Form 4: Toast President Sells Shares for Tax Obligations

Toast, Inc. President Stephen Fredette sold 1,720 Class A common shares to cover tax withholding obligations related to RSU vesting.

Summary

• Stephen Fredette, President and Director of Toast, Inc. (TOST), reported a sale of Class A Common Stock.
• On August 4, 2025, 1,720 shares were sold at a price of $48.376 per share, totaling approximately $83,206.72.
• The sale was non-discretionary, executed solely to cover tax withholding obligations arising from the vesting and settlement of Restricted Stock Units (RSUs).
• Following this transaction, Mr. Fredette directly owns 890,818 Class A Common Stock.
• Indirectly, Mr. Fredette beneficially owns 66,896 Class A Common Stock through the Fredette Family Nominee Trust, 1,718,029 Class A Common Stock through the SHFA 2021 Nominee Trust, and 224,853 Class A Common Stock through the SHFA Family Trust, totaling 2,009,778 indirect Class A shares.
• Additionally, Mr. Fredette holds 25,722,670 shares of Class B common stock, each convertible at any time into one share of Class A common stock.

Sentiment

Score: 5

Explanation: The transaction is a routine, non-discretionary sale to cover tax obligations related to RSU vesting, which does not reflect a change in management's outlook on the company.

Future Outlook

This filing, a Form 4, reports an insider transaction and does not contain forward-looking statements or guidance regarding the company's future performance or outlook.

Management Comments

• Shares were required to be sold by the Reporting Person to cover tax withholding obligations in connection with the vesting and settlement of RSUs, and do not represent a discretionary trade by the Reporting Person.

Industry Context

This Form 4 filing details a routine insider transaction for tax purposes and does not provide information related to broader industry trends or competitive landscape.

Related Party Transactions

• Stephen Fredette's indirect beneficial ownership of Class A Common Stock is held through the Fredette Family Nominee Trust, the SHFA 2021 Nominee Trust, and the SHFA Family Trust.

Stakeholder Impact

• Minimal impact on shareholders as the sale was non-discretionary for tax purposes and does not signal a change in company outlook or fundamentals.

Key Dates

Recommendation

The reported transaction is a routine, non-discretionary sale by an insider to cover tax obligations associated with RSU vesting. This type of transaction does not indicate a change in the company's fundamentals or management's confidence, and therefore, does not warrant a change in investment recommendation based solely on this filing.

Keywords

Toast, TOST, Stephen Fredette, Insider Transaction, Form 4, Stock Sale, RSU, Tax Withholding