PTON: Saqib Baig Granted 209,974 RSUs with Multi-Year Vesting

Rhea-AI Filing Summary

Saqib Baig, Chief Accounting Officer of Peloton Interactive (PTON), was granted 209,974 Restricted Stock Units (RSUs) on 09/14/2025. Each RSU converts to one share of Class A common stock and the reported acquisition shows 209,974 shares beneficially owned following the transaction. The RSUs vest 1/12 on November 15, 2025, then quarterly thereafter, reaching 100% vesting on August 15, 2028, contingent on continued service. The Form 4 was signed on 09/16/2025 by an attorney-in-fact.

Positive

• Substantial equity alignment: 209,974 RSUs grant aligns the Chief Accounting Officer with shareholder interests
• Clear vesting schedule: Vesting begins 11/15/2025 and completes 08/15/2028, supporting multi-year retention
• Direct beneficial ownership: Reported as direct ownership of 209,974 shares following the grant

Negative

• None.

Insights

Financial Analyst

TL;DR: A substantial equity grant aligns a senior finance officer with shareholder value but has multi-year vesting.

The 209,974 RSU award is a significant equity grant for an officer, representing direct ownership once vested. Because the RSUs convert one-for-one into Class A shares at $0 exercise price, the grant is a retention and alignment tool rather than an immediate cash transaction. Vesting begins November 15, 2025, and completes August 15, 2028, which staggers potential dilution and ties value realization to multi-year service.

Corporate Governance Expert

TL;DR: Grant structure and filing are routine for executive compensation; disclosure appears complete.

The Form 4 discloses the grant, ownership impact, and vesting schedule clearly. Filing by attorney-in-fact is properly executed. The grant’s vesting schedule is typical for retention-focused compensation and creates incentives tied to continued service rather than immediate saleable shares.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Baig Saqib

(Last) (First) (Middle)

C/O PELOTON INTERACTIVE, INC.

441 NINTH AVENUE, SIXTH FLOOR

(Street)

NEW YORK NY 10001

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PELOTON INTERACTIVE, INC. [ PTON ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Accounting Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/14/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Unit (RSU)	(1)	09/14/2025		A		209,974		(2)	(2)	Class A Common Stock	209,974	$0	209,974	D

Explanation of Responses:

1. Each Restricted Stock Unit ("RSU") represents a contingent right to receive one share of the Issuer's Class A Common Stock.

2. The RSUs vest as to 1/12 of the total shares on November 15, 2025, then 1/12 of the total shares vest quarterly thereafter, with 100% of the total shares vested on August 15, 2028, subject to the Reporting Person's provision of service to the Issuer on each vesting date.

Remarks:

	/s/ Tammy Albarran as attorney-in-fact for Saqib Baig	09/16/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What was reported on the Peloton (PTON) Form 4?

The Form 4 reports that Saqib Baig, Chief Accounting Officer, was granted 209,974 RSUs on 09/14/2025 and beneficially owns 209,974 shares following the transaction.

When do the RSUs vest for Saqib Baig?

The RSUs vest 1/12 on November 15, 2025, then quarterly thereafter, with full vesting on August 15, 2028, subject to continued service.

What type of security was acquired in this transaction?

The reporting person acquired Restricted Stock Units (RSUs), each representing a contingent right to one share of Peloton Class A common stock.

Was there any cash paid for the RSUs?

No cash price is reported; the RSUs have an effective price of $0 in the filing, indicating a grant rather than a purchase.

Who signed the Form 4 and when was it filed?

The Form 4 was signed by Tammy Albarran as attorney-in-fact for Saqib Baig and dated 09/16/2025.