Document:

ex10-13.htm

    EXHIBIT
10.13

     

    OMNIBUS
AMENDMENT AND WAIVER AGREEMENT

     

    This OMNIBUS
AMENDMENT AND WAIVER AGREEMENT (this “Amendment”),
dated as of March 10, 2008, is entered into by and among Caterpillar Inc.
(“Caterpillar”),
Caterpillar Financial Services Corporation (“CFSC”),
Caterpillar Finance Corporation (“CFC”),
Caterpillar International Finance p.l.c. (“CIF”,
and together with Caterpillar, CFSC and CFC, the “Borrowers”),
the Banks and Local Currency Banks party hereto (collectively, the “Banks”),
Citibank International plc, as the Local Currency Agent (the “Local
Currency Agent”) and Citibank, N.A., as Agent (the “Administrative
Agent”) under the Credit Agreement (as defined below), with respect to
(a) the Credit Agreement and (b) the Local Currency Addendum (as defined
below).  Each capitalized term used herein and not defined herein
shall have the meaning ascribed thereto in the Credit Agreement.

     

     

    
      	
              PRELIMINARY
      STATEMENTS

            

    

     

    A.    The
Borrowers, the Banks, the Administrative Agent, The Bank of Tokyo-Mitsubishi
UFJ, Ltd., as Japan Local Currency Agent and as Japan Local Currency Bank, and
the Local Currency Agent are parties to the Credit Agreement (Five-Year
Facility), dated as of September 21, 2006 (as amended on September 20, 2007, the
“Credit
Agreement”).  The Borrowers have requested that the Banks and
the Administrative Agent amend the Credit Agreement as hereinafter set forth,
and the Banks and the Administrative Agent have agreed to amend the Credit
Agreement pursuant to the terms of this Amendment.

     

    B.    CFSC,
CIF, the Local Currency Banks, the Local Currency Agent and the Administrative
Agent are parties to the Local Currency Addendum, dated as of September 21, 2006
(the “Addendum”),
to the Credit Agreement.  CFSC and CIF have requested that the Local
Currency Banks, the Local Currency Agent and the Administrative Agent amend the
Addendum as hereinafter set forth, and the Local Currency Banks, the Local
Currency Agent and the Administrative Agent have agreed to amend the Addendum
pursuant to the terms of this Amendment.

     

    C.    CIF,
being, as of the date of this Amendment,  a public limited company,
plans to re-register as a private company under section 14(6) of the Irish
Companies (Amendment) Act 1983 with the name “Caterpillar International Finance
Limited” (the “CIF
Re-Registration”).  Section 14(6) of the Companies
(Amendment) Act 1983 provides that the:

     

            re-registration
of a public limited company as a private company pursuant to this Act shall not
affect any rights or obligations of the company or render defective any legal
proceedings by or against the company, and any legal proceedings which might
have been continued or commenced against it in its former status may be
continued or commenced against it in its new status.

     

    Therefore, the
proposed re-registration of CIF as a private company does not affect CIF’s
obligations under the Credit Agreement and the Addendum. For the avoidance of
doubt, the Borrowers, the Banks, the Local Currency Agent and the Administrative
Agent have agreed to enter into this Amendment to memorialize the proposed
re-registration of CIF as a private company and its confirmation that its
obligations under the Credit Agreement and Addendum are not affected
thereby.

     

    D.    Subsequent
to the CIF Re-Registration, CIF proposes to transfer substantially all of its
assets (consisting primarily of loans to affiliates of CFSC) to a wholly-owned
subsidiary of CIF, Caterpillar International Finance Luxembourg S.ar.l (“CIF
Lux”), in return for the issue of certain preferred equity certificates
of CIF Lux (the “CIF
Asset Transfer”).  The
Borrowers have requested that the Banks agree to irrevocably waive any Event of
Default or unmatured Event of Default that may arise under Section 6.01(c) of
the Credit Agreement as a result of the CIF Asset Transfer, and the Banks have
agreed to grant such irrevocable waiver pursuant to the terms
hereof.

     

    SECTION
1.  CIF
Confirmation.

     

    CIF confirms that it
will, upon the CIF Re-Registration taking effect, remain (a) liable for all of
its obligations under the Credit Agreement and the Addendum, and (b) a
“Borrower” under the Credit Agreement, the Addendum, and the Notes, and all
references in the Credit Agreement, the Addendum and the Notes to “Caterpillar
International Finance p.l.c.” or “CIF” shall, for the avoidance of doubt, be
references to Caterpillar International Finance Limited.  CIF hereby
represents and warrants that the representations and warranties by or relating
to CIF set forth in Article
IV of the Credit Agreement, as amended by this Amendment, are true and
correct on and as of the date hereof and will be true and correct upon the CIF
Re-Registration.

     

    SECTION
2.  Amendments
to the Addendum.  

     

    Subject to the
satisfaction of the condition precedent set forth in Section
6 below:

     

    Section 4.03(a)
of the Addendum is hereby amended and restated in its entirety as
follows:

     

        (a)    if
to CIF, prior to March 25, 2008, at Caterpillar International Finance p.l.c.
(after the CIF Re-Registration, Caterpillar International Finance Limited), 1
North Wall Quay, Dublin 1 Ireland, Attention:  Vincent Donlon,
Director (Facsimile No.  353-1-670-0546) and from and after March 25,
2008, at 2120 West End Avenue, Nashville, Tennessee 37203, Attention: David A.
Kacynski, Director (Facsimile No. 1 615 341-8596), with a copy to CFSC at its
address and telecopy number referenced in Section
8.02 of the Credit Agreement;

     

    SECTION
3.  Limited
Waiver.  

     

    Effective as of the
date hereof, subject to the satisfaction of the condition precedent set forth in
Section
6 below, the Banks hereby irrevocably waive any Event of Default or
unmatured Event of Default that would otherwise result under Section 6.01(c) of
the Credit Agreement solely as a result of the CIF Asset
Transfer.  This irrevocable waiver shall not be deemed to constitute a
waiver of any other Event of Default or unmatured Event of Default, any future
breach of the Credit Agreement, or any future breach of the other agreements,
documents and instruments delivered in connection with the Credit
Agreement.  The agreement to the terms hereof by any of the Banks, the
Administrative Agent or the Local Currency Agent shall not establish a custom or
course of dealing among the Administrative Agent, the Local Currency Agent, any
Bank or any Borrower.

     

    SECTION
4.  Further
Assurances.  

     

    CIF and each of the
other Borrowers shall execute such other documents or instruments as may be
reasonably requested by the Administrative Agent, the Local Currency Agent or
any of the Banks in connection with this Amendment, the CIF Asset Transfer and
the CIF Re-Registration.  Without limiting the generality of the
foregoing, the Borrowers agree that within ten (10) Business Days after the CIF
Re-Registration, CIF will deliver to the Administrative Agent an opinion from
Irish counsel for CIF, substantially in the form attached hereto as Exhibit A,
that the CIF Re-Registration has become effective under Irish law.

     

    SECTION
5.  Reaffirmation
of CFSC Guaranty.  

     

    CFSC hereby
reaffirms all of its obligations under Article IX of the Credit Agreement and
acknowledges and agrees that such obligations remain in full force and effect
and are hereby ratified, reaffirmed and confirmed.

     

    SECTION
6.  Conditions
Precedent.  

     

    This Amendment shall
be deemed effective as of the date hereof upon the Administrative Agent having
received duly executed copies of this Amendment from each Borrower, the Majority
Banks and the Majority Local Currency Banks, provided that this Amendment shall
cease to be effective if the CIF Re-Registration has not occurred by April 30,
2008.  The Administrative Agent shall notify the Borrowers within two
(2) Business Days after the date that the Administrative Agent receives the
requisite duly executed copies of this Amendment from the Majority Banks and the
Majority Local Currency Banks.

     

    SECTION
7.  Covenants,
Representations and Warranties of the
Borrowers.

     

    7.1    Upon the
effectiveness of this Amendment, each Borrower hereby reaffirms all covenants,
representations and warranties made by it in the Credit Agreement, as amended
hereby and giving effect to that certain Waiver to Credit Agreement (Five Year
Facility), dated as of November 26, 2007, among the Borrowers, the Banks, the
Administrative Agent, The Bank of Tokyo-Mitsubishi UFJ, Ltd., as Japan Local
Currency Agent and as Japan Local Currency Bank, and the Local Currency Agent
(the “Waiver”),
and agrees that all such covenants, representations and warranties shall be
deemed to have been re-made as of the effective date of this
Amendment.

     

    7.2    Each Borrower hereby
represents and warrants that (a) this Amendment constitutes a legal, valid and
binding obligation of such Borrower, enforceable against such Borrower in
accordance with its terms, except as enforceability thereof may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
relating to or affecting creditor’s rights generally and by the effect of
general principles of equity and (b) upon the effectiveness of this Amendment,
no Event of Default shall exist with respect to such Borrower and no event shall
exist which, with the giving of notice, the lapse of time or both, would
constitute an Event of Default with respect to such Borrower except, in both
cases, for those Events of Default, either matured or unmatured, as described in
the Waiver.

     

    SECTION
8. Reference
to and Effect on the Credit Agreement.

     

    8.1    Upon the
effectiveness of this Amendment, each reference in (a) the Credit Agreement to
“this Agreement”, “hereunder”, “hereof”, “herein” or words of like import shall
mean and be a reference to the Credit Agreement, as amended hereby, and each
reference to the Credit Agreement in any other document, instrument or agreement
executed and/or delivered in connection with the Credit Agreement shall mean and
be a reference to the Credit Agreement as amended hereby and (b) the Addendum to
“this Addendum”, “hereunder”, “hereof”, “herein” or words of like import shall
mean and be a reference to the Addendum, as amended hereby, and each reference
to the Addendum in any other document, instrument or agreement executed and/or
delivered in connection with the Addendum shall mean and be a reference to the
Addendum as amended hereby

     

    8.2    Except as
specifically amended or waived above, the Credit Agreement, the Addendum, the
Notes and all other documents, instruments and agreements executed and/or
delivered in connection therewith shall remain in full force and effect and are
hereby ratified and confirmed.

     

    8.3    The execution,
delivery and effectiveness of this Amendment shall not operate as a waiver of
any right, power or remedy of any party under the Credit Agreement, the
Addendum, the Notes or any other document, instrument or agreement executed in
connection therewith, nor constitute a waiver of any provision contained
therein, except as specifically set forth herein.

     

    SECTION
9.  Execution
in Counterparts.  

     

    This Amendment may
be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed and delivered shall be
deemed to be an original and all of which taken together shall constitute one
and the same instrument.  Delivery of a signature page by facsimile
transmission shall be as effective as manual delivery thereof.

     

    SECTION
10. Governing
Law.  

     

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

     

    SECTION
11. Headings.  

     

    Section headings in
this Amendment are included herein for convenience of reference only and shall
not constitute a part of this Amendment for any other purpose.

     

     

    IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be executed by their respective
representatives thereunto duly authorized as of the date first above
written.

     

    
      	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	
              CATERPILLAR
      INC.

            
	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	
              By:

            	
              /s/ Kevin E.
      Colgan

            
	 
    	 
    	 
    	 
    	
              Name:

            	
              Kevin E.
      Colgan

            
	 
    	 
    	 
    	 
    	
              Title:

            	
              Treasurer

            
	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	
              CATERPILLAR
      FINANCIAL SERVICES CORPORATION

            
	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	
              By:

            	
              /s/ David A.
      Kacynski

            
	 
    	 
    	 
    	 
    	
              Name:

            	
              David A.
      Kacynski

            
	 
    	 
    	 
    	 
    	
              Title:

            	
              Treasurer

            
	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	
              CATERPILLAR
      INTERNATIONAL FINANCE p.l.c.

            
	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	
              By:

            	
              /s/ David A.
      Kacynski

            
	 
    	 
    	 
    	 
    	
              Name:

            	
              David A.
      Kacynski

            
	 
    	 
    	 
    	 
    	
              Title:

            	
              Director

            
	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	
              CATERPILLAR
      FINANCE CORPORATION

            
	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	
              By:

            	
              /s/ David A.
      Kacynski

            
	 
    	 
    	 
    	 
    	
              Name:

            	
              David A.
      Kacynski

            
	 
    	 
    	 
    	 
    	
              Title:

            	
              Director

            
	 
    	 
    	 
    	 
    	 
    	 
    

    

     

    
      	 
    	 
    	 
    	 
    	
              CITIBANK,
      N.A., as Agent

            
	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	
              By:

            	
              /s/ Kevin
      Ege

            
	 
    	 
    	 
    	 
    	
              Name:

            	
              Kevin
      Ege

            
	 
    	 
    	 
    	 
    	
              Title:

            	
              Vice
      President

            
	 
    	 
    	 
    	 
    	 
    	 
    

    

     

    
      	 
    	 
    	 
    	 
    	
              CITIBANK,
      N.A., as a Bank and as a Local Currency Bank

            
	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	
              By:

            	
              /s/ Kevin
      Ege

            
	 
    	 
    	 
    	 
    	
              Name:

            	
              Kevin
      Ege

            
	 
    	 
    	 
    	 
    	
              Title:

            	
              Vice
      President

            
	 
    	 
    	 
    	 
    	 
    	 
    

    

     

    
      	 
    	 
    	 
    	 
    	
              CITIBANK
      INTERNATIONAL plc, as Local Currency Agent

            
	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	
              By:

            	
              /s/ Alasdair
      Watson

            
	 
    	 
    	 
    	 
    	
              Name:

            	
              Alasdair
      Watson

            
	 
    	 
    	 
    	 
    	
              Title:

            	
              Senior
      Specialist

            
	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    	 
    

    

     

    
      	 
    	 
    	 
    	 
    	
              JPMORGAN
      CHASE BANK, N.A.

            
	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	
              By:

            	
              /s/ Randolph
      Cates

            
	 
    	 
    	 
    	 
    	
              Name:

            	
              Randolph
      Cates

            
	 
    	 
    	 
    	 
    	
              Title:

            	
              Executive
      Director

            
	 
    	 
    	 
    	 
    	 
    	 
    

    

     

    
      	 
    	 
    	 
    	 
    	
              BANK
      OF AMERICA, N.A.

            
	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	
              By:

            	
              /s/ Jeff
      Armitage

            
	 
    	 
    	 
    	 
    	
              Name:

            	
              Jeff
      Armitage

            
	 
    	 
    	 
    	 
    	
              Title:

            	
              Senior Vice
      President

            
	 
    	 
    	 
    	 
    	 
    	 
    

    

     

    
      	 
    	 
    	 
    	 
    	
              ABN
      AMRO Bank N.V., as a Bank and as Local Currency Bank

            
	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	
              By:

            	
              /s/ Jean
      Tremblay

            
	 
    	 
    	 
    	 
    	
              Name:

            	
              Jean
      Tremblay

            
	 
    	 
    	 
    	 
    	
              Title:

            	
              Managing
      Director

            
	 
    	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	
              By:

            	
              /s/ Brendan
      Korb

            
	 
    	 
    	 
    	 
    	
              Name:

            	
              Brendan
      Korb

            
	 
    	 
    	 
    	 
    	
              Title:

            	
              Director

            
	 
    	 
    	 
    	 
    	 
    	 
    

    

     

    
      	 
    	 
    	 
    	 
    	
              BARCLAYS
      BANK PLC, as a Bank and as a Local Currency Bank

            
	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	
              By:

            	
              /s/ Nicholas
      Bell

            
	 
    	 
    	 
    	 
    	
              Name:

            	
              Nicholas
      Bell

            
	 
    	 
    	 
    	 
    	
              Title:

            	
              Director

            
	 
    	 
    	 
    	 
    	 
    	 
    

    

     

    
      	 
    	 
    	 
    	 
    	
              SOCIETE
      GENERALE, as a Bank and as a Local Currency Bank

            
	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	
              By:

            	
              /s/ Kimberly
      A. Metzger

            
	 
    	 
    	 
    	 
    	
              Name:

            	
              Kimberly A.
      Metzger

            
	 
    	 
    	 
    	 
    	
              Title:

            	
              Director

            
	 
    	 
    	 
    	 
    	 
    	 
    

    

     

    
      	 
    	 
    	 
    	 
    	
              ROYAL
      BANK OF CANADA, as a Bank

            
	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	
              By:

            	
              /s/ Meredith
      Majesty

            
	 
    	 
    	 
    	 
    	
              Name:

            	
              Meredith
      Majesty

            
	 
    	 
    	 
    	 
    	
              Title:

            	
              Authorized
      Signatory

            
	 
    	 
    	 
    	 
    	 
    	 
    

    

     

    
      	 
    	 
    	 
    	 
    	
              ROYAL
      BANK OF CANADA, acting through its London Branch, as a Local Currency
      Bank

            
	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	
              By:

            	
              /s/ Michael
      Atherton

            
	 
    	 
    	 
    	 
    	
              Name:

            	
              Michael
      Atherton

            
	 
    	 
    	 
    	 
    	
              Title:

            	
              Managing
      Director

            
	 
    	 
    	 
    	 
    	 
    	 
    

    

     

    
      	 
    	 
    	 
    	 
    	
              WestLB
      AG, New York Branch, as a Bank and as a Local Currency
  Bank

            
	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	
              By:

            	
              /s/ Peter
      Badura

            
	 
    	 
    	 
    	 
    	
              Name:

            	
              Peter
      Badura

            
	 
    	 
    	 
    	 
    	
              Title:

            	
              Managing
      Director

            
	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	
              By:

            	
              /s/ Salvatore
      Battinelli

            
	 
    	 
    	 
    	 
    	
              Name:

            	
              Salvatore
      Battinelli

            
	 
    	 
    	 
    	 
    	
              Title:

            	
              Managing
      Director

            
	 
    	 
    	 
    	 
    	 
    	 
    

    

     

    
      	 
    	 
    	 
    	 
    	
              TORONTO
      DOMINION (TEXAS) LLC, as a Bank

            
	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	
              By:

            	
              /s/ Debbi L.
      Brito

            
	 
    	 
    	 
    	 
    	
              Name:

            	
              Debbi L.
      Brito

            
	 
    	 
    	 
    	 
    	
              Title:

            	
              Authorized
      Signatory

            
	 
    	 
    	 
    	 
    	 
    	 
    

    

     

    
      	 
    	 
    	 
    	 
    	
              STANDARD
      CHARTERED BANK

            
	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	
              By:

            	
              /s/ Karen
      Bershtein

            
	 
    	 
    	 
    	 
    	
              Name:

            	
              Karen
      Bershtein

            
	 
    	 
    	 
    	 
    	
              Title:

            	
              Associate
      Director

            
	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	
              By:

            	
              /s/ Robert K.
      Reddington

            
	 
    	 
    	 
    	 
    	
              Name:

            	
              Robert K.
      Reddington

            
	 
    	 
    	 
    	 
    	
              Title:

            	
              AVP/Credit
      Documentation

              Credit Risk
      Control

              Standard
      Chartered Bank N.V.

            
	 
    	 
    	 
    	 
    	 
    	 
    

    

     

    
      	 
    	 
    	 
    	 
    	
              Australia
      and New Zealand Banking Group Limited, as a Bank

            
	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	
              By:

            	
              /s/ John W.
      Wade

            
	 
    	 
    	 
    	 
    	
              Name:

            	
              John W.
      Wade

            
	 
    	 
    	 
    	 
    	
              Title:

            	
              Director

            
	 
    	 
    	 
    	 
    	 
    	 
    

    

     

    
      	 
    	 
    	 
    	 
    	
              THE
      BANK OF TOKYO-MITSUBISHI UFJ LTD., as a Bank

            
	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	
              By:

            	
              /s/ Christine
      Howatt

            
	 
    	 
    	 
    	 
    	
              Name:

            	
              Christine
      Howatt

            
	 
    	 
    	 
    	 
    	
              Title:

            	
              Authorized
      Signatory

            
	 
    	 
    	 
    	 
    	 
    	 
    

    

     

    
      	 
    	 
    	 
    	 
    	
              LLOYDS
      TSB BANK PLC, as a Bank

            
	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	
              By:

            	
              /s/ Windsor R.
      Davies

            
	 
    	 
    	 
    	 
    	
              Name:

            	
              Windsor R.
      Davies

            
	 
    	 
    	 
    	 
    	
              Title:

            	
              Managing
      Director

              Corporate
      Banking USA

              D061

            
	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	
              By:

            	
              /s/ Deborah
      Carlson

            
	 
    	 
    	 
    	 
    	
              Name:

            	
              Deborah
      Carlson

            
	 
    	 
    	 
    	 
    	
              Title:

            	
              Director

              Corporate
      Banking USA

              C103

            
	 
    	 
    	 
    	 
    	 
    	 
    

    

     

    
      	 
    	 
    	 
    	 
    	
              MERRILL
      LYNCH BANK USA, as a Bank and as a Local Currency Bank

            
	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	
              By:

            	
              /s/ Derek
      Befus

            
	 
    	 
    	 
    	 
    	
              Name:

            	
              Derek
      Befus

            
	 
    	 
    	 
    	 
    	
              Title:

            	
              Vice
      President

            
	 
    	 
    	 
    	 
    	 
    	 
    

    

     

    
      	 
    	 
    	 
    	 
    	
              COMMERZBANK
      AG NEW YORK AND GRAND CAYMAN BRANCHES, as a Bank and as a Local Currency
      Bank

            
	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	
              By:

            	
              /s/ Al
      Morrow

            
	 
    	 
    	 
    	 
    	
              Name:

            	
              Al
      Morrow

            
	 
    	 
    	 
    	 
    	
              Title:

            	
              Assistant Vice
      President

            
	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	
              By:

            	
              /s/ John
      Marlatt

            
	 
    	 
    	 
    	 
    	
              Name:

            	
              John
      Marlatt

            
	 
    	 
    	 
    	 
    	
              Title:

            	
              Senior Vice
      President

            
	 
    	 
    	 
    	 
    	 
    	 
    

    

     

    
      	 
    	 
    	 
    	 
    	
              ING
      Bank N.V. Dublin Branch, as a Bank and as a Local Currency
      Bank

            
	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	
              By:

            	
              /s/ Emma
      Condon

            
	 
    	 
    	 
    	 
    	
              Name:

            	
              Emma
      Condon

            
	 
    	 
    	 
    	 
    	
              Title:

            	
              Vice
      President

            
	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	
              By:

            	
              /s/ Sean
      Hassett

            
	 
    	 
    	 
    	 
    	
              Name:

            	
              Sean
      Hassett

            
	 
    	 
    	 
    	 
    	
              Title:

            	
              Director

            
	 
    	 
    	 
    	 
    	 
    	 
    

    

     

    
      	 
    	 
    	 
    	 
    	
              U.S.
      Bank National Association, as a Bank

            
	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	
              By:

            	
              /s/ James N.
      DeVries

            
	 
    	 
    	 
    	 
    	
              Name:

            	
              James N.
      DeVries

            
	 
    	 
    	 
    	 
    	
              Title:

            	
              Senior Vice
      President

            
	 
    	 
    	 
    	 
    	 
    	 
    

    

     

    
      	 
    	 
    	 
    	 
    	
              Mellon
      Bank, N.A., as a Bank

            
	 
    	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	
              By:

            	
              /s/ Daniel J.
      Lenckos

            
	 
    	 
    	 
    	 
    	
              Name:

            	
              Daniel J.
      Lenckos

            
	 
    	 
    	 
    	 
    	
              Title:

            	
              First Vice
      Presidentexhibit_10-1.htm

    
 

     

     

     

    
 

    EXHIBIT 10.1

    

    The
Brink’s Company

    Richmond,
Virginia

    

     

     

     

    
 

     

     

     

    
 

    

    

    

    

    

    

    Directors’
Stock Accumulation Plan

    as
Amended and Restated as of September 12, 2008

    

    

    

    

     

     

     

     

     

     

     

     

     

    
 

    

    

    

    

    

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    
      TABLE OF
CONTENTS

       

      
 

      
        	 
      	 
      	
                                              
      Page

              
	
                 

              	
                 

              	
                 

              
	
                PREAMBLE 
      

              	 
      	
                    
          1

              
	 
      	 
      	 
      
	
                ARTICLE I

              	
                DEFINITIONS

              	
                3

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                ARTICLE
      II

              	
                ADMINISTRATION

              	
                7

              
	 
      	 
      	 
      
	 
      	
                SECTION
      1

              	 
      	
                Authorized
      Shares

              	
                7

              
	 
      	 
      	 
      
	 
      	
                SECTION
      2

              	 
      	
                Administration

              	
                7

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                ARTICLE
      III

              	
                PARTICIPATION

              	
                8

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                ARTICLE
      IV

              	
                ALLOCATION

              	
                8

              
	 
      	 
      	 
      
	 
      	
                SECTION
      1

              	 
      	
                Initial
      Allocation

              	
                8

              
	 
      	 
      	 
      
	 
      	
                SECTION
      2

              	 
      	
                Additional
      Allocations

              	
                8

              
	 
      	 
      	 
      
	 
      	
                SECTION 3

              	 
      	
                Conversion
      of Existing Incentive Accounts to Brink's Units

              	
                9

              
	 
      	 
      	 
      
	 
      	
                SECTION
      4

              	 
      	
                Adjustments

              	
                9

              
	 
      	 
      	 
      
	 
      	
                SECTION
      5

              	 
      	
                Dividends
      and Distributions

              	
                9

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                ARTICLE
      V

              	
                DISTRIBUTIONS

              	
                10

              
	 
      	 
      	 
      
	 
      	
                SECTION
      1

              	 
      	
                Entitlement
      to Benefits

              	
                10

              
	 
      	 
      	 
      
	 
      	
                SECTION
      2

              	 
      	
                Distribution
      of Shares

              	
                10

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                ARTICLE
      VI

              	
                DESIGNATION
      OF BENEFICIARY

              	
                12

              

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      
        	 
      	 
      	 
      
	
                ARTICLE
      VII

              	
                MISCELLANEOUS

              	
                14

              
	 
      	 
      	 
      
	 
      	
                SECTION
      1

              	 
      	
                Nontransferability
      of Benefits

              	
                14

              
	 
      	 
      	 
      
	 
      	
                SECTION
      2

              	 
      	
                Limitation
      of Rights of Non-Employee Director

              	
                14

              
	 
      	 
      	 
      
	 
      	
                SECTION
      3

              	 
      	
                Term,
      Amendment and Termination

              	
                14

              
	 
      	 
      	 
      
	 
      	
                SECTION
      4

              	 
      	
                Funding

              	
                15

              
	 
      	 
      	 
      
	 
      	
                SECTION
      5

              	 
      	
                Governing
      Law

              	
                15

              

      

      

      SCHEDULE
A

      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

     

    The Brink’s Company
Directors' Stock Accumulation Plan

    As Amended and Restated as
of September
12, 2008

    

    PREAMBLE

     

     

    The
Brink’s Company Directors' Stock Accumulation Plan, effective June 1, 1996,
is designed to more closely align the interests of non-employee directors to the
long-term interests of The Brink’s Company and its shareholders. The Plan is
intended to replace the Pittston Retirement Plan for Non-Employee Directors
which was terminated as of May 31, 1996, with the consent of the
participants therein, and the benefits accrued thereunder as of May 31,
1996, were transferred to the Plan.

     

    Effective
January 14, 2000, the Plan was amended and restated to reflect the exchange
of .4848 of a share of Brink’s Common Stock for each outstanding share of
Pittston BAX Group Common Stock and .0817 of a share of Brink’s Common Stock for
each outstanding share of Pittston Minerals Group Common Stock.

     

    Effective
May 5, 2003, the Plan was amended and restated to reflect the Company’s name
change from “The Pittston Company” to “The Brink’s Company.”

     

    Effective
March 11, 2004, the Plan was amended and restated to increase the maximum number
of units that may be offered under the Plan, subject to the approval of the
Company’s shareholders, and to provide for a fixed term for the Plan, unless it
is extended by the Company’s shareholders.

     

    Effective January 1, 2005, the Plan was
amended to comply with the provisions of Code Section 409A and the Proposed
Treasury Regulations and other guidance, including transition rules and election
procedures, issued thereunder (together, “Code Section 409A”).

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    

                Effective November
16, 2007 the Program was further amended to clarify certain provisions in
compliance with the Final Treasury Regulations issued under Code Section
409A.  Each provision and term of the amendment should be interpreted
accordingly, but if any provision or term of such amendment would be prohibited
by or be inconsistent with Code Section 409A or would constitute a material
modification to the Plan, then such provision or term shall be deemed to be
reformed to comply with Code Section 409A or be ineffective to the extent it
results in a material modification to the Plan, without affecting the remainder
of such amendment.  The amendments apply solely to amounts allocated
on and after January 1, 2005, plus any amounts allocated prior to January 1,
2005, that are not earned and vested as of such date (plus earnings on such
amounts deferred).  Amounts allocated prior to January 1, 2005, that
are earned and vested as of December 31, 2004, including any earnings on such
amounts credited prior to, and on or after January 1, 2005, shall remain subject
to the terms of the Plan as in effect prior to January 1, 2005.

     

        Effective July 8,
2005, the Plan was amended to provide that all annual allocations to
Non-Employee Directors shall be equal to 50% of the annual retainer then in
effect.

     

        Effective November
16, 2007, the Plan was amended and restated to (i) revise the vesting schedule
set forth in Section 1 of Article V of the Plan and (ii) eliminate the
supplemental allocations to each Non-Employee Director’s Account in connection
with any increases in the annual retainer paid to the Non-Employee
Director.

     

    The Plan
continues to provide a portion of the overall compensation package of
participating directors in the form of deferred stock equivalent units which
will be distributed in the form of Brink’s Common Stock upon the occurrence of
certain events.

    

     

        

    
      
        
           

        

        
          2

          
            

          

        

        
           

        

      

    

    

    ARTICLE I

     

    Definitions

     

     

    Wherever
used in the Plan, the following terms shall have the meanings
indicated:

     

    Account:  The
account maintained by the Company for a Non-Employee Director to document the
amounts credited under the Plan and the Units into which such amounts shall be
converted. Effective January 1, 2005, the Company shall maintain a Pre-2005
Account and a Post-2004 Account for each Non-Employee Director participating in
the Plan.  A Non-Employee Director’s Pre-2005 Account shall document
the amounts allocated under the Plan by the Non-Employee Director and any other
amounts credited hereunder which are earned and vested prior to January 1,
2005.  A Non-Employee Director’s Post-2004 Account shall document the
amounts allocated under the Plan by the Non-Employee Director and any other
amounts credited hereunder on and after January 1, 2005, plus any amounts
allocated or credited prior to January 1, 2005, which are not earned or vested
as of December 31, 2004.  For the avoidance of doubt, all amounts
credited under the Plan to any Non-Employee Director who is a member of the
Board of Directors as of November 16, 2007 shall be deemed to be maintained in a
Post-2004 Account.

     

    BAX Exchange
Ratio:  The ratio whereby .4848 of a share of Brink’s
Stock was exchanged for each outstanding share of BAX Stock on the Exchange
Date.

     

    BAX
Stock:  Prior to the Exchange Date, Pittston BAX Group Common
Stock, par value $1.00 per share.

     

    BAX
Unit:  The equivalent of one share of BAX Stock credited to a
Non-Employee Director's Account.

     

    Board of
Directors:  The board of directors of the Company.

     

    Brink’s
Stock:  The Brink's Company Common Stock, par value $1.00 per
share.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    Brink’s
Unit:  The equivalent of one share of Brink’s Stock credited to
a Non-Employee Director's Account.

     

    Change in
Control:  A Change in Control shall mean the occurrence
of:

    (a) (i)
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 Brink’s
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 Brink’s 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 (ii) any sale,
leases, exchange or other transfer (in one transaction or a series of
transactions) of all or substantially all the assets of the Company; provided, however, that with
respect to any Units (including any dividends or distributions credited with
respect thereto) credited to a Non-Employee Director under this Plan as of
November 16, 2007, a “Change in Control” shall be deemed to occur upon the
approval of the shareholders of the Company (or if such approval is not
required, the approval of the Board of Directors) of any of the
transactions set forth in clauses (i) or (ii) of this sub-paragraph
(a);

     

    (b) any
"person" (as defined in Section 13(d) of the Securities Exchange Act of 1934, as
amended (the "Act") 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

    

     

    
       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

    

    

    (c) at
any time during a period of two consecutive years, individuals who at the
beginning of such period constituted the Board of Directors shall cease for any
reason to constitute at least a majority thereof, unless the election by the
Company's shareholders of each new director during such two-year period was
approved by a vote of at least two-thirds of the directors then still in office
who were directors at the beginning of such two-year period.

     

    Committee:  The
Administrative Committee of the Company.

     

    Company:  The
Brink’s Company.

     

    Disability:  The
Non-Employee Director is unable to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment which can be
expected to result in death or can be expected to last for a continuous period
of not less than 12 months.

     

    Effective
Date:  June 1, 1996.

     

    Exchange:  The
exchange of Brink’s Stock for outstanding shares of BAX Stock and Minerals Stock
as of the Exchange Date.

     

    Exchange
Date:  January 14, 2000, the date as of which the Exchange
occurred.

     

    Initial
Allocation:  The amount set forth in
Schedule A.

     

    Minerals Exchange
Ratio:  The ratio whereby .0817 of a share of Brink’s Stock was
exchanged for each outstanding share of Minerals Stock on the Exchange
Date.

     

    Minerals
Stock:  Prior to the Exchange Date, Pittston Minerals Group
Common Stock, par value $1.00 per share.

     

    Minerals
Unit:  The equivalent of one share of Minerals Stock credited
to a Non-Employee Director's Account.

    

    
      
        
           

        

        
          5

          
            

          

        

        
           

        

      

    

    

    Non-Employee
Director:  Any member of the Board of Directors who is not an
employee of the Company or a Subsidiary.

     

    Plan:  The
Brink’s Company Directors' Stock Accumulation Plan as set forth herein and as
amended from time to time.

     

    Shares:  On
and after January 19, 1996, and prior to the Exchange Date, Brink’s Stock, BAX
Stock or Minerals Stock, as the case may be and on and after the Exchange Date,
Brink’s Stock.

     

    Subsidiary:  Any
corporation, whether or not incorporated in the United States of America, more
than 80% of the outstanding voting stock of which is owned by the Company, by
the Company and one or more subsidiaries or by one or more
subsidiaries.

     

    Unit:  On
and after January 19, 1996, and prior to the Exchange Date, a Brink’s Unit, BAX
Unit or Minerals Unit, as the case may be, and on and after the Exchange Date, a
Brink’s Unit.

     

    Year of
Service:  Each consecutive 12-month period of service as a
Non-Employee Director, commencing on the date that a Non-Employee Director
commences service on the Board of Directors, including periods prior to the
Effective Date.  Years of Service prior to the Effective Date shall be
rounded to the nearest year.

     

     

     

    ARTICLE
II

     

    Administration

     

     

    SECTION
1.  Authorized
Shares.  The maximum number of Units that may be credited
hereunder from and after May 7, 2004 is 109,654 Brink’s Units.  The
number of Shares that may be issued or otherwise distributed hereunder will be
equal to the number of Units that may be credited hereunder.

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    In the
event of any change in the number of shares of Brink’s Stock outstanding by
reason of any stock split, stock dividend, recapitalization, merger,
consolidation, reorganization, combination, or exchange of shares, split-up,
split-off, spin-off, liquidation or other similar change in capitalization, any
distribution to common shareholders other than cash dividends, a corresponding
adjustment shall be made to the number of shares that may be deemed issued under
the Plan by the Committee.  Such adjustment shall be conclusive and
binding for all purposes of the Plan.

     

    SECTION
2.  Administration.  The
Committee is authorized to construe the provisions of the Plan and to make all
determinations in connection with the administration of the Plan.  All
such determinations made by the Committee shall be final, conclusive and binding
on all parties, including Non-Employee Directors participating in the
Plan.

     

    All
authority of the Committee provided for in, or pursuant to, this Plan, may also
be exercised by the Board of Directors.  In the event of any conflict or
inconsistency between determinations, orders, resolutions or other actions of
the Committee and the Board of Directors taken in connection with this Plan, the
actions of the Board of Directors shall control.

     

     

    ARTICLE
III

     

    Participation

     

     

    Each
Non-Employee Director on the Effective Date shall be eligible to participate in
the Plan on such date.  Thereafter, each Non-Employee Director shall
be eligible to participate as of the date on which he becomes a Non-Employee
Director.

    

    

    
      
        
           

        

        
          7

          
            

          

        

        
           

        

      

    

    

    ARTICLE
IV

     

    Allocations

     

     

    SECTION
1.  Initial
Allocation.  As of
the Effective Date, an amount equal to the Initial Allocation was credited to
his or her Account.  The amount of each Non-Employee Director's
Initial Allocation was converted into Units in the following
proportions:  50% was converted into Brink’s Units, 30% was converted
into BAX Units and 20% was converted into Minerals Units.  The Units
were credited to each Non-Employee Director's Account as of June 3,
1996.  The number (computed to the second decimal place) of Units so
credited was determined by dividing the portion of the Initial Allocation for
each Non-Employee Director to be allocated to each class of Units by the average
of the high and low per share quoted sale prices of Brink’s Stock, BAX Stock or
Minerals Stock, as the case may be, as reported on the New York Stock
Exchange Composite Transaction Tape on June 3, 1996.

     

    SECTION
2.  Additional
Allocations.  As of each June 1, each Non-Employee
Director (including Non-Employee Directors elected to the Board of Directors
after the Effective Date) shall be entitled to an additional allocation to his
or her Account (which allocation shall be in addition to any retainer fees paid
in cash) equal to 50% of the annual retainer in effect for such Non-Employee
Director on such June 1.  For each calendar year after 1999, such
additional allocations shall be converted on the first trading day in June into
Brink’s Units.  The number (computed to the second decimal place) of
Brink’s Units so credited shall be determined by dividing the amount of the
additional allocation for each Non-Employee Director for the year by the average
of the high and low per share quoted sale prices of Brink’s Stock, as reported
on the New York Stock Exchange Composite Transaction Tape on the first trading
date in June.

    

    
      
        
           

        

        
          8

          
            

          

        

        
           

        

      

    

    

    SECTION
3.  Conversion of Existing
Incentive Accounts to Brink’s Units.  As of
the Exchange Date, all BAX Units and Minerals Units in a Non-Employee Director's
Account were converted into Brink’s Units by multiplying the number of BAX Units
and Minerals Units in the Non-Employee Director's Account by the BAX Exchange
Ratio or the Minerals Exchange Ratio, respectively.

     

    SECTION
4.  Adjustments. The
Committee shall determine such equitable adjustments in the Units credited to
each Account as may be appropriate to reflect any stock split, stock dividend,
recapitalization, merger, consolidation, reorganization, combination, or
exchange of shares, split-up, split-off, spin-off, liquidation or other similar
change in capitalization, or any distribution to common shareholders other than
cash dividends.

     

    SECTION
5.  Dividends and
Distributions.  Whenever a cash dividend or any other
distribution is paid with respect to shares of Brink’s Stock, the Account of
each Non-Employee Director will be credited with an additional number of Brink’s
Units, equal to the number of shares of Brink’s Stock including fractional
shares (computed to the second decimal place), that could have been purchased
had such dividend or other distribution been paid to the Account on the payment
date for such dividend or distribution based on the number of Shares giving rise
to the dividend or distribution represented by Units in such Account as of such
date and assuming the amount of such dividend or value of such distribution had
been used to acquire additional Brink’s Units.  Such additional Units
shall be deemed to be purchased at the average of the high and low per share
quoted sale prices or the closing per share quoted sale price, if the Committee
so determines, of Brink’s Stock, as reported on the New York Stock Exchange
Composite Transaction Tape on the payment date for the dividend or other
distribution.  The value of any distribution will be determined by the
Committee.

     

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    ARTICLE
V

     

    Distributions

     

     

    SECTION
1.  Entitlement to
Benefits.  Each Non-Employee Director who received an Initial
Allocation of Units pursuant to Section 1 of Article IV of the Plan shall be
fully vested with respect to such Units (including any dividends or
distributions credited with respect thereto pursuant to Section 5 of Article IV
of the Plan).  Each Non-Employee Director who receives an allocation
of Units pursuant to Section 2 of Article IV of the Plan shall be fully vested
with respect to each such allocation of Units (including any dividends or
distributions credited with respect thereto pursuant to Section 5 of Article IV
of the Plan) on the one year anniversary of each respective allocation of Units,
or, if earlier, upon the Non-Employee Director’s termination of service or a
Change in Control.

     

    SECTION
2.  Distribution of
Shares.  Effective with respect to distributions from a
Non-Employee Director’s Pre-2005 Account, each Non-Employee Director who is
entitled to a distribution of Shares pursuant to Section 1 of this
Article V shall receive a distribution in Brink’s Stock, in respect of all
Brink’s Units standing to the credit of such Non-Employee Director's Account, in
a single lump-sum distribution as soon as practicable following his or her
termination of service as a Non-Employee Director; provided, however, that a
Non-Employee Director may elect, at least 12 months prior to his or her
termination of service, to receive distribution of the Shares represented by the
Units credited to his or her Account in substantially equal annual installments
(not more than 10) commencing on the first day of the month next following the
date of his or her termination of service (whether by death, disability,
retirement or otherwise) or as promptly as practicable
thereafter.  Such Non-Employee Director may at any

    

    
      
        
           

        

        
          10

          
            

          

        

        
           

        

      

    

    

    time
elect to change the manner of such payment, provided that any such election is
made at least 12 months in advance of his or her termination of service as a
Non-Employee Director.

     

    Effective with respect to distributions
from a Non-Employee Director’s Post-2004 Account, each Non-Employee Director
shall receive a distribution of such Account in Brink’s Stock in respect of all
Brink’s Units standing to the credit of such Non-Employee Director’s Account in
a single-lump sum distribution within 75 days following his or her termination
of service as a Non-Employee Director.  A Non-Employee Director may
elect, at least 12 months prior to his or her termination of service, to receive
a distribution of the Shares represented by the Units credited to his or her
Account in equal annual installments (not more than ten) commencing not earlier
than the last day of the month next following the fifth anniversary of the date
of his or her termination of service (whether by death, Disability, retirement
or otherwise) or as promptly as practicable thereafter.

     

    The
number of shares of Brink’s Stock to be included in each installment payment
shall be determined by multiplying the number of Brink’s Units in the
Non-Employee Director's Account (including any dividends or distributions
credited to such Account pursuant to Section 5 of Article IV of the
Plan whether before or after the initial installment payment date) as of the lst
day of the month preceding the initial installment payment and as of each
succeeding anniversary of such date by a fraction, the numerator or which is one
and the denominator of which is the number of remaining installments (including
the current installment).

     

    Any
fractional Units shall be converted to cash based on the average of the high and
low per share quoted sale prices of the Brink’s Stock as reported on the New
York Stock Exchange Composite Transaction Tape, on the last trading day of the
month preceding the month of distribution and shall be paid in
cash.

     

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    ARTICLE
VI

     

    Designation of
Beneficiary

     

     

    A
Non-Employee Director may designate in a written election filed with the
Committee a beneficiary or beneficiaries (which may be an entity other than a
natural person) to receive all distributions and payments under the Plan after
the Non-Employee Director's death.  Any such designation may be
revoked, and a new election may be made, at any time and from time to time, by
the Non-Employee Director without the consent of any beneficiary.  If
the Non-Employee Director designates more than one beneficiary, any
distributions and payments to such beneficiaries shall be made in equal
percentages unless the Non-Employee Director has designated otherwise, in which
case the distributions and payments shall be made in the percentages designated
by the Non-Employee Director within 75 days following the date of
death.  If no beneficiary has been named by the Non-Employee Director
or no beneficiary survives the Non-Employee Director, the remaining Shares
(including fractional Shares) in the Non-Employee Director's Account shall be
distributed or paid in a single sum to the Non-Employee Director's estate within
75 days following the date of death.  In the event of a beneficiary's
death, the remaining installments will be paid to a contingent beneficiary, if
any, designated by the Non-Employee Director or, in the absence of a surviving
contingent beneficiary, the remaining Shares (including fractional Shares) shall
be distributed or paid to the primary beneficiary's estate in a single
distribution within 75 days following the date of the primary beneficiary’s
death.  All distributions shall be made in Shares except that
fractional shares shall be paid in cash.

    

    

    
      
        
           

        

        
          12

          
            

          

        

        
           

        

      

    

    

    ARTICLE
VII

     

    Miscellaneous

     

     

    SECTION
1.  Nontransferability of
Benefits.  Except as provided in Article VI, Units
credited to an Account shall not be transferable by a Non-Employee Director or
former Non-Employee Director (or his or her beneficiaries) other than by will or
the laws of descent and distribution or pursuant to a domestic relations
order.  No Non-Employee Director, no person claiming through a
Non-Employee Director, nor any other person shall have any right or interest
under the Plan, or in its continuance, in the payment of any amount or
distribution of any Shares under the Plan, unless and until all the provisions
of the Plan, any determination made by the Committee thereunder, and any
restrictions and limitations on the payment itself have been fully complied
with.  Except as provided in this Section 1, no rights under the
Plan, contingent or otherwise, shall be transferable, assignable or subject to
any pledge or encumbrance of any nature, nor shall the Company or any of its
Subsidiaries be obligated, except as otherwise required by law, to recognize or
give effect to any such transfer, assignment, pledge or
encumbrance.

     

    SECTION
2.  Limitation on Rights of
Non-Employee Director.  Nothing in this Plan shall confer upon
any Non-Employee Director the right to be nominated for reelection to the Board
of Directors.  The right of a Non-Employee Director to receive any
Shares shall be no greater than the right of any unsecured general creditor of
the Company.

     

    SECTION
3.  Term,
Amendment and Termination.

    (a)           The
Plan shall terminate on May 15, 2014, unless the Company’s shareholders approve
its extension.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    (b)           The
Corporate Governance and Nominating Committee of the Board of Directors may from
time to time amend any of the provisions of the Plan, or may at any time
terminate the Plan; provided, however, that the
allocation formulas included in Article IV may not be amended more than
once in any six-month period.  No amendment or termination shall
adversely affect any Units (or distributions in respect thereof) which shall
theretofore have been credited to any Non-Employee Director's Account without
the prior written consent of the Non-Employee Director.

     

    SECTION
4.  Funding.  The
Plan shall be unfunded.  Shares shall be acquired (a) from the
trustee under the Employee Benefits Trust Agreement made December 7, 1992,
as amended from time to time, (b) by purchases on the New York Stock
Exchange or (c) in such other manner, including acquisition of Brink’s
Stock, otherwise than on said Exchange, at such prices, in such amounts and at
such times as the Company in its sole discretion may determine.

     

    SECTION
5.  Governing
Law.  The Plan and all provisions thereof shall be construed
and administered according to the laws of the Commonwealth of
Virginia.

    

    
      
        
           

        

        
          14

          
            

          

        

        
           

        

      

    

    

    Schedule
A

    

    The Initial Allocation for each
Non-Employee Director shall be the amount set forth in a report prepared by
Foster Higgins dated February 7, 1996.

    

    

    
      
        
           

        

        
          15

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