Document:

Exhibit

EXHIBIT 10.1

	
			
	
	
	The Brink's Company

	1801 Bayberry Court

	 
	P.O. Box 18100

	 
	 
	Richmond, VA  23226-8100 U.S.A.

	 
	 
	Tel: (804) 289-9600

Douglas Allen Pertz
June 9, 2016
Dear Mr. Pertz:
We are pleased to outline the terms of our offer for your employment with The Brink’s Company (the “Company”):
	
		
	Start Date:
	June 9, 2016.

	Position:
	President and Chief Executive Officer.  You will be appointed to the Board of Directors (the “Board”) on the Start Date, and you will be nominated for re-election to the Board at the expiration of each term while you remain an employee of the Company.  Upon your termination of employment for any reason, you shall resign (and shall be deemed to have automatically resigned) from the Board.

	Place of Employment; Relocation:
	You will be employed primarily at the Company’s corporate headquarters, and it is expected that you will relocate your primary residence to the metropolitan area containing the Company’s corporate headquarters.  If you do relocate on or before January 11, 2017, you will be covered by the Company’s relocation policy, a copy of which has been provided to you and, in lieu of the temporary housing reimbursement provided in that policy, the Company shall provide you with a temporary housing reimbursement of up to $5,000 per month for the period from July 11, 2016 until the earlier of (x) your relocation and (y) January 11, 2017.

	Base Salary:
	During your employment, you will receive an annualized Base Salary of $925,000; provided that the Base Salary will be reviewed annually after 2016 by the Compensation and Benefits Committee of the Board (the “Committee”) for possible discretionary increases (but not decreases) based on market trends, internal considerations and Company and individual performance.

    

	
		
	Annual Bonus:
	During your employment, you will be eligible to earn an Annual Bonus as a participant in the Company’s Key Employees Incentive Plan (the “KEIP”).
2016 Annual Bonus.  Your target Annual Bonus for 2016 (the “2016 Target Bonus”) will be the product of 125% multiplied by the amount of the Base Salary you earn in respect of 2016.  Your actual 2016 Annual Bonus will range from 75% to 200% of the 2016 Target Bonus, subject to a maximum of 200% of the Base Salary you earn in respect of 2016 in accordance with the terms of the KEIP, based on performance criteria determined by the Committee.  The performance criteria will contain threshold, target and maximum performance levels, which will yield payouts of 50%, 100% and 200% of the 2016 Target Bonus, respectively, with linear interpolation between threshold and target, and between target and maximum, subject to a maximum of 200% of the Base Salary you earn in respect of 2016 in accordance with the terms of the KEIP; provided that in no event will your actual 2016 Annual Bonus be less than 75% of the 2016 Target Bonus.  The forgoing is subject to the terms of the KEIP (including without limitation Section 3 of Appendix A thereof).  
2017 and Later.  The terms of your Annual Bonus for years after 2016 will be determined by the Committee pursuant to the terms of the KEIP.  Your target Annual Bonus for such years will be set by the Committee based on market trends, internal considerations and Company and individual performance.  Subject to stockholder approval of an amendment to the KEIP to increase the maximum percentage of Base Salary which may be earned (which approval the Company expects to seek at its 2017 annual meeting of shareholders), it is expected that your maximum Annual Bonus opportunity for years after 2016 will be 200% of your target Annual Bonus opportunity.

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	Inducement Equity:
	Inducement Options.  On the Start Date, you will be granted 400,000 stock options under the Company’s 2013 Equity Incentive Plan (the “EIP”) (the “Inducement Options”), with the following terms:
A. The Inducement Options shall have a per-share exercise price equal to the “Fair         Market Value” (as defined in the EIP) of the Company’s common stock (“Stock”) on the date of grant of the Inducement Options;
B.  A term of six years;
C. The number of Inducement Options that vest shall be determined on the third anniversary of the Start Date subject to the termination provisions which follow, with (i) 1/3 of the Inducement Options becoming vested if the average closing price of the Stock over any 15 consecutive trading day period between the Start Date and the third anniversary thereof was at least $37.34 (the “First Price Target”), (ii) an additional 1/3 of the Inducement Options becoming vested if the average closing price of the Stock over any 15 consecutive trading day period  between the Start Date and the third anniversary thereof  was at least $44.81, and (iii) the final 1/3 of the Inducement Options becoming vested if the average closing price of the Stock over any 15 consecutive trading day period between the Start Date and the third anniversary thereof was at least $47.79 (each, a “Price Target”).  Except as expressly provided below, any Inducement Options with respect to which the applicable Price Target has not been attained as of the third anniversary of the Start Date shall be forfeited automatically at such time;
D. Unvested Inducement Options shall be forfeited upon a termination by the Company for “Cause” or a termination by you without “Good Reason” (each as defined in Exhibit A attached hereto), in each case prior to the third anniversary of the Start Date; 

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	E. Upon a termination by the Company without Cause or a termination by you for Good Reason prior to the third anniversary of the Start Date, (i) vesting on the date of termination of a number of unvested Inducement Options as to which the applicable Price Target has been attained (and, for this purpose, the First Price Target shall be deemed attained if not otherwise attained) equal to the number of such Inducement Options multiplied by a fraction, the numerator of which is the number of days from and including the Start Date through and including the date of termination plus 548 days (up to 1,095), and the denominator of which is 1,095 (the “Pro-Ration Fraction”); and (ii) a number of Inducement Options for which the applicable Price Target has not been attained or deemed attained as of the date of termination equal to the number of such Inducement Options multiplied by the Pro-Ration Fraction shall remain outstanding and eligible to vest based on attaining the applicable Price Target for six months following the date of termination.  Inducement Options which are not vested or remain eligible to vest on the date of termination after the application of the preceding sentence shall be forfeited three months following the date of termination unless clause (G)(i) applies, and Inducement Options which remain eligible to vest for six months pursuant to clause (ii) of the preceding sentence and as to which the applicable Price Target is not attained during such six-month period shall forfeit at the end of such six-month period;

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	F.  Upon a termination due to death or “Incapacity” (as defined in the Severance Pay Plan of the Brinks Company (the “Severance Plan”)) prior to the third anniversary of the Start Date, the same treatment as described in the immediately preceding clause (E);
G. Upon a “Change in Control” (as defined in the EIP) on or prior to the third anniversary of the Start Date, the Price Targets shall cease to apply and the Inducement Options shall vest if you remain employed with the Company or its successor on the third anniversary of the Start Date; provided that, if (x) your employment is terminated by the Company without Cause or you terminate for Good Reason during the three-month period prior to the Change in Control and the Change in Control occurs prior the third anniversary of the Start Date, or (y) your employment terminates on or following the Change in Control and prior to the third anniversary of the Start Date for any reason other than a termination by the Company for Cause or by you without Good Reason, all Inducement Options shall become vested upon the later of such termination or the Change in Control; and

	 
	H. Subject to the six-year term, 90 days to exercise vested Inducement Options following a termination of your employment for any reason other than due to death or Incapacity (or, in the case of Inducement Options that vest in accordance with clause (E)(ii) above, 90 days following the applicable vesting date), and 1 year to exercise vested Inducement Options following a termination of your employment due to death or Disability; except that all Inducement Options shall be immediately forfeited upon a termination by the Company for Cause.

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	Inducement RSUs.  On the Start Date, you will be granted under the EIP 91,770 restricted stock units (the “Inducement RSUs”), with the following terms:
The Inducement RSUs shall vest on the third anniversary of the date of the Start Date, subject to the termination provisions which follow and provided that, other than as expressly stated in clause (D) below, no Inducement RSUs shall vest unless, for the period commencing on July 1, 2016 and ending on June 30, 2017 (i.e., the first 4 fiscal quarters of the Company following the Start Date) (the “Performance Period”), the Company realizes positive “Non-GAAP income from continuing operations” (the “Income Threshold”).  For this purpose, “Non-GAAP income from continuing operations” shall be determined in the same manner in which it is determined for inclusion in documents filed by the Company with or furnished by the Company to the Securities and Exchange Commission for the Performance Period, subject to such adjustments as are contemplated by Section 9(d) of the EIP;

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	A. Unvested Inducement RSUs shall be forfeited upon a termination by the Company for Cause or a termination by you without Good Reason;
B. Upon a termination by the Company without Cause, a termination by you for Good Reason, or a termination due to your death or Incapacity, a number of Inducement RSUs shall vest on the date of termination (or, if later, the date the Committee certifies achievement of the Income Threshold, which certification shall occur, if at all, prior to March 15, 2018) equal to the total number of Inducement RSUs multiplied by the Pro-Ration Fraction, and the remaining Inducement RSUs shall be forfeited; and 
C. On or after a “Change in Control” (as defined in the EIP), (i) the Income Threshold shall cease to apply, and (ii) if your employment terminates for any reason other than a termination by the Company for Cause or by you without Good Reason, all Inducement RSUs shall vest such termination.  If your employment is terminated by the Company without Cause or you terminate for Good Reason during the three-month period prior to a Change in Control, you shall receive a cash payment upon the Change in Control equal to the number of Inducement RSUs forfeited upon your termination multiplied by the price of the Stock upon the Change in Control. 

	 
	Additional Grant and Vesting Condition of Inducement Options and Inducement RSUs.  Notwithstanding the above, (A) the Inducement Options and Inducement RSUs shall not be granted unless, not later than the Start Date, you have purchased from the Company not less than $2.5 million of Stock (the “Purchased Stock”) (and the Company agrees to sell you the Purchased Stock on or before the Start Date at the closing price on the New York Stock Exchange on the date of sale), and (B) no Inducement Options or Inducement RSUs shall vest unless you continue to hold all of the Purchased Stock through the applicable vesting date; provided that such holding requirement shall cease upon the earlier of a Change in Control or your termination of employment.  If your employment is terminated by the Company without Cause or by you for Good Reason on or prior to December 9, 2016, upon your written request (which the Company must receive no later than the fifth business day following the date of termination), the Company shall repurchase the Purchased Stock on the later of (x) the first trading day following the date of termination and (y) the first trading day after the Company receives your written request, in each case, at the closing price of the Stock on the New York Stock Exchange on the date of repurchase, by payment to you of immediately available funds to an account designated by you.

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	2016 LTI Award  Opportunity:
	On the Start Date, you will be granted under the EIP the equity awards described below (collectively, the “2016 LTI Award Opportunity”), the type and proportion of which will be consistent with those granted to senior executives of the Company generally in 2016.  Except with respect to amounts (which are described below), all terms of the awards constituting the 2016 LTI Award Opportunity (including, without limitation, vesting terms) shall be consistent with those of the corresponding awards granted to senior executives of the Company generally in 2016.
Time-Vesting RSUs.  A number of time-vesting restricted stock units determined by the Committee based on a grant date accounting value of $527,664 [which is $3.75 million * 0.25 * (206/366)].
Internal Metric PSUs.  A target number of performance-vesting restricted stock units determined by the Committee based on a grant date accounting value of $791,496 [which is $3.75 million * 0.375 * (206/366)], which shall vest based on the achievement of performance goals related to the operating profit of the Company.
Relative TSR PSUs.  A target number of performance-vesting restricted stock units determined by the Committee based on a grant date accounting value of $791,496 [which is $3.75 million * 0.375 * (206/366)], which shall vest based on the achievement of performance goals related to relative total shareholder return.

	LTI Award Opportunity for 2017 and later:
	During your employment following 2016, you will be eligible for a long-term incentive award opportunity.  Grant values and program design will determined by the Committee annual based on market practice, affordability, performance and other factors the Committee determines to be relevant.

	Health and Retirement Benefits:
	During your employment, you will be eligible to participate in the Company’s health and retirement plans on the same terms as other senior executives of the Company.  All benefit plans of the Company are subject to amendment and termination in accordance with their terms.

	Other Benefits and Perquisites:
	During your employment, you will be eligible for any other benefits and perquisites that are offered to other senior executives of the Company generally.  You will receive no less than 4 weeks of paid vacation each year.  You will be responsible for any taxes you incur in connection with such benefits and perquisites.  All benefit plans of the Company are subject to amendment and termination in accordance with their terms.
In addition, the Company will, not later than 30 days after presentation of an invoice for fees and charges together with customary supporting documentation, reimburse you for the legal and professional fees that you incurred in connection with the negotiation of this letter, in an amount not to exceed $25,000.  Such invoice and supporting documentation must be submitted within 30 days following the date of this letter.

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	Termination and Severance:
	Your employment will be “at-will,” which means that either you or the Company may terminate your employment for any reason, at any time, with or without notice.  You will be eligible to participate in the Severance Plan as a Tier 1 Participant; provided that the definitions of “Cause” and “Good Reason” shall be those set forth in Exhibit A attached hereto and any adverse change to the Severance Plan shall not apply to you until the later of the first anniversary of the change or the third anniversary of the Start Date.

	Change in Control Agreement:
	You will be offered the same form of Change in Control Agreement as that currently in place for the Company’s other named executive officers (the “Change in Control Agreement”); provided that the definitions of “Cause” and “Good Reason” shall be that set forth in Exhibit A and the Change in Control Agreement shall expire no earlier than the third anniversary of the Start Date.

As an executive officer of the Company, you will be subject to the Company’s Executive Officer Stock Ownership Guidelines, the current terms of which require the chief executive officer to own shares with a value of five times his or her base salary.  There is no deadline for compliance, but following election as an executive officer, and until the ownership requirement is met, executive officers must hold at least 50% of any after-tax profit shares acquired through stock option exercises, stock grant vesting, or payout of performance or market share units.

As an employee of the Company, you will be subject to the Company’s Business Code of Ethics and the Company’s Compensation Recoupment Policy. Your employment with the Company will be governed by those policies and the Company’s other policies and procedures which may change from time to time.  By accepting this offer of employment you are agreeing that you will abide by and remain familiar with all such policies and procedures.  By accepting this offer of employment, you represent and warrant that you are not subject to any contractual or other restrictions or obligations that are inconsistent with your accepting this offer of employment and performing your duties to the Company.  Notwithstanding anything to the contrary, your breach of the foregoing representation will constitute “cause,” or such term of similar import, under this letter and each other plan, agreement, policy and arrangement of the Company.

This letter constitutes the entire understanding and contains a complete statement of all the agreements between you and the Company and supersedes all prior and contemporaneous verbal or written agreements, understandings or communications. The Company may withhold from any amounts payable to you such federal, state or local taxes as are required to be withheld pursuant to any applicable law or regulation.  This letter and any claim related directly or indirectly to this letter or your employment shall be governed and construed in accordance with the laws of the Commonwealth of Virginia (without giving regard to its conflicts of law provisions).

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Should you decide to accept our offer of employment with the Company on the terms and conditions outlined above, please sign and return to me one of the two original copies of this letter no later than June 9, 2016.  We look forward to hearing from you at your earliest convenience.

	
					
	Yours truly,
	 
	 
	Accepted:
	 

	 
	 
	 
	 
	 

	The Brink’s Company
	 
	 
	 

	 
	 
	 
	 
	 

	/s/McAlister C. Marshall, II
	 
	/s/Douglas A. Pertz

	McAlister C. Marshall, II
	 
	Douglas Allen Pertz

	Vice President & General Counsel
	 
	Dated:  June 9, 2016

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EXHIBIT A
DEFINITIONS

“Cause” means (i) embezzlement, theft or misappropriation by you of any property of the Company, (ii) your willful breach of any fiduciary duty to the Company, (iii) your willful failure or refusal to comply with laws or regulations applicable to the Company and its business or the policies of the Company governing the conduct of its employees, (iv) your gross incompetence in the performance of your job duties, (v) commission by you of a felony or of any crime involving moral turpitude, fraud or misrepresentation, (vi) your failure to perform duties consistent with a commercially reasonable standard of care or (vii) your gross negligence or willful misconduct resulting in a loss to the Company. 
For purposes of this definition, no act, or failure to act, on your part shall be considered “willful” unless it is done, or omitted to be done, by you in bad faith or without reasonable belief that your action or omission was in the best interests of the Company. Any act, or failure to act, based upon (A) authority given pursuant to a resolution duly adopted by the Board, or if the Company is not the ultimate parent corporation of the Affiliated Companies (as defined in the Change in Control Agreement) and is not publicly-traded, the board of directors of the ultimate parent of the Company (the “Applicable Board”) or (B) the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by you in good faith and in the best interests of the Company. In addition, the failure to attain any performance goals will not in and of itself constitute grounds for Cause.  Notwithstanding the foregoing, you shall not be deemed to have been terminated for Cause without (1) reasonable notice to setting forth the reasons for the Company’s intention to terminate for Cause, (2) an opportunity for you, together with your counsel, to be heard before the Applicable Board, and (3) delivery to you of a notice of termination (which satisfies the requirements of Section 4(d) of the Change in Control Agreement) from the Applicable Board finding that in the good faith opinion of three-quarters (3/4) or more of the Applicable Board (excluding you, if you are a member of the Applicable Board), you acted in a manner described in one or more of clauses (i) through (vii) above, and specifying the particulars thereof in detail.
“Good Reason” means any of the following events that is not cured by the Company within 30 days after written notice thereof from you to the Company, which written notice must be made within 90 days of the occurrence of the event:
		
	 (i)
	(A) without your express written consent, the assignment to you of any duties materially inconsistent with your position (including status, offices, titles and reporting requirements), authority, duties or responsibilities (including, on and after a Change in Control, those contemplated by Section 3(a) of the Change in Control Agreement) (it being understood that, without limiting the generality of the foregoing, if a substantial portion of your duties prior to the Change in Control related to the Company’s status as a public company and you conclude in good faith that such activities no longer constitute a substantial portion of your duties following a 

	
			
	 
	 
	 

Change in Control, then you shall be deemed to have “Good Reason”), or (B) any other action by the Company or its Affiliates which results in a material diminution in such position, authorities, duties or responsibilities;
		
	(ii)
	your removal from the Board (other than for Cause) or the failure to renominate you for election to be a member of the Board at the expiration of your then current term (for the avoidance of doubt, excluding your failure to be reelected to the Board by the stockholders of the Company);

		
	(iii)
	without your express written consent, the Company’s requiring you to change your work location from the Company’s corporate headquarters, which change increases the distance of your commute from your principal residence by more than 35 miles;

		
	(iv)
	prior to and not related to a Change in Control, a material reduction in your annual base salary or target annual incentive opportunity (other than in connection with a reduction that applies to employees of the Company and its Subsidiaries generally; or

		
	 (v)
	on or after a Change in Control, any material breach of, or failure by the Company to comply with, the provisions of the Change in Control Agreement, including, without limitation, Sections 3(b) and 10(a) of the Change in Control Agreement.

Notwithstanding the foregoing, “Good Reason” will cease to exist if you have not terminated employment within two years following the initial occurrence of the event constituting Good Reason.Exhibit

EXHIBIT 10.2

CHANGE IN CONTROL AGREEMENT
dated as of June 9, 2016
between The Brink’s Company,
a Virginia corporation (the “Company”),
and Douglas Allen Pertz (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)  “Affiliated Company” means any company controlled by, controlling or under common control with the Company.
(c)  “Board” means the Board of Directors of the Company.
(d)  “Cause” shall have the meaning set forth in Exhibit A of the Offer Letter, dated as of June 9, 2016, between the Company and the Executive.
(e)  A “Change in Control” shall be deemed to occur (1) upon (A) any consolidation or merger of the Company in which the Company is not the continuing or surviving corporation or pursuant to which the shares of all classes of 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 all classes of 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, (2) when any “person” (as defined in Section 13(d) of the Act, a “Person”), other than the Company, its Affiliates or an employee benefit plan or trust maintained by the Company or its Affiliates, shall become 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 (3) if at any time during a period of two consecutive years, individuals who at the beginning of such period constituted the Board (the “Incumbent Board”) shall cease for any reason to constitute at least a majority thereof; provided that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least two-thirds of the directors then comprising the Incumbent Board shall be considered as though such 

    

individual was a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board.
(f)  “Good Reason” shall have the meaning set forth in Exhibit A of the Offer Letter, dated as of June 9, 2016, between the Company and the Executive.
(g)  “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 a physician selected by the Company or its insurers and reasonably acceptable to the Executive or the Executive’s legal representative determines renders the Executive incapable of performing his or her duties during the remainder of the Employment Period.
(h)  “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, subject to the terms and conditions of this Agreement, for the period commencing on the Operative Date and ending on the second anniversary of such date (the “Employment Period”); provided, however, that, during the Employment Period, the Executive shall have the right to terminate his or her employment for any reason, or for no reason at all, whereupon the Employment Period shall terminate effective as of the date of such termination of employment.
SECTION 3.  Terms of Employment.  (a)  Position and Duties.  (i) During the Employment Period:  (A) the Executive’s position (including status, offices, titles, reporting requirements), authority, 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 a location that is within 25 miles of 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 primary work location hereunder.  
(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 

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the Executive’s reasonable best efforts to perform faithfully and efficiently such responsibilities.   All such services as an employee or officer will be subject to the direction and control of the Chief Executive Officer of the Company or of an appropriate senior official designated by the Chief Executive Officer (or, in the event of the Chief Executive Officer’s incapacity without such a designation, the Board).
(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 (the “Annual Base Salary”) not less than the Executive’s annualized salary in effect immediately prior to the Operative Date, plus (B) an annual bonus not less than the amount of the Executive’s Average Annual Bonus (as defined below).
For purposes of this Agreement, “Average Annual Bonus” shall mean the average amount of the annual bonus earned by, and paid to, the Executive under the Key Employees Incentive Plan (or any substitute or successor plan) for the last three full calendar years preceding the Operative Date, for purposes of Section 3(b)(i), and the Date of Termination (as defined below), for purposes of  Section 5; provided that, if the Executive has not been employed for the entirety of the last three full calendar years, so that the Average Annual Bonus cannot be determined based on the actual amount of annual bonuses earned and paid for such full calendar years, then to the extent necessary to attain an average of three years for purposes of determining the Average Annual Bonus, the Executive’s target annual bonus amount for the year in which the Operative Date, for purposes of this Section 3(b)(i), and the Date of Termination, for purposes of  Section 5, occurs shall be used for any (i) partial calendar year(s) of employment and (ii) calendar year(s) that has not yet commenced.
(ii)  Incentive and Savings Plans.  During the Employment Period, the Executive will be entitled to (A) continue to participate in all incentive and savings plans and programs generally applicable to similarly situated executives of the Company or (B) participate in incentive and savings plans and programs of a successor to the Company which have benefits that are not less favorable to the Executive than the benefits available to the Executive under the incentive and savings plans and programs in which the Executive was eligible to participate immediately prior to the Operative Date.
(iii)  Welfare Benefit Plans.  During the Employment Period, the Executive and/or the Executive’s family or beneficiary, as the case may be, shall be eligible to (A) participate in and shall receive all benefits under welfare benefit plans and programs generally applicable to similarly situated executives of the Company or (B) participate in welfare benefit plans and programs of a successor to the Company which have benefits that are not less favorable to the Executive than the benefits available to the Executive 

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under the welfare benefit plans and programs in which the Executive was eligible to participate immediately prior to the Operative Date.
(iv)  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.
(v)  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.
SECTION 4.   Termination of Employment.  
(a)  Death.  The Executive’s employment shall terminate automatically upon the Executive’s death during the Employment Period.
 (b)  Cause or Incapacity.  The Company may terminate the Executive’s employment for Cause or Incapacity.
(c)  Good Reason.  The Executive may terminate his or her employment for Good Reason.
(d)  Notice of Termination.  Any termination by the Company for Cause or Incapacity, or by the Executive for Good Reason, shall be communicated by a Notice of Termination to the other party hereto given in accordance with Section 12 of this Agreement.  For purposes of this Agreement, a “Notice of Termination” is a written notice that (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, (iii) in the case of termination by the Company for (A) Cause, confirms that such termination is pursuant to a resolution of the Applicable Board or (B) Incapacity, confirms that such termination follows a determination of a physician selected in accordance with Section 1(f), and (iv) 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, Cause or Incapacity 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.

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(e)  Date of Termination.  “Date of Termination” means (i) if the Executive’s employment is terminated by the Company for Cause or Incapacity or by the Executive for Good Reason, the date of receipt of the Notice of Termination or any later date specified therein and otherwise consistent with this Agreement, 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 (iii) if the Executive’s employment is terminated by reason of death, the Date of Termination shall be the date of death of the Executive.
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 30 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) any bonus or incentive compensation in respect of any performance period ended prior to the Date of Termination but which has not been paid as of the Date of Termination, (3) the product of (x) the Average 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 (a “Pro-Rata Bonus”) and (4) any accrued vacation pay, in each case to the extent not theretofore paid (the sum of the amounts described in clauses (1), (2), (3) and (4) shall be hereinafter referred to as the “Accrued Obligations”); and  
(B) the amount equal to the product of (1) two and (2) the sum of (x) the Executive’s currently effective Annual Base Salary and (y) his or her Average Annual Bonus; 
(ii)  in the event the Executive elects continued medical and dental benefit coverage pursuant to Section 4980B(f) of the Internal Revenue Code of 1986, as amended (collectively, with the regulations and other guidance promulgated thereunder, the “Code”), then until the earlier of (A) the eighteen-month anniversary of the Date of Termination or (B) such time as the Executive becomes eligible to receive medical benefits under another employer-provided plan, the Company shall reimburse the Executive for premiums associated with such coverage in an amount equal to the premiums 

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that the Company would have paid in respect of such coverage had the Executive’s employment continued during such period. (iii) the Company shall, at its sole expense as incurred, provide the Executive with reasonable outplacement services for a period of up to one year from the Date of Termination, the provider and scope of which shall be selected by the Executive in his or her sole discretion; and
(iv) to the extent not theretofore paid or provided, the Company shall timely pay or provide to the Executive any other amounts or benefits required to be paid or provided or which the Executive is eligible to receive under any plan, program, policy or practice or contract or agreement of the Company and its Affiliates (such other amounts and benefits shall be hereinafter referred to as the “Other Benefits”).
 (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 (i) timely payment of Accrued Obligations in a lump sum in cash within 30 days after the Date of Termination and (ii) provision by the Company of death benefits or disability benefits for termination due to death or Incapacity, respectively, in accordance with Section 3(b)(iii) as in effect at the Operative Date or, if more favorable to the Executive, at the Executive’s Date of Termination.
(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 (i) the Executive’s currently effective Annual Base Salary through the Date of Termination in a lump sum in cash within 30 days after the Date of Termination and (ii) Other Benefits, in each case to the extent theretofore unpaid.  If the Executive voluntarily terminates employment during the Employment Period, excluding a termination for Good Reason, this Agreement shall terminate without further obligations to the Executive, other than for the timely payment of (i) Accrued Obligations other than a Pro-Rata Bonus in a lump sum in cash within 30 days after the Date of Termination and (ii) Other Benefits.
(d)    Limitations on Payments Under Certain Circumstances.  In the event that an accounting firm designated by the Company prior to a Change in Control determines that the aggregate amount of the payments and benefits that, but for this Section 5(d), would be payable to the Executive under this Agreement or any other plan, policy or arrangement of the Company and its Affiliates, exceeds the greatest amount of payments and benefits that could be paid or provided to the Executive without giving rise to any liability for any excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the aggregate amount of such payments and benefits payable or to be provided to the Executive shall not exceed the amount 

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that produces the greatest after-tax benefit to the Executive after taking into account any Excise Tax and other taxes to be payable by the Executive.  Any reduction in such payments or benefits pursuant to the immediately preceding sentence shall be made in the following order: (1) by reducing benefits payable pursuant to Section 5(a)(i)(B) and then (2) by reducing amounts payable pursuant to Section 5(a)(ii).
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 16(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 or program or 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 term of this Agreement 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.  Furthermore, except as provided in Section 5(a)(ii), 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.  Legal Fees.  The Company agrees to pay as incurred, to the full extent permitted by law, all legal fees and expenses which the Executive may reasonably incur prior to the tenth anniversary of the end of the Employment 

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Period as a result of any contest (regardless of the outcome thereof) by the Company, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof.  
SECTION 10.  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; provided, however, no such express agreement shall be necessary in the event such successor assumes this Agreement by operation of law.  Failure of the Company to obtain such assumption and agreement prior to the effectiveness of any such succession will be a breach of this Agreement and entitle the Executive to compensation from the Company in the same amount and on the same terms as the Executive would be entitled to hereunder had the Company terminated the Executive for reason other than Cause or Incapacity on the succession date.  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 10 or 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, distributees, devisees and legatees.
SECTION 11.  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 10 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 11, the Company shall have no liability to pay any amount so attempted to be assigned or transferred.
SECTION 12.  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:

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If to the Executive:         Douglas Allen Pertz
Address on file with the Company
    
If to the Company:        The Brink’s Company
1801 Bayberry Court, Suite 400
P.O. Box 18100
Richmond, VA 23226
Attention of 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  13.  Operation of Agreement.  (a) This Agreement shall be effective immediately upon its execution and continue 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 13(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 June 9, 2019 if a Change in Control shall not have occurred prior to such date.
SECTION 14.  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 15.  Section 409A.  The provisions of this Section 15 shall apply notwithstanding any provision in this Agreement to the contrary.
(a)    Intent to Comply with Section 409A.  It is intended that the provisions of this Agreement comply with Section 409A of the Code (“Section 409A”), and all provisions of this Agreement shall be construed and interpreted in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A.  For the purpose of compliance with Section 409A, the Date of Termination as defined above shall be the date that qualifies as a “separation from service” of the Executive within the meaning of Section 409A.
(b)    No alienation, set-offs, etc.  Neither the Executive nor any creditor or beneficiary of the Executive shall have the right to subject any deferred compensation (within the meaning of Section 409A) payable under this Agreement or under any other plan, policy, arrangement or agreement of or with the Company or any Affiliate thereof (this Agreement and such other plans, policies, arrangements and agreements, the “Company Plans”) to any anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment.  Except as permitted under Section 409A, any deferred compensation (within the meaning of 

9

Section 409A) payable to or for the benefit of the Executive under any Company Plan may not be reduced by, or offset against, any amount owing by the Executive to the Company (or an Affiliate, as applicable).
(c)    Six-Month Delay of Certain Payments.  If, at the time of the Executive’s separation from service (within the meaning of Section 409A), (i) the Executive shall be a specified employee (within the meaning of Section 409A and using the identification methodology selected by the Company from time to time) and (ii) the Company shall make a good faith determination that an amount payable under any Company Plan constitutes deferred compensation (within the meaning of Section 409A) the payment of which is required to be delayed pursuant to the six-month delay rule set forth in Section 409A in order to avoid taxes or penalties under Section 409A, then the Company (or an Affiliate, as applicable) shall not pay any such amount on the otherwise scheduled payment date but shall instead accumulate such amount and pay it, without interest, on the first day of the seventh month following such separation from service.
(d)    Reimbursements and In-Kind Benefits.  Notwithstanding anything to the contrary in this Agreement, all reimbursements and in-kind benefits provided under this Agreement that are subject to Section 409A shall be made in accordance with the requirements of Section 409A , including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during the Executive’s lifetime (or during a shorter period of time specified in this Agreement); (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year; (iii) the reimbursement of an eligible expense will be made as soon as practicable, but no later than the last day of the calendar year following the year in which the expense is incurred; and (iv) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.
(e)    Amendment of Deferred Compensation Plans.  Notwithstanding any provision of any Company Plan to the contrary, in light of the uncertainty with respect to the proper application of Section 409A, the Company reserves the right to make amendments to any Company Plan as the Company deems necessary or desirable to avoid the imposition of taxes or penalties under Section 409A.
SECTION 16.      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.

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 (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/McAlister C. Marshall, II                         
McAlister C. Marshall, II    
Title: Vice President and General Counsel

/s/Douglas A. Pertz                                   
Douglas Allen Pertz
 

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