=== SEC Form 4 — Statement of Changes in Beneficial Ownership ===
Document Type: 4
Period of Report: 2026-01-01
10b5-1 Pre-arranged Plan: Yes
--- Issuer ---
Name: Toast, Inc. (TOST)
CIK: 0001650164
--- Reporting Owner ---
Name: Vassil Jonathan
CIK: 0002004790
Role: Officer (Chief Revenue Officer)
--- Non-Derivative Transactions ---
[Transaction #1]
Security: Class A Common Stock
Date: 2026-01-01 | Code: M (Exercise of derivative)
Shares: +4,748
Shares Owned After: 76,172 | Ownership: D (Direct)
Footnotes:
[F1] The Restricted Stock Units ("RSUs") convert into Class A Common Stock on a one-for-one basis upon vesting and settlement.
[Transaction #2]
Security: Class A Common Stock
Date: 2026-01-01 | Code: M (Exercise of derivative)
Shares: +4,987
Shares Owned After: 81,159 | Ownership: D (Direct)
Footnotes:
[F1] The Restricted Stock Units ("RSUs") convert into Class A Common Stock on a one-for-one basis upon vesting and settlement.
[Transaction #3]
Security: Class A Common Stock
Date: 2026-01-01 | Code: M (Exercise of derivative)
Shares: +3,430
Shares Owned After: 84,589 | Ownership: D (Direct)
Footnotes:
[F1] The Restricted Stock Units ("RSUs") convert into Class A Common Stock on a one-for-one basis upon vesting and settlement.
[Transaction #4]
Security: Class A Common Stock
Date: 2026-01-02 | Code: M (Exercise of derivative)
Shares: +66,390 | Price: $2.21
Total Value: $146,721.90
Shares Owned After: 150,979 | Ownership: D (Direct)
Footnotes:
[F2] This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on September 11, 2025.
[Transaction #5]
Security: Class A Common Stock
Date: 2026-01-02 | Code: S (Open market sale)
Shares: -66,390 | Price: $35.86
Total Value: $2,380,745.40
Shares Owned After: 84,589 | Ownership: D (Direct)
Footnotes:
[F2] This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on September 11, 2025.
--- Derivative Transactions ---
[Transaction #1]
Security: Restricted Stock Units
Date: 2026-01-01 | Code: M (Exercise of derivative)
Shares: -4,748 | Price: $0.00
Shares Owned After: 23,740 | Ownership: D (Direct)
Footnotes:
[F1] The Restricted Stock Units ("RSUs") convert into Class A Common Stock on a one-for-one basis upon vesting and settlement.
[F3] The RSUs shall vest in sixteen equal quarterly installments following April 1, 2023.
[F3] The RSUs shall vest in sixteen equal quarterly installments following April 1, 2023.
[Transaction #2]
Security: Restricted Stock Units
Date: 2026-01-01 | Code: M (Exercise of derivative)
Shares: -4,987 | Price: $0.00
Shares Owned After: 44,878 | Ownership: D (Direct)
Footnotes:
[F1] The Restricted Stock Units ("RSUs") convert into Class A Common Stock on a one-for-one basis upon vesting and settlement.
[F4] The RSUs shall vest in sixteen equal quarterly installments following April 1, 2024.
[F4] The RSUs shall vest in sixteen equal quarterly installments following April 1, 2024.
[Transaction #3]
Security: Restricted Stock Units
Date: 2026-01-01 | Code: M (Exercise of derivative)
Shares: -3,430 | Price: $0.00
Shares Owned After: 44,586 | Ownership: D (Direct)
Footnotes:
[F1] The Restricted Stock Units ("RSUs") convert into Class A Common Stock on a one-for-one basis upon vesting and settlement.
[F5] The RSUs shall vest in sixteen equal quarterly installments following April 1, 2025.
[F5] The RSUs shall vest in sixteen equal quarterly installments following April 1, 2025.
[Transaction #4]
Security: Stock Option (Right to Buy)
Date: 2026-01-02 | Code: M (Exercise of derivative)
Shares: -66,390 | Price: $0.00
Exercisable: N/A | Expires: 2030-04-21
Shares Owned After: 387,361 | Ownership: D (Direct)
Footnotes:
[F2] This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on September 11, 2025.
[F6] The shares subject to this option are fully vested and exercisable as of the date hereof.
--- Footnotes (Complete Index) ---
F1: The Restricted Stock Units ("RSUs") convert into Class A Common Stock on a one-for-one basis upon vesting and settlement.
F2: This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on September 11, 2025.
F3: The RSUs shall vest in sixteen equal quarterly installments following April 1, 2023.
F4: The RSUs shall vest in sixteen equal quarterly installments following April 1, 2024.
F5: The RSUs shall vest in sixteen equal quarterly installments following April 1, 2025.
F6: The shares subject to this option are fully vested and exercisable as of the date hereof.
--- Signature ---
/s/ /s/ Monica Kleinman as Attorney-in-Fact for Jonathan Vassil (2026-01-05)
