Narang Aman 4

What Happened Aman Narang, CEO and director of Toast, exercised/converted RSUs that vested on April 1, 2026 (totaling 27,503 shares: 6,331 + 12,597 + 8,575). Those RSU shares convert 1-for-1 into Class A common stock and were largely used to satisfy tax withholding (dispositions reported at $0). Separately, on April 2, 2026, Narang sold 13,463 shares in an open-market transaction at $26.19 per share, generating $352,556 in proceeds. The RSU-related share sales to cover taxes were not discretionary trades.

Key Details

• Transaction dates and prices:
  • 2026-04-01: RSU conversions/exercises totaling 27,503 shares (codes M); matching dispositions of 27,503 shares at $0 to cover tax withholding (footnote F2).
  • 2026-04-02: Open-market sale of 13,463 shares at $26.19 each, proceeds $352,556.
• Shares owned after transaction: Reporting person also holds 18,612,840 shares of Class B common stock (each convertible 1-for-1 into Class A).
• Notable footnotes:
  • F1: RSUs convert one-for-one into Class A common stock on vesting.
  • F2: Shares sold represent withholding to cover taxes; not a discretionary sale.
  • F3–F5: RSU grants vest in sixteen equal quarterly installments following April 1 of 2023, 2024, and 2025 respectively.
• Filing timeliness: Form 4 filed 2026-04-03 covering 2026-04-01/02 transactions — appears timely.

Context The April 1 entries reflect RSU vesting and conversion into common stock with shares surrendered for tax withholding (a common, non-discretionary practice). The April 2 sale was an open-market disposition that generated cash proceeds. These filings document standard post-vesting withholding and a separate open-market sale; they do not, by themselves, indicate Narang’s broader view of the company.