FORA Form 4: CFO Michael Vesey Withholds 3,300 Shares in RSU Net Settlement

Rhea-AI Filing Summary

Forian Inc. (FORA) insider report: Michael Vesey, Chief Financial Officer, reported a transaction dated 09/02/2025 in which 3,300 shares of Common Stock were disposed under code F and a reported price of $2.11 per share. The filing states these shares were withheld by the issuer to satisfy tax withholding obligations in connection with the net settlement of vested restricted stock units, and not sold on the market. Following the transaction, Vesey beneficially owns 630,382 shares. The form is signed 09/04/2025.

Positive

• Transaction was an issuer withholding for taxes rather than an open-market sale, indicating no active divestiture by the CFO
• CFO retains significant ownership of 630,382 shares following the transaction

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine tax-withholding share disposition by the CFO; not a market sale and does not necessarily signal change in insider conviction.

The report documents a net settlement of vested restricted stock units where 3,300 shares were withheld to cover tax obligations at a reported per-share price of $2.11. Because the transaction is described as issuer withholding rather than an open-market sale, it is a non-dispositive, administrative action typical after vesting. The CFO continues to hold a substantial position of 630,382 shares, which maintains insider alignment with shareholders. Impact on float or near-term liquidity is likely immaterial given the small share count relative to total beneficial ownership.

Corporate Governance Expert

TL;DR: Administrative withholding for taxes following RSU vesting; standard insider reporting and governance practice.

The Form 4 indicates compliance with Section 16 reporting following RSU vesting and demonstrates the company processed a net settlement to meet tax remittance obligations. The filing shows transparency of executive compensation conversion into equity and the resulting ownership level of 630,382 shares. There is no indication of a voluntary sale or change in role; the nature of the transaction is procedural. From a governance perspective, this is routine and not a red flag.

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).

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^*

VESEY MICHAEL

(Last) (First) (Middle)

C/O FORIAN INC.

41 UNIVERSITY DRIVE, SUITE 400

(Street)

NEWTOWN PA 18940

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Forian Inc. [ FORA ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
09/02/2025

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	09/02/2025		F(1)		3,300(1)	D	$2.11	630,382	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. Represents shares that have been withheld by the Issuer to satisfy tax withholding and remittance obligations in connection with the net settlement of vested restricted stock units and not a market transaction.

	/s/ Michael Vesey	09/04/2025
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Michael Vesey report on Form 4 for FORA?

He reported a disposition of 3,300 shares on 09/02/2025 that were withheld by the issuer to satisfy tax withholding related to net settlement of vested RSUs.

Was the 3,300-share transaction a market sale?

No. The filing states the shares were withheld by the issuer for tax remittance and not sold in the market.

How many FORA shares does the CFO beneficially own after the transaction?

Following the reported transaction, Michael Vesey beneficially owns 630,382 shares.

What price is reported on the Form 4 for the transaction?

The form lists a reported price of $2.11 per share associated with the withholding event.

When was the Form 4 signed?

The signature on the Form 4 is dated 09/04/2025.