Toast (NYSE: TOST) CEO Aman Narang details RSU vesting and ownership

Rhea-AI Filing Summary

Toast, Inc. CEO and director Aman Narang reported insider equity activity involving restricted stock units (RSUs) that converted into Class A common stock. On 01/01/2026, three RSU tranches were reported as exercised (transaction code "M"), delivering 6,330, 12,598, and 8,574 shares of Class A common stock, each at an exercise price of $0. Following these reported transactions, he beneficially owned 347,441 shares of Class A common stock directly.

The RSUs convert into Class A common stock on a one-for-one basis upon vesting and settlement. One RSU grant shall vest in sixteen equal quarterly installments following April 1, 2023, another in sixteen equal quarterly installments following April 1, 2024, and a third in sixteen equal quarterly installments following April 1, 2025. After these transactions, Narang continued to hold derivative positions in RSUs and also owned 18,912,840 shares of Class B common stock, each convertible at any time into one share of Class A common stock.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Narang Aman

(Last) (First) (Middle)

TOAST, INC.

333 SUMMER STREET

(Street)

BOSTON MA 02210

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Toast, Inc. [ TOST ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CEO

3. Date of Earliest Transaction (Month/Day/Year)
01/01/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	01/01/2026		M		6,330	A	(1)	326,269	D
Class A Common Stock	01/01/2026		M		12,598	A	(1)	338,867	D
Class A Common Stock	01/01/2026		M		8,574	A	(1)	347,441	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	01/01/2026		M			6,330	(2)	(2)	Class A Common Stock	6,330	$0	31,653	D
Restricted Stock Units	(1)	01/01/2026		M			12,598	(3)	(3)	Class A Common Stock	12,598	$0	113,376	D
Restricted Stock Units	(1)	01/01/2026		M			8,574	(4)	(4)	Class A Common Stock	8,574	$0	111,467	D

Explanation of Responses:

1. The Restricted Stock Units ("RSUs") convert into Class A Common Stock on a one-for-one basis upon vesting and settlement.

2. The RSUs shall vest in sixteen equal quarterly installments following April 1, 2023.

3. The RSUs shall vest in sixteen equal quarterly installments following April 1, 2024.

4. The RSUs shall vest in sixteen equal quarterly installments following April 1, 2025.

Remarks:

As of the date of this Form 4, the Reporting Person also owns 18,912,840 shares of Class B common stock of the Issuer. Each Class B common stock is convertible at any time into one share of the Class A common stock of the Issuer.

	/s/ Monica Kleinman as Attorney-in-Fact for Aman Narang	01/05/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What insider transaction did Toast (TOST) CEO Aman Narang report?

Aman Narang reported the exercise of restricted stock units (transaction code "M") on 01/01/2026, resulting in the delivery of Class A common stock from multiple RSU grants.

What amounts of Toast (TOST) Class A common stock were acquired through RSUs?

On 01/01/2026, RSU conversions delivered 6,330, 12,598, and 8,574 shares of Class A common stock, each at an exercise price of $0.

How many Toast (TOST) Class A shares does Aman Narang hold after these transactions?

Following the reported RSU transactions, Aman Narang beneficially owned 347,441 shares of Class A common stock directly.

What RSU vesting schedules are disclosed for Toast (TOST) equity awards?

One RSU grant shall vest in sixteen equal quarterly installments following April 1, 2023, another following April 1, 2024, and a third following April 1, 2025, with each RSU converting into one share of Class A common stock upon vesting and settlement.

How many Toast (TOST) Class B shares does Aman Narang own?

As of the date referenced, Aman Narang also owns 18,912,840 shares of Class B common stock of Toast, each share convertible at any time into one share of Class A common stock.

What is Aman Narang’s role and relationship to Toast (TOST)?

Aman Narang is identified as both a Director and an Officer of Toast, serving as CEO, and the Form 4 is filed by one reporting person.

What derivative securities related to Toast (TOST) does Aman Narang still hold?

He continues to hold restricted stock units that are exercisable into Class A common stock, with reported remaining RSU amounts including 31,653, 113,376, and 111,467 derivative securities held directly.