Company: NAVN
Filing Date: 2025-09-19
Form Type: S-1
Source: 0001628280-25-042130
Chunk: 223

Company: Navan, Inc.
Filing Date: 2025-09-19
Form: S-1
Chunk 223
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2026 is $400,000. Ilan 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-based service 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 87,565 shares of our Class A common stock. This option has an exercise price of $20.31 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 1/48th 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 93,483 shares of our Class A common stock. These RSUs become vested on the date that both the applicable time-based service 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, and (ii) an additional 1/16th of the total number of such RSUs thereafter on each subsequent March 20, June 20, September 20 and December 20, or each, a Quarterly Vesting Date