Toast CEO Aman Narang Files Form 144 to Sell 14,713 Class A Shares for Tax Obligations

Executive Summary

On October 2, 2026, Aman Narang, Officer and Director of Toast, Inc. (NYSE: TOST), filed a Form 144 notice disclosing the proposed sale of 14,713 shares of Class A Common Stock through Fidelity Brokerage Services LLC. The estimated market value of the proposed transaction is $431,883.92, implying a per-share price of approximately $29.35.

Transaction Breakdown

• Security: Class A Common Stock
• Shares Proposed for Sale: 14,713
• Aggregate Market Value: $431,883.92
• Shares Outstanding: 514,000,000
• Source of Shares: Restricted stock vesting acquired on October 1, 2026, as equity compensation.
• Purpose of Sale: The filing notes that the sale includes an amount necessary to cover tax withholding obligations resulting from the settlement of a vested equity award.

Historical Context & Prior Sales

Over the preceding three months, the reporting owner and an affiliated trust executed the following sales of Class A Common Stock:

• July 2, 2026: 14,365 shares sold directly by Aman Narang for gross proceeds of $414,418.76.
• August 5–10, 2026: A cumulative 300,000 shares sold via the Starlight 2026 Charitable Remainder Trust across four trading sessions, generating approximately $10.59M in gross proceeds.

Trading Significance

This proposed transaction is categorized as Low significance. The sale of 14,713 shares represents a negligible fraction of Toast's 514 million outstanding shares (<0.01%) and is explicitly identified as routine sell-to-cover activity associated with quarterly restricted stock vesting.