BELDEN INC. — Director's Dealing 2025

Feb 28, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BELDEN INC. (BDC)
CIK: 0000913142
Period of Report: 2025-02-25

Reporting Person: Chand Ashish (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-02-25	Common Stock	M	1103	$89.23	Acquired	108232	Direct
2025-02-25	Common Stock	D	1004	$110.615	Disposed	107228	Direct
2025-02-25	Common Stock	M	1477	$74.91	Acquired	108705	Direct
2025-02-25	Common Stock	D	1254	$110.615	Disposed	107451	Direct
2025-02-25	Common Stock	M	2312	$72.73	Acquired	109763	Direct
2025-02-25	Common Stock	D	1940	$110.615	Disposed	107823	Direct
2025-02-25	Common Stock	M	4373	$45.11	Acquired	112196	Direct
2025-02-25	Common Stock	D	3155	$110.615	Disposed	109041	Direct
2025-02-25	Common Stock	M	7714	$53.79	Acquired	116755	Direct
2025-02-25	Common Stock	D	5850	$110.615	Disposed	110905	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-02-25	Stock Appreciation Rights	$89.23	M	1103	Disposed	2025-02-25	Common Stock (1103)	Direct
2025-02-25	Stock Appreciation Rights	$74.91	M	1477	Disposed	2027-02-22	Common Stock (1477)	Direct
2025-02-25	Stock Appreciation Rights	$72.73	M	2312	Disposed	2028-02-28	Common Stock (2312)	Direct
2025-02-25	Stock Appreciation Rights	$45.11	M	4373	Disposed	2031-02-16	Common Stock (4373)	Direct
2025-02-25	Stock Appreciation Rights	$53.79	M	7714	Disposed	2032-02-22	Common Stock (7714)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1009.7293	Indirect

Footnotes

F1: The exercise reported was effected pursuant to a Rule 10b5-1 trading plan adopted by Mr. Chand on November 1, 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 (1,103) and the number of shares issued as a result of the exercise (99). 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 ($110.615) and the exercise price ($89.23). Additional shares were then withheld to satisfy the Company's tax withholding obligations.

F4: This represents the difference between the number of SARs exercised (1,477) and the number of shares issued as a result of the exercise (223). 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 ($110.615) 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 (2,312) and the number of shares issued as a result of the exercise (372). 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 ($110.615) and the exercise price ($72.73). Additional shares were then withheld to satisfy the Company's tax withholding obligations.

F6: This represents the difference between the number of SARs exercised (4,373) and the number of shares issued as a result of the exercise (1,218). 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 ($110.615) and the exercise price ($45.11). Additional shares were then withheld to satisfy the Company's tax withholding obligations.

F7: This represents the difference between the number of SARs exercised (7,714) and the number of shares issued as a result of the exercise (1,864). 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 ($110.615) and the exercise price ($53.79). Additional shares were then withheld to satisfy the Company's tax withholding obligations.