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  4. [Form 4] Toast, Inc. Insider Trading Activity

Toast insider update: 3,521 RSUs convert; Class A and B holdings

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Toast, Inc. (TOST) reported an insider equity transaction on a Form 4. President and Director Stephen Fredette settled 3,521 Restricted Stock Units (RSUs) on 11/01/2025 (Code M), converting them one-for-one into Class A common stock.

After the transaction, he held 901,996 Class A shares directly, plus indirect holdings of 66,896 (Fredette Family Nominee Trust), 1,718,029 (SHFA 2021 Nominee Trust), and 224,853 (SHFA Family Trust). The filing notes RSUs vest in sixteen equal quarterly installments following February 1, 2022. It also states ownership of 25,722,670 Class B shares, each convertible into one Class A share.

Positive

  • None.

Negative

  • None.
Insider Fredette Stephen
Role President
Type Security Shares Price Value
Exercise Restricted Stock Units 3,521 $0.00 --
Exercise Class A Common Stock 3,521 $0.00 --
holding Class A Common Stock -- -- --
holding Class A Common Stock -- -- --
holding Class A Common Stock -- -- --
Holdings After Transaction: Restricted Stock Units — 3,521 shares (Direct); Class A Common Stock — 901,996 shares (Direct); Class A Common Stock — 66,896 shares (Indirect, By the Fredette Family Nominee Trust)
Footnotes (1)
  1. Restricted Stock Units ("RSUs") convert into Class A Common Stock on a one-for-one basis upon vesting and settlement. The RSUs shall vest in sixteen equal quarterly installments following February 1, 2022.
Form 4 Insider Transactions: What Each Field Means →
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
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Fredette Stephen
(Last) (First) (Middle)
TOAST, INC.
333 SUMMER STREET
(Street)
BOSTON MA 02210
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Toast, Inc. [ TOST ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
X Officer (give title below) Other (specify below)
President
3. Date of Earliest Transaction (Month/Day/Year)
11/01/2025
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
Class A Common Stock 11/01/2025 M 3,521 A (1) 901,996 D
Class A Common Stock 66,896 I By the Fredette Family Nominee Trust
Class A Common Stock 1,718,029 I By the SHFA 2021 Nominee Trust
Class A Common Stock 224,853 I By the SHFA Family Trust
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 Units (1) 11/01/2025 M 3,521 (2) (2) Class A Common Stock 3,521 $0 3,521 D
Explanation of Responses:
1. Restricted Stock Units ("RSUs") convert into Class A Common Stock on a one-for-one basis upon vesting and settlement.
2. The RSUs shall vest in sixteen equal quarterly installments following February 1, 2022.
Remarks:
As of the date of this Form 4, the Reporting Person also owns an aggregate of 25,722,670 shares of the Class B common stock of the Issuer. Each share of Class B common stock is convertible at any time into one share of the Class A common stock of the Issuer.
/s/ Xing Yan as Attorney-in-Fact for Stephen Fredette 11/04/2025
** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What did Toast (TOST) disclose in this Form 4?

Stephen Fredette settled 3,521 RSUs on 11/01/2025 (Code M), converting them into Class A common stock one-for-one.

How many Toast Class A shares does Stephen Fredette own directly after the transaction?

He directly owns 901,996 Class A shares after the reported transaction.

What are Stephen Fredette’s indirect Toast Class A holdings?

Indirect holdings include 66,896 (Fredette Family Nominee Trust), 1,718,029 (SHFA 2021 Nominee Trust), and 224,853 (SHFA Family Trust).

What is the vesting schedule for the reported Toast RSUs?

The RSUs vest in sixteen equal quarterly installments following February 1, 2022.

What Class B holdings does Stephen Fredette report at Toast?

He also owns 25,722,670 Class B shares, each convertible into one Class A share.

What roles does Stephen Fredette hold at Toast (TOST)?

He is reported as a Director and an Officer (President).