EXHIBIT 10(k)(iv)
AMENDMENT NO. 3
to
EMPLOYMENT AGREEMENT
dated May 4,
1998
by and between
The Brink’s Company (the
“Company”),
Brink’s,
Incorporated
and
Michael T. Dan (the
“Executive”)
WHEREAS, the Company, Brink’s,
Incorporated and the Executive entered into an employment agreement
dated as of May 4, 1998, as amended as of March 8, 2002 and
March 8, 2006 (the “Agreement”).
WHEREAS, the Company, Brink’s,
Incorporated and the Executive desire to amend the Agreement as set
forth herein as a result of the requirements of Section 409A of the
Internal Revenue Code of 1986, and the regulations
thereunder.
NOW, THEREFORE, the Agreement is hereby amended
as follows:
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Section 4(d) of
the Agreement is hereby modified by adding the words “, paid
within 30 days after the date of termination” at the end of
the first sentence thereof.
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Section 4(e) of
the Agreement is hereby modified by adding the following language
at the end of the last sentence thereof:
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“;
provided that the event relied upon as a basis for termination
under this Section 4(e) 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. Notwithstanding the foregoing, Termination
by the Company without Due Cause shall not be deemed to have
occurred if the Executive has not terminated employment within two
years following the initial occurrence of the event relied upon as
a basis for termination under this Section 4(e)”
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Section 4(g) of
the Agreement, as in effect prior to Amendment No. 1 to the
Agreement, is hereby modified by adding the words “within
five days following the date of termination of employment” at
the end of the last sentence thereof.
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Section 4(g) of
the Agreement, as added by Amendment No. 1 to the Agreement, is
hereby relettered to 4(h).
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Section 13 of
the Agreement is hereby modified by adding the following sentences
after the last sentence thereof:
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“Except
as specifically permitted by Section 409A of the Internal Revenue
Code of 1986, as amended, and the Treasury Regulations promulgated
thereunder (“Section 409A”), the arbitration expenses
provided to the Executive under this Section 13 during any calendar
year shall not
