Narang Aman 4

What Happened

• Aman Narang, CEO and director of Toast, converted RSUs into 30,803 shares of Class A common stock on July 1, 2026 (multiple RSU tranches). Many of the converted shares were surrendered/withheld to cover tax withholding (reported as $0 dispositions). On July 2, 2026 he sold 14,365 shares in an open-market transaction at $28.85/share, generating $414,416 in proceeds. Footnotes indicate the sale represents shares required to be sold to cover tax withholding and was not a discretionary trade.

Key Details

• Transaction dates and prices:
  • 2026-07-01: Conversion of RSUs into 30,803 Class A shares (reported as derivative exercise/conversion; acquisition price N/A).
  • 2026-07-01: 30,803 shares reported disposed at $0 to satisfy tax withholding (derivative disposition).
  • 2026-07-02: Open-market sale of 14,365 shares at $28.85/share = $414,416.
• Shares owned after transaction: Reporting person also owns 18,612,840 shares of Class B common stock (convertible one-for-one into Class A shares).
• Notable footnotes:
  • RSUs convert one-for-one to Class A common stock on vesting (F1).
  • The sale was to cover tax withholding obligations and was not discretionary (F2).
  • RSU vesting schedules: grants vest in 16 equal quarterly installments following various grant dates in 2023–2026 (F3–F6).
• Filing: Form 4 filed 2026-07-06 for transactions reported as of 2026-07-01; no late filing indicated.

Context

• These were RSU settlements (not option purchases). RSUs vest and convert into shares; companies commonly withhold or sell shares to cover taxes, which is what the footnotes indicate here. Because the filing states the sale was required to cover withholding, it should not be interpreted as a discretionary sale signaling the CEO’s market view.