Form 4: Toast President Converts RSUs to Class A Stock

Toast, Inc. President Stephen Fredette converted 3,521 Restricted Stock Units into Class A Common Stock on November 1, 2025, increasing his direct beneficial ownership.

Summary

• Stephen Fredette, President and Director of Toast, Inc. (TOST), reported a transaction on November 1, 2025.
• He converted 3,521 Restricted Stock Units (RSUs) into an equal number of Class A Common Stock.
• Following this conversion, his direct beneficial ownership of Class A Common Stock increased to 901,996 shares.
• Fredette also holds indirect beneficial ownership of Class A Common Stock through various trusts: 66,896 shares via the Fredette Family Nominee Trust, 1,718,029 shares via the SHFA 2021 Nominee Trust, and 224,853 shares via the SHFA Family Trust.
• Additionally, he owns 25,722,670 shares of Class B common stock, each convertible into one share of Class A common stock.
• The RSUs vest in sixteen equal quarterly installments following February 1, 2022.

Sentiment

Score: 5

Explanation: The filing reports a standard RSU vesting and conversion, which is a routine event in executive compensation and does not inherently indicate a positive or negative shift in company performance or outlook.

Positives

• Conversion of Restricted Stock Units into common stock indicates a vesting event, which is a normal part of executive compensation.
• Increased direct beneficial ownership of Class A Common Stock by a key executive (President and Director) can signal alignment of interests with shareholders.

Future Outlook

Not applicable, as this Form 4 filing primarily reports an insider transaction and does not contain forward-looking statements or guidance.

Industry Context

This is a routine insider transaction filing (Form 4) for an executive converting Restricted Stock Units (RSUs) into common stock. Such transactions are common across all industries as part of executive compensation and do not inherently reflect broader industry trends.

Comparison to Industry Standards

• This filing reports a standard RSU vesting and conversion event, which is a common form of equity compensation for executives across publicly traded companies. There are no specific comparable companies, projects, or results mentioned within the filing to assess against industry benchmarks.

Related Party Transactions

• The filing notes indirect beneficial ownership through family trusts (Fredette Family Nominee Trust, SHFA 2021 Nominee Trust, SHFA Family Trust), which are common arrangements for executives.

Stakeholder Impact

• Shareholders: May view the increased direct ownership by a key executive as a positive sign of alignment with shareholder interests.

Next Steps

• Continued vesting of remaining Restricted Stock Units according to the established schedule (sixteen equal quarterly installments following February 1, 2022).

Key Dates

Keywords

Toast Inc, TOST, Stephen Fredette, Form 4, Insider Transaction, RSU Conversion, Class A Common Stock, Beneficial Ownership, Executive Compensation