December 4, 2025 · Form 4 insider transaction
Lieser Brian sold 1,759 shares of Belden Inc. at $120.69 per share, a transaction worth $212.3K. 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 (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.