[Form 4] Toast, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Aman Narang, CEO and director of Toast, Inc. (TOST), reported the vesting and settlement of multiple Restricted Stock Unit grants and a small related share sale to cover tax withholding. On 10/01/2025 the reporting shows three RSU vesting events adding 6,331, 12,597, and 8,574 Class A-equivalent shares to his beneficial ownership, and on 10/02/2025 a sale of 13,652 Class A shares at $35.564 per share to satisfy tax withholding obligations. After these transactions Narang beneficially owns 331,802 Class A shares and additionally holds 18,912,840 Class B shares, each convertible one-for-one into Class A shares.

Positive

• RSUs vested into 27,502 Class A-equivalent shares across three grants (6,331; 12,597; 8,574), aligning management with shareholders
• Large Class B stake of 18,912,840 shares convertible one-for-one into Class A implies continued significant insider ownership

Negative

• 13,652 Class A shares were sold at $35.564, reducing immediate Class A holdings to 318,150, though sale is reported as tax-withholding

Insights

Corporate Governance Analyst

CEO received RSUs and sold a small block to cover taxes; retains a very large Class B stake.

The Form 4 shows RSUs converting one-for-one into Class A shares upon vesting, increasing the reporting person's Class A beneficial holdings to 331,802 shares.

The sale of 13,652 shares at $35.564 on 10/02/2025 is disclosed as required tax-withholding related to vesting and is described as non-discretionary.

The Reporting Person also holds 18,912,840 Class B shares convertible into Class A, representing the dominant economic stake disclosed on this form.

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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)
10/01/2025

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	10/01/2025		M		6,331	A	(1)	310,631	D
Class A Common Stock	10/01/2025		M		12,597	A	(1)	323,228	D
Class A Common Stock	10/01/2025		M		8,574	A	(1)	331,802	D
Class A Common Stock	10/02/2025		S(2)		13,652	D	$35.564	318,150	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)	10/01/2025		M			6,331	(3)	(3)	Class A Common Stock	6,331	$0	37,983	D
Restricted Stock Units	(1)	10/01/2025		M			12,597	(4)	(4)	Class A Common Stock	12,597	$0	125,974	D
Restricted Stock Units	(1)	10/01/2025		M			8,574	(5)	(5)	Class A Common Stock	8,574	$0	120,041	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. Represents shares required to be sold by the Reporting Person to cover tax withholding obligations in connection with the vesting and settlement of RSUs, and does not represent a discretionary trade by the Reporting Person.

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

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

5. 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/ Xing Yan as Attorney-in-Fact for Aman Narang	10/03/2025
	** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What RSUs vested for Aman Narang on the Toast (TOST) Form 4?

Three RSU vesting events on 10/01/2025 converted to 6,331, 12,597, and 8,574 Class A-equivalent shares respectively.

How many Toast shares did Aman Narang sell and at what price?

On 10/02/2025 the Form 4 reports a sale of 13,652 Class A shares at $35.564 per share to cover tax withholding.

What are Aman Narang's total holdings after the reported transactions?

Following the transactions the Form 4 reports 331,802 Class A shares beneficially owned and 18,912,840 Class B shares convertible one-for-one.

Were the share sales discretionary trades by Aman Narang?

No; the filing states the sale of 13,652 shares was to satisfy tax withholding obligations and did not represent a discretionary trade.

Do the RSUs have a vesting schedule disclosed on the Form 4?

Yes; the filing discloses the RSUs vest in sixteen equal quarterly installments following April 1, 2023, 2024, and 2025 depending on the grant.