=== SEC Form 4 — Statement of Changes in Beneficial Ownership ===
Document Type: 4
Period of Report: 2026-05-29
10b5-1 Pre-arranged Plan: Yes
--- Issuer ---
Name: Toast, Inc. (TOST)
CIK: 0001650164
--- Reporting Owner ---
Name: Elworthy Brian R
CIK: 0001869299
Role: Officer (General Counsel)
--- Non-Derivative Transactions ---
[Transaction #1]
Security: Class A Common Stock
Date: 2026-05-29 | Code: M (Exercise of derivative)
Shares: +54,000 | Price: $2.21
Total Value: $119,340.00
Shares Owned After: 297,642 | Ownership: D (Direct)
Footnotes:
[F1] This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on February 27, 2026.
[Transaction #2]
Security: Class A Common Stock
Date: 2026-05-29 | Code: S (Open market sale)
Shares: -92,864 | Price: $25.85
Total Value: $2,400,162.94
Shares Owned After: 204,778 | Ownership: D (Direct)
Footnotes:
[F1] This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on February 27, 2026.
[F2] The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $25.105 to $26.10 inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within this price range set forth in this footnote.
[Transaction #3]
Security: Class A Common Stock
Date: 2026-05-29 | Code: S (Open market sale)
Shares: -15,136 | Price: $26.15
Total Value: $395,866.94
Shares Owned After: 189,642 | Ownership: D (Direct)
Footnotes:
[F1] This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on February 27, 2026.
[F3] The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $26.11 to $26.24 inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within this price range set forth in this footnote.
--- Derivative Transactions ---
[Transaction #1]
Security: Stock Option (Right to Buy)
Date: 2026-05-29 | Code: M (Exercise of derivative)
Shares: -54,000 | Price: $0.00
Exercisable: N/A | Expires: 2030-04-21
Shares Owned After: 125,755 | Ownership: D (Direct)
Footnotes:
[F1] This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on February 27, 2026.
[F4] The shares subject to this option are fully vested and exercisable as of the date hereof.
--- Holdings ---
[Holding #1]
Security: Class A Common Stock
Ownership: I (Indirect)
--- Footnotes (Complete Index) ---
F1: This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on February 27, 2026.
F2: The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $25.105 to $26.10 inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within this price range set forth in this footnote.
F3: The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $26.11 to $26.24 inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within this price range set forth in this footnote.
F4: The shares subject to this option are fully vested and exercisable as of the date hereof.
--- Signature ---
/s/ /s/ Xing Yan as Attorney-in-Fact for Brian R. Elworthy (2026-06-02)
