0000729580 2025-01-01 2025-12-31 0000729580 2 2025-01-01 2025-12-31 0000729580 1 2025-01-01 2025-12-31 0000729580 belfa:NonCEONEOsMember 2025-01-01 2025-12-31 0000729580 belfa:FormerCEOMember 2025-01-01 2025-12-31 0000729580 belfa:CEOMember 2025-01-01 2025-12-31 0000729580 ecd:AggtPnsnAdjsSvcCstMember ecd:NonPeoNeoMember belfa:NonCEONEOsMember 2025-01-01 2025-12-31 0000729580 ecd:AggtPnsnAdjsSvcCstMember ecd:PeoMember belfa:FormerCEOMember 2025-01-01 2025-12-31 0000729580 ecd:AggtPnsnAdjsSvcCstMember ecd:PeoMember belfa:CEOMember 2025-01-01 2025-12-31 0000729580 ecd:AggtChngPnsnValInSummryCompstnTblForAplblYrMember ecd:NonPeoNeoMember belfa:NonCEONEOsMember 2025-01-01 2025-12-31 0000729580 ecd:AggtChngPnsnValInSummryCompstnTblForAplblYrMember ecd:PeoMember belfa:FormerCEOMember 2025-01-01 2025-12-31 0000729580 ecd:AggtChngPnsnValInSummryCompstnTblForAplblYrMember ecd:PeoMember belfa:CEOMember 2025-01-01 2025-12-31 0000729580 ecd:DvddsOrOthrErngsPdOnEqtyAwrdsNtOthrwsRflctdInTtlCompForCvrdYrMember ecd:NonPeoNeoMember belfa:NonCEONEOsMember 2025-01-01 2025-12-31 0000729580 ecd:DvddsOrOthrErngsPdOnEqtyAwrdsNtOthrwsRflctdInTtlCompForCvrdYrMember ecd:PeoMember belfa:FormerCEOMember 2025-01-01 2025-12-31 0000729580 ecd:DvddsOrOthrErngsPdOnEqtyAwrdsNtOthrwsRflctdInTtlCompForCvrdYrMember ecd:PeoMember belfa:CEOMember 2025-01-01 2025-12-31 0000729580 ecd:FrValAsOfPrrYrEndOfEqtyAwrdsGrntdInPrrYrsFldVstngCondsDrngCvrdYrMember ecd:NonPeoNeoMember belfa:NonCEONEOsMember 2025-01-01 2025-12-31 0000729580 ecd:FrValAsOfPrrYrEndOfEqtyAwrdsGrntdInPrrYrsFldVstngCondsDrngCvrdYrMember ecd:PeoMember belfa:FormerCEOMember 2025-01-01 2025-12-31 0000729580 ecd:FrValAsOfPrrYrEndOfEqtyAwrdsGrntdInPrrYrsFldVstngCondsDrngCvrdYrMember ecd:PeoMember belfa:CEOMember 2025-01-01 2025-12-31 0000729580 ecd:ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMember ecd:NonPeoNeoMember belfa:NonCEONEOsMember 2025-01-01 2025-12-31 0000729580 ecd:ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMember ecd:PeoMember belfa:FormerCEOMember 2025-01-01 2025-12-31 0000729580 ecd:ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMember ecd:PeoMember belfa:CEOMember 2025-01-01 2025-12-31 0000729580 ecd:VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMember ecd:NonPeoNeoMember belfa:NonCEONEOsMember 2025-01-01 2025-12-31 0000729580 ecd:VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMember ecd:PeoMember belfa:FormerCEOMember 2025-01-01 2025-12-31 0000729580 ecd:VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMember ecd:PeoMember belfa:CEOMember 2025-01-01 2025-12-31 0000729580 ecd:ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMember ecd:NonPeoNeoMember belfa:NonCEONEOsMember 2025-01-01 2025-12-31 0000729580 ecd:ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMember ecd:PeoMember belfa:FormerCEOMember 2025-01-01 2025-12-31 0000729580 ecd:ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMember ecd:PeoMember belfa:CEOMember 2025-01-01 2025-12-31 0000729580 ecd:YrEndFrValOfEqtyAwrdsGrntdInCvrdYrOutsdngAndUnvstdMember ecd:NonPeoNeoMember belfa:NonCEONEOsMember 2025-01-01 2025-12-31 0000729580 ecd:YrEndFrValOfEqtyAwrdsGrntdInCvrdYrOutsdngAndUnvstdMember ecd:PeoMember belfa:FormerCEOMember 2025-01-01 2025-12-31 0000729580 ecd:YrEndFrValOfEqtyAwrdsGrntdInCvrdYrOutsdngAndUnvstdMember ecd:PeoMember belfa:CEOMember 2025-01-01 2025-12-31 0000729580 ecd:EqtyAwrdsAdjsExclgValRprtdInSummryCompstnTblMember ecd:NonPeoNeoMember belfa:NonCEONEOsMember 2025-01-01 2025-12-31 0000729580 ecd:EqtyAwrdsAdjsExclgValRprtdInSummryCompstnTblMember ecd:PeoMember belfa:FormerCEOMember 2025-01-01 2025-12-31 0000729580 ecd:EqtyAwrdsAdjsExclgValRprtdInSummryCompstnTblMember ecd:PeoMember belfa:CEOMember 2025-01-01 2025-12-31 0000729580 2021-01-01 2025-12-31 0000729580 2021-01-01 2021-12-31 0000729580 belfa:FormerCEOMember 2021-01-01 2021-12-31 0000729580 belfa:CEOMember 2021-01-01 2021-12-31 0000729580 2022-01-01 2022-12-31 0000729580 belfa:FormerCEOMember 2022-01-01 2022-12-31 0000729580 belfa:CEOMember 2022-01-01 2022-12-31 0000729580 2023-01-01 2023-12-31 0000729580 belfa:FormerCEOMember 2023-01-01 2023-12-31 0000729580 belfa:CEOMember 2023-01-01 2023-12-31 0000729580 2024-01-01 2024-12-31 0000729580 belfa:FormerCEOMember 2024-01-01 2024-12-31 0000729580 belfa:CEOMember 2024-01-01 2024-12-31 0000729580 2025-12-31 2025-01-01 2025-12-31 iso4217:USD false 0000729580 BEL FUSE INC /NJ DEF 14A true Equity Grant Timing Considerations. Consistent with our annual compensation cycle, the Board has adopted a practice of generally making annual grants on or around March 15, other than grants for new hires, promotions or pursuant to the terms of an employment contract. Our non-employee directors receive a portion of their director fees in RSAs each year, which pursuant to the practice described above are to be issued on the same annual timing in March as awards for employees. The timing of any equity-based awards in connection with new hires, promotions, or other non-routine grants is tied to the event giving rise to the award (such as an employee’s commencement of employment or promotion effective date). In all cases, the timing of grants occurs independent of the release of any material nonpublic information, and we do not time the disclosure of material nonpublic information for the purpose of affecting the value of executive compensation. Consistent with our annual compensation cycle, the Board has adopted a practice of generally making annual grants on or around March 15, other than grants for new hires, promotions or pursuant to the terms of an employment contract. Our non-employee directors receive a portion of their director fees in RSAs each year, which pursuant to the practice described above are to be issued on the same annual timing in March as awards for employees. The timing of any equity-based awards in connection with new hires, promotions, or other non-routine grants is tied to the event giving rise to the award (such as an employee’s commencement of employment or promotion effective date). In all cases, the timing of grants occurs independent of the release of any material nonpublic information, and we do not time the disclosure of material nonpublic information for the purpose of affecting the value of executive compensation. false false false PAY VERSUS PERFORMANCE As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(v) of Regulation S-K, we are providing the following information about the relationship between executive compensation actually paid and certain financial performance of the Company. The disclosure included in this section is prescribed by SEC rules and does not necessarily align with how the Company or the Compensation Committee views the link between the Company’s performance and its NEOs’ pay. The use of the term “compensation actually paid” (CAP) is required by the SEC’s rules. Neither CAP nor the total amount reported in the Summary Compensation Table (SCT) reflect the amount of compensation actually paid, earned or received during the applicable year. Per SEC rules, for our CEO and the average compensation actually paid to our non-CEO NEOs, CAP was calculated by adjusting the Summary Compensation Table Total values for the applicable year. For 2025, these amounts were determined using the adjustments as described in the footnotes to the following table. <div> <table cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: 0pt; margin-right: 0pt;"> <tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: bottom; width: 5%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: top; width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: top; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: top; width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="3" style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="6" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Value of Initial Fixed $100 Investment Based On: </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Company Selected Measure </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 5%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Year(1) </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> SCT Total Compensation for CEO: Mr. Tuweiq ($) </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Compensation Actually Paid to CEO: Mr. Tuweiq(5) ($) </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 10%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> SCT Total Compensation for Former CEO: Mr. Bernstein ($) </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 3px solid rgb(0, 0, 0); vertical-align: top; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 10%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Compensation Actually Paid to CEO(5) ($) </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 10%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Average SCT Total Compensation to Non-CEO NEOs ($) </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 10%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Average Compensation Actually Paid to Non-CEO NEOs ($) </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Cumulative TSR(2) ($) </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Peer Group Cumulative TSR(2) ($) </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 10%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Net Income (in 000s) ($) </td> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Revenue (in 000s) ($) </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle; width: 5%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 2025 </td> <td style="vertical-align: middle; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: top; width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 4,909,182 </td> <td style="vertical-align: top; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: top; width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 12,008,851 </td> <td style="vertical-align: middle; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 10%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 1,596,275 </td> <td style="vertical-align: middle; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="vertical-align: middle; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 10%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 3,512,917 </td> <td style="vertical-align: middle; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 10%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 1,155,115 </td> <td style="vertical-align: middle; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 10%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 2,335,659 </td> <td style="vertical-align: middle; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 1,185.25 </td> <td style="vertical-align: middle; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 395.09 </td> <td style="vertical-align: middle; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 10%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 74,111 </td> <td style="vertical-align: middle; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 675,455 </td> <td style="vertical-align: middle; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <td style="vertical-align: bottom; width: 5%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 2024 </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: top; width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> - </td> <td style="vertical-align: top; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: top; width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> - </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 10%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 2,012,189 </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: top; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 10%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 2,403,369 </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 10%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 817,026 </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 10%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 1,130,212 </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 574.48 </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 128.84 </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 10%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 49,192 </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 534,792 </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 5%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 2023 </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: top; width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> - </td> <td style="vertical-align: top; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: top; width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> - </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 10%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 1,708,986 </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: top; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 10%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 1,909,317 </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 10%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 1,015,217 </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 10%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 1,416,031 </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 463.18 </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 76.87 </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 10%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 73,831 </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 639,813 </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <td style="vertical-align: bottom; width: 5%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 2022 </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: top; width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> - </td> <td style="vertical-align: top; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: top; width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> - </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 10%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 825,075 </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: top; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 10%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 1,098,573 </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 10%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 784,722 </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 10%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 873,491 </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 226.84 </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 43.20 </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 10%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 52,689 </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 654,233 </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 5%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 2021 </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: top; width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> - </td> <td style="vertical-align: top; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: top; width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> - </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 10%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 873,612 </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: top; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 10%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 892,574 </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 10%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 556,990 </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 10%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 566,911 </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 87.67 </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 88.24 </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 10%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 24,821 </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: bottom; width: 9%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 543,494 </td> <td style="vertical-align: bottom; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> </tbody></table> </div> <table cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: 0pt; margin-right: 0pt;"> <tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: middle; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: top; width: 2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 1. </td> <td style="vertical-align: top; width: 97%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> The other NEOs (besides our CEO, Mr. Tuweiq and former CEO, Mr. Bernstein) were Mr. Bittner (all years), Mr. Tuweiq (2021-2024), Mr. Lai (2025 and 2024 only), Mr. Berry (2025 only), Mr. Dawson (2024 only), Ms. Hutkin (2025 only), Mr. Ackerman (2023, 2022 and 2021 only), Ms. Kozlovsky (2023 only), Mr. Cheung (2022 and 2021 only), and Mr. Brosious (2021 only). </td> </tr> </tbody></table> <table cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: 0pt; margin-right: 0pt;"> <tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: middle; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: top; width: 2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 2. </td> <td style="vertical-align: top; width: 99%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> CAP reflects the “Total” compensation reported in the SCT for the applicable year, adjusted as set forth in the tables below for our CEO and for our non-CEO NEOs, respectively. </td> </tr> </tbody></table> <table cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: 0pt; margin-right: 0pt;"> <tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="vertical-align: middle; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: top; width: 2%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 3. </td> <td style="vertical-align: top; width: 99%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Total shareholder returns ("TSRs") are based on an initial $100 investment, measured on a cumulative basis over 1, 2, 3, 4 & 5 year performance periods. Bel Fuse's TSR reflects class B shares only. The Peer Group comprises of Nasdaq-listed stocks (SIC 3670-3679 US + Foreign) in Electronic Components & Accessories. We use this Peer Group in the stock performance graph included in our Annual Report on Form 10-K. </td> </tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"> <tbody><tr> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: top; width: 2%;"> 4. </td> <td style="vertical-align: top; width: 97%;"> “Net income” is equivalent to “Net earnings” as reported in the Company’s financial statements. </td> </tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"> <tbody><tr> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: top; width: 2%;"> 5. </td> <td style="vertical-align: top; width: 98%;"> The following table describes the adjustments, each of which is required by Item 402(v), to calculate the CAP Amounts shown in the table above: </td> </tr> </tbody></table> 4909182 12008851 1596275 3512917 1155115 2335659 1185.25 395.09

74111000

675455000 0 0 2012189 2403369 817026 1130212 574.48 128.84

49192000

534792000 0 0 1708986 1909317 1015217 1416031 463.18 76.87

73831000

639813000 0 0 825075 1098573 784722 873491 226.84 43.2

52689000

654233000 0 0 873612 892574 556990 566911 87.67 88.24

24821000

543494000 Mr. Tuweiq Mr. Bernstein <div> <table cellpadding="0" cellspacing="0" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 100%; margin-left: 0pt; margin-right: 0pt;"> <tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td colspan="1" style="vertical-align: bottom; width: 60%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="8" style="border-bottom: 3px solid rgb(0, 0, 0); vertical-align: top; width: 40%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 2025 </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td colspan="1" style="vertical-align: bottom; width: 60%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="border-bottom: 3px solid rgb(0, 0, 0); vertical-align: bottom; width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> CEO Mr. Tuweiq ($) </td> <td style="border-bottom: 3px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="border-bottom: 3px solid rgb(0, 0, 0); vertical-align: bottom; width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Former CEO Mr. Bernstein ($) </td> <td style="border-bottom: 3px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="border-bottom: 3px solid rgb(0, 0, 0); vertical-align: bottom; width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Average of Non-CEO NEOs ($) </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 60%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Summary Compensation Table </td> <td style="vertical-align: top; width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 4,909,182 </td> <td style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 1,596,275 </td> <td style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 1,155,115 </td> <td style="vertical-align: top; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <td style="vertical-align: bottom; width: 60%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Less: The amount shown as Stock Awards in the SCT </td> <td style="vertical-align: top; width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> (3,299,751 </td> <td style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> ) </td> <td colspan="2" style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> (690,718 </td> <td style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> ) </td> <td colspan="2" style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> (477,328 </td> <td style="vertical-align: top; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> ) </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 60%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Plus: Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year </td> <td style="vertical-align: top; width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 8,663,354 </td> <td style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 1,535,693 </td> <td style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 1,099,630 </td> <td style="vertical-align: top; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <td style="vertical-align: bottom; width: 60%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Plus (Minus) Year-Over-Year Change in Fair Value of Unvested Equity Awards Granted in Prior Years </td> <td style="vertical-align: top; width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 1,434,669 </td> <td style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 898,782 </td> <td style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 350,258 </td> <td style="vertical-align: top; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 60%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Plus: Fair Value of Equity Awards Granted and Vested in the Year </td> <td style="vertical-align: top; width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> - </td> <td style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> - </td> <td style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> - </td> <td style="vertical-align: top; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <td style="vertical-align: bottom; width: 60%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Plus (Minus): Year-Over-Year Change in Fair Market Value of Awards Granted in Prior Years that Vested in the Year </td> <td style="vertical-align: top; width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 301,397 </td> <td style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 172,885 </td> <td style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 89,716 </td> <td style="vertical-align: top; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 60%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Minus: Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year </td> <td style="vertical-align: top; width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> - </td> <td style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> - </td> <td style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> - </td> <td style="vertical-align: top; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <td style="vertical-align: bottom; width: 60%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Value of Dividends or Other Earnings Paid on Stock or Option Awards Not Otherwise Included </td> <td style="vertical-align: top; width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> - </td> <td style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> - </td> <td style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> - </td> <td style="vertical-align: top; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 60%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Less: Aggregate Change in Actuarial Present Value of Accumulated Benefit Under Pension Plans </td> <td style="vertical-align: top; width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> - </td> <td style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> - </td> <td style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> - </td> <td style="vertical-align: top; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <td style="vertical-align: bottom; width: 60%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Plus: Aggregate Service Cost and Prior Service Costs for Pension Plans </td> <td style="vertical-align: top; width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> - </td> <td style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> - </td> <td style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 118,268 </td> <td style="vertical-align: top; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; width: 60%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Compensation Actually Paid (as calculated) </td> <td style="vertical-align: top; width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 12,008,851 </td> <td style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 3,512,917 </td> <td style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="vertical-align: bottom; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 2,335,659 </td> <td style="vertical-align: top; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <td style="vertical-align: middle; width: 60%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 12%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="vertical-align: middle; width: 0%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> </tbody></table> </div> 4909182 1596275 1155115 -3299751 -690718 -477328 8663354 1535693 1099630 1434669 898782 350258 0 0 0 301397 172885 89716 0 0 0 0 0 0 0 0 0 0 0 118268 12008851 3512917 2335659 <table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"> <tbody><tr> <td style="vertical-align:top;width:auto;"> Financial Performance Measures </td> </tr> <tr> <td style="vertical-align:top;width:auto;"> </td> </tr> <tr> <td style="vertical-align: middle; width: auto;"> We did not use any GAAP-derived financial performance measures outside of Net Income in 2021 to link CAP to Named Executive Officers during such fiscal year to our performance. The following table lists the financial performance measures that, in the Company’s assessment, represent the most important performance measures used to link CAP for our NEOs to Company performance in the covered years: </td> </tr> <tr> <td style="border-bottom:solid 1px #000000;vertical-align:middle;width:auto;"> </td> </tr> <tr> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);"> Revenue </td> </tr> <tr> <td style="vertical-align: top; width: auto; border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);"> Adjusted EBITDA* </td> </tr> <tr> <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);"> Adjusted EBITDA Margin* </td> </tr> </tbody></table> *Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. For additional information regarding derivation, utilization and application of this measure in connection with our Incentive Compensation Program for 2025, please see the Compensation Discussion & Analysis section above. Adjusted EBITDA Adjusted EBITDA Margin Compensation Actually Paid and Revenue Revenue is a component of the Compensation Committee’s assessment of financial performance, driving annual and long-term pay outcomes going forward. As a result, CAP for our CEO and Other NEOs is influenced by Revenue, as demonstrated by the following graph: <div style="text-align: center;"><img alt="capvrev.jpg" src="capvrev.jpg"/></div> Compensation Actually Paid and Total Shareholder Return Relative TSR is not a metric in our compensation plan. As a result, CAP for our CEO and Other NEOs is not directly influenced by TSR. The relationship between CAP and TSR is demonstrated by the following graph, as required by SEC rules: <div style="text-align: center;"><img alt="capvtsr.jpg" src="capvtsr.jpg"/></div> Compensation Actually Paid and Net Income Net income is not a metric in our compensation plan. As a result, CAP for our CEO and Other non-CEO NEOs is not directly influenced by net income. The relationship between CAP and net income is demonstrated by the following graph, as required: <div style="text-align: center;"><img alt="capvni.jpg" src="capvni.jpg"/></div> Clawback/Recoupment. Awards granted under the 2026 Plan will be subject to the requirement that the awards be forfeited or amounts repaid to the Company after they have been distributed to the participant (i) to the extent set forth in an award agreement or (ii) to the extent covered by Bel’s Compensation Recovery Policy (or any other any clawback or recapture policy adopted by the Company from time to time), or any applicable laws that impose mandatory forfeiture or recoupment, under circumstances set forth in such applicable laws.