         


      

      
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