Leah Tate
BELDENAbout Leah Tate
Leah Tate is Senior Vice President, Human Resources at Belden Inc. (BDC); she was appointed to the role in March 2022 and is 48 years old as of February 13, 2025 . She holds a B.S. in Management and an M.S. in Human Resource Management from Purdue University . Under Belden’s executive program, compensation is closely tied to company performance metrics including net income, EBITDA, revenue, relative TSR versus the S&P 1500 Industrials, free cash flow, and adjusted EPS; in 2024, Belden delivered $2.461B revenue, $410.8M adjusted EBITDA, and $6.36 adjusted EPS, with 2022–2024 PSUs certified on 82nd percentile TSR and $693M cumulative free cash flow .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Belden Inc. | SVP, Human Resources | 2022–present | Oversees global HR; aligns talent strategy to financial/operational goals embedded in ACIP and LTIP |
| Belden Inc. | VP, HR – Automation/Industrial platforms | Pre-2022 | Built HR capability for platform execution and “One Belden” alignment of performance metrics |
| Ingersoll Rand | HR roles | Prior to Belden | Large-cap industrial HR experience supporting operational disciplines |
| Pulte Group | HR roles | Prior to Belden | Scaled HR practices in multi-site operations |
External Roles
No public company directorships or external board roles disclosed for Ms. Tate in company filings .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 439,900 | 459,965 |
| Target Bonus % of Salary (ACIP) | 70% | 70% |
| Actual ACIP Paid ($) | 263,542 | 433,113 |
| All Other Compensation ($) | 122,347 | 62,700 |
| Total Reported Compensation ($) | 2,671,825 | 3,232,744 |
Perquisites detail (2024): Company DC plan contributions $32,558; life/LTD benefits $4,322; tax preparation $5,250; restricted stock dividends $430; housing allowance $20,139 .
Performance Compensation
Annual Cash Incentive Plan (ACIP) – Structure and 2024 Outcomes
- Financial metrics and weighting for NEOs: Consolidated Net Income 40%, EBITDA 30%, Revenues 30% (split across H1/H2 with weights shown below) .
- Personal Performance Factor (PPF): CEO not applicable; other NEOs ranged 1.02–1.09 in 2024 .
- Ms. Tate’s ACIP target: 70% of base; 2024 payout $433,113 .
| Metric | Weighting | H1 Target | H1 Actual | H1 Score | H2 Target | H2 Actual | H2 Score |
|---|---|---|---|---|---|---|---|
| Consolidated Net Income ($M) | 20% | 122 | 113 | 0.83 | 135 | 149 | 2.00 |
| Consolidated EBITDA ($M) | 15% | 200 | 184 | 0.60 | 217 | 227 | 1.89 |
| Consolidated Revenue ($M) | 15% | 1,193 | 1,139 | 0.72 | 1,290 | 1,315 | 1.24 |
| Full-Year Financial Factor | — | — | — | — | — | — | 1.24 |
Long-Term Incentive (LTI): RSUs and PSUs
- Mix: 50% RSUs (time-vested 25%/25%/50%) and 50% PSUs (performance-based on 50% relative TSR vs S&P 1500 Industrials and 50% cumulative FCF over 2024–2026) .
- 2024 Grants to Ms. Tate: 12,192 PSUs and 12,192 RSUs (ordinary plus Supplemental Incentive Plan grants) on Feb 21, 2024 .
- 2022 PSU results certified in Feb 2025: TSR conversion factor 2.00 (82nd percentile), FCF conversion factor 1.87 ($693M vs $707M max), aggregate 1.935; Ms. Tate received 2,144 shares from 1,105 PSUs; company also disclosed post-tax conversion of 1,105 and 3,026 PSUs resulting in 11,174 shares delivered .
| LTI Component | Grant Date | Units | Performance Metric | Threshold/Target/Max | Vesting/Conversion |
|---|---|---|---|---|---|
| RSUs (core) | 02/21/2024 | 3,577 | Time-based | — | 25% on 02/21/2025; 25% on 02/21/2026; 50% on 02/21/2027 |
| RSUs (supplemental) | 02/21/2024 | 8,615 | Time-based | — | Cliff-vest on 4th anniversary (02/21/2028) |
| PSUs (core) | 02/21/2024 | 3,577 | 50% TSR vs S&P 1500 Industrials; 50% FCF | TSR: 0.25/1.00/2.00; FCF: 0.50/1.00/2.00 | Performance period 2024–2026; shares delivered 2027 |
| PSUs (supplemental TSR) | 02/21/2024 | 8,615 | TSR only | 0.25/1.00/2.00 | Measured 01/01/2024–12/31/2026; delivered 2028 |
| 2022 PSUs | 2022 | 1,105 | TSR and FCF (50/50) | TSR 82nd percentile; FCF $693M | Conversion factor 1.935; delivered 2,144 shares |
Stretch Achievement Share Awards: If adjusted EPS ≥ $7.50–$8.00 by 2025, 2022 PSU recipients (including Ms. Tate) receive additional shares equal to 0.5–1.0× the PSU-converted shares; distribution in Q1 2026 .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 34,693 shares; 1,667 SARs/Options acquirable within 60 days; less than 1% of outstanding |
| Shares Outstanding (record date) | 39,757,337 |
| Unvested RSUs (examples) | 553; 2,328; 3,577; 8,615 appear in year-end outstanding awards table for RSUs |
| Unvested PSUs (examples) | 1,105; 3,026; 4,655; 3,577; 8,615 appear in year-end outstanding awards table for PSUs |
| Stock Ownership Guidelines | 3× base salary for officers (6× for CEO); 5-year compliance timeline with interim milestones; officers prohibited from selling until guideline met; each NEO met interim or full guideline as of 03/25/2025 |
| Hedging/Pledging | Executives and directors prohibited from hedging and pledging company stock; margin accounts not permitted |
| Rule 10b5-1 Plan | Adopted 08/11/2025; provides for sale of up to 5,508 shares; expires 04/30/2026 |
| 2024 SAR Exercises | Multiple exercises on 11/01/2024; pre-tax proceeds $62,916–$123,719 across tranches; resulting shares 308–761 per tranche |
Note: Beneficial ownership percent computed as 34,693 ÷ 39,757,337 = ~0.087% (company reports “less than one percent”) .
Employment Terms
| Provision | Term |
|---|---|
| Severance Plan (non-CIC) | If terminated without cause: severance equal to current base salary + target bonus, paid over 12 months; plus pro-rata bonus and 12 months of healthcare premium equivalent; CEO multiple 1.5× for 18 months |
| Change-in-Control (CIC) – Double Trigger | If terminated without cause or resigns for good reason within 2 years of CIC: 2× (highest base salary during period + target bonus) lump-sum; pro-rata target bonus; 24 months healthcare premium equivalent; unvested PSUs convert to RSUs at 1.00; unvested equity vests upon termination |
| Death/Disability | Immediate vest of unvested equity; pro-rata ACIP at actual performance; RSU/PSU conversion per plan; standard benefit proceeds |
| Clawback Policy | Adopted November 30, 2023 in compliance with Dodd-Frank and SOX; recovery for erroneous awards following restatement/misconduct |
Estimated Ms. Tate payouts (as of 12/31/2024 assumptions):
- Termination without cause (non-CIC): Total $1,253,184; components include severance $788,608; 2024 ACIP $433,133; welfare benefits $31,443 .
- CIC termination: Total $6,171,517; components include severance $1,577,216; pro-rata/ACIP $433,133; accelerated RSUs $4,063,405; SARs/options $34,877; welfare benefits $62,886 .
- Death/Disability: Total $4,531,415; includes ACIP $433,133; RSUs $4,063,405; SARs/options $34,877 .
Performance & Track Record
| Measure | 2024 Result |
|---|---|
| Revenue ($MM) | 2,460.979 |
| Adjusted EBITDA ($MM) | 410.772 |
| Adjusted EPS ($) | 6.36 |
| Relative TSR (2022–2024) | 82nd percentile vs S&P Composite 1500 Industrials |
| Cumulative TSR ($100 base) | $208 at 2024 year-end (read bottom-to-top) |
2024 execution notes: Revenues up 16% H2 vs H1; adjusted EBITDA up 23% H2 vs H1; company pursued tuck-in M&A ($295M) and buybacks ($133M) while managing channel destocking; ACIP split into H1/H2; full-year ACIP payouts above target given H2 outperformance .
Compensation Peer Group and Governance Signals
- 2024 comparator group includes A.O. Smith, Amphenol, Hubbell, IDEX, ITT, Regal Rexnord, CommScope, Carlisle, Itron, Rogers, Viavi, Curtiss-Wright, Hexcel, Zurn Elkay .
- Target positioning: Base salaries targeted at 50th percentile with at-risk incentives scaling above market only on outperformance; Meridian Compensation Partners is the independent consultant .
- Say-on-Pay support: 96.85% in 2024; >94% support for 13 consecutive years, indicating strong investor alignment .
Additional Vesting Schedules and Outstanding Awards (Ms. Tate)
- RSU vesting: 717 RSUs vested on 02/21/2024; 553 RSUs vested on 02/22/2025; future 2,328 RSUs vest on 03/07/2026; 3,577 RSUs vest 895/894/1,788 across 02/21/2025–02/21/2027; 8,615 supplemental RSUs cliff on 02/21/2028 .
- SARs: Unexercisable SARs from 02/22/2032 (441) vested 02/22/2025; 3,333 vest 1,667 on 03/07/2025 and 1,666 on 03/07/2026; 2024 exercises across five tranches on 11/01/2024 .
- PSUs: 2024 grants to be reviewed Q1 2027; supplemental TSR PSUs reviewed Q1 2028; 2022 PSUs converted at 1.935 and delivered Q1 2025 .
Equity Ownership & Alignment Summary Table
| Category | Value |
|---|---|
| Beneficial shares owned | 34,693 |
| Acquirable within 60 days | 1,667 SARs/options |
| % of outstanding | <1% (company reported) |
| Ownership guideline | 3× salary; interim milestones 20/40/60/80% by year 1–4; officers cannot sell until compliant; NEOs compliant as of 03/25/2025 |
| Hedging/pledging | Prohibited; margin accounts disallowed |
| Rule 10b5-1 plan | 5,508 shares authorized for sale, adopted 08/11/2025; expires 04/30/2026 |
Employment Terms Summary Table
| Scenario | Cash Severance | ACIP/Bonus | Equity Acceleration | Benefits | Total |
|---|---|---|---|---|---|
| Non-CIC, not for cause | $788,608 | $433,133 | — | $31,443 | $1,253,184 |
| CIC, double trigger | $1,577,216 | $433,133 | RSUs $4,063,405; SARs $34,877 | $62,886 | $6,171,517 |
| Death/Disability | — | $433,133 | RSUs $4,063,405; SARs $34,877 | — | $4,531,415 |
Investment Implications
- Pay-for-performance alignment: Ms. Tate’s incentives are explicitly anchored to consolidated net income, EBITDA, revenue, and multi-year TSR/FCF outcomes; 2022 PSUs certified at high performance (TSR 82nd percentile; FCF near maximum), indicating robust alignment with value creation .
- Retention risk moderate: Material unvested RSUs/PSUs and double-trigger CIC protections, plus stock ownership requirements, create retention hooks; however, adoption of a 10b5-1 plan for up to 5,508 shares suggests potential near-term selling to manage liquidity/taxes without signaling negative fundamentals .
- Governance quality: No hedging/pledging, no excise tax gross-ups, clawback policy, and consistent high Say-on-Pay support (>94% for 13 years) reduce governance red flags and compensation inflation risk; peer benchmarking disciplined at 50th percentile for base .
- Trading signals: 2024 SAR exercises and scheduled vesting through 2027–2028 imply periodic supply; investors should monitor Form 4s against the 10b5-1 plan schedule to anticipate flow, particularly around vesting dates and certification windows (Q1 cycles) .