Toast (TOST) CEO adds Class A shares through 3,521 RSU conversion

Rhea-AI Filing Summary

Toast, Inc. CEO Aman Narang reported an automatic share acquisition tied to vesting restricted stock units. On February 1, 2026, 3,521 restricted stock units converted into 3,521 shares of Class A common stock at a price of $0 per share under transaction code “M,” which indicates an RSU conversion rather than an open‑market trade.

After this transaction, Narang directly owns 342,371 shares of Class A common stock. The filing also notes that, as of the same date, he owns 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)
02/01/2026

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	02/01/2026		M		3,521	A	(1)	342,371	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)	02/01/2026		M			3,521	(2)	(2)	Class A Common Stock	3,521	$0	0	D

Explanation of Responses:

1. 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 February 1, 2022.

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/ Xing Yan as Attorney-in-Fact for Aman Narang	02/03/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

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

Toast CEO Aman Narang reported an automatic conversion of 3,521 restricted stock units into 3,521 Class A shares at $0 per share. This was coded as transaction type “M,” indicating RSU settlement rather than an open-market purchase or sale.

Did Toast (TOST) CEO Aman Narang sell any shares in this Form 4?

The Form 4 shows no share sales by CEO Aman Narang. Instead, 3,521 restricted stock units converted into 3,521 Class A shares at $0, increasing his directly held Class A position while exhausting that RSU award balance.

How many Toast (TOST) Class A shares does the CEO own after this filing?

After the reported RSU conversion, CEO Aman Narang directly owns 342,371 shares of Toast Class A common stock. These holdings reflect his position following the issuance of 3,521 new Class A shares from vested restricted stock units.

What restricted stock unit (RSU) award was involved in Toast CEO’s Form 4?

The Form 4 involves an RSU award that vests in sixteen equal quarterly installments following February 1, 2022. On February 1, 2026, 3,521 RSUs from this grant vested and converted into an equal number of Toast Class A shares.

What are Toast (TOST) Class B shares owned by CEO Aman Narang?

As of this filing, Aman Narang also owns 18,912,840 Toast Class B common shares. Each Class B share is convertible at any time into one share of Class A common stock, giving him significant additional potential Class A equity exposure.

How do Toast (TOST) restricted stock units convert into Class A shares?

Toast restricted stock units convert into Class A common stock on a one-for-one basis when they vest and settle. In this case, 3,521 RSUs became 3,521 Class A shares, consistent with that one-to-one conversion formula disclosed in the filing footnotes.