Darrah Ryan 4

What Happened
Darrah Ryan, Chief Legal Officer of Forrester Research, had restricted stock units (RSUs) vest on April 1, 2026. A total of 18,636 RSUs converted into common shares (three conversion entries). To satisfy tax withholding on the vesting, 3,641 shares were withheld by the issuer at $5.39 per share (tax withholding value $19,625). Separately, Ryan was granted 25,000 new RSUs on April 1, 2026 that vest in future installments.

Key Details

• Transaction date: April 1, 2026 (filed April 2, 2026) — filing was timely (next business day).
• Conversions (code M): 9,318 + 3,901 + 5,417 = 18,636 RSUs converted into common stock (reported with $0 exercise price because these are RSUs, not options).
• Tax withholding (code F): 3,641 shares withheld at $5.39/share = $19,625 to satisfy taxes.
• Grant (code A): 25,000 RSUs awarded on April 1, 2026. Vesting schedule: four equal annual installments beginning April 1, 2027 (per footnote).
• Net common shares received from vesting: 18,636 converted − 3,641 withheld = 14,995 net shares issued to the insider.
• Footnotes: confirm these are RSUs (each converts to one share on vesting) and that share withholding was used to satisfy tax obligations.
• Shares owned after transaction: Not explicitly stated in the filing; filing shows conversions, withholding, and a new RSU grant.

Context
RSU conversions are not purchases — they represent compensation vesting into shares. The withholding of 3,641 shares is a routine, issuer-handled tax withholding (not an open-market sale). The new 25,000 RSU grant is a standard equity award that vests over four installments starting on the first anniversary of the grant. This activity reflects compensation vesting and a new award rather than a discretionary buy or sell that would signal a direct trading view.