Form 4: Toast President Sells Shares for Tax Obligations

Toast, Inc. President Stephen Fredette sold 1,732 shares of Class A Common Stock to cover tax withholding obligations related to RSU vesting.

Summary

• Stephen Fredette, President and Director of Toast, Inc. (TOST), reported a transaction on November 4, 2025.
• Fredette disposed of 1,732 shares of Class A Common Stock at a price of $35.539 per share.
• The sale was non-discretionary, executed to cover tax withholding obligations associated with the vesting and settlement of Restricted Stock Units (RSUs).
• Following this transaction, Fredette directly owns 900,264 shares of Class A Common Stock.
• Indirect holdings include 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.
• Fredette also holds an aggregate of 25,722,670 shares of Class B common stock, each convertible into one share of Class A common stock.

Sentiment

Score: 5

Explanation: The sentiment is neutral as the transaction is a non-discretionary sale for tax purposes, a common event for executives, and does not indicate a change in company fundamentals or management's outlook.

Future Outlook

The filing does not contain any forward-looking statements or guidance.

Industry Context

This routine insider transaction, specifically a sale to cover tax obligations, is a common occurrence for executives receiving equity compensation and does not typically reflect broader industry trends or competitive positioning.

Stakeholder Impact

• Shareholders: The sale of 1,732 shares is a very small fraction of the company's outstanding shares and the insider's total holdings, thus having a negligible direct impact on share price or ownership structure.
• Employees: No direct impact on employees is indicated by this filing.

Key Dates

Keywords

Toast Inc, TOST, Stephen Fredette, Insider Trading, Form 4, Stock Sale, Tax Withholding, RSU Vesting, Class A Common Stock, Corporate Officer