Exhibit 10
AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
AMENDMENT No. 1 to Employment Agreement dated as of May 4, 1998, (the
"Employment Agreement"), between The Pittston Company, a Virginia corporation
(the "Company"), Brink's, Incorporated, a Delaware corporation ("Brink's") and
Xxxxxxx X. Xxx, residing at 0000 Xxxxxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxx (the
"Executive").
The Company and the Employee agree to amend the Employment Agreement as
follows:
1. The first sentence of the second paragraph of Section 1 of the
Employment Agreement is hereby amended by substituting the date "March 31, 2007"
for the date "February 5, 2003."
2. The first sentence of Section 3(a) of the Employment Agreement is hereby
amended by substituting the phrase "eight hundred eighty-four thousand
($884,000)" for the phrase "five hundred twenty-five thousand ($525,000)."
3. A new Section 4(g) of the Employment Agreement is added as follows:
"The Executive's former wife shall continue to participate in the Company's
group medical plan offered from time to time, if any, as if she were his spouse.
Nothwithstanding anything to the contrary in this Agreement, upon termination of
the Executive for any reason, including, without limitation, his death or
disability or expiration of this Agreement, his former wife shall be eligible to
fully participate, solely at her own expense, in the Company's group medical
plan offered from time to time, if any, until she elects to retire under the
Company's Pension-Retirement Plan. The
1
Company also will provide group medical benefits to the Executive's former wife
under the Retiree Health Care Program of the Company, subject to normal retiree
contributions to the cost of maintaining her participation in such plan, on the
same basis made available to other eligible retirees of the Company (or their
spouses) subject to the Company's right to terminate or to modify such program
from time to time."
4. The first sentence of Section 5 of the Employment Agreement is hereby
amended by substituting the phrase "three years" for the phrase "one year."
5. The first sentence of Section 6(i) of the Employment Agreement is hereby
amended by substituting the phrase "three years" for the phrase "one year."
6. Section 12 of the Employment Agreement is hereby amended by deleting the
address of the Company and substituting the following address:
0000 Xxxxxxxx Xxxxx
X.X. Xxx 00000
Xxxxxxxx, Xxxxxxxx 00000-0000
Attention: Corporate Secretary
7. Except as hereinabove provided, the Employment Agreement shall remain in
full force and effect.
IN WITNESS WHEREOF, the parties have executed this Amendment No. 1 as of
March 8, 2002.
THE PITTSTON COMPANY
By: /s/ Xxxxx X. Xxxxxx 3/18/02
--------------------------------------------
Xxxxx X. Xxxxxx Date
Vice President - Human Resources
and Administration
2
BRINK'S, INCORPORATED
By: /s/ Mari Xx Xxxxxxxx
---------------------------------------------
Mari Xx Xxxxxxxx Date
Vice President
APPROVED:
/s/ Xxxxx X. Xxxxxxxx /s/ Xxxxxxx X. Xxx
---------------------------- ------------------------------------------------
Xxxxx X. Xxxxxxxx Xxxxxxx X. Xxx Date
Chairman, Compensation and
Benefits Committee of the
Board of Directors
3
