Document:

exhibit_10a.htm

    Exhibit
10(a)

    
 

    

    The
Brink’s Company

    Richmond,
Virginia

    

    

    

    

    

    

    

    

    Key
Employees
Incentive Plan

    as
Amended and Restated as of November 16, 2007

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    The
Brink’s Company

    

    Key Employees Incentive
Plan

    

    

    
      	
              1.

            	
              Purpose.  The
      Key Employees Incentive Plan (the “Plan”) of The Brink’s Company (the
      “Company”) represents a continuation and formalization of the Company’s
      compensation policies and practices generally observed by it in the
      past.  The purpose of the Plan is to provide greater incentives
      for certain key management, professional and technical employees,
      including certain officers, whose performance in fulfilling the responsibilities of their positions can significantly
      affect the profitable growth of the Company or its operating
      units.  The Plan provides an opportunity to earn additional
      compensation in the form of cash incentive payments based on the
      employee’s individual performance and on the results achieved by the
      Company (or appropriate Operating Group), and by the operating or staff
      unit for which the employee performs
services.

            

    

    

    
      	
              2.

            	
              Administration. The Plan shall be
      administered by the Chief Executive Officer of the Company, subject to the
      provisions of the Plan, and subject to overall policy and administrative
      guidelines as the Compensation and Benefits Committee (the “Committee”) of
      the Company’s Board of Directors and the Board shall adopt annually as
      respects each Plan year.

            

    

    

    
      	
              3.

            	
              Eligibility
      for Participation.  Each year the Chief Executive
      Officer, upon advice from appropriate levels of management, shall select
      the key managerial, professional or technical employees of the Company or
      any of its subsidiaries who are to be eligible for participation in the
      Plan during that year.  Prior to March 1st (or such later date
      as the Chairman of the Committee shall approve) of each year the Chief
      Executive Officer shall submit to the Committee for its review and
      approval a list of employees proposed for participation in the
      Plan  for such year, together with relevant information
      as

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              to
      the identity and qualifications of such proposed
      participants.  From time to time thereafter the Chief Executive
      Officer may during such year propose any other employee or employees for
      participation in the Plan for such year, subject to review and approval by
      the Committee.

            

    

    

    The
selection of an employee for participation in any year shall not constitute
entitlement either to an incentive payment under the Plan for that year nor to
selection for participation in any subsequent calendar year.  Unless
otherwise determined by the Committee in its sole discretion, an employee shall
not be eligible for any incentive payment with respect to a particular year if
he or she ceases to be an employee prior to the end of such
year.  Directors of the Company who are not officers of the Company or
any of its subsidiaries shall not be eligible for participation in the
Plan.

    

    
      	
              4.

            	
              Determination
      of Target Incentives. At the time of the
      initial selection for participation in the Plan for a particular year, the
      Chief Executive Officer shall determine a target incentive or a target
      incentive range for that employee with respect to that
      year.  Such incentive or range (which shall give effect to
      limitations prescribed pursuant to the last paragraph of Section 5 below)
      shall be indicative of the incentive payment which the employee might
      expect to receive on the basis of strong performance by such employee, by
      the Company (or Operating Group) and by such employee’s operating or staff
      unit.  As promptly as practicable thereafter, the Chief
      Executive Officer shall submit to the Committee for its review and
      approval (i) a general description of the performance standards and
      objectives which formed the basis for such target incentive range and the
      weighing of those standards and objectives in relation to individual
      performance, and (ii) an estimate of the aggregate amount that might be
      payable for that year under the Plan.  In so far as practicable,
      such review by the Chief Executive Officer with the Committee shall take
      place at the time when the list of proposed participants in the Plan is
      initially submitted as

            

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              provided
      in Section 3 above.  Thereafter, the Chief Executive Officer
      shall keep the Committee advised with respect to any material changes,
      upward or downward, in such
estimate.

            

    

    

    
      	
              5.

            	
              Cash
      Incentive Payments; Limitations.  Promptly
      after the end of each year, the performance of each employee selected for
      participation in the Plan for that year, as well as the performance of the
      Company (or appropriate Operating Group) and the employee’s operating or
      staff unit, shall be evaluated in accordance with the overall policy and
      administrative guidelines adopted pursuant to Section 2
      above.  The Chief Executive Officer shall, on the basis of such
      evaluation, determine whether a cash incentive payment shall be made to
      such employee for that year, and, if so, the amount of such payment,
      subject to review and consultation with the Committee.  The
      Committee shall review and approve (which approval may in the Committee’s
      sole discretion be made subject to the further approval of the Board of
      Directors) the Chief Executive Officer’s determinations with respect to
      Incentive Payments, for senior executive officers, and with respect to the
      aggregate amount, if any, of all cash incentive payments to be made for
      such year, and shall submit its recommendations to the Board of
      Directors.  The Committee shall also be responsible for
      recommending to the Board of Directors any incentive payment with respect
      to the Chief Executive Officer and any other officers who are also
      directors of the Company.  The Board shall approve any such
      payments, as well as the aggregate amount, if any, of all other incentive
      payments for such year.  The Chief Executive Officer shall, if
      necessary, adjust the amount of individual payments in conformity with the
      actions taken by the Board of Directors.  Each payment made
      under the Plan for a particular year shall be made as soon as practicable
      after such Board approval, and for Plan participants who are U.S.
      taxpayers, no later than March 15th immediately following the end of the
      first calendar year in which such award was earned and
    vested.

            

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    The
Board may from time to time establish for any year criteria (whether based on
pre-tax income, return on investment or a percentage of salary or on other
factors) by which the aggregate amount of all incentive awards or the amount of
individual awards for such year shall be limited.  In no event,
however, shall any award for any year to any participant in the Plan exceed an
amount equal to 200% of such a participant’s base salary (i.e., regular salary
exclusive of any bonuses, commissions, amounts credited or paid under any
benefit plan of the Company or any of its subsidiaries, and such other
compensation as may from time to time be excluded by the Board for purposes
hereof) for such year.

    

    
      	
              6.

            	
              Non-Assignability,
      etc.  No employee, no person claiming through such
      employee, nor any other person shall have any right or interest under the
      Plan, or in its continuance, or in the payment of any amount under the
      Plan, unless or until all the provisions of the Plan, the rules adopted
      thereunder, and any restrictions and limitations on the payment itself
      have been fully complied with.  No rights under the Plan,
      contingent or otherwise, shall be transferable, assignable or subject to
      any pledge or encumbrance of any nature, nor shall the Company or any of
      its subsidiaries be obligated, except as otherwise required by law, to
      recognize or give effect to any such transfer, assignment, pledge or
      encumbrance.

            

    

    

    
      	
              7.

            	
              General
      Provisions. 
      The benefits provided for employees under the Plan shall be in addition
      to, and in no way preclude other forms of compensation to or in respect of
      such employee.  However, the selection of an employee for
      participation in the Plan shall not give such employee any right to be
      retained in the employ of the Company or any of its subsidiaries, either
      for any part of the year for which he or she may have been selected to
      participate in the Plan, or for any subsequent
  period.

            

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    The
right of the Company and of each such subsidiary to dismiss or discharge any
such employee at any time is specifically reserved.

    

    All
payments pursuant to the Plan shall be subject to withholding in respect of
income and other taxes required by law to be withheld.

    

    
      	
              8.

            	
              Amendment
      or Termination.  The
      Board of Directors of The Brink’s Company may from time to time amend any
      of the provisions of the Plan, or may at any time terminate the Plan, but
      no amendment or termination shall serve to cancel any incentive payment
      for any year which has been approved by the Board.  All actions
      taken in conformity with the Plan shall be final, conclusive and binding
      on all parties, including employees participating in the
    Plan.

            

    

    

    All
actions of the Board of Directors under the Plan shall be taken at a meeting
thereof, a quorum being present, by a majority of the Directors who are not
officers or employees of the Company or any of its
subsidiaries.

    
      
         

      

      
        5exhibit_10b.htm

    
 

    
 

    Exhibit
10(b)

    

    

    The
Brink’s Company

    Richmond,
Virginia

    

    

    

    

    

    

    

    

    Key
Employees’ Deferred

    Compensation
Program

    as
Amended and Restated as of November 16, 2007

    

    

     

     

    
 

    

    

    

    

    

    

    

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

    TABLE OF
CONTENTS

    
      	 
      	 
      	
              Page

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
              PREAMBLE

            	 
      	
              1

            
	 	 	 
	
              ARTICLE I

            	
              Definitions

            	
              3

            
	 	 	 
	
              ARTICLE
      II

            	
              Administration

            	
              7

            
	 	 	 
	
              ARTICLE
      III

            	
              Deferral of Cash Incentive
      Payments

            	
              8

            
	 	 
	
              SECTION
      1.  Definitions

            	
              8

            
	
              SECTION
      2.  Eligibility

            	
              9

            
	
              SECTION
      3.  Deferral of Cash Incentive Payments

            	
              9

            
	
              SECTION
      4.  Matching Incentive Contributions

            	
              10

            
	
              SECTION
      5.  Irrevocability of Election

            	
              10

            
	
              SECTION
      6.  Conversion of New Deferrals and Matching Incentive
      Contributions to Brink's Units

            	
              10

            
	
              SECTION
      7.  Conversion of Existing Incentive Accounts to Brink's
      Units

            	
              11

            
	
              SECTION
      8.  Adjustments

            	
              11

            
	
              SECTION
      9.  Dividends and Distributions

            	
              12

            
	
              SECTION
      10.  Allocation of Units as of July 1, 1994

            	
              12

            
	
              SECTION
      11.  Minimum Distribution

            	
              12

            
	 	 	 
	
              ARTICLE
      IV

            	
              Deferral of
    Salary

            	
              13

            
	 	 	 
	
              SECTION
      1.  Definitions

            	
              13

            
	
              SECTION
      2.  Eligibility

            	
              13

            
	
              SECTION
      3.  Deferral of Salary

            	
              14

            
	
              SECTION 4.  Matching
      Salary Contributions

            	
              15

            
	
              SECTION
      5.  Irrevocability of Election

            	
              15

            
	
              SECTION
      6.  Conversion of New Deferrals and Matching Salary
      Contributions to Brink’s Units

            	
              15

            
	
              SECTION
      7.  Conversion of Existing Incentive Accounts to Brink's
      Units

            	
              16

            
	
              SECTION
      8.  Adjustments

            	
              16

            
	
              SECTION
      9.  Dividends and Distributions

            	
              16

            
	
              SECTION
      10.  Minimum Distribution

            	
              17

            
	 	 	 
	
              ARTICLE
      V

            	
              Supplemental Savings
      Plan

            	
              17

            
	 	 	 
	
              SECTION
      1.  Definitions

            	
              17

            
	
              SECTION
      2.  Eligibility

            	
              18

            
	
              SECTION 3.  Deferral
      of Compensation

            	
              18

            
	
              SECTION 4.  Matching
      Contributions

            	
              20

            
	
              SECTION 5.  Irrevocability
      of Election

            	
              21

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	 
	
              SECTION 6.  Conversion
      of New Deferrals and Matching Contributions to Brink's
    Units

            	
              21

            
	
              SECTION
      7.  Conversion of Existing Incentive Accounts to Brink's
      Units

            	
              22

            
	
              SECTION 8.  Adjustments

            	
              23

            
	
              SECTION 9.  Dividends
      and Distributions

            	
              23

            
	 	 	 
	
              ARTICLE
      VI

            	
              Deferral of Performance
      Awards

            	
              23

            
	 	 	 
	
              SECTION
      1.  Definitions

            	
              23

            
	
              SECTION
      2.  Eligibility

            	
              24

            
	
              SECTION
      3.  Deferral of Cash Performance Payments

            	
              24

            
	
              SECTION
      4.  Irrevocability of Election

            	
              25

            
	
              SECTION
      5.  Conversion to Units

            	
              25

            
	
              SECTION
      6.  Adjustments

            	
              25

            
	
              SECTION
      7.  Dividends and Distributions

            	
              26

            
	
              SECTION
      8.  Minimum Distribution

            	
              26

            
	
              SECTION
      9.  Effective Date

            	
              27

            
	 	 	 
	
              ARTICLE
      VII

            	
              Distributions

            	
              27

            
	 	 	 
	
              SECTION
      1.  Certain Payments on Termination of
Employment

            	
              27

            
	
              SECTION
      2.  Payments Attributable to Matching Incentive Contributions
      and Matching Salary Contributions on Termination of
    Employment

            	
              28

            
	
              SECTION
      3.  One-Time Distribution Under Code Section 409A Transition
      Relief

            	
              29

            
	 	 	 
	
              ARTICLE
      VIII

            	
              Designation of
      Beneficiary

            	
              29

            
	 	 	 
	
              ARTICLE
      IX

            	
              Miscellaneous

            	
              30

            
	 	 	 
	
              SECTION
      1.  Nontransferability of Benefits

            	
              30

            
	
              SECTION
      2.  Notices

            	
              31

            
	
              SECTION
      3.  Limitation on Rights of Employee

            	
              31

            
	
              SECTION
      4.  No Contract of Employment

            	
              31

            
	
              SECTION
      5.  Withholding

            	
              32

            
	
              SECTION
      6.  Term, Amendment and Termination

            	
              32

            

    

    

     

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Key Employees' Deferred
Compensation Program of

    The Brink’s
Company

    As Amended and
Restated

    As of November 16,
2007

    

    

    PREAMBLE

    

    The Key Employees' Deferred
Compensation Program of The Brink’s Company (the "Program"), as amended and
restated as of January 1, 2007, is a continuation and improvement of the Program
as in effect immediately prior to such date.  Effective January 14,
2000, the Program was amended and restated to reflect the exchange of .4848 of a
share of Pittston Brink's Group Common Stock for each outstanding share of
Pittston BAX Group Common Stock and .0817 of a share of Pittston Brink's Group
Common stock for each outstanding share of Pittston Minerals Group Common
Stock.  In addition, effective as of January 14, 2000,
participants may defer amounts payable under The Brink’s Company Management
Performance Improvement Plan.

    The Program continues to provide an
opportunity to certain employees to defer receipt of (a) all or part of
their cash incentive payments awarded under the Key Employees Incentive Plan of
The Brink’s Company; (b) up to 50% of their base salary; and (c) any
or all amounts that are prevented from being deferred as a matched contribution
(and the related matching contribution) under The Brink’s Company 401(k) Plan
("Savings Plan") as a result of limitations imposed by Sections 401(a)(17),
401(k)(3), 402(g) and 415 of the Internal Revenue Code of 1986, as amended (the
"Code").

    In order to align the interests of
participants more closely to the long-term interests of The Brink’s Company (the
"Company") and its shareholders, effective June 1, 1995, the Program was
amended to provide matching contributions with respect to certain cash incentive
awards and

    
      
         

      

      
         

        
          

        

      

      
         

      
2

    salary
deferrals and to provide that an amount equivalent to matching contributions
that are not eligible to be made under the Savings Plan as a result of
limitations imposed by Code Section 401(m)(2) shall be allocated under this
Program.

    The Program was again amended and
restated effective as of January 19, 1996, to reflect the redesignation of the
Pittston Services Group Common Stock as Brink's Group Common Stock and the
creation of a new class of common stock designated as Pittston BAX Group Common
Stock.

    Effective January 1, 2005, the Program
was amended to comply with the provisions of Code Section 409A and the Proposed
Treasury Regulations issued thereunder.  Effective November 16, 2007,
the Program was further amended to clarify certain provisions in compliance with
Code Section 409A and the Final Treasury Regulations issued
thereunder.  Each provision and term of the amendment should be
interpreted accordingly, but if any provision or term of such amendment would be
prohibited by or be inconsistent with Code Section 409A, then such provision or
term shall be deemed to be reformed to comply with Code Section 409A without
affecting the remainder of such amendment.

    Effective January 1, 2007, the Program
was amended to change the crediting date for Salary, Supplemental Savings, and
Key Employee Incentive Program (KEIP) deferrals and related matching
contributions, as well as for Management Performance Incentive Plan (MPIP)
deferrals under the Program.  The Program was also amended to remove
provisions relating to minimum distributions attributable to deferrals elected
for services rendered on or after January 1, 2007.

    The Program is an unfunded plan
maintained primarily for the purpose of providing deferred compensation for a
select group of management or highly compensated employees,

    
      
         

      

      
         

        
          

        

      

      
         

      
3

    within
the meaning of Section 201(2) of the Employee Retirement Income Security
Act of 1974, as amended.

    

    ARTICLE I

    Definitions

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

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

    BAX
Stock:  Pittston BAX Group Common Stock, par value $1.00 per
share.

    BAX
Unit:  The equivalent of one share of BAX Stock credited to an
Employee's Incentive Account.

    Board:  The
Board of Directors of the Company.

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

    Brink's
Unit:  The equivalent of one share of Brink's Stock credited to
an Employee's Incentive Account.

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

    (a) (i) any consolidation or merger of
the Company in which the Company is not the continuing or surviving corporation
or pursuant to which the shares of Brink's Stock would be converted into cash,
securities or other property other than a consolidation or merger in which
holders of the total voting power in the election of directors of the Company of
Brink's Stock outstanding (exclusive of shares held by the Company's affiliates)
(the "Total Voting Power") immediately prior to the consolidation or merger will
have the same proportionate ownership of the total voting power in the election
of directors of the surviving corporation immediately after

    
      
         

      

      
         

        
          

        

      

      
         

      
4

    the
consolidation or merger, or (ii) any sale, leases, exchange or other transfer
(in one transaction or a series of transactions) of all or substantially all the
assets of the Company;
provided, however, that with respect to any Brink’s Units credited to an
Employee’s Incentive Account as of November 16, 2007 that are attributable to
Matching Incentive Contributions, Matching Salary Contributions or dividends
related thereto, a “Change in Control” shall be deemed to occur upon the
approval of the shareholders of the Company (or if such approval is not
required, the approval of the Board) of any of the transactions
set forth in clauses (i) or (ii) of this sup-paragraph (a);

    (b) any "person" (as defined in Section
13(d) of the Securities Exchange Act of 1934, as amended (the "Act") other than
the Company, its affiliates or an employee benefit plan or trust maintained by
the Company or its affiliates, shall become the "beneficial owner" (as defined
in Rule 13d-3 under the Act), directly or indirectly, of more than 20% of
the Total Voting Power; or

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

    Code:  The
Internal Revenue Code of 1986, as amended from time to time.

    Committee:  The
Compensation and Benefits Committee of the Board, which shall consist of members
of the Board of Directors who qualify as "nonemployee directors" as described in
Rule 16b-3(b)(3)(i) promulgated under the Securities Exchange Act of 1934,
as amended.

    Company:  The
Brink’s Company.

    
      
         

      

      
         

        
          

        

      

      
         

      
5

    Disability:  Unless
otherwise required by Code Section 409A and the regulations or guidance
thereunder, an Employee shall be deemed to be disabled if the Employee meets at
least one of the following requirements: (a) the Employee is unable to engage in
any substantial gainful activity by reason of any medically determinable
physical or mental impairment that can be expected to result in death or can be
expected to last for a continuous period of not less than 12 months, or (b) the
Employee is, by reason of any medically determinable physical or mental
impairment that can be expected to result in death or can be
expected to last for a continuous period of not less than 12 months,
receiving income replacement benefits for a period of not less than three months
under an accident and health plan covering employees of the
Company.

    Employee:  Any
resident of the United States of America who is in the employ of the Company or
a Subsidiary whose principal place of business is located in the United States
of America or any other individual designated by the Committee.

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

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

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

    Incentive
Account:  The account maintained by the Company for an Employee
to document the amounts deferred under the Program by such Employee and any
other amounts credited hereunder and the Units into which such amounts shall be
converted.  Effective January 1, 2005, the Company shall maintain
a Pre-2005 Incentive Account and a Post-2004

    
      
         

      

      
         

        
          

        

      

      
         

      
6

    Incentive
Account for each Employee participating in the Program.  An Employee’s
Pre-2005 Incentive Account shall document the amounts deferred under the Program
by the Employee and any other amounts credited hereunder which are earned and
vested prior to January 1, 2005.  An Employee’s Post-2004 Incentive
Account shall document the amounts deferred under the Program by the Employee
and any other amounts credited hereunder on and after January 1, 2005, plus
any amounts deferred or credited prior to January 1, 2005, which are not earned
or vested as of December 31, 2004.  Effective November 16, 2007, the
Company shall maintain a single Incentive Account for each Employee
participating in the Program and shall cease to maintain a separate Pre-2005
Incentive Account and Post-2004 Incentive Account for each Employee
participating in the Program.

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

    Minerals
Stock:  Pittston Minerals Group Common Stock, par value $1.00
per share.

    Minerals
Unit:  The equivalent of one share of Minerals Stock credited
to an Employee's Incentive Account.

    Program:  This
Key Employees' Deferred Compensation Program of The Brink’s Company, as in
effect from time to time.

    Redesignation:  The
redesignation of Services Stock as Brink's Stock and the creation and
distribution of BAX Stock as of January 19, 1996.

    Salary:  The
base salary paid to an Employee by the Company, a Subsidiary or a Foreign
Subsidiary for personal services determined prior to reduction for any
contribution made on a salary reduction basis.

    
      
         

      

      
         

        
          

        

      

      
         

      
7

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

    Services
Stock:  Pittston Services Group Common Stock, par value $1.00
per share.

    Subsidiary:  Any
corporation incorporated in the United States of America more than 80% of the
outstanding voting stock of which is owned by the Company, by the Company and
one or more Subsidiaries or by one or more Subsidiaries.

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

    Year:  (a) With
respect to the benefits provided pursuant to Articles III and VI, the
calendar year, and (b) with respect to the benefits provided pursuant to
Articles IV and V, the six-month period from July 1, 1994,
through December 31, 1994, and thereafter, the calendar year; provided, however that if a
newly-hired Employee becomes eligible to participate in the benefits provided
pursuant to Articles IV and/or V, on a day other than the first day of
the Year, the Year for purposes of Articles IV and V shall be the portion
of the calendar year during which the Employee is first eligible to participate
in the benefits provided thereunder.

    

    ARTICLE
II

    Administration

    The Committee is authorized to construe
the provisions of the Program and to make all determinations in connection with
the administration of the Program including, but not limited to, the Employees
who are eligible to participate in the benefits provided under Articles III
or IV.

    
      
         

      

      
         

        
          

        

      

      
         

      
8

     All
such determinations made by the Committee shall be final, conclusive and binding
on all parties, including Employees participating in the Program.  All
authority of the Committee provided for in, or pursuant to, this Program may
also be exercised by the Board.  In the event of any conflict or
inconsistency between determinations, orders, resolutions or other actions of
the Committee and the Board taken in connection with this Program, the actions
of the Board shall control.

     

    ARTICLE
III

    Deferral of Cash Incentive
Payments

    SECTION 1.  Definitions.  Whenever
used in this Article III, the following terms shall have the meanings
indicated:

    Cash Incentive
Payment:  A cash incentive payment awarded to an Employee for
any Year under the Incentive Plan.  Notwithstanding anything contained
herein to the contrary, effective April 1, 2003, any compensation, bonuses, or
incentive payments approved by the Compensation Committee of The Brink’s Company
payable pursuant to The Brink’s Company Management Performance Improvement Plan,
and any special recognition bonus payable to any highly compensated employees,
shall be excluded for purposes of defining or determining the Cash Incentive
Payment for which a Participant may make an elective deferral, and for which
employer contributions are made, pursuant to the terms of this
Plan.

    Incentive
Plan:  The Key Employees Incentive Plan of The Brink’s Company,
as in effect from time to time or any successor thereto.

    Matching Incentive
Contributions:  Matching contributions allocated to an
Employee's Incentive Account pursuant to Section 4 of this
Article III.

    
      
         

      

      
         

        
          

        

      

      
         

      
9

    

      SECTION
2.  Eligibility.  The
Committee shall designate the key management, professional or technical
Employees who may defer all or part of their Cash Incentive Payments for any
Year pursuant to this Article III.

    

    An Employee designated to participate
in this portion of the Program pursuant to the preceding paragraph shall be
eligible to receive a Matching Incentive Contribution for a Year if (a) his
or her Salary (on an annualized basis) as of the preceding December 31 is
at least equal to $160,000 (as adjusted for Years after 1999 to reflect the
limitation in effect under Code Section 401(a)(17) for the Year in which
the Employee's election to participate is filed) or (b) he or she is so
designated by the Committee.  Notwithstanding the foregoing, a newly
hired Employee will be eligible to receive a Matching Incentive Contribution for
his or her initial Year of employment if his or her Salary (on an annualized
basis) in effect on his or her first day of employment with the Company or a
Subsidiary will exceed the threshold amount determined pursuant to Code
Section 401(a)(17) for his or her initial calendar year of
employment.

    SECTION 3.  Deferral of Cash Incentive
Payments.  Each Employee whom the Committee has selected to be
eligible to defer a Cash Incentive Payment for any Year pursuant to this
Article III may make an election to defer all or part (in multiples of 10%)
of any Cash Incentive Payment which may be made to him or her for such
Year.  Such Employee's election for any Year shall be made prior to
the beginning of the Year with respect to which the Cash Incentive Payment
is earned; provided, however, that with
respect to the 1995 Year, an Employee who is eligible to receive a Matching
Incentive Contribution pursuant to Section 2 of this Article III may
make such election at any time prior to June 1, 1995, for Cash Incentive
Payments paid for 1995 if he or she (a) has not previously made a deferral
election for 1995 or (b) wishes to increase the percentage of his or her
Cash Incentive Payment to be deferred.  An Incentive

    
      
         

      

      
         

        
          

        

      

      
         

      
10

    Account
(which may be the same Incentive Account established pursuant to
Articles IV, V and/or VI) shall be established for each Employee making
such election and Units in respect of such deferred payment shall be credited to
such Incentive Account as provided in Section 6 below.

    SECTION 4.  Matching Incentive
Contributions.  Effective for the 1995 Year, each Employee who
is eligible to receive Matching Incentive Contributions pursuant to
Section 2 of this Article III shall have a Matching Incentive
Contribution allocated to his or her Incentive Account.  Such Matching
Incentive Contribution shall be equal to the amount of his or her Cash Incentive
Payment that he or she has elected to defer but not in excess of 10% of his or
her Cash Incentive Payment.  The dollar amount of each Employee’s
Matching Incentive Contributions shall be credited to his or her Incentive
Account and Units in respect of such amounts shall be credited to such Incentive
Account as provided in Section 6 below.

    SECTION 5.  Irrevocability of
Election. An election to defer Cash Incentive Payments under the
Program for any Year shall be irrevocable on and after the first day of such
Year.

    SECTION 6.  Conversion of New Deferrals
and Matching Incentive Contributions to Brink's Units.  For
Years after 1999 and through 2006, the amount of an Employee's deferred Cash
Incentive Payment (and related Matching Incentive Contributions) for any Year
shall be converted to Brink's Units and shall be credited to such Employee's
Incentive Account as of the January 1 next following the Year in respect of
which the Cash Incentive Payment was made.  The number (computed to
the second decimal place) of Units so credited shall be determined by dividing
the aggregate amount of the deferred Cash Incentive Payment and related Matching
Incentive Contributions credited to the Employee's Incentive Account for such
Year by the average of the high and low per share quoted sale prices of Brink's
Stock as reported on the

    
      
         

      

      
         

        
          

        

      

      
         

      
11

    New York
Stock Exchange Composite Transaction Tape on each trading day during the month
of December of the Year immediately prior to the crediting of
Units.

    For Cash Incentive Payments paid in
Years after 2007, the amount of an Employee's deferred Cash Incentive Payment
(and related Matching Incentive Contributions) for any Year shall be converted
to Brink's Units and shall be credited to such Employee's Incentive Account as
of the first business day of the month in which the Cash Incentive Payment was
made.  The number (computed to the second decimal place) of Units so
credited shall be determined by dividing the aggregate amount of the deferred
Cash Incentive Payment and related Matching Incentive Contributions credited to
the Employee's Incentive Account for such Year by the average of the high and
low per share reported sale prices of Brink's Stock as reported on the New York
Stock Exchange Composite Transaction Tape on each trading day during the
calendar month immediately preceding the date the deferred Cash Incentive
Payment is credited.

    SECTION 7.  Conversion of Existing
Incentive Accounts to Brink's Units.  As of the Exchange Date,
all BAX Units and Minerals Units in an Employee's Incentive Account attributable
to Cash Incentive Payments (and related Matching Incentive Contributions) shall
be converted into Brink's Units by multiplying the number of BAX Units and
Minerals Units in the Employee's Incentive Account by the BAX Exchange Ratio or
the Minerals Exchange Ratio, respectively.

    SECTION 8.  Adjustments.  The
Committee shall determine such equitable adjustments in the Units credited to
each Incentive Account as may be appropriate to reflect any stock split, stock
dividend, recapitalization, merger, consolidation, reorganization, combination,
or exchange of shares, split-up, split-off, spin-off, liquidation or other
similar change in capitalization or any distribution to common shareholders
other than cash dividends.

    
      
         

      

      
         

        
          

        

      

      
         

      
12

    SECTION 9.  Dividends and
Distributions.  Whenever a cash dividend or any other
distribution is paid with respect to shares of Brink's Stock, the Incentive
Account of each Employee will be credited with an additional number of Brink's
Units, equal to the number of shares of Brink's Stock including fractional
shares (computed to the second decimal place), that could have been purchased
had such dividend or other distribution been paid to the Incentive Account on
the payment date for such dividend or distribution based on the number of shares
represented by Units in such Incentive Account as of such date and assuming the
amount of such dividend or value of such distribution had been used to acquire
additional Brink's Units.  Such additional Brink's Units shall be
deemed to be purchased at the average of the high and low per share quoted sale
prices of Brink's Stock, as reported on the New York Stock Exchange
Composite Transaction Tape on the payment date for the dividend or other
distribution.  The value of any distribution in property will be
determined by the Committee.

    SECTION 10.  Allocation of Units as of
July 1, 1994.  As of July 1, 1994, the number of
Units credited to an Employee's Incentive Account shall be equal to the number
of Units credited to his or her Incentive Account as of June 30, 1994,
under the Key Employees Deferred Payment Program of The Brink’s
Company.

    SECTION 11.  Minimum
Distribution.  Distributions shall be made in accordance with
Article VII; provided, however, that the
aggregate value of the Brink's Stock and cash distributed to an Employee (and
his or her beneficiaries) in respect of all Units standing to his or her credit
in his or her Incentive Account attributable to deferrals of Cash Incentive
Payments otherwise payable in respect to services rendered prior to January 1,
2007 (including dividends relating to such Units but not Matching Incentive
Contributions) shall not be less than the aggregate amount of Cash Incentive
Payments and dividends (credited to his or her Incentive Account pursuant
to

    
      
         

      

      
         

        
          

        

      

      
         

      
13

    Section 9)
in respect of which such Units were initially so credited.  The value
of the Brink's Stock, so distributed shall be considered equal to the average of
the high and low per share quoted sale prices of Brink's Stock, as reported on
the New York Stock Exchange Composite Transaction Tape for the last trading
day of the month preceding the month of distribution.

    

    ARTICLE
IV

    Deferral of
Salary

    

    SECTION 1.  Definitions.  Wherever
used in this Article IV, the following term shall have the meaning
indicated:

    Matching Salary
Contributions:  Matching contributions allocated to an
Employee's Incentive Account pursuant to Section 4 of this
Article IV.

    SECTION 2.  Eligibility.  An
Employee may participate in the benefits provided pursuant to this
Article IV for any Year if (a) his or her Salary (on an annualized
basis) as of the preceding December 31 is at least equal to $160,000 (as
adjusted for Years after 1999 to reflect the limitation in effect under Code
Section 401(a)(17) for the Year in which the Employee's election to
participate is filed) or (b) he or she is designated by the Committee as
eligible to participate.  Notwithstanding the foregoing, a newly hired
Employee will be eligible to defer a portion of his or her Salary during his or
her initial Year of employment if his or her Salary (on an annualized basis) in
effect on his or her first day of employment with the Company or a Subsidiary
will exceed the threshold amount determined pursuant to Code
Section 401(a)(17) for his or her initial calendar year of
employment.

    Except as otherwise provided by the
Committee, an Employee who is eligible to defer a portion of his or her Salary
shall continue to be so eligible unless his or her Salary for any Year (on an
annualized basis) is less than $150,000, in which case he or she shall be
ineligible to

    
      
         

      

      
         

        
          

        

      

      
         

      
14

    participate
in the benefits provided under this Article IV until his or her Salary
again exceeds the threshold amount determined pursuant to Code
Section 401(a)(17) for the Year prior to the Year of
participation.

    SECTION 3.  Deferral of
Salary. Each Employee who is eligible to defer Salary for any Year
pursuant to this Article IV may elect to defer up to 50% (in multiples of 5%) of
his or her Salary for such Year; provided, however, that in the
case of a newly hired Employee who is eligible to participate for his or her
initial Year of employment, only up to 50% of Salary earned after he or she
files a deferral election with the Committee may be
deferred.  Such Employee’s
initial election hereunder for any Year shall be made prior to the later of (1)
the first day of such Year or (2) the expiration of the 30 day period following
(and including) his or her initial date of employment; provided, however, that with
respect to the 1995 Year, an eligible Employee may make such election at any
time prior to June 1, 1995, if he (a) has not previously made a
deferral election under this Article IV for 1995 or (b) wishes to
increase the percentage of his or her Salary to be deferred for
1995.  Such election under (a) or (b) shall apply only to Salary
earned after June 1, 1995.  An election to defer Salary shall
remain in effect for subsequent Years unless and until a new election is filed
with the Committee by the December 31 preceding the Year for which the new
election is to be effective.  An Incentive Account (which may be the
same Incentive Account established pursuant to Articles III, V
and/or VI) shall be established for each Employee making such election and
such Incentive Account shall be credited as of the last day of each month with
the dollar amount of deferred Salary for such month pursuant to such
election.  Units in respect of such amounts shall be credited to such
Incentive Account as provided in Section 6 below.

    
      
         

      

      
         

        
          

        

      

      
         

      
15

    SECTION 4.  Matching Salary
Contributions.  Effective June 1, 1995, each Employee who
has deferred a percentage of his or her Salary for a Year pursuant to
Section 2 of this Article IV shall have Matching Salary Contributions
allocated to his or her Incentive Account.  Such Matching Salary
Contributions shall be equal to 100% of the first 10% of his or her Salary that
he or she has elected to defer for the Year (earned after June 1, 1995, for
the 1995 Year).  The dollar amount of each Employee’s Matching Salary
Contributions credited to his or her Incentive Account and Units in respect of
such amounts shall be credited to such Incentive Account as provided in Section
6 below.

    SECTION 5.  Irrevocability of
Election. An election to defer Salary under the Program for any Year
shall be irrevocable after the last date such election is permitted to be made
under Section 3 of this Article IV.

    SECTION 6.  Conversion of New
Deferrals
and Matching
Salary Contributions to Brink’s
Units. For Years
after 2006, the amount of an Employee's deferred Salary (and related Matching
Salary Contributions) for any Year shall be converted to Brink's Units and shall
be credited to such Employee's Incentive Account as of the first business day of
the month next following the month in which such Salary was
earned.  The number (computed to the second decimal place) of Units so
credited shall be determined by dividing the aggregate amount of all such
deferred Salary (and related Matching Salary Contributions) credited to his or
her Incentive Account for such month by the average of the high and low per
share reported sale prices of Brink's Stock as reported on the New York Stock
Exchange Composite Transaction Tape for each trading day during the calendar
month immediately preceding the crediting of such Units.

    Upon the Employee’s termination of
employment, any cash amounts not converted into Units credited to his or her
Incentive Account in dollars shall be converted into Brink’s Units
in

    
      
         

      

      
         

        
          

        

      

      
         

      
16

    the
manner described in this Section 6 based on the reported sales prices (including
any sale prices determined on a when issued basis) of Brink’s Stock as reported
on the New York Stock Exchange Composite Transaction Tape for each trading day
during the portion of the month preceding the date of termination.

    SECTION 7.  Conversion of Existing
Incentive Accounts to Brink's Units.  As of
the Exchange Date, all BAX Units and Minerals Units in an Employee's Incentive
Account attributable to deferred salary (and related Matching Salary
Contributions) shall be converted into Brink's Units by multiplying the number
of BAX Units and Minerals Units in the Employee's Incentive Account by the BAX
Exchange Ratio or the Minerals Exchange Ratio, respectively.

    SECTION 8.  Adjustments.  The
Committee shall determine such equitable adjustments in the Units credited to
each Incentive Account as may be appropriate to reflect any stock split, stock
dividend, recapitalization, merger, consolidation, reorganization, combination,
or exchange of shares, split-up, split-off, spin-off, liquidation or other
similar change in capitalization or any distribution to common shareholders
other than cash dividends.

    SECTION 9.  Dividends and
Distributions.  Whenever a cash dividend or any other
distribution is paid with respect to shares of Brink's Stock, the Incentive
Account of each Employee will be credited with an additional number of Brink's
Units equal to the number of shares of Brink's Stock, including fractional
shares (computed to the second decimal place), that could have been purchased
had such dividend or other distribution been paid to the Incentive Account on
the payment date for such dividend or distribution based on the number of shares
represented by the Units in such Incentive Account as of such date and assuming
the amount of such dividend or value of such distribution had been used to
acquire additional Brink's Units.  Such additional Brink's Units shall
be deemed to be purchased at the average of the high and low

    
      
         

      

      
         

        
          

        

      

      
         

      
17

    per
share quoted sale prices of Brink's Stock, as the case may be, as reported on
the New York Stock Exchange Composite Transaction Tape on the payment date
for the dividend or other distribution.  The value of any distribution
in property will be determined by the Committee.

    SECTION 10.  Minimum
Distribution.  Distributions shall be made in accordance with
Article VII; provided, however, the
aggregate value of the Brink's Stock and cash distributed to an Employee (and
his or her beneficiaries) in respect of all Units standing to his or her credit
in his or her Incentive Account attributable to the deferral of Salary otherwise
payable for services rendered prior to January 1, 2007 (including dividends
relating to such Units but not Matching Salary Contributions) shall not be less
than the aggregate amount of Salary and dividends in respect of which Units were
initially so credited.  The value of the Brink's Stock so distributed
shall be considered equal to the average of the high and low per share quoted
sale prices of Brink's Stock, as reported on the New York Stock Exchange
Composite Transaction Tape for the last trading day of the month preceding the
month of distribution.

    

    ARTICLE
V

    Supplemental Savings
Plan

    SECTION 1.  Definitions.  Whenever
used in this Article V, the following terms shall have the meanings
indicated:

    Compensation:  The
regular wages received during any pay period by an Employee while a participant
in the Savings Plan for services rendered to the Company or any Subsidiary that
participates in the Savings Plan, including any commissions or bonuses, but
excluding any overtime or premium pay, living or other expense allowances, or
contributions by the Company or such Subsidiaries to any plan of
deferred

    
      
         

      

      
         

        
          

        

      

      
         

      
18

    compensation,
and determined without regard to the application of any salary reduction
election under the Savings Plan.  Bonuses paid pursuant to the
Incentive Plan shall be considered received in the Year in which they are
payable whether or not such bonus is deferred pursuant to Article III
hereof.

    Incentive
Plan:  The Key Employees Incentive Plan of The Brink’s Company,
as in effect from time to time or any successor thereto.

    Matching
Contributions:  Amounts allocated to an Employee's Incentive
Account pursuant to Section 4 of this Article V.

    Savings
Plan:  The Brink’s Company 401(k) Plan, as in effect from time
to time.

    SECTION 2.  Eligibility.  An
Employee may participate in the benefits provided pursuant to this
Article V for any Year if his or her Salary (on an annualized basis) as of
the preceding December 31 is at least equal to $160,000 (as adjusted for
Years after 1999 to reflect the limitation in effect under Code
Section 401(a)(17) for the Year in which the Employee's election to
participate is filed).  Notwithstanding the foregoing, a newly hired
Employee is eligible to participate in the benefits provided pursuant to this
Article V if his or her Salary (on an annualized basis) in effect on his or
her first day of employment with the Company or a Subsidiary will exceed the
threshold amount determined pursuant to Code Section 401(a)(17) for his or
her initial calendar year of employment.

    Except as otherwise provided by the
Committee, an Employee who is eligible to participate in the benefits provided
pursuant to this Article V shall continue to be so eligible unless his or
her Salary for any Year is less than $150,000, in which case he or she shall be
ineligible to participate in the benefits provided under this Article V
until his or her Salary again

    
      
         

      

      
         

        
          

        

      

      
         

      
19

    exceeds
the threshold amount determined pursuant to Code Section 401(a)(17) for the
Year prior to the Year of participation.

    SECTION 3.  Deferral of
Compensation.  Effective July 1, 1994, each Employee who
is not permitted to defer the maximum percentage of his or her Compensation that
may be contributed as a matched contribution under the Savings Plan for any Year
as a result of limitations imposed by Sections 401(a)(17), 401(k)(3),
402(g) and/or 415 of the Code may elect to defer all or part of the excess of
(a) such maximum percentage (five percent for 1994) of his or her
Compensation for the calendar year (without regard to any limitation on such
amount imposed by Code Section 401(a)(17)) over (b) the amount actually
contributed on his or her behalf under the Savings Plan for such calendar year
as a matched contribution; provided, however, that with
respect to the 1994 Year, only Compensation paid after July 1, 1994, may be
deferred.  In order to be permitted to defer any portion of his or her
Compensation pursuant to this Section 3 of Article V, the Employee
must elect to defer the maximum amount permitted as a matched contribution for
the calendar year under the Savings Plan.  Such Employee’s initial
election hereunder for any Year shall be made prior to the first day of such
Year or, if later, within 30 days after his or her initial date of employment
but only with respect to compensation for services performed after the date of
such election.  Such election shall remain in effect for subsequent
Years unless and until a new election is filed with the Committee by the
December 31 preceding the Year for which the new election is to be
effective.  An Incentive Account (which may be the same Incentive
Account established pursuant to Article III, IV and/or VI) shall be
established for each Employee making such election and such Incentive Account
shall be credited as of the last day of each month with the dollar amount of the
Compensation deferred for such month pursuant to such election; provided, however,
that in the event an

    
      
         

      

      
         

        
          

        

      

      
         

      
20

    Employee
is not permitted to defer the maximum percentage of his or her Compensation that
may be contributed as a matched contribution under the Savings Plan for any year
as a result of the limitation imposed by Code Section 401(k)(3), such
excess contribution shall be distributed to the Employee, his or her
Compensation paid after the date of the distribution shall be reduced by that
amount and such amount shall be allocated to his or her Incentive Account as of
the January 1 next following the Year for which the excess contribution was
made under the Savings Plan.  Units in respect of such amounts shall
be credited to such Incentive Account as provided in Section 6
below.

    SECTION 4.  Matching
Contributions.  Each Employee who elects to defer a portion of
his or her Compensation for a Year pursuant to Section 3 of this
Article V shall have a Matching Contribution allocated to his or her
Incentive Account equal to the rate of matching contributions in effect for such
Employee under the Savings Plan for such Year multiplied by the amount elected
to be deferred pursuant to Section 3 above for each month in such
Year.  The dollar amount of each Employee’s Matching Contribution for
each month shall be credited to his or her Incentive Account pursuant to Section
6 below.

    Subject to the approval of the
shareholders of the  Company at the 1995 annual meeting, if an
Employee is participating in this portion of the Program pursuant to
Section 2 of this Article V and his or her matching contribution under the
Savings Plan for 1994 or any later year will be reduced as a result of the
nondiscrimination test contained in Code Section 401(m)(2), (a) to the
extent such matching contribution is forfeitable, it shall be forfeited and that
amount shall be allocated to his or her Incentive Account as a Matching
Contribution or (b) to the extent such matching contribution is not
forfeitable, it shall be distributed to the Employee, his or her Compensation
paid after the date of the distribution shall be reduced by that amount and
such

    
      
         

      

      
         

        
          

        

      

      
         

      
21

    amount
shall be allocated to his or her Incentive Account as a Matching
Contribution.  The dollar amount of such Matching Contribution shall
be allocated to each Employee's Incentive Account as of the January 1 next
following the Year for which the matching contribution was made under the
Savings Plan.  Units in respect of such contribution shall be credited
to the Employee's Incentive Account as provided in Section 7
below.

    SECTION 5.  Irrevocability of
Election.  An election to defer amounts under the Program for
any Year shall be irrevocable after the last date such election is permitted to
be made under Section 3 of this Article V.

    SECTION 6.  Conversion of New Deferrals
and Matching Contributions to Brink’s Units. The amount of
an Employee's deferred Compensation and Matching Contributions for any Year
shall be converted to Brink's Units and shall be credited to such Employee's
Incentive Account as of the first business day of the month next following the
month in which such Compensation was earned or for which the Matching
Contribution was made.  The number (computed to the second decimal
place) of Units so credited shall be determined by dividing the aggregate amount
of all such amounts credited to the Employee's Incentive Account for such month
attributable to (a) the deferral of amounts awarded under the Incentive Plan
(including related Matching Contributions) by the average of the high and low
per share reported sale prices of Brink's Stock, as reported on the New York
Stock Exchange Composite Transaction Tape on each trading day during the
calendar month immediately preceding the crediting of such Units, (b)
Compensation and Matching Contributions allocated to the Employee’s Incentive
Account as a result of failing to satisfy the tests included in Code Sections
401(k)(3) or 401(m)(2) under the Savings Plan, by the average of the high and
low per share reported sales prices of Brink's Stock, as reported on the New
York Stock Exchange Composite Transaction Tape on each trading day during the
calendar 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        22

      

    

     

    month
immediately preceding the month in which such Units are credited to the
Employee's Incentive Account (which shall be the first business day of the month
following the date that the Company has been notified of the failure to satisfy
such tests) and (c) the deferral of all other Compensation (including related
Matching Contributions) by the average of the high and low per share reported
sale prices of Brink's Stock as reported on the New York Stock Exchange
Composite Transaction Tape (i) on each trading day during the period commencing
on the first business day of the month after the Employee's salary (as such term
is defined in the Savings Plan) equals the maximum amount of considered
compensation for such Year pursuant to Code Section 401(a)(17) and ending the
last business day of such month and each month thereafter until December 31 or
(ii) in the event the Employee's salary equals the maximum amount of considered
compensation in December, on the first trading day in the following
January.

    Upon the Employee’s termination of
employment, any cash amounts not converted into Units credited to his or her
Incentive Account in dollars shall be converted into Brink’s Units in the manner
described in this Section 6 based on the reported sale prices (including any
sale prices determined on a when issued basis) of Brink’s Stock, as reported on
the New York Stock Exchange Composite Transaction Tape for each trading day
during the portion of the month preceding the date of termination.

    SECTION 7.  Conversion of Existing
Incentive Accounts to Brink's Units.  As of the Exchange Date,
all BAX Units and Minerals Units in an Employee's Incentive Account attributable
to Compensation deferred pursuant to this Article V (and related Matching
Contributions) shall be converted into Brink's Units by multiplying the number
of such BAX Units and Minerals Units in the Employee's Incentive Account by the
BAX Exchange Ratio or the Minerals Exchange Ratio, respectively.

     

    
       

       

      
        
           

        

        
           

          
            

          

        

        
          23

        

      

       

    

    SECTION 8.  Adjustments.  The
Committee shall determine such equitable adjustments in the Units credited to
each Incentive Account as may be appropriate to reflect any stock split, stock
dividend, recapitalization, merger, consolidation, reorganization, combination,
or exchange of shares, split-up, split-off, spin-off, liquidation or other
similar change in capitalization or any distribution to common shareholders
other than cash dividends.

    SECTION 9.  Dividends and
Distributions.  Whenever a cash dividend or any other
distribution is paid with respect to shares of Brink's Stock, the Incentive
Account of each Employee will be credited with an additional number of Brink's
Units equal to the number of shares of Brink's Stock, including fractional
shares (computed to the second decimal place), that could have been purchased
had such dividend or other distribution been paid to the Incentive Account on
the payment date for such dividend or distribution based on the number of shares
represented by the Units in such Incentive Account as of such date and assuming
that the amount of such dividend or value of such distribution had been used to
acquire additional Brink's Units of the class giving rise to the dividend or
other distribution.  Such additional Brink's Units shall be deemed to
be purchased at the average of the high and low per share quoted sale prices of
Brink's Stock, as reported on the New York Stock Exchange Composite Transaction
Tape on the payment date for the dividend or other distribution.  The
value of any distribution in property will be determined by the
Committee.

    

    ARTICLE
VI

    Deferral of Performance
Awards

    SECTION 1.  Definitions.  Whenever
used in this Article VI, the following terms shall have the meanings
indicated:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        24

      

    

     

    Cash Performance
Payment:  A cash incentive payment due to an Employee in any
Year under the Management Performance Improvement Plan.

    Management Performance
Improvement Plan:  The Brink’s Company Management Performance
Improvement Plan, as in effect from time to time or any successor
thereto.

    Performance Measurement
Period:  A performance cycle of one or more fiscal Years of the
Company under the Management Performance Improvement Plan.

    SECTION 2.  Eligibility.  Any
Employee who is a participant in the Management Performance Improvement Plan may
elect to defer all or part of his or her Cash Performance Payment payable under
such plan pursuant to this Article VI.

    SECTION 3.  Deferral of Cash Performance
Payments.  Each Employee who is eligible to defer his or her
Cash Performance Payment for any Performance Measurement Period pursuant to this
Article VI may make an election to defer all or part (in multiples of 10%)
of any Cash Performance Payment which may be made to him or her for such
Performance Measurement Period.  If the Committee determines that a
Cash Performance Payment relating to any Performance Measurement Period is
“performance-based compensation” under Code Section 409A, such Employee’s
election shall be made prior to January 1 of the last Year in the Performance
Measurement Period.  If the Committee determines that a Cash
Performance Payment relating to any Performance Measurement Period is not
“performance-based compensation” under Code Section 409A, such Employee’s
election shall be made prior to the beginning of the Performance Measurement
Period or by such other time as the Committee determines will satisfy Code
Section 409A and Treasury Regulations issued thereunder.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
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    An
Incentive Account (which may be the same Incentive Account established pursuant
to Articles III, IV and/or V) shall be established for each Employee making
such election and Units in respect of such deferred payment shall be credited to
such Incentive Account as provided in Section 5 below.

    SECTION 4.  Irrevocability of
Election. An election to
defer Cash Performance Payments under the Program for any Performance
Measurement Period shall be irrevocable after the last date for making such an
election, as specified in the second or third sentence of  Section 3,
above, as applicable.

    SECTION 5.  Conversion to
Units. The amount of an Employee's deferred Cash Performance Payment
for any Performance Measurement Period shall be converted to Brink's Units and
shall be credited to such Employee's Incentive Account as of the first business
day of the month in which the Cash Performance Payment is made. The number
(computed to the second decimal place) of Brink's Units so credited shall be
determined by dividing the aggregate amount of the deferred Cash Performance
Payment credited to the Employee's Incentive Account for such Performance
Measurement Period by the average of the high and low per share quoted sale
prices of Brink's Stock, as reported on the New York Stock Exchange
Composite Transaction Tape on each trading day during the month preceding the
crediting of Units.

    SECTION 6.  Adjustments.  The
Committee shall determine such equitable adjustments in the Units credited to
each Incentive Account as may be appropriate to reflect any stock split, stock
dividend, recapitalization, merger, consolidation, reorganization, combination,
or exchange of shares, split-up, split-off, spin-off, liquidation or other
similar change in capitalization or any distribution to common shareholders
other than cash dividends.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
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    SECTION 7.  Dividends and
Distributions.  Whenever a cash dividend or any other
distribution is paid with respect to shares of Brink's Stock, the Incentive
Account of each Employee will be credited with an additional number of Brink's
Units equal to the number of shares of Brink's Stock, including fractional
shares (computed to the second decimal place), that could have been purchased
had such dividend or other distribution been paid to the Incentive Account on
the payment date for such dividend or distribution based on the number of shares
represented by Units in such Incentive Account as of such date and assuming the
amount of such dividend or value of such distribution had been used to acquire
additional Brink's Units.  Such additional Brink's Units shall be
deemed to be purchased at the average of the high and low per share quoted sale
prices of Brink's Stock, as reported on the New York Stock Exchange
Composite Transaction Tape on the payment date for the dividend or other
distribution.  The value of any distribution in property will be
determined by the Committee.

    SECTION 8.  Minimum
Distribution.  Distributions shall be made in accordance with
Article VII; provided, however, that the
aggregate value of the Brink's Stock and cash distributed to an Employee (and
his or her beneficiaries) in respect of all Units standing to his or her credit
in his or her Incentive Account attributable to deferrals of Cash Performance
Payments otherwise payable with respect to Performance Measurement Periods
ending prior to January 1, 2007 (including dividends relating to such Units)
shall not be less than the aggregate amount of Cash Performance Payments and
dividends (credited to his or her Incentive Account pursuant to Section 7)
in respect of which such Units were initially so credited.  The value
of the Brink's Stock, so distributed shall be considered equal to the average of
the high and low per share quoted sale prices of Brink's Stock, as reported on
the New York Stock Exchange Composite Transaction Tape for the last trading
day of the month preceding the month of distribution.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
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    SECTION 9.  Effective
Date.  Notwithstanding anything herein to the contrary, the
provisions of this Article VI providing for the deferral of Cash Performance
Payments shall not become effective until May 5, 2000, and only upon approval of
the Management Performance Improvement Plan by the Company’s
shareholders.

    

    ARTICLE
VII

    Distributions

    SECTION 1.  Certain Payments on
Termination of Employment.Except as provided in Section 3 of this Article
VII, each Employee shall receive a distribution in Brink’s Stock in respect of
all Brink’s Units standing to the credit of such Employee’s Incentive Account
(other than Units attributable to Matching Incentive Contributions, Matching
Salary Contributions and dividends related thereto) as of the date of the
Employee’s termination of employment, in a single-lump sum distribution on the
first day that is more than six months after the date of the Employee’s
termination of employment.  An Employee may elect, at least 12 months
prior to his or her termination of employment, to receive distribution of the
Shares represented by the Units credited to his or her Incentive Account in
equal annual installments (not more than ten) commencing not earlier than the
last day of the sixth month following the fifth anniversary of the date of his
or her termination of employment (for any reason) or as promptly as practicable
thereafter.  Any such election shall become effective on the 12-month
anniversary of the date the election is made.

    The number of shares of Brink's Stock
to be included in each installment payment shall be determined by multiplying
the number of Brink's Units in the Employee's Incentive Account, as applicable,
as of the first day of the month preceding the initial installment payment and
as of 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
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    each
succeeding anniversary of such date by a fraction, the numerator or which is one
and the denominator of which is the number of remaining installments (including
the current installment).

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

    SECTION 2.  Payments Attributable to
Matching Incentive Contributions and Matching Salary Contributions on
Termination of Employment.  In the event of the termination of
employment of an Employee as a result of (a) death, (b) retirement
after satisfying the requirements for early or normal retirement under a pension
plan sponsored by the Company or a Subsidiary in which the Employee
participated, (c) Disability or (d) termination of employment for any
reason within three years following a Change in Control, the Employee shall
receive a distribution of Brink's Stock in respect of all Brink's Units standing
to the credit of such Employee's Incentive Account attributable to Matching
Incentive Contributions, Matching Salary Contributions and dividends related
thereto in the same manner as provided in Section 1 of this
Article VII for the distribution of other Units standing to the credit of
such Employee's Incentive Account.

    In the event of a termination of
employment for a reason not described in the preceding paragraph, the Employee
shall forfeit the Units in his or her Incentive Account attributable to Matching
Incentive Contributions, Matching Salary Contributions and dividends related
thereto for the Year in which the termination occurs.  Such Employee
shall be vested in the remaining Units standing to the credit of such Employee
in his or her Incentive Account attributable to

     

    
      
        
        

      

      
        
        

        
          

        

      

      
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     Matching
Incentive Contributions, Matching Salary Contributions and dividends related
thereto in accordance with the following schedule:

    
      	
              Months of
      Participation

            	
              Vested
      Percentage

            
	
              less
      than 36

            	
              0

            
	
              at
      least 36 but less than 48

            	
              50%

            
	
              at
      least 48 but less than 60

            	
              75%

            
	
              60
      or more

            	
              100%

            

    

    

    An
Employee shall receive credit for one "month of participation" for each calendar
month during which a deferral election is in effect pursuant to Section 3
of Articles III or IV.  Brink's Stock, in respect of the vested
Units standing to the credit of such Employee attributable to Matching Incentive
Contributions, Matching Salary Contributions and dividends related thereto,
shall be distributed in a single lump sum on the third anniversary of his or her
termination of employment.

    SECTION 3.  One Time Distribution Under
Code Section 409A Transition Relief. Pursuant to
rules and procedures established by the Company, a participant under the Program
may elect on or before December 31, 2007 to receive on February 15, 2008 a
single lump-sum distribution in Brink’s Stock in respect of all vested Brink’s
Units standing to the credit of his or her Incentive Account as of December 31,
2007; provided,
however, that
such election shall not apply to amounts, if any, that would have otherwise been
distributed to the participant in 2007.

    

    ARTICLE
VIII

    Designation of
Beneficiary

    An Employee may designate in a written
election filed with the Committee a beneficiary or beneficiaries (which may be
an entity other than a natural person) to receive all distributions and payments
under the Program after the Employee's death.  Any such designation
may be

     

    
      
        
        

      

      
        
        

        
          

        

      

      
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    revoked,
and a new election may be made, at any time and from time to time, by the
Employee without the consent of any beneficiary.  If the Employee
designates more than one beneficiary, any distributions and payments to such
beneficiaries shall be made in equal percentages unless the Employee has
designated otherwise, in which case the distributions and payments shall be made
in the percentages designated by the Employee.  If no beneficiary has
been named by the Employee or no beneficiary survives the Employee, the
remaining Shares (including fractional Shares) in the Employee's Incentive
Account shall be distributed or paid in a single sum to the Employee's
estate.  In the event of a beneficiary's death after installment
payments to the beneficiary have commenced, the remaining installments will be
paid to a contingent beneficiary, if any, designated by the Employee or, in the
absence of a surviving contingent beneficiary, the remaining Shares (including
fractional Shares) shall be distributed or paid to the primary beneficiary's
estate in a single distribution.  All distributions shall be made in
Shares except that fractional shares shall be paid in cash.

    

    ARTICLE
IX

    Miscellaneous

    SECTION 1.  Nontransferability of
Benefits.  Except as provided in Article VIII, Units
credited to an Incentive Account shall not be transferable by an Employee or
former Employee (or his or her beneficiaries) other than by will or the laws of
descent and distribution or pursuant to a domestic relations
order.  No Employee, no person claiming through such Employee, nor any
other person shall have any right or interest under the Program, or in its
continuance, in the payment of any amount or distribution of any Shares under
the Program, unless and until all the provisions of the Program, any
determination made by the Committee thereunder, and any

     

    
      
        
        

      

      
        
        

        
          

        

      

      
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    restrictions
and limitations on the payment itself have been fully complied
with.  Except as provided in this Section 1, no rights under the
Program, contingent or otherwise, shall be transferable, assignable or subject
to any pledge or encumbrance of any nature, nor shall the Company or any of its
Subsidiaries be obligated, except as otherwise required by law, to recognize or
give effect to any such transfer, assignment, pledge or
encumbrance.

    SECTION 2.  Notices.  The
Company may require all elections contemplated by the Program to be made on
forms provided by it.  All notices, elections and other communications
pursuant to the Program shall be in writing and shall be effective when received
by the Company at the following address:

    The
Brink’s Company

    1801
Bayberry Court

    P.
O. Box 18100

    Richmond,
VA 23226-8100

    

    Attention
of Vice President -- Human Resources

    

    

    SECTION 3.  Limitation on Rights of
Employee.  Nothing in this Program shall be deemed to create,
on the part of any Employee, beneficiary or other person, (a) any interest
of any kind in the assets of the Company or (b) any trust or fiduciary
relationship in relation to the Company.  The right of an Employee to
receive any Shares shall be no greater than the right of any unsecured general
creditor of the Company.

    SECTION 4.  No Contract of
Employment.  The benefits provided under the Program for an
Employee shall be in addition to, and in no way preclude, other forms of
compensation to or in respect of such Employee.  However, the
selection of any Employee for participation in the Program shall not give such
Employee any right to be retained in the employ of the Company or 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
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    any
of its Subsidiaries for any period.  The right of the Company and of
each such Subsidiary to terminate the employment of any Employee for any reason
or at any time is specifically reserved.

    SECTION 5.  Withholding.  All
distributions pursuant to the Program shall be subject to withholding in respect
of income and other taxes required by law to be withheld.  The Company
shall establish appropriate procedures to ensure payment or withholding of such
taxes.  Such procedures may include arrangements for payment or
withholding of taxes by retaining Shares otherwise issuable in accordance with
the provisions of this Program or by accepting already owned Shares, and by
applying the fair market value of such Shares to the withholding taxes
payable.

    SECTION 6.  Term, Amendment and
Termination.

    (a)           Unless
the Company’s shareholders approve the extension of this Program, no further
deferral elections may be made under this Program on or after May 4, 2010 and
any existing deferral elections with respect to compensation earned after such
date shall have no further force or effect.

    (b)           The
Committee may from time to time amend any of the provisions of the Program, or
may at any time terminate the Program.  No amendment or termination
shall adversely affect any Units (or distributions in respect thereof) which
shall theretofore have been credited to any Employee's Incentive Account.
 On the termination of the Program, distributions from an Employee’s
Incentive Account shall be made in compliance with Code Section 409A and
Treasury Regulations issued thereunder.

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