July 11, 2025 · Form 4 insider transaction
Anderson Brian Edward sold 5,601 shares of Belden Inc. at $123.05 per share, a transaction worth $689.2K. The trade was recorded as disposition to the issuer and disclosed on an SEC Form 4, filed 4 days after the transaction.
This represents the difference between the number of SARs exercised (7,257) and the number of shares issued as a result of the exercise (1,656). 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 ($123.05) and the exercise price ($72.73). Additional shares were then withheld to satisfy the Company's tax withholding obligations.