The Brink's Company
                                                              Richmond, Virginia
 
 
 
 
 
 
 
                                                          Management Performance
                                                                Improvement Plan
 
 
                     MANAGEMENT PERFORMANCE IMPROVEMENT PLAN
                 (Amended and Restated as of February 25, 2005)
                 ----------------------------------------------
 
 
     1. Purpose.  The purpose of the Plan, which provides for Performance Awards
to be awarded to a select group of management and highly  compensated  employees
of the Company and its Subsidiaries,  is to promote the interests of the Company
and its Subsidiaries by linking financial  incentives provided to such employees
with improvement in the Company's financial results.
 
     2. Administration. The Plan will be administered by a Committee composed of
at least three  members of the Company's  Board of Directors  each of whom shall
qualify as (a) an "outside director" within the meaning of Section 162(m) of the
Code and (b) a "nonemployee  director" within the meaning of Rule 16b-3(b)(3)(i)
promulgated  under  the  Securities  Exchange  Act of 1934,  as  amended.  Until
determined  otherwise by the Board,  the  Compensation  and  Benefits  Committee
designated by the Board shall be the Committee under this Plan.
 
     Subject to the express  provisions of the Plan,  the  Committee  shall have
plenary authority, in its discretion, to administer the Plan and to exercise all
powers  and  authority  either  specifically  granted  to it  under  the Plan or
necessary and advisable in the  administration  of the Plan,  including  without
limitation the authority to interpret the Plan; to prescribe,  amend and rescind
rules and  regulations  relating to the Plan; to grant  Performance  Awards;  to
determine the terms, provisions and conditions of all Performance Awards granted
under the Plan (which need not be  identical),  the  individuals to whom and the
time or times when Awards shall be granted, and the performance measures used to
determine any payments of Performance Awards; and to make all other necessary or
advisable  determinations  with respect to the Plan.  The  determination  of the
Committee on such matters shall be conclusive.
 
     3. Participation.  The Committee may select from time to time key employees
of the  Company  and its  Subsidiaries  to  participate  in the Plan who, in the
opinion of the Committee,  have the capacity to contribute  significantly to the
successful  performance of the Company and its Subsidiaries.  An employee who is
selected to be a Participant  for one Performance  Measurement  Period shall not
have any rights to be  included  as a  Participant  for  subsequent  Performance
Measurement Periods.
 
     4. Performance  Awards. (a) Performance Awards may be, but are not required
to be, granted annually. Each Performance Award shall provide that a Participant
will be entitled to a cash  payment  following  the  completion  of a designated
Performance  Measurement  Period  (which  shall  be  three  fiscal  years of the
Company),  subject to the  satisfaction of conditions set forth in the Plan, and
the achievement of certain goals established by the Committee in connection with
each  Performance  Award.  Cash payments to which a Participant  may be entitled
 
following  the  conclusion  of each  Performance  Measurement  Period  shall  be
determined based on the  satisfaction of various  performance  measures,  as the
Committee shall determine in the case of each Performance Award, including,  but
not limited  to, net income,  operating  income,  return on net assets,  revenue
growth,  total shareholder  return,  earnings per share,  return on equity,  net
revenue per employee,  market share,  return on capital  and/or  economic  value
added (or equivalent  metric),  cash flow and/or free cash flow (before or after
dividends),  and/or subscriber growth (on a gross or net basis), with respect to
the  Company,  any  Subsidiary  and/or  business  unit  of  the  Company  or any
Subsidiary;  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  expiration  of  the  Performance
Measurement  Period,  adjusted,  to the extent permitted 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
Measurement  Period to Performance  Measurement  Period and from  Participant to
Participant  and may be established on a stand-alone  basis, in tandem or in the
alternative.  The  Committee  shall  determine  and  establish in writing,  with
respect to each Performance Award, the performance measures for each year of the
Performance  Measurement  Period  (including the levels of performance  measures
that  must be  achieved  to  receive  corresponding  levels  of cash  payments);
provided,  however,  that minimum performance  measures for the full Performance
Measurement  Period  (which  performance  measures  may be raised in  subsequent
years)  shall  be  established  in  writing  no  later  than 90 days  after  the
commencement of the Performance Measurement Period. Each Performance Award shall
include a (i) target  level of  performance  measures  which if  satisfied  will
entitle a  Participant  to 100% of a  specified  target  dollar  amount and (ii)
maximum payment (specified in dollars) which may not be greater than 200% of the
target  dollar  amount  described in  subparagraph  (i).  The maximum  incentive
payment any one Participant may be entitled to receive  (whether or not deferred
as described in Section 4(c) below) for any one Performance  Measurement  Period
is  $3,000,000.  Notwithstanding  the  foregoing,  with  respect to  Performance
Measurement  Periods  beginning on or after January 1, 2005 and provided that no
Change of Control shall have  occurred,  the Committee  may, in its  discretion,
reduce any  payment to which a  Participant  who is an  employee  of the Company
would  otherwise be entitled by such amount or percentage as the Committee deems
appropriate.
 
     (b) A  Performance  Award  shall  terminate  for all  purposes  unless  the
Participant remains  continuously  employed by the Company or a Subsidiary until
the date  established  by the  Committee  for payment of the  Performance  Award
unless the  termination  is (i) due to  Retirement,  Disability  or death;  (ii)
approved by the Committee;  or (iii)  subsequent to a Change in Control.  In the
event a Participant's employment is terminated due to Retirement,  Disability or
death,  he or she (or,  in the  event  of the  Participant's  death,  his or her
beneficiary)  will be entitled to a prorated portion of the Performance Award to
which  he or she  would  otherwise  be  entitled  based  on the  portion  of the
Performance  Measurement Period (determined in completed months) during which he
or she was continuously employed by the Company or a Subsidiary and based on the
extent to which the performance  goals were achieved as determined at the end of
the Performance Measurement Period. In the event of a Participant's  termination
 
of  employment  for reasons  other than  Retirement,  Disability  or death,  the
Committee may, but is not obligated to, authorize payment of an amount up to the
prorated amount that would be payable under the preceding sentence. In the event
of a Change in Control,  Performance Awards shall be deemed to be earned at 150%
of the specified  target dollar amount described in Section 4(a)(i) and shall be
paid  as  soon  as  practicable  following  the  earlier  of  the  Participant's
termination  of  employment  after  the  Change  in  Control  or the  end of the
Performance Measurement Period during which the Change in Control occurred.
 
     (c) Participants  entitled to receive a Performance Award for a Performance
Measurement Period will be entitled to receive a lump-sum cash payment on a date
selected  by the  Committee  following  the end of the  Performance  Measurement
Period  provided  that the  performance  measures are met.  Notwithstanding  the
preceding sentence,  Participants may elect to defer the receipt of payment of a
Performance Award under the Key Employees' Deferred  Compensation Program of The
Brink's  Company in  accordance  with the terms of such plan.  Any payments made
under this Plan shall be subject to all applicable Federal, state or local taxes
required by law to be withheld.
 
     5.  Designation of Beneficiary.  A Participant may designate,  in a written
election filed with the Committee,  a beneficiary or beneficiaries (which may be
an entity other than a natural person) to receive all distributions and payments
under the Plan  after  the  Participant's  death.  Any such  designation  may be
revoked,  and a new election may be made,  at any time and from to time,  by the
Participant without the consent of any beneficiary (unless otherwise required by
law). If the Participant designates more than one beneficiary, any distributions
and payments to such beneficiaries shall be made in equal percentages unless the
Participant has designated otherwise in writing, in which case the distributions
and payments shall be made in the percentages designated by the Participant.  If
no beneficiary has been named by the Participant or no beneficiary  survives the
Participant,  any amounts due to the Participant shall be distributed or paid in
a single sum to the Participant's estate.
 
     6.  Nonexclusive  Plan.  The adoption of the Plan shall not be construed as
creating  any  limitations  on the  power of the  Company  to adopt  such  other
incentive  arrangements  as it may deem desirable and such  arrangements  may be
either generally applicable or applicable only in specific cases.
 
     7. Nonassignability. No Performance Awards may be transferred, alienated or
assigned other than by will or by the laws of descent and distribution.
 
     8. Amendment and Termination. The Board of Directors may amend or terminate
this Plan at any time without the approval of the Company's shareholders.
 
     9. Effectiveness of the Plan. The Plan shall become effective on January 1,
2000,  provided that the Plan is approved by the Company's  shareholders  at the
annual meeting of shareholders occurring in calendar year 2000.
 
     10. No Right to Continued Employment.  Neither the adoption of the Plan nor
any  action of the Board or  Committee  shall be deemed to give any  officer  or
employee  any right to  continued  employment  or any other rights other than to
payments  under a  Performance  Award granted  hereunder in accordance  with the
terms of such award.
 
     11.  Governing Law. The Plan shall be construed and  interpreted  under the
laws of the state of New York.
 
     12. Definitions.  For the purpose of this Plan, unless the context requires
otherwise, the following terms shall have the meanings indicated:
 
          (a) "Board of Directors" means the board of directors of the Company.
 
          (b)  "Change  in  Control"  shall  have the same  meaning as under The
     Brink's  Company 1988 Stock Option Plan,  as amended from time to time,  or
     any successor to such plan.
 
          (c) "Code" means the Internal Revenue Code of 1986, as amended.
 
          (d) "Committee"  means the Compensation and Benefits  Committee of the
     Company or any successor thereto unless  determined  otherwise by the Board
     of Directors.
 
          (e) "Company" means The Brink's Company, a Virginia corporation.
 
          (f)  "Disability"  means a physical or mental  incapacity  which would
     entitle  the   Participant  to  benefits  under  the  Company's   long-term
     disability plan.
 
          (g)  "Participant"  means an  employee  who has been  selected  by the
     Committee to participate in the Plan.
 
          (h) "Performance  Award" means an incentive award made pursuant to the
     Plan.
 
          (i) "Performance  Measurement Period" means a performance cycle of one
     or more fiscal years of the Company.  The initial  Performance  Measurement
     Period shall be 2000-2002 (inclusive).
 
          (j)  "Plan"   means  The  Brink's   Company   Management   Performance
     Improvement Plan as amended from time to time.
 
          (k)  "Retirement"   means,  with  respect  to  any  Participant,   the
     Participant's  retirement  as an employee  of the  Company or a  Subsidiary
     under The Brink's Company  Pension-Retirement Plan or other retirement plan
     sponsored by the Company or a Subsidiary.
 
 
 
                                                                               5
 
          (l)   "Subsidiary"   means  any  corporation  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. "Subsidiaries"
     means more than one of any such corporation.