Form 4: Toast Inc. Executive Stephen Fredette Reports Stock Transactions
SEC Form 4 Filing
Stephen Fredette, President of Toast Inc., reports transactions involving Class A Common Stock and Restricted Stock Units.
Summary
- Stephen Fredette, President of Toast Inc., filed a Form 4 detailing changes in beneficial ownership.
- On April 1, 2024, Fredette converted Restricted Stock Units (RSUs) into 1,565 shares of Class A Common Stock and another 5,697 shares of Class A Common Stock.
- On April 2, 2024, Fredette sold 2,272 shares of Class A Common Stock at a price of $23.396 per share to cover tax withholding obligations related to RSU vesting.
- Following these transactions, Fredette directly owns 2,835,759 shares of Class A Common Stock.
- Fredette also indirectly owns 37,500 shares through the Fredette Family Nominee Trust, 2,303,442 shares through the SHFA 2021 Nominee Trust, and 419,991 shares through the SHFA Family Trust.
- Additionally, Fredette owns 6,250 Restricted Stock Units that vest quarterly from April 1, 2022, and 68,370 Restricted Stock Units that vest quarterly from April 1, 2023.
- As of the date of the report, Fredette also owns 25,972,670 shares of Class B common stock, each convertible into one share of Class A common stock.
Sentiment
Score: 5
Explanation: The document is a neutral report of stock transactions. It doesn't convey any positive or negative sentiment about the company's performance or future prospects.
Industry Context
This filing is a routine disclosure of stock transactions by a company executive, which is common for publicly traded companies. It provides transparency into insider activity but doesn't necessarily indicate broader industry trends.
Comparison to Industry Standards
- Form 4 filings are standard practice for publicly traded companies and their executives.
- The transactions reported are typical for executives who receive stock-based compensation.
- Similar filings can be observed for executives at comparable companies like Block (SQ) and Shopify (SHOP).
Stakeholder Impact
- The transactions may have a minor impact on shareholders due to the change in the number of outstanding shares.
- The sale of shares to cover tax obligations is a common practice and is unlikely to significantly affect the stock price.
Key Dates
| Date | Description |
|---|---|
| 04/01/2022 | 25% of some Restricted Stock Units vest, with the remainder vesting in equal quarterly installments over the following three years. |
| 04/01/2023 | Restricted Stock Units vest in sixteen equal quarterly installments following this date. |
| 04/01/2024 | Conversion of Restricted Stock Units into Class A Common Stock (1,565 shares and 5,697 shares). |
| 04/02/2024 | Sale of 2,272 shares of Class A Common Stock at $23.396 per share. |
| 04/03/2024 | Date of the Form 4 filing. |
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