Technology Crossover Management X, Ltd. - Sep 21, 2021 Form 3 Insider Report for Toast, Inc. (TOST)

Role: May be part of a 13(d) group, 10%+ Owner
Signature: /s/ Frederic D. Fenton, Authorized Signatory for Technology Crossover Management X, Ltd.
Stock symbol: TOST
Transactions as of: Sep 21, 2021
Transactions value $: $0
Form type: 3
Date filed: 10/29/2021, 08:56 PM
Next filing: Oct 29, 2021

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
holding	TOST	Class B Common Stock							Sep 21, 2021	Class A Common Stock	26.1M		See footnotes	F1, F2, F3, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each share of the Issuer's Class B common stock (the "Class B Stock") is convertible into one share of the Issuer's Class A common stock at any time at the option of the holder or automatically upon the occurrence of certain transfers and on the earlier of (i) the date that is seven years from the date of the filing and effectiveness of the Issuer's amended and restated certificate of incorporation in Delaware, prior to the closing of the Issuer's initial public offering, or (ii) the date the holders of at least two-thirds of the Issuer's outstanding Class B Stock elect to convert the Class B Stock to Class A common stock.
F2	Includes 19,262,630 shares of Class B Stock held directly by TCV X, L.P., 4,776,800 shares of Class B Stock held directly by TCV X (A), L.P., 939,125 shares of Class B Stock held directly by TCV X (B), L.P. and 1,078,960 shares of Class B Stock held directly by TCV X Member Fund, L.P.
F3	Technology Crossover Management X, Ltd. ("Management X") is the sole general partner of Technology Crossover Management X, L.P. ("TCM"), which in turn is the sole general partner of TCV X, L.P., TCV X (A), L.P. and TCV X (B), L.P. Management X is also the general partner of TCV X Member Fund, L.P.
F4	Each of the entities described above are referred to herein as "Reporting Persons." Each Reporting Person disclaims Section 16 beneficial ownership of the shares reported herein except to the extent of its respective pecuniary interest therein, if any, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of all the reported shares for purposes of Section 16 or any other purpose.

Remarks:

Exhibit 99.1 (Signatures and Joint Filer Information), incorporated herein by reference.