Form 4: Brink's EVP Castillo Acquires Stock Units

Brink's Executive Vice President Daniel J. Castillo acquired 50.86 program units, equivalent to common stock, through a deferred compensation plan.

Summary

• Daniel J. Castillo, Executive Vice President (EVP) of The Brink's Company (BCO), acquired 50.86 Program Units on August 29, 2025.
• These Program Units are credited to Castillo's stock incentive account under the Key Employees' Deferral Compensation Program.
• Each Program Unit is the economic equivalent of one share of BCO common stock and will settle on a one-for-one basis.
• The units were acquired at a price of $112.04 per unit, based on the closing price of BCO common stock on the final trading day of the month.
• Following this transaction, Castillo beneficially owns a total of 3,791.08 Program Units.
• The transaction was made pursuant to a Rule 10b5-1(c) contract, instruction, or written plan.

Sentiment

Score: 6

Explanation: Neutral to slightly positive. This is a routine insider transaction, but the acquisition of units by an EVP, even through a deferred plan, generally signals continued confidence and alignment with company performance.

Positives

• The acquisition of stock units by an EVP, even through a deferred compensation plan, demonstrates continued alignment of executive interests with shareholder value.
• Participation in a long-term deferred compensation program indicates a commitment to the company's future performance by a key executive.

Future Outlook

The filing does not provide specific forward-looking statements or guidance beyond the nature of the deferred compensation program, which implies future settlement of units into common stock upon specific events like termination of employment or a pre-selected date.

Management Comments

• Program Units (each of which is the economic equivalent of one share of The Brink's Company ("BCO") common stock) credited to the Reporting Person's stock incentive account under the terms of the Key Employees' Deferral Compensation Program (the "Program") will settle in BCO common stock on a one-for-one basis and shall be distributed in accordance with the Reporting Person's deferral election either (1) following the Reporting Person's termination of employment with BCO or (2) on a future date selected by the Reporting Person at the time of his or her deferral election.
• In accordance with the terms of the Program, on the last business day of each month, compensation deferred by the Reporting Person during that month and/or any matching amounts are converted into Program Units and credited to the Reporting Person's stock incentive account.
• The number of Program Units credited to the Reporting Person's account on the transaction date is based upon a share price of $112.04, which is the closing price of BCO common stock on the final trading day of the month in which the deferred compensation would have been payable, calculated in accordance with the terms of the Program.

Industry Context

This Form 4 filing is a routine disclosure of an insider transaction, common across all industries for publicly traded companies. It reflects standard executive compensation practices involving deferred equity awards, which are prevalent in mature industries like security and logistics where Brink's operates, aiming to align executive incentives with long-term company performance.

Comparison to Industry Standards

• The acquisition of stock units through a deferred compensation program is a standard practice for executive compensation in publicly traded companies, including those in the security and logistics sector.
• Companies like G4S plc (now part of Allied Universal) or Securitas AB also utilize similar equity-based incentive programs to retain key talent and align management interests with shareholder returns.
• The specific terms, such as the one-for-one conversion and settlement upon termination or a future date, are typical for such plans, ensuring long-term commitment and are consistent with global benchmarks for executive incentive structures.

Stakeholder Impact

• Shareholders: The transaction indicates continued alignment of executive interests with shareholder value through equity ownership.
• Employees: Reinforces the company's commitment to executive retention and long-term incentive programs.

Next Steps

• Settlement of Program Units into BCO common stock upon Daniel J. Castillo's termination of employment or a pre-selected future date, as per the terms of the Key Employees' Deferral Compensation Program.

Key Dates

Recommendation

This Form 4 filing details a routine acquisition of stock units by an executive through a deferred compensation plan. While it indicates continued insider alignment, it does not present new information that would fundamentally alter the investment thesis for Brink's Co. It's a standard disclosure and does not provide a basis for a 'buy' or 'sell' recommendation; therefore, a 'hold' stance is appropriate based solely on this filing.

Keywords

Brink's, BCO, Insider Transaction, Executive Compensation, Deferred Compensation, Stock Units, Daniel J. Castillo, Form 4