Company: NAVN
Filing Date: 2025-09-19
Form Type: S-1
Source: 0001628280-25-042130
Chunk: 348

Company: Navan, Inc.
Filing Date: 2025-09-19
Form: S-1
Chunk 348
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 used only to settle obligations of the VIE. The creditors of the consolidated VIE do not have recourse to the Company other than to the assets of the consolidated VIE. As a result, the material liabilities of the VIE are separately presented within the consolidated balance sheets. The carrying amounts of Liquid Labs’ assets and liabilities included in our consolidated balance sheets are summarized below (in thousands):

|                                                                                                                   | As of January 31, |     |          |
|                                                                                                                   |              2025 |     |     2024 |
| Balance Sheet Data of Liquid Labs                                                                                 |                   |     |          |
| Restricted cash, current......................................................................................... |           $57,535 |     |  $30,845 |
| Corporate card receivables(1)................................................................................     |          $158,124 |     | $192,454 |
| Prepaid expenses and other current assets.......................................................                  |            $1,001 |     |       $— |
| Other non-current assets.......................................................................................   |               $83 |     |     $360 |
| Accrued expenses and other current liabilities held by VIE.............................                           |            $1,552 |     |   $1,692 |
| Warehouse Credit Facility.....................................................................................    |          $214,238 |     | $206,404 |

________________ (1) Corporate card receivables as of January 31, 2025 and 2024 represent pledged customer receivables from Navan, Inc. to Liquid Labs. NOTE 10 – 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 RSUs to employees, non-employee directors and consultants of the Company. Options

F-33 NAVAN, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements

granted under the Plan continue to vest until the last day of employment and generally vest over four years and expire 10 years from the date of grant. During the year ended January 31, 2025 , the Board of Directors approved an increase of 4,766,666 shares reserved for issuance, for a total of 64,711,696 shares reserved under the Plan. As of January 31, 2025, 5,486,445 shares