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  4. [Form 4] Toast, Inc. Insider Trading Activity

Toast CRO exercises options, sells 4,787 shares

Toast, Inc. Chief Revenue Officer Jonathan Vassil reported option-related transactions in Class A Common Stock on January 5, 2026.

Filing Impact
(Moderate)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

Toast, Inc. Chief Revenue Officer Jonathan Vassil reported option-related transactions in Class A Common Stock on January 5, 2026. He exercised stock options for 58,610 shares at an exercise price of $2.21 per share and sold 4,787 shares at $34.377 per share. After these transactions, he directly held 138,412 shares of Class A Common Stock. The filing notes that certain reported sales were required to cover tax withholding obligations upon RSU vesting and were not discretionary trades, and that a reported transaction was effected under a Rule 10b5-1 trading plan adopted on September 11, 2025; the option exercised was fully vested and exercisable.

Positive

  • None.

Negative

  • None.
Insider Vassil Jonathan
Role Chief Revenue Officer
Sold 4,787 shs ($165K)
Approx. gross sale proceeds $165K
Approx. exercise cost $130K
Type Security Shares Price Value
Exercise Stock Option (Right to Buy) 58,610 $0.00 $0.00
Sale Class A Common Stock 4,787 $34.377 $165K
Exercise Class A Common Stock 58,610 $2.21 $130K
Holdings After Transaction: Stock Option (Right to Buy) — 328,751 contracts (Direct); Class A Common Stock — 138,412 shares (Direct)
Footnotes (3)
  1. F1. 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.
  2. F2. This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on September 11, 2025.
  3. F3. The shares subject to this option are fully vested and exercisable as of the date hereof.
Options Exercised 58,610 shares Stock options for Class A Common Stock exercised on January 5, 2026
Option Exercise Price $2.21 per share Exercise price for 58,610 underlying shares of Class A Common Stock
Shares Sold 4,787 shares Class A Common Stock sold on January 5, 2026
Sale Price $34.377 per share Price received per share for the 4,787 shares of Class A Common Stock sold
Post-transaction Holdings 138,412 shares Direct holdings of Toast Class A Common Stock after the reported transactions
Option Expiration Date 2030-04-21 Expiration date of the stock option that was exercised
Rule 10b5-1 trading plan financial
"transaction was effected pursuant to a Rule 10b5-1 trading plan adopted"
A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.
tax withholding obligations financial
"shares required to be sold by the Reporting Person to cover tax withholding obligations"
RSUs financial
"cover tax withholding obligations in connection with the vesting and settlement of RSUs"
RSUs, or restricted stock units, are a form of company shares given to employees as part of their compensation. They are typically awarded with certain restrictions, such as a waiting period before they can be fully owned or sold, similar to earning a gift that becomes fully yours over time. For investors, RSUs can impact a company's stock offerings and reflect how much the company relies on stock-based incentives to attract and retain talent.
Stock Option (Right to Buy) financial
"security_title: Stock Option (Right to Buy)"

FAQ

What did Toast (TOST) executive Jonathan Vassil report in this Form 4?
Jonathan Vassil, Toast’s Chief Revenue Officer, reported exercising stock options and selling common shares on January 5, 2026. The filing details both the option exercise and a sale of Class A Common Stock, along with his updated direct share holdings.

How many Toast (TOST) stock options did Jonathan Vassil exercise and at what price?
Jonathan Vassil exercised options for 58,610 shares of Toast Class A Common Stock at an exercise price of $2.21 per share. The options were fully vested and exercisable as of the transaction date, according to the disclosure.

How many Toast (TOST) shares did Jonathan Vassil sell and at what price?
He sold 4,787 shares of Toast Class A Common Stock at a price of $34.377 per share. The sale occurred on January 5, 2026, in connection with the same reporting period as the option exercise.

What is Jonathan Vassil’s Toast (TOST) share ownership after these transactions?
Following the reported transactions, Jonathan Vassil directly holds 138,412 shares of Toast Class A Common Stock. This figure reflects his post-transaction ownership as reported in the filing’s holdings summary.

Were Jonathan Vassil’s Toast (TOST) trades under a Rule 10b5-1 plan?
The disclosure states that a reported transaction was effected pursuant to a Rule 10b5-1 trading plan adopted on September 11, 2025. Such plans pre-arrange trades, reducing the informational value of their timing for market interpretation.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
X
 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*
Vassil Jonathan
(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)
Director 10% Owner
X Officer (give title below) Other (specify below)
Chief Revenue Officer
3. Date of Earliest Transaction (Month/Day/Year)
01/05/2026
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 01/05/2026 S(1) 4,787 D $34.377 79,802 D
Class A Common Stock 01/05/2026 M(2) 58,610 A $2.21 138,412 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
Stock Option (Right to Buy) $2.21 01/05/2026 M(2) 58,610 (3) 04/21/2030 Class A Common Stock 58,610 $0 328,751 D
Explanation of Responses:
1. 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.
2. This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on September 11, 2025.
3. The shares subject to this option are fully vested and exercisable as of the date hereof.
Remarks:
/s/ Xing Yan as Attorney-in-Fact for Jonathan Vassil 01/06/2026
** 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.

Source: View Original Filing on SEC EDGAR

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