[Form 4] Belden Inc. Insider Trading Activity

Rhea-AI Filing Summary

Arrow Financial Corp (AROW) – Form 4 insider filing: Director Raymond F. O’Conor reported the acquisition of 250 shares of Arrow Financial common stock on 07/09/2025. The shares were received at a price of $27.47 per share under transaction code “J”, which the footnote clarifies as the company’s “Quarterly Director’s Payment.” Following the transaction, O’Conor’s direct beneficial ownership increased to 29,543 shares.

No derivative securities were involved and there were no dispositions. Because the shares were delivered as part of routine board compensation rather than an open-market purchase, the dollar value is modest (≈ $6.9 thousand) and has no material impact on Arrow Financial’s capital structure or earnings. Nevertheless, the filing signals ongoing board-level equity alignment and indicates that the director continues to hold a meaningful personal stake in the company.

Positive

• Director equity alignment: O’Conor’s total ownership rises to 29,543 shares, reinforcing board-level alignment with shareholders.

Negative

• Limited signaling power: The 250-share grant is compensation-related (code J), not an open-market purchase, and is immaterial to valuation.

Insights

Securities Analyst

TL;DR: Minor, compensation-related insider acquisition; neutral for valuation, mildly positive for governance.

The 250-share allotment, valued at roughly $6.9 k, represents less than 0.01 % of AROW’s 15 m share count and therefore has no earnings or liquidity implications. Because the shares were issued in lieu of cash as standard board compensation (code J), they do not convey the signaling strength of an open-market purchase funded with the director’s personal capital. Still, O’Conor’s cumulative holding of 29,543 shares (≈ 0.20 % of outstanding) demonstrates meaningful skin in the game, a governance positive that aligns director incentives with shareholders. On balance, the event is routine and not financially impactful, but it modestly reinforces insider ownership quality.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Tate Leah

(Last) (First) (Middle)

C/O BELDEN INC.

1 N. BRENTWOOD BLVD., 15TH FLOOR

(Street)

ST. LOUIS MO 63105

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BELDEN INC. [ BDC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP - HR

3. Date of Earliest Transaction (Month/Day/Year)
07/10/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/10/2025		J	V	219(1)	A	$96.62	30,389	D
Common Stock								3,360	I	By Spouse
Common Stock								1,163.666(2)	I	By 401(k) Plan

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Shares acquired through the Belden Inc. 2021 Employee Stock Purchase Plan (the "Plan"). The Plan is broadly available to employees of Belden Inc. and its subsidiaries. Pursuant to the terms of the Plan, the purchase price is 85% of the lesser of (i) the price at the beginning of the offering period (January 1, 2025) or (ii) the price at the end of the offering period (June 30, 2025). Employees elect their level of participation and the purchases are funded via payroll deductions through the offering period.

2. Represents the balance of shares of Belden Inc. common stock held in the Belden Retirement Savings Plan as of the date of this filing.

	/s/ Brian E. Anderson, attorney-in-fact for Leah Tate	07/11/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.