=== SEC Form 4 — Statement of Changes in Beneficial Ownership ===
Document Type: 4
Period of Report: 2026-10-01
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: 2026-10-01 | Code: M (Exercise of derivative)
Shares: +4,748
Shares Owned After: 74,714 | 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: +4,987
Shares Owned After: 79,701 | 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: +3,430
Shares Owned After: 83,131 | 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: +1,101
Shares Owned After: 84,232 | 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: -6,808 | Price: $29.35
Total Value: $199,842.03
Shares Owned After: 77,424 | 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.
[Transaction #6]
Security: Class A Common Stock
Date: 2026-10-02 | Code: M (Exercise of derivative)
Shares: +6,657 | Price: $2.21
Total Value: $14,711.97
Shares Owned After: 84,081 | Ownership: D (Direct)
Footnotes:
[F3] This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 13, 2026.
[Transaction #7]
Security: Class A Common Stock
Date: 2026-10-02 | Code: S (Open market sale)
Shares: -6,657 | Price: $30.03
Total Value: $199,923.02
Shares Owned After: 77,424 | Ownership: D (Direct)
Footnotes:
[F3] This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 13, 2026.
[F4] The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $30 to $30.10 inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within this price range set forth in this footnote.
--- Derivative Transactions ---
[Transaction #1]
Security: Restricted Stock Units
Date: 2026-10-01 | Code: M (Exercise of derivative)
Shares: -4,748 | Price: $0.00
Shares Owned After: 9,496 | 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, 2023.
[F5] 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: -4,987 | Price: $0.00
Shares Owned After: 29,919 | 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, 2024.
[F6] 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: -3,430 | Price: $0.00
Shares Owned After: 34,297 | 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, 2025.
[F7] 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: -1,101 | Price: $0.00
Shares Owned After: 15,412 | 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.
[F8] The RSUs shall vest in sixteen equal quarterly installments following April 1, 2026.
[F8] The RSUs shall vest in sixteen equal quarterly installments following April 1, 2026.
[Transaction #5]
Security: Stock Option (Right to Buy)
Date: 2026-10-02 | Code: M (Exercise of derivative)
Shares: -6,657 | Price: $0.00
Exercise Price: $2.21
Exercisable: N/A | Expires: 2030-04-21
Shares Owned After: 279,214 | Ownership: D (Direct)
Footnotes:
[F3] This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 13, 2026.
[F9] The shares subject to this option are fully vested and exercisable as of the date hereof.
--- 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: This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 13, 2026.
F4: The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $30 to $30.10 inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within this price range set forth in this footnote.
F5: The RSUs shall vest in sixteen equal quarterly installments following April 1, 2023.
F6: The RSUs shall vest in sixteen equal quarterly installments following April 1, 2024.
F7: The RSUs shall vest in sixteen equal quarterly installments following April 1, 2025.
F8: The RSUs shall vest in sixteen equal quarterly installments following April 1, 2026.
F9: The shares subject to this option are fully vested and exercisable as of the date hereof.
--- Signature ---
/s/ /s/ Xing Yan as Attorney-in-Fact for Jonathan Vassil (2026-10-05)
