Forrester Research Form 4: Ryan Darrah Nets 873 Shares After Tax

Rhea-AI Filing Summary

Forrester Research (FORR) filed a Form 4 disclosing routine equity settlement activity by Chief Legal Officer Ryan Darrah on 08/01/2025.

• 1,514 restricted stock units (RSUs) vested and automatically converted into common shares at $0 cost (Transaction Code M).
• 641 of those shares were immediately withheld by the issuer to satisfy tax obligations at a market value of $10.94 per share (Code F).

After the two entries, Darrah’s direct holdings stand at 24,590 shares, compared with 25,231 shares immediately post-conversion. The RSU grant, awarded on 08/02/2021, is now fully vested; no derivative units remain outstanding. The filing, submitted under Rule 10b5-1, reflects a non-open-market transaction with no cash proceeds and is unlikely to materially impact Forrester’s share float or trading dynamics.

Insights

Securities Analyst

TL;DR: Routine RSU vesting; neutral signal, negligible market impact.

The filing records the final tranche of a 2021 RSU grant converting into 1,514 shares, of which 641 were withheld for taxes. No open-market purchase or sale occurred, hence no price discovery or liquidity effect. Darrah’s net position rose by 873 shares—immaterial versus Forrester’s public float—so investor sentiment or valuation should remain unchanged. Classification: neutral/not impactful.

Corporate Governance Expert

TL;DR: Compliance-driven settlement; governance posture remains stable.

The RSU conversion complies with Section 16 and Rule 10b5-1 plan requirements, indicating adherence to insider-trading safeguards. Withholding shares for taxes is standard practice and does not suggest directional view by the insider. No red flags arise from timing, quantity, or reporting. Impact on governance risk profile is minimal.

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

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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^*

Darrah Ryan

(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 Legal Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/01/2025

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	08/01/2025		M(1)		1,514	A	$0	25,231	D
Common Stock	08/01/2025		F		641(2)	D	$10.94	24,590	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)	08/01/2025		M			1,514	(4)	(4)	common stock	1,514	$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 August 1, 2025 of the restricted stock units awarded to the reporting person on August 2, 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 August 2, 2021, the reporting person was granted 6,059 Restricted Stock Units that vest and convert into common stock in four equal and consecutive installments on August 1, 2022, August 1, 2023, August 1, 2024 and August 1, 2025.

	Maite Garcia, attorney-in-fact for Ryan Darrah	08/05/2025
	** 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

How many Forrester Research (FORR) shares did Ryan Darrah acquire on August 1 2025?

1,514 RSUs converted into common stock were acquired at $0 cost.

How many shares were sold or withheld to cover taxes?

641 shares were withheld by the issuer at $10.94 per share for tax obligations.

What is Ryan Darrah’s total FORR share ownership after the Form 4 transaction?

He directly owns 24,590 FORR shares following the reported activity.

Was the transaction part of a Rule 10b5-1 trading plan?

Yes. The filing checks the box indicating compliance with a Rule 10b5-1(c) plan.

When were the RSUs originally granted and how did they vest?

Granted on 08/02/2021, they vested in four equal installments on 08/01 of 2022-2025.

Does the Form 4 indicate any remaining derivative securities?

No. The RSU position is now fully exhausted; zero derivative securities remain.