Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-28

Bel Fuse (BELFA)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$4,909,182
Farouq Tuweiq total, FY2025
68th
CEO pay percentile vs peers
692:1
CEO-to-median pay ratio
98.71%
Say-on-pay support, latest vote
Companies that benchmark against BELFA
1 company names BELFA as a compensation peer

Each company listed discloses BELFA in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named BELFA in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Farouq Tuweiq$509,711$0$3,299,751$0$1,000,000$0$99,720$4,909,182
President and Chief Executive Officer (Former Chief Financial Officer and Treasurer)
Lynn Hutkin263,8850981,5570246,09491,10319,6841,602,323
Chief Financial Officer, Treasurer and Secretary
Daniel Bernstein243,4580690,7180281,2500380,8491,596,275
Former President and Chief Executive Officer
Joseph Berry220,0000785,1360123,750119,58517,4141,265,885
Former President of Bel Magnetic Solutions
Kenneth Lai225,000021,7710194,06367,955480,055988,844
Vice President of Asia Operations
Peter Bittner III300,0000120,8490225,00097,42720,132763,408
Former President of Bel Connectivity Solutions

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Farouq Tuweiq$4,909,182$962,365$1,157,531+3,946,817
Lynn Hutkin1,602,323
Daniel Bernstein1,596,2752,012,1891,708,986−415,914
Joseph Berry1,265,885
Kenneth Lai988,844733,818+255,026
Peter Bittner III763,408650,982786,163+112,426

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Lynn HutkinRSU2025-03-1510,000$763,900
Joseph BerryRSU2025-03-1527821,236
Kenneth LaiRSU2025-03-1528521,771
Farouq TuweiqPSU2025-05-278,11816,23616,23632,4721,680,426
Farouq TuweiqRSU2025-03-1519,1671,619,325
Lynn HutkinPSU2025-05-278881,7761,7763,552183,816
Daniel BernsteinRSU2025-03-159,042690,718
Joseph BerryRSU2025-03-1510,000763,900
Peter Bittner IIIRSU2025-03-151,582120,849
Lynn HutkinRSU2025-03-1544333,841
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Lynn Hutkin$797,741$183,816$018.7%
Joseph Berry785,136000.0%
Kenneth Lai21,771000.0%
Farouq Tuweiq1,619,3251,680,426050.9%
Daniel Bernstein690,718000.0%
Peter Bittner III120,849000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Farouq TuweiqRSU37,206$6,311,254
Kenneth LaiPSU7,6991,305,981
Farouq TuweiqPSU32,4725,508,225
Joseph BerryPSU12,4602,113,590
Daniel BernsteinPSU19,3483,282,001
Lynn HutkinRSU15,2952,594,491
Lynn HutkinPSU3,552602,526
Peter Bittner IIIPSU3,206543,834
05

Incentive-plan design — the Compensation Discussion & Analysis

The executive compensation program is designed to support a high-performing organization by rewarding performance, be competitive in the market to retain and attract executives, align the interests of executives with the Company and its shareholders, achieve results aligned with Bel’s culture, and effectively manage the total cost of the program including reasonable levels of dilution.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantMeridian
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-261,564,82320,528170,55098.71%Passed
20252025-05-271,628,56115,926130,30099.03%Passed
20242024-05-141,353,08913,9661,33898.98%Passed
20232023-05-231,301,49227,27086597.95%Passed
20222022-05-241,275,2873,428124,29199.73%Passed
20212021-05-181,382,83137,02674,39397.39%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-2698.71%a
20252025-05-2799.03%b
20242024-05-1498.98%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)692 : 1
CEO total compensation
Median employee compensation$8,977
09

Board fee structure and ownership guideline

Annual cash retainer
Annual equity retainer
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)3,750 / 1,875
Stock ownership guideline
10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Bel Fuse names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Bel Fuse.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1nLIGHT, Inc.2025Scott Keeney$476,808$36,086,000$0$756,217$37,333,189
2PAR Technology Corporation2025Savneet Singh645,00012,875,7020615,03414,164,778
3NETGEAR, Inc.2025Charles Prober767,7408,603,20501,181,73110,555,676
4Arlo Technologies, Inc.2025Matthew McRae790,0005,590,0000963,8007,358,402
5Standex International Corporation2025David Dunbar936,4363,553,5480339,2245,117,281
6Photronics, Inc.2025George Macricostas492,4043,773,0120675,0004,985,316
7Bel Fuse2025Farouq Tuweiq509,7113,299,75101,000,0004,909,182
8CTS Corporation2025Kieran O'Sullivan856,3202,900,0490975,7804,758,899
9Veeco Instruments Inc.2025William Miller680,9613,931,130004,624,824
10Ichor Holdings, Ltd.2025Phil Barros497,7853,984,4390111,3134,605,287
11Alpha and Omega Semiconductor Limited2025Stephen Chang490,0003,727,350004,220,819
12FARO Technologies, Inc.2024Peter Lau600,0002,956,7950438,0004,008,421
13Kimball Electronics, Inc.2025Richard Phillips873,6542,883,070178,2253,982,601
14Aviat Networks, Inc.2025Peter A. Smith650,0003,111,023003,772,051
15Powell Industries, Inc.2025Brett Cope660,0001,129,26801,650,0003,600,369
16Allient Inc.2025Richard Warzala740,0001,110,03501,615,2323,530,820
17Thermon Group Holdings, Inc.2025Bruce Thames715,0351,299,9630543,6202,579,122
18Vishay Precision Group, Inc.2025Ziv Shoshani743,2351,300,661002,279,041
19ACM Research, Inc2025David Wang267,801000632,769
20Cambium Networks Corporation2025Morgan Kurk500,000000503,846
Richardson Electronics, Ltd.not in coverage universe
RF Industries, Ltd.not in coverage universe
Northwest Pipe Companynot in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Bel Fusenot disclosednot disclosednot disclosedMeridian
ACM Research, Incnot disclosedOptions 100not disclosedAon plc
Allient Inc.not disclosednot disclosedNoBurke Capital Group
Alpha and Omega Semiconductor Limitednot disclosedRSU 50 · PSU 50NoCompensia
Arlo Technologies, Inc.122%PSU 100NoPay Governance
Aviat Networks, Inc.not disclosedPSU 50 · RSU 50Yes — TSRCompensia
Cambium Networks Corporationnot disclosednot disclosednot disclosednot disclosed
CTS Corporation112.8%not disclosedYes — Relative Total Shareholder Return (RTSR) ModifierExequity, LLP
FARO Technologies, Inc.73%PSU 60 · RSU 40Yes — Relative Total Shareholder Return (TSR) compared to Russell 2000 IndexCompensia
Ichor Holdings, Ltd.34%not disclosedYes — Relative total shareholder return (TSR)Aon Human Capital Solutions
Kimball Electronics, Inc.20.4%PSU 60 · RSU 40Yes — rTSR relative to Peers (Russell 2000 Electronic Components Subsector)Aon
NETGEAR, Inc.128%PSU 50 · RSU 50Yes — Relative TSR RankFW Cook
nLIGHT, Inc.159%RSU 50 · PSU 50NoCompensia
Northwest Pipe Companynot disclosednot disclosednot disclosednot disclosed
PAR Technology Corporation95.4%RSU 50 · PSU 50Yes — Relative TSR compared to the Information Technology sector of the Russell 2000 Index companiesFW Cook
Photronics, Inc.not disclosedRSU 100not disclosedF. W. Cook
Powell Industries, Inc.200%PSU 50 · RSU 50Nonot disclosed
RF Industries, Ltd.not disclosednot disclosednot disclosednot disclosed
Richardson Electronics, Ltd.not disclosednot disclosednot disclosednot disclosed
Standex International Corporation69.0%PSU 60 · RSU 40Yes — Relative TSRIndependent compensation consultant
Thermon Group Holdings, Inc.76%PSU 65 · RSU 35NoMercer, LLC
Veeco Instruments Inc.not disclosedPSU 65 · RSU 35NoCompensation Strategies, Inc.
Vishay Precision Group, Inc.not disclosedPSU 50 · RSU 50NoEY Parthenon

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Farouq TuweiqDEF 14A2026-04-100001437749-26-011998Section “Executive Compensation”. As printed: 4,909,182. Filing ↗
2Section 01, Lynn HutkinDEF 14A2026-04-100001437749-26-011998Section “Executive Compensation”. As printed: 1,602,323. Filing ↗machine: r3 · c8 · span 545212–545221
3Section 01, Daniel BernsteinDEF 14A2026-04-100001437749-26-011998Section “Executive Compensation”. As printed: 1,596,275. Filing ↗
4Section 01, Joseph BerryDEF 14A2026-04-100001437749-26-011998Section “Executive Compensation”. As printed: 1,265,885. Filing ↗machine: r5 · c8 · span 554067–554076
5Section 01, Kenneth LaiDEF 14A2026-04-100001437749-26-011998Section “Executive Compensation”. As printed: 988,844. Filing ↗
6Section 01, Peter Bittner IIIDEF 14A2026-04-100001437749-26-011998Section “Executive Compensation”. As printed: 763,408. Filing ↗
7Section 03, Lynn Hutkin RSUDEF 14A2026-04-100001437749-26-011998Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 600195–600202
8Section 03, Joseph Berry RSUDEF 14A2026-04-100001437749-26-011998Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 605861–605867
9Section 03, Kenneth Lai RSUDEF 14A2026-04-100001437749-26-011998Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 609789–609795
10Section 03, Farouq Tuweiq PSUDEF 14A2026-04-100001437749-26-011998Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 594931–594940
11Section 03, Farouq Tuweiq RSUDEF 14A2026-04-100001437749-26-011998Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 593550–593559
12Section 03, Lynn Hutkin PSUDEF 14A2026-04-100001437749-26-011998Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 599087–599094
13Section 03, Daniel Bernstein RSUDEF 14A2026-04-100001437749-26-011998Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 590729–590736
14Section 03, Joseph Berry RSUDEF 14A2026-04-100001437749-26-011998Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 606968–606975
15Section 03, Peter Bittner III RSUDEF 14A2026-04-100001437749-26-011998Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 603027–603034
16Section 03, Lynn Hutkin RSUDEF 14A2026-04-100001437749-26-011998Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 597753–597759
17Section 07, pay ratioDEF 14A2026-04-100001437749-26-011998Section “CEO Pay Ratio”. As printed: 692 : 1. Filing ↗
18Section 06, 2026 voteForm 8-K2026-05-280001437749-26-018719Item 5.07 · say-on-pay result. As reported: 98.71% (votes for as printed: 1,564,823). Filing ↗
19Section 06, 2025 voteForm 8-K2025-05-280001437749-25-018655Item 5.07 · say-on-pay result. As reported: 99.03% (votes for as printed: 1,628,561). Filing ↗
20Section 06, 2024 voteForm 8-K2024-05-140001437749-24-016579Item 5.07 · say-on-pay result. As reported: 98.98% (votes for as printed: 1,353,089). Filing ↗
21Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
22Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
23nLIGHT, Inc., Section 10b CEO totalDEF 14A2026-04-240001124796-26-000018CEO total compensation as printed in nLIGHT, Inc.'s own proxy. As printed: 37,333,189. Filing ↗machine: span 525389–525399
24PAR Technology Corporation, Section 10b CEO totalDEF 14A2026-04-160000708821-26-000048CEO total compensation as printed in PAR Technology Corporation's own proxy. As printed: 14,164,778. Filing ↗machine: t104 · r3 · c14 · span 575281–575291
25NETGEAR, Inc., Section 10b CEO totalDEF 14A2026-04-160001193125-26-159312CEO total compensation as printed in NETGEAR, Inc.'s own proxy. As printed: 10,555,676. Filing ↗machine: t84 · r4 · c27 · span 1491692–1491702
26Arlo Technologies, Inc., Section 10b CEO totalDEF 14A2026-04-240001140361-26-016680CEO total compensation as printed in Arlo Technologies, Inc.'s own proxy. As printed: 7,358,402. Filing ↗machine: r2 · c19 · span 935213–935222
27Standex International Corporation, Section 10b CEO totalDEF 14A2025-09-050001437749-25-028442CEO total compensation as printed in Standex International Corporation's own proxy. As printed: 5,117,281. Filing ↗machine: t217 · r1 · c28 · span 1012679–1012688
28Photronics, Inc., Section 10b CEO totalDEF 14A2026-02-230001539497-26-000750CEO total compensation as printed in Photronics, Inc.'s own proxy. As printed: 4,985,316. Filing ↗machine: t62 · r1 · c22 · span 337462–337471
29Bel Fuse (subject), Section 10b CEO totalDEF 14A2026-04-100001437749-26-011998CEO total compensation as printed in Bel Fuse's own proxy. As printed: 4,909,182. Filing ↗
30CTS Corporation, Section 10b CEO totalDEF 14A2026-04-020001193125-26-140010CEO total compensation as printed in CTS Corporation's own proxy. As printed: 4,758,899. Filing ↗
31Veeco Instruments Inc., Section 10b CEO totalDEF 14A2026-03-190001104659-26-032085CEO total compensation as printed in Veeco Instruments Inc.'s own proxy. As printed: 4,624,824. Filing ↗machine: r1 · c57 · span 726251–726260
32Ichor Holdings, Ltd., Section 10b CEO totalDEF 14A2026-04-010001652535-26-000023CEO total compensation as printed in Ichor Holdings, Ltd.'s own proxy. As printed: 4,605,287. Filing ↗machine: span 620568–620577
33Alpha and Omega Semiconductor Limited, Section 10b CEO totalDEF 14A2025-09-180001387467-25-000054CEO total compensation as printed in Alpha and Omega Semiconductor Limited's own proxy. As printed: 4,220,819. Filing ↗machine: r10 · c48 · span 605602–605611
34FARO Technologies, Inc., Section 10b CEO totalDEF 14A2025-04-100001628280-25-017330CEO total compensation as printed in FARO Technologies, Inc.'s own proxy. As printed: 4,008,421. Filing ↗machine: r2 · c39 · span 542687–542696
35Kimball Electronics, Inc., Section 10b CEO totalDEF 14A2025-09-250001606757-25-000046CEO total compensation as printed in Kimball Electronics, Inc.'s own proxy. As printed: 3,982,601. Filing ↗machine: span 801034–801043
36Aviat Networks, Inc., Section 10b CEO totalDEF 14A2025-09-230001140361-25-035861CEO total compensation as printed in Aviat Networks, Inc.'s own proxy. As printed: 3,772,051. Filing ↗machine: t102 · r2 · c21 · span 465516–465525
37Powell Industries, Inc., Section 10b CEO totalDEF 14A2026-01-060001140361-26-000342CEO total compensation as printed in Powell Industries, Inc.'s own proxy. As printed: 3,600,369. Filing ↗machine: r2 · c27 · span 542584–542594
38Allient Inc., Section 10b CEO totalDEF 14A2026-03-260001140361-26-011362CEO total compensation as printed in Allient Inc.'s own proxy. As printed: 3,530,820. Filing ↗machine: r13 · c19 · span 507123–507133
39Thermon Group Holdings, Inc., Section 10b CEO totalDEF 14A2025-06-180001489096-25-000097CEO total compensation as printed in Thermon Group Holdings, Inc.'s own proxy. As printed: 2,579,122. Filing ↗machine: span 730045–730054
40Vishay Precision Group, Inc., Section 10b CEO totalDEF 14A2026-04-090001437749-26-011815CEO total compensation as printed in Vishay Precision Group, Inc.'s own proxy. As printed: 2,279,041. Filing ↗machine: span 674953–674962
41ACM Research, Inc, Section 10b CEO totalDEF 14A2026-04-270001628280-26-027358CEO total compensation as printed in ACM Research, Inc's own proxy. As printed: 632,769. Filing ↗machine: r9 · c21 · span 556967–556974
42Cambium Networks Corporation, Section 10b CEO totalDEF 14A2026-05-220001193125-26-236836CEO total compensation as printed in Cambium Networks Corporation's own proxy. As printed: 503,846. Filing ↗machine: t10 · r2 · c29 · span 558880–558887
43Section 10a, Allient Inc. reciprocityDEF 14A0001140361-26-011362Allient Inc.'s most recent proxy was read; its disclosed peer group does not include Bel Fuse. Filing ↗
44Section 10a, ACM Research, Inc reciprocityDEF 14A0001628280-26-027358ACM Research, Inc's most recent proxy was read; its disclosed peer group does not include Bel Fuse. Filing ↗
45Section 10a, FARO Technologies, Inc. reciprocityDEF 14A0001628280-25-017330FARO Technologies, Inc.'s most recent proxy was read; its disclosed peer group does not include Bel Fuse. Filing ↗
46Section 10a, CTS Corporation reciprocityDEF 14A0001193125-26-140010CTS Corporation's most recent proxy was read; its disclosed peer group does not include Bel Fuse. Filing ↗
47Section 10a, Photronics, Inc. reciprocityDEF 14A0001539497-26-000750Photronics, Inc.'s most recent proxy was read; its disclosed peer group does not include Bel Fuse. Filing ↗
48Section 10a, PAR Technology Corporation reciprocityDEF 14A0000708821-26-000048PAR Technology Corporation's most recent proxy was read; its disclosed peer group does not include Bel Fuse. Filing ↗
49Section 10a, Kimball Electronics, Inc. reciprocityDEF 14A0001606757-25-000046Kimball Electronics, Inc.'s most recent proxy was read; its disclosed peer group does not include Bel Fuse. Filing ↗
50Section 10a, Ichor Holdings, Ltd. reciprocityDEF 14A0001652535-26-000023Ichor Holdings, Ltd.'s most recent proxy was read; its disclosed peer group does not include Bel Fuse. Filing ↗
51Section 10a, Aviat Networks, Inc. reciprocityDEF 14A0001140361-25-035861Aviat Networks, Inc.'s most recent proxy was read; its disclosed peer group does not include Bel Fuse. Filing ↗
52Section 10a, Alpha and Omega Semiconductor Limited reciprocityDEF 14A0001387467-25-000054Alpha and Omega Semiconductor Limited's most recent proxy was read; its disclosed peer group does not include Bel Fuse. Filing ↗
53Section 10a, NETGEAR, Inc. reciprocityDEF 14A0001193125-26-159312NETGEAR, Inc.'s most recent proxy was read; its disclosed peer group does not include Bel Fuse. Filing ↗
54Section 10a, Arlo Technologies, Inc. reciprocityDEF 14A0001140361-26-016680Arlo Technologies, Inc.'s most recent proxy was read; its disclosed peer group does not include Bel Fuse. Filing ↗
55Section 10a, Powell Industries, Inc. reciprocityDEF 14A0001140361-26-000342Powell Industries, Inc.'s most recent proxy was read; its disclosed peer group does not include Bel Fuse. Filing ↗
56Section 10a, Vishay Precision Group, Inc. reciprocityDEF 14A0001437749-26-011815Vishay Precision Group, Inc.'s most recent proxy was read; its disclosed peer group does not include Bel Fuse. Filing ↗
57Section 10a, Veeco Instruments Inc. reciprocityDEF 14A0001104659-26-032085Veeco Instruments Inc.'s most recent proxy was read; its disclosed peer group does not include Bel Fuse. Filing ↗
58Section 10a, Thermon Group Holdings, Inc. reciprocityDEF 14A0001489096-25-000097Thermon Group Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Bel Fuse. Filing ↗
59Section 10a, nLIGHT, Inc. reciprocityDEF 14A0001124796-26-000018nLIGHT, Inc.'s most recent proxy was read; its disclosed peer group does not include Bel Fuse. Filing ↗