Document:

ex10-5.htm

    EXHIBIT
10.5

     

     

    CHANGE IN
CONTROL AGREEMENT

    dated as
of February 25, 2010

    between
The Brink’s Company,

    a
Virginia corporation (the “Company”),

    and
Matthew A.P. Schumacher (the “Executive”).

    

    

    SECTION 1.  Definitions.  As
used in this Agreement:

     

    (a)  “Affiliate”
has the meaning ascribed thereto in Rule 12b-2 pursuant to the Securities
Exchange Act of 1934, as amended (the “Act”).

     

    (b)  “Board”
means the Board of Directors of the Company.

     

    (c)  “Cause”
means (i) embezzlement, theft or misappropriation by the Executive of any
property of the Company, (ii) the Executive’s willful breach of any fiduciary
duty to the Company, (iii) the Executive’s willful failure or refusal to comply
with laws or regulations applicable to the Company and its business or the
policies of the Company governing the conduct of its employees, (iv) the
Executive’s gross incompetence in the performance of the Executive’s job duties,
(v) commission by the Executive of a felony or of any crime involving moral
turpitude, fraud or misrepresentation, (vi) the failure of the Executive to
perform duties consistent with a commercially reasonable standard of care or
(vii) any gross negligence or willful misconduct of the Executive resulting in a
loss to the Company.  Notwithstanding the foregoing, the Executive
shall not be deemed to have been terminated for Cause without
(1) reasonable notice to the Executive setting forth the reasons for the
Company’s intention to terminate for Cause, (2) an opportunity for the
Executive, together with his counsel, to be heard before the Board, and
(3) delivery to the Executive of a Notice of Termination, as defined in
Section 4(d) hereof, from the Board finding that in the good faith opinion
of three-quarters (3/4) or more of the Board, the Executive acted in a manner
described in one or more of clauses (i) through (vii) above, and specifying the
particulars thereof in detail.

     

    (d)  A
“Change in Control” shall be deemed to occur (1) upon (A) any consolidation or
merger of the Company in which the Company is not the continuing or surviving
corporation or pursuant to which the shares of all classes of the Company’s
Common Stock would be converted into cash, securities or other property other
than a consolidation or merger in which holders of the total voting power in the
election of directors of the Company of all classes of Common Stock outstanding
(exclusive of shares held by the Company’s Affiliates) (the “Total Voting
Power”) immediately prior to the consolidation or merger will have the same
proportionate ownership of the total voting power in the election of directors
of the surviving corporation immediately after the consolidation or merger, or
(B) any sale, lease, exchange or other transfer (in one transaction or a series
of transactions) of all or substantially all the assets of the Company, (2) when
any “person” (as defined in Section 13(d) of the Act), other than the Company,
its Affiliates or an employee benefit plan or trust maintained by the Company or
its Affiliates, shall become the “beneficial owner” (as defined in Rule 13d-3
under the Act), directly or indirectly, of more than 20% of the Total Voting
Power or (3) if at any time during a period of two consecutive years,
individuals who at the beginning of such period constituted the Board 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.

     

    (e)  “Good
Reason” means any of the following events that is not cured by the Company
within 30 days after written notice thereof from the Executive to the Company,
which written notice must be made within 90 days of the occurrence of the
event:

     

    
      	
               
      

            	
              (i)

            	
              (A)
      without the Executive’s express written consent, the assignment to the
      Executive of any duties materially inconsistent with the Executive’s
      position (including status, offices, titles and reporting requirements),
      authority, duties or responsibilities as contemplated by Section 3(a)
      hereof, (B) any other action by the Company or its Affiliates which
      results in a material diminution in such position, authorities, duties or
      responsibilities, or (C) any material failure by the Company to comply
      with any of the provisions of Section 3(b)
  hereof;

            

    

    

    
      	
               
      

            	
              (ii)

            	
              without
      the Executive’s express written consent, the Company’s requiring a
      material change to Executive’s work location as set forth in Section
      3(a)(i);

            

    

    

    
      	
               
      

            	
              (iii)

            	
              any
      failure by the Company to comply with and satisfy Section 9(a);
      or

            

    

    

    
      	
               
      

            	
              (iv)

            	
              any
      breach by the Company of any other material provision of this
      Agreement.

            

    

    

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

    

    (f)  “Incapacity”
means any physical or mental illness or disability of the Executive which
continues for a period of six consecutive months or more and which at any time
after such six-month period the Board shall reasonably determine renders the
Executive incapable of performing his or her duties during the remainder of the
Employment Period.

     

    (g)  “Operative
Date” means the date on which a Change in Control shall have
occurred.

     

    SECTION 2.  Employment
Period.  The Company hereby agrees to continue the Executive in
its employ, and the Executive hereby agrees to remain in the employ of the
Company subject to the terms and conditions of this Agreement, for the period
commencing on the Operative Date and ending on the second anniversary of such
date (the “Employment Period”); provided, however, that, effective after the
first anniversary of the Operative Date, the Executive shall have the right to
terminate his employment for any reason, or for no reason at all, whereupon the
Employment Period shall terminate effective as of the date of such termination
of employment; and, provided further, that, notwithstanding the foregoing, the
Executive’s right to terminate employment for Good Reason pursuant to Section 4
hereunder shall apply at any time during the Employment Period.

     

    SECTION 3.  Terms of
Employment.  (a)  Position and
Duties.  (i)  During the Employment
Period:  (A) the Executive’s position (including status, offices,
titles, reporting

     

    
      
         

      

      
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    requirements),
authority, duties and responsibilities shall be at least commensurate in all
material respects with the most significant of those held, exercised and
assigned immediately prior to the Operative Date, and (B) the Executive’s
services shall be performed at a location that is within 25 miles of the
location at which the Executive was based on the Operative Date and the Company
shall not require the Executive to travel on Company business to a substantially
greater extent than required immediately before the Operative Date, except for
travel and temporary assignments which are reasonably required for the full
discharge of the Executive’s responsibilities and which are consistent with the
Executive’s being so based.

     

    (ii)  During
the Employment Period, and excluding any periods of vacation and sick leave to
which the Executive is entitled, the Executive agrees to devote reasonable
attention and time during normal business hours to the business and affairs of
the Company and, to the extent necessary to discharge the responsibilities
assigned to the Executive hereunder, to use the Executive’s reasonable best
efforts to perform faithfully and efficiently such
responsibilities.   All such services as an employee or officer
will be subject to the direction and control of the Chief Executive Officer of
the Company or of an appropriate senior official designated by such Chief
Executive Officer (or, in the event of the Chief Executive Officer’s incapacity
without such a designation, the Board).

     

    (b)  Compensation.  (i)  Salary and
Bonus.  During the Employment Period the Executive will receive
compensation at an annual rate equal to the sum of (A) a salary (“Annual
Base Salary”) not less than the Executive’s annualized salary in effect
immediately prior to the Operative Date, plus (B) an annual bonus not less
than the amount of the Executive’s Average Annual Bonus (as defined
below).

     

    For
purposes of this Agreement, “Average Annual Bonus” shall mean the average amount
of the annual bonus earned by, and paid to, the Executive under the Key
Employees Incentive Plan (or any substitute or successor plan) for the last
three full calendar years preceding the Operative Date, for purposes of Section
3(b)(i), and the Date of Termination, for purposes of  Section 5;
provided that, if the Executive has not been employed for the entirety of the
last three full calendar years, so that the Average Annual Bonus cannot be
determined based on the actual amount of annual bonuses earned and paid for such
full calendar years, then to the extent necessary to attain an average of three
years for purposes of determining the Average Annual Bonus, the Executive’s
target annual bonus amount for the year in which the Operative Date, for
purposes of Section 3(b)(i), and the Date of Termination, for purposes
of  Section 5, occurs shall be used for any (i) partial calendar
year(s) of employment and (ii) calendar year(s) that has not yet
commenced.

     

    (ii)  Incentive and Savings
Plans.  During the Employment Period, the Executive will be
entitled to (A) continue to participate in all incentive and savings plans
and programs generally applicable to executive officers of the Company or
(B) participate in incentive and savings plans and programs of a successor
to the Company which have benefits that are not less favorable to the
Executive.

     

    (iii)  Welfare Benefit
Plans.  During the Employment Period, the Executive and/or the
Executive’s family or beneficiary, as the case may be, shall be eligible to
(A) participate in and shall receive all benefits under welfare benefit
plans and programs generally applicable to full-time

     

    
      
         

      

      
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    officers
or employees of the Company or (B) participate in welfare benefit plans and
programs of a successor to the Company which have benefits that are not less
favorable to the Executive.

     

    (iv)  Business
Expenses.  During the Employment Period the Company shall, in
accordance with policies then in effect with respect to the payment of expenses,
pay or reimburse the Executive for all reasonable out-of-pocket travel and other
expenses (other than ordinary commuting expenses) incurred by the Executive in
performing services hereunder.  All such expenses shall be accounted
for in such reasonable detail as the Company may require.

     

    (v)  Vacations.  The
Executive shall be entitled to periods of vacation not less than those to which
the Executive was entitled immediately prior to the Operative Date.

     

    SECTION 4.   Termination of
Employment.

     

    (a)  Death or
Incapacity.  The Executive’s employment shall terminate
automatically upon the Executive’s death during the Employment
Period.  The Executive’s employment shall cease and terminate on the
date of determination by the Board that the Incapacity of the Executive has
occurred during the Employment Period (“Incapacity Effective
Date”).

     

    (b)  Cause.  The
Company may terminate the Executive’s employment for Cause, as defined herein,
pursuant to the Board passing a resolution that such Cause exists.

     

    (c)  Good
Reason.  The Executive may terminate his or her employment for
Good Reason, as defined herein.

     

    (d)  Notice of
Termination.  Any termination by the Company for Cause or
Incapacity, or by the Executive for Good Reason, shall be communicated by Notice
of Termination to the other party hereto given in accordance with
Section 11 of this Agreement.  For purposes of this Agreement, a
“Notice of Termination” means a written notice which (i) indicates the
specific termination provision in this Agreement relied upon, (ii) to the
extent applicable, sets forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination of the Executive’s employment under
the provision so indicated, (iii) in the case of termination by the Company
for Cause or for Incapacity, confirms that such termination is pursuant to a
resolution of the Board, and (iv) if the Date of Termination (as defined
below) is other than the date of receipt of such notice, specifies the
termination date (which date shall be not more than 30 days after the
giving of such notice).  The failure by the Executive or the Company
to set forth in the Notice of Termination any fact or circumstance which
contributes to a showing of Good Reason, Incapacity or Cause shall not serve to
waive any right of the Executive or the Company, respectively, hereunder or
preclude the Executive or the Company, respectively, from asserting such fact or
circumstance in enforcing the Executive’s or the Company’s rights
hereunder.

     

    (e)  Date of
Termination.  “Date of Termination” means (i) if the
Executive’s employment is terminated by the Company for Cause or by the
Executive for Good Reason, the date of receipt of the Notice of Termination or
any later date specified therein, as the case may be, (ii) if the
Executive’s employment is terminated by the Company other than for Cause or
Incapacity, the Date of Termination shall be the date on which the Company
notifies the Executive of such

     

    
      
         

      

      
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    termination,
and (iii) if the Executive’s employment is terminated by reason of death or
Incapacity, the Date of Termination shall be the date of death of the Executive
or the Incapacity Effective Date, as the case may be.

     

    SECTION 5.  Obligations of the Company
Upon Termination.  (a)  Termination for Good Reason
or for Reasons Other Than for Cause, Death or Incapacity.  If,
during the Employment Period, the Company shall terminate the Executive’s
employment other than for Cause or Incapacity or the Executive shall terminate
his or her employment for Good Reason:

     

    (i) the
Company shall pay to the Executive in a lump sum in cash within 30 days
after the Date of Termination the aggregate of the following
amounts:

     

    (A) the
sum of (1) the Executive’s currently effective Annual Base Salary through
the Date of Termination to the extent not theretofore paid, (2) the product
of (x) the Average Annual Bonus and (y) a fraction, the numerator of
which is the number of days in the current fiscal year through the Date of
Termination, and the denominator of which is 365 and (3) any accrued vacation
pay, in each case to the extent not theretofore paid (the sum of the amounts
described in clauses (1), (2), and (3) shall be hereinafter referred
to as the “Accrued Obligations”); and

     

    (B) the
amount equal to the product of (1) two and (2) the sum of (x) the
Executive’s currently effective Annual Base Salary and (y) his or her
Average Annual Bonus;

     

    (ii)  In
the event the Executive elects continued medical benefit coverage pursuant to
Section 4980B(f) of the Internal Revenue Code of 1986, as amended (the
“Code”), then until the earlier of (A) the eighteen-month anniversary of the
Date of Termination or (ii) such time as the Executive becomes eligible to
receive medical benefits under another employer-provided plan, the Company shall
reimburse the Executive for premiums associated with such coverage in an amount
equal to the premiums that the Company would have paid in respect of such
coverage had the Executive’s employment continued during such period; provided, however, that except
as specifically permitted by Section 409A of the Code and the Treasury
Regulations promulgated thereunder (“Section 409A”), the benefits provided to
the Executive under this Section 5(a)(ii) during any calendar year shall not
affect the benefits to be provided to the Executive under this Section 5(a)(ii)
in any other calendar year and the right to such benefits cannot be liquidated
or exchanged for any other benefit, in accordance with Treas. Reg. Section
1.409A-3(i)(1)(iv) or any successor thereto.

     

    (iii) the
Company shall, at its sole expense as incurred, provide the Executive with
reasonable outplacement services for a period of up to one year from the Date of
Termination, the provider of which shall be selected by the Executive in his or
her sole discretion; and

     

    (iv) to
the extent not theretofore paid or provided, the Company shall timely pay or
provide to the Executive any other amounts or benefits required to be paid or
provided or which the Executive is eligible to receive under any plan, program,
policy or practice or

     

    
      
         

      

      
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    contract
or agreement of the Company and its Affiliates (such other amounts and benefits
shall be hereinafter referred to as the “Other Benefits”).

     

    (b)  Death or
Incapacity.  If the Executive’s employment is terminated by
reason of the Executive’s death or Incapacity during the Employment Period, this
Agreement shall terminate without further obligations to the Executive’s legal
representatives under this Agreement, other than for (i) timely payment of
Accrued Obligations in a lump sum in cash within 30 days after the
Date  of Termination and (ii) provision by the Company of death
benefits or disability benefits for termination due to death or Incapacity,
respectively, in accordance with Section 3(b)(iii) as in effect at the
Operative Date or, if more favorable to the Executive, at the Executive’s Date
of Termination.

     

    (c)  Cause; Other than for Good
Reason.  If the Executive’s employment shall be terminated for
Cause during the Employment Period, this Agreement shall terminate without
further obligations to the Executive other than timely payment to the Executive
of (x) the Executive’s currently effective Annual Base Salary through the
Date of Termination in a lump sum in cash within 30 days after the Date of
Termination and (y) Other Benefits, in each case to the extent theretofore
unpaid.  If the Executive voluntarily terminates employment during the
Employment Period, excluding a termination for Good Reason, this Agreement shall
terminate without further obligations to the Executive, other than for the
timely payment of Accrued Obligations in a lump sum in cash within 30 days after
the Date of Termination and Other Benefits.

     

    SECTION 6.  Non-exclusivity of
Rights.  Nothing in this Agreement shall prevent or limit the
Executive’s continuing or future participation in any plan, program, policy or
practice provided by the Company or any of its Affiliates and for which the
Executive may qualify, nor, subject to Section 15(c), shall anything herein
limit or otherwise affect such rights as the Executive may have under any
contract or agreement with the Company or any of its
Affiliates.  Amounts which are vested benefits or which the Executive
is otherwise entitled to receive under any plan, policy, practice or program of
or any contract or agreement with the Company or any of its Affiliates at or
subsequent to the Date of Termination shall be payable in accordance with such
plan, policy, practice or program or contract or agreement except as explicitly
modified by this Agreement.

     

    SECTION 7.  No
Mitigation.  The Company agrees that, if the Executive’s
employment is terminated during the term of this Agreement for any reason, the
Executive is not required to seek other employment or to attempt in any way to
reduce any amounts payable to the Executive hereunder.  Furthermore,
the amount of any payment or benefit provided hereunder shall not be reduced by
any compensation earned by the Executive as the result of employment by another
employer, by retirement benefits, by offset against any amount claimed to be
owed by the Executive to the Company, or otherwise.

     

    SECTION 8.  Full
Settlement.  Subject to full compliance by the Company with all
of its obligations under this Agreement, this Agreement shall be deemed to
constitute the settlement of such claims as the Executive might otherwise be
entitled to assert against the Company by reason of the termination of the
Executive’s employment for any reason during the Employment
Period.  The Company’s obligation to make the payments provided for in
this Agreement and otherwise to perform its obligations hereunder shall not be
affected by any set-off, counterclaim, recoupment, defense or other claim, right
or action which the Company may have against the Executive or
others.

     

    
      
         

      

      
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    In no
event shall the Executive be obligated to seek other employment or take any
other action by way of mitigation of the amounts payable to the Executive under
any of the provisions of this Agreement and such amounts shall not be reduced
whether or not the Executive obtains other employment.  The Company
agrees to pay as incurred, to the full extent permitted by law, all legal fees
and expenses which the Executive may reasonably incur prior to the tenth
anniversary of the end of the Employment Period as a result of any contest
(regardless of the outcome thereof) by the Company, the Executive or others of
the validity or enforceability of, or liability under, any provision of this
Agreement or any guarantee of performance thereof.  Except as
specifically permitted by Section 409A, the legal fees provided to the Executive
under this Section 8 during any calendar year shall not affect the legal fees to
be provided to the Executive under this Section 8 in any other calendar year and
the right to such legal fees cannot be liquidated or exchanged for any other
benefit, in accordance with Treas. Reg. Section 1.409A-3(i)(1)(iv) or any
successor thereto.  Furthermore, reimbursement payments for legal fees
shall be made to the Executive as promptly as practicable following the date
that the applicable expense is incurred, but in any event not later than the
last day of the calendar year following the calendar year in which the
underlying fee is incurred, in accordance with Treas. Reg. Section
1.409A-3(i)(1)(iv) or any successor thereto.

     

    SECTION 9.  Successors; Binding
Agreement.

     

    (a)  The
Company will require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business
or assets of the Company, by agreement, in form and substance satisfactory to
the Executive, expressly to assume and agree to perform this Agreement in the
same manner and to the same extent that the Company would be required to perform
if no such succession had taken place.  Failure of the Company to
obtain such assumption and agreement prior to the effectiveness of any such
succession will be a breach of this Agreement and entitle the Executive to
compensation from the Company in the same amount and on the same terms as the
Executive would be entitled to hereunder had the Company terminated the
Executive for reason other than Cause or Incapacity on the succession
date.  As used in this Agreement, the “Company” means the Company as
defined in the preamble to this Agreement and any successor to its business or
assets which executes and delivers the agreement provided for in this
Section 9 or which otherwise becomes bound by all the terms and provisions
of this Agreement by operation of law or otherwise.

     

    (b)  This
Agreement shall be enforceable by the Executive’s personal or legal
representatives, executors, administrators, successors, heirs, distributees,
devisees and legatees.

     

    SECTION 10.  Non-assignability.  This
Agreement is personal in nature and neither of the parties hereto shall, without
the consent of the other, assign or transfer this Agreement or any rights or
obligations hereunder, except as provided in Section 9
hereof.  Without limiting the foregoing, the Executive’s right to
receive payments hereunder shall not be assignable or transferable, whether by
pledge, creation of a security interest or otherwise, other than a transfer by
his or her will or by the laws of descent or distribution, and, in the event of
any attempted assignment or transfer by the Executive contrary to this Section
10, the Company shall have no liability to pay any amount so attempted to be
assigned or transferred.

     

    
      
         

      

      
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    SECTION 11.  Notices.  For
the purpose of this Agreement, notices and all other communications provided for
herein shall be in writing and shall be deemed to have been duly given when
delivered or mailed by United States registered or certified mail, return
receipt requested, postage prepaid, addressed as follows:

     

    
      	 
      	
              If
      to the Executive:

            	
              Matthew
      A.P. Schumacher

              Address
      on file with the Company

            
	 
      	 
      	 
      
	 
      	
              If
      to the Company:

            	
              The
      Brink’s Company

              1801
      Bayberry Court, Suite 400

              P.O.
      Box 18100

              Richmond,
      VA 23226

              Attention
      of Corporate Secretary

            

    

    

    or to
such other address as either party may have furnished to the other in writing in
accordance herewith, except that notices of change of address shall be effective
only upon receipt.

     

    SECTION 12.  Operation of
Agreement.  (a) This Agreement shall be effective immediately
upon its execution and continue to be effective so long as the Executive is
employed by the Company or any of its Affiliates.  The provisions of
this Agreement do not take effect until the Operative Date.

     

     (b)           Notwithstanding
anything in Section 12(a) to the contrary, this Agreement shall, unless extended
by written agreement of the parties hereto, terminate, without further action by
the parties hereto, on the third anniversary of the date of this Agreement if a
Change in Control shall not have occurred prior to such third anniversary
date.

     

    SECTION 13.  Governing
Law.  The validity, interpretation, construction and
performance of this Agreement shall be governed by the laws of the Commonwealth
of Virginia without reference to principles of conflict of laws.

     

    SECTION 14.  Section 409A of the
Code.  The provisions of this Section 14 shall apply
notwithstanding any provision in this Agreement to the contrary.

     

    (a)           Intent to Comply with
Section 409A of the Code.  It is intended that the provisions
of this Agreement comply with Section 409A, and all provisions of this Agreement
shall be construed and interpreted in a manner consistent with the requirements
for avoiding taxes or penalties under Section 409A.  For the purpose
of compliance with Section 409A, the Date of Termination as defined above shall
be the date that qualifies as a “separation from service” of the Executive
within the meaning of Section 409A.

     

    (b)           No alienation, set-offs,
etc.  Neither the Executive nor any creditor or beneficiary of
the Executive shall have the right to subject any deferred compensation (within
the meaning of Section 409A) payable under this Agreement or under any other
plan, policy, arrangement or agreement of or with the Company or any affiliate
thereof (this Agreement and such other plans, policies, arrangements and
agreements, the “Company Plans”) to any anticipation, alienation, sale,
transfer, assignment, pledge, encumbrance, attachment or
garnishment.  Except as

     

    
      
         

      

      
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    permitted
under Section 409A, any deferred compensation (within the meaning of Section
409A) payable to or for the benefit of the Executive under any Company Plan may
not be reduced by, or offset against, any amount owing by the Executive to the
Company (or an affiliate, as applicable).

     

    (c)           Six-Month Delay of Certain
Payments.  If, at the time of the Executive’s separation from
service (within the meaning of Section 409A), (i) the Executive shall be a
specified employee (within the meaning of Section 409A and using the
identification methodology selected by the Company from time to time) and (ii)
the Company shall make a good faith determination that an amount payable under
any Company Plan constitutes deferred compensation (within the meaning of
Section 409A) the payment of which is required to be delayed pursuant to the
six-month delay rule set forth in Section 409A in order to avoid taxes or
penalties under Section 409A, then the Company (or an affiliate, as applicable)
shall not pay any such amount on the otherwise scheduled payment date but shall
instead accumulate such amount and pay it, without interest, on the first day of
the seventh month following such separation from service.

     

    (d)           Amendment of Deferred
Compensation Plans.  Notwithstanding any provision of any
Company Plan to the contrary, in light of the uncertainty with respect to the
proper application of Section 409A, the Company reserves the right to make
amendments to any Company Plan as the Company deems necessary or desirable to
avoid the imposition of taxes or penalties under Section 409A.

     

    SECTION
15.  Miscellaneous.

     

    (a)  This
Agreement contains the entire understanding with the Executive with respect to
the subject matter hereof and supersedes any and all prior agreements or
understandings, written or oral, relating to such subject matter.  No
provisions of this Agreement may be modified, waived or discharged unless such
modification, waiver or discharge is agreed to in writing signed by the
Executive and the Company.

     

    (b)  The
invalidity or unenforceability of any provision of this Agreement shall not
affect the validity or enforceability of any other provision of this
Agreement.

     

    (c)  Except
as provided herein, this Agreement shall not be construed to affect in any way
any rights or obligations in relation to the Executive’s employment by the
Company or any of its Affiliates prior to the Operative Date or subsequent to
the end of the Employment Period.

     

    (d)  This
Agreement may be executed in one or more counterparts, each of which shall be
deemed to be an original but all of which together will constitute one and the
same Agreement.

     

    (e)  The
Company may withhold from any benefits payable under this Agreement all Federal,
state, city or other taxes as shall be required pursuant to any law or
governmental regulation or ruling.

     

    (f)  The
captions of this Agreement are not part of the provisions hereof and shall have
no force or effect.

     

    
      
         

      

      
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    IN
WITNESS WHEREOF, the parties have caused this Agreement to be executed and
delivered as of the day and year first above set forth.

     

    

    
      	 
      	 
      	
              THE
      BRINK’S COMPANY,

            
	 
      	 
      	 
      
	 
      	
              by

            	
              /s/
      Michael T. Dan

            
	 
      	 
      	
              Michael
      T. Dan

            
	 
      	 
      	
              Chairman
      of the Board,

            
	 
      	 
      	
              President
      and Chief Executive Officer

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
              /s/
      Matthew A.P. Schumacher

            
	 
      	 
      	
              Matthew
      A.P. Schumacher

            

    

    

     

    
      
         

      

      
        -10-ex10f.htm

    EXHIBIT
10(f)

     

     

     

    THE
BRINK’S COMPANY

    2005
EQUITY INCENTIVE PLAN

    (amended
and restated as of February 19, 2010)

     

    

    SECTION
1.  Purpose.

     

    The
purpose of The Brink’s Company 2005 Equity Incentive Plan (amended and restated
as of February 19, 2010) is to act as the successor plan to The Brink’s Company
1988 Stock Option Plan and to encourage those individuals who are expected to
contribute significantly to the Company’s success to accept employment or
continue in the employ of the Company and its Subsidiaries, to enhance their
incentive to perform at the highest level, and, in general, to further the best
interests of the Company and its shareholders.

     

    SECTION
2.  Definition.

     

    As used
in the Plan, the following terms shall have the meanings set forth
below:

     

    (a)    “Act” shall mean the Securities
Exchange Act of 1934, as amended.

     

    (b)    “Affiliate” shall mean (i) any
entity that, directly or indirectly, is controlled by the Company and (ii) any
entity in which the Company has a significant equity interest, in either case as
determined by the Committee.

     

    (c)    “Award” shall mean any Option,
Stock Appreciation Right, award of Restricted Stock, award of Performance Stock
or Other Stock-Based Award granted under the Plan.

     

    (d)    “Award Agreement” shall mean
any written agreement, contract or other instrument or document evidencing any
Award granted under the Plan, which may, but need not, be executed or
acknowledged by a Participant.

     

    (e)    “Beneficiary” shall mean a
person or persons entitled to receive payments or other benefits or exercise
rights that are available under the Plan in the event of the Participant’s
death.

     

    (f)     “Board” shall mean the board of
directors of the Company.

     

    (g)    “Cause” shall mean, with
respect to any Participant, (a) embezzlement, theft or misappropriation by the
Participant of any property of the Company, (b) the Participant’s willful breach
of any fiduciary duty to the Company, (c) the Participant’s willful failure or
refusal to comply with laws or regulations applicable to the Company and its
business or the policies of the Company governing the conduct of its employees,
(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.

     

    (h)           “Change in Control” shall mean
the occurrence of:

     

    (i) (A)
any consolidation or merger of the Company in which the Company is not the
continuing or surviving corporation or pursuant to which the Shares 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 Shares outstanding (exclusive of shares held by the Company’s
Affiliates) (the “Total Voting
Power”) immediately prior to the consolidation or merger will have the
same proportionate ownership of the total voting power in the election of
directors of the surviving corporation immediately after the consolidation or
merger, or (B) any sale, 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 Awards granted before November 16, 2007, a “Change
in Control” shall be deemed to occur upon the approval of the shareholders of
the Company (or if such approval is not required, the approval of the Board) of
any of the transactions set forth in clauses (A) or (B) above of this
sup-paragraph (i);

    

    (ii) any
“person” (as defined in Section 13(d) of the Act) other than the Company, its
Affiliates or an employee benefit plan or trust maintained by the Company or its
affiliates, becoming 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

    

    (iii) at
any time during a period of two consecutive years, individuals who at the
beginning of such period constituted the Board ceasing 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.

    

    (i)          “Code” shall mean the Internal
Revenue Code of 1986, as amended from time to time.

     

    (j)          “Committee” shall mean the
Compensation and Benefits Committee of the Board or such other committee as may
be designated by the Board.

     

    (k)         “Company” shall mean The
Brink’s Company.

     

    
      (l)          “Company Deferred Compensation
Program” shall mean The Brink’s Company Key Employees’ Deferred
Compensation Program, as amended from time to time.

    

    

    
      
        
           

        

        
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    (m)          “Executive Group” shall mean
every person who is expected by the Committee to be both (i) a “covered
employee” as defined in Section 162(m) of the Code as of the end of the taxable
year in which payment of the Award may be deducted by the Company, and (ii) the
recipient of compensation of more than $1,000,000 (as such number appearing in
Section 162(m) of the Code may be adjusted by any subsequent legislation) for
that taxable year.

     

    (n)           “Fair Market Value” shall mean
with respect to Shares, the average of the high and low quoted sale prices of a
share of such common stock on the date in question (or, if there is no reported
sale on such date, on the last preceding date on which any reported sale
occurred) on the New York Stock Exchange Composite Transactions Tape or with
respect to any property other than Shares, the fair market value of such
property determined by such methods or procedures as shall be established from
time to time by the Committee.

     

    (o)           “Incentive Stock Option” shall
mean an option representing the right to purchase Shares from the Company,
granted under and in accordance with the terms of Section 6, that meets the
requirements of Section 422 of the Code, or any successor provision
thereto.

     

    (p)           “Non-Qualified Stock Option”
shall mean an option representing the right to purchase Shares from the Company,
granted under and in accordance with the terms of Section 6, that is not an
Incentive Stock Option.

     

    (q)    “Option” shall mean an
Incentive Stock Option or a Non-Qualified Stock Option.

     

    (r)     “Other Stock-Based Award” shall
mean any right granted under Section 10.

     

    (s)           “Participant” shall mean an
individual granted an Award under the Plan.

     

    (t)          
“Performance Stock”
shall mean any Share granted under Section 9.

     

    (u)          “Performance Unit” means a
contractual right, granted pursuant to Section 9, that is denominated in
Shares.  Each Performance Unit represents a right to receive the value
of one Share (or a percentage of such value) in cash, Shares or a combination
thereof.  Awards of Performance Units may include the right to receive
dividend equivalents.

     

    (v)          “Plan” shall mean The Brink’s
Company 2005 Equity Incentive Plan (amended and restated as of February 19,
2010).

     

    
      (w)         “Predecessor Plan” shall mean
The Brink’s Company 1988 Stock Option Plan.

    

    

    
      
        
           

        

        
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    (x)           “Restricted Stock” shall mean
any Share granted under Section 8.

     

    (y)           “Restricted Stock Unit” means a
contractual right, granted pursuant to Section 8, that is denominated in
Shares.  Each Restricted Stock Unit represents a right to receive the
value of one Share (or a percentage of such value) in cash, Shares or a
combination thereof.  Awards of Restricted Stock Units may include the
right to receive dividend equivalents.

     

    (z)           “Retirement” shall mean, with
respect to any Participant, any termination of the Participant’s employment on
or after the date on which the Participant has (i) attained age 65 and completed
at least five years of service with the Company or any of its Subsidiaries or
(ii) attained age 55 and completed at least ten years of service with the
Company or any of its Subsidiaries; provided that the
Participant’s employment is not terminated for Cause.

     

    (aa)         “SAR” or “Stock Appreciation Right”
shall mean any right
granted to a Participant pursuant to Section 7 to receive, upon exercise by the
Participant, the excess of (i) the Fair Market Value of one Share on the date of
exercise or at any time during a specified period before the date of exercise
over (ii) the grant price of the right on the date of grant, or if granted
in connection with an outstanding Option on the date of grant of the related
Option, as specified by the Committee in its sole discretion, which, except in
the case of Substitute Awards or in connection with an adjustment provided in
Section 5(d), shall not be less than the Fair Market Value of one Share on such
date of grant of the right or the related Option, as the case may
be.

     

    (bb)        “Shares” shall mean shares of
the common stock of the Company.

     

    (cc)        
“Subsidiary” shall mean
any corporation of which stock representing at least 50% of the ordinary voting
power is owned, directly or indirectly, by the Company.

     

    (dd)       
“Substitute Awards”
shall mean Awards granted in assumption of, or in substitution for, outstanding
awards previously granted by a company acquired by the Company or with which the
Company combines.

     

    SECTION
3.  Eligibility.

     

    (a)           Any
individual who is employed by the Company or any Affiliate, including any
officer-director, shall be eligible to be selected to receive an Award under the
Plan.

     

    (b)           Directors
who are not full-time or part-time officers are not eligible to receive Awards
hereunder.

     

    
      (c)           Holders
of options and other types of Awards granted by a company acquired by the
Company or with which the Company combines are eligible for grant of Substitute
Awards hereunder.

    

     

    

    
      
        
           

        

        
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    SECTION
4.  Administration.

     

    (a)           The
Plan shall be administered by the Committee.  The Committee shall be
appointed by the Board and shall consist of not less than three directors, each
of whom shall be independent, within the meaning of and to the extent required
by applicable rulings and interpretations of the New York Stock Exchange and the
Securities and Exchange Commission, and each of whom shall be a “Non-Employee
Director”, as defined from time to time for purposes of Section 16 of the Act
and the rules promulgated thereunder and shall satisfy the requirements for an
outside director pursuant to Section 162(m) of the Code, and any regulations
issued thereunder.  The Board may designate one or more directors as
alternate members of the Committee who may replace any absent or disqualified
member at any meeting of the Committee.  No member or alternate member
of the Committee shall be eligible, while a member or alternate member, for
participation in the Plan.  The Committee may issue rules and
regulations for administration of the Plan.  It shall meet at such
times and places as it may determine.

     

    (b)           Subject
to the terms of the Plan and applicable law, the Committee shall have full power
and authority to: (i) designate Participants; (ii) determine the type or types
of Awards (including Substitute Awards) to be granted to each Participant under
the Plan; (iii) determine the number of Shares to be covered by (or with respect
to which payments, rights, or other matters are to be calculated in connection
with) Awards; (iv) determine the terms and conditions of any Award; (v)
determine whether, to what extent, and under what circumstances Awards may be
settled or exercised in cash, Shares, other securities, or other Awards, or
canceled, forfeited or suspended, and the method or methods by which Awards may
be settled, exercised, canceled, forfeited or suspended; (vi) determine whether,
to what extent, and under what circumstances cash, Shares, other securities,
other Awards, and other amounts payable with respect to an Award under the Plan
shall be deferred either automatically or at the election of the holder thereof
or of the Committee; (vii) interpret and administer the Plan and any instrument
or agreement relating to, or Award made under, the Plan; (viii) establish,
amend, suspend or waive such rules and regulations and appoint such agents as it
shall deem appropriate for the proper administration of the Plan; and (ix) make
any other determination and take any other action that the Committee deems
necessary or desirable for the administration of the Plan.

     

    (c)           All
decisions of the Committee shall be final, conclusive and binding upon all
parties, including the Company, the shareholders and the
Participants.

     

    SECTION
5.  Shares Available
for Issuance.

     

    
      (a)           Subject
to all of the provisions of this Section 5, the number of Shares available for
issuance under the Plan as of December 31, 2009, after taking 

       

       

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      into
account shares issued as of December 31, 2009, shall be 5,648,818 Shares (the
“Maximum
Share Limit”).

    

     

    
      (i)            
Any Shares covered by an Award other than Options and SARs shall be counted
against the Maximum Share Limit as two Shares for every one Share covered by the
Award. 

       

    

    (ii)           
Each SAR shall be counted against the Maximum Share Limit as one Share,
regardless of whether a Share is used to settle the SAR upon
exercise. 

     

    (iii)           Notwithstanding
the foregoing and subject to adjustment as provided in Section 5(d), no
Participant may receive Options and SARs under the Plan in any calendar year
that relate to more than 400,000 Shares.

     

    (iv)           In
addition, subject to approval of the Company Deferred Compensation Program by
the shareholders of the Company at the 2010 annual meeting, each Unit standing
to the credit of an Employee’s Incentive Account under the Company Deferred
Compensation Program (each such capitalized term as defined under the Company
Deferred Compensation Program) shall be counted against the Maximum Share
Limit.  Units shall be counted against the Maximum Share Limit as two
Shares for every one Unit standing to the credit of an Employee’s Incentive
Account.  Notwithstanding the foregoing, this Section 5(a)(iv) shall
only apply to Units credited to an Employee’s Incentive Account on or after May
7, 2010.

     

    (b)           If,
after the effective date of the Plan, any Shares covered by an Award other than
a Substitute Award, or to which such an Award relates, are forfeited, or if such
an Award otherwise terminates without the delivery of Shares or of other
consideration, then the Shares covered by such Award, or to which such Award
relates, to the extent of any such forfeiture or termination, shall again be, or
shall become, available for issuance under the Plan.  For purposes of
this Section 5(b), awards under the Predecessor Plan shall be considered
Awards.

     

    (c)           Any
Shares delivered pursuant to an Award may consist, in whole or in part, of
authorized and unissued Shares or Shares acquired by the Company.

     

    (d)           In
the event that the Committee shall determine that any dividend or other
distribution (whether in the form of cash, Shares or other securities),
recapitalization, stock split, reverse stock split, reorganization, merger,
consolidation, split-up, spin-off, combination, repurchase or exchange of Shares
or other securities of the Company, issuance of warrants or other rights to
purchase Shares or other securities of the Company, or other similar corporate
transaction or event affects the Shares such that an adjustment is determined by
the Committee to be appropriate in order to prevent dilution or enlargement of
the

     

    

    
      
        
           

        

        
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    benefits
or potential benefits intended to be made available under the Plan, then the
Committee shall, in such manner as it may deem equitable, adjust any or all of
(i) the number and type of Shares (or other securities) which thereafter may be
made the subject of Awards, including the aggregate and individual limits
specified in Section 5(a) and Section 9(d), (ii) the number and type of Shares
(or other securities) subject to outstanding Awards, and (iii) the grant,
purchase, or exercise price with respect to any Award or, if deemed appropriate,
make provision for a cash payment to the holder of an outstanding Award; provided, however, that the
number of Shares subject to any Award denominated in Shares shall always be a
whole number.

     

    (e)           Shares
underlying Substitute Awards shall not reduce the number of Shares remaining
available for issuance under the Plan.

     

    SECTION
6.  Options.

     

    The
Committee is hereby authorized to grant Options to Participants with the
following terms and conditions and with such additional terms and conditions, in
either case not inconsistent with the provisions of the Plan, as the Committee
shall determine:

     

    (a)           The
purchase price per Share under an Option shall be determined by the Committee;
provided, however, that, except in the
case of Substitute Awards, such purchase price shall not be less than the Fair
Market Value of a Share on the date of grant of such Option.

     

    (b)           The
term of each Option shall be fixed by the Committee but shall not exceed 6 years
from the date of grant thereof.

     

    (c)           The
Committee shall determine the time or times at which an Option may be exercised
in whole or in part;
provided, however, that, except in the
event of a Change in Control, an Option shall not be exercisable before the
expiration of one year from the date the Option is granted.

     

    (d)           The
Committee shall determine the method or methods by which, and the form or forms,
including, without limitation, cash, Shares, other Awards, or any combination
thereof, having a Fair Market Value on the exercise date equal to the relevant
exercise price, in which, payment of the exercise price with respect thereto may
be made or deemed to have been made.

     

    (e)           The
terms of any Incentive Stock Option granted under the Plan shall comply in all
respects with the provisions of Section 422 of the Code, or any successor
provision thereto, and any regulations promulgated thereunder.

     

    (f)           
Options shall not be granted under the Plan in consideration for and shall not
be conditioned upon the delivery of Shares to the Company in payment of the
exercise price and/or tax withholding obligation under any other employee stock
option.

     

    

    
      
        
           

        

        
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    (g)           Section
11 sets forth certain additional provisions that shall apply to
Options.

     

    SECTION
7. Stock Appreciation
Rights.

     

    (a)           The
Committee is hereby authorized to grant Stock Appreciation Rights (“SARs”) to Participants with
terms and conditions as the Committee shall determine not inconsistent with the
provisions of the Plan.

     

    (b)           SARs
may be granted hereunder to Participants either alone (“freestanding”) or in addition
to other Awards granted under the Plan (“tandem”) and may, but need
not, relate to a specific Option granted under Section 6.

     

    (c)           Any
tandem SAR related to an Option may be granted at the same time such Option is
granted or at any time thereafter before exercise or expiration of such
Option.  In the case of any tandem SAR related to any Option, the SAR
or applicable portion thereof shall not be exercisable until the related Option
or applicable portion thereof is exercisable and shall terminate and no longer
be exercisable upon the termination or exercise of the related Option, except
that a SAR granted with respect to less than the full number of Shares covered
by a related Option shall not be reduced until the exercise or termination of
the related Option exceeds the number of Shares not covered by the
SAR.  Any Option related to any tandem SAR shall no longer be
exercisable to the extent the related SAR has been exercised.

     

    (d)     A
freestanding SAR shall not have a term of greater than 6 years or, unless it is
a Substitute Award, an exercise price less than 100% of Fair Market Value of the
Share on the date of grant and, except in the event of a Change in Control,
shall not be exercisable before the expiration of one year from the date the SAR
is granted.

     

    (e)     Section 11
sets forth certain additional provisions that shall apply to SARs.

     

    SECTION
8.  Restricted Stock
and Restricted Stock Units.

     

    (a)          
The Committee is hereby authorized to grant Awards of Restricted Stock and
Restricted Stock Units to Participants.

     

    (b)          
Shares of Restricted Stock and Restricted Stock Units shall be subject to such
restrictions as the Committee may impose (including, without limitation, any
limitation on the right to vote a Share of Restricted Stock or the right to
receive any dividend or other right), which restrictions may lapse separately or
in combination at such time or times, in such installments or otherwise,
as the Committee may deem appropriate; provided, however, that
subject to Section 12(g), Restricted Stock and Restricted Stock Units shall have
a vesting period of not less than one year.

     

    

    
      
        
           

        

        
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    (c)          
Any Share of Restricted Stock granted under the Plan may be evidenced in such
manner as the Committee may deem appropriate including, without limitation,
book-entry registration or issuance of a stock certificate or
certificates.  In the event any stock certificate is issued in respect
of Shares of Restricted Stock granted under the Plan, such certificate shall be
registered in the name of the Participant and shall bear an appropriate legend
referring to the terms, conditions, and restrictions applicable to such
Restricted Stock.

     

    (d)          
The Committee may in its discretion, when it finds that a waiver would be in the
best interests of the Company, waive in whole or in part any or all restrictions
with respect to Shares of Restricted Stock and Restricted Stock Units; provided, that the Committee
may not waive the restriction in the proviso of Section 8(b).

     

    (e)          
If the Committee intends that an Award granted under this Section 8, shall
constitute or give rise to “qualified performance based compensation” under
Section 162(m) of the Code, such Award may be structured in accordance with the
requirements of Section 9, including the performance criteria set forth therein,
and any such Award shall be considered an Award of Performance Stock or
Performance Units, as applicable, for purposes of the Plan.

     

    (f)           
Section 11 sets forth certain additional provisions that shall apply to
Restricted Stock and Restricted Stock Units.

     

    SECTION
9.  Performance
Stock and Performance Units.

     

    (a)           The
Committee is hereby authorized to grant Awards of Performance Stock and
Performance Units to Participants.

     

    (b)           Subject
to the terms of the Plan, Shares of Performance Stock and Performance Units
shall be subject to such restrictions as the Committee may impose (including,
without limitation, any limitation on the right to vote a Share of Performance
Stock or the right to receive any dividend or other right), which restrictions
may lapse, in whole or in part, upon the achievement of such performance goals
during such performance periods as the Committee shall
establish.  Subject to the terms of the Plan, the performance goals to
be achieved during any performance period, the length of any performance period,
the number of Shares subject to any Award of Performance Stock or Performance
Units shall be determined by the Committee; provided, however, that subject to
Section 12(g), the performance period relating to Performance Stock and
Performance Units shall be at least one year.

     

    (c)           Any
Share of Performance Stock granted under the Plan may be evidenced in such
manner as the Committee may deem appropriate including, without limitation,
book-entry registration or issuance of a stock certificate or
certificates.  In the event any stock certificate is issued in respect
of Shares of Performance Stock granted under the Plan, such certificate shall be
registered in 

     

    

    
      
        
           

        

        
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    the name
of the Participant and shall bear an appropriate legend referring to the terms,
conditions, and restrictions applicable to such Performance Stock.

     

    (d)           Every
Award of Performance Stock and every Award of Performance Units to a member of
the Executive Group shall, if the Committee intends that such Award should
constitute “qualified performance-based compensation” for purposes of Section
162(m) of the Code, include a pre-established formula, such that payment,
retention or vesting of the Award is subject to the achievement during a
performance period or periods, as determined by the Committee, of a level or
levels, as determined by the Committee, of one or more performance measures with
respect to the Company, any Subsidiary and/or any business unit of the Company
or any Subsidiary, including without limitation the following: (i) net income,
(ii) operating income, (iii) return on net assets, (iv) revenue growth, (v)
total shareholder return, (vi) earnings per share, (vii) return on equity,
(viii) net revenue per employee, (ix) market share, (x) return on capital and/or
economic value added (or equivalent metric), or (xi) cash flow and/or free cash
flow (before or after dividends); each as determined in accordance with
generally accepted accounting principles, where applicable, as consistently
applied by the Company and, if so determined by the Committee prior to the
release or forfeiture of the Shares of Performance Stock or the expiration of
the Award of Performance Units (as applicable), adjusted, to the extent
permitted under Section 162(m) of the Code if the Committee intends the Award of
Performance Stock or Performance Units to continue to constitute “qualified
performance-based compensation” under Section 162(m) of the Code, to omit the
effects of extraordinary items, the gain or loss on the disposal of a business
segment, unusual or infrequently occurring events and transactions, accruals for
awards under the Plan and cumulative effects of changes in accounting
principles.  Performance measures may vary from Performance Stock
Award to Performance Stock Award, Performance Unit Award to Performance Unit
Award and from Participant to Participant and may be established on a
stand-alone basis, in tandem or in the alternative.  Performance
measures may be expressed on an absolute basis or on a relative basis against a
peer group or an index.  For any Award subject to any such pre-established
formula, the maximum number of Shares subject to any such Award granted in any
year shall be 400,000, subject to adjustment as provided in Section
5(d).  Notwithstanding any provision of the Plan to the contrary, the
Committee shall not be authorized to increase the number of Shares subject to
any Award to which this Section 9(d) applies upon attainment of such
pre-established formula.

     

    (e)           Section
11 sets forth certain additional provisions that shall apply to Performance
Stock and Performance Units.

     

    SECTION
10.  Other
Stock-Based Awards.

     

    The
Committee is hereby authorized to grant to Participants such other Awards
(including, without limitation, rights to dividends and dividend equivalents)
that are denominated or payable in, valued in whole or in part by 

     

    

    
      
        
           

        

        
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    reference
to, or otherwise based on or related to, Shares (including, without limitation,
securities convertible into Shares) as are deemed by the Committee to be
consistent with the purposes of the Plan.  Subject to the terms of the
Plan, the Committee shall determine the terms and conditions of such
Awards.  Shares or other securities delivered pursuant to a purchase
right granted under this Section 10 shall be purchased for such consideration,
which may be paid by such method or methods and in such form or forms,
including, without limitation, cash, Shares, other securities, other Awards, or
any combination thereof, as the Committee shall determine, the value of which
consideration, as established by the Committee, shall, except in the case of
Substitute Awards, not be less than the Fair Market Value of such Shares or
other securities as of the date such purchase right is granted.

     

    SECTION
11.  Effect of
Termination of Employment on Awards.

     

    Except as
otherwise provided by the Committee at the time an Option, SAR, Restricted
Stock, Restricted Stock Unit, Performance Stock or Performance Unit is granted
or in any amendment thereto, if a Participant ceases to be employed by the
Company or any Affiliate, then:

     

    (a)           with
respect to an Option or SAR:

     

    (i)           subject
to Section 11(a)(ii), if termination is by reason of the Participant’s
Retirement or by reason of the Participant’s permanent and total disability,
each Option and SAR held by the Participant shall continue to remain outstanding
and shall become or remain exercisable and in full force and effect in
accordance with its terms until the expiration date of the Award;

     

    (ii)           if
termination is by reason of the death of the Participant, or if the Participant
dies after Retirement or permanent and total disability as referred to in
Section 11(a)(i), each Option and SAR held by the Participant shall become fully
exercisable at the time of the Participant’s death (or, if later, at the time of
the one year anniversary of the Option or SAR grant date (as applicable)) and
may be exercised by the Participant’s Beneficiary at any time within a period of
three years after death (but not after the expiration date of the
Award);

     

    (iii)           if
termination of employment is for any reason other than as provided in Section
11(a)(i) or (ii), the Participant may exercise each Option and SAR held by the
Participant within 90 days after such termination (but not after the expiration
date of such Award) to the extent such Award was exercisable pursuant to its
terms at the date of termination; provided, however, if the Participant
should die within 90 days after such termination, each Option and SAR held by
the Participant may be exercised by the Participant’s Beneficiary at any time
within a period of
one year after death (but not after the expiration date of the

    

    
      
        
           

        

        
          11

          
            

          

        

        
           

        

      

    

     

    Award) to the extent such
Award was exercisable pursuant to its terms at the date of
termination;

     

    (b)           with
respect to Restricted Stock and Restricted Stock Units:

     

    (i)           subject
to Section 11(b)(ii), if termination is by reason of the Participant’s
Retirement or permanent and total disability, each Restricted Stock Award and
Restricted Stock Unit Award held by the Participant shall continue to remain
outstanding and in full force and effect and any restrictions with respect to
such Restricted Stock Award or Restricted Stock Unit Award (as applicable) shall
lapse in accordance with the terms of the Award;

     

    (ii)           if
termination is by reason of the Participant’s death, or if the Participant dies
after Retirement or permanent and total disability as referred to in Section
11(b)(i), any and all restrictions with respect to each Restricted Stock Award
and Restricted Stock Unit Award held by the Participant shall lapse at the time
of the Participant’s death (or, if later, at the time of the one year
anniversary of the Restricted Stock Award or Restricted Stock Unit Award (as
applicable) grant date);

     

    (iii)           if
termination of employment is by reason other than as provided in Section
11(b)(i) or (b)(ii), any Restricted Stock Award and Restricted Stock Unit Award
held by the Participant that remains subject to restrictions shall be canceled
as of such termination of employment and shall have no further force or
effect;

     

    (c)           with
respect to Performance Stock and Performance Units:

     

    (i)           if
termination is by reason of the Participant’s Retirement or permanent and total
disability, each Performance Stock Award and Performance Unit Award held by the
Participant shall remain outstanding and in full force and effect and any
restrictions with respect to such Performance Stock Award or Performance Unit
Award (as applicable) shall lapse in accordance with the terms of the Award
regardless of whether the Participant dies during such period;

     

    (ii)           if
termination of employment occurs prior to the expiration of any performance
period applicable to a Performance Stock Award or Performance Unit Award (as
applicable) and such termination is by reason of the Participant’s death, the
Participant’s Beneficiary shall be entitled to receive following the expiration
of such performance period, a pro-rata portion of the number of Shares subject
to the Performance Stock Award or Performance Unit Award (as applicable) with
respect to which the restrictions would have otherwise lapsed notwithstanding
the Participant’s death, determined based on the number of days in the
performance period that
shall have elapsed prior to such termination and the remainder of such

     

    

    
      
        
           

        

        
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    Performance Stock Award or
Performance Unit Award (as applicable) shall be canceled; and

     

    (iii)           if
termination of employment occurs prior to the expiration of any performance
period applicable to a Performance Stock Award or Performance Unit Award and
such termination is for any reason other than as provided in Section 11(c)(i) or
(ii), any Performance Stock Award and any Award of Performance Units held by the
Participant shall be canceled as of such termination of employment and shall
have no further force or effect.

     

    SECTION
12.  General
Provisions Applicable to Awards.

     

    (a)           Awards
shall be granted for no cash consideration or for such minimal cash
consideration as may be required by applicable law.

     

    (b)           Awards
may, in the discretion of the Committee, be granted either alone or in addition
to or in tandem with any other Award or any award granted under any other plan
of the Company.  Awards granted in addition to or in tandem with other
Awards, or in addition to or in tandem with awards granted under any other plan
of the Company, may be granted either at the same time as or at a different time
from the grant of such other Awards or awards.

     

    (c)           Subject
to the terms of the Plan, payments or transfers to be made by the Company upon
the grant, exercise or payment of an Award may be made in the form of cash,
Shares, other securities or other Awards, or any combination thereof, as
determined by the Committee in its discretion at the time of grant, and may be
made in a single payment or transfer, in installments, or on a deferred basis,
in each case in accordance with rules and procedures established by the
Committee.  Such rules and procedures may include, without limitation,
provisions for the payment or crediting of reasonable interest on installment or
deferred payments or the grant or crediting of dividend equivalents in respect
of installment or deferred payments.

     

    (d)           No
Award and no right under any Award shall be assignable, alienable, saleable or
transferable by a Participant otherwise than by will or pursuant to Section
12(e).  Each Award, and each right under any Award, shall be
exercisable during the Participant’s lifetime only by the Participant or, if
permissible under applicable law, by the Participant’s guardian or legal
representative.  The provisions of this paragraph shall not apply to
any Award which has been fully exercised, earned or paid, as the case may be,
and shall not preclude forfeiture of an Award in accordance with the terms
thereof.

     

    (e)           A
Participant may designate a Beneficiary or change a previous beneficiary
designation at such times prescribed by the Committee by using forms and
following procedures approved or accepted by the Committee for that
purpose.  If no Beneficiary designated by the Participant is eligible
to receive 

     

    

    
      
        
           

        

        
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    payments or
other benefits or exercise rights that are available under the Plan at the
Participant’s death, the Beneficiary shall be the Participant’s
estate.

     

    (f)           
All certificates for Shares or other securities delivered under the Plan
pursuant to any Award or the exercise thereof shall be subject to such stop
transfer orders and other restrictions as the Committee may deem advisable under
the Plan or the rules, regulations, and other requirements of the Securities and
Exchange Commission, any stock exchange upon which such Shares or other
securities are then listed, and any applicable Federal or state securities laws,
and the Committee may cause a legend or legends to be put on any such
certificates to make appropriate reference to such restrictions.

     

    (g)           Unless
specifically provided to the contrary in any Award Agreement, upon a Change in
Control, all Awards shall become fully exercisable, shall vest and shall be
settled, as applicable, and any restrictions applicable to any Award shall
automatically lapse.  Notwithstanding the foregoing, upon a Change in
Control, Performance Stock Awards and Performance Unit Awards shall be
considered to be earned at their target level; any restrictions with respect to
the target number of Shares subject to a Performance Stock Award and Performance
Unit Award shall lapse and any remaining Shares subject to such Performance
Stock Award and Performance Unit Award shall be cancelled and shall have no
further force or effect.

     

    SECTION
13.  Amendments and
Termination.

     

    (a)           Except
to the extent prohibited by applicable law and unless otherwise expressly
provided in an Award Agreement or in the Plan, the Board may amend, alter,
suspend, discontinue, or terminate the Plan or any portion thereof at any time;
provided, however, that
no such amendment, alteration, suspension, discontinuation or termination shall
be made without (i) shareholder approval if such approval is required by the
listed company rules of the New York Stock Exchange or (ii) the consent of the
affected Participant, if such action would adversely affect the rights of such
Participant under any outstanding Award, except to the extent any such
amendment, alteration, suspension, discontinuance or termination is made to
cause the Plan to comply with applicable law, stock exchange rules and
regulations or accounting or tax rules and
regulations.  Notwithstanding anything to the contrary herein, the
Committee may amend the Plan in such manner as may be necessary to enable the
Plan to achieve its stated purposes in any jurisdiction in a tax-efficient
manner and in compliance with local rules and regulations.

     

    (b)           The
Committee may waive any conditions or rights under, amend any terms of, or
amend, alter, suspend, discontinue or terminate, any Award theretofore granted,
prospectively or retroactively, without the consent of any relevant Participant
or holder or beneficiary of an Award, provided, however, that no
such action shall impair the rights of any affected Participant or holder or
beneficiary under any Award theretofore granted under the Plan, except to the

    
      
        
           

        

        
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    extent
any such action is made to cause the Plan to comply with applicable law, stock
exchange rules and regulations or accounting or tax rules and regulations; and
provided further that,
except as provided in Section 5(d), no such action shall directly or indirectly,
through cancellation and regrant or any other method, reduce, or have the effect
of reducing, the exercise price of any Award established at the time of grant
thereof and provided
further, that the Committee’s authority under this Section 13(b) is
limited in the case of Awards subject to Section 9(d), as set forth in Section
9(d).

     

    (c)           Except
as noted in Section 9(d), the Committee shall be authorized to make adjustments
in the terms and conditions of, and the criteria included in, Awards in
recognition of events (including, without limitation, the events described in
Section 5(d)) affecting the Company, or the financial statements of the Company,
or of changes in applicable laws, regulations or accounting principles, whenever
the Committee determines that such adjustments are appropriate in order to
prevent dilution or enlargement of the benefits or potential benefits intended
to be made available under the Plan.

     

    (d)           The
Committee may correct any defect, supply any omission, or reconcile any
inconsistency in the Plan or any Award in the manner and to the extent it shall
deem desirable to carry the Plan into effect.

     

    SECTION
14.  Miscellaneous.

     

    (a)           No
employee, Participant or other person shall have any claim to be granted any
Award under the Plan, and there is no obligation for uniformity of treatment of
employees, Participants, or holders or beneficiaries of Awards under the
Plan.  The terms and conditions of Awards need not be the same with
respect to each recipient.

     

    (b)           The
Company shall be authorized to withhold from any Award granted or any payment
due or transfer made under any Award or under the Plan or from any compensation
or other amount owing to a Participant the amount (in cash, Shares, other
securities or other Awards) of withholding taxes due in respect of an Award, its
exercise, or any payment or transfer under such Award or under the Plan and to
take such other action (including, without limitation, providing for elective
payment of such amounts in cash or Shares by the Participant) as may be
necessary in the opinion of the Company to satisfy all obligations for the
payment of such taxes.

     

    (c)           Nothing
contained in the Plan shall prevent the Company from adopting or continuing in
effect other or additional compensation arrangements, and such arrangements may
be either generally applicable or applicable only in specific cases. 

     

    (d)           The
grant of an Award shall not be construed as giving a Participant the right to be
retained in the employ of the Company or any
Affiliate.   Further, 

     

    

    
      
        
           

        

        
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    the
Company or the applicable Affiliate may at any time dismiss a Participant from
employment, free from any liability, or any claim under the Plan, unless
otherwise expressly provided in the Plan or in any Award Agreement or in any
other agreement binding the parties.  The receipt of any Award under
the Plan is not intended to confer any rights on the receiving Participant
except as set forth in such Award.

     

    (e)           If
any provision of the Plan or any Award is or becomes or is deemed to be invalid,
illegal, or unenforceable in any jurisdiction, or as to any person or Award, or
would disqualify the Plan or any Award under any law deemed applicable by the
Committee, such provision shall be construed or deemed amended to conform to
applicable laws, or if it cannot be so construed or deemed amended without, in
the determination of the Committee, materially altering the intent of the Plan
or the Award, such provision shall be stricken as to such jurisdiction, person
or Award, and the remainder of the Plan and any such Award shall remain in full
force and effect.

     

    (f)           Neither
the Plan nor any Award shall create or be construed to create a trust or
separate fund of any kind or a fiduciary relationship between the Company and a
Participant or any other person.  To the extent that any person
acquires a right to receive payments from the Company pursuant to an Award, such
right shall be no greater than the right of any unsecured general creditor of
the Company.

     

    (g)           No
fractional Shares shall be issued or delivered pursuant to the Plan or any
Award, and the Committee shall determine whether cash or other securities shall
be paid or transferred in lieu of any fractional Shares, or whether such
fractional Shares or any rights thereto shall be canceled, terminated or
otherwise eliminated.

     

    SECTION
15.  Effective Date
of the Plan.

     

    The Plan
initially became effective as of the date of its approval by the shareholders of
the Company on May 6, 2005.

     

    SECTION
16.  Term of the
Plan.

     

    No Award
shall be granted under the Plan after the date of the annual shareholders
meeting in the tenth year after the effective date of the
Plan.  However, unless otherwise expressly provided in the Plan or in
an applicable Award Agreement, any Award theretofore granted may extend beyond
such date, and the authority of the Committee to amend, alter, adjust, suspend,
discontinue, or terminate any such Award, or to waive any conditions or rights
under any such Award, and the authority of the Board to amend the Plan, shall
extend beyond such date.

     

    
      

    

    
      
        
           

        

        
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      SECTION
17.  Section 409A of
the Code.

       

      (a)           With
respect to Awards subject to Section 409A of the Code (including Awards of
Restricted Stock Units held by Participants who are or who may become eligible
for Retirement during the term of the Award), the Plan is intended
to comply with the requirements of Section 409A of the Code, and the provisions
of the Plan and any Award Agreement shall be interpreted in a manner that
satisfies the requirements of Section 409A of the Code, and the Plan shall be
operated accordingly.  If any provision of the Plan or any term or
condition of any Award would otherwise frustrate or conflict with this intent,
the provision, term or condition will be interpreted and deemed amended so as to
avoid this conflict.

    

     

    (b)           With
respect to Awards subject to Section 409A of the Code (including Awards of
Restricted Stock Units held by Participants who are or who may become eligible
for Retirement during the term of the Award), notwithstanding Section 12(g) and
unless specifically provided to the contrary in the applicable Award Agreement,
in the event of a Change in Control, this paragraph 17(b) shall apply and shall
supersede the provisions of Section 12(g) to the extent inconsistent
therewith.

     

    (i)           If
at the time of such Change in Control, the transaction(s) constituting such
Change in Control do not constitute a change in the ownership or effective
control of a corporation, or change in the ownership of a substantial portion of
the assets of a corporation, as such terms are defined for purposes of Section
409A of the Code, any portion of the Award as to which the settlement date has
not theretofore occurred shall remain outstanding and shall be settled on the
applicable date(s) as specified in the Award Agreement.

     

    (ii)           If
the provisions of Section 17(b)(i) are invoked such that a Change in Control
occurs and any portion of the Award continues to be outstanding thereafter, the
value of the Award that remains outstanding shall be determined based on the
value per common share of the Company implied by the Change in Control
transaction and such value shall be paid in cash without interest on the
applicable settlement date(s) for such Award, as specified in the Award
Agreement.

     

    (c)           With
respect to Awards subject to Section 409A of the Code (including Awards of
Restricted Stock Units held by Participants who are or who may become eligible
for Retirement during the term of the Award), if, at the time of the
Participant’s separation from service (within the meaning of Section 409A of the
Code), (i) the Participant shall be a specified employee (within the meaning of
Section 409A of the Code and using the identification methodology selected by
the Company from time to time) and (ii) the Company shall make a good faith
determination that an amount payable pursuant to an Award Agreement constitutes
deferred compensation (within the meaning of Section 409A of the Code) the
payment of which is required to be delayed pursuant to the six-month

     

    

    
      
        
           

        

        
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    delay rule set forth in
Section 409A of the Code in order to avoid taxes or penalties under Section 409A
of the Code, then the Company (or an Affiliate, as applicable) shall not pay any
such amount on the otherwise scheduled payment date but shall instead accumulate
such amount and pay it, without interest, on the first day of the seventh month
following such separation from service.

     

    (d)           With
respect to Awards subject to Section 409A of the Code (including Awards of
Restricted Stock Units held by Participants who are or who may become eligible
for Retirement during the term of the Award), neither the Participant nor any
creditor or beneficiary of the Participant shall have the right to subject any
deferred compensation (within the meaning of Section 409A of the Code) payable
under the Award Agreement to any anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance, attachment or garnishment.  Except as
permitted under Section 409A of the Code, any deferred compensation (within the
meaning of Section 409A of the Code) payable to or for the benefit of a
Participant pursuant to an Award Agreement may not be reduced by, or offset
against, any amount owing by the Participant to the Company (or an Affiliate, as
applicable).

     

    

    

    

    
      
        
           

        

        
          18

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