Business Context and Reporting Period
This Form 8-K filing by Toast, Inc. (TOST) reports a corporate governance event dated October 13, 2021. The company is incorporated in Delaware and operates as an emerging growth company.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on executive compensation and appointment details.
Material Changes
The primary material change is the appointment of Michael Matlock as Chief Accounting Officer and Principal Accounting Officer. Mr. Matlock joins from Ernst & Young LLP, where he served as a Partner in the technology practice from 2003 to 2021.
Compensation and Outlook
In connection with his appointment, Mr. Matlock's compensation package includes:
- Base Salary: $325,000 per year.
- Sign-on Bonus: One-time payment of $75,000.
- Annual Bonus: Eligible for up to 30% of annual base salary.
- Equity Grant: 250,000 restricted stock units (RSUs) with a four-year vesting schedule (25% on the first anniversary, remainder in equal quarterly installments).
Mr. Matlock has entered into the company's standard indemnification agreement and is subject to the equity change in control policy. No unusual items or specific risks regarding this appointment were disclosed.
Investor Verification Checklist
- Verify the vesting start date for the 250,000 RSU grant to determine the exact vesting timeline.
- Review the company's 2021 Stock Option and Incentive Plan for specific terms governing the RSU agreement.
- Confirm the effective date of Mr. Matlock's employment to align with the vesting schedule.