Form 4: CRA International Executive Reports Future RSU Acquisition

CRA International's EVP, Chief Corporate Development Officer, Chad M. Holmes, filed a Form 4 detailing the future acquisition of Restricted Stock Units and current equity holdings.

Summary

• Chad M. Holmes, EVP, Chief Corporate Development Officer at CRA International, Inc. (CRAI), reported beneficial ownership and future equity transactions.
• Holmes directly owns 44,858 shares of common stock.
• On December 12, 2025, Holmes is set to acquire a total of 13.6253 Restricted Stock Units (RSUs) across six separate grants.
• These RSUs include an aggregate of 136.4899 Dividend Units, which accrue when dividends are paid on the Issuer's common stock and vest with the underlying RSUs.
• The RSUs have various vesting schedules, with the earliest vesting on March 10, 2026, and others vesting in annual installments beginning April 11, 2026, April 29, 2026, and May 20, 2026.
• Holmes also holds 4,076 nonqualified stock options granted on December 18, 2017, with an exercise price of $44.87, expiring December 18, 2027, vesting in four equal annual installments from the grant date.
• Additionally, Holmes holds 4,425 non-qualified stock options granted on December 6, 2018, with an exercise price of $47.45, expiring December 6, 2028, also vesting in four equal annual installments from the grant date.
• Total beneficial ownership of derivative securities following the reported transaction (RSUs) will be 4,798.9899 RSUs and 8,501 nonqualified stock options.

Sentiment

Score: 6

Explanation: Neutral to slightly positive. The filing reports an executive's equity holdings and future RSU acquisitions, which is a routine disclosure. The acquisition of new RSUs is generally seen as a positive for aligning executive and shareholder interests, but it's not a performance-related announcement.

Positives

• The executive is acquiring additional Restricted Stock Units, indicating continued alignment of interests with shareholders.
• The RSU grants include dividend equivalent rights, providing additional value to the executive's holdings upon vesting.

Future Outlook

The filing indicates a continued long-term incentive structure for a key executive through future vesting of Restricted Stock Units and existing stock options, aligning executive compensation with future company performance.

Industry Context

This Form 4 filing reflects standard executive compensation practices within the consulting and professional services industry, where equity-based incentives like RSUs and stock options are common tools to attract, retain, and motivate key personnel, aligning their interests with long-term shareholder value.

Comparison to Industry Standards

• Executive equity grants and holdings, such as those reported, are a standard component of compensation packages in the professional services sector, comparable to practices at firms like FTI Consulting, Huron Consulting Group, or Berkeley Research Group.
• The structure of RSUs with dividend equivalents and multi-year vesting schedules is a common mechanism to promote long-term retention and performance alignment, consistent with global benchmarks for executive incentive plans.

Stakeholder Impact

• Shareholders: The acquisition of additional equity by a key executive aligns their interests with long-term shareholder value.
• Employees: Reflects the company's executive compensation strategy, which can influence broader employee incentive programs.

Next Steps

• Vesting of 1.3054 and 1.8822 RSUs on March 10, 2026.
• First annual installment vesting for 2.0679 and 3.6314 RSUs on April 11, 2026.
• First annual installment vesting for 2.3427 RSUs on April 29, 2026.
• First annual installment vesting for 2.3957 RSUs on May 20, 2026.
• Potential exercise of stock options granted in 2017 and 2018 before their respective expiration dates.

Key Dates

Recommendation

This Form 4 filing details routine executive equity compensation, specifically the future acquisition of Restricted Stock Units and existing stock option holdings. It does not contain information that would fundamentally alter the investment thesis for CRA International. The grants align executive incentives with long-term shareholder value, which is a neutral to slightly positive factor, but not sufficient to warrant a change in investment recommendation based solely on this filing.

Keywords

CRA International, CRAI, Form 4, SEC Filing, Insider Trading, Restricted Stock Units, RSU, Stock Options, Executive Compensation, Chad M. Holmes, Beneficial Ownership