<SEC-DOCUMENT>0001650164-23-000062.txt : 20230223
<SEC-HEADER>0001650164-23-000062.hdr.sgml : 20230223
<ACCEPTANCE-DATETIME>20230223170301
ACCESSION NUMBER:		0001650164-23-000062
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20230221
FILED AS OF DATE:		20230223
DATE AS OF CHANGE:		20230223

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Comparato Christopher P
		CENTRAL INDEX KEY:			0001868272

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40819
		FILM NUMBER:		23660749

	MAIL ADDRESS:	
		STREET 1:		TOAST, INC.
		STREET 2:		401 PARK DRIVE, SUITE 801
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02215

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Toast, Inc.
		CENTRAL INDEX KEY:			0001650164
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		401 PARK DRIVE
		STREET 2:		SUITE 801
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02215
		BUSINESS PHONE:		617-297-1005

	MAIL ADDRESS:	
		STREET 1:		401 PARK DRIVE
		STREET 2:		SUITE 801
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02215
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>wf-form4_167718974155905.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2023-02-21</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001650164</issuerCik>
        <issuerName>Toast, Inc.</issuerName>
        <issuerTradingSymbol>TOST</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001868272</rptOwnerCik>
            <rptOwnerName>Comparato Christopher P</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>401 PARK DRIVE</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 801</rptOwnerStreet2>
            <rptOwnerCity>BOSTON</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02215</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chief Executive Officer</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2023-02-21</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>33333</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>19.089</value>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>143228</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2023-02-21</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>128947</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>19.088</value>
                    <footnoteId id="F3"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>386841</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By the Comparato Family Holdings Trust dated July 27, 2018</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on August 17, 2022.</footnote>
        <footnote id="F2">The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $18.65 to $19.61, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within this price range set forth in this footnote.</footnote>
        <footnote id="F3">The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $18.65 to $19.61, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within this price range set forth in this footnote.</footnote>
    </footnotes>

    <remarks>As of the date of this Form 4, the Reporting Person also owns an aggregate of 9,383,280 shares of Class B common stock of the Issuer. Each Class B common stock is convertible at any time into one share of the Class A common stock of the Issuer.</remarks>

    <ownerSignature>
        <signatureName>/s/ Brian Elworthy as Attorney-in-Fact for Christopher P. Comparato</signatureName>
        <signatureDate>2023-02-23</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
