[Form 4] CRA International, Inc. Insider Trading Activity

Rhea-AI Filing Summary

On 07/17/2025, director John B. Hess filed a Form 4 reporting the receipt of 36 Restricted Stock Units (RSUs) of The Goldman Sachs Group, Inc. (GS). The grant was coded “A” (acquisition) and represents Hess’s Q2 2025 board retainer, awarded at $0 purchase price. The RSUs will convert into common shares roughly 90 days after his retirement from the Board. After the transaction, Hess holds 419 RSUs in total. No open-market buying or selling of GS common stock was disclosed, and the filing contains no operational, financial, or strategic developments for the company, indicating a routine, non-material insider award.

Insights

Corporate Governance Analyst

TL;DR: Routine 36-share RSU grant to director; de-minimis size, neutral for valuation.

The filing documents standard equity compensation under Goldman Sachs’s director pay program. An award of 36 RSUs—worth roughly US$13k at a ~US$360 share price—constitutes less than 0.00001% of outstanding shares and does not alter insider ownership meaningfully. There is no sale signal, dilution concern, or change in control. Consequently, the event is immaterial to earnings forecasts, capital structure, or governance risk and should not affect investor sentiment or stock price.

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^*

Avery Thomas Aiken

(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)
07/17/2025

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	07/17/2025		A		696(1)	A	$0	15,365	D

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. The shares vest in four equal annual installments beginning on the first anniversary of the date of grant.

	Delia J. Makhlouta, by power of attorney	07/21/2025
	** Signature of Reporting Person	Date
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FAQ

How many Goldman Sachs (GS) shares did director John B. Hess acquire?

He received 36 Restricted Stock Units as part of his Q2 2025 board retainer.

What was the transaction code in the Form 4 for GS?

The transaction code was A, indicating an acquisition of securities.

Did the director purchase GS shares on the open market?

No. The RSUs were granted at no cost; there were no market purchases or sales.

When will the RSUs convert into Goldman Sachs common stock?

The shares will be delivered about 90 days after Hess retires from the Board.

What is John B. Hess’s total beneficial RSU ownership after this filing?

He now beneficially owns 419 RSUs in Goldman Sachs.