[Form 4] Toast, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Toast, Inc. (TOST) officer and director Stephen Fredette reported routine equity transactions. On 10/01/2025, RSUs were settled into Class A shares via code M: 5,698, 5,651, and 3,858 shares, each at $0 exercise price.

On 10/02/2025, he sold 7,550 Class A shares at $35.564 under code S, which the filing states was to cover tax withholding tied to RSU vesting and was not a discretionary trade. Following the reported transactions, direct beneficial ownership is shown as 898,475 Class A shares.

He also reports indirect holdings of 66,896 Class A shares (Fredette Family Nominee Trust), 1,718,029 (SHFA 2021 Nominee Trust), and 224,853 (SHFA Family Trust). Remaining derivative holdings include RSUs covering 34,185, 56,514, and 54,019 underlying Class A shares. As of the filing date, he also owned 25,722,670 shares of Class B common stock, convertible 1:1 into Class A.

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^*

Fredette Stephen

(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
X	Officer (give title below)		Other (specify below)
	President

3. Date of Earliest Transaction (Month/Day/Year)
10/01/2025

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	10/01/2025		M		5,698	A	(1)	896,516	D
Class A Common Stock	10/01/2025		M		5,651	A	(1)	902,167	D
Class A Common Stock	10/01/2025		M		3,858	A	(1)	906,025	D
Class A Common Stock	10/02/2025		S(2)		7,550	D	$35.564	898,475	D
Class A Common Stock								66,896	I	By the Fredette Family Nominee Trust
Class A Common Stock								1,718,029	I	By the SHFA 2021 Nominee Trust
Class A Common Stock								224,853	I	By the SHFA Family Trust

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	(1)	10/01/2025		M			5,698	(3)	(3)	Class A Common Stock	5,698	$0	34,185	D
Restricted Stock Units	(1)	10/01/2025		M			5,651	(4)	(4)	Class A Common Stock	5,651	$0	56,514	D
Restricted Stock Units	(1)	10/01/2025		M			3,858	(5)	(5)	Class A Common Stock	3,858	$0	54,019	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 settlement.

2. 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.

3. The RSUs shall vest in sixteen equal quarterly installments following April 1, 2023.

4. The RSUs shall vest in sixteen equal quarterly installments following April 1, 2024.

5. The RSUs shall vest in sixteen equal quarterly installments following April 1, 2025.

Remarks:

As of the date of this Form 4, the Reporting Person also owns an aggregate of 25,722,670 shares of the Class B common stock of the Issuer. Each share of Class B common stock is convertible at any time into one share of the Class A common stock of the Issuer.

	/s/ Xing Yan as Attorney-in-Fact for Stephen Fredette	10/03/2025
	** 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 transactions did TOST’s Stephen Fredette report in early October 2025?

On 10/01/2025, RSUs settled into 5,698, 5,651, and 3,858 Class A shares. On 10/02/2025, he sold 7,550 Class A shares at $35.564.

How many Toast (TOST) shares were sold and at what price?

He sold 7,550 Class A shares at $35.564 per share.

What was the purpose of the Toast (TOST) share sale?

The sale covered tax withholding obligations related to RSU vesting and was not a discretionary trade.

What is Stephen Fredette’s direct Class A ownership after the transactions?

Direct beneficial ownership is listed as 898,475 Class A shares.

What RSU balances remain outstanding for TOST’s officer?

RSUs remaining cover 34,185, 56,514, and 54,019 underlying Class A shares.

What indirect Class A holdings are reported via trusts for TOST?

66,896 (Fredette Family Nominee Trust), 1,718,029 (SHFA 2021 Nominee Trust), and 224,853 (SHFA Family Trust).

How many Class B shares of Toast (TOST) does the reporting person own?

He owns 25,722,670 Class B shares, each convertible 1:1 into Class A.