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  4. [Form 4] BELDEN INC. Insider Trading Activity

Belden (BDC) EVP exercises stock appreciation rights and sells shares under 10b5-1 plan

Filing Impact
(Moderate)
Filing Sentiment
(Positive)
Form Type
4

Rhea-AI Filing Summary

Belden Inc. executive Brian Lieser, EVP, Solutions, reported multiple stock transactions in Belden Inc. (BDC) common stock. On December 4, 2025, he exercised stock appreciation rights (SARs) covering 2,516 shares at an exercise price of $53.79, 1,210 shares at $74.91, and 1,225 shares at $72.73. These SAR exercises converted into fewer issued shares because part of the value was used to cover taxes. The same day, he disposed of 1,759, 961, and another 961 shares at a fair market value price of $120.695 per share. On December 5, 2025, he sold an additional 1,270 shares at $120 per share. After these transactions, he directly owned 29,074 shares and indirectly owned 505.1454 shares through the Belden Retirement Savings Plan. The SAR exercises and the sale on December 5 were all carried out under a pre-arranged Rule 10b5-1 trading plan adopted on August 11, 2025.

Positive

  • None.

Negative

  • None.
Insider Lieser Brian
Role EVP, Solutions
Sold 1,270 shs ($152K)
Type Security Shares Price Value
Sale Common Stock 1,270 $120.00 $152K
Exercise Stock Appreciation Rights 1,210 $0.00 --
Exercise Stock Appreciation Rights 1,225 $0.00 --
Exercise Stock Appreciation Rights 2,516 $0.00 --
Exercise Common Stock 2,516 $53.79 $135K
Disposition Common Stock 1,759 $120.695 $212K
Exercise Common Stock 1,210 $74.91 $91K
Disposition Common Stock 961 $120.695 $116K
Exercise Common Stock 1,225 $72.73 $89K
Disposition Common Stock 961 $120.695 $116K
holding Common Stock -- -- --
Holdings After Transaction: Common Stock — 29,074 shares (Direct); Stock Appreciation Rights — 0 shares (Direct); Common Stock — 505.145 shares (Indirect, By 401(k) Plan)
Footnotes (1)
  1. The exercise reported was effected pursuant to a Rule 10b5-1 trading plan adopted by Mr. Lieser on August 11, 2025. 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 (2,516) and the number of shares issued as a result of the exercise (757). 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 ($120.695) and the exercise price ($53.79). Additional shares were then withheld to satisfy the Company's tax withholding obligations. This represents the difference between the number of SARs exercised (1,210) and the number of shares issued as a result of the exercise (249). 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 ($120.695) and the exercise price ($74.91). Additional shares were then withheld to satisfy the Company's tax withholding obligations. This represents the difference between the number of SARs exercised (1,225) and the number of shares issued as a result of the exercise (264). 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 ($120.695) and the exercise price ($72.73). 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 August 11, 2025. The original grant of stock appreciation rights became exercisable in equal portions on the first three anniversaries of the grant date.
Form 4 Insider Transactions: What Each Field Means →
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).
X
 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*
Lieser Brian
(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)
EVP, Solutions
3. Date of Earliest Transaction (Month/Day/Year)
12/04/2025
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 12/04/2025 M(1) 2,516 A $53.79 31,590 D
Common Stock 12/04/2025 D 1,759(3) D $120.695 29,831 D
Common Stock 12/04/2025 M(1) 1,210 A $74.91 31,041 D
Common Stock 12/04/2025 D 961(4) D $120.695 30,080 D
Common Stock 12/04/2025 M(1) 1,225 A $72.73 31,305 D
Common Stock 12/04/2025 D 961(5) D $120.695 30,344 D
Common Stock 12/05/2025 S(6) 1,270 D $120 29,074 D
Common Stock 505.1454(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
Stock Appreciation Rights $74.91 12/04/2025 M(1) 1,210 (7) 02/22/2027 Common Stock 1,210 $0 0 D
Stock Appreciation Rights $72.73 12/04/2025 M(1) 1,225 (7) 02/28/2028 Common Stock 1,225 $0 0 D
Stock Appreciation Rights $53.79 12/04/2025 M(1) 2,516 (7) 02/22/2032 Common Stock 2,516 $0 0 D
Explanation of Responses:
1. The exercise reported was effected pursuant to a Rule 10b5-1 trading plan adopted by Mr. Lieser on August 11, 2025.
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.
3. This represents the difference between the number of SARs exercised (2,516) and the number of shares issued as a result of the exercise (757). 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 ($120.695) and the exercise price ($53.79). Additional shares were then withheld to satisfy the Company's tax withholding obligations.
4. This represents the difference between the number of SARs exercised (1,210) and the number of shares issued as a result of the exercise (249). 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 ($120.695) and the exercise price ($74.91). Additional shares were then withheld to satisfy the Company's tax withholding obligations.
5. This represents the difference between the number of SARs exercised (1,225) and the number of shares issued as a result of the exercise (264). 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 ($120.695) and the exercise price ($72.73). Additional shares were then withheld to satisfy the Company's tax withholding obligations.
6. The sale reported was effected pursuant to a Rule 10b5-1 trading plan adopted by Mr. Lieser on August 11, 2025.
7. The original grant of stock appreciation rights became exercisable in equal portions on the first three anniversaries of the grant date.
/s/ Brian E. Anderson, attorney-in-fact for Brian Lieser 12/08/2025
** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did Belden Inc. (BDC) report for Brian Lieser?

The filing shows that EVP, Solutions Brian Lieser exercised multiple stock appreciation rights on December 4, 2025 and sold Belden Inc. common shares on December 4 and 5, 2025.

How many Belden (BDC) stock appreciation rights did Brian Lieser exercise?

He exercised SARs tied to 2,516, 1,210, and 1,225 shares of Belden common stock at exercise prices of $53.79, $74.91, and $72.73, respectively.

At what prices were Brian Lieser’s Belden (BDC) share sales reported?

The filing reports share disposals at a fair market value of $120.695 per share on December 4, 2025, and a sale of 1,270 shares at $120 per share on December 5, 2025.

How many Belden (BDC) shares does Brian Lieser own after these transactions?

Following the reported transactions, he directly owned 29,074 Belden common shares and indirectly owned 505.1454 shares through the Belden Retirement Savings Plan.

Were Brian Lieser’s Belden (BDC) transactions under a Rule 10b5-1 plan?

Yes. The SAR exercise and the share sale reported were effected under a Rule 10b5-1 trading plan that Mr. Lieser adopted on August 11, 2025.

Why were fewer Belden shares issued than SARs exercised for Brian Lieser?

For each SAR grant, the number of shares issued is calculated using the difference between the fair market value on the exercise date and the exercise price, and additional shares were withheld to satisfy tax withholding obligations.