Tax-driven Toast (TOST) share sale follows RSU vesting for president
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Toast, Inc. President Stephen Fredette reported routine equity activity tied to vesting restricted stock units. On July 1, 2026, several tranches of Restricted Stock Units vested and converted into a total of 19,610 shares of Class A Common Stock at a conversion price of $0.00 per share, reflecting compensation rather than market purchases.
On July 2, 2026, he sold 9,146 Class A shares at an average price of $28.849 per share in an open-market transaction. A footnote states these shares were required to be sold to cover tax withholding obligations related to the RSU vesting, and do not represent a discretionary trade. Following these transactions, he holds 931,449 Class A shares directly, along with additional indirect holdings through the SHFA Family Trust (224,853 shares), the SHFA 2021 Nominee Trust (1,718,029 shares), and the Fredette Family Nominee Trust (66,896 shares).
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 9,146 shares ($263,853)
Net Sell
12 txns
Insider
Fredette Stephen
Role
President
Sold
9,146 shs ($264K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Class A Common Stock | 9,146 | $28.849 | $264K |
| Exercise | Restricted Stock Units | 5,697 | $0.00 | -- |
| Exercise | Restricted Stock Units | 5,651 | $0.00 | -- |
| Exercise | Restricted Stock Units | 3,859 | $0.00 | -- |
| Exercise | Restricted Stock Units | 4,403 | $0.00 | -- |
| Exercise | Class A Common Stock | 5,697 | $0.00 | -- |
| Exercise | Class A Common Stock | 5,651 | $0.00 | -- |
| Exercise | Class A Common Stock | 3,859 | $0.00 | -- |
| Exercise | Class A Common Stock | 4,403 | $0.00 | -- |
| holding | Class A Common Stock | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
Holdings After Transaction:
Class A Common Stock — 931,449 shares (Direct, null);
Restricted Stock Units — 17,093 shares (Direct, null);
Class A Common Stock — 66,896 shares (Indirect, By the Fredette Family Nominee Trust)
Footnotes (1)
- The Restricted Stock Units ("RSUs") convert into Class A Common Stock on a one-for-one basis upon vesting and settlement. Represents shares required to be sold by the Reporting Person to cover tax withholding obligations in connection with the vesting and settlement of RSUs, and does not represent a discretionary trade by the Reporting Person. The RSUs shall vest in sixteen equal quarterly installments following April 1, 2023. The RSUs shall vest in sixteen equal quarterly installments following April 1, 2024. The RSUs shall vest in sixteen equal quarterly installments following April 1, 2025. The RSUs shall vest in sixteen equal quarterly installments following April 1, 2026.
Key Figures
Shares sold: 9,146 shares
Sale price: $28.849/share
RSU conversions: 19,610 shares
+4 more
7 metrics
Shares sold
9,146 shares
Class A Common Stock sold on July 2, 2026 at $28.849
Sale price
$28.849/share
Average price for 9,146 Toast Class A shares sold
RSU conversions
19,610 shares
Class A shares from RSU vesting on July 1, 2026 at $0.00
Direct holdings after transactions
931,449 shares
Direct Toast Class A ownership following sale and RSU vesting
SHFA Family Trust holdings
224,853 shares
Indirect Toast Class A holdings via SHFA Family Trust
SHFA 2021 Nominee Trust holdings
1,718,029 shares
Indirect Toast Class A holdings via SHFA 2021 Nominee Trust
Fredette Family Nominee Trust holdings
66,896 shares
Indirect Toast Class A holdings via Fredette Family Nominee Trust
Key Terms
Restricted Stock Units, open-market sale, derivative exercise/conversion, tax withholding obligations, +1 more
5 terms
Restricted Stock Units financial
"The Restricted Stock Units ("RSUs") convert into Class A Common Stock on a one-for-one basis upon vesting and settlement."
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
open-market sale financial
"transaction_action": "open-market sale""
An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.
derivative exercise/conversion financial
"transaction_action": "derivative exercise/conversion""
tax withholding obligations financial
"Represents shares required to be sold by the Reporting Person to cover tax withholding obligations in connection with the vesting and settlement of RSUs"
indirect ownership financial
"direct_or_indirect": "I", "nature_of_ownership": "By the SHFA Family Trust""
FAQ
What did Toast (TOST) President Stephen Fredette report in this Form 4?
Stephen Fredette reported RSU vesting that converted into Class A Common Stock and a subsequent share sale. The sale was specifically to cover tax withholding obligations related to the vesting, according to the footnotes, and not a discretionary trade in Toast stock.
What indirect Toast (TOST) holdings are reported for Stephen Fredette?
The filing lists indirect ownership through three trusts: 224,853 shares held by the SHFA Family Trust, 1,718,029 shares by the SHFA 2021 Nominee Trust, and 66,896 shares by the Fredette Family Nominee Trust. These positions are reported as indirect holdings of Toast Class A Common Stock.