Narang Aman 4

What Happened

• Aman Narang, CEO and director of Toast, converted 300,000 Class B shares into Class A shares on 2026-03-11 (one-for-one conversion) and on 2026-03-13 reported multiple gift transactions totaling 600,750 shares (300,000; 200,000; 100,750). All transactions are recorded at $0 per share (gifts/conversions), so no cash changed hands.

Key Details

• Transaction dates and types:
  • 2026-03-11: Conversion of derivative security — 300,000 shares acquired (Class A) at $0.00; corresponding 300,000 Class B shares disposed (conversion) at $0.00.
  • 2026-03-13: Gifts — disposals of 300,000, 200,000 and 100,750 shares (total 600,750) recorded at $0.00; the filing also lists matching acquisitions for those amounts on the same date (see footnote).
• Shares owned after transaction: Reporting person owns 18,612,840 shares of Class B common stock (per the Form 4 remarks).
• Footnotes of note:
  • F1/F3: Class B common stock converts one-for-one into Class A common stock; Class B convertible at holder’s option or by automatic events in the charter.
  • F2: The gift transactions were effected for estate‑planning purposes.
• Timeliness: Reported on 2026-03-13 for transactions with a 2026-03-11 report date; the Form 4 appears timely.

Context

• Conversions reflect routine reclassification under Toast’s dual‑class structure and are not a market purchase or sale. Gifts are estate‑planning transfers and do not necessarily indicate the insider’s view of the stock. All reported transactions here involved no cash proceeds (recorded at $0).