BELDEN INC. — Director's Dealing 2025

Sep 4, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BELDEN INC. (BDC)
CIK: 0000913142
Period of Report: 2025-09-02

Reporting Person: Lieser Brian (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-09-02	Common Stock	M	1066	$61.79	Acquired	45211	Direct
2025-09-02	Common Stock	D	769	$127.11	Disposed	44442	Direct
2025-09-03	Common Stock	S	297	$126.11	Disposed	44145	Direct
2025-09-03	Common Stock	D	3186	$126.84	Disposed	40959	Direct
2025-09-03	Common Stock	D	6372	$126.84	Disposed	34587	Direct
2025-09-04	Common Stock	S	3800	$127.28	Disposed	30787	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-09-02	Stock Appreciation Rights	$61.79	M	1066	Disposed	2029-02-28	Common Stock (1066)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	504.9382	Indirect

Footnotes

F1: The exercise reported was effected pursuant to a Rule 10b5-1 trading plan adopted by Mr. Lieser on November 7, 2024.

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 (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.

F4: The sale reported was effected pursuant to a Rule 10b5-1 trading plan adopted by Mr. Lieser on November 7, 2024.

F5: 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.

F6: 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.

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