Document:

EX-4.4

 Exhibit 4.4 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE AND DISTRIBUTION
THEREOF, AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN OPINION
OF COUNSEL IN A FORM REASONABLY ACCEPTABLE TO COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED DUE TO AN EXEMPTION THEREFROM UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 

Date of Issuance: December 7, 2015 
 WARRANT
TO PURCHASE 
 SHARES OF PREFERRED STOCK OF 

TOAST, INC. 
 (Void after
June 30, 2026) 
 This certifies that VENTURE LENDING & LEASING VIII, LLC, a Delaware limited liability company, or assigns
(“Holder”), for value received, is entitled to purchase from TOAST, INC., a Delaware corporation (“Company”), the Applicable Number (hereinafter defined) of fully paid and nonassessable shares of Company’s
preferred equity securities (“Preferred Stock”) issued and sold in the Qualifying Round (hereinafter defined), for cash, at a purchase price per share equal to the Stock Purchase Price (hereinafter defined). Holder may also exercise
this Warrant on a cashless or “net issuance” basis as described in Section 1(b) below, and this Warrant shall be deemed to have been exercised in full on such basis on the Expiration Date, to the extent not fully exercised prior to such
date. This Warrant is issued in connection with that certain Loan and Security Agreement and Supplement thereto, both of even date herewith (as amended, restated and supplemented from time to time, the “Loan Agreement” and the
“Supplement”, respectively), between Company, as borrower, and Holder’s subsidiary, Venture Lending & Leasing VIII, Inc., as lender (“Lender”). Capitalized terms used herein and not otherwise defined
in this Warrant shall have the meaning(s) ascribed to them in the Loan Agreement and the Supplement, unless the context would otherwise require. 

“Stock Purchase Price” means the lowest price per share paid by a new, outside investor for Preferred Stock issued and sold
in the Qualifying Round, including for this purpose the value of all consideration given by an investor for such Preferred Stock but specifically excluding any discounts afforded to investors and stockholders of Company upon conversion of any
convertible promissory notes or other securities held by them in connection with the Qualifying Round or otherwise in connection therewith. “Qualifying Round” means the next bona fide round of equity financing after the date hereof
led by a new, outside investor in which Company sells or issues shares of its Preferred Stock with cash proceeds, net of offering expenses, to Company of at least $10,000,000 (excluding the conversion into Preferred Stock of any Indebtedness in
connection with the Qualifying Round), and includes (and Holder shall be entitled to receive, as calculated in relation to the Applicable Number) any options, warrants, or other convertible securities or similar consideration issued or delivered to
investors in the Qualifying Round; provided that the Qualifying Round excludes any additional sales of Company’s Series A Preferred Stock. The “Applicable Number” means the number of shares of Preferred Stock obtained by
dividing (A) $50,000 by (B) the Stock Purchase Price. 

 Notwithstanding anything to the contrary in the preceding paragraphs, if at any time during
the term of this Warrant a Qualifying Round has not been completed and a Change of Control or IPO occurs, or the Expiration Date is reached, then this Warrant shall entitle Holder to acquire in accordance with the terms hereof the Applicable Number
of shares of Company’s Series A Preferred Stock (in which case all references herein to “Preferred Stock” shall be deemed to mean Company’s Series A Preferred Stock) and the Stock Purchase Price shall be deemed to be a price per
share which is equal to $50,000,000 divided by the sum of (i) the number of issued and outstanding shares of capital stock of Company and (ii) the number of shares of capital stock of Company underlying “in-the-money” convertible securities, in each case on an as-converted to Common Stock basis as of the time of such Change of Control or IPO (or the
Expiration Date). 
 As soon as reasonably practicable after the occurrence or non-occurrence of the
latest event or condition necessary to determine (i) the actual number and type of shares of Company’s Preferred Stock issuable upon exercise of this Warrant, or (ii) the Stock Purchase Price, if applicable, Company shall deliver a
supplement to this Warrant (subsequent to a request by Holder therefor), in substantially the form of Exhibit “A” attached hereto, specifying the total number and series of shares of Preferred Stock issuable hereunder after
giving effect to the foregoing calculations, and otherwise completed with such quantity and price terms and other information as have been determined as a result of the occurrence or non-occurrence of such
events or conditions. The provisions of such supplement, once completed and executed, shall control the interpretation and exercise of this Warrant; provided, however, that the failure of Company to deliver such supplement shall not
affect the rights of Holder to receive the number and type of shares of Preferred Stock as set forth herein. 
 Subject to Section 4.3,
this Warrant may be exercised at any time or from time to time up to and including 5:00 p.m. (Pacific time) on June 30, 2026 (the “Expiration Date”), upon surrender to Company at its principal office at 401 Park
Drive, Suite 801, Boston, Massachusetts 02215 (or at such other location as Company may advise Holder in writing) of this Warrant properly endorsed with the Form of Subscription attached hereto duly completed and signed and upon payment in cash
or by check of the aggregate Stock Purchase Price for the number of shares for which this Warrant is being exercised determined in accordance with the provisions hereof. The Stock Purchase Price and the number of shares purchasable hereunder are
subject to further adjustment as provided in Section 4 of this Warrant. 
 This Warrant is subject to the following terms and
conditions: 
 1. Exercise; Issuance of Certificates; Payment for Shares. 

(a) Unless an election is made pursuant to clause (b) of this Section 1, this Warrant shall be exercisable at the option of Holder,
at any time or from time to time (after the identity of the Preferred Stock is ascertainable), on or before the Expiration Date for all or any portion of the shares of Preferred Stock (but not for a fraction of a share) which may be purchased
hereunder for the Stock Purchase Price multiplied by the number of shares to be purchased. In the event, however, that pursuant to Company’s Certificate of Incorporation, as amended or restated from time to time (the
“Charter”), an event causing automatic conversion of Company’s Preferred Stock (an “Automatic Conversion”) shall have occurred prior to the exercise of this Warrant, in whole or in part, then this Warrant shall
be exercisable for the number of shares of Common Stock of Company (“Common Stock”) into which the Preferred Stock not purchased upon any prior exercise of this Warrant would have been so converted (and, where the context requires,
reference to “Preferred Stock” shall be deemed to be or include such Common Stock, as may be appropriate). Company agrees that the shares of Preferred Stock purchased under this Warrant shall be and are deemed to be issued to Holder as the
record owner of such shares as of the close of business on the date on which the form of subscription shall have been delivered and payment made for such shares. Subject to the provisions of Section 2, certificates for the shares of Preferred
Stock so purchased, together with any other securities or property to which Holder is entitled upon such exercise, shall be delivered to Holder by Company at Company’s expense within a reasonable time after the rights represented by this
Warrant have been so exercised. Except as provided in clause (b) of this Section 1, in case of a purchase of less than all the shares which may be purchased under this Warrant, Company shall cancel this Warrant and execute and deliver a
new Warrant or Warrants of like tenor for the balance of the shares purchasable under this Warrant surrendered upon such purchase to Holder within a reasonable time. Each stock certificate so delivered shall be in such denominations of Preferred
Stock as may be requested by Holder and shall be registered in the name of such Holder or such other name as shall be designated by such Holder, subject to the limitations contained in Section 2. 

  
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 (b) Holder, in lieu of exercising this Warrant by the cash payment of the Stock Purchase
Price pursuant to clause (a) of this Section 1, may elect, at any time (after the identity of the Preferred Stock is ascertainable) on or before the Expiration Date, to surrender this Warrant and receive that number of shares of Preferred
Stock computed using the following formula: 
  

			
	X = 	 	Y(A – B)
	 	A

  

									
		 	Where:	  	X	  	=	  	the number of shares of Preferred Stock to be issued to Holder.
					
		 		  	Y	  	=	  	the number of shares of Preferred Stock that Holder would otherwise have been entitled to purchase hereunder pursuant to Section 1(a) (or such lesser number of shares as Holder may designate in the case of a partial exercise of
this Warrant).
					
		 		  	A	  	=	  	the Per Share Price (as defined in Section 1(c) below) of one (1) share of Preferred Stock at the time the net issuance election under this Section 1(b) is made.
					
		 		  	B	  	=	  	the Stock Purchase Price then in effect.

 Election to exercise under this Section 1(b) may be made by delivering a signed form of subscription to Company via facsimile,
to be followed by delivery of this Warrant. Notwithstanding anything to the contrary contained in this Warrant, if as of the close of business on the last business day preceding the Expiration Date this Warrant remains unexercised as to all or a
portion of the shares of Preferred Stock purchasable hereunder, then effective as 9:00 a.m. (Pacific time) on the Expiration Date, Holder shall be deemed, automatically and without need for notice to Company, to have elected to exercise this
Warrant in full pursuant to the provisions of this Section 1(b), and upon surrender of this Warrant shall be entitled to receive that number of shares of Preferred Stock computed using the above formula, provided that the application of such
formula as of the Expiration Date yields a positive number for “X”. 
 (c) For purposes of Section 1(b), the “Per Share
Price” shall be determined in good faith by the Board of Directors of Company (the “Board”) based on relevant facts and circumstances at the time of the net exercise under Section 1(b), including in the case of a
Change of Control (as defined in Section 4.3 hereof) the consideration receivable by the holders of the Preferred Stock in such Change of Control and the liquidation preference (including any declared but unpaid dividends), if any, then
applicable to the Preferred Stock. 
 2. Limitation on Transfer. 

(a) This Warrant, the Preferred Stock and the securities issuable, directly or indirectly, upon conversion of the Preferred Stock (the
“Conversion Shares”) shall not be transferable except upon the conditions specified in this Section 2, which conditions are intended to ensure compliance with the provisions of the Securities Act. Each holder of this Warrant,
the Preferred Stock issuable hereunder or the Conversion Shares will cause any proposed transferee of the Warrant, Preferred Stock or Conversion Shares to agree to take and hold such securities subject to the provisions and upon the conditions
specified in this Section 2. Notwithstanding the foregoing and any other provision of this Section 2, Holder may freely transfer all or part of this Warrant, the Preferred Stock or Conversion Shares at any time to any lender transferee of
a portion of the loan commitment of Lender under the Loan Agreement or any affiliate of Holder, provided that such transferee is not an actual or potential competitor of Company (as determined in good faith by the Board), by giving Company notice of
the portion of the Warrant, the Preferred Stock or Conversion Shares being transferred setting forth the name, address and taxpayer identification number of the transferee and surrendering this Warrant, such Preferred Stock or such Conversion Shares
to Company for reissuance to the transferees(s) (and Holder, if applicable). 

  
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 (b) Each certificate representing (i) this Warrant, (ii) the Preferred Stock,
(iii) the Conversion Shares and (iv) any other securities issued in respect to the Preferred Stock or Conversion Shares upon any stock split, stock dividend, recapitalization, merger, consolidation or similar event, shall (unless otherwise
permitted by the provisions of this Section 2 or unless such securities have been registered under the Securities Act or sold under Rule 144) be stamped or otherwise imprinted with a legend substantially in the following form (in addition to
any legend required under applicable state securities laws): 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT
WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE AND DISTRIBUTION THEREOF, AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN
OPINION OF COUNSEL IN A FORM REASONABLY ACCEPTABLE TO COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED DUE TO AN EXEMPTION THEREFROM UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 

(c) Holder of this Warrant and each person to whom all or any portion of this Warrant, all or any portion of the Preferred Stock or all or any
portion of the Conversion Shares is subsequently transferred represents and warrants to Company (by acceptance of such transfer) that it will not transfer such portion of this Warrant, such Preferred Stock or such Conversion Shares unless a
registration statement under the Securities Act was in effect with respect to such securities at the time of issuance thereof) except pursuant to (i) an effective registration statement under the Securities Act, (ii) Rule 144 under the
Securities Act (or any other rule under the Securities Act relating to the disposition of securities), or (iii) an opinion of counsel, reasonably satisfactory to counsel for Company, that an exemption from such registration is available. 

3. Shares to be Fully Paid; Reservation of Shares. Company covenants and agrees that all shares of Preferred Stock which may be issued
upon the exercise of the rights represented by this Warrant will, upon issuance, be duly authorized, validly issued, fully paid and nonassessable and free from all preemptive rights of any stockholder and free of all taxes, liens and charges with
respect to the issue thereof. Company further covenants and agrees that during the period within which the rights represented by this Warrant may be exercised, Company will at all times have authorized and reserved, for the purpose of issue or
transfer upon exercise of the subscription rights evidenced by this Warrant, a sufficient number of shares of authorized but unissued Preferred Stock, or other securities and property, when and as required to provide for the exercise of the rights
represented by this Warrant. Company will take all such action as may be necessary to assure that such shares of Preferred Stock may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of any
domestic securities exchange upon which the Preferred Stock may be listed. Company will not take any action which would result in any adjustment of the Stock Purchase Price (as described in Section 4 hereof) (i) if the total number of
shares of Preferred Stock issuable after such action upon exercise of all outstanding warrants, together with all shares of Preferred Stock then outstanding and all shares of Preferred Stock then issuable upon exercise of all options and upon the
conversion of all convertible securities then outstanding, would exceed the total number of shares of Preferred Stock then authorized by the Charter, (ii) if the total number of shares of Common Stock issuable after such action upon the
conversion of all such shares of Preferred Stock together with all shares of Common Stock then outstanding and then issuable upon exercise of all options and upon the conversion of all convertible securities then outstanding would exceed the total
number of shares of Common Stock then authorized by the Charter or (iii) if the par value per share of the Preferred Stock would exceed the Stock Purchase Price. 

  
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 4. Adjustment of Stock Purchase Price and Number of Shares. The Stock Purchase Price
and the number of shares purchasable upon the exercise of this Warrant shall be subject to adjustment from time to time upon the occurrence of certain events described in this Section 4. Upon each adjustment of the Stock Purchase Price, Holder
of this Warrant shall thereafter be entitled to purchase, at the Stock Purchase Price resulting from such adjustment, the number of shares obtained by multiplying the Stock Purchase Price in effect immediately prior to such adjustment by the number
of shares purchasable pursuant hereto immediately prior to such adjustment, and dividing the product thereof by the Stock Purchase Price resulting from such adjustment. For clarity, no adjustment to the Stock Purchase Price or the number of shares
purchasable upon the exercise of this Warrant shall be made in respect of the occurrence of the certain events described in this Section 4 to the extent such events occurred prior to the Qualifying Round, except for adjustments pursuant to
Section 4.2 (other than those adjustments that provide to holders of Preferred Stock additional securities of Company that are convertible, directly or indirectly, into Common Stock) in the event this Warrant, in accordance with its terms,
entitles Holder to acquire shares of Company’s Series A Preferred Stock. 
 4.1 Subdivision or Combination of Stock. In case
Company shall at any time subdivide its outstanding shares of Preferred Stock into a greater number of shares, the Stock Purchase Price in effect immediately prior to such subdivision shall be proportionately reduced, and conversely, in case the
outstanding shares of Preferred Stock of Company shall be combined into a smaller number of shares, the Stock Purchase Price in effect immediately prior to such combination shall be proportionately increased. 

4.2 Dividends in Preferred Stock, Other Stock, Properly, Reclassification. If at any time or from time to time the holders of Preferred
Stock (or any shares of stock or other securities at the time receivable upon the exercise of this Warrant) shall have received or become entitled to receive, without payment therefor, 

(a) Preferred Stock, or any shares of stock or other securities whether or not such securities are at any time directly or indirectly
convertible into or exchangeable for Preferred Stock, or any rights or options to subscribe for, purchase or otherwise acquire any of the foregoing by way of dividend or other distribution, 

(b) any cash paid or payable otherwise than as a cash dividend, or 

(c) Preferred Stock or other or additional stock or other securities or property (including cash) by way of spin off, split-up, reclassification, combination of shares or similar corporate rearrangement, (other than shares of Preferred Stock issued as a stock split, adjustments in respect of which shall be covered by the terms of
Section 4.1 above), 
 then and in each such case, Holder shall, upon the exercise of this Warrant, be entitled to receive, in addition to the number
of shares of Preferred Stock receivable thereupon, and without payment of any additional consideration therefor, the amount of stock and other securities and property (including cash in the cases referred to in clauses (b) and (c) above) which
such Holder would hold on the date of such exercise had it been the holder of record of such Preferred Stock as of the date on which holders of Preferred Stock received or became entitled to receive such shares and/or all other additional stock and
other securities and property. 
 4.3 Change of Control; IPO. In the event of (i) a Change of Control (as hereinafter defined)
or (ii) the consummation of a sale of Company’s securities pursuant to a registration statement filed by Company under the Securities Act (or pursuant to the laws of the jurisdiction in which the initial public offering is completed), in
connection with the first firm commitment underwritten offering of Company’s securities to the general public that occurs after the date this Warrant is issued (“IPO”), this Warrant shall be automatically exchanged,
contemporaneously with the consummation of such Change of Control or IPO, as applicable, for a number of shares of Company’s securities, such number of shares being equal to the maximum number of shares issuable pursuant to the terms hereof
(after taking into account all adjustments described herein) had Holder elected to exercise this Warrant immediately prior to the closing of such Change of Control or IPO and purchased all such shares pursuant to the cash exercise provision set
forth in Section l(a) hereof (as opposed to the cashless exercise provision set forth in Section 1(b)), subject to the terms of Section 1(a) that this Warrant shall be exercisable for the number of shares of Common Stock that such shares of
Preferred Stock are convertible into, in lieu of such shares of Preferred Stock, in the event an Automatic Conversion occurs prior to or concurrently with such Change of Control or IPO; provided, however, that Holder shall pay to
Company in cash the aggregate par value of the securities acquired pursuant to such automatic exchange. Company acknowledges and agrees that Holder shall not be required to make any payment (cash or otherwise) for such shares as further
consideration for their issuance pursuant to the terms of the preceding sentence. “Change of Control” shall mean any sale, exclusive license, or other disposition of all or substantially all of the assets of Company, any
reorganization, consolidation, merger or other transaction involving Company where the holders of Company’s securities before the transaction beneficially own less than 50% of the outstanding voting securities of the surviving entity after the
transaction; provided, however, the sale of Company’s equity securities in a bona fide financing transaction for capital-raising purposes shall not be considered a “Change of Control.” This Warrant shall terminate upon Holder’s
receipt of the number of shares of Company’s equity securities described in this Section 4.3. 

  
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 4.4 Sale or Issuance Below Purchase Price; “Pay-to-Play” Exemption. 
 (a) The other antidilution rights applicable to the
shares of Preferred Stock purchasable hereunder are set forth in the Charter. Such antidilution rights shall not be restated, amended, modified or waived in any manner without Holder’s prior written consent if the terms of such restatement,
amendment, modification or waiver on Holder would be more adverse to Holder than, and substantially dissimilar to, such terms for the other holders of the same series of Company’s Preferred Stock. Company shall promptly provide Holder with any
restatement, amendment, modification or waiver of the Charter promptly after the same has been made. 
 (b) In the event that the Charter
provides, or is amended to so provide, for the amendment or modification of the rights, preferences or privileges of the shares of Preferred Stock issuable upon the exercise of this Warrant, or the reclassification, conversion or exchange of the
outstanding shares of such Preferred Stock, in the event that a holder of shares thereof fails to participate in an equity financing or debt financing transaction (as applicable, a
“Pay-to-Play Provision”), and in the event that such Pay-to-Play
Provision becomes operative in a transaction occurring after the date hereof, this Warrant shall automatically and without any action required become exercisable for that type of shares of equity securities as would have been issued or exchanged, or
would have remained outstanding, in respect of the shares of Preferred Stock issuable hereunder had this Warrant been exercised in full prior to such event (and for that number of shares of equity securities as would have been issued or exchanged,
or would have remained outstanding, in respect of the shares of Preferred Stock issuable hereunder had this Warrant been exercised in full prior to such event, if applicable), and had Holder participated in the equity or debt financing to the
maximum extent permitted. 
 4.5 Notice of Adjustment. Upon any adjustment of the Stock Purchase Price, and/or any increase or
decrease in the number of shares purchasable upon the exercise of this Warrant, Company shall give written notice thereof, by first class mail, postage prepaid, addressed to the registered holder of this Warrant at the address of such holder as
shown on the books of Company. The notice, which may be substantially in the form of Exhibit “A” attached hereto, shall be signed by Company’s chief financial officer and shall state the Stock Purchase Price resulting from such
adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of this Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based.

 4.6 Other Notices. If at any time: 

(a) Company shall declare any cash dividend upon its Preferred Stock; 

  
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 (b) Company shall declare any dividend upon its Preferred Stock payable in stock or make
any special dividend or other distribution to the holders of its Preferred Stock; 
 (c) Company shall offer for subscription pro rata to
the holders of its Preferred Stock any additional shares of stock of any class or other rights; 
 (d) there shall be any capital
reorganization or reclassification of the capital stock of Company, or consolidation or merger of Company with, or sale of all or substantially all of its assets to, another entity; 

(e) there shall be a voluntary or involuntary dissolution, liquidation or winding-up of Company; or

 (f) Company shall take or propose to take any other action, notice of which is actually provided to holders of the Preferred Stock; 

then, in any one or more of said cases, Company shall give, by first class mail, postage prepaid, addressed to Holder of this Warrant at the address of such
Holder as shown on the books of Company, (i) at least 10 days’ prior written notice of the date on which the books of Company shall close or a record shall be taken for such dividend, distribution or subscription rights or for determining
rights to vote in respect of any such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up, or other action and (ii) in the case of any such
reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up, or other action, at least 10 days’ written notice of the date when the same shall take place. Any
notice given in accordance with the foregoing clause (i) shall also specify, in the case of any such dividend, distribution or subscription rights, the date on which the holders of Preferred Stock shall be entitled thereto. Any notice given in
accordance with the foregoing clause (ii) shall also specify the date on which the holders of Preferred Stock shall be entitled to exchange their Preferred Stock for securities or other property deliverable upon such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up, or other action as the case may be. 

4.7 Certain Events. If any change in the outstanding Preferred Stock of Company or any other event occurs as to which the other
provisions of this Section 4 are not strictly applicable or if strictly applicable would not fairly effect the adjustments to this Warrant in accordance with the essential intent and principles of such provisions, then the Board shall make in
good faith an adjustment in the number and class of shares issuable under this Warrant, the Stock Purchase Price and/or the application of such provisions, in accordance with such essential intent and principles, so as to protect such purchase
rights as aforesaid. The adjustment shall be such as will give Holder of this Warrant upon exercise for the same aggregate Stock Purchase Price the total number, class and kind of shares as Holder would have owned had this Warrant been exercised
prior to the event and had Holder continued to hold such shares until after the event requiring adjustment. 
 5. Issue Tax.
The issuance of certificates for shares of Preferred Stock upon the exercise of this Warrant shall be made without charge to Holder of this Warrant for any issue tax in respect thereof; provided, however, that Company shall not be required to pay
any tax which may be payable in respect of any transfer involved in the issuance and delivery of any certificate in a name other than that of the then Holder of this Warrant being exercised. 

6. Closing of Books. Company will at no time close its transfer books against the transfer of this Warrant or of any shares of
Preferred Stock issued or issuable upon the exercise of this Warrant in any manner which interferes with the timely exercise of this Warrant. 

  
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 7. No Voting or Dividend Rights; Limitation of Liability. Nothing contained in this
Warrant shall be construed as conferring upon Holder the right to vote or to consent as a stockholder in respect of meetings of stockholders for the election of directors of Company or any other matters or any rights whatsoever as a stockholder of
Company. No dividends or interest shall be payable or accrued in respect of this Warrant or the interest represented hereby or the shares purchasable hereunder until, and only to the extent that, this Warrant shall have been exercised. No provisions
hereof, in the absence of affirmative action by Holder to purchase shares of Preferred Stock, and no mere enumeration herein of the rights or privileges of Holder, shall give rise to any liability of such Holder for the Stock Purchase Price or as a
stockholder of Company, whether such liability is asserted by Company or by its creditors. 
 8. [Intentionally Omitted] 

9. Registration Rights. Holder shall be entitled, with respect to the shares of Preferred Stock issued upon exercise hereof or the
shares of Common Stock or other securities issued upon conversion of such Preferred Stock as the case may be, to all of the registration rights set forth in any investors’ rights agreement (or like agreement) among Company and any of its
investors (as amended from time to time, the “Rights Agreement”), to the same extent and on the same terms and conditions as possessed by the investors thereunder with the following exceptions and clarifications: (i) Holder
will have no right to make a written request under the Rights Agreement that Company file a registration statement under Form S-1 of the Securities Act; (ii) Holder will be subject to the same provisions
regarding indemnification as contained in the Rights Agreement; and (iii) any registration rights are freely assignable by Holder of this Warrant in connection with a permitted transfer of this Warrant or the shares issuable upon exercise
hereof. Company shall take such action as may be reasonably necessary to assure that the granting of such registration rights to Holder does not violate the provisions of the Rights Agreement or any of Company’s charter documents or rights of
prior grantees of registration rights. 
 10. Rights and Obligations Survive Exercise of Warrant. Subject to the other provisions set
forth herein, the rights and obligations of Company, of Holder of this Warrant and of the holder of shares of Preferred Stock issued upon exercise of this Warrant, contained in Sections 6, 9, 18.7 and 19 shall survive the exercise of this Warrant.

 11. Modification and Waiver. This Warrant and any provision hereof may be changed, waived, discharged or terminated only by an
instrument in writing signed by the party against which enforcement of the same is sought. 
 12. Notices. Any notice, request or
other document required or permitted to be given or delivered to Holder or Company shall be deemed to have been given (i) upon receipt if delivered personally or by courier (ii) upon confirmation of successful transmission if sent by
telecopy or affirmative confirmation of receipt by the recipient if sent by electronic mail or (iii) three business days after deposit in the US mail, with postage prepaid and certified or registered, to each such Holder at its address as shown
on the books of Company or to Company at the address indicated therefor in the opening paragraphs of this Warrant. 
 13. Survival of
Certain Obligations. Subject to other provisions set forth herein, all of the obligations of Company relating to the Preferred Stock issuable upon the exercise of this Warrant shall survive the exercise and termination of this Warrant. All of
the covenants and agreements of Company shall inure to the benefit of the successors and assigns of Holder. Company will, at the time of the exercise of this Warrant, in whole or in part, upon request of Holder but at Company’s expense,
acknowledge in writing its continuing obligation to Holder in respect of any rights (including, without limitation, any right to registration of the shares of Common Stock) to which Holder shall continue to be entitled after such exercise in
accordance with this Warrant; provided, that the failure of Holder to make any such request shall not affect the continuing obligation of Company to Holder in respect of such rights. 

  
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 14. Descriptive Headings and Governing Law. The descriptive headings of the several
sections and paragraphs of this Warrant are inserted for convenience only and do not constitute a part of this Warrant. This Warrant shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the laws of
the State of Delaware. 
 15. Lost Warrants or Stock Certificates. Company represents and warrants to Holder that upon receipt of
evidence reasonably satisfactory to Company of the loss, theft, destruction, or mutilation of any Warrant or stock certificate and, in the case of any such loss, theft or destruction, upon receipt of an indemnity reasonably satisfactory to Company,
or in the case of any such mutilation upon surrender and cancellation of such Warrant or stock certificate, Company at its expense will make and deliver a new Warrant or stock certificate, of like tenor, in lieu of the lost, stolen, destroyed or
mutilated Warrant or stock certificate. 
 16. Fractional Shares. No fractional shares shall be issued upon exercise of this Warrant.
Company shall, in lieu of issuing any fractional share, pay the holder entitled to such fraction a sum in cash equal to such fraction multiplied by the then effective Stock Purchase Price. 

17. Representations of Holder. With respect to this Warrant, Holder represents and warrants to Company as follows: 

17.1 Experience. It is experienced in evaluating and investing in companies engaged in businesses similar to that of Company; it
understands that investment in this Warrant involves substantial risks; it has made detailed inquiries concerning Company, its business and services, its officers and its personnel; the officers of Company have made available to Holder any and all
written information it has requested; the officers of Company have answered to Holder’s satisfaction all inquiries made by it; in making this investment it has relied upon information made available to it by Company; and it has such knowledge
and experience in financial and business matters that it is capable of evaluating the merits and risks of investment in Company and it is able to bear the economic risk of that investment. 

17.2 Investment. It is acquiring this Warrant for investment for its own account and not with a view to, or for resale in connection
with, any distribution thereof. It understands that this Warrant, the shares of Preferred Stock issuable upon exercise thereof and the Conversion Shares, have not been registered under the Securities Act, nor qualified under applicable state
securities laws. 
 17.3 Rule 144. It acknowledges that this Warrant, the Preferred Stock and the Common Stock must be held
indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available. It has been advised or is aware of the provisions of Rule 144 promulgated under the Securities Act. 

17.4 Access to Data. It has had an opportunity to discuss Company’s business, management and financial affairs with Company’s
management and has had the opportunity to inspect Company’s facilities. 
 17.5 Accredited Investor. It is an “accredited
investor” within the meaning of Regulation D promulgated under the Securities Act. 
 18. Additional Representations and Covenants
of Company. Company hereby represents, warrants and agrees as follows: 
 18.l Corporate Power. Company has all requisite
corporate power and corporate authority to issue this Warrant and to carry out and perform its obligations hereunder. 

  
 9 

 18.2 Authorization. All corporate action on the part of Company, its directors and
stockholders necessary for the authorization, execution, delivery and performance by Company of this Warrant has been taken. This Warrant is a valid and binding obligation of Company, enforceable in accordance with its terms. 

18.3 Offering. Subject in part to the truth and accuracy of Holder’s representations set forth in Section 17 hereof on the
date of issuance of any Preferred Stock to Holder, the offer, issuance and sale of this Warrant is, and the issuance of Preferred Stock upon exercise of this Warrant and the issuance of Conversion Shares will be exempt from the registration
requirements of the Securities Act, and are exempt from the qualification requirements of any applicable state securities laws; and neither Company nor anyone acting on its behalf will take any action hereafter that would cause the loss of such
exemptions. 
 18.4 Listing: Stock Issuance. Company shall secure and maintain the listing of the Preferred Stock issuable upon
exercise of this Warrant and the Conversion Shares upon each securities exchange or over-the-counter market upon which securities of the same class or series issued by Company are listed, if any. Upon exercise
of this Warrant, Company will use its best efforts to cause stock certificates representing the shares of Preferred Stock purchased pursuant to the exercise to be issued in the names of Holder, its nominees or assignees, as appropriate at the time
of such exercise. Upon conversion of the shares of Preferred Stock into shares of Common Stock, Company will issue the Common Stock in the names of Holder, its nominees or assignees, as appropriate. 

18.5 Charter Documents. Company has provided Holder with true and complete copies of the Charter,
By-Laws, and each Certificate of Designation or other charter document setting, forth any rights, preferences and privileges of Company’s capital stock, each as amended and in effect on the date of
issuance of this Warrant. 
 18.6 Reserved. 

18.7 Financial and Other Reports. Until the Expiration Date, Company shall furnish to Holder (i) within 180 days after the close
of each fiscal year of Company, a balance sheet, together with an income statement and a cash flow statement, for such fiscal year, in the same form as such annual financial statements are furnished to the Board; (ii) within 45 days after the
close of each fiscal quarter of Company, an unaudited balance sheet, income statement and cash flow statement, each at and as of the end of such quarter, together with an
up-to-date capitalization table; and (iii) promptly after the closing of each equity financing consummated by Company after the date this Warrant has been issued, a
copy of the term sheet for such equity financing (if any), a post-closing capitalization table and other information relating to the then-current valuation of Company. In addition, Company agrees to provide Holder at any time and from time to time
with such information as Holder may reasonably request for purposes of Holder’s compliance (as determined by Holder in its reasonable discretion) with regulatory, accounting and reporting requirements applicable to Holder (e.g., Fair Value
Accounting Standard 157), including any 409A valuation reports and up-to-date operating budgets, as well as information with respect to whether the securities issuable
upon the exercise hereof constitute “qualified small business stock” for purposes of Section 1202(c) of the Internal Revenue Code and Section 18152.5 of the California Revenue and Taxation Code. Notwithstanding the foregoing,
Company shall not be required to furnish to Holder the financial information described in this Section 18.7 (i) in the event such financial information has been previously delivered to Lender pursuant to the Loan Agreement or if Holder’s
auditors no longer require such information or (ii) if such information is highly confidential or a trade secret or other confidential information, which would result in a conflict of interest or is subject to attorney-client or similar
privilege, or which constitutes attorney work product, or the disclosure of which is prohibited by applicable law or binding agreement. 

19. Right to Purchase Securities in Qualifying Round. Company hereby grants to Holder the right to invest up to $175,000 in the
Preferred Stock sold by Company in the Qualifying Round. Such right may be satisfied either by Holder purchasing Preferred Stock directly from Company in the Qualifying Round or by Holder purchasing a note from Company that is convertible into
Preferred Stock to be issued in the Qualifying Round. Notwithstanding the foregoing, Holder shall not have any obligation to purchase Company’s equity securities (or any note convertible into such securities) in the Qualifying Round. Except as
otherwise agreed by Holder and Company, to exercise its purchase right under this Section 19, Holder shall deliver, within ten (10) days of Holder’s actual receipt of written notification from Company regarding the offer or sale of
its equity securities in the Qualifying Round (which written notification from Company shall include a description of the material terms of such securities), a written notice stating Holder’s intention to exercise such right and the number of
equity securities that Holder desires to purchase. In the event Holder exercises its purchase right set forth hereunder, Holder shall not have any obligation to purchase such securities, except pursuant to those definitive purchase documents
executed by other purchasers in connection with the Qualifying Round. The right to purchase equity securities in the Qualifying Round described in this Section 19 shall survive the payment and satisfaction of all of Company’s Obligations
to Lender, notwithstanding anything to the contrary set forth in any other Loan Document executed or delivered by Company or Lender after the date hereof. Holder shall be entitled to apportion the rights hereby granted to it among itself and any
affiliate of Holder in such proportions as Holder deems appropriate. 

  
 10 

 20. “Market Stand-Off” Agreement.
Holder hereby agrees that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the registration by Company of shares of Common Stock or any other
equity securities under the Securities Act on a registration statement on Form S-1, and ending on the date specified by Company and the managing underwriter (such period not to exceed one hundred eighty (l80)
days, or such other period as may be requested by Company or an underwriter to accommodate regulatory restrictions on (1) the publication or other distribution of research reports, and (2) analyst recommendations and opinions, including,
but not limited to, the restrictions contained in FINRA Rule 271l(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto), (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase
any option or contract to sell; grant any option, right, or warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable (directly or
indirectly) for Common Stock held immediately before the effective date of the registration statement for such offering or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of such securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or other securities, in cash, or otherwise. The foregoing provisions of this
Section 20 shall apply only to the IPO, shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, and shall be applicable to Holder only if all officers of Company, all directors of Company and all
stockholders owning more than five percent (5%) (or such other percent that is used in the “market stand-off’ agreement in the Rights Agreement) of Company’s outstanding Common Stock (after
giving effect to the conversion into Common Stock of all Preferred Stock) are subject to similar restrictions. The underwriters in connection with such registration are intended third party beneficiaries of this Section 20 and shall have the
right, power and authority to enforce the provisions hereof as though they were a party hereto. Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with such registration that are
consistent with this Section 20 or that are necessary to give further effect thereto. 
 [Remainder of this page intentionally left
blank; signature page follows] 

  
 11 

 [Signature Page to Warrant] 

IN WITNESS WHEREOF, Company has caused this Warrant to be duly executed by its officer, thereunto duly authorized as of the date of issuance
set forth on the first page hereof. 
  

			
	COMPANY:
	
	TOAST, INC.
		
	By:	 	 /s/ Tim Barash

	Name:	 	 Tim Barash

	Title:	 	 CFO

 FORM OF SUBSCRIPTION 

(To be signed only upon exercise of Warrant) 
  

							
	To:	 	  
	 		 	

  

	☐	 The undersigned, the holder of the within Warrant, hereby irrevocably elects to exercise the purchase right
represented by such Warrant for, and to purchase thereunder, (1) See Below                     
(                ) shares (the “Shares”) of Stock of                 
and herewith makes payment of                      Dollars ($        ) therefor, and requests that the
certificates for such shares be issued in the name of, and delivered to,                     , whose address is
                    . 

  

	☐	 The undersigned hereby elects to convert
                     percent (    %) of the value of the Warrant pursuant to the provisions of Section l(b) of the Warrant.

 The undersigned acknowledges that it has reviewed the representations and warranties contained in Section 17 of this Warrant and
by its signature below hereby makes such representations and warranties to Company. 
  

			
	Dated	 	  

		
	Holder:	 	  

		
	By:	 	  

		
	Its:	 	  

	
	(Address)
	
	  

	
	  

  

	(1)	 Insert here the number of shares called for on the face of the Warrant (or, in the case of a partial exercise,
the portion thereof as to which the Warrant is being exercised), in either case without making any adjustment for additional Preferred Stock or any other stock or other securities or property or cash which, pursuant to the adjustment provisions of
the Warrant, may be issuable upon exercise. 

 ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned, the holder of the within Warrant, hereby sells, assigns and transfers all of the rights of the undersigned under the
within Warrant, with respect to the number of shares of Preferred Stock covered thereby set forth herein below, unto: 
  

					
	 Name of Assignee
	  	 Address
	  	 No. of Shares

	    	  		  	
	    	  		  	
		  		  	

  

			
	Dated	 	  

		
	Holder:	 	  

		
	By:	 	  

		
	Its:	 	  

 EXHIBIT “A” 

[On letterhead of Company] 

Reference is hereby made to that certain Warrant dated December 7, 2015, issued by TOAST, INC., a Delaware corporation (the
“Company”), to VENTURE LENDING & LEASING VIII, LLC, a Delaware limited liability company (the “Holder”). 

[IF APPLICABLE] The Warrant provides that the actual number and type of shares of Company’s capital stock issuable upon exercise of the
Warrant and the initial exercise price per share are to be determined by reference to one or more events or conditions subsequent to the issuance of the Warrant. Such events or conditions have now occurred or lapsed, and Company wishes to confirm
the actual number of shares issuable and the initial exercise price. The provisions of this Supplement to Warrant are incorporated into the Warrant by this reference, and shall control the interpretation and exercise of the Warrant. 

[IF APPLICABLE] Notice is hereby given pursuant to Section 4.5 of the Warrant that the following adjustment(s) have been made to the
Warrant: [describe adjustments, setting forth details regarding method of calculation and facts upon which calculation is based]. 
 This
certifies that Holder is entitled to purchase from Company                     , at the Holder’s option, either (i)
(                    ) fully paid and nonassessable shares of Company’s
                     Stock at a price of
                     Dollars ($        ) per share or (ii)
(                    ) fully paid and nonassessable shares of Company’s
                     Stock at a price of
                     Dollars ($        ) per share. The applicable Stock Purchase Price and the number of
shares purchasable under the Warrant remain subject to adjustment as provided in Section 4 of the Warrant. 
 Executed this
     day of                 , 20    . 

 

			
	TOAST, INC.
		
	By:	 	  

		
	Name:	 	  

		
	Title:EX-4.5

 Exhibit 4.5 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN SECTIONS 5.3 AND 5.4 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID
ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION. 

WARRANT TO PURCHASE STOCK 
 Company:
Toast, Inc., a Delaware corporation 
 Number of Shares: 80,000, subject to adjustment as set forth herein 

Type/Series of Stock: Series B Preferred Stock, $0.000001 par value per share 

Warrant Price: $1.9538 per Share, subject to adjustment as set forth herein 

Issue Date: August 9, 2016 
 Expiration Date:
August 8, 2026 See also Section 5.l(b). 

	Credit Facility:	 This Warrant to Purchase Stock (“Warrant”)
is issued in connection with that certain Loan and Security Agreement of even date herewith between Silicon Valley Bank and the Company (as amended and/or modified and in effect from time to time, the “Loan
Agreement”).  

 THIS WARRANT CERTIFIES THAT, for good and valuable consideration, SILICON VALLEY BANK
(together with any successor or permitted assignee or transferee of this Warrant or of any shares issued upon exercise hereof, “Holder”) is entitled to purchase the number of fully paid and non-assessable shares (the “Shares”) of the above-stated Type/Series of Stock (the “Class”) of the above-named company (the
“Company”) at the above-stated Warrant Price, all as set forth above and as adjusted pursuant to Section 2 of this Warrant, subject to the provisions and upon the terms and conditions set forth in
this Warrant. Reference is made to Section 5.4 of this Warrant whereby Silicon Valley Bank shall transfer this Warrant to its parent company, SVB Financial Group. 

SECTION 1. EXERCISE. 
 1.1
Method of Exercise. Holder may at any time and from time to time on or before the Expiration Date exercise this Warrant, in whole or in part, by delivering to the Company the original of this Warrant together with a duly executed Notice of
Exercise in substantially the form attached hereto as Appendix 1 and, unless Holder is exercising this Warrant pursuant to a cashless exercise set forth in Section 1.2, a check, wire transfer of same-day
funds (to an account designated by the Company), or other form of payment acceptable to the Company for the aggregate Warrant Price for the Shares being purchased. 

1.2 Cashless Exercise. On any exercise of this Warrant, in lieu of payment of the aggregate Warrant Price in the manner as specified in
Section 1.1 above, but otherwise in accordance with the requirements of Section 1.1, Holder may elect to receive Shares equal to the value of this Warrant, or portion hereof as to which this Warrant is being exercised. Thereupon, the
Company shall issue to the Holder such number of fully paid and non-assessable Shares as are computed using the following formula: 

X = Y(A-B)/A 

 where: 

 

			
	X =	  	the number of Shares to be issued to the Holder;
		
	Y =	  	the number of Shares with respect to which this Warrant is being exercised (inclusive of the Shares surrendered to the Company in payment of the aggregate Warrant Price);
		
	A =	  	the Fair Market Value (as determined pursuant to Section 1.3 below) of one Share; and
		
	B =	  	the Warrant Price.

 1.3 Fair Market Value. If the Company’s common stock is then traded or quoted on a
nationally recognized securities exchange, inter-dealer quotation system or over-the-counter market (a “Trading Market”) and the Class is
common stock, the fair market value of a Share shall be the closing price or last sale price of a share of the Company’s common stock reported for the Business Day immediately before the date on which Holder delivers this Warrant together with
its Notice of Exercise to the Company. If the Company’s common stock is then traded in a Trading Market and the Class is a series of the Company’s convertible preferred stock, the fair market value of a Share shall be the closing
price or last sale price of a share of the Company’s common stock reported for the Business Day immediately before the date on which Holder delivers this Warrant together with its Notice of Exercise to the Company multiplied by the number of
shares of the Company’s common stock into which a Share is then convertible. If the Company’s common stock is not traded in a Trading Market, the Board of Directors of the Company shall determine the fair market value of a Share in its
reasonable good faith judgment. 
 1.4 Delivery of Certificate and New Warrant. Within a reasonable time after Holder exercises this
Warrant in the manner set forth in Section 1.1 or 1.2 above, the Company shall deliver to Holder a certificate representing the Shares issued to Holder upon such exercise and, if this Warrant has not been fully exercised and has not expired, a
new warrant of like tenor representing the Shares not so acquired. 
 1.5 Replacement of Warrant. On receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form, substance and amount to the Company or,
in the case of mutilation, on surrender of this Warrant to the Company for cancellation, the Company shall, within a reasonable time, execute and deliver to Holder, in lieu of this Warrant, a new warrant of like tenor and amount. 

1.6 Treatment of Warrant Upon Acquisition of Company. 

(a) Acquisition. For the purpose of this Warrant, “Acquisition” means any transaction or series
of related transactions involving: (i) the sale, lease, exclusive license, or other disposition of all or substantially all of the assets of the Company; (ii) any merger or consolidation of the Company into or with another person or entity
(other than a merger or consolidation effected exclusively to change the Company’s domicile), or any other corporate reorganization, in which the stockholders of the Company in their capacity as such immediately prior to such merger,
consolidation or reorganization, own less than a majority of the Company’s (or the surviving or successor entity’s) outstanding voting power immediately after such merger, consolidation or reorganization (or, if such Company stockholders
beneficially own a majority of the outstanding voting power of the surviving or successor entity as of immediately after such merger, consolidation or reorganization, such surviving or successor entity is not the Company); or (iii) any sale or
other transfer by the stockholders of the Company of shares representing at least a majority of the Company’s then-total outstanding combined voting power. For the avoidance of doubt, “Acquisition” shall not include any sale and
issuance by the Company of shares of its capital stock or of securities or instruments exercisable for or convertible into, or otherwise representing the right to acquire, shares of its capital stock to one or more investors for cash in a
transaction or series of related transactions the primary purpose of which is a bona fide equity financing of the Company. 

  
 2 

 (b) Treatment of Warrant at Acquisition. In the event of an Acquisition in which the
consideration to be received by the Company’s stockholders consists solely of cash, solely of Marketable Securities or a combination of cash and Marketable Securities (a “Cash/Public Acquisition”), and the
fair market value of one Share as determined in accordance with Section 1.3 above would be greater than the Warrant Price in effect on such date immediately prior to such Cash/Public Acquisition, and Holder has not exercised this Warrant
pursuant to Section 1. 1 above as to all Shares, then this Warrant shall automatically be deemed to be Cashless Exercised pursuant to Section 1.2 above as to all Shares effective immediately prior to and contingent upon the consummation of
a Cash/Public Acquisition. In connection with such Cashless Exercise, Holder shall be deemed to have restated each of the representations and warranties in Section 4 of the Warrant as of the date thereof and the Company shall promptly notify
the Holder of the number of Shares (or such other securities) issued upon exercise. In the event of a Cash/Public Acquisition where the fair market value of one Share as determined in accordance with Section 1.3 above would be less than the
Warrant Price in effect immediately prior to such Cash/Public Acquisition, then this Warrant will expire immediately prior to the consummation of such Cash/Public Acquisition. 

Notwithstanding the foregoing provisions of this Section l.6(b), in the event of a Cash/Public Acquisition (i) involving the payment or
possible payment following the initial closing thereof of deferred or contingent consideration to the holders of the outstanding shares of the Class (whether of amounts deposited at such closing into an escrow, contingent payments in the nature of
milestone or earn-out payments, or otherwise), and (ii) where the maximum aggregate amount per outstanding share of the Class of all payments to be made at the initial closing thereof plus all
payments and possible payments of deferred and contingent consideration thereafter would be greater than the Warrant Price in effect as of immediately prior to such initial closing, then this Warrant shall, as of such initial closing, cease to
represent the right to purchase Shares or any other securities, whether of the Company or of the acquiring, surviving or successor entity in such Cash/Public Acquisition, and thereat and thereafter shall represent only the right to receive all
payments that would be payable in respect of all Shares for which this Warrant was exercisable as of immediately prior to such initial closing, net of the aggregate Warrant Price therefor, as and when payments are made to the holders of the
outstanding shares of the Class. 
 (c) Upon the closing of any Acquisition other than a Cash/Public Acquisition, either (i) the
acquiring, surviving or successor entity shall assume this Warrant and the obligations of the Company hereunder, and this Warrant shall, from and after such closing, be exercisable for the same class, number and kind of securities, cash and other
property as would have been paid for or in respect of the Shares issuable (as of immediately prior to such closing) upon exercise in full hereof as if such Shares had been issued and outstanding on and as of such closing, at an aggregate Warrant
Price equal to the aggregate Warrant Price in effect as of immediately prior to such closing; and subject to further adjustment thereafter from time to time in accordance with the provisions of this Warrant, or (ii) if the successor or
surviving entity shall not have assumed this Warrant, then the aggregate Warrant Price shall be reduced to the greater of (A) One Dollar ($1.00), or (B) the aggregate par value of all Shares issuable hereunder as of immediately prior to
the closing of such Acquisition, and this Warrant shall be deemed to have been exercised in full pursuant to Section 1.2 above as of immediately prior to the closing of such Acquisition. 

  
 3 

 (d) As used in this Warrant, “Marketable Securities”
means securities meeting all of the following requirements: (i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), and is then current in its filing of all required reports and other information under the Act and the Exchange Act; (ii) the class and series of shares or other security of the issuer that
would be received by Holder in connection with the Acquisition were Holder to exercise this Warrant on or prior to the closing thereof is then traded in a Trading Market, and (iii) following the closing of such Acquisition, Holder would not be
restricted from publicly re-selling all of the issuer’s shares and/or other securities that would be received by Holder in such Acquisition were Holder to exercise this Warrant in full on or prior to the
closing of such Acquisition, except to the extent that any such restriction (x) arises solely under federal or state securities laws, rules or regulations, and (y) does not extend beyond six (6) months from the closing of such
Acquisition. 
 1.7 Certain Agreements. Following any exercise of this Warrant and solely with respect to the Shares issued thereupon
(and the shares of Common Stock, if any, issued upon conversion of such Shares), Holder shall, if the Company so requests in writing, become a party as a “Key Holder” to, by execution and delivery to the Company of a counterpart signature
page, joinder agreement, instrument of accession or similar instrument, (i) the Right of First Refusal and Co-Sale Agreement dated December 23, 2015 by and among the Company and the other parties
named therein, as amended and in effect from time to time and (ii) the Voting Agreement dated December 23, 2015 by and among the Company and the other parties named therein, as amended and in effect from time to time, in each case only if
(i) all holders of 80,000 or more then-outstanding shares of the Class (as such number may be adjusted from time to time for stock splits, stock dividends, recapitalizations, reorganizations and the like) are then parties thereto, and
(ii) such agreement is then by its terms in force and effect. Provided that the conditions described in the foregoing clauses (i) and (ii) are met as to any such agreement at the time of any exercise of this Warrant, Holder shall,
effective upon such exercise, automatically become bound by, and the Shares issued upon such exercise (and the shares of Common Stock, if any, issuable upon conversion of such Shares), automatically become subject to, such agreement. 

SECTION 2. ADJUSTMENTS TO THE SHARES AND WARRANT PRICE. 

2.1 Stock Dividends, Splits, Etc. If the Company declares or pays a dividend or distribution on the outstanding shares of the
Class payable in common stock or other securities or property (other than cash), then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without additional cost to Holder, the total number and kind of securities and
property which Holder would have received had Holder owned the Shares of record as of the date the dividend or distribution occurred. If the Company subdivides the outstanding shares of the Class by reclassification or otherwise into a greater
number of shares, the number of Shares purchasable hereunder shall be proportionately increased and the Warrant Price shall be proportionately decreased. If the outstanding shares of the Class are combined or consolidated, by reclassification
or otherwise, into a lesser number of shares, the Warrant Price shall be proportionately increased and the number of Shares shall be proportionately decreased. 

 2.2 Reclassification, Exchange, Combinations or Substitution. Upon any event whereby
all of the outstanding shares of the Class are reclassified, exchanged, combined, substituted, or replaced for, into, with or by Company securities of a different class and/or series, then from and after the consummation of such event, this
Warrant will be exercisable for the number, class and series of Company securities that Holder would have received had the Shares been outstanding on and as of the consummation of such event, and subject to further adjustment thereafter from time to
time in accordance with the provisions of this Warrant. The provisions of this Section 2.2 shall similarly apply to successive reclassifications, exchanges, combinations, substitutions, replacements or other similar events. 

2.3 Conversion of Preferred Stock. If the Class is a class and series of the Company’s convertible preferred stock, in the
event that all outstanding shares of the Class are converted, automatically or by action of the holders thereof, into common stock pursuant to the provisions of the Company’s Certificate of Incorporation, including, without limitation, in
connection with the Company’s initial, underwritten public offering and sale of its common stock pursuant to an effective registration statement under the Act (the “IPO”), then from and after the date on
which all outstanding shares of the Class have been so converted, this Warrant shall be exercisable for such number of shares of common stock into which the Shares would have been converted had the Shares been outstanding on the date of such
conversion, and the Warrant Price shall equal the Warrant Price in effect as of immediately prior to such conversion divided by the number of shares of common stock into which one Share would have been converted, all subject to further adjustment
thereafter from time to time in accordance with the provisions of this Warrant. 
 2.4 Adjustments for Diluting Issuances. Without
duplication of any adjustment otherwise provided for in this Section 2, the number of shares of common stock issuable upon conversion of the Shares shall be subject to anti-dilution adjustment from time to time in the manner set forth in the
Company’s Certificate of Incorporation as if the Shares were issued and outstanding on and as of the date of any such required adjustment. 

2.5 No Fractional Share. No fractional Share shall be issuable upon exercise of this Warrant and the number of Shares to be issued
shall be rounded down to the nearest whole Share. If a fractional Share interest arises upon any exercise of the Warrant, the Company shall eliminate such fractional Share interest by paying Holder in cash the amount computed by multiplying the
fractional interest by (i) the fair market value (as determined in accordance with Section 1.3 above) of a full Share, less (ii) the then-effective Warrant Price. 

2.6 Notice/Certificate as to Adjustments. Upon each adjustment of the Warrant Price, Class and/or number of Shares, the Company,
at the Company’s expense, shall notify Holder in writing within a reasonable time setting forth the adjustments to the Warrant Price, Class and/or number of Shares and facts upon which such adjustment is based. The Company shall, upon
written request from Holder, furnish Holder with a certificate of its Chief Financial Officer, including computations of such adjustment and the Warrant Price, Class and number of Shares in effect upon the date of such adjustment. 

  
 5 

 SECTION 3. REPRESENTATIONS AND COVENANTS OF THE COMPANY. 

3.1 Representations and Warranties. The Company represents and warrants to, and agrees with, the Holder as follows: 

(a) The initial Warrant Price referenced on the first page of this Warrant is not greater than the price per share at which shares of the
Class were last sold and issued prior to the Issue Date hereof in an arms-length transaction in which at least $500,000 of such shares were sold. 

(b) All Shares which may be issued upon the exercise of this Warrant, and all securities, if any, issuable upon conversion of the Shares,
shall, upon issuance, be duly authorized, validly issued, fully paid and non-assessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein, under the agreements
described in Section 1.7 above (to the extent Holder is then subject thereto pursuant to the terms of such Section) or under applicable federal and state securities laws. The Company covenants that it shall at all times cause to be reserved and
kept available out of its authorized and unissued capital stock such number of shares of the Class, common stock and other securities as will be sufficient to permit the exercise in full of this Warrant and the conversion of the Shares into common
stock or such other securities. 
 (c) The Company’s capitalization table attached hereto as Schedule 1 is true and complete, in
all material respects, as of the Issue Date. 
 3.2 Notice of Certain Events. If the Company proposes at any time to: 

(a) declare any dividend or distribution upon the outstanding shares of the Class or common stock, whether in cash, property, stock, or
other securities and whether or not a regular cash dividend; 
 (b) offer for subscription or sale pro rata to the holders of the
outstanding shares of the Class any additional shares of any class or series of the Company’s stock (other than pursuant to contractual pre-emptive rights); 

(c) effect any reclassification, exchange, combination, substitution, reorganization or recapitalization of the outstanding shares of the
Class; 
 (d) effect an Acquisition or to liquidate, dissolve or wind up; or 

(e) effect an IPO; 
 then, in connection with
each such event, the Company shall give Holder: 
 (1) in the case of the matters referred to in (a) and (b) above, at
least seven (7) Business Days prior written notice of the earlier to occur of the effective date thereof or the date on which a record will be taken for such dividend, distribution, or subscription rights (and specifying the date on which the
holders of outstanding shares of the Class will be entitled thereto) or for determining rights to vote, if any; 
 (2)
in the case of the matters referred to in (c) and (d) above at least seven (7) Business Days prior written notice of the date when the same will take place (and specifying the date on which the holders of outstanding shares of the
Class will be entitled to exchange their shares for the securities or other property deliverable upon the occurrence of such event and such reasonable information as Holder may reasonably require regarding the treatment of this Warrant in
connection with such event giving rise to the notice); and 
 (3) with respect to the IPO, at least seven (7) Business
Days prior written notice of the date on which the Company proposes to file its registration statement in connection therewith. 

  
 6 

 The Company will also provide information requested by Holder that is reasonably necessary to enable Holder
to comply with Holder’s accounting or reporting requirements. 
 SECTION 4. REPRESENTATIONS, WARRANTIES OF THE HOLDER. 

The Holder represents and warrants to the Company as follows: 

4.1 Purchase for Own Account. This Warrant and the securities to be acquired upon exercise of this Warrant by Holder are being acquired
for investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution within the meaning of the Act. Holder also represents that it has not been formed for the specific purpose of acquiring
this Warrant or the Shares. 
 4.2 Disclosure of Information. Holder is aware of the Company’s business affairs and financial
condition and has received or has had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the acquisition of this Warrant and its underlying securities. Holder further has
had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to obtain additional information (to the extent the Company possessed such
information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to Holder or to which Holder has access. 

4.3 Investment Experience. Holder understands that the purchase of this Warrant and its underlying securities involves substantial
risk. Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear the economic risk of such Holder’s investment in this Warrant and its underlying securities and has such
knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying securities and/or has a preexisting personal or business relationship with the
Company and certain of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial circumstances of such persons. 

4.4 Accredited Investor Status. Holder is an “accredited investor” within the meaning of Regulation D promulgated under the
Act. 
 4.5 The Act. Holder understands that this Warrant and the Shares issuable upon exercise hereof have not been registered under
the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the Holder’s investment intent as expressed herein. Holder understands that this Warrant and the Shares issued
upon any exercise hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities laws, or unless exemption from such registration and qualification are otherwise available. Holder is
aware of the provisions of Rule 144 promulgated under the Act. 

  
 7 

 4.6 Market Stand-off Agreement. The Holder
agrees that the Shares shall be subject to the Market Standoff provisions in Section 2.11 of the Investors’ Rights Agreement by and among the Company and the Investors and Key Holders named therein dated as of December 23, 2015, as
amended and in effect from time to time. 
 4.7 No Shareholder Rights. Without limiting any provision of this Warrant, Holder agrees
that as a Holder of this Warrant it will not have any rights (including, but not limited to, voting rights) as a shareholder of the Company with respect to the Shares issuable hereunder unless and until the exercise of this Warrant and then only
with respect to the Shares issued on such exercise. 
 SECTION 5. MISCELLANEOUS. 

5.1 Term; Automatic Cashless Exercise Upon Expiration. 

(a) Term. Subject to the provisions of Section 1.6 above, this Warrant is exercisable in whole or in part at any time and from
time to time on or before 6:00 PM, Pacific time, on the Expiration Date and shall be void thereafter. 
 (b) Automatic Cashless Exercise
upon Expiration. In the event that, upon the Expiration Date, the fair market value of one Share (or other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above is greater than the Warrant Price in
effect on such date, then this Warrant shall automatically be deemed on and as of such date to be exercised pursuant to Section 1.2 above as to all Shares (or such other securities) for which it shall not previously have been exercised, and the
Company shall, within a reasonable time, deliver a certificate representing the Shares (or such other securities) issued upon such exercise to Holder. 

5.2 Legends. Each certificate evidencing Shares (and each certificate evidencing securities issued upon conversion of any Shares, if
any) shall be imprinted with a legend in substantially the following form (together with such other legend(s), if any, as may be required under the agreements described in Section 1.7 above to the extent Holder is then subject thereto pursuant
to the terms of such Section): 
 THE SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN THAT CERTAIN WARRANT TO PURCHASE STOCK ISSUED BY THE ISSUER TO SILICON VALLEY BANK DATED AUGUST 9, 2016, MAY NOT BE OFFERED, SOLD,
PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

 5.3 Compliance with Securities Laws on Transfer. This Warrant and the Shares issued upon exercise of this Warrant (and the
securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part except in compliance with applicable federal and state securities laws by the transferor and the transferee
(including, without limitation, the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, as reasonably requested by the Company). The Company shall not require Holder to provide an opinion of
counsel if the transfer is to SVB Financial Group (Silicon Valley Bank’s parent company) or any other affiliate of Holder, provided that any such transferee is an “accredited investor” as defined in Regulation D promulgated under the
Act. Additionally, the Company shall also not require an opinion of counsel if there is no material question as to the availability of Rule 144 promulgated under the Act. 

  
 8 

 5.4 Transfer Procedure. After receipt by Silicon Valley Bank of the executed Warrant,
Silicon Valley Bank will transfer all of this Warrant to its parent company, SVB Financial Group. By its acceptance of this Warrant, SVB Financial Group hereby makes to the Company each of the representations and warranties set forth in
Section 4 hereof and agrees to be bound by all of the terms and conditions of this Warrant as if the original Holder hereof. Subject to the provisions of Section 5.3 and upon providing the Company with written notice, SVB Financial Group
and any subsequent Holder may transfer all or part of this Warrant or the Shares issued upon exercise of this Warrant (or the securities issued upon conversion of the Shares, if any) to any transferee, provided, however, in connection with any such
transfer, SVB Financial Group or any subsequent Holder will give the Company notice of the portion of the Warrant and/or Shares (and/or securities issued upon conversion of the Shares, if any) being transferred with the name, address and taxpayer
identification number of the transferee and Holder will surrender this Warrant to the Company for reissuance to the transferee(s) (and Holder if applicable); and provided further, that any subsequent transferee other than SVB Financial Group shall
agree in writing with the Company to be bound by all of the terms and conditions of this Warrant; and provided further, that the transfer of any Shares issued on exercise hereof (or of any securities issues on the conversion of such Shares) shall be
subject to the provisions of the agreements described in Section 1.7 above to the extent Holder is then subject thereto pursuant to the terms of such Section. Notwithstanding any contrary provision herein, at all times prior to the IPO, Holder
may not, without the Company’s prior written consent, transfer this Warrant or any portion hereof, or any Shares issued upon any exercise hereof, or any shares or other securities issued upon any conversion of any Shares issued upon any
exercise hereof, to any person or entity who directly competes with the Company (as determined by the Board of Directors of the Company in its reasonable good faith judgment), except in connection with an Acquisition of the Company by such a direct
competitor. 
 5.5 Notices. All notices and other communications hereunder from the Company to the Holder, or vice versa, shall be
deemed delivered and effective (i) when given personally, (ii) on the third (3rd) Business Day after being mailed by first-class registered or certified mail, postage prepaid,
(iii) upon actual receipt if given by facsimile or electronic mail and such receipt is confirmed in writing by the recipient, or (iv) on the first Business Day following delivery to a reliable overnight courier service, courier fee
prepaid, in any case at such address as may have been furnished to the Company or Holder, as the case may be, in writing by the Company or such Holder from time to time in accordance with the provisions of this Section 5.5. All notices to
Holder shall be addressed as follows until the Company receives notice of a change of address in connection with a transfer or otherwise: 

SVB Financial Group 
 Attn:
Treasury Department 
 3003 Tasman Drive, HC 215 

Santa Clara, CA 95054 

Telephone: (408) 654-7400 

Facsimile: (408) 988-8317 

Email address: derivatives@svb.com 

  
 9 

 Notice to the Company shall be addressed as follows until Holder receives notice of a change
in address: 
 Toast, Inc. 

Attn: Chief Financial Officer 

401 Park Drive, Suite 801 

Boston, MA 02215 
 Telephone:

 Facsimile: 
 Email: 

With a copy (which shall not constitute notice) to: 

Goodwin Procter LLP 
 Attn: Mark
T. Bettencourt and Gregg L. Katz 
 100 Northern Avenue 

Boston, MA 02210 
 Telephone:
617 570 1000 
 Facsimile: 617 523 1231 

Email: mbettencourt@goodwinprocter.com; gkatz@goodwinprocter.com 

5.6 Waiver. This Warrant and any term hereof may be changed, waived, discharged or terminated (either generally or in a particular
instance and either retroactively or prospectively) only by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. 

5.7 Attorneys’ Fees. In the event of any dispute between the parties concerning the terms and provisions of this Warrant, the
party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’ fees. 

5.8 Counterparts; Facsimile/Electronic Signatures. This Warrant may be executed in counterparts, all of which together shall constitute
one and the same agreement. Any signature page delivered electronically or by facsimile shall be binding to the same extent as an original signature page with regards to any agreement subject to the terms hereof or any amendment thereto. 

5.9 Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of Delaware, without giving
effect to its principles regarding conflicts of law. 
 5.10 Headings. The headings in this Warrant are for purposes of reference
only and shall not limit or otherwise affect the meaning of any provision of this Warrant. 
 5.11 Business Days. “Business
Day” is any day that is not a Saturday, Sunday or a day on which Silicon Valley Bank is closed. 
 [Remainder of page left blank
intentionally] 
 [Signature page follows] 

  
 10 

 IN WITNESS WHEREOF, the parties have caused this Warrant to Purchase Stock to be executed by
their duly authorized representatives effective as of the Issue Date written above. 
  

			
	“COMPANY”
	
	TOAST, INC.
		
	By:	 	 /s/ Timothy Barash

		
	Name:	 	 Timothy Barash

		 	(Print)
	Title:	 	CFO, Secretary & Treasurer

  

			
	“HOLDER”
	
	SILICON VALLEY BANK
		
	By:	 	  

		
	Name:	 	  

		 	(Print)
	Title:	 	

 IN WITNESS WHEREOF, the parties have caused this Warrant to Purchase Stock to be executed by
their duly authorized representatives effective as of the Issue Date written above. 
  

			
	“COMPANY”
	
	TOAST, INC.
		
	By:	 	  

		
	Name:	 	  

		 	(Print)
	Title:	 	

  

			
	“HOLDER”
	
	SILICON VALLEY BANK
		
	By:	 	 /s/ Karen Sperling

		
	Name:	 	 Karen Sperling

		 	(Print)
	Title:	 	VP

 APPENDIX I 

NOTICE OF EXERCISE 
 1.
The undersigned Holder hereby exercises its right to purchase                  shares of the Common/Series
             Preferred [circle one] Stock of                      (the
“Company”) in accordance with the attached Warrant To Purchase Stock, and tenders payment of the aggregate Warrant Price for such shares as follows: 
  

	 	[    ]	 check in the amount of $         payable to order of the Company
enclosed herewith 

  

	 	[    ]	 Wire transfer of immediately available funds to the Company’s account 

 

	 	[    ]	 Cashless Exercise pursuant to Section 1.2 of the Warrant 

 

	 	[    ]	 Other
[Describe]                         

2. Please issue a certificate or certificates representing the Shares in the name specified below: 

 

					
		 	  
	  	
		 	Holder’s Name	  	
			
		 	  
	  	
			
		 	  
	  	
		 	(Address)	  	

 3. By its execution below and for the benefit of the Company, Holder hereby restates each of the
representations and warranties in Section 4 of the Warrant to Purchase Stock as of the date hereof. 
  

			
	HOLDER:
	
	  

		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

		
	(Date):	 	  

  
 Appendix 1 

 SCHEDULE 1 

Company Capitalization Table 

See attached 

  
 Schedule 1

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