BELDEN INC. — Director's Dealing 2025

Dec 8, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BELDEN INC. (BDC)
CIK: 0000913142
Period of Report: 2025-12-04

Reporting Person: Lieser Brian (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-12-04	Common Stock	M	2516	$53.79	Acquired	31590	Direct
2025-12-04	Common Stock	D	1759	$120.695	Disposed	29831	Direct
2025-12-04	Common Stock	M	1210	$74.91	Acquired	31041	Direct
2025-12-04	Common Stock	D	961	$120.695	Disposed	30080	Direct
2025-12-04	Common Stock	M	1225	$72.73	Acquired	31305	Direct
2025-12-04	Common Stock	D	961	$120.695	Disposed	30344	Direct
2025-12-05	Common Stock	S	1270	$120	Disposed	29074	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-12-04	Stock Appreciation Rights	$74.91	M	1210	Disposed	2027-02-22	Common Stock (1210)	Direct
2025-12-04	Stock Appreciation Rights	$72.73	M	1225	Disposed	2028-02-28	Common Stock (1225)	Direct
2025-12-04	Stock Appreciation Rights	$53.79	M	2516	Disposed	2032-02-22	Common Stock (2516)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	505.1454	Indirect

Footnotes

F1: The exercise reported was effected pursuant to a Rule 10b5-1 trading plan adopted by Mr. Lieser on August 11, 2025.

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.

F3: 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.

F4: 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.

F5: 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.

F6: The sale reported was effected pursuant to a Rule 10b5-1 trading plan adopted by Mr. Lieser on August 11, 2025.

F7: The original grant of stock appreciation rights became exercisable in equal portions on the first three anniversaries of the grant date.