=== 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: Elworthy Brian R
CIK: 0001869299
Role: Officer (General Counsel)
--- Non-Derivative Transactions ---
[Transaction #1]
Security: Class A Common Stock
Date: 2026-07-01 | Code: M (Exercise of derivative)
Shares: +3,481
Shares Owned After: 193,123 | 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: +3,989
Shares Owned After: 197,112 | 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: +2,572
Shares Owned After: 199,684 | 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: +3,577
Shares Owned After: 203,261 | 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: -6,352 | Price: $28.85
Total Value: $183,248.85
Shares Owned After: 196,909 | 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: -3,481 | Price: $0.00
Shares Owned After: 10,446 | 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: -3,989 | Price: $0.00
Shares Owned After: 27,924 | 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: -2,572 | Price: $0.00
Shares Owned After: 28,295 | 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: -3,577 | Price: $0.00
Shares Owned After: 53,665 | 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)
--- 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 Brian R. Elworthy (2026-07-06)
