=== SEC Form 4 — Statement of Changes in Beneficial Ownership ===
Document Type: 4
Period of Report: 2026-07-01
10b5-1 Pre-arranged Plan: No
--- Issuer ---
Name: Toast, Inc. (TOST)
CIK: 0001650164
--- Reporting Owner ---
Name: Fredette Stephen
CIK: 0001869038
Role: Director, Officer (President)
--- Non-Derivative Transactions ---
[Transaction #1]
Security: Class A Common Stock
Date: 2026-07-01 | Code: M (Exercise of derivative)
Shares: +5,697
Shares Owned After: 926,682 | 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: 2026-07-01 | Code: M (Exercise of derivative)
Shares: +5,651
Shares Owned After: 932,333 | 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: 2026-07-01 | Code: M (Exercise of derivative)
Shares: +3,859
Shares Owned After: 936,192 | 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: 2026-07-01 | Code: M (Exercise of derivative)
Shares: +4,403
Shares Owned After: 940,595 | 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 #5]
Security: Class A Common Stock
Date: 2026-07-02 | Code: S (Open market sale)
Shares: -9,146 | Price: $28.85
Total Value: $263,852.95
Shares Owned After: 931,449 | Ownership: D (Direct)
Footnotes:
[F2] Represents shares required to be sold by the Reporting Person to cover tax withholding obligations in connection with the vesting and settlement of RSUs, and does not represent a discretionary trade by the Reporting Person.
--- Derivative Transactions ---
[Transaction #1]
Security: Restricted Stock Units
Date: 2026-07-01 | Code: M (Exercise of derivative)
Shares: -5,697 | Price: $0.00
Shares Owned After: 17,093 | 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: 2026-07-01 | Code: M (Exercise of derivative)
Shares: -5,651 | Price: $0.00
Shares Owned After: 39,560 | 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: 2026-07-01 | Code: M (Exercise of derivative)
Shares: -3,859 | Price: $0.00
Shares Owned After: 42,443 | 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: Restricted Stock Units
Date: 2026-07-01 | Code: M (Exercise of derivative)
Shares: -4,403 | Price: $0.00
Shares Owned After: 66,049 | 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.
[F6] The RSUs shall vest in sixteen equal quarterly installments following April 1, 2026.
[F6] The RSUs shall vest in sixteen equal quarterly installments following April 1, 2026.
--- Holdings ---
[Holding #1]
Security: Class A Common Stock
Ownership: I (Indirect)
[Holding #2]
Security: Class A Common Stock
Ownership: I (Indirect)
[Holding #3]
Security: Class A Common Stock
Ownership: I (Indirect)
--- 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: Represents shares required to be sold by the Reporting Person to cover tax withholding obligations in connection with the vesting and settlement of RSUs, and does not represent a discretionary trade by the Reporting Person.
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 RSUs shall vest in sixteen equal quarterly installments following April 1, 2026.
--- Signature ---
/s/ /s/ Xing Yan as Attorney-in-Fact for Stephen Fredette (2026-07-06)
