Fredette Stephen 4

What Happened

• Stephen Fredette, President and Director of Toast, received two grants on 2026-03-10: a derivative option-style award for 116,266 shares and 70,452 restricted stock units (RSUs), for a total of 186,718 awarded shares. The Form 4 reports an acquisition price of $0 for both grants (award/grant code A), i.e., these were equity awards rather than open-market purchases.

Key Details

• Transaction date: 2026-03-10; Form 4 filed: 2026-03-12 (appears timely).
• Awards reported at $0.00 per share (grant/award); total reported dollar value $0 on the Form 4.
• Vesting schedule:
  • Option-style award (116,266 shares): vests and becomes exercisable in 16 equal quarterly installments beginning April 1, 2026. (Footnote F1)
  • RSUs (70,452 shares): convert one-for-one into Class A common stock upon vesting and vest in 16 equal quarterly installments beginning April 1, 2026. (Footnotes F2, F3)
• Shares owned after transaction: the filing notes Fredette also holds 25,722,670 shares of Class B common stock, each convertible into one share of Class A common stock.
• No 10b5-1 plan, tax-withholding, cashless exercise, or late-filing flag is indicated on the Form 4.

Context

• These are awards/grants (code A) rather than open-market purchases or sales; they represent future economic interest subject to vesting and, for the option grant, exercisability rules.
• RSUs convert into Class A shares upon vesting (one-for-one) and are not immediately tradable until vested and settled.
• Large Class B holdings noted in the filing reflect concentrated insider ownership and are convertible into Class A shares at the holder’s election.