Form 4: Belden EVP Lieser Exercises SARs, Sells Shares Under 10b5-1 Plan

Belden Inc.'s EVP, Solutions, Brian Lieser, reported exercising Stock Appreciation Rights and selling a portion of common stock, primarily for tax obligations, under a pre-arranged 10b5-1 trading plan.

Summary

• Brian Lieser, Executive Vice President of Solutions at Belden Inc., reported multiple transactions involving Belden common stock.
• On December 4, 2025, Lieser exercised Stock Appreciation Rights (SARs) across three tranches with exercise prices of $53.79, $74.91, and $72.73.
• The exercise resulted in the acquisition of 2,516, 1,210, and 1,225 shares of common stock, respectively, based on a Fair Market Value (FMV) of $120.695 per share on the exercise date.
• Concurrently, 1,759, 961, and 961 shares of common stock were disposed of to satisfy tax withholding obligations related to the SAR exercises.
• On December 5, 2025, Lieser sold 1,270 shares of common stock at a price of $120 per share.
• All reported transactions were executed pursuant to a Rule 10b5-1 trading plan adopted by Mr. Lieser on August 11, 2025.
• Following these transactions, Lieser directly beneficially owns 29,074 shares of Belden Inc. common stock and indirectly owns 505.1454 shares through a 401(k) Plan.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. The executive is realizing value from compensation through SAR exercises, which is a positive for the individual. While there was a sale of shares, it was part of a pre-planned 10b5-1 trading plan, mitigating any negative signal. The executive retains a substantial beneficial ownership in the company.

Positives

• The exercise of Stock Appreciation Rights (SARs) indicates the insider is realizing value from previously granted compensation, reflecting a profitable outcome for the executive.
• The transactions were conducted under a Rule 10b5-1 trading plan, which suggests pre-planned activity and not a reaction to new, non-public information.

Negatives

• A direct sale of 1,270 shares of common stock occurred on December 5, 2025, reducing the insider's direct beneficial ownership.

Industry Context

This filing is a routine disclosure of insider transactions and does not provide broader industry context or trends. It reflects an executive's personal financial planning and compensation realization within the company.

Stakeholder Impact

• Shareholders: The transactions represent routine insider activity under a pre-arranged plan, which typically has minimal direct impact on the broader shareholder base. The executive's continued significant ownership may be viewed positively.

Key Dates

Keywords

Belden Inc., BDC, Form 4, Insider Trading, Stock Appreciation Rights, SARs, Equity Compensation, Rule 10b5-1 Plan, Executive Compensation, Common Stock, Beneficial Ownership