Fredette Stephen 4

What Happened
Stephen Fredette, President and Director of Toast, reported the conversion/exercise of 3,521 restricted stock units (RSUs) into Class A common shares on February 1, 2026. The Form 4 shows 3,521 shares were acquired via conversion (price N/A) and 3,521 shares were disposed with a reported price of $0.00 (derivative transaction). The filing reports no cash proceeds from the disposed shares.

Key Details

• Transaction date: 2026-02-01
• Report filed: 2026-02-03 (timely filing)
• Reported transactions: 3,521 RSUs converted to 3,521 Class A shares (acquired, price N/A); 3,521 shares disposed at $0.00 (derivative)
• Shares owned after transaction: the filing notes Mr. Fredette also owns 25,722,670 shares of Class B common stock (each convertible 1-for-1 into Class A); the Form 4 does not list a net total of Class A shares held after this specific settlement
• Footnotes: F1 — RSUs convert one-for-one into Class A shares upon vesting; F2 — these RSUs vest in 16 equal quarterly installments following Feb 1, 2022
• No 10b5-1 plan, tax withholding box, or late filing indicated on the Form 4

Context
This was a derivative conversion/settlement (RSU vesting), not a cash purchase or open-market sale. Filings that show disposal at $0.00 for converted RSUs frequently reflect share settlement or withholding to satisfy tax or similar obligations, though this specific Form 4 does not state the reason. Mr. Fredette is a large holder via Class B shares, which are convertible into Class A on a one-for-one basis.