Company: NAVN
Filing Date: 2025-06-20
Form Type: DRS
Source: 0001628279-25-000383
Chunk: 158

Company: Navan, Inc.
Filing Date: 2025-06-20
Form: DRS
Chunk 158
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 , 2025. We expect to recognize the remaining unrecognized non-cash compensation expense

<div align='center'>106</div>

for RSUs that were outstanding as of the closing of this offering using the accelerated attribution method, net of forfeitures, as the service-based vesting condition is satisfied. After the closing of this offering, based on RSUs outstanding as of , 2025, we expect that approximately million, million, and million RSUs will satisfy their service-based vesting conditions by each of , , and , respectively, assuming no forfeitures. We may delay the settlement of certain of these vested RSUs until after the expiration of lock-up agreements and market stand-off provisions described elsewhere in this prospectus.

Additionally, as of , 2025, unrecognized stock-based compensation expense related to unvested stock options was $ million, which is expected to be recognized over a weighted-average period of years.

#### Common Stock Valuations
The fair value of our common stock underlying our equity awards was determined by our board of directors, after considering contemporaneous third-party valuations and input from management. The valuations of our common stock were determined in accordance with the guidelines outlined in the American Institute of Certified Public Accountants Practice Aid, Valuation of Privately-Held-Company Equity Securities Issued as Compensation . In the absence of a public trading market, our board of directors, with input from management, exercised significant judgment and considered various objective and subjective factors to determine the fair value of our common stock as of the date of each stock option grant, including the following factors:

• contemporaneous valuations of our common stock performed by independent third-party specialists;

• the prices, rights, preferences and privileges of our redeemable convertible preferred stock relative to those of our common stock;

• the prices paid for common or redeemable convertible preferred stock sold to third-party investors by us and prices paid in secondary transactions for shares repurchased by us or other investors in arm’s-length transactions, including any tender offers;

• the lack of marketability inherent in our common stock;

• our actual operating and financial performance;

• our current business conditions and projections;

• the hiring of key personnel and the experience of our management;

• the history of the company and the introduction of new offerings;

• our stage of development;

• the likelihood of achieving a performance event, such as an initial public offering, a merger, or acquisition of our company given prevailing market conditions;

• the operational and financial performance of comparable publicly traded companies; and

• U.S. and