Toast (TOST) CEO converts 3,521 RSUs; 18,912,840 Class B held

Toast, Inc. (TOST) disclosed an insider equity change on a Form 4.

Rhea-AI Filing Summary

Toast, Inc. (TOST) disclosed an insider equity change on a Form 4. CEO and Director Aman Narang reported the conversion of 3,521 Restricted Stock Units into Class A common stock on 11/01/2025 (transaction code M), at a stated price of $0.

Following this transaction, he directly owned 321,671 shares of Class A common stock. The filing notes he also holds 18,912,840 shares of Class B common stock, each convertible into one Class A share. The RSUs convert one-for-one into Class A upon vesting and were scheduled to vest in sixteen equal quarterly installments following February 1, 2022.

Insider Trade Summary

3,521 shares exercised/converted

Exercise 2 txns

Insider Narang Aman

Role CEO

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	3,521	$0.00	$0.00
Exercise	Class A Common Stock	3,521	$0.00	$0.00

Holdings After Transaction: Restricted Stock Units — 3,521 contracts (Direct); Class A Common Stock — 321,671 shares (Direct)

Footnotes (2)

1. F1. Restricted Stock Units ("RSUs") convert into Class A Common Stock on a one-for-one basis upon vesting and settlement.
2. F2. The RSUs shall vest in sixteen equal quarterly installments following February 1, 2022.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Toast (TOST) report in this Form 4?

CEO and Director Aman Narang reported converting 3,521 RSUs into Class A common stock on 11/01/2025 (code M).

How many Class A shares does the reporting person hold after the transaction?

He beneficially owned 321,671 Class A common shares directly after the reported transaction.

What are the terms of the RSUs mentioned?

The RSUs convert one-for-one into Class A common stock and were scheduled to vest in sixteen equal quarterly installments following February 1, 2022.

Does the reporting person hold other Toast equity?

Yes. The filing notes ownership of 18,912,840 Class B shares, each convertible into one Class A share.

What does transaction code 'M' mean on Form 4?

Code M indicates a conversion of derivative securities, such as RSUs, into the underlying equity.

Who is the reporting person in this filing?

The signature block identifies Aman Narang, with an attorney-in-fact signing on his behalf.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 11/04/2025 - 06:08 PM EST Learn about SEC filing dates

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)
11/01/2025

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	11/01/2025		M		3,521	A	(1)	321,671	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)	11/01/2025		M			3,521	(2)	(2)	Class A Common Stock	3,521	$0	3,521	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	11/04/2025
	** 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.