Exhibit 10.4

CONFIRMATION

Date	12/06/2021
To:	BEL FUSE INC. (“Counterparty”)
Attention:	Marc Pryor
Email:	no email address available
From:	KEYBANK NATIONAL ASSOCIATION (“KeyBank”)
Re:	Interest Rate Swap Transaction (“Transaction”)
	(Deal # 387930 / Tran # 387949)
	(Deal # 387930 / Tran # 387949)
USI:	1030451927387930RA445343646600000000000000              1030451927387931RA445343651000000000000000

Ladies and Gentlemen:

The purpose of this letter agreement is to set forth the terms and conditions of the Transaction entered into between us on the Trade Date specified below. This letter agreement constitutes a "Confirmation" as referred to in the ISDA Master Agreement specified below.

The definitions and provisions contained in the 2006 ISDA Definitions (the "Definitions") as published by the International Swaps and Derivatives Association, Inc. ("ISDA"), and amended from time to time, are incorporated into this Confirmation. In the event of any inconsistency between this Confirmation and the Definitions, this Confirmation will govern.

This Confirmation supplements, forms part of and is subject to, the ISDA Master Agreement dated as of

November 16, 2021 as amended and supplemented from time to time (the “Agreement”), between you and us.  All provisions contained in the Agreement shall govern this Confirmation except as expressly modified below.

Each party represents to the other party that:

(a) Non-Reliance. It is acting for its own account, and it has made its own independent decisions to enter into this Transaction and as to whether this Transaction is appropriate or proper for it based upon its own judgment and upon advice from such advisers as it has deemed necessary. It is not relying on any

communication (written or oral) of the other party as investment advice or as a recommendation to enter into this Transaction, it being understood that information and explanations related to the terms and conditions of a Transaction will not be considered investment advice or a recommendation to enter into this Transaction.  No communication (written or oral) received from the other party will be deemed to be an assurance or guarantee as to the expected results of this Transaction.

(b) Assessment and Understanding. It is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of this Transaction. It is also capable of assuming, and assumes, the risks of this Transaction.

(c) Status of Parties. The other party is not acting as a fiduciary for or an adviser to it in respect of this

Transaction.

(d) Eligible Contract Participant Status. It is an “eligible contract participant”, as that term is defined in Section 1a(18) of the Commodity Exchange Act, as amended, and the applicable regulations related thereto.

The terms of the Transaction to which this Confirmation relates are as follows:

1. General Terms:

Notional Amount:                           $30,000,000 USD   

Trade Date:                                    12/06/2021

Effective Date:                               12/31/2021

Termination Date:                           08/31/2026

Business Days:                               London and New York

Fixed Amount Details:

Fixed Rate Payer:	Counterparty
Payment Date:	Monthly, on the Last , commencing on 31-Jan-22 , up to and including the Termination Date , subject to adjustment in accordance with Modified Following Business Day Convention
Fixed Rate:	1.31800%
Day Count Fraction:	Act/360

Floating Amount Details:

Floating Rate Payer:	KeyBank
Payment Date:	Monthly, on the Last , commencing on 31-Jan-22 , up to and including the Termination Date , subject to adjustment in accordance with Modified Following Business Day Convention

Floating Rate for initial Calculation Period including Spread:	To be determined
Floating Rate Option:	USD-LIBOR-BBA, however the reference to 'London Banking Days' in the third line of the definition of 'USD-LIBOR-BBA' as published in Section 7.1(ab).(xxii) of the Definitions is replaced by 'New York and London' Bank Days

Designated Maturity: 1-Month

Spread:	None
Floating Rate Day Count Fraction:	Act/360
Reset Dates:	The first day of each Floating Rate Payer Calculation Period

2. Calculation Agent:                           As per the Agreement,  or if not specified therein, KeyBank  

3. Account Details:                                       

Payment Method :                          Please Provide

4. Other Provisions:                                

5. Counterparty Portal Access:

KeyBank will provide access to view the daily mid-market marks of your outstanding Transactions through a secured website, Key Derivatives On-line (“KDO”).  Unless you notify KeyBank in writing that you do not agree to receive the daily mid-market marks via KDO, you agree that KDO is an acceptable and reliable manner of disclosure.

The following individuals will receive logon information and access to KDO once the Confirmation has been executed by an authorized signer(s) and returned to KeyBank.  Please provide additional names and contact information in writing as required.

Name Email Address

Please confirm the foregoing correctly sets forth the terms of our agreement by responding within two (2) Business Days by returning an executed copy of this Confirmation to the attention of Derivative Operations at Derivatives_Documents@KeyBank.com or facsimile at (216) 370-6210. Failure to respond within such period shall not affect the validity or enforceability of this Transaction, and shall be deemed to be an affirmation of the terms and conditions contained herein, absent manifest error.

Regards,

KEYBANK NATIONAL ASSOCIATION

   By: /s/ Mary Chudzinski   

Name: Name: Mary Chudzinski

Title:  Authorized Signature

Accepted and Confirmed as

of the Trade Date

BEL FUSE INC.

By:  /s/ Farouq Tuweiq   

Name:  Farouq Tuweiq

Title:  CFO