A third use of the term exists. In this usage, a "Fred" is a cyclist who has a ton of cycling gear, especially of the utilitarian "uncool" kind, like mirrors, powerful lights, fenders, bells/horns, heavy leather seats, racks, reflective gear, bags, baskets, etc. The gear and bike may be put together by
kludgey homemade solutions, like duct-taped flashlights to the handlebar.
[1] This type of Fred is a bike geek who likes/needs lots of gear (even if it is modified stuff not intended for bikes). Sacrificing some, or ignoring completely, concerns of speed or traditional roadie/sport cyclist style, these type of Freds are more concerned with practical concerns like comfort, safety, versatility, maintenance, being able to quickly transition to time and culture on/off the bicycle, etc. These cyclists may be well aware of their fredness, once they are aware of the concept, and often embrace it wholeheartedly