Company: NAVN
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001628280-25-044812
Chunk: 404

Company: Navan, Inc.
Filing Date: 2025-10-10
Form: S-1/A
Chunk 404
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 ofShares Subjectto RSUs |     | Weighted-Average GrantDate Fair Value |
| Unvested balance as of January 31, 2025.........................................................                         |                      4,551,847 |     |                                $20.14 |
| Granted................................................................................................................  |                      2,744,173 |     |                                $23.30 |
| Forfeited............................................................................................................... |                       -153,371 |     |                                $21.46 |
| Vested.................................................................................................................. |                              — |     |                                     — |
| Unvested balance as of July 31, 2025................................................................                     |                      7,142,649 |     |                                $21.32 |

As of July 31, 2025 , no stock-based compensation expense had been recognized for RSUs with performance-based conditions because a liquidity event had not yet occurred. When a liquidity event occurs, the Company will record cumulative stock-based compensation expense using the accelerated attribution method for those RSUs for which the service condition has been satisfied prior to the occurrence of the liquidity event. If the liquidity event had occurred on or was probable as of July 31, 2025 , the Company would have recorded cumulative stock-based compensation expense of approximately $61.2 million related to RSUs that had previously satisfied the service condition.

F-73 NAVAN, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (unaudited)

Unrecognized stock-based compensation expense related to unvested RSUs that have not met the service condition is $91.1 million , which would be recognized over a weighted-average period of approximately 3.5 years if the liquidity event had occurred on or was probable as of July 31, 2025 . Restricted Stock Units with Service-Only Conditions The following table summarizes the activity related to RSUs with service-only conditions for the six months ended July 31, 2025 :

|                                                                                                                          | Number ofShares Subjectto RSUs |     | Weighted-Average GrantDate Fair Value |
| Unvested balance as of January 31, 2025.........................................................                         |                        102,000 |     |                                $22.38 |
| Granted................................................................................................................  |                        527,117 |     |                                $23.28 |
| Forfeited............................................................................................................... |                              — |     |                                     — |
| Vested.................................................................................................................. |                              — |     |                                     — |
| Unvested balance