Toast (TOST) CEO Aman Narang Sells 138,052 Shares

What Happened
Aman Narang, CEO and director of Toast, sold a total of 138,052 shares of Toast common stock in open-market transactions on August 5–6, 2026 for aggregate proceeds of approximately $4.87 million. The sales broke down as:

• 124,458 shares on 2026-08-05 at a weighted average price of $35.29 — $4,392,621 (footnotes indicate this tranche was effected under a Rule 10b5-1 plan).
• 84 shares on 2026-08-05 at $36.11 — $3,033.
• 13,510 shares on 2026-08-06 at a weighted average price of $35.02 — $473,134.

These were sales (liquidity events), not purchases or option exercises.

Key Details

• Transaction dates: August 5 and August 6, 2026. Form 4 filed August 7, 2026 (within the usual two-business-day reporting window).
• Prices/notes: Two tranches reported as weighted averages with price ranges provided in the filing:
  • One tranche ranged $35.00–$35.91 (report will provide per-price breakdown on request).
  • Another ranged $35.00–$35.23 (per-price breakdown available on request).
• 10b5-1 plan: The largest tranche was effected pursuant to a Rule 10b5-1 plan adopted by the Starlight 2026 Charitable Remainder Trust (adopted March 13, 2026).
• Shares owned after transaction: The filing notes Narang also holds 18,612,840 shares of Class B common stock (each convertible 1:1 into Class A common stock) as of the Form 4 date.

Context

• Sales by executives are often routine liquidity (e.g., pre-set 10b5-1 plans or tax/liquidity needs) and do not by themselves indicate a change in company outlook. A 10b5-1 plan means some trades were pre-authorized and scheduled.
• The filing is informational — retail investors should consider insider transactions alongside other company fundamentals and news.