Company: NAVN
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001628280-25-044812
Chunk: 23

Company: Navan, Inc.
Filing Date: 2025-10-10
Form: S-1/A
Chunk 23
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 officer immediately following pricing of this offering, which will be subject to a time-based service vesting condition, with an exercise price equal to the initial public offering price per share set forth on the cover page of this prospectus, with such number of shares having a grant date value of $9.325 million and to be calculated based on the Black-Scholes option- pricing model; • up to 82,887,502 shares of our Class A common stock reserved for future issuance under our 2025 Equity Incentive Plan, or the 2025 Plan, which will become effective upon the effectiveness of the registration statement of which this prospectus forms a part, consisting of 35,000,000 new shares and up to 47,887,502 shares underlying outstanding awards granted under our 2015 Plan that , after the date the 2025 Plan becomes effective, either are not issued (due to the awards expir ing or being settled in cash) , are forfeited or repurchased due to failure to vest , or are withheld to satisfy the exercise, strike, or purchase price or tax withholding obligations ; and • 5,000,000 shares of our Class A common stock reserved for future issuance under our 2025 Employee Stock Purchase Plan, which will become effective in connection with this offering. Our 2025 Plan and 2025 ESPP provide for annual automatic increases in the number of shares reserved thereunder. See the section titled “Executive Compensation—Equity Plans” for additional information. Unless otherwise noted, the information in this prospectus reflects and assumes the following: • a 1-for-3 reverse stock split of our capital stock that became effective on September 18, 2025; • the automatic conversion of all shares of our redeemable convertible preferred stock outstanding as of July 31, 2025 into 146,589,046 shares of Class A common stock in connection with the completion of this offering pursuant to the terms of our amended and restated certificate of incorporation, as is currently in effect, and based on the assumed public offering price per share of $25.00 per share, which is the midpoint of the offering price range set forth on the cover page of this prospectus, which we ref er to as the Capital Stock Conversion; • the filing and effectiveness of our amended and restated certificate of incorporation and the effectiveness of our amended and restated bylaws, each of which will occur upon the completion of this offering; • the automatic exchange of an aggregate of 15,