Document:

Exhibit

EXHIBIT 10.49

SEVERANCE PAY PLAN OF THE BRINK’S COMPANY 
This is the Severance Pay Plan of The Brink’s Company (this “Plan”), as approved by the Compensation and Benefits Committee (the “Committee”) of the Board of Directors of The Brink’s Company effective as of November 13, 2015 (the “Effective Date”) and amended by the Committee on October 4, 2018.  This Plan explains whether an employee is eligible to receive severance benefits hereunder, and if so, how benefits shall be calculated and paid.  This Plan became effective on the Effective Date through action of the Committee on the Effective Date.
The adoption and continuation of this Plan are voluntary on the part of the Company and are not intended to create any contract of employment.  This Plan shall continue in effect until terminated by the Committee pursuant to the terms and conditions of Section 6. 
SECTION 1 
PURPOSE OF THE PLAN
The purpose of this Plan is to provide financial assistance to employees whose termination is described within the terms and conditions of this Plan.  The benefits of this Plan are designed to help terminated Participants economically during the period immediately following termination.  It is not intended to imply that severance benefits will be offered to any employee whose employment is terminated by voluntary resignation without Good Reason (as defined below), for Cause (as defined below) or for any other circumstance of termination other than as specifically described herein.
SECTION 2     
DEFINITIONS
As used in this Plan, the following terms, when capitalized, shall have the meanings given below: 
2.1    “Annual Base Salary” means an applicable Participant’s annualized base salary on the Termination Date without regard to commissions, overtime or bonus (unless specifically stated otherwise). 
2.2    “Annual Incentive” means an applicable Participant’s annual incentive under the Annual Incentive Plan for the year in which the Termination Date occurs.
2.3    “Annual Incentive Plan” means the annual incentive plan of the Company or its Subsidiaries in which an applicable Participant participates as of Termination Date.
2.4    “Cause” means (a) embezzlement, theft or misappropriation by the Participant of any property of the Company or its Subsidiaries, (b) the Participant’s willful breach of any fiduciary duty to the Company or its Subsidiaries, (c) the Participant’s willful failure or refusal to comply with laws or regulations applicable to the Company or its Subsidiaries and its business or the policies of the Company or its Subsidiaries governing the conduct of its employees, (d) the Participant’s gross incompetence in the performance of the Participant’s job duties, 

    

(e) commission by the Participant of a felony or of any crime involving moral turpitude, fraud or misrepresentation, (f) the failure of the Participant to perform duties consistent with a commercially reasonable standard of care or (g) any gross negligence or willful misconduct of the Participant resulting in a loss to the Company or its Subsidiaries. 
2.5    “Code” means the Internal Revenue Code of 1986, as amended, and any Treasury regulations promulgated or other Treasury guidance thereunder.
2.6    “Company” means The Brink’s Company (and any predecessor, successor or assign). 
2.7    “Good Reason” means, in the case of a Tier 1 or Tier 2 Participant, any of the following events, without the Participant’s express written consent, that is not cured by the Company or its Subsidiaries within 30 days after written notice thereof from the Participant to the Company or its Subsidiaries, which written notice must be provided within 90 days of the occurrence of the event:  (a) a material reduction in the Participant’s annual base salary or target annual incentive opportunity (other than in connection with a reduction that applies to employees of the Company and its Subsidiaries generally) or (b) the relocation of the Participant’s primary place of employment to a location that (I) is not within 35 miles of the Participant’s primary place of employment  on the date he or she became a Participant and (II) increases the Participant’s commuting distance from his or her primary residence by more than 35 miles; provided, however, that clause (b) shall not apply in connection with a relocation of the corporate headquarters of the Company.  If any such event is not cured by the Company or its Subsidiaries during the 30-day cure period, the Participant must terminate employment within the 30-day period immediately thereafter in order to experience a Qualifying Termination in connection with such event.
2.8    “Health Care Continuation Period” has the meaning given in Section 4.1(d).  
2.9    “Incapacity” means any physical or mental illness or disability of the Participant which continues for a period of six consecutive months or more and which immediately thereafter renders the Participant incapable of performing his or her duties.
2.10    “Officer” means an employee of the Company who has been designated an “officer” by the Committee in accordance with Rule 3b-7 under the Securities Exchange Act of 1934.
2.11    “Participant” has the meaning given in Section 3.1.  
2.12    “Plan Administrator” has the meaning given in Section 5.  
2.13    “Qualifying Termination” has the meaning given in Section 3.2.  
2.14    “Release” has the meaning given in Section 3.3.  
2.15    “Severance Payment” has the meaning given in Section 4.1(b).

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2.16    “Subsidiary” means any corporation, partnership, joint venture, limited liability company or other entity during any period in which at least a 50% voting or profits interest is owned, directly or indirectly, by the Company or any successor to the Company.
2.17    “Termination Date” means the date on which the Participant’s employment is terminated by the Company or its Subsidiaries.
2.18    “Weekly Base Salary” means an applicable Participant’s Annual Base Salary divided by 52.
2.19    “Years of Service” means the number of full, completed years in which a Participant has been employed with the Company or its Subsidiaries, beginning with the last date of hire with the Company or its Subsidiaries and ending on the Participant’s Termination Date.  For purposes of determining a Participant’s Years of Service, the Participant shall be credited with service for a period of absence on account of military service to the extent required by law. 
SECTION 3     
PARTICIPATION
3.1    Eligibility.  This Plan shall apply to employees of the Company or its Subsidiaries who are selected for participation by either the Committee or, in the case of employees who are not Officers or whose compensation arrangements are not otherwise within the purview of the Committee, in accordance with its charter, by the Chief Executive Officer of the Company.  Any such employee selected for participation shall be a “Participant.”  The designation of an employee as a Participant may be revoked by the Committee (as to Participants who are Officers) or the Chief Executive Officer of the Company (as to Participants who are not Officers or whose compensation arrangements are not otherwise within the purview of the Committee, in accordance with its charter) on not less than 12 months’ prior written notice to the Participant. Each Participant shall receive a written “Notification of Severance Pay Participation” substantially in the form attached as Exhibit A.  The Chief Executive Officer of the Company shall promptly notify the Committee of any employees he or she selects as Participants or whose Participant status he or she revokes.
3.2    Qualifying Termination.  Subject to Sections 3.3 and 3.4, a Participant whose employment is (a) involuntarily terminated by the Company or its Subsidiaries without Cause other than by reason of the Participant’s Incapacity or (b) in the case of a Tier 1 or Tier 2 Participant, terminated by the Participant for Good Reason (either of clauses (a) or (b), a “Qualifying Termination”) shall be entitled to the compensation and benefits contemplated by Section 4.
3.3    Exceptions.  Notwithstanding Section 3.2, a Qualifying Termination shall not include (a) a termination of employment with the Company or its Subsidiaries due to a sale of assets (including a subsidiary) by the Company or its Subsidiaries, as to a Participant who either remains employed with the sold entity immediately following such transaction or is offered employment by the acquirer to commence immediately following such transaction, in each case (i) with a base salary and target incentive opportunity not materially less favorable than applied 

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to the Participant immediately prior to such transaction and (ii) at a location that is within 35 miles of the Participant’s primary place of employment  on the date he or she became a Participant and that does not increase the Participant’s commuting distance from his  or her primary residence by more than 35 miles, or (b) the termination of a Participant’s employment under circumstances that entitle the Participant to compensation and benefits under another severance plan or arrangement of the Company or its Subsidiaries that provides for compensation and benefits that are greater than those payable under the Plan, including under the Participant’s Change in Control Agreement with the Company or its Subsidiaries.
3.4    Release Requirement.  As a condition of receiving any benefits pursuant to this Plan (other than the Accrued Obligations), a Participant must execute a Separation and Release Agreement substantially in the form attached as Exhibit B (the “Release”).  No payment shall be made to a Participant under this Plan unless the Participant signs and returns to the Company the Release within the period specified therein (which period shall in no event expire more than 52 days following the Termination Date), and does not thereafter revoke the Release. 
SECTION 4     
BENEFITS
4.1    Amount and Payment of Benefit.  Upon a Qualifying Termination, subject to the terms and conditions of this Plan, a Participant shall be entitled to the following payments and benefits:
(a)    Accrued Obligations.  A cash payment, which shall be paid in a lump sum on the first payroll date following the Termination Date, equal to the sum of (i) the Participant’s Annual Base Salary through the Termination Date to the extent not theretofore paid, (ii) any bonus or incentive compensation for which payment has been approved in accordance with the terms of the applicable arrangement but not made as of the Termination Date and (iii) any accrued vacation pay, in each case to the extent not theretofore paid (the amounts contemplated by clauses (i), (ii)  and (iii), the “Accrued Obligations”).  The Accrued Obligations shall be due without regard to whether the Participant has executed and not revoked the Release.
(b)    Cash Severance.  A cash severance payment (the “Severance Payment”), which shall be paid in a lump sum within 60 days following the Termination Date, equal to:
(i)    Tier 1 Participants.  The product of (x) 1.5 multiplied by (y) the sum of the Participant’s Annual Base Salary and target Annual Incentive opportunity for the year in which the Termination Date occurs (or, if no such target Annual Incentive Opportunity has been set as of the Termination Date, the target Annual Incentive Opportunity for the immediately preceding year);
(ii)    Tier 2 Participants.  The product of (x) 1.0 multiplied by (y) the sum of the Participant’s Annual Base Salary and target Annual Incentive opportunity (or, if no such target Annual Incentive Opportunity has been set as of the Termination Date, the target Annual Incentive Opportunity for the immediately preceding year);

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(iii)    Tier 3 Participants.  The product of (x) 2.0, multiplied by (y) the Participant’s Years of Service multiplied by (z) the Participant’s Weekly Base Salary; provided, however, the minimum Severance Payment shall be equal to 26 weeks of the Participant’s Weekly Base Salary, and the maximum Severance Payment shall be equal to 52 weeks of the Participant’s Weekly Base Salary.
(c)    Prorated Annual Incentive.  If the Participant has been employed by the Company or its Subsidiaries for at least six months of the performance year of the Annual Incentive Plan in which the Termination Date occurs, an amount equal to the Participant’s Annual Incentive determined in accordance with the Annual Incentive Plan in a manner consistent with that applicable to other participants in the Annual Incentive Plan generally (provided that any individual performance modifier thereunder (if applicable) shall be deemed satisfied at 100%) multiplied by a fraction, (i) the numerator of which is the number of completed months elapsed in the performance year of the Annual Incentive Plan as of the Termination Date, and (ii) the denominator of which is 12, which  shall be paid at the same time that incentives are paid to other participants in the Annual Incentive Plan generally in respect of the applicable performance year, but in no event after March 15 of the year following the year in which the Termination Date occurs (subject to any deferral elections that the Participant may have made with respect to such compensation).
(d)    Health Care Benefits.  If the Participant elects continued medical and dental benefit coverage pursuant to Section 4980B(f) of the Code, then until the earlier of (i) (A) for Tier 1 Participants, the 18-month anniversary of the Termination Date, (B) for Tier 2 Participants, the 12-month anniversary of the Termination Date and (C) for Tier 3 Participants, the number of weeks following the Termination Date equal to the number of weeks of Weekly Base Salary as to which cash severance is paid under Section 4.1(b)(iii), and (ii) such time as the Participant becomes eligible to receive medical and dental benefits under another employer-provided plan (such period, the “Health Care Continuation Period”), the Company or its Subsidiaries shall reimburse the Participant for premiums associated with such coverage in an amount equal to the premiums that the Company or its Subsidiaries would have paid in respect of such coverage had the Participant’s employment continued during such period; provided, however, such benefits shall be reported by the Company or its Subsidiaries as taxable income to the Participant to the extent reasonably determined by the Company or its Subsidiaries to be necessary to avoid such benefits from being considered to have been provided under a discriminatory self-insured medical reimbursement plan pursuant to Section 105(h) of the Code.
(e)    Equity Awards.  Any unvested compensatory awards denominated in shares of common stock of the Company that are held by the Participant as of the Termination Date (excluding any one-off, make-whole awards, special retention awards or other awards that were not granted in connection with the Company’s ordinary long-term incentive award grant cycle) shall be eligible for continued vesting, to the same extent as if the Participant had remained employed by the Company or its Subsidiaries, until the first anniversary of the Termination Date, provided that any performance-based vesting conditions applicable to such an award shall be deemed achieved based on the lower of target and actual performance as of the vesting date.  

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Except as expressly provided herein, such compensatory awards shall continue to be governed by the terms of the applicable benefit plan and related award agreement.
(f)    Outplacement Services.  The Company or its Subsidiaries shall, at its sole expense as incurred, provide the Participant with reasonable outplacement services during the Health Care Continuation Period, the provider and scope of which shall be selected by the Company or its Subsidiaries in its sole discretion.
4.2    Funding.  The Company or its Subsidiaries shall pay benefits from its general assets.  No specific amount shall be set aside in advance for this purpose.  Participants shall be unsecured general creditors of the Company or its Subsidiaries for purposes of benefits due hereunder.  
4.3    No Mitigation; No Offset.  In no event shall a Participant be obligated to take any action by way of mitigation of the amounts payable to such Participant under any of the provisions of this Plan and, other than as explicitly stated herein, amounts payable or to be provided under this Plan shall not be offset by amounts earned from another employer or otherwise.
4.4    Continued Eligibility to Participate in Company Plans.  Nothing in this Plan shall prevent or limit a Participant’s continuing or future participation in any plan, program, policy or practice provided by the Company or its Subsidiaries, nor shall anything herein limit or otherwise affect such rights as a Participant may have under any other contract or agreement with the Company or its Subsidiaries.  Amounts that are vested benefits or that a Participant or a Participant’s dependents are otherwise entitled to receive under any plan, policy, practice, program, agreement or arrangement of the Company or its Subsidiaries shall be payable in accordance with such plan, policy, practice, program, agreement or arrangement.
4.5    Tax Withholding.  The Company or its Subsidiaries shall be entitled to withhold from the benefits and payments described herein all income and employment taxes required to be withheld by applicable law.
SECTION 5     
ADMINISTRATION
5.1    Administrator and Named Fiduciary.  The Committee may appoint a committee, which shall be known as the “Administrative Committee,” to carry out the Plan Administrator’s responsibilities under this Plan, and the term “Plan Administrator” as used in this Plan shall mean the Administrative Committee.  If the Committee does not appoint an Administrative Committee, the Committee shall be the Plan Administrator for all purposes.  Notwithstanding the foregoing, the Committee shall serve as the Plan Administrator with respect to Participants who are Officers or whose compensation arrangements are within the purview of the Committee, in accordance with its charter.  The Plan Administrator shall have authority to control and manage the operation and administration of this Plan.  The Plan Administrator may adopt such rules and regulations and may make such decisions as it deems necessary or desirable for the proper administration of this Plan.  

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5.2    Administrative Discretion.  The Committee and the Plan Administrator shall have the discretion to make findings of fact needed in the administration of this Plan and shall have the discretion to interpret or construe any ambiguous, unclear or implied terms in any fashion it, in its sole and reasonable discretion, deems appropriate.
SECTION 6     
AMENDMENT AND TERMINATION OF PLAN 
The Committee reserves the right to amend or terminate this Plan at any time, in whole or in part, with respect to any Participant who has not experienced a Qualifying Termination as of the effective date of such amendment or termination.  Notwithstanding the foregoing, any termination of this Plan, and amendment of this Plan that reduces in any manner the payments or benefits which are provided to any Participant upon a Qualifying Termination, or in any manner narrows the conditions under which a Qualifying Termination will be determined to have occurred, or in any other manner reduces the protections provided to Participants hereunder, shall not be effective until at least 12 months following approval by the Committee without the written approval of each affected Participant.
SECTION 7     
GENERAL PROVISIONS 
7.1    Not an Employment Contract.  Neither this Plan nor any action taken with respect to it shall confer upon any person the right to continued employment with the Company or its Subsidiaries.
7.2    Not Subject to ERISA.  This Plan does not require an ongoing administrative scheme and, therefore, is intended to be a payroll practice which is not subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).  However, if it is determined that the Plan is subject to ERISA, (i) it shall be considered to be an unfunded plan maintained by the Company primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees (a “top-hat plan”), and (ii) it shall be administered in a manner which complies which those provisions of ERISA which are applicable to top-hat plans.
7.3    Other Employee Benefit Plans.  The provisions of this Plan shall be construed and applied independently of any other benefit plan the Company or its Subsidiaries may provide to its employees.  Benefits received under this Plan shall not be counted as wages or compensation for pension or other retirement benefits of the Company or its Subsidiaries.  
7.4    Inability to Locate Payee.  If the Plan Administrator is unable to make payments to any Participant or other person to whom a payment may be due under the Plan because he or she cannot ascertain the identity or whereabouts of such Participant or other person after reasonable efforts have been made to identify or locate such person (including a notice of the payment so due mailed to the last know address of such Participant or other person as shown on the records of the Company or its Subsidiaries), any obligation the Company or its Subsidiaries may have had under this Plan shall cease 12 months after the Participant’s Termination Date.  

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7.5    Non-Assignability.  This Plan, and the rights, interest and benefits receivable hereunder shall not be assigned, transferred, pledged, sold, conveyed or encumbered in any way by a Participant and shall not be subject to execution, attachment or similar process.  Any attempted sale, conveyance, transfer, assignment, pledge or encumbrance of any rights, interest or benefit receivable under this Plan by a Participant, contrary to the foregoing provisions, or the levy of any attachment or similar process thereupon, shall be null and void and without effect.  
7.6    Headings.  The Section headings contained herein are for convenience of reference only, and shall not be construed as defining or limiting the matter contained thereunder.  
7.7    Governing Law.  To the extent this Plan is not governed by federal law, the validity, interpretation, construction and performance of this Plan shall be governed by the laws of the Commonwealth of Virginia without reference to principles of conflict of laws.
7.8    Severability.  If any provision of the Plan is held invalid or unenforceable, its invalidity or unenforceability shall not affect any other provisions of the Plan, and the Plan shall be construed and enforced as if such provision had not been included in the Plan.  
7.9    Section 409A of the Code.
(a)    General.  It is intended that payments and benefits made or provided under this Plan shall not result in penalty taxes or accelerated taxation pursuant to Section 409A of the Code.  Any payments that qualify for the “short-term deferral” exception, the separation pay exception or another exception under Section 409A of the Code shall be paid under the applicable exception.  For purposes of the limitations on nonqualified deferred compensation under Section 409A of the Code, each payment of compensation under this Plan shall be treated as a separate payment of compensation for purposes of applying the exclusion under Section 409A of the Code for short-term deferral amounts, the separation pay exception or any other exception or exclusion under Section 409A of the Code.  All payments to be made upon a termination of employment under this Plan may only be made upon a “separation from service” under Section 409A of the Code to the extent necessary in order to avoid the imposition of penalty taxes on a Participant pursuant to Section 409A of the Code.  In no event may a Participant, directly or indirectly, designate the calendar year of any payment under this Plan.  
(b)    Reimbursements and In-Kind Benefits.  Notwithstanding anything to the contrary in this Plan, all reimbursements and in-kind benefits provided under this Plan that are subject to Section 409A of the Code shall be made in accordance with the requirements of Section 409A of the Code, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during a Participant’s lifetime (or during a shorter period of time specified in this Plan); (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year; (iii) the reimbursement of an eligible expense shall be made no later than the last day of the calendar year following the year in which the expense is incurred; and (iv) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.  

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(c)    Delay of Payments.  Notwithstanding any other provision of this Plan to the contrary, if a Participant is considered a “specified employee” for purposes of Section 409A of the Code (as determined in accordance with the methodology established by the Company as in effect on the Termination Date), any payment that constitutes nonqualified deferred compensation within the meaning of Section 409A of the Code that is otherwise due to such Participant under this Agreement during the six-month period immediately following such Participant’s separation from service (as determined in accordance with Section 409A of the Code) on account of such Participant’s separation from service shall be accumulated and paid to such Participant on the first business day of the seventh month following his separation from service (the “Delayed Payment Date”), to the extent necessary to avoid penalty taxes or accelerated taxation pursuant to Section 409A of the Code.  If such Participant dies during the postponement period, the amounts and entitlements delayed on account of Section 409A of the Code shall be paid to the personal representative of his estate on the first to occur of the Delayed Payment Date or 30 calendar days after the date of such Participant’s death. 
7.10    Successors and Assigns.  This Plan shall inure to the benefit of and be binding upon the Company and its successors.  The Company shall require any corporation, entity, individual or other Person who is the successor (whether direct or indirect by purchase, merger, consolidation, reorganization or otherwise) to all or substantially all the business and/or assets of the Company to expressly assume and agree to perform, by a written agreement in form and in substance satisfactory to the Company, all of the obligations of the Company under this Plan.  As used in this Plan, the term “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid that assumes and agrees to perform this Plan by operation of law, written agreement or otherwise.  It is a condition of this Plan, and all rights of each Participant to receive benefits under this Plan shall be subject hereto, that no right or interest of any such person in this Plan shall be assignable or transferable in whole or in part, except by operation of law, including, but not limited to, lawful execution, levy, garnishment, attachment, pledge, bankruptcy, alimony, child support or qualified domestic relations order. 
[Exhibits Follow]

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EXHIBIT A
[BRINK’S LETTERHEAD]
NOTIFICATION OF SEVERANCE PAY PLAN PARTICIPATION
This is to advise the person identified as the “Participant” below that he or she has been selected to participate in the Severance Pay Plan of The Brink’s Company (the “Plan”), at the Tier level noted below.  A copy of the Plan is attached.
THE BRINK’S COMPANY
By:________________________
Title:_______________________
Date:_______________________

NAME OF PARTICIPANT
____________________________
Tier: ________________________

EXHIBIT B
SEPARATION AND RELEASE AGREEMENT
This Separation and Release Agreement (“Agreement”) is made by and between [name of employee] (“Participant”) and The Brink’s Company (the “Company”).  Participant is a participant in the Severance Pay Plan of The Brink’s Company (the “Severance Plan”), and has experienced a Qualifying Termination (as defined in and pursuant to the Severance Plan).  In consideration of the mutual covenants, undertakings, and consideration set forth herein, Participant and the Company hereby agree as follows:
1.Participant and the Company mutually agree that Participant’s employment with the Company was terminated effective as of [insert date] (the “Termination Date”).  It is understood and agreed that after the Termination Date, the Company owes no duty or obligation to Participant other than those set forth in this Agreement and, except as set forth in this Agreement, Participant’s participation in any and all employee benefit plans of the Company will cease as of the Termination Date, to the extent permitted by law. 
2.Participant will receive the Accrued Obligations (as defined in the Severance Plan) in accordance with the terms set forth in the Severance Plan and any unpaid expense account items due to Participant under the Company’s regular expense account policies. 
3.In addition to whatever payments Participant may receive from the Company as described in Section 2 above, in consideration of Participant’s promises and commitments set forth in this Agreement, the Company shall provide Participant with the compensation and benefits contemplated by Sections 4.1(b)-(f) of the Severance Plan (the “Severance Package”) in accordance with the terms specified therein .  In addition to the promises and commitments by Participant set forth in this Agreement, the Severance Package is conditioned on Participant executing, at the request of the Company, such documents as the Company deems necessary to effectuate his removal from officer and director positions, committee memberships and any other positions he holds with any Brink’s entity, if any, and assigning to the Company or its designee any shares of capital stock of any Brink’s entity (other than shares of common stock of The Brink’s Company) which may be registered in his name. 
4.Participant shall immediately return all company property to the Company, including but not limited to laptop computer, mobile phone (provided that Participant shall be able to keep his phone number if he so requests), all other company-provided electronic equipment, company credit cards, identification cards and/or badges, office keys and/or key cards, etc.     
5.Participant acknowledges that the Severance Package is not otherwise owed to Participant and that the Company is providing this benefit in exchange for the mutual promises and covenants contained in this Agreement.  In consideration of and as a condition to these payments and benefits, Participant, on his behalf and on behalf of his heirs, legal representatives, agents, successors and assigns, hereby irrevocably and unconditionally agrees to release and forever discharge the Company, its parent, subsidiaries and affiliates, divisions, successors, assigns, health and retirement plans (and the fiduciaries and service providers to such plans) and its and their respective current and former officers, directors, shareholders, employees, agents, and representatives (collectively, the “Releasees”) of and from, any and all claims, actions, demands and liabilities of whatever nature, kind or character, asserted or unasserted, known or unknown, which Participant has or may have against the Company or any of the Releasees through the Termination Date, including but not limited to, claims arising out of, related to, or in any way connected with Participant’s employment by, and officer and/or director positions with, the 

    

Company or any of the Releasees or from their termination, or arising from the conduct, acts or omissions of the Company or any Releasee or its or their agents or employees, or arising from any other transactions, agreements, including but not limited to the Change in Control Agreement dated [DATE] between Participant and The Brink’s Company, occurrences, acts or omissions, or any loss, damage or injury, known or unknown, resulting from any act or omission by or on the part of the Company or any of the Releasees or its or their agents or employees.  This includes, but is not limited to, any claims for liability, wages (including but not limited to any payments, wages, benefits, or compensation of any kind under the [STATE] Labor Code), the loss of emoluments and equity, such as but not limited to incentive compensation, bonuses (including but not limited to any bonus under the Key Employees Incentive Plan) and/or any and all other emoluments, severance or other termination payments beyond the Severance Package specified herein, demands, losses, expenses, suits, fringe benefits, health insurance, costs, attorney’s fees, actions or causes of action based on any federal, state or local statute, law, ordinance or regulation of the United States or other jurisdictions in which the Releasees operate or the common law of [STATE] or any other state or country (collectively, the “Statutes”).   Participant further states that he is unaware of any facts or circumstances that would give rise to liability against the Releasees under any Statutes, including without limitation any federal, state or local whistleblower statute.  Finally, Participant  agrees and represents that he has not filed in any state, federal, or local court or with any state, federal or other governmental agency or entity or any administrative tribunal, or any arbitration forum, any claim or complaint of whatever kind or nature, whether in Participant’s own capacity or as a member of a class or otherwise based upon any rights, privileges, entitlements or benefits arising out of or related to Participant’s employment with the Company, and that any remedies for such claims or complaints Participant might have standing to assert are released by this Agreement.  The foregoing shall not affect Participant’s right to obtain whatever benefits Participant is entitled to receive from the Company’s health and retirement plans as of the Termination Date.  The release language in this Section 5 shall not affect any right to indemnification Participant may have under the Bylaws of The Brink’s Company, provided Participant is in compliance with the terms of this Agreement and provided further that Participant shall have taken no action, either directly or indirectly, to assist, facilitate or otherwise encourage the making of the claim, investigation or liability giving rise to the right to indemnification.    
6.Participant agrees he shall at all times, and from time to time, take all reasonable actions and provide information and support reasonably requested by the Company to assist the Company, its affiliates, successors and assigns (including its counsel) in maintaining, contesting, defending against or settling any action, suit, proceeding, hearing, investigation, charge, complaint, claim or demand.  Participant further agrees that, other than pursuant to valid subpoena, process, or court order commanding attendance or testimony, Participant shall not: (a) assist any other person or entity in any judicial, administrative, arbitral or other proceedings that in any way involve or relate to Participant’s employment with the Company, or (b) voluntarily participate or assist in any such litigation or proceeding of any nature brought by or on behalf of any present or previous employee or agent of the Company, unless requested by the Company, or except as may be required by law.  Should Participant file any claim or complaint against the Company or any of the Releasees in any court or with any governmental agency or entity or any administrative tribunal, or any arbitration forum, Participant acknowledges that Participant has irrevocably waived any right to recovery against the Company or any of the Releasees in connection with such claims or activities.  In the event Participant is commanded to attend any proceedings or provide testimony within the meaning of this Section, Participant agrees to provide notice of such attendance or testimony to counsel for the Company, in writing, ten (10) days prior to such attendance or testimony, or the amount of prior notice of such attendance or testimony that Participant received, whichever is less.

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7.In exchange for the consideration described herein, Participant also expressly and voluntarily covenants and agrees that  for [Insert time period] following the Termination Date, Participant shall not, directly or indirectly, by agency, as an employee, consultant, officer or director, through a corporation, partnership, limited liability company, or by any other artifice or device:
a.    Engage in activities or business, or establish any new businesses, in the [insert appropriate geographical area], that are substantially in competition with the business of the Company or any of its affiliates, including (i) selling goods or services of the type sold by the Company or any of its affiliates in the [insert appropriate geographical area], over which Participant had management oversight and/or responsibility in his position as [insert title], except that Participant may sell any goods or services that were not sold or to be sold by the Company or any of its affiliates on the Termination Date or at any time during Participant’s employment with the Company or any of its affiliates; (ii) soliciting any customer or client or prospective customer or client of the Company or any of its affiliates to purchase any goods or services sold by the Company or any of its affiliates from anyone other than the Company or any of its affiliates, or servicing any such customer or client or prospective customer or client in any way in connection with or relating to the goods or services sold by the Company or any of its affiliates; (iii) interfering with, or attempting to interfere with, business relationships between the Company or any of its affiliates and the suppliers, partners, members or investors of the Company or any of its affiliates; and (iv) assisting any person in any way to do, or attempt to do, anything prohibited by clauses (i), (ii) or (iii) above; or
b.    [Perform services for Garda, Loomis, Dunbar or any other direct competitor of the Company in the United States or Canada similar to the services Participant performed for the Company or its affiliates];
c.    Perform any action, activity or course of conduct that is substantially detrimental to the Company or any of its affiliates or to the business reputation of the Company or any of its affiliates, including (i) soliciting, recruiting or hiring any employees of the Company or any of its affiliates or persons who have worked for the Company or any of its affiliates; (ii) soliciting or encouraging any employee of the Company or any of its affiliates to leave the employment of the Company or any of its affiliates or intentionally interfering with the relationship of the Company or any of its affiliates with any such employee; and (iii) assisting any person in any way to do, or attempt to do, anything prohibited by clauses (i) or (ii) above.
d.    Participant specifically acknowledges that, during the course of his employment by the Company as the [insert title], he was exposed to, and played a crucial role in, the development and implementation of the Company’s strategic business operations, financial performance, marketing strategy, and plans for existing and future products and services in the [insert appropriate geographical area]. As such, Participant agrees that the geographic scope of the restriction set forth in section a. and b. above is no more broad than reasonably necessary to protect the Company’s legitimate business interests.
8.Participant acknowledges that, during the course of his employment by the Company, he had access to various confidential information of the Company and its affiliates, including but not limited to strategic plans, security and operational procedures, practices and data, company specific reports and/or data, routing information, performance related data and reports, salary/compensation information, customer lists, pricing practices and lists, marketing plans, operational processes and techniques, financial information including financial information set forth in internal records, files and ledgers or incorporated in profit and loss statements, financial reports and business plans, inventions, discoveries, devices, algorithms, as well as computer hardware and software 

4

(including source code, object code, documentation, diagrams, flow charts, know how, methods and techniques associated with the development of a use of any of the foregoing computer software), all internal memoranda, any other records of the Company or its affiliates (including electronic and data processing files and records) and any other information designated as a “trade secret” and/or constituting a trade secret under any governing law and any other proprietary information not generally available to the public that the Company or its affiliates consider confidential information (collectively called “Confidential Information.”).  In connection with this Agreement, Participant agrees that all Confidential Information is and shall remain the property of the Company or its affiliates and that he will not divulge or disclose any such Confidential Information to any third party or use any such Confidential Information without the prior written consent of the Company. 

9.In the event Participant becomes, or believes he has become, in any way legally compelled to disclose any Confidential Information, Participant will provide the Company with prompt prior written notice of such requirement so the Company may seek a protective order or other appropriate remedy and/or waive compliance with the terms of this Section.  In the event such protective order or other remedy is not obtained, or the Company waives compliance with this Section, Participant agrees to furnish only that portion of the Confidential Information which he is legally compelled to disclose and agrees to exercise best efforts to obtain reliable assurance that confidential treatment will be accorded any such information so furnished.  Participant further agrees to return immediately to the Company any and all Confidential Information received or obtained during the course of Participant’s employment with the Company, including but not limited to all documents and records and computer databases and files, and all copies thereof.
10.The parties agree that the terms of this Agreement shall be deemed confidential, and the parties shall not, either individually or in concert with any other, make, cause to be made, or assist in publishing, disseminating, or in any way advertising, releasing or disclosing the existence or terms of this Agreement to any other individual, entity or body, except to their attorney, tax advisor, spouse or as otherwise may be required by law or as may be required to enforce this Agreement.
11.Participant agrees that he will not make any untrue, misleading, or defamatory statements concerning the Company or Releasees or any of its or their officers or directors, and will not directly or indirectly make, repeat or publish any false, disparaging, negative, unflattering, accusatory, or derogatory remarks or references, whether oral or in writing, concerning the Company or Releasees or any of its or their officers or directors, or otherwise take any action which might reasonably be expected to cause damage or harm to the Company or Releasees or any of its or their officers or directors.  Nothing in this Agreement prohibits Participant from communicating with or fully cooperating in the investigations of any governmental agency on matters within their jurisdictions.  However, this Agreement does prohibit Participant from recovering any relief, including without limitation monetary relief, as a result of such activities.  In agreeing not to make disparaging statements regarding the Company or Releasees or any of its or their officers or directors, Participant acknowledges that he is making a knowing, voluntary and intelligent waiver of any and all rights he may have to make disparaging comments about the Company or Releasees or any of its or their officers or directors, including rights under the First Amendment to the United States Constitution and any other applicable federal and state constitutional rights.  _____ [initialed]
12. The Participant understands that, notwithstanding any other provision in this Agreement, nothing contained in this Agreement is intended to or will be used in any way to limit Participant’s rights or ability to communicate with any governmental agency or entity o

5

r any administrative tribunal as provided for, protected under or warranted by applicable law or otherwise participate in any investigation or proceeding that may be conducted by any governmental agency or entity or any administrative tribunal, including providing documents or other information, without notice to the Company.  This Agreement does not limit Participant’s right to receive an award from any governmental agency or entity or any administrative tribunal for information provided to any such agency, entity or tribunal.  The Participant further understands that, notwithstanding any other provision of this Agreement: (i) Participant will not be held criminally or civilly liable under any federal or state trade secret law for any disclosure of a trade secret that is made: (a) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and solely for the purpose of reporting or investigating a suspected violation of law; or (b) in a complaint or other document that is filed under seal in a lawsuit or other proceeding; and (ii) If Participant files a lawsuit for retaliation by the Company for reporting a suspected violation of law, the Participant may disclose the Company’s trade secrets to the Participant’s attorney and use the trade secret information in the court proceeding if the Participant (a) files any document containing the trade secret under seal; and (b) does not disclose the trade secret, except pursuant to court order.
13.Participant acknowledges that a violation by Participant of any of the covenants contained in this Agreement would cause irreparable damage to the Company and its affiliates in an amount that would be material but not readily ascertainable, and that any remedy at law (including the payment of damages) would be inadequate. Accordingly, Participant agrees that, notwithstanding any provision of this Agreement to the contrary, in addition to any other damages it is able to show, in the event of a violation by Participant of any of the covenants contained in this Agreement, the Company shall be entitled (without the necessity of showing economic loss or other actual damage) to (a) cease payment of the compensation and benefits contemplated by this Agreement (including the Severance Package) to the extent not previously paid or provided, (b) the prompt return by Participant of any portion of such compensation and the value of such benefits previously paid or provided and (c) injunctive relief (including temporary restraining orders, preliminary injunctions and permanent injunctions), without posting a bond, in any court of competent jurisdiction for any actual or threatened breach of any of the covenants set forth in this Agreement in addition to any other legal or equitable remedies it may have. The preceding sentence shall not be construed as a waiver of the rights that the Company may have for damages under this Agreement or otherwise, and all such rights shall be unrestricted.
14.Participant acknowledges that the Company and its affiliates have expended and will continue to expend substantial amounts of time, money and effort to develop business strategies, employee, customer and other relationships and goodwill to build an effective organization. Participant acknowledges that the Company has a legitimate business interest in and right to protect its Confidential Information, goodwill and employee, customer and other relationships, and that the Company would be seriously damaged by the disclosure of Confidential Information and the loss or deterioration of its employee, customer and other relationships. Participant further acknowledges that the Company and its affiliates are entitled to protect and preserve the going concern value of the Company to the extent permitted by law.
a.    In light of the foregoing acknowledgments, Participant agrees that the covenants contained in this Agreement are reasonable and properly required for the adequate protection of the businesses and goodwill of the Company and its affiliates. Participant further acknowledges that, although Participant’s compliance with the covenants contained in this Agreement may prevent Participant from earning a livelihood in a business similar to the business of the Company, 

6

Participant’s experience and capabilities are such that Participant has other opportunities to earn a livelihood and adequate means of support for Participant and Participant’s dependents.
b.    Prior to execution of this Agreement, Participant was advised by the Company of Participant’s right to seek independent advice from an attorney of Participant’s own selection regarding this Agreement. Participant acknowledges that Participant has entered into this Agreement knowingly and voluntarily and with full knowledge and understanding of the provisions of this Agreement after being given the opportunity to consult with counsel. Participant further represents that, in entering into this Agreement, Participant is not relying on any statements or representations made by any of the Company’s directors, officers, employees or agents that are not expressly set forth herein, and that Participant is relying only upon Participant’s own judgment and any advice provided by Participant’s attorney.
c.     In light of the acknowledgements contained in this Section 14, Participant agrees not to challenge or contest the reasonableness, validity or enforceability of any limitations on, and obligations of, him contained in this Agreement.
15.Participant acknowledges that he has been afforded all of the leave to which he is entitled under the Family and Medical Leave Act or any other applicable leave statute or regulation. 

16.Participant specifically releases the Company from claims he might have standing to assert arising under the Age Discrimination in Employment Act (“ADEA”).  By signing this Agreement, Participant understands and agrees that his release of ADEA claims is completely voluntary.  Participant does not waive any rights or claims that may arise after the Effective Date of this Agreement.  Participant has the right to consult with an attorney at his own expense regarding the terms of this Agreement and, specifically, Participant’s release of ADEA claims, and Company urges Participant to do so.  Participant has up to twenty-one (21) days from the date of receipt of this Agreement to decide whether to accept the terms of this Agreement.  Participant also understands that he has seven (7) days from the date he executes this Agreement to revoke it, for any reason.
17.Participant acknowledges and agrees that he has received this Agreement for review on [insert date] and that the benefits provided herein shall be payable to Participant only if Participant executes this Agreement and returns it to the Company, to the attention of [insert name] at [insert address], by the close of business on or before twenty-one (21) days have passed since his receipt of this Agreement.  Participant further acknowledges that he has retained or had the opportunity to retain counsel concerning this Agreement and is hereby again advised to do so.  The parties agree that any modifications, material or otherwise, made to this Agreement do not restart or affect in any manner this consideration period.  Participant states and confirms that he has signed this Agreement voluntarily and of his own free will, and not as a result of any promise not contained in this Agreement or any threat, intimidation, coercion or undue influence on the part of the Company or its representatives or agents.
18.This Agreement supersedes all understandings or agreements, whether oral or written, by and between the Company and Participant, and sets forth the entire agreement between the Company and Participant (excepting any prior non-competition and/or non-disclosure agreements between the Company and Participant, which shall continue unabated pursuant to their own terms).  Participant acknowledges and agrees that no oral agreement or representations have been made by the Company that are not contained in this Agreement. The parties agree that this Agreement may not be modified, except in writing, and signed by each of the undersigned. If a 

7

provision of this Agreement is declared invalid or is unenforceable in any other way, the other provisions shall remain in full force and effect. In such event, the parties shall replace the invalid provision with a valid provision in accordance with the object and the purport of this Agreement, in such manner that the new provision shall reflect the intention of the parties as much as possible.
19.The parties acknowledge and agree that this Agreement shall be construed and interpreted according to the laws of the [insert State where employee is employed] without regard to conflict of law principles.
20.This Agreement takes effect on the eighth day after the date Participant signs it, without revocation (the “Effective Date”).  On that date, this Agreement becomes fully binding on Participant and the Company. 

IN WITNESS WHEREOF, the parties have executed or caused this Agreement to be executed as of the dates indicated below.

_____________________________    
Date:_________________________

THE BRINK’S COMPANY

_____________________________
By: 
Its: 
Date: 

8Exhibit

EXHIBIT 10.51

CONSULTING AGREEMENT
This CONSULTING AGREEMENT, dated as of December 31, 2018 (this “Agreement”), is made by and between The Brink’s Company (the “Company”) and McAlister C. Marshall, II (the “Consultant”). The parties have mutually agreed that Consultant’s tenure as Senior Vice President, General Counsel and Chief Administrative Officer of the Company will end effective as of the close of business on December 31, 2018, and in consideration of the mutual covenants, undertakings, and consideration set forth herein, the parties hereby agree to certain changes to the terms of Consultant’s continued employment with the Company as follows:
1.  Term of Employment.  The Company agrees to continue to employ Consultant for a period commencing on January 1, 2019 and ending on December 31, 2019 (the “Term”), unless such employment (and thus the Term) is terminated earlier in accordance with this Agreement.  Consultant’s employment may be terminated by either party at any time and for any reason upon thirty (30) days’ written notice; provided that the Company may terminate Consultant’s employment for Cause (as defined below) without any notice.
2.      Title; Reporting Structure; Authority.  (a)  Effective as of the close of business on December 31, 2018, Consultant shall cease to be Senior Vice President, General Counsel and Chief Administrative Officer of the Company. Throughout the Term, Consultant shall have the title of “Special Advisor” and shall report to the Chief Executive Officer of the Company and to Consultant’s successor as General Counsel of the Company. Consultant shall provide the following services as an employee of the Company, with hours to be mutually agreed between the parties, during the Term: (i) assisting the Company in the transition of his duties to his successor, (ii) serving as a non-executive advisor to the Chief Executive Officer and to Consultant’s successor with respect to legal matters, compliance, current litigation and contractual matters, and (iii) assisting with special projects, as reasonably requested and mutually agreed from time to time.  
(b)  During the Term, Consultant shall not be an executive officer of the Company, shall have no reports and shall, unless otherwise required pursuant to Section 2(c), work out of his current office or from his personal residence at his election.  Under no circumstances shall Consultant have or claim to have power of decision hereunder in any activity on behalf of the Company, nor shall Consultant have the power or authority hereunder to obligate, bind or commit the Company in any respect.  During the Term, Consultant shall not (i) make any management decisions on behalf of the Company, or (ii) undertake to commit the Company to any course of action in relation to third persons. The two immediately preceding sentences shall not apply to carrying out Consultant’s duties with respect to offices and board memberships with Company subsidiaries that the Company reasonably requests Consultant to continue to hold.
(c)  The Company reserves the right to require Consultant to work from his personal residence or to place Consultant on “garden leave” during some or all of the Term and to require Consultant to return to active employment from such “garden leave”. During any period of “garden leave”, upon the Company’s request, Consultant shall: (i) vacate his current office, (ii) surrender all property of the Company (including, without limitation, computers, cell phones and other electronic products, credit cards and the like), (iii) perform any services requested by the Company from his personal residence, unless otherwise directed by the Company in writing, and (iv) remain reasonably 

1

contactable and available to perform the services set forth in Section 2(a) of this Agreement at the Company’s request.  At any point during such “garden leave”, the Company also reserves the right to (x) exclude Consultant from any of its premises and (y) limit or deny Consultant access to Company email, intranet or other information systems. Notwithstanding the foregoing, during any period of “garden leave” and at all times following Consultant’s termination of employment for any reason other than for Cause, Consultant shall be permitted to keep the mobile phone (including, if Consultant so requests, Consultant’s mobile phone number), computer, iPad and Apple Watch issued to Consultant by the Company (the “Electronics”); provided, however, that Consultant must provide the Electronics to the Company for data screening protection upon the earliest to occur of (i) notification by the Company that Consultant will be placed on “garden leave”, (ii) provision by either party of written notice of termination pursuant to Section 1 and (iii) December 1, 2019.
3.      Continued Employment. Throughout the Term, Consultant shall remain an employee of the Company (regardless of title) and remain eligible to participate in the health and welfare benefit plans of the Company, except as provided in Section 4 below. The parties currently anticipate that Consultant will experience a separation from service upon commencement of the Term.  The Company shall promptly pay, or reimburse Consultant for, any business expenses he reasonably incurs in connection with performing his duties under this Agreement in accordance with applicable Company policies.
4.      Compensation.  (a)  The Company agrees to pay Consultant, and Consultant agrees to accept, as compensation for the services and obligations set forth herein, the compensation and benefits described below (the “Compensation”), subject to (x) the early termination of Consultant’s employment as described in Section 5 below, (y) Consultant’s executing and not timely revoking the release of claims in substantially the form attached as Exhibit A hereto (the “Release of Claims”) in accordance with Section 6 and (z) Consultant’s not having committed a material breach of his obligations under Sections 7 through 9 below, which breach has caused (or would reasonably be expected to cause) significant harm to the Company:
		
	i.
	Base Salary.  One year of continued base salary (i.e., through December 31, 2019), based on Consultant’s annual base salary as in effect immediately prior to commencement of the Term (which is $510,000), payable in equal installments on the Company’s regular payroll dates, less applicable taxes and withholding.

		
	ii.
	Annual Incentives.  Two lump-sum cash payments equal to (x) Consultant’s 2018 annual incentive opportunity (which at target is $332,000), payable at the same time and on the same terms and conditions as other senior executives of the Company, and (y) a 2019 target annual incentive payment, which shall be equal to Consultant’s 2018 target annual incentive opportunity (i.e., $332,000) and which shall be payable in the first 60 days of 2020 without regard to the achievement of any Company performance goals; provided that, in the case of both clause (x) and (y), any applicable individual performance multiplier shall be deemed satisfied at 100%.

		
	iii.
	Health Care Benefits.  Continued treatment by the Company as a full-time employee for purposes of participation in the Company’s medical and dental plans 

2

during the Term, and payment by the Company of premiums associated with the medical and dental plan coverage to which Consultant was entitled immediately prior to commencement of the Term, in an amount equal to the premiums that the Company paid in respect of such coverage immediately prior to commencement of the Term; provided, however, that such benefits shall be reported by the Company as taxable income to Consultant to the extent reasonably determined by the Company to be necessary to avoid such benefits from being considered to have been provided under a discriminatory self-insured medical reimbursement plan pursuant to Section 105(h) of the Internal Revenue Code of 1986, as amended (the “Code”). Consultant and his eligible beneficiaries will become eligible for continuation coverage under COBRA upon the expiration of the Term, except as otherwise required by any applicable plan provisions or by applicable law.
		
	iv.
	Retirement Benefits.  Continued eligibility to participate in the Company 401(k) Plan during the Term (including the Company match provided under the Company 401(k) Plan) to the extent permitted pursuant to the terms thereof.

		
	v.
	Outplacement Services.  Company-provided outplacement services, the scope and provider of which shall be selected by the Company in its sole discretion.

		
	vi.
	Equity Awards.  Any unvested compensatory awards denominated in shares of common stock of the Company that are held by Consultant immediately prior to commencement of the Term (including any one-off or special awards or other awards that were not granted in connection with the Company’s ordinary long-term incentive award grant cycle) shall continue to vest as if Consultant had remained a full-time employee through the Term and shall otherwise continue to be governed by the terms and conditions of the applicable plans and related award agreements; provided, however, that any performance-based vesting conditions applicable to such awards shall be deemed achieved based on actual performance as of the vesting date.  Exhibit B hereto sets forth a schedule of all outstanding equity incentive awards and applicable vesting dates held by Consultant as of the date hereof.

(b)  Consultant agrees and acknowledges that, other than the Compensation, Consultant shall not be entitled to any (i) future annual incentive awards, (ii) future grants of equity incentive awards, or (iii) payments or benefits pursuant to the Company’s Severance Pay Plan or Consultant’s Change in Control Agreement. In addition, Consultant agrees that he shall not make any future elective deferrals or receive any Company matching contributions with respect to the Supplemental Savings Plan or the Key Employees’ Deferred Compensation Program, as applicable. Solely for purposes of the vesting and non-forfeitability of any previously accrued Company matching contributions or earnings on previously accrued benefits under the Supplemental Savings Plan and the Key Employees’ Deferred Compensation Program, the Company shall deem Consultant to be an employee of the Company until January 1, 2019. 
(c)  By executing this Agreement, and notwithstanding anything to the contrary in the Supplemental Savings Plan or the Key Employees’ Deferred Compensation Program (or any election 

3

form delivered by Consultant prior to the date hereof), Consultant hereby revokes any and all deferral elections previously made by Consultant pursuant to such plans with respect to salary, annual bonus or other compensation that would otherwise be earned or payable to Consultant in 2019 or thereafter, except to the extent such revocation would be impermissible under applicable law or would result in the imposition of tax penalties under Section 409A of the Code and the regulations thereunder (“Section 409A”).
5.      Treatment of Compensation Upon a Termination of Employment During the Term.  (a)  Upon a voluntary termination of employment by Consultant or the Company’s termination of Consultant’s employment for Cause (as defined below), in each case prior to December 31, 2019, the Company shall cease to provide the Compensation with respect to any period after the date that Consultant’s employment terminates; provided, however, that upon a voluntary termination of employment by Consultant, (i) Consultant shall receive continued salary payments and health and welfare benefit plan participation until the later of the date that Consultant’s employment terminates and June 30, 2019, (ii) Consultant shall receive Consultant’s 2018 target annual incentive opportunity and 2019 target annual incentive payment, determined and paid as set forth in Section 4(a)(ii) above, (iii) any outstanding equity incentive awards shall continue to vest through December 31, 2019, and (iv) Consultant’s Performance Options granted on February 17, 2017 shall continue to vest through the regularly scheduled vesting date of February 17, 2020 (the “Performance Option Vesting”). For purposes of this Agreement, “Cause” shall mean: (x) a material breach of this Agreement by Consultant that causes (or would reasonably be expected to cause) significant harm to the Company, (y) a material violation of the Company’s policies by Consultant that causes (or would reasonably be expected to cause) significant harm to the Company, or (z) Consultant’s conviction of a felony or of any crime involving moral turpitude, fraud or misrepresentation.
(b)  Notwithstanding anything in this Agreement, any Release of Claims or other Company Arrangement (as defined below) to the contrary, if the Company terminates Consultant’s employment other than for Cause, or if Consultant resigns following the Company’s material breach of this Agreement following prompt notice of such alleged breach to the Company and the Company’s failure to cure such breach within thirty (30) days of such notice, Consultant shall continue to receive (i) the Compensation (including, for the avoidance of doubt, Consultant’s 2018 target annual incentive opportunity, 2019 target annual incentive payment and continued health and welfare benefit plan participation) to which he would have been entitled if he had remained employed through December 31, 2019, and (ii) the Performance Option Vesting, in each case subject to Consultant’s execution of an additional Release of Claims (which must be irrevocable in accordance with its terms within 10 days of such termination) and subject to Consultant’s not having committed a material breach of the restrictive covenants set forth in Sections 7 through 9, which breach has caused (or would reasonably be expected to cause) significant harm to the Company.  In the event the Term ends on December 31, 2019, the Consultant will also receive the Performance Option Vesting.
6.      Release of Claims; Resignation of Officer Positions.  In addition to the promises and commitments by Consultant set forth in this Agreement, the Compensation is conditioned on Consultant (i) executing on the date hereof, and not revoking, the Release of Claims described in Section 4(a) and (ii) at the request of the Company, executing such documents as the Company 

4

deems necessary to effectuate his removal from director and officer positions, committee memberships and any other positions he holds with any Company entity and assigning to the Company or its designee any shares of capital stock of any Company entity (other than shares of common stock of Company) which may be registered in his name.  Should such Release of Claims not be executed on the date hereof, or should it thereafter be timely revoked, Consultant shall be deemed terminated for Cause as of such date, and the Company shall cease to have any obligation to provide any Compensation as of the date of such termination (which, for the avoidance of doubt, includes any obligations set forth in Section 4 to which Consultant would have otherwise been entitled upon a termination for Cause had Consultant complied with the requirements of this Section 6). 
7.      Restrictive Covenants.  In exchange for the consideration described herein, Consultant also expressly and voluntarily covenants and agrees that for twelve (12) months following the termination of Consultant’s employment for any reason, Consultant shall not, directly or indirectly, by agency, as a director, officer, employee or consultant, through a corporation, partnership, limited liability company, or by any other artifice or device:
(a)  Engage in activities or business, or establish any new businesses, in any geographic area of any state or country (i) in which Consultant was physically located at the time Consultant provided services in furtherance of the business interests of the Company, (ii) for which Consultant had supervisory responsibility (in whole or in part), if any, on behalf of the Company, or (iii) to which Consultant was assigned by the Company; provided, in each case, that Consultant provided such services or had such responsibility or assignment within twelve (12) months prior to the termination of Consultant’s employment (any such area, the “Restricted Area”), that are substantially in competition with the business of the Company or any of its affiliates as of December 31, 2018, including (i) selling goods or services of the type sold by the Company or any of its affiliates in the Restricted Area, over which Consultant had management oversight and/or responsibility in his position as Senior Vice President, General Counsel and Chief Administrative Officer, except that Consultant may sell any goods or services that were not sold or to be sold by the Company or any of its affiliates at any time during Consultant’s employment with the Company or any of its affiliates, (ii) soliciting any customer or client or prospective customer or client of the Company or any of its affiliates to purchase any goods or services sold by the Company or any of its affiliates from anyone other than the Company or any of its affiliates, or servicing any such customer or client or prospective customer or client in any way in connection with or relating to the goods or services sold by the Company or any of its affiliates, (iii) interfering with, or attempting to interfere with, business relationships between the Company or any of its affiliates and the suppliers, partners, members or investors of the Company or any of its affiliates, and (iv) assisting any person in any way to do, or attempt to do, anything prohibited by clauses (i), (ii) or (iii) above; or
(b)  Perform services in the business of armored vehicle transportation, secure international transportation of valuables, coin processing services, currency processing services, cash management services, safe and safe control services, payment services, security and guarding services, deposit processing services/daily overnight credit check imaging or jewel or precious metal vaulting for Garda, Loomis, Dunbar or any other direct competitor of the Company in the Restricted Area similar to the services Consultant performed for the Company or its affiliates; or

5

(c)  Perform any action, activity or course of conduct that is substantially detrimental to the Company or any of its affiliates or to the business reputation of the Company or any of its affiliates, including (i) soliciting, recruiting or hiring any employees of the Company or any of its affiliates or persons who have worked for the Company or any of its affiliates, (ii) soliciting or encouraging any employee of the Company or any of its affiliates to leave the employment of the Company or any of its affiliates or intentionally interfering with the relationship of the Company or any of its affiliates with any such employee, and (iii) assisting any person in any way to do, or attempt to do, anything prohibited by clauses (i) or (ii) above.
Consultant specifically acknowledges that, during the course of his employment by the Company as Senior Vice President, General Counsel and Chief Administrative Officer, he was exposed to, and played a crucial role in, the development and implementation of the Company’s strategic business operations, financial performance, marketing strategy, and plans for existing and future products and services in the Restricted Area.  As such, Consultant agrees that the geographic scope of the restrictions set forth in this Section 7 is no more broad than reasonably necessary to protect the Company’s legitimate business interests. It shall not be a breach of this Section 7, or of comparable provisions in any Company Arrangement, for Consultant to engage in the private practice of law at a private law firm following termination of his employment under this Agreement so long as Consultant complies fully with his ethical obligations as a lawyer and does not violate his obligations under Sections 8 and 9 below.
8.      Confidential Information.  (a)  Consultant acknowledges that, during the course of his employment by the Company, he had access to various confidential information of the Company and its affiliates, including but not limited to strategic plans, security and operational procedures, practices and data, company specific reports and/or data, routing information, performance related data and reports, salary/compensation information, customer lists, pricing practices and lists, marketing plans, operational processes and techniques, financial information including financial information set forth in internal records, files and ledgers or incorporated in profit and loss statements, financial reports and business plans, inventions, discoveries, devices, algorithms, as well as computer hardware and software (including source code, object code, documentation, diagrams, flow charts, know how, methods and techniques associated with the development of a use of any of the foregoing computer software), all internal memoranda, any other records of the Company or its affiliates (including electronic and data processing files and records) and any other information designated as a “trade secret” and/or constituting a trade secret under any governing law and any other proprietary information not generally available to the public that the Company or its affiliates consider confidential information (collectively called “Confidential Information”).  In connection with this Agreement, Consultant agrees that all Confidential Information is and shall remain the property of the Company or its affiliates and that he shall not divulge or disclose any such Confidential Information to any third party or use any such Confidential Information without the prior written consent of the Company.
(b)  In the event Consultant becomes, or believes he has become, in any way legally compelled to disclose any Confidential Information, Consultant shall provide the Company with prompt prior written notice of such requirement so the Company may seek a protective order or other appropriate remedy and/or waive compliance with the terms of this Section.  In the event such protective order 

6

or other remedy is not obtained, or the Company waives compliance with this Section, Consultant agrees to furnish only that portion of the Confidential Information which he is legally compelled to disclose and agrees to exercise best efforts to request that confidential treatment will be accorded any such information so furnished.  Consultant further agrees to return immediately to the Company any and all Confidential Information received or obtained during the course of Consultant’s employment with the Company, including but not limited to all documents and records and computer databases and files, and all copies thereof.
(c)    Notwithstanding anything in this Agreement, any Release of Claims or other Company Arrangement to the contrary, Consultant shall not be prohibited from: (i) making truthful statements, or disclosing documents and information, (x) to the extent reasonably necessary in connection with any litigation, arbitration or mediation involving Consultant’s rights or obligations under this Agreement, any Release of Claims or other Company Arrangement or (y) when required by law, legal process or by any court, arbitrator, mediator or legislative body (including any committee thereof) with actual or apparent jurisdiction to order Consultant to make such statements or to disclose or make accessible such documents and information; provided, however, that Consultant shall continue to comply with Section 8(b) with respect to any such statements or disclosures; (ii) retaining, and using appropriately (including in compliance with Sections 7, 8(b) and 9), documents and information relating to his personal employment (or termination thereof) and compensation and his rolodex (and electronic equivalents); (iii) disclosing his post-employment restrictions in confidence in connection with any potential new employment or business venture; (iv) disclosing documents and information relating to his personal employment (or termination thereof) and compensation in confidence to any attorney, financial advisor, tax preparer, or other professional for the purpose of securing professional advice or to his spouse; (v) using and disclosing documents and information at the request of the Company or its attorneys and agents; or (vi) using and disclosing documents and information in connection with good faith performance of his duties under this Agreement.
9.      Mutual Non-Disparagement; Positive References.  (a) Consultant agrees that he shall not make any untrue, misleading or defamatory statements concerning the Company or Releasees (as defined in the Release of Claims) or any of its or their directors or officers, and shall not directly or indirectly make, repeat or publish any false, disparaging, negative, unflattering, accusatory or derogatory remarks or references, whether oral or in writing, concerning the Company or Releasees or any of its or their directors or officers, or otherwise take any action which might reasonably be expected to cause damage or harm to the Company or Releasees or any of its or their directors or officers.  Nothing in this Agreement prohibits Consultant from communicating with or fully cooperating in the investigations of any governmental agency on matters within their jurisdictions.  However, this Agreement does prohibit Consultant from recovering any relief, including without limitation monetary relief, as a result of such activities.  In agreeing not to make disparaging statements regarding the Company or Releasees or any of its or their directors or officers, Consultant acknowledges that he is making a knowing, voluntary and intelligent waiver of any and all rights he may have to make disparaging comments about the Company or Releasees or any of its or their directors or officers, including rights under the First Amendment to the United States Constitution and any other applicable federal and state constitutional rights.  /s/MCM II 

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(b) The Company agrees that none of the members of the Board of Directors of the Company (the “Board”) or officers of the Company shall make disparaging statements concerning Consultant. Nothing in this Agreement prohibits the Company or any members of the Board or officers of the Company from communicating with or fully cooperating in the investigations of any governmental agency on matters within their jurisdictions.
(c) The Company agrees that, upon request by Consultant, the Chief Executive Officer and the Chairman of the Board shall promptly provide positive professional references regarding Consultant in connection with any of Consultant’s subsequent potential employers or business ventures.
10.      Consultant Acknowledgements.  (a)  Consultant acknowledges that a violation by Consultant of any of the covenants contained in this Agreement would cause irreparable damage to the Company and its affiliates in an amount that would be material but not readily ascertainable, and that any remedy at law (including the payment of damages) would be inadequate.  Accordingly, Consultant agrees that, notwithstanding any provision of this Agreement to the contrary, in addition to any other damages the Company is able to show, in the event of a material breach by Consultant of any of the covenants set forth in Sections 6 through 9 of this Agreement, which breach has caused (or would reasonably be expected to cause) significant harm to the Company, the Company shall be entitled (without the necessity of showing economic loss or other actual damage) to (i) cease payment of the Compensation to the extent not previously paid or provided, (ii) the prompt return by Consultant of any portion of such Compensation and the value of such benefits previously paid or provided, and (iii) injunctive relief (including temporary restraining orders, preliminary injunctions and permanent injunctions), without posting a bond, in any court of competent jurisdiction for any actual or threatened breach of any of the covenants set forth in this Agreement in addition to any other legal or equitable remedies it may have.  The preceding sentence shall not be construed as a waiver of the rights that the Company may have for damages under this Agreement or otherwise, and all such rights shall be unrestricted.
(b)  Consultant acknowledges that the Company and its affiliates have expended and will continue to expend substantial amounts of time, money and effort to develop business strategies, employee, customer and other relationships and goodwill to build an effective organization.  Consultant acknowledges that the Company has a legitimate business interest in and right to protect its Confidential Information, goodwill and employee, customer and other relationships, and that the Company would be seriously damaged by the disclosure of Confidential Information and the loss or deterioration of its employee, customer and other relationships.  Consultant further acknowledges that the Company and its affiliates are entitled to protect and preserve the going concern value of the Company to the extent permitted by law.
(c)  In light of the foregoing acknowledgments, Consultant agrees that the covenants contained in this Agreement are reasonable and properly required for the adequate protection of the businesses and goodwill of the Company and its affiliates.  Consultant further acknowledges that, although Consultant’s compliance with the covenants contained in this Agreement may prevent Consultant from earning a livelihood in a business similar to the business of the Company, 

8

Consultant’s experience and capabilities are such that Consultant has other opportunities to earn a livelihood and adequate means of support for Consultant and Consultant’s dependents.
(d)  Prior to execution of this Agreement, Consultant was advised by the Company of Consultant’s right to seek independent advice from an attorney of Consultant’s own selection regarding this Agreement.  Consultant acknowledges that Consultant has entered into this Agreement knowingly and voluntarily and with full knowledge and understanding of the provisions of this Agreement after being given the opportunity to consult with counsel.  Consultant further represents that, in entering into this Agreement, Consultant is not relying on any statements or representations made by any of the Company’s directors, officers, employees or agents that are not expressly set forth herein, and that Consultant is relying only upon Consultant’s own judgment and any advice provided by Consultant’s attorney.
(e)  In light of the acknowledgements contained in this Section 10, Consultant agrees not to challenge or contest the reasonableness, validity or enforceability of any limitations on, and obligations of, him contained in this Agreement.
(f)  The Company represents that it knows of no claims or causes of action that it has or may have against Consultant as of the date of this Agreement. 
(g)  Notwithstanding anything in this Agreement to the contrary, nothing in or about this Agreement prohibits Consultant from: (i) filing and, as provided for under Section 21F of the Securities Exchange Act of 1934 (“Section 21F”), maintaining the confidentiality of a claim with the Securities and Exchange Commission (“SEC”), (ii) providing Confidential Information to the SEC, or providing the SEC with information that would otherwise violate Sections 8 or 9 of this Agreement, to the extent permitted by Section 21F, (iii) cooperating, participating or assisting in an SEC investigation or proceeding without notifying the Company, or (iv) receiving a monetary award as set forth in Section 21F. 
(h)  Notwithstanding any provision of this Agreement, this Agreement shall be construed and interpreted to comply with Section 409A, and if necessary, any provision shall be held null and void to the extent such provision (or part thereof) fails to comply with Section 409A.  For purposes of Section 409A, each payment of the Compensation shall be treated as a “separate payment”.  To the extent that the Company determines that any payment or benefit pursuant to this Agreement constitutes deferred compensation (within the meaning of Section 409A), such payment or benefit shall be made at such times and in such forms as the Company determines are required to comply with Section 409A (including, in the case of payments to a “specified employee” within the meaning of Section 409A, the six-month delay for amounts payable upon a separation from service). Except as specifically permitted by Section 409A or as otherwise specifically set forth in this Agreement, the benefits and reimbursements provided to Consultant under this Agreement during any calendar year shall not affect the benefits and reimbursements to be provided to Consultant under the relevant section of this Agreement in any other calendar year, and the right to such benefits and reimbursements cannot be liquidated or exchanged for any other benefit and shall be provided in accordance with Treas. Reg. Section 1.409A-3(i)(1)(iv) or any successor thereto.  Further, in the case of reimbursement payments, reimbursement payments shall be made to Consultant as soon as practicable following the date that the applicable expense is incurred, but in no event later than the 

9

last day of the calendar year following the calendar year in which the underlying expense is incurred. Notwithstanding the foregoing, nothing in this Agreement shall be interpreted or construed to transfer any liability for any tax (including a tax or penalty due as a result of a failure to comply with Section 409A) from Consultant to the Company or to any other individual or entity, and the Company shall not pay any additional payment or benefit in the event that the Company changes the time or form of Consultant’s payments or benefits in accordance with this Section.
11.      General.  (a)  This Agreement supersedes all understandings or agreements, whether oral or written, by and between the Company and Consultant relating to its subject matter and sets forth the entire agreement between the Company and Consultant with respect thereto; provided, however, that (x) any other non-competition and/or non-disclosure agreements between the Company and Consultant shall (except as otherwise expressly provided in this Agreement) continue unabated pursuant to their own terms and (y) Consultant shall remain entitled (except as otherwise expressly provided in this Agreement) to any benefits to which he is entitled, or becomes entitled as set forth herein, under the applicable terms of any applicable written employment, compensation or benefit plan, program, agreement or arrangement of the Company or any of  its affiliates (collectively, “Company Arrangements”).  The headings of the Sections and sub-sections contained in this Agreement are for convenience only and shall not be deemed to control or affect the meaning or construction of any provision of this Agreement.  Consultant shall be entitled, to the extent permitted under applicable law, to select and change a beneficiary or beneficiaries to receive any compensation or benefit hereunder following his death by giving written notice thereof to the Company.  In the event of Consultant’s death or a judicial determination of his incompetence, references in this Agreement or in any Release of Claims to Consultant shall be deemed, where appropriate, to refer to his beneficiar(ies), estate, executor(s), or other legal representative(s).  For the avoidance of doubt, (x) any restrictive covenants contained in any understanding or agreement between Consultant and the Company, including any equity award agreement, shall (except as otherwise expressly provided in this Agreement) continue in effect and hereafter apply coextensively with the restrictive covenants contained in Sections 7 through 9 of this Agreement and (y) Consultant shall remain entitled to prompt indemnification, prompt advancement of legal fees and other expenses, and to directors and officers insurance coverage, with respect to services rendered by him prior to the date hereof, in each case to the maximum extent permitted under any Company Arrangement that applies to directors or officers generally. Consultant acknowledges and agrees that no oral agreement or representations have been made by the Company that are not contained in this Agreement.  The parties agree that this Agreement may not be modified, except in writing, and signed by each of the undersigned.  If a provision of this Agreement is declared invalid or is unenforceable in any other way, the other provisions shall remain in full force and effect.  In such event, the parties shall replace the invalid provision with a valid provision in accordance with the object and the purport of this Agreement, in such manner that the new provision shall reflect the intention of the parties as much as possible.  Each party affirms and warrants that it is fully authorized, by any person or body whose authorization is necessary, to enter into and carry out the terms of this Agreement and any Release of Claims.
(b)  The parties acknowledge and agree that this Agreement shall be construed and interpreted according to the laws of Virginia without regard to conflict of law principles.

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(c)  This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, and signatures to this Agreement, and to the attached Release, may be delivered via facsimile, electronic mail or portable document format (PDF).

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IN WITNESS WHEREOF, the parties have executed or caused this Agreement to be executed as of the dates indicated below.
	
		
	MCALISTER C. MARSHALL, II

	/s/ McAlister C. Marshall, II

	Date: December 31, 2018    

	THE BRINK’S COMPANY

	/s/ Doug Pertz

	By:
	Doug Pertz

	Its:
	President and Chief Executive Officer

	Date:
	December 31, 2018

	 
	 

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Exhibit A

RELEASE OF CLAIMS
This Release of Claims is made by and among McAlister C. Marshall, II (the “Consultant”) and The Brink’s Company (the “Company”), as of [DATE] (the “Release Date”) in connection with the Consulting Agreement by and between Consultant and the Company dated as of December 31, 2018 (the “Agreement”). Capitalized terms used but not defined in this Release of Claims shall have the meaning ascribed to them in the Agreement.
1.In consideration of the Compensation provided by the Company pursuant to the Agreement, Consultant, being of lawful age, on his behalf and on behalf of his heirs, legal representatives, agents, successors and assigns, hereby irrevocably and unconditionally agrees to release and forever discharge the Company, its parent, subsidiaries and affiliates, divisions, successors, assigns, health and retirement plans (and the fiduciaries and service providers to such plans) and its and their respective current and former directors, officers, shareholders, employees, agents and representatives (collectively, the “Releasees”) of and from, any and all claims, actions, demands and liabilities of whatever nature, kind or character, asserted or unasserted, known or unknown (collectively, “Claims”), which Consultant has or may have against the Company or any of the Releasees through the Release Date, including but not limited to, claims arising out of, related to, or in any way connected with Consultant’s employment by, and director and/or officer positions with, the Company or any of the Releasees, or from Consultant’s termination of employment with, or arising from the conduct, acts or omissions of, the Company or any Releasee or its or their agents or employees, or arising from any other transactions, agreements (including but not limited to the Change in Control Agreement dated February 23, 2018 between Consultant and Company) occurrences, acts or omissions, or any loss, damage or injury, known or unknown, resulting from any act or omission by or on the part of the Company or any of the Releasees or its or their agents or employees.  This includes, but is not limited to, any claims for liability, wages (including but not limited to any payments, wages, benefits, or compensation of any kind under Title 40.1 of the Code of Virginia, as amended), the loss of emoluments and equity, such as but not limited to incentive compensation, bonuses (including but not limited to any bonus under the Key Employees Incentive Plan) and/or any and all other emoluments, severance under the Company’s Severance Pay Plan or other payments beyond the Compensation, demands, losses, expenses, suits, fringe benefits, health insurance, costs, attorney’s fees, actions or causes of action based on any federal, state or local statute, law, ordinance or regulation of the United States or other jurisdictions in which the Releasees operate or the common law of Virginia or any other state or country (collectively, the “Statutes”), but specifically excludes Claims that arise under, or are preserved by, this Release of Claims or the Agreement.  Consultant further states that he is unaware of any facts or circumstances that would give rise to liability against the Releasees under any Statutes, including without limitation any federal, state or local whistleblower statute.  Finally, Consultant agrees and represents that he has not filed in any state, federal, or local court or with any state, federal or other governmental agency or entity or any administrative tribunal, or any arbitration forum, any claim or complaint of whatever kind or nature, whether in Consultant’s own capacity or as a member of a class or otherwise based upon any rights, privileges, entitlements or benefits arising out of or related to Consultant’s employment with the Company, and that any remedies for such claims or complaints Consultant might have standing to assert are released by this Release of Claims.  The foregoing shall not affect Consultant’s right to obtain whatever benefits Consultant is entitled to receive from the Company’s 

1

health and retirement plans as of the Release Date.  The language of this Release of Claims shall not affect any right to indemnification Consultant may have under the Company’s Bylaws.
2.    Consultant agrees he shall at all times, and from time to time, take all reasonable actions and provide information and support reasonably requested by the Company to assist the Company, its affiliates, successors and assigns (including its counsel) in maintaining, contesting, defending against or settling any action, suit, proceeding, hearing, investigation, charge, complaint, claim or demand.  Consultant further agrees that, other than pursuant to valid subpoena, process, or court order commanding attendance or testimony, Consultant shall not:  (a) assist any other person or entity in any judicial, administrative, arbitral or other proceedings that in any way involve or relate to Consultant’s employment with the Company, or (b) voluntarily participate or assist in any such litigation or proceeding of any nature brought by or on behalf of any present or previous employee or agent of the Company, unless requested by the Company, or except as may be required by law.  Should Consultant file any claim or complaint against the Company or any of the Releasees in any court or with any governmental agency or entity or any administrative tribunal, or any arbitration forum, Consultant acknowledges that Consultant has irrevocably waived any right to recovery against the Company or any of the Releasees in connection with such claims or activities.  In the event Consultant is commanded to attend any proceedings or provide testimony within the meaning of this Section, Consultant agrees to provide notice of such attendance or testimony to counsel for the Company, in writing, ten (10) days prior to such attendance or testimony, or the amount of prior notice of such attendance or testimony that Consultant received, whichever is less.
3.    Notwithstanding anything in this Release of Claims or the Agreement to the contrary, nothing in or about this Release of Claims prohibits Consultant from: (i) filing and, as provided for under Section 21F, maintaining the confidentiality of a claim with the SEC, (ii) providing Confidential Information to the SEC, or providing the SEC with information that would otherwise violate Sections 8 or 9 of the Agreement, to the extent permitted by Section 21F, (iii) cooperating, participating or assisting in an SEC investigation or proceeding without notifying the Company, or (iv) receiving a monetary award as set forth in Section 21F.  
4.    Consultant acknowledges that he has been afforded all of the leave to which he is entitled under the Family and Medical Leave Act or any other applicable leave statute or regulation.
5.    Consultant specifically releases the Company from claims he might have standing to assert arising under the Age Discrimination in Employment Act (“ADEA”).  By signing the Release of Claims, Consultant understands and agrees that his release of ADEA claims is completely voluntary.  Consultant does not waive any rights or claims that may arise after the Release Date.  Consultant has the right to consult with an attorney at his own expense regarding the terms of the Agreement, the Release of Claims and, specifically, Consultant’s release of ADEA claims, and Company urges Consultant to do so.  Consultant has had at least twenty-one (21) days from the date of receipt of this Release of Claims to decide whether to accept the terms of this Release of Claims.  Consultant also understands that he has seven (7) days from the Release Date to revoke the Release of Claims, for any reason.
6.    The parties agree that this Release of Claims may not be modified, except in writing, and signed by each of the undersigned. If a provision of this Release of Claims is declared invalid 

2

or is unenforceable in any other way, the other provisions shall remain in full force and effect. In such event, the parties shall replace the invalid provision with a valid provision in accordance with the object and the purport of this Release of Claims, in such manner that the new provision shall reflect the intention of the parties as much as possible.
7.    The parties acknowledge and agree that this Release of Claims shall be construed and interpreted according to the laws of the State of Virginia without regard to conflict of law principles.
8.    This Release of Claims takes effect on the eighth day after the date Consultant signs it and delivers it to the Company, without revocation. On that date, this Release of Claims becomes fully binding on Consultant and the Company.
9.    This Release of Claims may be executed in counterparts, and signatures delivered by facsimile (including, without limitation, by PDF) shall be effective for all purposes.

3

IN WITNESS WHEREOF, the parties have executed or caused this Release of Claims to be executed as of the dates indicated below.
	
		
	MCALISTER C. MARSHALL, II

	/s/ McAlister C. Marshall, II

	Date: December 31, 2019    

	THE BRINK’S COMPANY

	/s/ Doug Pertz

	By:
	Doug Pertz

	Its:
	President and Chief Executive Officer

	Date:
	December 31, 2018

  

4

Exhibit B

1

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