Small Insider Sale: CRA International Director Reduces Stake

Rhea-AI Filing Summary

SEC Form 4 discloses that CRA International (CRAI) director Heather Tookes sold 88 common shares on 07/24/2025 at an average price of $177.03, generating proceeds of roughly $15.6k. Transaction code “S” denotes an open-market sale and was executed under a Rule 10b5-1 trading plan adopted on 03/14/2025. Following the sale, Tookes’ direct beneficial ownership stands at 3,051 shares. No derivative security activity was reported.

The filing represents a minor disposition—about 2.8% of her reported stake and an immaterial fraction of CRAI’s total shares outstanding—suggesting limited market impact. Use of a 10b5-1 plan indicates the transaction was pre-scheduled, reducing concerns about information asymmetry or negative signaling. No other executives or officers are listed, and the document contains no operational or financial performance data.

Insights

Securities Analyst

TL;DR: Small, pre-planned insider sale; negligible effect on valuation.

The director sold only 88 shares, leaving a 3,051-share position. This 2.8% trim is too small to infer confidence changes and was executed under a 10b5-1 plan, implying the trade was scheduled irrespective of near-term corporate developments. Given CRAI’s typical daily volume and market cap, proceeds of roughly $16k are immaterial. I view the filing as routine with no read-through for earnings or guidance.

Corporate Governance Expert

TL;DR: Governance-neutral; 10b5-1 compliance mitigates insider-signal risk.

The disclosure shows adequate adherence to Section 16 reporting timelines and clarifies the use of a 10b5-1 plan, supporting transparency. The modest transaction size and continued sizable holding reduce concerns over commitment. There are no red flags relating to undisclosed pledging or derivative positions. Overall governance impact is neutral.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Tookes Heather

(Last) (First) (Middle)

200 CLARENDON STREET

(Street)

BOSTON MA 02116

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CRA INTERNATIONAL, INC. [ CRAI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/24/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/24/2025		S		88	D	$177.03	3,051	D(1)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 14, 2025.

	Delia J. Makhlouta, by power of attorney	07/28/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

How many CRAI shares did Director Heather Tookes sell?

She sold 88 common shares on 07/24/2025.

At what price were the shares sold?

The shares were sold at an average price of $177.03 per share.

What is Heather Tookes’ remaining stake in CRAI?

After the transaction, she directly owns 3,051 CRAI shares.

Was the transaction part of a 10b5-1 trading plan?

Yes. The filing states it was executed under a Rule 10b5-1 plan adopted on 03/14/2025.

Does this Form 4 indicate any derivative transactions?

No. No derivative securities were acquired or disposed of in this filing.

Is the insider sale material to CRAI shareholders?

Given the small size (~$16k in proceeds), the sale is considered immaterial to CRAI’s valuation.