Company: NAVN
Filing Date: 2025-07-28
Form Type: DRS/A
Source: 0001628279-25-000476
Chunk: 219

Company: Navan, Inc.
Filing Date: 2025-07-28
Form: DRS/A
Chunk 219
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 Twig
Prior to the completion of this offering, we intend to enter into a confirmatory offer letter with Mr. Twig. The letter agreement is not expected to have a specific term and will provide that Mr. Twig is an at-will employee. Mr. Twig’s current annual base salary is $700,000, and his target bonus for fiscal 2026 is $300,000.

#### Michael Sindicich
Prior to the completion of this offering, we intend to enter into a confirmatory offer letter with Mr. Sindicich. The letter agreement is not expected to have a specific term and will provide that Mr. Sindicich is an at-will employee. Mr. Sindicich’s current annual base salary is $750,000.

#### Equity-Based Incentive Awards
We have historically granted equity incentive compensation to our executive officers primarily in the form of time-vesting stock options. In fiscal 2025, however, we granted RSUs that are subject to both a time- and service-based condition and a performance condition to Mr. Sindicich, in addition to stock options. All outstanding equity awards held by our named executive officers were granted under our 2015 Plan.

#### Stock Options Granted in Fiscal 2025
In January 2025, we granted Mr. Sindicich an option to purchase 262,697 shares of our Class A common stock. This option has an exercise price of $6.77 per share and vests and becomes exercisable with respect to 25% of the total number of shares subject to such option on the one-year anniversary of vesting commencement date, and 1/48 of the total number of shares subject to such option monthly thereafter, subject to Mr. Sindicich’s continued service on each vesting date.

#### RSUs Granted in Fiscal 2025
In January 2025, we also granted Mr. Sindicich RSUs settleable for 280,449 shares of our Class A common stock. These RSUs become vested on the date that both the applicable time- and service-based condition and the applicable performance condition have been satisfied. The time and service condition will be satisfied with respect to (i) 25% of the total number of such RSUs on the first anniversary of the vesting commencement date, provided that the Initial Vesting Event (as defined below) has not occurred before such date, or 1/16th of the total number of such RSUs for each Quarterly Vesting Date (as defined below) that