Insider Sale — CRAI CEO Disposes 10,000 Shares at ~$185–$188

Rhea-AI Filing Summary

Paul A. Maleh, who identifies on the form as a director and as President and CEO of CRA International, Inc. (CRAI), reported multiple open-market sales of common stock on 08/07/2025 and 08/08/2025 totaling 10,000 shares. The transactions were executed in several tranches with the per-line weighted-average prices reported between $184.6954 and $188.4317; the filer states these per-line prices are weighted averages of multiple trades and offers to provide a transaction-level breakdown on request. Following these disposals the reporting person’s beneficial ownership is shown as 131,545 shares.

Positive

• Full disclosure of quantities and weighted-average prices for each tranche is provided, with offer to supply transaction-level breakdowns on request
• Reporting person identified with roles (Director and President & CEO), enabling clear governance context

Negative

• Reporting person sold 10,000 shares, reducing beneficial ownership to 131,545 shares
• Form does not indicate whether the sales were executed under a pre-arranged 10b5-1 trading plan

Insights

Securities Analyst

TL;DR: CEO executed 10,000-share open-market sales across two days; remaining beneficial ownership is 131,545 shares.

The Form 4 documents multiple sales on 08/07/2025 and 08/08/2025 totaling 10,000 shares, reported in several tranches with per-line weighted-average prices between $184.6954 and $188.4317. The filing records a sequential reduction in holdings that results in 131,545 shares beneficially owned. The form includes explanatory notes that the reported prices are weighted averages of multiple trades and offers to provide the breakdown on request. This is a routine insider transaction disclosure; the form does not itself explain the motive or whether sales were pre-arranged.

Corporate Governance Expert

TL;DR: Insider sales by the company’s President & CEO are fully disclosed; form provides weighted-average pricing and an offer to supply trade-level detail.

The reporting person is identified as both a director and as President and CEO. The Form 4 lists several dispositions totaling 10,000 shares executed over two dates, with the filer providing weighted-average prices and range explanations for each tranche. After these dispositions the reported beneficial ownership stands at 131,545 shares. The filing is procedurally complete in disclosing quantities and average prices, but it does not indicate within the form whether the transactions were made under a pre-arranged trading plan.

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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)
08/07/2025

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	08/07/2025		S		3,000	D	$186.6978(1)	138,545	D
Common Stock	08/07/2025		S		1,600	D	$187.5438(2)	136,945	D
Common Stock	08/07/2025		S		600	D	$188.4317(3)	136,345	D
Common Stock	08/08/2025		S		1,128	D	$184.6954(4)	135,217	D
Common Stock	08/08/2025		S		2,903	D	$185.787(5)	132,314	D
Common Stock	08/08/2025		S		286	D	$186.6463(6)	132,028	D
Common Stock	08/08/2025		S		483	D	$187.4076(7)	131,545	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 price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $186.1125 to $187.015, inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within such range.

2. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $186.155 to $188.10, inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within such range.

3. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $188.17 to $188.90, inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within such range.

4. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $184.20 to $185.09, inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within such range.

5. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $185.215 to $186.915, inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within such range.

6. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $186.20 to $187.10, inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within such range.

7. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $187.23 to $188.055, inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within such range.

	Delia J. Makhlouta, by power of attorney	08/11/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What insider transactions did CRAI report by Paul A. Maleh?

The Form 4 reports multiple open-market sales by Paul A. Maleh on 08/07/2025 and 08/08/2025 totaling 10,000 shares.

How many CRAI shares does Paul Maleh own after these transactions?

Following the reported sales, the filing shows Paul Maleh’s beneficial ownership as 131,545 shares.

At what prices were the CRAI shares sold?

Per-line weighted-average prices are reported between $184.6954 and $188.4317; the filer notes these are weighted averages of multiple trades and provides ranges in the explanations.

Does the Form 4 indicate the sales were part of a 10b5-1 plan?

The form includes the checkbox language for 10b5-1 plans but does not indicate within the filing that the transactions were made pursuant to a 10b5-1 plan.

What roles does Paul A. Maleh hold at CRA International (CRAI)?

He is identified on the form as a Director and as President and CEO of CRA International, Inc.