Form 4: Toast Inc. Director Reports Transactions Involving Class A Common Stock

Director Richard Kent Bennett reports conversion and distribution of Class A Common Stock by Bessemer Venture Partners IX Funds.

Summary

• Richard Kent Bennett, a director at Toast, Inc., filed a Form 4 detailing changes in beneficial ownership of Class A Common Stock.
• The transactions involved the conversion of Class B Common Stock to Class A Common Stock by Bessemer Venture Partners IX, L.P. and Bessemer Venture Partners IX Institutional, L.P.
• The Bessemer IX Funds distributed 5,066,396 shares of Class A Common Stock to their limited partners and Deer IX L.P. on May 20, 2025.
• These distributions were then further distributed to members and partners, all without consideration and in accordance with exemptions under the Securities Exchange Act of 1934.
• Bennett also reported holding 543,879 shares of Class A Common Stock, including shares received from equity grants and pro rata distributions.
• Bennett disclaims beneficial ownership of shares held by the Bessemer IX Funds, except to the extent of his pecuniary interest.

Sentiment

Score: 5

Explanation: The document is a standard SEC filing detailing transactions by a company director, indicating a neutral sentiment.

Industry Context

Form 4 filings are standard disclosures required by the SEC to ensure transparency in insider trading and provide investors with information about the transactions of company insiders.

Stakeholder Impact

• The transactions may be of interest to shareholders as they provide insight into the holdings and transactions of a key company director and major shareholders like Bessemer Venture Partners.

Key Dates

Keywords

Form 4, Class A Common Stock, Beneficial Ownership, Toast Inc., Bessemer Venture Partners, Richard Kent Bennett, Distribution, Conversion