Form 4: Toast Inc. Director Reports Conversion and Distribution of Class A Common Stock

Richard Kent Bennett, a director at Toast, Inc., reported the conversion of Class B Common Stock to Class A Common Stock and subsequent distribution of shares by Bessemer Venture Partners funds.

Summary

• On September 4, 2024, Bessemer Venture Partners IX, L.P. converted 1,661,808 shares of Class B Common Stock to Class A Common Stock.
• Bessemer Venture Partners IX Institutional, L.P. converted 1,318,425 shares of Class B Common Stock to Class A Common Stock on the same date.
• The Bessemer IX Funds distributed 2,980,233 shares of Class A Common Stock to their limited partners and Deer IX L.P. pro rata.
• These limited partners and Deer IX L.P. further distributed the shares to their members pro rata.
• Richard Kent Bennett, a partner at Bessemer Venture Partners, has an indirect interest in shares held by the Bessemer IX Funds and Bessemer Century Funds.
• Bennett disclaims beneficial ownership of these securities except to the extent of his pecuniary interest.
• Bennett also received 9,712 Class A Common Stock related to equity grants and 89,194 shares from pro rata distributions from the Bessemer Funds.
• As of the report date, Bessemer IX, Bessemer Institutional, Bessemer Century and Bessemer Century Institutional own 6,208,629, 5,030,759, 331,106 and 2,089,272 shares of Class B Common Stock, respectively.

Sentiment

Score: 5

Explanation: The document is a routine SEC filing detailing stock transactions, with no inherent positive or negative sentiment.

Industry Context

This filing reflects standard transactions related to stock ownership and distribution within venture capital firms and their portfolio companies. It's common for venture capital funds to distribute shares to their limited partners.

Key Dates