Routine insider trade: Belden officer nets $34k from stock rights exercise

Rhea-AI Filing Summary

Belden (NYSE:BDC) filed a Form 4 on 26-Jun-2025 for EVP Automation Solutions Brian Lieser.

On 24-Jun, Lieser exercised 1,200 stock appreciation rights at a $61.79 strike, issuing the same number of common shares. Of these, 904 shares (valued at $113.51) were withheld for taxes and 296 shares were sold on 25-Jun at $114.32, generating roughly $34 k. All trades occurred under a pre-arranged Rule 10b5-1 plan adopted 7-Nov-2024.

Post-transaction ownership stands at 37,405 shares directly plus about 505 shares via the 401(k) plan. The activity represents a small fraction of Lieser’s holdings and does not indicate any operational or strategic change for Belden.

Insider Trade Summary

Exercise and sale activity reported; no spread calculated

Exercise and Sale 5 txns

Insider Lieser Brian

Role EVP, Automation Solutions

Sold 296 shs ($34K)

Approx. gross sale proceeds $34K

Approx. exercise cost $74K

Type	Security	Shares	Price	Value
Sale	Common Stock	296	$114.32	$34K
Exercise	Stock Appreciation Rights	1,200	$0.00	$0.00
Exercise	Common Stock	1,200	$61.79	$74K
Disposition	Common Stock	904	$113.51	$103K
holding	Common Stock	--	--	--

Holdings After Transaction: Stock Appreciation Rights — 1,066 shares (Direct); Common Stock — 37,405 shares (Direct); Common Stock — 504.9382 shares (Indirect, By 401(k) Plan)

Footnotes (5)

1. F1. The exercise reported was effected pursuant to a Rule 10b5-1 trading plan adopted by Mr. Lieser on November 7, 2024.
2. F2. 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. F3. This represents the difference between the number of SARs exercised (1,200) and the number of shares issued as a result of the exercise (296). 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 ($113.51) and the exercise price ($61.79). Additional shares were then withheld to satisfy the Company's tax withholding obligations.
4. F4. The sale reported was effected pursuant to a Rule 10b5-1 trading plan adopted by Mr. Lieser on November 7, 2024.
5. F5. The original grant of stock appreciation rights became exercisable in equal portions on the first three anniversaries of the grant date.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 06/26/2025 - 02:38 PM Learn about SEC filing dates

FAQ

How many Belden shares did EVP Brian Lieser sell on 25-Jun-2025?

He sold 296 shares at an average price of $114.32 under a Rule 10b5-1 plan.

What was the exercise price for Lieser’s SARs on 24-Jun-2025?

The stock appreciation rights were exercised at a $61.79 strike price.

How many Belden shares does Lieser hold after the reported transactions?

Lieser beneficially owns 37,405 shares directly and about 505 shares through the company 401(k) plan.

Were Lieser’s trades executed under a Rule 10b5-1 trading plan?

Yes. The plan was adopted on 7-Nov-2024, covering both the SAR exercise and share sale.

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, Automation Solutions

3. Date of Earliest Transaction (Month/Day/Year)
06/24/2025

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	06/24/2025		M(1)		1,200	A	$61.79	38,605	D
Common Stock	06/24/2025		D		904(3)	D	$113.51	37,701	D
Common Stock	06/25/2025		S(4)		296	D	$114.32	37,405	D
Common Stock								504.9382(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	$61.79	06/24/2025		M(1)			1,200	(5)	02/28/2029	Common Stock	1,200	$0	1,066	D

Explanation of Responses:

1. The exercise reported was effected pursuant to a Rule 10b5-1 trading plan adopted by Mr. Lieser on November 7, 2024.

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 (1,200) and the number of shares issued as a result of the exercise (296). 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 ($113.51) and the exercise price ($61.79). Additional shares were then withheld to satisfy the Company's tax withholding obligations.

4. The sale reported was effected pursuant to a Rule 10b5-1 trading plan adopted by Mr. Lieser on November 7, 2024.

5. 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	06/26/2025
	** 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.