Good morning, everyone, and welcome to the 2025 Annual Stockholders' Meeting of Toast. I'm Mark Hawkins, the Chairman of the Board of Directors, and I will be acting as the Chairperson for today's meeting. It's a pleasure to welcome you here today, and similar to last year, we're hosting this annual meeting virtually to be inclusive and to reduce the burden of our stockholders for attending our annual meeting. We are joined here by our Chief Executive Officer, Aman Narang, other members of the board, and management. It's approximately 11:30 A.M. Eastern Time, and this meeting is officially called to order. Before we begin the formal business of the meeting, I want to take a moment, an important moment, to recognize and thank Chris Comparato and Dave Ewen for their distinguished service as they step down from our Board of Directors.
Both Dave and Chris have made significant contributions to Toast during their tenure, providing invaluable guidance and leadership as we've grown and navigated the many opportunities and challenges in our journey. We are grateful for their dedication and definitely look forward to their continued support as members of the Toast community. At this time, I would like to introduce our General Counsel and Corporate Secretary, Brian Elworthy. Brian will act as the Secretary of this meeting, and I will now turn the meeting over to him for the formal business. Brian?
Great. Thank you, Mark. It's good to be here. Also joining us today are Jon Lang and Rachel Swenson of Ernst & Young LLP, our independent registered public accounting firm, and Greg Cates from Goodwin Procter, our External Counsel, and Terry Hassett, who, on behalf of Broadridge Financial Solutions, has been appointed Inspector of Election and has signed and filed his oath of Inspector of Election prior to this meeting. The oath will be filed with the minutes of this meeting. After we have voted on all matters subject to a vote, Mr. Hassett will tabulate the votes and determine the results of the voting. The agenda and rules of conduct for today's meeting are posted on the virtual meeting website. Please abide by the rules of conduct in order to facilitate an orderly meeting and allow us to accomplish the items outlined in the agenda.
Please note that this meeting is being recorded by Toast, and recording of this meeting by attendees is not permitted. I have an affidavit certifying that the notice of internet availability of the notice of this meeting was duly given and that the proxy materials were made available or mailed on or about April 24, 2025, to all stockholders of record as of the close of business on April 15, 2025, the record date that was approved by our Board of Directors for this meeting. As of that record date, there were 497,386,067 shares of Class A Common Stock issued and outstanding and entitled to vote on each proposal presented at this meeting, and 80,514,933 shares of Class B Common Stock issued and outstanding and entitled to vote on each proposal presented at this meeting.
Each share of Class A Common Stock is entitled to 1 vote, and each share of Class B Common Stock is entitled to 10 votes. A complete list of stockholders of record as of the record date has been prepared and certified by our transfer agent and has been on file at the principal place of business of Toast for the last 10 days immediately prior to the date of this meeting and has been available for inspection by stockholders in accordance with our bylaws. The Inspector of Election has advised me that we have present virtually or by proxy approximately 89% of the voting power on the record date. Since this represents more than a majority of the eligible voting power, I now declare that the quorum necessary to proceed with this meeting is present. This meeting is being held in accordance with Toast bylaws and Delaware law.
In today's meeting, we will address and vote on the proposals described in Toast's proxy statement filed on April 24, 2025, with the SEC. After the proposals have been presented, we will respond to appropriate questions relating to the proposals, and then we will announce the preliminary voting results. We will attempt to answer as many questions as time allows, but only questions that are relevant to our proposals will be voted on at this meeting and submitted in accordance with our rules of conduct will be addressed. Out of consideration for others, please limit yourself to 1 question, and please submit your questions now to make sure they are received in a timely fashion for our review. I will now present the proposals to be voted upon. As set forth in the notice of this meeting, there are three proposals to be considered at this meeting.
The first proposal is to elect Paul Bell and Hillary Koppelman Adams as Class 1 directors, each to hold office for a three-year term until the 2028 annual meeting of stockholders or until their respective successors are duly elected and qualified, subject to their earlier resignation or removal. The election of directors requires a plurality of votes properly cast to be approved, meaning that the 2 nominees receiving the most votes for such nominees will be elected. Our Board of Directors recommends that you vote in favor of each of these nominees. The second proposal is to ratify the appointment of Ernst & Young LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2025. A majority of the votes properly cast on this proposal is required in order to ratify the appointment of Ernst & Young.
Our Board of Directors recommends that you vote in favor of this proposal. The third proposal is to approve on an advisory non-binding basis the compensation of our named executive officers. The approval of this proposal requires the affirmative vote of a majority of the votes properly cast on this proposal. Our Board of Directors recommends that you vote in favor of this proposal. We'll now take a minute to review and see if we've received any questions that are relevant to the proposals before we open the polls. Okay. There are no questions that are submitted by the stockholders that are relevant to the proposals today. In terms of voting procedures, we'll vote today via the meeting's link as provided in the notice.
If you previously voted via telephone or internet or by returning a proxy card and you do not wish to change your vote, it's not necessary for you to take further action as the vote you already cast will be counted. If you are eligible to vote and have not done so, or if you want to change your vote, you may vote by clicking on the vote button on the meeting link and follow the instructions there. Any votes cast today will be counted in the final tally along with the proxy previously received. It is now 11:37 A.M. Eastern Time, and the polls are open for voting. Upon closing of the polls, no ballots, proxies, or votes, or any revocation or changes will be accepted. I'll pause at this time to allow stockholders to complete any online voting. Okay. It is now 11:38 A.M. Eastern Time.
Now that everyone has had the opportunity to vote, I hereby declare that the polls are closed. We have been informed by the Inspector of Election that based upon the preliminary vote reports and subject to final adjustments for any votes made during this meeting, each of Paul Bell and Hillary Koppelman Adams has been duly elected as a Class 1 director. The proposal to ratify Ernst & Young LLP as Toast's independent registered public accounting firm for fiscal year ending December 31, 2025, has been approved, and the proposal to approve on an advisory non-binding basis the compensation of our named executives has been approved. The Inspector of Election will conduct the final count of all votes, and we will announce final results on our current report on Form 8-K to be filed with the SEC within 4 business days of this meeting.
With that, I will now hand the meeting back over to Mark.
Thank you very much, Brian. There being no further business to come before this meeting, I declare this meeting adjourned. However, I want to thank you all for attending Toast's annual meeting this year. Your engagements and insights are invaluable for our continued success. We are deeply grateful to all of our shareholders, our employees, our customers, our partners, and the entire restaurant community for their continuing support and dedication. Toast is driven by our mission to help the restaurant community delight their guests, do what they love, and thrive, and we are honored to be on this journey with everyone in this ecosystem. Thank you and have a great rest of your day.
This now concludes the meeting. Thank you for joining. You may now disconnect.