Nader Antar

About Nader Antar

Nader Antar is Executive Vice President and President, Brink’s Rest of World and Brink’s Global Services (BGS), having joined Brink’s on October 1, 2024. He leads Brink’s Asia Pacific, Middle East and Africa (Rest of World) and BGS, and reports to CEO Mark Eubanks . His education includes a BE in Computer & Communication from American University of Beirut, an MS in Communications Engineering from Technical University of Munich, and an MBA in Finance and Strategy from INSEAD . Company performance during his tenure included 2025 year-to-date revenue +4% and adjusted EBITDA +6% versus 2024, as disclosed in Q3 2025 earnings materials .

Past Roles

Organization	Role	Years	Strategic Impact
Saur International (France)	President	—	Led global P&L transformation and operations .
OTIS Elevators	Various leadership roles incl. Chief Transformation Officer and Head of Strategy for EMEA	—	Transformation and change management across large-scale businesses .
Honeywell	Leadership roles	—	Led complex P&Ls and transformation initiatives .
United Technologies	Leadership roles	—	Strategy and operations across EMEA .
SITA	Leadership roles	—	Transformation/change management on global platforms .

External Roles

Organization	Role	Years	Strategic Impact
Saur International	President	—	Led international water and services business; global growth and operational execution .

Fixed Compensation

Not specifically disclosed for Antar in the latest proxy (he is not listed among Named Executive Officers for 2024). Brink’s program uses fixed base salary set by the Compensation Committee based on market data, role, and performance .

Performance Compensation

Company-wide incentive frameworks (apply to NEOs and senior leaders; Antar’s specific targets not disclosed):

Component	Metric	Weighting	Target Setting	Payout/Modifier	Vesting
Annual Incentive (BIP)	Non-GAAP Operating Profit	50%	Pre-established annual goals	Individual performance modifier; region operating performance as applicable	Cash in year following performance .
Annual Incentive (BIP)	Revenue	10%	Pre-established annual goals	Individual performance modifier	Cash .
Annual Incentive (BIP)	AMS/DRS Revenue	15%	Added for 2024 to align with strategic priorities	Individual performance modifier	Cash .
Annual Incentive (BIP)	Free Cash Flow	25%	Pre-established annual goals	Individual performance modifier	Cash .
Long-Term Incentive	PSUs: 3-year Adjusted EBITDA with Relative TSR Modifier (+/-25%)	75% of LTI mix (2024)	3-year cumulative Adjusted EBITDA	Payout in stock subject to performance and RTSR modifier	3-year performance and vesting .
Long-Term Incentive	RSUs	25% of LTI mix (2024)	N/A	Stock price drives realized value	Vests in three equal annual installments .

Equity Ownership & Alignment

Form 4 filing: Antar (CIK 0002065250) reported an option award with a transaction date of May 1, 2025; the Form 4 was filed May 2, 2025. Specific share counts/strike price were not available in the retrieved summary, but the filing confirms equity-based compensation and ownership reporting .
Hedging/Pledging: Brink’s Insider Trading Policy prohibits hedging and pledging of company stock .
Deferred Compensation: Company provides stock unit matching contributions that vest over five years; matching units are forfeited upon certain terminations and fully forfeited for cause .

Employment Terms

Severance Pay Plan: Contingent amounts payable only if employment is terminated without cause or by the executive for good reason (as defined in the plan) .
Change in Control (CIC) Plan — if employed post-CIC without termination: For two years after a CIC, executives receive at least current salary plus not less than the three-year average annual incentive, and continued participation in incentive, savings, and welfare plans .
CIC Plan — termination (good reason or reasons other than cause, death, incapacity): Lump-sum cash payment including accrued obligations plus an amount equal to two times base salary and average annual incentive over past three years; outplacement and COBRA premium reimbursements up to 18 months; other benefits due under company plans .
Clawbacks: Company maintains clawback policies applicable to executives .

Performance & Track Record

Company performance context during Antar’s tenure:

Nine-month 2025 results: Revenue up 4% vs 2024 and adjusted EBITDA up 6%; operating profit up 11% vs 2024, EPS up 8% (constant currency +16%), and TTM free cash flow up 82% with 50% conversion; diluted share count down 5% .
Segment trends Q3 2025 vs Q3 2024: North America revenue +5% and operating profit +37%; Europe revenue +12% and operating profit +15%; Rest of World revenue +5% and operating profit +9%; Latin America revenue +2% .

Board Governance

Antar is an executive officer; no director roles or committee memberships disclosed for him .

Compensation Structure Analysis

Shift to PSUs and RSUs: Brink’s has not awarded stock options since 2020; LTI is primarily PSUs (Adjusted EBITDA with RTSR modifier) and RSUs, increasing emphasis on long-term performance-based equity .
Annual incentive metrics include operating profit, revenue, AMS/DRS revenue, and free cash flow, aligning cash incentives to core financial drivers .
Ownership alignment reinforced by prohibited hedging/pledging and stock unit matching in deferred compensation, with multi-year vesting .

Related Party Transactions, Risk Indicators & Red Flags

Legal proceedings: Chile antitrust matter disclosed; $9.5 million charge recorded in Q3 2021; management intends to vigorously defend. No indication of material adverse effect expected beyond accruals disclosed .
No disclosures indicating Antar-related related party transactions, pledging, or tax gross-ups found in reviewed documents .

Company Performance Data

Metric	2023	2024	2025 YTD/Nine Months
Revenue ($USD Millions)	$3,629	$3,748	$3,882
Adjusted EBITDA ($USD Millions)	$615	$661	$700
Operating Profit ($USD Millions)	$426	$452	$503
EPS ($USD)	$4.61	$5.06	$5.49
TTM Net Debt ($USD Millions)	$1,388 (12/31/24)	—	$1,361 (9/30/25)
Leverage (Net Debt / Adjusted EBITDA)	2.9x (Q4 2024 TTM)	—	2.8x (Q3 2025 TTM)

Equity Transactions Snapshot (Insider Activity)

May 2, 2025 Form 4 filed for transaction on May 1, 2025 (option award; details such as strike and quantity not available in retrieved summary) .

Investment Implications

Strong alignment: Antar’s incentives are likely driven by Brink’s enterprise frameworks—EBITDA-focused PSUs with RTSR modifier and RSUs—tying pay to long-term profitability and shareholder returns, while annual cash incentives link to operating profit, revenue, AMS/DRS growth, and free cash flow . This structure encourages execution on BGS and Rest-of-World growth, mix shift to AMS/DRS, and cash generation.
Retention risk appears moderated: Broad CIC/severance protections and deferred compensation matching with 5-year vesting support retention; prohibitions on hedging/pledging reduce misalignment risk .
Trading signals: The recorded Form 4 option award underscores equity alignment; absence of disclosed pledging and the company’s ongoing buybacks (1.72M shares repurchased in 9M 2025) may support TSR, though Antar-specific selling pressure details are limited in public filings reviewed . Overall, execution risk centers on sustaining segment margin expansion and AMS/DRS penetration noted in Q3 2025 trends .