Company: NAVN
Filing Date: 2025-09-19
Form Type: S-1
Source: 0001628280-25-042130
Chunk: 390

Company: Navan, Inc.
Filing Date: 2025-09-19
Form: S-1
Chunk 390
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7.4 million and $2.4 million , respectively. The aggregate grant-date fair value of options that vested during the six months ended July 31, 2025 and 2024 , was $37.0 million and $35.0 million , respectively. As of July 31, 2025 , there was approximately $123.6 million of unrecognized compensation cost related to unvested stock options granted, which is expected to be recognized over a weighted-average period of 2.3 years . Restricted Stock Units with Performance Conditions The Company has granted RSUs that vest upon the satisfaction of both time-based service and performance-based conditions. The time-based service condition for these RSUs is generally four years. The performance-based vesting conditions are satisfied upon a liquidity event, defined as a change of control transaction or following the consummation of an initial public offering. Upon employee termination, RSUs that have satisfied the service condition remain outstanding until the earlier of a liquidity event or the expiration date, which is 10 years from the date of grant. The following table summarizes the activity related to RSUs with performance-based 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.........................................................                         |                      4,551,847 |     |                                $20.50 |
| 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