Document:

exhibit_10-1.htm

    
 

    
 

    EXHIBIT
10.1

    TERMINATION
AGREEMENT

    

    This
Termination Agreement (“Agreement”), dated August 22, 2008, is entered into by
and between The Brink’s Company, a Virginia corporation (the “Company”), and
Austin F. Reed (“Executive”).

    RECITALS

    

    WHEREAS,
Executive, as current Vice President, General Counsel and Secretary of the
Company, hereby provides notice of termination from employment to the Company,
characterized by Executive as for Good Reason, as defined in Section 1(e) of a
Severance Agreement dated September 22, 1997 (“Severance Agreement”);
and

    

    WHEREAS,
the Company believes that Executive’s expertise and knowledge will enhance the
Company’s business and the Company desires to continue to employ Executive as
Special Legal Counsel, in accordance with Company policies, until December 23,
2008, and to fulfill certain related duties and obligations under the terms and
conditions of this Agreement;

    

    NOW,
THEREFORE, in consideration of (a) the mutual covenants and agreements set forth
in this Agreement, and (b) other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the parties hereto agree
as follows:

    

    1.           Employment
Period.

     

    (a)           Certain Company
Obligations.  As of September 15, 2008, Executive will take all
actions necessary, whether in writing or otherwise, to effectuate a resignation
as an officer and director of the Company and any affiliated entity, whether
direct or indirect, of the Company.  The Company will take all
necessary steps consistent with the foregoing, including but not limited to
removing, effective September 15, 2008, Executive as signatory on any and all
corporate records or documents of the Company and any affiliated entity, whether
direct or indirect, of the Company, unless otherwise prohibited by
law.  The Company will also remove, effective on the Commencement
Date, Executive as an officer and authorized signatory of the Company, and any
affiliated entity, whether direct or indirect, of the Company.

    

    (b)           From
September 15, 2008 (“Commencement Date”) through and until December 23, 2008, or
until the date that the Mutual Release set forth in Exhibit A of this Agreement
is executed by Executive, whichever shall be earlier (the “Employment Period”),
Executive shall continue as an employee of the Company as Special Legal Counsel
reporting to the Company’s Chief Executive Officer performing prescribed duties
as assigned by the Company’s Chief Executive Officer, and subject to the
Company’s policies and requirements applicable to its employees and to Executive
as an executive thereof and receiving the base salary and benefits in effect as
of the date of this Agreement.  If Executive’s employment is
terminated by the Company for Cause, or if Executive voluntarily terminates his
employment with the Company upon written notice to the Company prior to the end
of the Employment Period, or if Executive dies or becomes permanently disabled,
the remaining rights and obligations of the parties under this Agreement shall
terminate, including but not limited to any

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    and all
payments which otherwise would have been paid following the Commencement Date,
but subject to the continuing survival of certain terms as set forth in Section
9 below.  Executive hereby irrevocably designates December 23, 2008,
or the date that the Mutual Release set forth in Exhibit A of this Agreement is
executed by Executive, whichever shall be earlier, as his termination date from
employment with the Company.

    

    (c)           If
Executive dies or becomes permanently disabled, the remaining rights and
obligations of the parties under this Agreement shall terminate, but subject to
the continuing survival of certain terms as set forth in Section 9
below.  In this event notwithstanding anything to the contrary in this
Agreement, any unpaid payment to be provided to Executive pursuant to Section
4(a) below shall be accelerated and shall be unconditionally payable in full to
Executive within thirty (30) days of the determination of his permanent
disability in accordance with this Agreement, or to Executive’s estate within
thirty (30) days of Executive’s death.  For purposes of this
Agreement, the phrase “permanently disabled” shall mean that Executive is
physically or mentally incapacitated and is therefore unable for a period of six
(6) consecutive months, or for an aggregate of nine (9) months in any twelve
(12) consecutive month period, to perform the essential functions of the
position held by Executive during the Employment Period.  Any question
as to whether Executive is permanently disabled as to which Executive and the
Company cannot agree shall be determined in writing by a qualified independent
physician mutually acceptable to Executive and the Company.  If
Executive and the Company cannot agree as to a qualified independent physician,
each shall appoint such a physician and those two physicians shall select a
third who shall make such determination in writing.  The determination
of whether Executive is permanently disabled made in writing to the Company and
Executive shall be final and conclusive for all purposes of the
Agreement.

    

    (d)           The
term “Cause,” as used in Section 1(b) of this Agreement, means (i) an act or
acts of dishonesty on Executive’s part which are intended to result in
Executive’s substantial personal enrichment at the expense of the Company or
(ii) repeated material violations by Executive of Executive’s obligations under
this Agreement which are demonstrably willful and deliberate on Executive’s part
and which have not been cured by Executive within a reasonable time after
written notice to Executive specifying the nature of such
violations.  Notwithstanding the foregoing, Executive shall not be
deemed to have been terminated for Cause without (1) reasonable notice to
Executive setting forth the reasons for the Company’s intention to terminate for
Cause, (2) an opportunity for the Executive, together with his counsel, to be
heard before an executive designated by Company, and (3) delivery to Executive
of a notice of termination specifying the particulars of the reason for the
termination for Cause in detail.

    

    2.           Release of
Claims.

    

    (a)           Subject
to the receipt of payment set forth in Section 4(a) of this Agreement, as a
material inducement to the Company to enter into this Agreement, Executive, on
his own behalf and on behalf of his heirs, assigns, and agents, hereby
irrevocably and unconditionally releases, acquits, and forever discharges the
Company, its controlled affiliates, all current
and former parent companies, subsidiaries, divisions, affiliates, related
companies,

    

    
      
        
           

        

        
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    partnerships
or joint ventures, and, with respect to each of them, their predecessors and
successors, and, with respect to each such entity, all of its past, present and
future employees, respective insurers, representatives, officers, directors,
shareholders, partners, joint ventures, independent contractors, agents,
employees, attorneys, retirement benefit plans, welfare benefit plans and their
heirs, executors, administrators, successors and assigns, and any other person
acting by, through, under or in concert with any of the persons or entities
listed in this Section, and their successors (collectively referred to herein as
the “Released Parties”) from any and all charges, complaints, claims,
liabilities, obligations, promises, agreements, controversies, damages, actions,
causes of action, suits, rights, demands, costs, losses, debts and expenses
(including attorneys fees and costs actually incurred) of any nature whatsoever
known or unknown, suspected or unsuspected, including, but not limited to,
federal, state or local laws governing payment of wages, including but not
limited to the Fair Labor Standards Act of 1938, as amended, discrimination on
the basis of race, color, sex, religion, marital status, national origin,
handicap or disability, age, veteran status, disabled veteran status,
citizenship status or any other category protected under applicable federal,
state or local law, including, but not limited to, those arising under the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”), the Age
Discrimination in Employment Act of 1967, as amended (“ADEA”), the Civil Rights
Act of 1866, as amended, Title VII of the Civil Rights Act of 1964, as amended,
the Consolidated Omnibus Budget Reconciliation Act of 1986, as amended, and the
Americans with Disabilities Act of 1990, any regulations thereunder, state or
federal common law, or any other duty or obligation of any kind or description
whether express or implied; any claim based on a statutory prohibition or
requirement; any claim arising out of or related to an express or implied
contract, including but not limited to Executive’s Executive Agreement Dated as
of April 23, 1997, the First Amendment to Executive Agreement, dated March 28,
2007 and the Severance Agreement (collectively, “Executive/Severance
Agreements”), or any other contract affecting terms and conditions of
employment, including, but not limited to, any covenant of good faith and fair
dealing; any tort claims; and any personal gain with respect to any claim
arising under the qui tam provisions of the False Claims Act, 31 U.S.C. § 3730;
or any claims relating to the Company’s right to terminate the employment of its
employees.  Both parties acknowledge as a consequence of this
Agreement that any such written compensation plan or written incentive plan or
program shall be construed within the context of a voluntary termination of
employment by Executive, effective December 23, 2008.

    

    (b)           Executive
represents that he understands the foregoing release, that rights and claims
under the ADEA are among the rights and claims against the Released Parties he
is releasing, and that he is not releasing any rights or claims arising after
the Effective Date of this Agreement.

    

    (c)           Notwithstanding
anything contained in this Agreement to the contrary, including Sections 2(a)
and 2(b) herein, this Agreement does not relinquish or modify Executive’s
rights, if any, under any Company compensation, benefits or employee benefit
plan(s) under ERISA or otherwise in which Executive is a current participant;
however, this Section does not make any representations as to what rights, if
any, Executive may have under any such compensation, benefits or employee
benefit plan(s).

    

    
      
        
           

        

        
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    (d)           Executive
agrees that, absent compulsion of court order, he will not directly or
indirectly assist any non-governmental third party or other non-governmental
entity in maintaining, proceeding upon, or litigating any claim of any kind in
any forum against any of the Released Parties, unless otherwise required by
applicable law.  With respect to any charges, complaints, or
investigations that have been or may be filed and/or commenced concerning events
or actions relating to Executive’s employment or separation from employment,
Executive waives and releases any right he may have to recover in any lawsuit or
proceeding brought by an administrative agency or other person on his behalf or
which includes him in a class.  Additionally, Executive affirms that
he has not filed any complaints or charges with a court or administrative agency
against any of the Released Parties prior to the execution of this
Agreement.

    

    (e)           Notwithstanding
anything contained in this Agreement or the terms of the Mutual Release set
forth in Exhibit A hereto to the contrary, including Section 2, nothing should
be construed to waive Executive’s right to sue the Company for breach of this
Agreement.

    

    (f)           Notwithstanding
anything to the contrary in the Agreement or the Mutual Release set forth in
Exhibit A hereto, Executive retains and reserves, and does not waive or
otherwise release or modify in any way, all of his indemnification rights and
protections pursuant to the Company’s Amended and Restated Articles of
Incorporation and By-laws (as in effect as of the Effective Date hereof), the
Indemnification Agreement, dated September 17, 1993, under any applicable
insurance policy (subject to the terms of such policy) and/or by operation of
law, which indemnification obligations of the Company shall remain in full force
and effect subsequent to the termination of Executive’s employment with respect
to the Executive’s actions or inactions through the date of the termination of
his employment.

    

    3.           Release Upon Termination of
Employment.  The Company will provide to Executive, by December
1, 2008, and Executive will execute and return to the Company, by but not before
December 23, 2008, a Mutual Release in the form set forth in Exhibit A
hereto.  If Executive does not execute and return the Mutual Release
to the Company, absent Executive’s death or permanent disability as defined in
Section 1(c) of this Agreement, by December 23, 2008, the remaining rights and
obligations of the parties under this Agreement shall terminate, including but
not limited to any and all payments which otherwise would have been paid
following the Commencement Date, but subject to the continuing survival of
certain terms as set forth in Section 9 below.

    

    4.           Certain
Payment.

    

    (a)           In
consideration of Executive’s agreement to the terms of this Agreement, the
Company will make a payment to Executive, of one million, six hundred and nine
thousand and fifty-two dollars and seventy-five cents ($1,609,052.75), less
applicable deductions, such payment to be made on December 31, 2008, following
the Company’s receipt of the Mutual Release in the form set forth in Exhibit A
hereto on December 23, 2008, signed by Executive, without revocation by
Executive; provided, however,
that in no event will any amounts payable pursuant to this Section 4(a) be paid
later than the 15th day
of the third calendar

    

    
      
        
           

        

        
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    month
following the end of the Executive’s taxable year in which the earliest of the
following events occurs: (i) Executive dies, (ii) Executive becomes permanently
disabled within the meaning of Section 1(c) of this Agreement, or (iii)
Executive terminates his employment with the Company on December 23, 2008
pursuant to Section 1(b) of this Agreement.

    

    (b)           In
consideration of Executive’s agreement to the terms of this Agreement, Executive
and the Company agree that Executive will continue to participate for thirty-six
(36) months from the date of his termination of employment in the following
plans and programs:  (i)  BCO Matching Gift Program; and
(ii) Tax & Financial Planning Program; provided, however, that payments to
Executive under the Tax & Financial Planning Program in a particular year
(1) will not exceed (A) $10,000 or (B) amounts actually expended by Executive
for reimbursable tax and financial planning costs, as defined in the Tax &
Financial Planning Program, for that year, whichever is lower and (2) will be
made on December 1, 2009; December 1, 2010; and December 1, 2011, and cannot be
accelerated or deferred from such dates; provided, further, that the maximum
amount available for reimbursement in any calendar year will not be increased or
decreased to reflect the amount expended or reimbursed in a prior or subsequent
calendar year, and the right to reimbursement is not subject to liquidation or
exchange for another benefit.  This Tax & Financial Planning
Program benefit is intended to comply with Treasury Regulations Section
1.409A-3(i)(1) and shall be so interpreted and applied.  During the
thirty-six (36) month period from the date of the termination of his employment,
Executive will also participate in the Company’s retiree medical plan and will
pay the same employee contribution rates as the Company’s active employees, such
employee contributions to be paid quarterly in advance.  The Company,
if requested within thirty (30) months of Executive’s date of employment
termination, agrees to provide the relocation benefit described in Section 4
(iv) of Severance Agreement; provided, however, that Executive will be entitled
to payments under such relocation benefit only to the extent (1) such payments
are reimbursement for reasonable moving expenses actually incurred by Executive
and directly related to the termination of services for the Company within the
meaning of Treasury Regulations Section 1.409A-1(b)(9)(v)(A); (2) such payments
are reimbursement for expenses incurred by Executive during the Executive’s
first two taxable years after the year in which the Executive’s termination of
employment from the Company occurs; (3) such payments are made by the end of the
Executive’s third taxable year after the year in which the Executive’s
termination of employment from the Company occurs; and (4) such relocation
benefits are only payable to the extent Executive has had a separation from
service from the Company within the meaning of Treasury Regulations Section
1.409A-1(h).  The Company agrees to sell to Executive a certain whole
life insurance policy the Company currently owns on the life of Executive at the
fair market value of the whole life insurance policy.

    

    (c)           In
consideration of Executive’s agreement to the terms of this Agreement, and
consistent with the terms of the Severance Agreement, the Company agrees that
the vesting of all outstanding stock options that have been awarded to Executive
as of the date of this Agreement shall vest on December 31, 2008, which shall be
the effective date of the expiration of the revocation period contained in the
Mutual Release set forth in Exhibit A of this Agreement, other than stock
options granted on July 10, 2008 which shall vest on July 11, 2009.

    

    
      
        
           

        

        
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    (d)           Compliance with
Code 409A.  It is intended that any amounts payable under
this Agreement and the Company’s and Executive’s exercise of authority or
discretion hereunder will comply with the provisions of Section 409A so as
not to subject Executive to the payment of the additional tax, interest and any
tax penalty which may be imposed under Section 409A.  In
furtherance of this interest, to the extent that any provision hereof would
result in Executive being subject to payment of the additional tax, interest and
tax penalty under Section 409A, the parties agree to amend this Agreement,
to the extent permissible under IRS rulings, regulations or other guidance, in
order to bring this Agreement into compliance with Code Section 409A,
provided there is no financial impact to the Company with respect to the terms
of this Agreement; and thereafter interpret its provisions in a manner that
complies with Code Section 409A.  Notwithstanding the foregoing,
no particular tax result for Executive with respect to any income recognized by
Executive in connection with the Agreement is guaranteed, and Executive will be
responsible for any taxes, penalties and interest imposed on Executive under or
as a result of Section 409A in connection with the Agreement.

    

    5.           Non-Competition and
Non-Solicitation.

    

    (a)           Executive
agrees that during the Employment Period and for a period of one year following
the end of the Employment Period, subject to receipt of the payment set forth in
Section 4, he shall not directly or indirectly:

    

    (i)           enter
into, or attempt to enter into, remain within, or otherwise participate within a
Restricted Business (as defined below) in the United States or other
jurisdictions in which the Company or any of its subsidiaries conduct business
or have developed plans to conduct business within one year thereafter as a
principal, partner, joint venturer, employee, consultant, agent, broker,
intermediary, representative, shareholder, investor, officer or director or have
any direct or indirect financial interest, including without limitation, the
interest of a creditor in any form in any business which is in any way directly
or indirectly competitive with or similar to the business or businesses of the
Company as it now exists or may then exist; provided, however, the ownership by
Executive of stock listed on a national securities exchange of any corporation
conducting such directly or indirectly competing business shall not be deemed a
violation of this Agreement if the Executive and his associates (as such term is
defined in Regulation 14A of the Securities Exchange Act of 1934 as in effect on
the date hereof) collectively do not own more than an aggregate of one percent
(1%) of the stock of such corporation; or

    

    (ii)           receive
any remuneration in any form from any business described in (i) above, except
Executive may receive remuneration as a mediator or arbitrator concerning
matters not effecting the Company, either directly or indirectly;
or

    

    (iii)           induce
or attempt to persuade any then-current employee, agent, manager, consultant or
director of the Company or any of its subsidiaries to terminate such employment
or other relationship in order to enter into any

    

    
      
        
           

        

        
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    business
relationship or business combination with the Executive or any other person,
whether or not in competition with the Company or any of its subsidiaries;
or

    

    (iv)           on
and after December 23, 2008 , use contracts, proprietary information, trade
secrets, confidential information, customer lists, mailing lists, goodwill, or
other intangible property used or useful in connection with the business of the
Company or any of its subsidiaries; or

    

    (v)           solicit,
divert, or take away from the Company or any of its subsidiaries, or otherwise
attempt to establish for Executive or for any other person, corporation or other
business entity, any business relationship with any person which is, or during
the one year period preceding the Commencement Date was, a customer, client or
distributor of the Company or any of its subsidiaries.

    

    (b)           For
the purposes of this Section 5, a "Restricted Business" shall mean a person,
company, corporation, or other entity, whether existing or to be formed, engaged
or has developed plans to engage in the business of Brink’s, Incorporated or
Brink’s Home Security, including but not limited to armored transportation of
valuables, business and residential security services, cash logistics, and the
secured destruction of documents.

    

    (c)           It
is the desire and intent of the Company and Executive that the provisions of
this Section 5 shall be enforced to the fullest extent permissible under the
laws and public policies applied in each jurisdiction in which enforcement is
sought.  Accordingly, if any particular portion of this Section 5
shall be adjudicated to be invalid or unenforceable, this Section 5 shall be
deemed amended to delete therefrom the portion thus adjudicated to be invalid or
unenforceable, such deletion to apply only with respect to the operation of this
Section 5 in the particular jurisdiction in which such adjudication is
made.  The Executive acknowledges that, upon receipt of the amount set
forth in Section 4, he will have received good and valuable consideration for
the restrictive covenants contained in this Section 5.

    

    (d)           Any
breach by Executive of his obligations under Section 5 shall be considered
a material breach of this Agreement which shall not be considered curable but
shall result in immediate termination of this Agreement.

    

    6.           Confidentiality.

    

    (a)           Executive
will keep in strict confidence, and will not, directly or indirectly, at any
time, disclose, furnish, disseminate, make available or, except in the course of
Executive’s performance of services for the Company, use any trade secrets or
confidential business and technical information of the Company or its customers
or vendors, without limitation as to when or how Executive may have acquired
such information.  As used in this Agreement, “Confidential
Information” shall mean and include, without limitation, technical or business
information not readily available to the public or generally known in the trade,
including but not limited to the Company’s selling, manufacturing, marketing,
pricing,

    

    
      
        
           

        

        
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    distribution
and business plans, methods, strategies and techniques; training, service,
security and business policies and procedures; inventions; ideas; improvements;
discoveries; developments; formulations; specifications; designs; standards;
financial data; customer and supplier information; vendor and product
information; security information; customer and prospective customer lists;
other customer and prospective customer information; equipment; mechanisms;
processing and packaging techniques; trade secrets and other confidential or
business information, knowledge, data and know-how of the Company, whether or
not they originated with Executive or information which the Company received
from third parties under an obligation of confidentiality.  Executive
specifically acknowledges that all such confidential information, whether
reduced to writing, maintained on any form of electronic media, or maintained in
the mind or memory of Executive and whether compiled by the Company, and/or
Executive, derives independent economic value from not being readily known to or
ascertainable by proper means by others who can obtain economic value from its
disclosure or use, that reasonable efforts have been made by the Company to
maintain the secrecy of such information, that such information is the sole
property of the Company and that any retention, disclosure or use of such
information by Executive during the term of this Agreement (except in the course
of performing services for the Company) or after the termination of this
Agreement shall constitute a misappropriation of the Company’s trade
secrets.

    

    (b)           Executive
agrees that upon the termination of this Agreement or the termination of
Executive’s performance of services, for any reason, Executive shall return to
the Company, in good condition, all property of the Company, including without
limitation, the originals and all copies of any materials which contain,
reflect, summarize, describe, analyze or refer or relate to any items of
information listed in Section 6(a) of this Agreement.  In the
event that such items are not so returned, the Company will have the right to
charge Executive for all reasonable damages, costs, attorneys’ fees and other
expenses incurred in searching for, taking, removing and/or recovering such
property.

    

    7.           Discoveries and
Inventions:  Work Made for Hire.

    

    (a)           Executive
agrees that upon conception and/or development of any idea, discovery,
invention, improvement, software, writing or other material or design
that:  (A) relates to the business of the Company, or
(B) relates to the Company’s actual or demonstrably anticipated research or
development, or (C) results from any services performed by Executive for
the Company, Executive will assign to the Company the entire right, title and
interest in and to any such idea, discovery, invention, improvement, software,
writing or other material or design.  Executive has no obligation to
assign any idea, discovery, invention, improvement, software, writing or other
material or design that Executive conceives and/or develops entirely on
Executive’s own time without using the Company’s equipment, supplies,
facilities, or trade secret information unless the idea, discovery, invention,
improvement, software, writing or other material or design
either:  (i) relates to the business of the Company, or
(ii) relates to the Company’s actual or demonstrably anticipated research
or development, or (iii) results from any work performed by Executive for
the Company.

    

    (b)           Executive
acknowledges that, to the extent permitted by law, all work papers, reports,
documentation, drawings, photographs, negatives, tapes and masters

    

    
      
        
           

        

        
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    therefore,
prototypes and other materials (hereinafter, “Items”), including without
limitation, any and all such Items generated and maintained on any form of
electronic media, generated by Executive during the term of this Agreement shall
be considered a “work made for hire” and that ownership of any and all
copyrights in any and all such items shall belong to the Company.

    

    (c)           All
elements of this Section 7 shall apply to and be in full force and effect
during the Employment Period and the one-year period following the Commencement
Date.

    

    8.           Specific
Performance.  Executive acknowledges and agrees that the
Company’s remedies at law for a breach or threatened breach of any of the
provisions of Sections 5 and 6 would be inadequate and the Company would suffer
irreparable damages as a result of such breach or threatened
breach.  Therefore, the Company shall also be entitled to immediate
injunctive relief without notice to enforce said provisions.

    

    9.           Survival.  Subject
to any limits on applicability contained therein, Sections 2, 5, 6, 7, 8,
9, 10, 11, 12, 13, 14, 15, 16, 17, and 18 hereof shall survive and continue in
full force in accordance with its terms notwithstanding any termination of this
Agreement.

    

    10.           Representations.

    

    (a)           Executive
hereby represents and acknowledges that he has read and fully agrees with the
contents of this Agreement.  Executive further acknowledges and agrees
that the employment relationship will be terminated in a particular manner in
reliance upon the covenants and assurances contained herein and that such
reliance, covenants and assurances are adequate and sufficient consideration to
be received by Executive as a result of his voluntary agreement to execute and
to abide by the terms of this Agreement.

    

    (b)           Executive
represents and acknowledges that he has retained or has had the opportunity to
retain counsel concerning this matter, that Executive has read and fully
understands the terms of this Agreement, or has had it analyzed by counsel of
his choosing, with sufficient time, and that he is aware of its contents and of
its legal effects.

    

    (c)           Executive
represents and acknowledges that he has been afforded the opportunity to take
twenty-one (21) days to consider the waiver of his rights under the ADEA, prior
to signing this Agreement.

    

    (d)           In
the event it shall be determined that there is any ambiguity contained in this
Agreement, said ambiguities shall not be construed against any party hereto as a
result of such party’s preparation of this Agreement, but shall be construed in
favor or against either of the parties in light of all of the facts,
circumstances and intentions of the parties at the time of the Effective Date,
as defined in this Agreement.

    

    (e)           As
part of the consideration for the payments as described in this Agreement, as
well as the acceptance of the obligations set forth in the Agreement,
Executive

    

    
      
        
           

        

        
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    expressly
guarantees and has represented and does hereby expressly warrant and represent
to the Company that:

    

    (i)           he
is legally competent and duly authorized to execute this Agreement and it has
been read or explained to him in a language and manner fully understandable to
him; and

    

    (ii)           he
has not assigned, pledged, or otherwise in any manner whatsoever sold,
hypothecated, or otherwise transferred or pledged, either by instrument in
writing or otherwise, any right, title, interest, or claim which he has or may
have by reason of any claims, damages or otherwise be sustained as of the
execution of this Agreement.

    

    11.           Effective Date of the
Agreement.  Executive must sign this Agreement and return it to
the Company within twenty-one (21) days after receipt of the Agreement and shall
have seven (7) days from the date he signs it to revoke his consent to the
waiver of his rights under the ADEA in writing addressed and delivered to the
Company official executing this Agreement on behalf of the Company, which action
shall revoke this Agreement in its entirety, rendering the entire agreement void
and unenforceable.  The Agreement will take effect on the eighth day
after Executive has signed the Agreement, without revocation (“Effective
Date”).

    

    12.           Severability.  Whenever
possible, each provision of this Agreement shall be interpreted in such manner
as to be effective and valid under applicable law, but if any provision of this
Agreement is held to be invalid or unenforceable in any respect under any
applicable law, such invalidity or unenforceability shall not affect any other
provision, but this Agreement shall be reformed, construed and enforced as if
such invalid or unenforceable provision had never been contained
herein.

    

    13.           Complete
Agreement.  This Agreement embodies the complete agreement and
understanding between the parties with respect to the subject matter hereof and
effective as of the Effective Date, as defined in Section 11, and the date
preempts any prior understandings, agreements or representations by or between
the parties, written or oral, which may have related to the subject matter
hereof in any way, including but not limited to Executive’s Executive/Severance
Agreements, which prior understandings, agreements or representations are hereby
terminated, abrogated and rendered null and void in their entirety, except that
if the payment is not made as set forth in Section 4(a) of this Agreement, the
Severance Agreement shall be deemed reinstated without further action being
necessary by the parties.

    

    14.           Counterparts.  This
Agreement may be executed in separate counterparts, each of which shall be
deemed to be an original and both of which taken together shall constitute one
and the same agreement.

    

    15.           Successors and
Assigns.  This Agreement shall bind and inure to the benefit of
and be enforceable by Executive, the Company and their respective successors and
assigns, except that neither party may assign any rights or delegate any
obligations hereunder without the prior written consent of the other
party.  Executive hereby consents to the assignment

    

    
      
        
           

        

        
          10

          
            

          

        

        
           

        

      

    

    

    by the
Company of all of its rights and obligations hereunder to any successor to the
Company by merger or consolidation or purchase of all or substantially all of
the Company’s assets, provided such transferee or successor assumes the
liabilities of the Company hereunder.

    

    16.           Notice.  Where
notice is required pursuant to this Agreement, it shall be made by regular mail
to Executive at Austin F. Reed, 12613 Wilde Lake Drive, Richmond, Virginia
23233, and to Company, attention General Counsel, The Brink’s Company, 1801
Bayberry Court, P.O. Box 18100, Richmond, Virginia
23226-8100.  Executive and the Company agree to provide notice of
change of address immediately, but in no event later than thirty (30) days after
such change of address is effective.

    

    17.           Choice of
Law.  The Agreement shall be governed by and construed and
implemented under the laws of the Commonwealth of Virginia, without regard to
principles of conflicts of law or decisional authority in this
regard.  The parties agree that the state and federal courts located
in the County of Henrico, Commonwealth of Virginia shall have exclusive
jurisdiction in any action, suit or proceeding by or against Executive based on
or arising out of this Agreement and the parties
hereby:  (a) submit to the personal jurisdiction of such courts;
(b) consent to service of process in connection with any action, suit or
proceeding against Executive; and (c) waive any other requirement (whether
imposed by statute, rule of court or otherwise) with respect to personal
jurisdiction, venue or service of process.

    

    18.           Amendment and
Waiver.  The provisions of this Agreement may be amended or
waived only with the prior written consent of the Company and Executive, and no
course of conduct or failure or delay in enforcing the provisions of this
Agreement shall affect the validity, binding effect or enforceability of this
Agreement.

    

    IN WITNESS WHEREOF, the parties have
executed this Agreement as of the date and year first above
written.

    

    

    
      	
              AUSTIN
      F. REED

            	
              THE
      BRINK’S COMPANY

            
	 
      	 
      
	
              By:           /s/ Austin F.
      Reed

            	
              By:           /s/ Michael T.
      Dan

            
	
              Austin F. Reed

            	
              Michael T.
  Dan

            
	 
      	
              President and
    Chief

            
	 
      	
              Executive
    Officer

            
	 
      	 
      
	
              Dated:                      8/22/08                                           

            	
              Dated:                      8-22-2008

            

    

    

    

    

    

    

    

    

    

    
      
        
           

        

        
          11

          
            

          

        

        
           

        

      

    

    

    

    

    

    WAIVER

    

    

    BY
SIGNING BELOW, THE EXECUTIVE HEREBY IRREVOCABLY ELECTS TO WAIVE THE 21-DAY
PERIOD REFERRED TO IN SECTION 10 OF THE ABOVE AGREEMENT.

    

    
      	 
      	
              /s/ Austin F.
      Reed

            
	 
      	
              AUSTIN
      F. REED

            
	 
      	 
      
	 
      	
              Dated:                                8/22/08

            

    

    

    

    
      	
              COMMONWEALTH
      OF VIRGINIA

            	
              )

            	 
      	 
      
	 
      	
              )

            	
              ss.:

            	 
      
	
              COUNTY
      OF HENRICO

            	
              )

            	 
      	 
      

    

    

    

    On this
22nd
day of August, 2008 before me personally came AUSTIN F. REED, to me known and
known to me to be the individual described in and who executed the foregoing
Agreement, and he duly acknowledged to me that he executed the
same.

    

    
      	 
      	
              /s/ Elizabeth
      Restivo

            
	 
      	
              Notary
      Public

            

    

    

    

    
      	
              COMMONWEALTH
      OF VIRGINIA

            	
              )

            	 
      	 
      
	 
      	
              )

            	
              ss.:

            	 
      
	
              COUNTY
      OF HENRICO

            	
              )

            	 
      	 
      

    

    

    On this
22nd
day of August, 2008 before me personally came Michael T. Dan, to me known and
known to me to be the officer who executed the foregoing Agreement on behalf of
THE BRINK’S COMPANY, and he duly acknowledged to me that he executed the
same.

    

    

    
      	 
      	
              /s/ Rose M.
      Gifford

            
	 
      	
              Notary
      Public

            

    

    

    
      
        
           

        

        
          12

          
            

          

        

        
           

        

      

    

    

    EXHIBIT
A

    

    MUTUAL
RELEASE

    

    MUTUAL
RELEASE (“RELEASE”) dated as of _______ between THE BRINK’S COMPANY (“COMPANY”)
and AUSTIN F. REED (“EXECUTIVE”):

    

    For and
in consideration of the promises set forth in the Termination Agreement, dated
as of ____________, 2008, between EXECUTIVE and the COMPANY (“AGREEMENT”), the
COMPANY hereby releases and forever discharges EXECUTIVE  from any
claims, acts, damages, demands, benefits, accounts, liabilities, obligations,
liens, costs, rights of action, claims for relief, and causes of action, in law
and in equity, both known and unknown, which the COMPANY ever had, now has, or
might in the future have against the EXECUTIVE for any conduct, action, or
failure to act as of the date of this RELEASE, except such as may arise from any
malfeasance on the part of the EXECUTIVE.

    

    The
COMPANY has offered EXECUTIVE the opportunity to receive payments from, the
COMPANY, under the terms and conditions set forth in the
AGREEMENT.  Such opportunity offered to EXECUTIVE by the COMPANY,
which EXECUTIVE acknowledges constitutes good and valuable consideration, will
be provided to EXECUTIVE in consideration of his voluntarily signing this
RELEASE on December 23, 2008, and returning the signed RELEASE to the COMPANY’S
General Counsel, without revocation,  on December 23,
2008.  EXECUTIVE is encouraged to consult with an attorney before
signing this RELEASE and has twenty-one (21) days from the date of EXECUTIVE’S
receipt of the RELEASE to sign and return it to the COMPANY.  If
EXECUTIVE does sign this RELEASE, he will have seven (7) days from the date he
signs it to revoke his consent to the waiver of his rights under the Age
Discrimination in Employment Act of 1967, as amended (“ADEA”), as set forth
herein, such revocation to be in writing addressed and delivered to the COMPANY,
which action shall revoke this RELEASE in its entirety, rendering the entire
RELEASE void and unenforceable.  The RELEASE will take effect on the
eighth day after EXECUTIVE has signed the RELEASE, without revocation (the
“RELEASE EFFECTIVE DATE”).

    

    Subject
to the receipt of the payment set forth in Section 4(a) of the AGREEMENT, as a
material inducement to the COMPANY to enter into this RELEASE, EXECUTIVE, on his
own behalf and on behalf of his heirs, assigns, and agents, hereby irrevocably
and unconditionally releases, acquits and forever discharges the COMPANY, its
controlled affiliates, all current and former parent companies, subsidiaries,
divisions, affiliates, related companies, partnerships or joint ventures, and,
with respect to each of them, their predecessors and successors, and, with
respect to each such entity, all of its past, present and
future  employees, respective insurers, representatives, officers,
directors, shareholders, partners, joint ventures, independent contractors,
agents, employees, attorneys, retirement benefit plans, welfare benefit plans
and their heirs, executors, administrators, successors and assigns, and any
other person acting by, through, under or in concert with any of the persons or
entities listed in this paragraph, and their successors (collectively referred
to herein as “RELEASED PARTIES”) from any and all charges, complaints, claims,
liabilities, obligations, promises, agreements, controversies,
damages,

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    actions,
causes of action, suits, rights, demands, costs, losses, debts and expenses
(including attorneys fees and costs actually incurred) of any nature whatsoever
known or unknown, suspected or unsuspected, including, but not limited to,
federal, state or local laws governing payment of wages, including, but not
limited to, the Fair Labor Standards Act of 1938, as amended, discrimination on
the basis of race, color, sex, religion, marital status, national origin,
handicap or disability, age, veteran status, disabled veteran status,
citizenship status or any other category protected under applicable federal,
state or local law, including, but not limited to, those arising under the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”), the ADEA,
the Civil Rights Act of 1866, as amended, Title VII of the Civil Rights Act of
1964, as amended, the Consolidated Omnibus Budget Reconciliation Act of 1986, as
amended, and the Americans with Disabilities Act of 1990, any regulations
thereunder, state or federal common law, or any other duty or obligation of any
kind or description whether express or implied; any claim based on a statutory
prohibition or requirement; any claim arising out of or related to an express or
implied contract, including but not limited to EXECUTIVE’S
Executive Agreement, dated April 23, 1997, the First Amendment to Executive
Agreement, dated March 28, 2007, and the Severance Agreement, dated as of
September 22, 1997, or any other contract affecting terms and conditions of
employment, including, but not limited to, any covenant of good faith and fair
dealing; any tort claims; and any personal gain with respect to any claim
arising under the qui tam provisions of the False Claims Act, 31 U.S.C. § 3730;
any claims relating to the COMPANY’s right to terminate the employment of its
employees or any right to any payment or benefit, whether vested or not, arising
from or under any compensation or incentive plans which EXECUTIVE now
participates in, has, owns or holds, or claims to have participated in, have,
own or hold, or which EXECUTIVE at any time heretofore has participated in,
owned or held, claimed to have participated in, have, own or held, or which
EXECUTIVE at any time hereinafter may have, participate in, own or hold or claim
to have, participate in, own or hold against the RELEASED PARTIES unless the
terms of any particular written compensation plan or written incentive plan or
program expressly state otherwise.  If there is a conflict between
this provision and the written terms of a particular written compensation plan
or written incentive plan or program, the written terms of the applicable
written compensation plan or written incentive plan or program shall
prevail.  Both parties acknowledge as a consequence of this AGREEMENT that any
such written compensation plan or written incentive plan or program shall be
construed within the context of a voluntary termination of employment by
EXECUTIVE, effective December 23, 2008.

    

    Notwithstanding
anything contained in this RELEASE to the contrary, including the paragraphs of
this RELEASE set forth above, this RELEASE does not relinquish or modify
EXECUTIVE’S rights, if any, under any COMPANY compensation, benefits or employee
benefit plan(s) under ERISA or otherwise; however, this RELEASE does not make
any representations as to what rights, if any, EXECUTIVE may have under any such
compensation, benefits or employee benefit plan(s), including those expressly
set forth in Section 4(b) and 4(c) of the AGREEMENT.

    

    Notwithstanding
anything to the contrary in the AGREEMENT or this RELEASE, EXECUTIVE retains and
reserves, and does not waive or otherwise release or modify in any

    

    
      
        
           

        

        
          2

          
            

          

        

        
           

        

      

    

    

    way, all
of his indemnification rights and protections pursuant to the COMPANY’S Amended
and Restated Articles of Incorporation and By-laws (as in effect as of the
Effective Date hereof), the Indemnification Agreement, dated September 17, 1993,
under any applicable insurance policy (subject to the terms of such policy)
and/or by operation of law, which indemnification obligations of the COMPANY
shall remain in full force and effect subsequent to the termination of
EXECUTIVE’S employment with respect to EXECUTIVE’S actions or inactions through
the date of the termination of his employment.

    

    EXECUTIVE
expressly acknowledges that the foregoing RELEASE is intended to include and
does include in its effect without limitation all claims which EXECUTIVE does
not know or suspect to exist in his favor against the RELEASED PARTIES at the
time of execution of the RELEASE and that this RELEASE contemplates the
extinguishment of any such claims.

    

    EXECUTIVE
represents that he understands the foregoing RELEASE, that rights and claims
under the ADEA are among the rights and claims against the COMPANY he is
releasing, and that he is not releasing any rights or claims arising after the
RELEASE EFFECTIVE DATE.

    

    EXECUTIVE agrees that, absent
compulsion of court order, he will not directly or indirectly assist any
non-governmental third party or other non-governmental entity in maintaining,
proceeding upon, or litigating any claim of any kind in any forum against any of
the RELEASED PARTIES, unless otherwise required by applicable
law.  With respect to any charges, complaints or investigation that
have been or may be filed and/or commenced concerning events or actions relating
to EXECUTIVE’S employment or separation from employment, EXECUTIVE waives and
releases any right he may have to recover in any lawsuit or proceeding brought
by an administrative agency or other person on his behalf or which includes him
in a class.  Additionally, EXECUTIVE affirms that he has not filed any
complaints or charges with a court or administrative agency against any of the
RELEASED PARTIES prior to the execution of this RELEASE.

    

    IN
WITNESS WHEREOF, the parties have executed this MUTUAL RELEASE as of the date
and year first above written.

    

    

    
      	
              AUSTIN
      F. REED

            	
              THE
      BRINK’S COMPANY

            

    

    

    
      	
              By:
      ________________       

            	
              By:
      ________________    

            
	
                          Austin
      F. Reed

            	 
      
	 
      	 
      
	
              Dated:
      ______________

            	
              Dated:
      ______________

            

    

    

    
      
        
           

        

        
          3

          
            

          

        

        
           

        

      

    

    

    

    WAIVER

    

    BY
SIGNING BELOW, THE UNDERSIGNED EXECUTIVE HEREBY IRREVOCABLY ELECTS TO WAIVE THE
21-DAY PERIOD REFERRED TO IN THE SECOND PARAGRAPH OF THE ABOVE MUTUAL
RELEASE.

    

    ________________________________

    AUSTIN F. REED

    

    Dated:___________________________

    

    
      
        
           

        

        
          4

          
            

          

        

        
           

        

      

    

    

    

    
      	
              COMMONWEALTH
      OF VIRGINIA

            	
              )

            	 
      	 
      
	 
      	
              )

            	
              ss.:

            	 
      
	
              COUNTY
      OF HENRICO

            	
              )

            	 
      	 
      

    

    

    On this
_______day of December, 2008 before me personally came AUSTIN F. REED, to me
known and known to me to be the individual described in and who executed the
foregoing RELEASE, and he duly acknowledged to me that he executed the
same.

    

    
      	 
      	
              ____________

            
	 
      	
              Notary
      Public

            

    

    

    

    
      	
              COMMONWEALTH
      OF VIRGINIA

            	
              )

            	 
      	 
      
	 
      	
              )

            	
              ss.:

            	 
      
	
              COUNTY
      OF HENRICO

            	
              )

            	 
      	 
      

    

    

    

    On this
_______ day of December, 2008 before me personally came ____________________, to
me known and known to me to be the officer who executed the foregoing RELEASE on
behalf of THE BRINK’S COMPANY, and he duly acknowledged to me that he executed
the same.

    

    
      	 
      	
              ____________

            
	 
      	
              Notary
      Public

            

    

    

    

    
      
        
           

        

        
          5Converted by EDGARwiz

EXHIBIT 10.1

OMNIBUS AMENDMENT

This Omnibus Amendment dated August 22, 2008, by and between STEN Corporation, a Minnesota corporation (“STEN”), STEN Credit Corporation, a Utah corporation (“STEN Credit”), STENCOR, Inc., a Minnesota corporation (“STENCOR”), STEN Financial Corporation, a Utah corporation (“STEN Financial”), EasyDrive Cars and Credit Corp., an Arizona corporation (“Easy Drive”), BTAC Properties, Inc., a Minnesota corporation (“BTAC”), Alliance Advance, Inc., an Arizona corporation (“Alliance”), STEN Acquisition Corporation, a Minnesota corporation (“STEN Acquisition”), and Burger Time Acquisition Corporation, a Minnesota corporation (“BT Acquisition” and together with STEN, STEN Credit, STENCORP, EasyDrive, BTAC, Alliance, STEN Acquisition, each a “Company” and collectively, the “Companies”) and LV ADMINISTRATIVE SERVICES, INC., as administrative and collateral agent (the “Agent”) for VALENS U.S. SPV I, LLC, a Delaware limited liability company (“Valens”) and the lenders from time to time party to the Security Agreement (as defined herein) (the “Lenders” together with the Valens and the Agent, collectively, the “Creditor Parties” and each, a “Creditor Party”), amends (i) that certain Secured Revolving Note, dated as of November 23, 2007, by the Company in favor of Valens (as amended, modified or supplemented from time to time, the “Note”) issued pursuant to the terms of the Security Agreement, dated as of November 23, 2007, between the Company and the Creditor Parties (as amended, modified or supplemented from time to time, the “Security Agreement” and, together with the Note and the other Ancillary Agreements referred to in the Security Agreement, the “Documents”) and (ii) the Security Agreement. Capitalized terms used but not defined herein shall have the meanings given them in the Security Agreement.

PREAMBLE

WHEREAS, the Creditor Parties and the Companies desire to amend the transactions contemplated by the Security Agreement and the Note.

NOW, THEREFORE, in consideration of the covenants, agreements and conditions hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1.

The Creditor Parties and the Companies agree that the Companies shall issue to Valens an Amended and Restated Secured Revolving Note that is attached and incorporated herein as Exhibit A (the “Amended and Restated Secured Revolving Note”) in substitution and not in satisfaction of the Note.

2.

The Creditor Parties and the Companies agree that Annex A to the Security Agreement is hereby amended by deleting the definitions of “Accounts Availability”, “Capital Availability Amount”, “Eligible Accounts”, “Eligible Auto Loan Accounts”, “Inventory Availability”, “Note”, “Secured Revolving Note”, “Term” appearing therein and inserting the following new definitions in lieu thereof:

“Accounts Availability” means the sum of (a) sixty percent (60%) of the net face amount of Eligible Auto Loan Accounts owned by STEN Credit on or after August 22, 2008, plus (b) seventy-five percent (75%) of the net face amount of Eligible Auto Loan Accounts owned by STEN Credit prior to August 22, 2008, plus, (c) seventy-five percent (75%) of the net face amount of Eligible Manufacturing Accounts.

“Capital Availability Amount” means $8,850,000.

“Eligible Accounts” means, collectively, the Eligible Manufacturing Accounts and the Eligible Auto Loan Accounts, and “Eligible Account” means any of them, individually.

“Eligible Auto Loan Accounts” means each Account arising under the Easydrive Auto Financing Documents of STEN Credit which conforms to the following criteria: (a) STEN Credit is the sole owner of the Account, and has not sold, assigned, mortgaged or hypothecated, nor released from Agent’s security interest, all or any portion thereof, nor is such Account subject to any Lien of any Person; (b) such Account shall be valid and legally enforceable, owing to STEN Credit in respect of the sale of motor vehicles by Easydrive in the State of Arizona arising in the ordinary course of business, for which STEN Credit has delivered to Agent (or to such Person as Agent may designate) the Easydrive Auto Financing Documents and any other documents evidencing the obligation to pay such Account; (c) STEN Credit shall have a perfected, first priority security interest in the underlying motor vehicle sold by Easydrive to such Account Debtor, as determined by Agent; (d) the original Vehicle Certificate in respect of the motor vehicle, the sale of which created such Account is in Agent’s (or such Person as Agent may designate) possession; (e) an original Chattel Paper Assignment duly executed and delivered by STEN Credit in respect STEN Credit’s perfected, first priority security interest in the underlying motor vehicle sold by Easydrive, in form and substance satisfactory to Agent is in Agent’s (or such Person as Agent may designate) possession; (f) such Account shall not exceed one hundred twenty-five percent (125%) of the Kelley Blue Book retail value of the motor vehicle which secures the loan giving rise to such Account, provided, however, the amount of any Account for purposes determining Accounts Availability shall be limited to eighty percent (80%) of the Kelley Blue Book wholesale value of such motor vehicle; (g) such Account shall be net of any unearned finance charges and not subject to any offsets, credits, allowances, counterclaims or adjustments due the Account Debtor except usual and customary prompt payment discounts, nor has the Account Debtor returned the motor vehicle or indicated any dispute or complaint concerning the motor vehicle, nor has the motor vehicle been repossessed by Easydrive or STEN Credit; (h) STEN Credit has not received any notice, nor has it any knowledge of any facts, which adversely affect the credit of the Account Debtor; (i) an original power of attorney (Arizona Department of Transportation Motor Vehicle Division Power of Attorney (Form 48-1001)) and assignment (each in form and substance acceptable to Agent) duly executed by STEN Credit in favor of Agent, in each case relating to such Account, are in the possession of Agent (or such Person as Agent may designate); (j) the Account Debtors’ obligation to pay such Account is unconditional, without any right of set-off or counterclaim or any defense; (k) the Easydrive Auto Financing Documents relating to such Account, have not been amended, modified, terminated, altered or waived in any respect, unless Agent shall have agreed thereto in writing; (l) the Account Debtor has not been released by STEN Credit from the Account Debtor’s obligations in respect of such Account; (m) STEN Credit has duly performed all of its obligations required to be performed by them under and in connection with such Account; (n) Agent has not notified STEN Credit that either the Account or the Account Debtor is not an Eligible Account; (o) at the time of the creation of an Account or at any time following the creation of an Account, the Account Debtor obligated on such Account is not subject to a petition under the Bankruptcy Act or any similar federal or state statute or a petition for receivership or assignment for the benefit of creditors, unless if at any time following the creation of such Account, Agent shall have received evidence satisfactory to Agent that the Account Debtor’s obligations with respect to such Account have been reaffirmed pursuant to a valid and enforceable reaffirmation agreement, not subject to recission, approved by the applicable bankruptcy court; (p) such Account is not a Delinquent Account; (q) the motor vehicle which secures such Account has installed in it, in the case of an Account arising on or prior to the Closing Date, GPS or in the case of an Account arising after the Closing Date, Advanced GPS; and (r) such Account is otherwise satisfactory to the Agent as determined by the Agent in the exercise of its sole discretion, provided, however, that this clause (r) shall not apply in the case of any determination made as to any Account on or after the Specified Assignment Date.

“Inventory Availability” means the lesser of (a) the sum of (i) the lesser of (A) fifty percent of the Kelley Blue Book wholesale value of the Eligible Owned Inventory, or (B) cost, and (ii) fifty percent (50%) of the Kelley Blue Book wholesale value of the Eligible Repossession Inventory, and (b) One Million Dollars ($1,000,000).

“Loans” means collectively, the Revolving Loans and the Term Loan.

“Note” means collectively, the Secured Revolving Notes and the Secured Term Note.

“Secured Revolving Notes” means that certain Amended and Restated Secured Revolving Note dated as of August 22, 2008 made by the Companies in favor of each Lender in the aggregate original face amount of $8,850,000.00, and as the same may be further amended, supplemented, restated and/or otherwise modified from time to time.

“Term” means the Closing Date through August 22, 2011, subject to acceleration at the option of the Agent, upon the occurrence of an Event of Default hereunder or other termination hereunder.

3.

The Creditor Parties and the Company agree that Annex A to the Security Agreement is hereby amended by inserting the following new definitions in the appropriate alphabetical order:

“Renewable Unsecured Notes Percentage” means the percentage obtained by dividing (i) aggregate amount outstanding of Renewable Unsecured Notes that have maturity dates or are due and payable prior to the end of the Term, by (ii) the aggregate amount outstanding of Renewable Unsecured Notes.

“Secured Term Note” means that certain Secured Term Note date as of August 22, 2008 made by the Company in favor of the Lenders in the aggregate original face amount of $1,500,000, as each may be amended, supplemented, restated and/or otherwise modified from time to time.

“Term Loan” means that certain term loan evidenced by the Secured Term Note.

4.

The Creditor Parties and the Companies agree that Section 2(a) of the Security Agreement is hereby amended by inserting the following new sub-section “(viii)” at the end thereof:

“(viii) In the event the aggregate principal amount outstanding of the Renewable Unsecured Notes (the “Renewable Unsecured Notes Outstanding Amount”) as set forth on each Reference Statement (as defined herein), commencing with the Reference Statement to be provided on October 1, 2008, is less than the Renewable Unsecured Notes Outstanding Amount, as set forth on the prior month’s Reference Statement (each a “Prior Month’s Reference Statement”), the Lenders’ obligation to fund additional Revolving Loans in an amount greater than the amount outstanding at the time of the reporting, may be suspended at the Lender’s discretion until such time that the Renewable Unsecured Notes Outstanding Amount, as set forth on the Reference Statement following the Prior Month’s Reference Statement (the last of such three statements, the “Next Statement”), is greater than or equal to the Renewable Unsecured Notes Amount set forth on the Prior Month’s Reference Statement (the “Condition”); provided, however, , at the Lenders discretion the Lenders’ obligation to fund additional Revolving Loans would each be limited to the lesser of (i) the amount of additional Revolving Loans which, when aggregated with Revolving Loans then outstanding, would not exceed the Formula Amount and (ii) the amount of additional Revolving Loans which, when aggregated with Revolving Loans then outstanding and the amount by which the Renewable Unsecured Outstanding Amount on the Next Statement exceeds the Renewable Unsecured Outstanding Amount set forth on the Prior Month’s Reference Statement. This Section 2(a)(viii) shall not apply during such thirty (30) day “shelf” re-registration period of the Renewable Unsecured Notes pursuant Rule 415 of the Securities Act.”

5.

The Creditor Parties and the Companies agree that Section 3 of the Security Agreement is hereby amended by deleting it in its entirety and inserting the following new section in lieu thereof:

“3.

Repayment of the Loans. The Companies (a) may prepay the Obligations from time to time in accordance with the terms and provisions of the Notes (and Section 18 hereof if such prepayment is due to a termination of this Agreement); (b) shall repay on the Maturity Date (as defined in the Secured Term Note) (i) the then aggregate outstanding principal balance of the Term Loan together with the accrued and unpaid interest, fees and charges; and (ii) all other amounts owed the Creditor Parties under the Secured Term Note; (c) shall repay on the expiration of the Term (i) the then aggregate outstanding principal balance of the Revolving Loans together with accrued and unpaid interest, fees and charges; and (ii) all other amounts owed the Creditor Parties under this Agreement and the Ancillary Agreements; and (c) subject to Section 2(a)(ii), shall repay on any day on which the then aggregate outstanding principal balance of the Revolving Loans are in excess of the Formula Amount at such time, the Revolving Loans in an amount equal to such excess. Any payments of principal, interest, fees or any other amounts payable hereunder or under any Ancillary Agreement shall be made prior to 1:00 pm (New York time) on the due date thereof in immediately available funds.”

6.

The Creditor Parties and the Company agree that Section 5(b) of the Security Agreement is hereby amended by inserting the following new sub-section “(iv)” at the end thereof:

“(iv)

Revenue Payment. Commencing on October 1, 2009 through and until the end of the Term, the Companies shall jointly and severally pay each Lender its pro rata share of a payment equal to three-quarters percent (.75%) of the Companies’ monthly combined gross revenues. All amounts that are incurred pursuant to this Section 5(b)(iv) shall be due and payable by the Companies monthly, in arrears, on the first business day of each calendar month through and including October 1, 2015.”

7.

The Creditor Parties and the Companies agree that Section 11 of the Security Agreement is hereby amended by inserting the following new clause (i) at the end thereof:

“(i)

As soon as available and in any event within ten (10) days after the end of each calendar month, statements detailing (i) the cash collection data of the Companies as of the preceding month in a form acceptable to agent and detailed reporting of Renewable Unsecured Notes as of the end of the preceding month, including a list of Renewable Unsecured Notes that were paid, renewed or issued during such month (the “Reference Statement”), and (ii) detailed data on the motor vehicles which have been repossessed as of the preceding month in a form acceptable to agent.”

8.

The Creditor Parties and the Companies agree that Section 13 of the Security Agreement is hereby amended by inserting the following new clause “( cc)” at the end thereof:

“(cc)

The Companies shall at the end of each fiscal quarter ensure that the Renewable Unsecured Notes Percentage is lower than or equal to the Renewable Unsecured Notes Percentage from the prior fiscal quarter.”

9.

The Company agrees to, jointly and severally, pay to (A) to Valens Capital Management, LLC, the investment manager of the Lenders (“VCM”), a non-refundable payment in an amount equal to $132,750, plus reasonable expenses (including legal fees and expenses) incurred in connection with the entering into of this Agreement and expenses incurred in connection with each of VCM and/or Lenders’ due diligence review of the Companies and all other related matters; (B) to the Lenders, a non-refundable payment in an amount equal to one and five one-hundredths percent (1.05%) of the aggregate principal amount of the Amended and Restated Secured Revolving Note; (C) to the Lenders, an advance prepayment discount deposit equal to one and five one hundredths percent (1.05%) of the aggregate principal amount of the Amended and Restated Secured Revolving Note; The payments set forth in clauses 3.(A), (B) and (D) above shall be deemed fully earned on the date hereof and shall not be subject to rebate or proration for any reason. The payments set forth in clauses 3.(A) (net of any deposits previously paid by the Companies), 3.(B), 3.(C), and 3.(D) above shall be paid on the date hereof out of funds held pursuant to a funds escrow agreement and a disbursement letter executed in connection herewith.

In further consideration of the foregoing, the receipt and sufficiency of which is hereby acknowledged, STEN shall issue a warrant in form and substance satisfactory to the Agent (the “New Warrants”) as attached as Exhibit A, to purchase up to 45,000 shares of Common Stock of STEN (the “New Warrant Shares”). The defined term “Warrants” in the Security Agreement shall be deemed to include the Common Stock Purchase Warrant issued on the Closing Date and the New Warrants and the defined term “Warrant Shares” in the Security Agreement shall be deemed to include the New Warrant Shares.

10.

The amendments set forth above shall be effective as of the date first  above written (the “Amendment Effective Date”) once (i) each Company, the Agent and Valens shall have duly executed and the Companies shall have delivered to Agent its respective counterpart to this Amendment; (ii) each party to the Reaffirmation and Ratification Agreement attached hereto as Exhibit B (the “Reaffirmation Agreement”) shall have duly executed and delivered the Reaffirmation Agreement to Agent and (iii) Valens shall have received the Valens Payment, which payment shall be deducted from the proceeds of the increase to the Capital Availability Amount as described herein, be fully earned as of the date hereof and shall not be subject to reduction, rebate or proration whatsoever.

11.

Except as specifically set forth in this Amendment, there are no other amendments, modifications or waivers to the Documents, and all of the other forms, terms and provisions of the Documents remain in full force and effect.

12.

Each Company hereby represents and warrants to each Creditor Party that (i) no Event of Default exists on the date hereof, (ii) on the date hereof, all representations, warranties and covenants made by the Company in connection with the Documents are true, correct and complete and (iii) on the date hereof, all of the Company’s covenant requirements have been met.

13.

From and after the Amendment Effective Date, all references in the Documents shall be deemed to be references to the Documents, as the case may be, as modified hereby.

14.

This Amendment shall be binding upon the parties hereto and their respective successors and permitted assigns and shall inure to the benefit of and be enforceable by each of the parties hereto and their respective successors and permitted assigns. THIS AMENDMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK. This Amendment may be executed in any number of counterparts, each of which shall be an original, but all of which shall constitute one instrument.

IN WITNESS WHEREOF, each of the parties hereto has executed this Amendment or has caused this Amendment to be executed on its behalf by a representative duly authorized, all as of the date first above set forth.

	PURCHASER:

	 	COMPANY

	 	 	 
	VALENS U.S. SPV I, LLC

	 	STEN CORPORATION

	By: Valens Capital Management, LLC 

its investment manager

	 	 
	 	 	 
	 	 	 
	By

	 /s/ Patrick Regan

	 	By:

	/s/ Kenneth W. Brimmer

	Name:

	Patrick Regan

	 	Name

	Kenneth W. Brimmer

	Title:

	Authorized Signatory

	 	Title:

	Chief Executive Officer

	AGENT:

LV ADMINISTRATIVE SERVICES, INC.

	 	STEN CREDIT CORPORATION

	 	 	 
	 	 	 
	By

	 /s/ Patrick Regan

	 	By:

	/s/ Kenneth W. Brimmer

	Name:

	Patrick Regan

	 	Name

	Kenneth W. Brimmer

	Title:

	Authorized Signatory

	 	Title:

	Chief Executive Officer

	 	 	STENCOR INC.

	 	 	 
	 	 	 
	 	 	 	By:

	/s/ Kenneth W. Brimmer

	 	 	 	Name

	Kenneth W. Brimmer

	 	 	 	Title:

	Chief Executive Officer

	 	 	EASY DRIVE CARS AND CREDIT CORPORATION

	 	 	 
	 	 	 
	 	 	 	By:

	/s/ Kenneth W. Brimmer

	 	 	 	Name

	Kenneth W. Brimmer

	 	 	 	Title:

	Chief Executive Officer

	 	 	BTAC PROPERTIES, INC.

	 	 	 
	 	 	 
	 	 	 	By:

	/s/ Kenneth W. Brimmer

	 	 	 	Name

	Kenneth W. Brimmer

	 	 	 	Title:

	Chief Executive Officer

	 	 	STEN FINANCIAL CORPORATION

	 	 	 
	 	 	 
	 	 	 	By:

	/s/ Kenneth W. Brimmer

	 	 	 	Name

	Kenneth W. Brimmer

	 	 	 	Title:

	Chief Executive Officer

	 	 	ALLIANCE ADVANCE, INC.

	 	 	 
	 	 	 
	 	 	 	By:

	/s/ Kenneth W. Brimmer

	 	 	 	Name

	Kenneth W. Brimmer

	 	 	 	Title:

	Chief Executive Officer

REAFFIRMATION AND RATIFICATION AGREEMENT

August 22, 2008

LV Administrative Services, Inc. 

335 Madison Avenue, 10th Floor 

New York, New York 10017

Ladies and Gentlemen:

Reference is made to the (a) Security Agreement, dated as of November 23, 3007 by and among (“STEN”), STEN Credit Corporation, a Utah corporation (“STEN Credit”), STENCOR, Inc., a Minnesota corporation (“STENCOR”), STEN Financial Corporation, a Utah corporation (“STEN Financial”), EasyDrive Cars and Credit Corp., an Arizona corporation (“EasyDrive”), BTAC Properties, Inc., a Minnesota corporation (“BTAC”), Alliance Advance, Inc., an Arizona corporation (“Alliance”), STEN Acquisition Corporation, a Minnesota corporation (“STEN Acquisition”), and Burger Time Acquisition Corporation, a Minnesota corporation (“BT Acquisition” and together with STEN, STEN Credit, STENCORP, EasyDrive, BTAC, Alliance, STEN Acquisition, collectively, the “Company”), Valens U.S. SPY I, LLC, a Delaware limited liability company (“Valens”) and each of the lenders from time to time party thereto (together with Valens, collectively, the “Lenders”), LV Administrative Services, Inc., as administrative and collateral agent for the Lenders (the “Agent” and together with the Lenders, the “Creditor Parties”) (as amended, modified or supplemented from time to time, the “Security Agreement”), (b) Chattel Paper Assignment dated as of November 23, 2007 made by STEN Financial in favor of Agent (as amended, modified or supplemented from time to time, the “Chattel Paper Assignment”), and (c) Pledge Agreement dated as of November 23, 2007 made by STEN and STEN Financial in favor of the Agent (the “Pledge Agreement”) (the Security Agreement, the Chattel Paper Assignment and the Pledge Agreement, collectively, the “Existing Security Agreements”). Terms used herein and not otherwise defined herein shall have those definitions ascribed such terms in the Security Agreement.

To induce the Creditor Parties to provide additional financial accommodations to the Company as evidenced by (i) that certain Secured Term Note, dated the date hereof, made by the Company in favor of Valens (as amended, modified or supplemented from time to time, the “New Valens Note”), (ii) that certain Omnibus Amendment, dated as of the date hereof, by and among the Company, Agent and Valens (as amended, modified or supplemented from time to time, the “Amendment”), and (iii) that certain Amended and Restated Secured Revolving Note, dated the date hereof, made by the Company in favor of Valens (as amended, modified or supplemented from time to time, the “A&R Revolving Note” and, together with the New Valens Note and the Amendment, collectively, the “Amended Valens Documents”), the Company hereby:

15.

represents and warrants to each Creditor Party that it has reviewed and approved the terms and provisions of the Amended Valens Documents and the documents, instruments and agreements entered into in connection therewith;

16.

acknowledges, ratifies and confirms that all indebtedness incurred by, and all other obligations and liabilities of the Company under the Amended Valens Documents are “Obligations” under, and as defined in the Security Agreement;

17.

acknowledges, ratifies and confirms that each of the Amended Valens are “Ancillary Agreements” under, and as defined in the Security Agreement;

18.

acknowledges, ratifies and confirms that all of the terms, conditions,  representations and covenants contained in the Existing Security Agreements are in full force and effect and shall remain in full force and effect after giving effect to the execution and effectiveness of the Lien Increase Documentation;

19.

represents and warrants that no offsets, counterclaims or defenses exist as of the date hereof with respect to any of the undersigned’s obligations under any Existing Security Agreement; and

20.

acknowledges, ratifies and confirms the grant by the Company to the Creditor Parties of a security interest in the assets of (including the equity interests owned by) the Company, as more specifically set forth in the Existing Security Agreements.

[signature page follows]

This letter agreement shall be governed by and construed in accordance with the laws of the State of New York.

	PURCHASER:

	 	COMPANY

	 	 	 
	VALENS U.S. SPV I, LLC

	 	STEN CORPORATION

	By: Valens Capital Management, LLC 

its investment manager

	 	 
	 	 	 
	 	 	 
	By

	 /s/ Patrick Regan

	 	By:

	/s/ Kenneth W. Brimmer

	Name:

	Patrick Regan

	 	Name

	Kenneth W. Brimmer

	Title:

	Authorized Signatory

	 	Title:

	Chief Executive Officer

	AGENT:

LV ADMINISTRATIVE SERVICES, INC.

	 	STEN CREDIT CORPORATION

	 	 	 
	 	 	 
	By

	 /s/ Patrick Regan

	 	By:

	/s/ Kenneth W. Brimmer

	Name:

	Patrick Regan

	 	Name

	Kenneth W. Brimmer

	Title:

	Authorized Signatory

	 	Title:

	Chief Executive Officer

	 	 	STENCOR INC.

	 	 	 
	 	 	 
	 	 	 	By:

	/s/ Kenneth W. Brimmer

	 	 	 	Name

	Kenneth W. Brimmer

	 	 	 	Title:

	Chief Executive Officer

	 	 	EASY DRIVE CARS AND CREDIT CORPORATION

	 	 	 
	 	 	 
	 	 	 	By:

	/s/ Kenneth W. Brimmer

	 	 	 	Name

	Kenneth W. Brimmer

	 	 	 	Title:

	Chief Executive Officer

	 	 	BTAC PROPERTIES, INC.

	 	 	 
	 	 	 
	 	 	 	By:

	/s/ Kenneth W. Brimmer

	 	 	 	Name

	Kenneth W. Brimmer

	 	 	 	Title:

	Chief Executive Officer

	 	 	STEN FINANCIAL CORPORATION

	 	 	 
	 	 	 
	 	 	 	By:

	/s/ Kenneth W. Brimmer

	 	 	 	Name

	Kenneth W. Brimmer

	 	 	 	Title:

	Chief Executive Officer

	 	 	ALLIANCE ADVANCE, INC.

	 	 	 
	 	 	 
	 	 	 	By:

	/s/ Kenneth W. Brimmer

	 	 	 	Name

	Kenneth W. Brimmer

	 	 	 	Title:

	Chief Executive Officer

ACKNOWLEDGED:

	VALENS U.S. SPV I, LLC

	 	 
	By: Valens Capital Management, LLC

Its investment manager

	 	 
	 	 	 
	By:

	 /s/ Patrick Regan

	 	 	 
	Name:

	Patrick Regan

	 	 	 
	Title:

	Authorized Signatory

	 	 	 

	LV ADMINISTRATIVE SERVICES, INC

As Agent

	 	 
	 	 	 
	 	 	 
	By:

	 /s/ Patrick Regan

	 	 	 
	Name:

	Patrick Regan

	 	 	 
	Title:

	Authorized Signatory

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