secwatch.observer — SEC 8-K summary
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Issuer:     BEL FUSE INC /NJ (BELFA)
CIK:        0000729580
Form:       8-K
Filed at:   2025-03-18T23:59:59+00:00
Accession:  0001437749-25-008232
Event type: other_material
Sentiment:  neutral
Materiality: 0.40
Item codes: 5.02
LLM model:  deepseek-v4-flash:cloud@v2

Bel Fuse board awards $882K in FY2024 bonuses to NEOs despite missing matrix targets; modifies 2025 incentive plan
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- Bonus payouts: Farouq Tuweiq $328,125, Steve Dawson $131,250, Peter Bittner III $328,125, Kenneth Lai $94,500; paid partly in cash, partly in restricted stock.
- Steve Dawson base salary raised to $315,000 from $250,000, effective retroactively to Jan 1, 2025.
- FY2024 matrix targets (revenue and EBITDA growth) were not met; Committee used discretion to award 70% of target plus individual factor.
- For 2025, incentive measures switch to target net revenue (dollars) and non-GAAP Adjusted EBITDA Margin (%); PSUs with 3-year TSR vesting to be added.
- CEO Daniel Bernstein's FY2024 bonus was set by prior agreement (Feb 8-K).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/729580/000143774925008232/0001437749-25-008232-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/729580/000143774925008232/belfb20250313_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-25-008232

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