=== SEC Form 4 — Statement of Changes in Beneficial Ownership ===
Document Type: 4
Period of Report: 2026-10-01
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: 2026-10-01 | Code: M (Exercise of derivative)
Shares: +3,482
Shares Owned After: 200,391 | 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: 2026-10-01 | Code: M (Exercise of derivative)
Shares: +3,989
Shares Owned After: 204,380 | 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: 2026-10-01 | Code: M (Exercise of derivative)
Shares: +2,572
Shares Owned After: 206,952 | 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: 2026-10-01 | Code: M (Exercise of derivative)
Shares: +3,578
Shares Owned After: 210,530 | 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: 2026-10-02 | Code: S (Open market sale)
Shares: -6,507 | Price: $29.35
Total Value: $191,006.48
Shares Owned After: 204,023 | 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: 2026-10-01 | Code: M (Exercise of derivative)
Shares: -3,482 | Price: $0.00
Shares Owned After: 6,964 | 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: 2026-10-01 | Code: M (Exercise of derivative)
Shares: -3,989 | Price: $0.00
Shares Owned After: 23,935 | 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: 2026-10-01 | Code: M (Exercise of derivative)
Shares: -2,572 | Price: $0.00
Shares Owned After: 25,723 | 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: 2026-10-01 | Code: M (Exercise of derivative)
Shares: -3,578 | Price: $0.00
Shares Owned After: 50,087 | 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 (2026-10-05)
