Toast (TOST) CRO Vassil Jonathan Exercises Options, Sells 13,797 Shares

What Happened
Vassil Jonathan, Chief Revenue Officer of Toast, exercised stock options to acquire a total of 13,797 shares (7,651 shares at $17.38 and 6,146 shares at $17.33) for a combined exercise cost of $239,484, and then sold those 13,797 shares in open-market transactions on August 11, 2026 for approximately $496,858 (weighted average $36.01). The Form 4 records the option-exercise entries (code M) and the subsequent sale (code S). The net result was a disposition of the acquired shares; this appears to be an exercise-and-sell (cashless) transaction rather than a buy-and-hold.

Key Details

• Transaction date: August 11, 2026. Form filed August 13, 2026 (timely under Form 4 rules).
• Option exercises: 7,651 shares @ $17.38 (cost $132,974) and 6,146 shares @ $17.33 (cost $106,510).
• Sale: 13,797 shares sold @ weighted average $36.01 for proceeds of $496,858. (Prices in the sale ranged $36.00–$36.05; the filer can provide exact breakdown on request.)
• Derivative entries: Two option exercise/dispositions reported with $0 consideration reflect conversion/cancellation of the options upon exercise.
• Vesting notes: One option reported is fully vested and exercisable as of the date; the other vests in 16 equal quarterly installments following April 1, 2023.
• Trading plan: The sale was effected pursuant to a Rule 10b5-1 trading plan adopted March 13, 2026.
• Shares owned after transaction: not specified in the provided excerpt of the filing.

Context
Because the options were exercised and the resulting shares were sold the same day, this is effectively an exercise-and-sell (cashless) transaction rather than an open-market purchase indicating fresh insider accumulation. The 10b5-1 plan note indicates the sale was pre-planned under an SEC-compliant trading arrangement. As always, insider sales can be for many personal or tax reasons and do not by themselves signal company performance.