Chouinard Scott 4

What Happened

Scott Chouinard, Chief Accounting Officer of Forrester Research, had 745 restricted stock units (RSUs) vest and convert into 745 shares of common stock on March 1, 2025. The RSU conversion was recorded at $0 exercise price (standard for RSU conversion). To cover withholding tax obligations, the issuer withheld 258 of those shares at an effective price of $11.08 per share, totaling $2,859. Net to Chouinard after withholding: 745 − 258 = 487 shares issued to him.

Key Details

• Transaction date: March 1, 2025 (reported on Form 4 filed March 3, 2026).
• Conversion/derivative: 745 RSUs converted to 745 common shares (derivative code M) at $0.
• Tax withholding (code F): 258 shares withheld at $11.08/share = $2,859 to satisfy taxes.
• Net shares received by insider: 487 shares (745 vested − 258 withheld).
• Footnotes: RSUs convert 1-for-1 to common stock; these 745 shares are one of four equal installments from a 2,980-RSU grant made March 1, 2022 (vesting in four equal annual installments).
• Shares owned after this transaction: not disclosed in this filing.
• Filing timeliness: The Form 4 was filed about 12 months after the transaction (filed Mar 3, 2026 for a Mar 1, 2025 event), which is later than the standard two-business-day deadline for Form 4s.

Context

This was a routine vesting and tax-withholding event for an RSU award—not an open-market purchase or sale. Withholding shares to cover taxes is common and does not necessarily signal insider buying or selling intent. The late filing is a reporting issue to note but does not change the economic nature of the transaction.