Toast (TOST) Form 4: Director reports sale of 12,500 Class A shares

Rhea-AI Filing Summary

Paul D. Bell, a director of Toast, Inc. (TOST), reported a sale of 12,500 shares of Class A common stock on 08/21/2025 at a price of $42.38 per share. After the transaction he beneficially owned 226,892 shares (direct). The Form 4 was signed by an attorney-in-fact, Brian Elworthy, on 08/22/2025. No derivative transactions or additional remarks were reported.

Positive

• None.

Negative

• Director sale of 12,500 Class A shares reported on 08/21/2025 at $42.38 per share

Insights

Financial Analyst

TL;DR: Director sold 12,500 Class A shares; ownership remains meaningful at 226,892 shares.

The reported transaction is a straightforward open-market sale by a director. The sale size and remaining direct holdings are explicitly stated. There are no derivative transactions, amendments, or additional disclosures in the filing. On its face this is a routine insider sale; the filing contains no information about the reason for the sale or any change in company fundamentals.

Corporate Governance Expert

TL;DR: Routine Form 4 disclosure of a director's sale with attorney-in-fact signature; governance disclosure requirements met.

The Form 4 records the necessary facts: reporting person identity, relationship (director), transaction date, transaction code indicating a sale, number of shares sold, price, and post-transaction beneficial ownership. The filing appears complete for this single transaction and includes an authorized signature. There are no governance red flags presented within the document itself.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

BELL PAUL D

(Last) (First) (Middle)

TOAST, INC.

333 SUMMER STREET

(Street)

BOSTON MA 02210

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Toast, Inc. [ TOST ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/21/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	08/21/2025		S		12,500	D	$42.38	226,892	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

Remarks:

	/s/ Brian Elworthy as Attorney-in-Fact for Paul D. Bell	08/22/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Paul D. Bell report on the Form 4 for Toast, Inc. (TOST)?

He reported a sale of 12,500 Class A common shares on 08/21/2025 at $42.38 per share and beneficial ownership of 226,892 shares after the sale.

What is the reporting person's relationship to Toast, Inc. on this Form 4?

The form lists Paul D. Bell as a Director of Toast, Inc.

Were any derivative securities reported on this Form 4 for TOST?

No. The filing contains no entries in Table II for derivative securities.

Who signed the Form 4 and when?

The Form 4 was signed by Brian Elworthy as Attorney-in-Fact for Paul D. Bell on 08/22/2025.

Does the Form 4 disclose the reason for the insider sale?

No. The filing does not provide a reason