Form 4: Toast Inc. Executive Brian R. Elworthy Reports Stock Transactions
SEC Form 4 Filing
Brian R. Elworthy, General Counsel of Toast, Inc., reports acquisition and disposal of Class A Common Stock and Restricted Stock Units.
Summary
- On October 1, 2024, Brian R. Elworthy, General Counsel of Toast, Inc., acquired Class A Common Stock through the vesting of Restricted Stock Units (RSUs).
- Specifically, 1,250 shares vested from RSUs vesting quarterly from July 1, 2022, 3,482 shares vested from RSUs vesting quarterly from April 1, 2023, and 3,989 shares vested from RSUs vesting quarterly from April 1, 2024.
- On October 2, 2024, Elworthy disposed of 2,878 shares of Class A Common Stock at a price of $27.765 per share to cover tax withholding obligations related to the vesting of RSUs.
- Following these transactions, Elworthy directly owns 177,836 shares of Class A Common Stock and indirectly owns 78,736 shares through the Brian R. Elworthy Irrevocable Trust of 2019.
- Elworthy also holds derivative securities in the form of Restricted Stock Units, with 3,750 RSUs vesting quarterly from July 1, 2022, 34,818 RSUs vesting quarterly from April 1, 2023, and 55,848 RSUs vesting quarterly from April 1, 2024.
Sentiment
Score: 5
Explanation: The sentiment is neutral as the filing simply reports transactions related to stock-based compensation and tax obligations, which are standard practices.
Industry Context
This Form 4 filing is a routine disclosure required by the SEC for corporate insiders, providing transparency into their trading activities. It is typical for executives to receive stock-based compensation and periodically sell shares to cover tax obligations or for personal financial planning.
Stakeholder Impact
- The transactions have a minimal impact on stakeholders as they are related to routine executive compensation and tax obligations.
Key Dates
| Date | Description |
|---|---|
| 2019 | Brian R. Elworthy Irrevocable Trust of 2019 |
| July 1, 2022 | 25% of RSUs vest, with remainder vesting in equal quarterly installments over the following three years |
| April 1, 2023 | RSUs vest in sixteen equal quarterly installments |
| April 1, 2024 | RSUs vest in sixteen equal quarterly installments |
| October 1, 2024 | Acquisition of Class A Common Stock through RSU vesting |
| October 2, 2024 | Disposal of Class A Common Stock to cover tax obligations |
| October 3, 2024 | Date of Form 4 signature |
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