Toast CRO Jonathan Vassil files Form 4 for routine RSU tax sale

Rhea-AI Filing Summary

Toast, Inc. (NYSE: TOST) – Form 4 insider transaction

Chief Revenue Officer Jonathan Vassil reported the sale of 6,592 Class A shares on 07/02/2025 at an average price of $42.592 per share. The Form 4 notes the transaction code “S” and specifies that the disposition was made solely to cover tax-withholding obligations arising from the vesting and settlement of restricted stock units (RSUs), meaning it was not a discretionary trade. Following the sale, Vassil’s direct beneficial ownership stands at 61,791 Class A shares.

The filing contains no derivative security activity and no additional transactions. As the sale represents a relatively small portion of the executive’s holdings and is linked to mandatory tax withholding, it is generally interpreted as administrative and neutral rather than an indicator of sentiment toward the company’s prospects.

Insights

Equity Analyst

TL;DR: Routine tax-withholding sale; negligible signal for investors.

The 6,592-share sale (~$0.28 million) by CRO Jonathan Vassil equates to roughly 9.6 % of his reported stake and was executed to satisfy RSU tax liabilities. Because the disposition is nondiscretionary and the executive retains 61,791 shares, I view the filing as neutral for valuation or sentiment models. Insider-sentiment screens should flag the explanatory footnote to avoid misclassifying the trade as bearish selling. No operational or financial metrics are disclosed; therefore, market impact is expected to be minimal.

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).

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)
07/02/2025

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	07/02/2025		S(1)		6,592	D	$42.592	61,791	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:

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.

Remarks:

	/s/ Xing Yan as Attorney-in-Fact for Jonathan Vassil	07/07/2025
	** 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

How many Toast (TOST) shares did the CRO sell?

6,592 Class A shares were sold on 07/02/2025.

What was the sale price reported in the Form 4?

The shares were sold at an average price of $42.592 per share.

Why did Jonathan Vassil sell Toast shares?

The sale was to cover tax-withholding obligations related to vested RSUs, not a discretionary trade.

How many Toast shares does the CRO still own after the sale?

He continues to own 61,791 Class A shares directly.

Does the Form 4 include any derivative security transactions?

No, no derivative securities were reported in this filing.