BEL FUSE INC /NJ — fact timeline

BEL FUSE INC /NJ shareholders rejected A shareholder proposal to provide Class A Common Shareholders with the right to convert their shares into Class B Common Stock at the 2026-05-26 meeting.

“Proposal 5: A shareholder proposal to provide Class A Common Shareholders with the right to convert their shares into Class B Common Stock. This proposal was rejected by the following votes: For Against Abstentions Broker Non-Votes 736,905 1,016,457 2,539 158,418”

BEL FUSE INC /NJ shareholders approved The approval of the 2026 Equity Compensation Plan (previously approved by the board of directors of the Company) (the "2026 Plan") at the 2026-05-26 meeting.

“Proposal 4: The approval of the 2026 Equity Compensation Plan (previously approved by the board of directors of the Company) (the "2026 Plan"). This proposal was approved by the following votes: For Against Abstentions Broker Non-Votes 1,571,450 13,739 170,712 158,418”

BEL FUSE INC /NJ shareholders approved The approval, on an advisory basis, of the executive compensation of the Company's named executive officers at the 2026-05-26 meeting.

“Proposal 3: The approval, on an advisory basis, of the executive compensation of the Company's named executive officers. This proposal was approved by the following votes: For Against Abstentions Broker Non-Votes 1,564,823 20,528 170,550 158,418”

BEL FUSE INC /NJ shareholders approved The ratification of the designation of Deloitte & Touche LLP as the Company's independent registered public accounting firm for 2026 at the 2026-05-26 meeting.

“Proposal 2: The ratification of the designation of Deloitte & Touche LLP as the Company's independent registered public accounting firm for 2026. This proposal was approved by the following votes: For Against Abstentions 1,785,986 428 127,905”

BEL FUSE INC /NJ shareholders approved Election of two nominees to serve as directors for three-year terms at the 2026-05-26 meeting.

“Proposal 1 : The election of two nominees to serve as directors for three-year terms. The directors were elected by the following votes: Name For Withheld Broker Non-Votes Rita V. Smith 1,339,144 416,757 158,418 Jacqueline Brito 1,303,369 452,532 158,418”

Kenneth Lai was named as Senior Vice President ITDS at BEL FUSE INC /NJ.

“on May 22, 2026, the Company determined to name Kenneth Lai as Senior Vice President ITDS, effective late second quarter or early third quarter of 2026. In this role, Mr. Lai’s responsibilities expand to include the Company’s India and private label operations, in addition to China and other Asia locations. As a result of this change in responsibilities, Mr. Lai is no longer determined to be an “executive officer” or “officer” of the Company as defined in Rules 3b-7 and 16a-1(f) under the Securities Exchange Act of 1934, as amended, respectively.”

BEL FUSE INC /NJ entered into Underwriting Agreement with Citigroup Global Markets Inc., BofA Securities, Inc. and Wells Fargo Securities, LLC valued at approximately $383.3 million (effective 2026-05-13).

“On May 13, 2026, Bel Fuse, Inc. (the “Company” or “Bel”) entered into an underwriting agreement (the “Underwriting Agreement”) with Citigroup Global Markets Inc., BofA Securities, Inc. and Wells Fargo Securities, LLC as representatives (the “Representatives”) of the underwriters listed in Schedule I thereto (the “Underwriters”), pursuant to which the Company agreed to issue and sell an aggregate of 1,500,000 shares (the “Shares”) of its Class B common stock, par value $0.10 per share (“Class B Common Stock”), at a price to the public of $266.00 per share (the “Offering”).”

BEL FUSE INC /NJ updated its second quarter of 2026 guidance (initiated).

““Looking ahead, we expect to have a strong second quarter, guiding sales of $195 million to $215 million with gross margin of 38%-40%, supported by robust bookings and higher demand from our defense, commercial air, space, and data solutions customers,” concluded Mr. Tuweiq.”

BEL FUSE INC /NJ reported first quarter of 2026 results: revenue $178.5 million, net income $11.4 million.

“Net sales of $ 178.5 million compared to $152.2 million in Q1-25. Up 17.2% from Q1-25 • Gross profit margin of 39.0% , up from 38.6% in Q1-25 • GAAP net earnings attributable to Bel shareholders of $11.4 million in Q1-26, compared to net earnings of $17.9 million in Q1-25. Non-GAAP net earnings attributable to Bel shareholders of $22.8 million in Q1-26, versus $16.8 million in Q1-25”

BEL FUSE INC /NJ engaged Deloitte as its auditor.

“on December 4, 2025, the Company appointed Deloitte as the Company’s new independent registered public accounting firm, for the audit of the Company’s consolidated financial statements for the fiscal year ending December 31, 2026”

BEL FUSE INC /NJ dismissed Grant Thornton as its auditor.

“s being filed to disclose the effective date of Grant Thornton’s dismissal upon completion of its engagement and to update the disclosures required by Item 304(a) of Regulation S-K through that date.”

BEL FUSE INC /NJ engaged Deloitte & Touche LLP as its auditor.

“Grant Thornton was previously engaged to audit the Company’s consolidated financial statements for the year ending December 31, 2025. The appointment of Deloitte & Touche LLP does not affect Grant Thornton’s engagement for the year ended December 31, 2025. The decision to change independent registered public accounting firms was recommended by the Audit Committee and approved by the Board on December 4, 2025. During Bel’s two most recent fiscal years ended December 31, 2023 and 2024, and the subsequent interim period through December 4, 2025, (i) Bel has not had any disagreements with Grant Thornton on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which, if not resolved to Grant Thornton’s satisfaction, would have caused Grant Thornton to make reference to the subject matter thereof in connection with its reports on Bel’s”

BEL FUSE INC /NJ dismissed Grant Thornton LLP as its auditor.

“(a) Dismissal of Independent Registered Public Accounting Firm . On December 4, 2025, the Audit Committee (the "Audit Committee") of Bel Fuse Inc.'s (“Bel”) Board of Directors (the “Board”), dismissed Grant Thornton LLP (“Grant Thornton”), which is currently serving as Bel’s independent registered public accounting firm and notified Grant Thornton on December 5, 2025.”

BEL FUSE INC /NJ announced a impairment with charges of up to approximately $14 million affecting noncontrolling minority investment in innolectric AG and related party notes receivable.

“sheet. As a result of these developments, based on currently available information and estimates, Bel anticipates recording a pre-tax impairment charge of up to approximately $14 million in the fourth quarter of 2025, representing the potential full loss of Bel’s Innolectric investment and notes receivable. The final amount of the impairment charge will be”

BEL FUSE INC /NJ: Amended the Code of Ethics to clarify provisions regarding compliance with governmental laws, rules, regulations, and company policies (effective 2025-07-23).

“On July 23, 2025, the Board of Directors of the Company (the "Board") of Bel Fuse Inc. (the "Company") adopted and approved, based on the recommendation of the Audit Committee of the Board, certain amendments to the Company’s Code of Ethics that applies to all directors, officers and employees of the Company (the "Code" or the "Code of Ethics").”

Farouq Tuweiq was appointed as director at BEL FUSE INC /NJ.

“Mr. Tuweiq’s appointment as a director on the Board (in the class of directors whose terms expired at the 2025 Annual Meeting) became effective.”

Lynn Hutkin was appointed as Chief Financial Officer at BEL FUSE INC /NJ.

“Lynn Hutkin (who prior to the Effective Time served as Bel’s Vice President of Financial Reporting and Investor Relations, principal accounting officer and Secretary), became Bel’s CFO (principal financial officer), Principal Accounting Officer, Treasurer and Secretary.”

Daniel Bernstein changed role as non-executive Chairman of the Board at BEL FUSE INC /NJ.

“Daniel Bernstein (who prior to the Effective Time served as Bel’s President and Chief Executive Officer and as a director of the Company), became non-executive Chairman of Bel’s Board of Directors”

Farouq Tuweiq changed role as President and Chief Executive Officer at BEL FUSE INC /NJ.

“Farouq Tuweiq (who prior to the Effective Time served as Bel’s Chief Financial Officer (“ CFO ”), principal financial officer and Treasurer), became the Company’s President and Chief Executive Officer”

Farouq Tuweiq was appointed as Director at BEL FUSE INC /NJ.

“the Board approved the expansion of the Board to ten directors and the appointment of Mr. Tuweiq as a director on the Board, effective as of the date of the 2025 Annual Meeting”

Farouq Tuweiq was appointed as President and Chief Executive Officer at BEL FUSE INC /NJ.

“Farouq Tuweiq (“ Mr. Tuweiq ”), Bel’s current Chief Financial Officer (“ CFO ”), principal financial officer and Treasurer, was appointed to succeed Daniel Bernstein as the Company’s President and Chief Executive Officer, effective immediately following the Company’s 2025 Annual Meeting”

Lynn Hutkin was appointed as Chief Financial Officer at BEL FUSE INC /NJ.

“On May 20, 2025, the Board appointed Lynn Hutkin (“ Ms. Hutkin ”), currently Bel’s Vice President of Financial Reporting and Investor Relations, as the Company’s new CFO, effective immediately following the 2025 Annual Meeting”

BEL FUSE INC /NJ amended revolving credit of $400 million with KeyBank National Association maturing September 1, 2028.

““ Fourth Amendment ”) to the Credit Agreement, which makes certain amendments to the Credit Agreement including: (i) increasing the Maximum Revolving Amount from $325 million to $400 million pursuant to Section 2.10(b)(i)(A) of the Credit Agreement; (ii) extending the Commitment Period (and the final maturity for revolving loans borrowed under the credit agreement)”

Farouq Tuweiq was appointed as Director at BEL FUSE INC /NJ.

“the Board additionally approved the expansion of the Board to ten directors and the appointment of Mr. Tuweiq as a director on the Board in the class of directors whose terms expire at the 2025 Annual Meeting, with such expansion and appointment to be effective as of the date of the 2025 Annual Meeting.”

Farouq Tuweiq departed as Chief Financial Officer at BEL FUSE INC /NJ.

“In light of Mr. Tuweiq’s upcoming elevation to the President and CEO role, it is anticipated that Mr. Tuweiq will vacate his current role as CFO / PFO concurrently with his assumption of the CEO role effective immediately following the 2025 Annual Meeting, with the Board having initiated a search process to identify a successor CFO / PFO for the Company.”

Farouq Tuweiq was appointed as President and Chief Executive Officer at BEL FUSE INC /NJ.

“On February 3, 2025, the Board appointed Farouq Tuweiq (“ Mr. Tuweiq ”) as the successor President and CEO of the Company, effective immediately following the 2025 Annual Meeting.”

Daniel Bernstein was appointed as Non-Executive Chairman at BEL FUSE INC /NJ.

“Subject to Mr. Bernstein’s reelection at the 2025 Annual Meeting, the Board has approved his appointment as Non-Executive Chairman of the Board, effective on the date of the 2025 Annual Meeting.”

BEL FUSE INC /NJ completed an acquisition involving Enercon Technologies, Ltd., FF3 Holdings, L.P., and the other seller parties signatory to the Purchase Agreement for $320 million (subject to customary adjustments), plus up to $10 million in potential earnout payments (closed 2024-11-14).

“on the Closing Date, Bel acquired from the Sellers 80% of the issued and outstanding share capital of Enercon on a fully-diluted basis for (i) a cash purchase price of $320 million (subject to customary adjustments), plus (ii) up to $10 million in potential earnout payments for the 2025-2026 period (the “ Earnout Payments ”), as further described below.”

Steve Dawson was appointed as President of Bel Power Solutions and Protection segment at BEL FUSE INC /NJ.

“Steve Dawson, who most recently served as Vice President of Marketing and Business Development for Bel's Power segment and who as previously announced has been appointed to succeed Mr. Ackerman as President of Bel's Power Solutions and Protection segment, commenced in his new role effective July 1, 2024.”

Dennis Ackerman departed as President of the Company's Bel Power Solutions and Protection segment and Vice President of Operations at BEL FUSE INC /NJ.

“Dennis Ackerman, President of the Company's Bel Power Solutions and Protection segment and the Company's Vice President of Operations, will retire from the Company effective July 31, 2024.”

BEL FUSE INC /NJ shareholders approved Advisory approval of executive compensation at the 2024-05-14 meeting.

“The approval, on an advisory basis, of the executive compensation of the Company's named executive officers as described in the proxy statement. This proposal was approved by the following votes: For Against Abstentions Broker Non-Votes 1,353,089 13,966 1,338 295,371”

BEL FUSE INC /NJ shareholders approved Ratification of Grant Thornton LLP as auditor for 2024 at the 2024-05-14 meeting.

“The ratification of the designation of Grant Thornton LLP to audit the Company's books and accounts for 2024. This proposal was approved by the following votes (there were no Broker Non-Votes): For Against Abstentions 1,662,415 8 1,341”

BEL FUSE INC /NJ shareholders approved Election of three directors at the 2024-05-14 meeting.

“The election of three persons, named in the proxy statement, to serve as directors for three-year terms. The following is a list of the directors elected at the Annual Meeting and the number of votes For and Withheld, as well as the number of Broker Non-Votes: Name For Withheld Broker Non-Votes Mark B. Segall 1,061,338 307,055 295,371 Eric Nowling 1,356,926 11,467 295,371 David J. Valletta 1,367,748 645 295,371”

BEL FUSE INC /NJ reported the first quarter of 2024 results: revenue $128.1 million, net income $15.9 million. Guidance initiated.

“25, 2024 -- Bel Fuse Inc . (Nasdaq: BELFA and BELFB) today announced preliminary financial results for the first quarter of 2024 . First Quarter 2024 Highlights • Net sales of $ 128.1 million compared to $ 172.3 million in Q1-23 • Gross profit margin of 37.5% , up from 31.1% in Q1-23 • Net earnings of $ 15.9 million versus $ 14.6 million in Q1-23 • Adjusted EBITDA of”

John Tweedy departed as Director at BEL FUSE INC /NJ.

“On March 1, 2024, John Tweedy notified Bel Fuse Inc. (the “Company”) of his decision to retire from the Board of Directors of the Company (the “Board”) upon the expiration of his term and not stand for re-election to the Board at the Company’s 2024 Annual Meeting of Shareholders.”

BEL FUSE INC /NJ reported preliminary financial results for the fourth quarter and full year of 2023.

“Bel Fuse Inc. (Nasdaq: BELFA and BELFB) today announced preliminary financial results for the fourth quarter and full year of 2023.”

BEL FUSE INC /NJ reported the third quarter of 2023 results: revenue $ 158.7 million, net income $ 19.4 million.

“Bel Fuse Inc. (Nasdaq: BELFA and BELFB) today announced preliminary financial results for the third quarter of 2023 . Third Quarter 2023 Highlights • Net sales of $ 158.7 million compared to $177.7 million in Q3-22.”

BEL FUSE INC /NJ: Adopted Amended and Restated By-Laws with enhanced advance notice provisions, director nominee requirements, proxy card color rule, and ministerial updates (effective 2023-10-25).

“On October 25, 2023, the Company’s Board of Directors (the “Board”) adopted Amended and Restated By-Laws of the Company (the “Amended and Restated By-Laws”), effective as of that date.”

BEL FUSE INC /NJ reported the second quarter of 2023 results: revenue $168.8 million, net income $27.8 million.

“2023 -- Bel Fuse Inc . (Nasdaq: BELFA and BELFB) today announced preliminary financial results for the second quarter of 2023 . Second Quarter 2023 Highlights • Net sales of $ 168.8 million compared to $170.6 million in Q2-22. Non-GAAP adjusted net sales (which exclude raw material expedite fee invoicing) were $163.1 million in Q2-23, up from $161.4 million in Q2-22”

Dennis Ackerman departed as President of Bel Power Solutions segment and Vice President of Operations at BEL FUSE INC /NJ.

“On July 25, 2023, Dennis Ackerman, President of the Company’s Bel Power Solutions segment and the Company’s Vice President of Operations, notified the Company’s board of directors that he intends to retire from his positions with the Company effective as of July 31, 2024.”

BEL FUSE INC /NJ shareholders approved Advisory vote on how often the Company will conduct an advisory vote on executive compensation at the 2023-05-23 meeting.

“Proposal 4: The vote, on an advisory basis, on how often the Company will conduct an advisory vote on executive compensation. The vote on this proposal was as follows: Every One Year Every Two Years Every Three Years Abstentions Broker Non-Votes 825,069 382,281 121,597 680 239,009 Based upon and taking into consideration the voting results on Proposal 4 set forth above, the Company’s Board of Directors has determined that an advisory vote by the shareholders regarding named executive officer compensation as set forth in the proxy statement will be conducted on an annual basis.”

BEL FUSE INC /NJ shareholders approved Advisory approval of the executive compensation of the Company's named executive officers at the 2023-05-23 meeting.

“Proposal 3: The approval, on an advisory basis, of the executive compensation of the Company's named executive officers as described in the proxy statement. This proposal was approved by the following votes: For Against Abstentions Broker Non-Votes 1,301,492 27,270 865 239,009”

BEL FUSE INC /NJ shareholders approved Ratification of the designation of Grant Thornton LLP to audit the Company's books and accounts for 2023 at the 2023-05-23 meeting.

“Proposal 2: The ratification of the designation of Grant Thornton LLP to audit the Company's books and accounts for 2023. This proposal was approved by the following votes (there were no Broker Non-Votes): For Against Abstentions 1,515,881 52,520 235”

BEL FUSE INC /NJ shareholders approved Election of three persons to serve as directors for three-year terms at the 2023-05-23 meeting.

“Proposal 1 : The election of three persons, named in the proxy statement, to serve as directors for three-year terms. The following is a list of the directors elected at the Annual Meeting and the number of votes For and Withheld, as well as the number of Broker Non-Votes: Name For Withheld Broker Non-Votes Thomas E. Dooley 1,293,989 35,638 239,009 Rita V. Smith 1,021,500 308,127 239,009 Jacqueline Brito 1,298,177 31,450 239,009”

BEL FUSE INC /NJ reported the fourth quarter and full year of 2022 results: revenue $ 169.2 million, net income $ 14.0 million.

“Fuse Inc . (Nasdaq: BELFA and BELFB) today announced preliminary financial results for the fourth quarter and full year of 2022 . Fourth Quarter 2022 Highlights • Net sales of $ 169.2 million, up 15.0% from Q4-21 • Gross profit margin of 31.0% , up from 26.7% in Q4-21 • Net earnings of $ 14.0 million versus $ 8.0 million in Q4-21 • Adjusted EBITDA of $25.0 million (”

Kenneth Lai was appointed as Vice President Asia Operations at BEL FUSE INC /NJ.

“Kenneth Lai, who has senior management responsibility over the Company's TRP Changping and Bel Power Solutions Gongming China operations, has been appointed to succeed Mr. Cheung as Vice President Asia Operations effective as of January 1, 2023.”

Raymond Cheung departed as Vice President Asia Operations at BEL FUSE INC /NJ.

“On July 27, 2022, Raymond Cheung, the Vice President Asia Operations of Bel Fuse Inc. (“Bel” or the “Company”), notified the Company’s board of directors that he will be retiring from his position with the Company effective as of January 1, 2023.”

Jacqueline Brito was elected as Director at BEL FUSE INC /NJ.

“On October 28, 2021, the Board of Directors (the “Board”) of the Company, upon the recommendation of the Nominating Committee of the Board, elected Jacqueline Brito to serve as a director of the Company.”

Craig Brosious departed as Vice President of Finance, Treasurer and Secretary at BEL FUSE INC /NJ.

“Craig Brosious, the Company’s Vice President of Finance, Treasurer and Secretary of Bel Fuse Inc. (“Bel” or the “Company”) will be retiring from the Company effective as of September 30, 2021.”