Toad knows that Þrym is about to do something everybody will end up regretting, but he's a bit on the spineless side and will not physically try to stop him.
Toad isn't even his real name and he doesn't have the guts to tell people to stop calling him that either.
He'll readily take a life or risk his own obeying orders, but he's a lot more shy when the ideas come from him.

Good grief...what is he going to do with that knife?!!!

These orcs backstab each other so much, it looks like it'll be a literal backstabbing now!