=== 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: Vassil Jonathan
CIK: 0002004790
Role: Officer (Chief Revenue Officer)
--- Non-Derivative Transactions ---
[Transaction #1]
Security: Class A Common Stock
Date: 2026-07-01 | Code: M (Exercise of derivative)
Shares: +4,748
Shares Owned After: 67,097 | 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.
[F2] Reflects a prior transfer of 84,269 shares of Class A Common Stock from the Reporting Person to The Jonathan S. Vassil Grantor Retained Annuity Trust #1. The transfer constituted only a change in the form of beneficial ownership and was exempt under Rule 16a-13 of the Securities Exchange Act of 1934, as amended.
[Transaction #2]
Security: Class A Common Stock
Date: 2026-07-01 | Code: M (Exercise of derivative)
Shares: +4,986
Shares Owned After: 72,083 | 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: +3,430
Shares Owned After: 75,513 | 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: +1,100
Shares Owned After: 76,613 | 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: -6,647 | Price: $28.85
Total Value: $191,759.30
Shares Owned After: 69,966 | Ownership: D (Direct)
Footnotes:
[F3] 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: -4,748 | Price: $0.00
Shares Owned After: 14,244 | 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, 2023.
[F4] 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: -4,986 | Price: $0.00
Shares Owned After: 34,906 | 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, 2024.
[F5] 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: -3,430 | Price: $0.00
Shares Owned After: 37,727 | 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, 2025.
[F6] 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: -1,100 | Price: $0.00
Shares Owned After: 16,513 | 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.
[F7] The RSUs shall vest in sixteen equal quarterly installments following April 1, 2026.
[F7] 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:
[F2] Reflects a prior transfer of 84,269 shares of Class A Common Stock from the Reporting Person to The Jonathan S. Vassil Grantor Retained Annuity Trust #1. The transfer constituted only a change in the form of beneficial ownership and was exempt under Rule 16a-13 of the Securities Exchange Act of 1934, as amended.
--- 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: Reflects a prior transfer of 84,269 shares of Class A Common Stock from the Reporting Person to The Jonathan S. Vassil Grantor Retained Annuity Trust #1. The transfer constituted only a change in the form of beneficial ownership and was exempt under Rule 16a-13 of the Securities Exchange Act of 1934, as amended.
F3: 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.
F4: The RSUs shall vest in sixteen equal quarterly installments following April 1, 2023.
F5: The RSUs shall vest in sixteen equal quarterly installments following April 1, 2024.
F6: The RSUs shall vest in sixteen equal quarterly installments following April 1, 2025.
F7: The RSUs shall vest in sixteen equal quarterly installments following April 1, 2026.
--- Signature ---
/s/ /s/ Xing Yan as Attorney-in-Fact for Jonathan Vassil (2026-07-06)
