Company: NAVN
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001628280-25-044812
Chunk: 401

Company: Navan, Inc.
Filing Date: 2025-10-10
Form: S-1/A
Chunk 401
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| Warehouse Credit Facility.....................................................................................    |      $148,174 |     |        $214,238 |

______________ (1) Corporate card receivables as of July 31, 2025 and January 31, 2025 represent pledged customer receivables from Navan, Inc. to Liquid Labs. NOTE 9 – EQUITY INCENTIVE PLAN 2015 Equity Incentive Plan In 2015, the Company’s Board of Directors (the “Board of Directors”) approved the adoption of the 2015 Equity Incentive Plan (the “Plan”). The Plan provides for the grant of incentive and nonstatutory stock options and restricted stock units (“RSUs”) to employees, non-employee directors and consultants of the Company. During the six months ended July 31, 2025 , the Board of Directors approved an increase of 4,666,666 shares reserved for issuance, for a total of 69,378,362 shares reserved under the Plan. As of July 31, 2025, 5,876,145 shares of common stock remain available for future grants under the Plan. The exercise price of options granted under the Plan must be at least equal to 100% of the fair value of the Company’s common stock at the date of grant as determined by the Board of Directors. During the six months ended July 31, 2025 , no options have been granted to purchase stock at a price less than its fair value as determined by the Board of Directors at the time of grant. Early Exercise of Common Stock — Certain stock options granted under the Plan provide option holders the right to elect to exercise unvested options in exchange for shares of common stock. Such unvested shares of common stock are subject to a repurchase right held by the Company at the original issuance price in the event the optionee’s service to the Company is terminated either voluntarily or involuntarily. The repurchase right lapses as the underlying shares vest. The proceeds from the early exercise of stock options are treated as a refundable deposit and are recorded within accrued expenses and other liabilities on the condensed consolidated balance sheets, and reclassified to additional paid-in capital as the Company’s repurchase right lapses. Common stock purchased pursuant to an early exercise of stock options is not deemed to be outstanding for accounting purposes until those shares vest. The Company includes unvested shares subject to repurchase in the number of shares of common stock outstanding in the condensed consolidated balance sheets and statements of redeemable