[Form 4] CRA INTERNATIONAL, INC. Insider Trading Activity

Rhea-AI Filing Summary

Paul A. Maleh, President and CEO and a director of CRA International, Inc. (CRAI), reported a transaction dated 09/12/2025. The Form 4 shows a disposition of 124,045 shares of CRAI common stock. On the same date the reporting person received multiple awards of restricted stock units (RSUs) that convert to shares on specified vesting schedules, with individual underlying share amounts shown (aggregate per award shown as fractional and whole-share amounts). The filing also lists existing nonqualified stock options covering 16,304 and 15,173 shares with exercise prices of $44.87 and $47.45, respectively, and standard multi-year vesting. The Form 4 was filed by power of attorney on 09/16/2025.

Positive

• RSU grants create time‑based alignment between executive compensation and shareholder value through staggered vesting schedules
• Outstanding stock options remain in place (16,304 and 15,173 shares) preserving potential future insider equity participation

Negative

• Disposition of 124,045 shares by the CEO/director is a sizable insider sale reported on 09/12/2025

Insights

Corporate Governance Expert

TL;DR: Insider sold a large block of shares while receiving time‑vested RSUs, indicating compensation actions rather than a one‑off transfer.

The reported disposition of 124,045 shares is a notable, reportable sale by the CEO and director. Concurrent grants of multiple RSU awards establish continued long‑term equity incentives that vest over 1–4 years, which aligns executive pay with shareholder outcomes. The filing shows existing outstanding options with multiyear vesting, preserving additional future ownership potential. Documentation was executed by a power of attorney, which is routine for timely Form 4 filings.

Securities Analyst

TL;DR: Material share disposition occurred; offset by RSU grants and outstanding options that maintain executive equity exposure.

The 124,045-share disposition is the most material numeric item and could affect near‑term insider holdings depending on pre‑transaction balances (not provided). Multiple RSU awards list exact underlying share equivalents and staggered vesting dates (March–May 2026 and later annual installments), which will convert to shares or cash up to two and a half months after vesting. Two nonqualified options remain outstanding (total 31,477 shares) with strikes at $44.87 and $47.45 and expiration in 2027–2028.

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^*

Maleh Paul A

(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
X	Officer (give title below)		Other (specify below)
	PRESIDENT AND CEO

3. Date of Earliest Transaction (Month/Day/Year)
09/12/2025

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								124,045	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
Restricted Stock Units	(1)	09/12/2025		A		4.8267		(2)	(2)	Common Stock	4.8267	$0	1,956.8831	D
Restricted Stock Units	(1)	09/12/2025		A		6.949		(3)	(3)	Common Stock	6.949	$0	2,817.3415	D
Restricted Stock Units	(1)	09/12/2025		A		7.6426		(4)	(4)	Common Stock	7.6426	$0	3,098.5136	D
Restricted Stock Units	(1)	09/12/2025		A		13.4127		(5)	(5)	Common Stock	13.4127	$0	5,437.8772	D
Restricted Stock Units	(1)	09/12/2025		A		10.6441		(6)	(6)	Common Stock	10.6441	$0	4,315.3701	D
Restricted Stock Units	(1)	09/12/2025		A		10.8892		(7)	(7)	Common Stock	10.8892	$0	4,414.8004	D
Nonqualified Stock Option (right to buy)	$44.87							12/18/2017(8)	12/18/2027	Common Stock	16,304		16,304	D
Nonqualified Stock Option (right to buy)	$47.45							12/06/2018(8)	12/06/2028	Common Stock	15,173		15,173	D

Explanation of Responses:

1. Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock; vested RSUs are payable in the form of cash, shares of the Issuer's common stock or a combination thereof, except as otherwise indicated below. To the extent vested RSUs are paid in shares of the Issuer's common stock, such shares will be delivered to the reporting person as soon as possible after vesting, but in no event later than two and one-half months after the end of the year in which vesting occurs, subject to the collection of withholding taxes. Dividend equivalent rights accrue with respect to unvested RSUs in the form of additional RSUs ("Dividend Units") when and as dividends are paid on the Issuer's common stock, and Dividend Units vest on the same dates and in the same relative proportions as the RSUs on which they accrue.

2. The RSUs, which include an aggregate of 82.8831 Dividend Units, vest on March 10, 2026.

3. The RSUs, which include an aggregate of 119.3415 Dividend Units, vest on March 10, 2026.

4. The RSUs, which include an aggregate of 90.5136 Dividend Units, vest in two equal annual installments beginning on April 11, 2026.

5. The RSUs, which include an aggregate of 158.8772 Dividend Units, vest in two equal annual installments beginning on April 11, 2026.

6. The RSUs, which include an aggregate of 66.3701 Dividend Units, vest in three equal annual installments beginning on April 29, 2026.

7. The RSUs, which include an aggregate of 22.8004 Dividend Units, vest in four equal annual installments beginning on May 20, 2026.

8. Date indicated is date of grant. Option vests in four equal annual installments beginning on the first anniversary of the date of grant.

	Delia J. Makhlouta, by power of attorney	09/16/2025
	** 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

What did CRAI insider Paul A. Maleh report on Form 4?

The filing reports a disposition of 124,045 common shares on 09/12/2025 and multiple RSU awards with staggered vesting schedules, plus two outstanding nonqualified options.

When do the newly reported RSUs for CRAI vest?

The RSUs vest on various schedules: some on March 10, 2026, several beginning April 11, 2026, April 29, 2026, and May 20, 2026, with some awards vesting in equal annual installments thereafter as specified in the filing.

How many stock options does the reporting person hold and at what strike prices?

The Form 4 lists two nonqualified options covering 16,304 shares at a $44.87 exercise price and 15,173 shares at a $47.45 exercise price.

Who signed and filed the Form 4 for CRAI?

The Form 4 was signed by Delia J. Makhlouta, by power of attorney, and dated 09/16/2025.

Does the filing indicate how RSUs will be settled?

The filing states vested RSUs are payable in cash, shares, or a combination, and vested shares delivered no later than two and one‑half months after year‑end, subject to tax withholding.