Company: NAVN
Filing Date: 2025-09-19
Form Type: S-1
Source: 0001628280-25-042130
Chunk: 225

Company: Navan, Inc.
Filing Date: 2025-09-19
Form: S-1
Chunk 225
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 Additionally, in April 2025, we granted Mr. Twig RSUs settleable for an aggregate of 587,222 shares of our Class A common stock, which will be exchangeable for an equal number of shares of Class B common stock at the election of Mr. Twig upon settlement . T he vesting of 352,333 of these RSUs is subject only to a time-based service condition, which will be satisfied with respect to (i) 25% 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 Quarterly Vesting Date, subject in each case to Mr. Twig’s continued service through each such vesting date. The vesting of the remaining 234,899 RSUs is subject to a time-based service condition and a performance condition, both of which must be satisfied to vest . 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 Quarterly Vesting Date, subject in each case to Mr. Twig’s continued service through each such vesting date. The performance condition is satisfied upon certain liquidity events, including this offering. Stock Option Repricing In July 2024, our board of directors approved the repricing of certain outstanding stock options granted under the 2015 Plan pursuant to which the exercise price of certain options was reduced to $16.26 per share (the fair market value of our Class A common stock on the repricing date as determined by our board of directors). The number of shares of our Class A common stock underlying the options, the vesting schedules and the expiration dates, were unchanged. The incremental compensation expense associated with the repricing of the stock options held by our named executive officers is set forth in the “Option Awards” column of the Summary Compensation Table.

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Our board of directors determined that the repricing was in the best interests of our company and stockholders and provided the most effective means of retaining and incentivizing our employees and the non-employee director who participated in the repricing. The repricing affected the following stock options held by our named executive officers:

| Name                                                   |     | Shares underlyingrepriced options |     | Exercise prices prior torepricing |     | Exercise price ofrepriced options |