[Form 4] Toast, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Toast, Inc. General Counsel Brian R. Elworthy received new equity awards, consisting of stock options and restricted stock units tied to Class A common stock. He was granted options for 94,466 shares at an exercise price of $28.90 per share, expiring on March 10, 2036. These options vest in sixteen equal quarterly installments following April 1, 2026.

Elworthy also received 57,242 restricted stock units, which convert into Class A common stock on a one-for-one basis as they vest, also in sixteen equal quarterly installments following April 1, 2026. After these awards, he holds 237,261 Class A shares directly and 39,368 Class A shares indirectly through the Brian R. Elworthy Irrevocable Trust of 2019.

Insights

Equity compensation analyst

Routine equity grants increase the General Counsel’s long-term exposure to Toast stock.

The filing shows Brian R. Elworthy, General Counsel of Toast, Inc., receiving stock options for 94,466 shares at $28.90 and 57,242 RSUs. Both awards vest quarterly over four years starting after April 1, 2026, typical for executive retention packages.

No shares were bought or sold in the market; these are compensation-related acquisitions. Following the grants, Elworthy’s reported holdings total 237,261 Class A shares directly and 39,368 indirectly via the Brian R. Elworthy Irrevocable Trust of 2019. The transactions appear routine and do not, by themselves, signal a change in outlook.

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

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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^*

Elworthy Brian R

(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)
	General Counsel

3. Date of Earliest Transaction (Month/Day/Year)
03/10/2026

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								237,261	D
Class A Common Stock								39,368	I	By the Brian R. Elworthy Irrevocable Trust of 2019

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)	$28.9	03/10/2026		A		94,466		(1)	03/10/2036	Class A Common Stock	94,466	$0	94,466	D
Restricted Stock Units	(2)	03/10/2026		A		57,242		(3)	(3)	Class A Common Stock	57,242	$0	57,242	D

Explanation of Responses:

1. The shares underlying this option shall vest and become exercisable in sixteen equal quarterly installments following April 1, 2026.

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

3. The RSUs shall vest in sixteen equal quarterly installments following April 1, 2026.

Remarks:

	/s/ Xing Yan as Attorney-in-Fact for Brian R. Elworthy	03/12/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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