Director at Toast (NYSE: TOST) granted RSUs and converts deferred units

Rhea-AI Filing Summary

Toast, Inc. director Patrick Deval L reported compensation-related equity activity involving the company’s Class A common stock. On June 12, 2026, he received a grant of 8,888 Restricted Stock Units (RSUs), which vest in full on the earlier of June 12, 2027 or the next annual stockholder meeting.

The filing also shows the exercise/conversion of 5,256 Deferred Stock Units (DSUs) and the exercise of 5,256 RSUs, each on a one-for-one basis into Class A common stock at a stated price of $0.00 per share. After these derivative transactions, there are no remaining derivative positions listed in this filing.

All three transactions are classified as acquisitions, with no open-market purchases or sales. This pattern reflects routine director compensation and the settlement of previously awarded stock-based units rather than discretionary trading in Toast shares.

Insights

Equity compensation analyst

Toast director reports routine equity grants and unit settlements, with no open-market trades.

The filing shows Patrick Deval L, a director of Toast, Inc., receiving 8,888 RSUs and converting 5,256 DSUs and 5,256 RSUs into Class A common stock at a stated price of $0.00. These are standard board compensation mechanisms rather than cash transactions.

Because all transactions are coded as acquisitions (A and M) with no sales, they do not signal a change in sentiment about the stock. There are also no remaining derivative positions listed after these conversions, indicating previously granted units were settled into shares. Overall, this is an administrative update to equity holdings.

Insider Trade Summary

10,512 shares exercised/converted

Mixed 3 txns

Insider PATRICK DEVAL L

Role null

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	5,256	$0.00	--
Exercise	Deferred Stock Units	5,256	$0.00	--
Grant/Award	Restricted Stock Units	8,888	$0.00	--

Holdings After Transaction: Restricted Stock Units — 0 shares (Direct, null); Deferred Stock Units — 14,968 shares (Direct, null)

Footnotes (1)

1. The Restricted Stock Units ("RSUs") convert into Class A Common Stock on a one-for-one basis upon vesting and deferred settlement. The RSUs vested in full on June 12, 2026. Not Applicable. Represents Deferred Stock Units ("DSUs") under the Toast, Inc. (the "Company") Deferred Compensation Program. Each DSU is the economic equivalent of one share of Company's Class A Common Stock. The DSUs become payable after the Reporting Person's termination of service as a board member. The RSUs shall vest in full on the earlier of 1) June 12, 2027 and 2) the next annual meeting of the Issuer's stockholders following the grant date.

Key Figures

RSUs granted: 8,888 units DSUs exercised: 5,256 units RSUs exercised: 5,256 units +2 more

5 metrics

RSUs granted 8,888 units Restricted Stock Units granted on June 12, 2026

DSUs exercised 5,256 units Deferred Stock Units converted on June 12, 2026

RSUs exercised 5,256 units RSUs converted into Class A common stock

Total derivative exercises 10,512 units ExerciseShares in transaction summary

Exercise/conversion price $0.00 per unit For RSU and DSU conversions

Key Terms

Restricted Stock Units, Deferred Stock Units, Deferred Compensation Program, Class A Common Stock

4 terms

Restricted Stock Units financial

"The Restricted Stock Units ("RSUs") convert into Class A Common Stock on a one-for-one basis"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

Deferred Stock Units financial

"Represents Deferred Stock Units ("DSUs") under the Toast, Inc. Deferred Compensation Program"

Deferred stock units are promises from a company to give an employee shares of stock at a future date, often after certain conditions are met or after leaving the company. They function like a form of delayed compensation, allowing employees to earn shares over time. For investors, they represent potential future ownership in the company, but do not provide immediate voting rights or dividends until the shares are actually received.

Deferred Compensation Program financial

"Represents Deferred Stock Units ("DSUs") under the Toast, Inc. Deferred Compensation Program"

Class A Common Stock financial

"Each DSU is the economic equivalent of one share of Company's Class A Common Stock"

Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.

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Form 4 Insider Transactions: What Each Field Means →

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^*

PATRICK DEVAL L

(Last) (First) (Middle)

TOAST, INC.

333 SUMMER STREET

(Street)

BOSTON MASSACHUSETTS 02210

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/12/2026

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

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

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

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

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
Restricted Stock Units	$0(1)	06/12/2026		M			5,256	(2)	(3)	Class A Common Stock	5,256	$0	0	D
Deferred Stock Units	$0(4)	06/12/2026		M		5,256		(4)	(3)	Class A Common Stock	5,256	$0	14,968	D
Restricted Stock Units	$0(1)	06/12/2026		A		8,888		(5)	(3)	Class A Common Stock	8,888	$0	8,888	D

Explanation of Responses:

1. The Restricted Stock Units ("RSUs") convert into Class A Common Stock on a one-for-one basis upon vesting and deferred settlement.

2. The RSUs vested in full on June 12, 2026.

3. Not Applicable.

4. Represents Deferred Stock Units ("DSUs") under the Toast, Inc. (the "Company") Deferred Compensation Program. Each DSU is the economic equivalent of one share of Company's Class A Common Stock. The DSUs become payable after the Reporting Person's termination of service as a board member.

5. The RSUs shall vest in full on the earlier of 1) June 12, 2027 and 2) the next annual meeting of the Issuer's stockholders following the grant date.

Remarks:

	/s/ Monica Kleinman as Attorney-in-Fact for Deval L. Patrick	06/16/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transactions did Toast (TOST) director Patrick Deval L report?

He reported three compensation-related equity transactions: a grant of 8,888 Restricted Stock Units and the exercise or conversion of 5,256 Deferred Stock Units and 5,256 RSUs into Class A common stock, all at a stated price of $0.00 per share.

Were any Toast (TOST) shares sold in this Form 4 filing?

No shares were sold. All reported transactions are classified as acquisitions or exercises of equity awards, not open-market purchases or sales. The activity reflects settlement and granting of stock-based compensation for the director, rather than discretionary trading.

What did the 8,888 RSUs granted to the Toast (TOST) director represent?

The 8,888 Restricted Stock Units are stock-based compensation that convert one-for-one into Class A common stock upon vesting and deferred settlement. According to the disclosure, these RSUs vest in full on June 12, 2027 or at the next annual stockholder meeting, whichever occurs earlier.

How many Toast (TOST) units were exercised or converted in this Form 4?

A total of 10,512 derivative units were exercised or converted: 5,256 Deferred Stock Units and 5,256 Restricted Stock Units. Each unit is the economic equivalent of one share of Toast’s Class A common stock, making this a non-cash conversion of prior awards into shares.

What are Toast (TOST) Deferred Stock Units mentioned in the filing?

Deferred Stock Units are part of Toast’s Deferred Compensation Program and are economically equivalent to one share of Class A common stock. They typically become payable after the reporting person’s termination of board service, allowing directors to defer receipt of share-based compensation until leaving the board.