Forrester (FORR) Insider Filing: RSU Conversion and Tax-Withholding Details

Rhea-AI Filing Summary

Forrester Research (FORR) Form 4: Leo Christian Finn, listed as Chief Financial Officer, reported the vesting and conversion of restricted stock units into common stock on 10/01/2025. A tranche of 5,040 RSUs converted into common shares (reported as an acquisition at $0), increasing his direct beneficial ownership to 28,731 shares before withholding. To satisfy tax withholding obligations on vesting, 1,479 shares were withheld and disposed at $9.94 per share, leaving 27,252 shares reported as directly owned after the transactions. The RSU award was originally granted on 10/01/2021 for 20,161 units that vest in four equal annual installments. The form is signed by an attorney-in-fact on 10/02/2025.

Positive

• Alignment with shareholders: Vesting of 5,040 RSUs converts compensation into equity, aligning the CFO's interests with shareholders
• Clear disclosure: Form 4 details the grant date, vesting schedule, and tax-withholding amount, supporting transparency

Negative

• Share dilution/tax withholding impact: 1,479 shares were withheld to satisfy taxes, reducing the net shares delivered to the reporting person
• No open-market purchase: The transaction was a conversion of RSUs rather than an additional cash investment by the insider

Insights

Financial Analyst

TL;DR: Routine executive equity vesting; modest net share increase after tax withholding, no cash proceeds for the officer.

The Form 4 documents a standard vesting event: 5,040 RSUs converted to common stock with immediate share-withholding of 1,479 shares to cover taxes. The acquisition is recorded at $0 because RSUs convert into shares rather than an open-market purchase. Net direct ownership ended at 27,252 shares. This is a non-cash compensation realization that modestly changes insider share counts but does not indicate open-market buying or selling pressure.

Corporate Governance Expert

TL;DR: Disclosure aligns with standard equity compensation practices and tax withholding; filing appears complete and timely.

The filing shows clear mapping from grant (10/01/2021) to scheduled vesting and the issuer's use of share-withholding to satisfy taxes. The signature by an attorney-in-fact is properly noted. There are no indications of atypical transactions, related-party transfers, or exercise-for-cash events that would raise governance flags.

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^*

Finn Leo Christian

(Last) (First) (Middle)

C/O FORRESTER RESEARCH, INC.

60 ACORN PARK DRIVE

(Street)

CAMBRIDGE MA 02140

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
FORRESTER RESEARCH, INC. [ FORR ]

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)
10/01/2025

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	10/01/2025		M(1)		5,040	A	$0	28,731	D
Common Stock	10/01/2025		F		1,479(2)	D	$9.94	27,252	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	$0(3)	10/01/2025		M			5,040	(4)	(4)	common stock	5,040	$0	0	D

Explanation of Responses:

1. Represents the conversion, upon vesting, of restricted stock units into common stock.

2. Represents shares withheld by the Issuer to satisfy tax withholding obligations upon the vesting on October 1, 2025 of the restricted stock units awarded to the reporting person on October 1, 2021. The award includes a provision for the withholding of shares by the Issuer to satisfy withholding taxes due as a result of the vesting of the award.

3. Each Restricted Stock Unit represents the right to receive, following vesting, one share of Forrester Research, Inc. common stock.

4. On October 1, 2021, the reporting person was granted 20,161 Restricted Stock Units that vest and convert into common stock in four equal and consecutive installments beginning on the first anniversary of the grant date.

	Maite Garcia, attorney-in-fact for Leo Christian Finn	10/02/2025
	** 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 FORR insider Leo Christian Finn report on Form 4?

He reported the vesting and conversion of 5,040 restricted stock units into common stock on 10/01/2025, with 1,479 shares withheld for taxes.

How many shares does the CFO own after the October 1, 2025 transactions (FORR)?

The Form 4 reports 27,252 shares held directly after the reported transactions.

At what price were shares withheld for taxes in this FORR filing?

Shares withheld to satisfy tax obligations were recorded at a price of $9.94 per share.

When was the original RSU grant made that vested on October 1, 2025?

The RSU award was granted on 10/01/2021 and vests in four equal annual installments.

Was the Form 4 signed and when was it filed?

The filing shows a signature by an attorney-in-fact, Maite Garcia, dated 10/02/2025.