BDC Insider Filing: SAR Exercise and Programmed Sales Reduce EVP Stakes
Rhea-AI Filing Summary
Belden Inc. (BDC) Form 4: Brian Lieser, EVP, Solutions, reported multiple transactions under a Rule 10b5-1 plan around Sept 2-4, 2025. He exercised 1,066 stock appreciation rights (SARs) at a $61.79 exercise price producing 297 issued shares after withholding; the SAR exercise triggered withholding of 769 shares. He sold 297 shares on 09/03/2025 at $126.11 and 3,800 shares on 09/04/2025 at $127.28. Additional withholdings occurred for vested restricted stock units and converted performance stock units, and 504.9382 shares are held indirectly in the company 401(k) plan.
Positive
- Use of Rule 10b5-1 plan provides pre-established, compliant framework for trades
- Disclosure of tax withholding and plan-held shares increases transparency about compensation settlements
- Maintained 401(k) plan holdings of 504.9382 shares indicate continued indirect ownership
Negative
- Material reduction in direct holdings from 45,211 to 30,787 shares following sales and withholdings
- Significant share sales (3,800 shares at $127.28) represent notable insider liquidity
Insights
TL;DR: Insider executed planned SAR exercise and subsequent programmed sales under a 10b5-1 plan; activity appears routine for compensation-related liquidity.
The filings show an exercise of 1,066 SARs under a Rule 10b5-1 plan adopted November 7, 2024, with shares withheld for taxes and programmed sales on 09/03 and 09/04/2025. The report documents settlements of RSUs and PSUs with tax withholding. These are standard executive compensation transactions and disclosures that increase transparency about executive holdings and liquidity events.
TL;DR: Compensation-derived issuances and withholdings drove most share movements; net beneficial ownership declined after sales.
The sequence—SAR exercise, issuance of a net 297 shares, withholding of 769 shares for taxes, and additional withholding for vested RSUs/converted PSUs—indicates routine fulfillment of tax obligations tied to equity compensation. Sales of 297 and 3,800 shares at ~$126–$127 reduced direct holdings from 45,211 shares post-exercise to 30,787 shares on 09/04/2025, reflecting substantial post-vesting liquidity activity.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 3,800 | $127.28 | $484K |
| Sale | Common Stock | 297 | $126.11 | $37K |
| Disposition | Common Stock | 3,186 | $126.84 | $404K |
| Disposition | Common Stock | 6,372 | $126.84 | $808K |
| Exercise | Stock Appreciation Rights | 1,066 | $0.00 | -- |
| Exercise | Common Stock | 1,066 | $61.79 | $66K |
| Disposition | Common Stock | 769 | $127.11 | $98K |
| holding | Common Stock | -- | -- | -- |
Footnotes (1)
- The exercise reported was effected pursuant to a Rule 10b5-1 trading plan adopted by Mr. Lieser on November 7, 2024. Represents the balance of shares of Belden Inc. common stock held in the Belden Retirement Savings Plan as of the date of this filing. This represents the difference between the number of SARs exercised (1,066) and the number of shares issued as a result of the exercise (297). The number of shares to be issued under a SAR exercise is determined by multiplying the number of SARs being exercised by the difference between the FMV on the date of exercise ($127.11) and the exercise price ($61.79). Additional shares were then withheld to satisfy the Company's tax withholding obligations. The sale reported was effected pursuant to a Rule 10b5-1 trading plan adopted by Mr. Lieser on November 7, 2024. Shares withheld for tax purposes related to portion of August 30, 2021 restricted stock unit grant that vested on August 30, 2025. The resulting shares were delivered on September 3, 2025. The Reporting Person was awarded 6,986 performance stock units (PSUs) on August 30, 2021. Following the performance period, it was determined based on the total stockholder return during the performance period that the PSUs earned a conversion factor of 2.0. Therefore, the PSUs converted to 13,972 restricted stock units (RSUs). This cell represents the number of shares withheld for tax purposes upon vesting. The resulting shares were delivered on September 3, 2025. The original grant of stock appreciation rights became exercisable in equal portions on the first three anniversaries of the grant date.
