Elena Gomez - 24 Sep 2021 Form 4 Insider Report for Toast, Inc. (TOST)

Role
Chief Financial Officer
Signature
/s/ Brian R. Elworthy, as Attorney-in-Fact
Issuer symbol
TOST
Transactions as of
24 Sep 2021
Net transactions value
$0
Form type
4
Filing time
27 Sep 2021, 21:36:35 UTC
Previous filing
21 Sep 2021
Next filing
29 Oct 2021
SEC
View on sec.gov

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction TOST Stock Option (Right to Buy) Other $0 -1,875,000 -100% $0.000000* 0 24 Sep 2021 Common Stock 1,875,000 $15.27 Direct F1, F3
transaction TOST Stock Option (Right to Buy) Other $0 +1,875,000 $0.000000 1,875,000 24 Sep 2021 Class B Common Stock 1,875,000 $15.27 Direct F1, F2, F3
transaction TOST Restricted Stock Units Other $0 -375,000 -100% $0.000000* 0 24 Sep 2021 Common Stock 375,000 Direct F1, F4, F5
transaction TOST Restricted Stock Units Other $0 +375,000 $0.000000 375,000 24 Sep 2021 Class B Common Stock 375,000 Direct F1, F2, F4, F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Immediately prior to the completion of the Issuer's initial public offering, each share of Common Stock was reclassified into one share of Class B Common Stock in an exempt transaction pursuant to Rule 16b-7.
F2 Each outstanding share of Class B Common Stock is convertible into one share of Class A Common Stock at any time at the option of the holder or automatically upon the occurrence of other events set forth in the Issuer's certificate of incorporation.
F3 20% of the shares subject to this option shall vest and become exercisable on March 8, 2022, with the remainder vesting in sixteen equal quarterly installments thereafter.
F4 Restricted Stock Units ("RSUs") convert into Class B Common Stock on a one-for-one basis upon vesting and settlement.
F5 The RSUs shall vest as follows: 25% shall vest on April 1, 2022, with the remainder vesting in equal quarterly installments over the following three years.