Company: NAVN
Filing Date: 2025-09-19
Form Type: S-1
Source: 0001628280-25-042130
Chunk: 105

Company: Navan, Inc.
Filing Date: 2025-09-19
Form: S-1
Chunk 105
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 public market. See the sections titled “Shares Eligible for Future Sale” and “Underwriting” for more information. Sales of a substantial number of such shares upon expiration of the lock-up and market stand-off agreements, or the perception that such sales may occur, or early release of these agreements, could cause our market price to fall or make it more difficult for you to sell your Class A common stock at a time and price that you deem appropriate. In addition, as of July 31, 2025, we had options outstanding that, if fully exercised, would result in the issuance of 41,581,733 shares of Class A common stock, of which 8,611,649 shares will be exchangeable for an equal number of shares of Class B common stock , restricted stock units, or RSUs, outstanding to be settled in 7,771,766 shares of Class A common stock, of which 1,742,147 shares will be exchangeable for an equal number of shares of Class B common stock , and warrants outstanding that, if exercised, would result in the issuance of shares of Class A common stock. We also granted options to purchase 339,246 shares of Class A common stock and 2,250,259 RSUs subsequent to July 31, 2025. All of the shares of Class A common stock issuable upon the exercise of stock options and settlement of RSUs, and the shares reserved for future issuance under our equity incentive plans, will be registered for public resale under the Securities Act. Accordingly, these shares will be able to be freely sold in the public market upon issuance subject to existing lock-up agreements or market standoff provisions and applicable vesting requirements. We anticipate net settling the IPO Vesting RSUs pursuant to the RSU Net Settlement. For RSUs that vest following the effectiveness of the registration statement of which this prospectus forms a part and prior to the expiration of the Lock-Up Period, we expect to satisfy the related tax withholding obligations through sell-to-cover transactions. However, we will continue to have discretion to net-settle rather than sell-to-cover shares underlying these RSUs in order to satisfy the associated tax withholding and remittance obligations. Both the lock-up agreements and the market standoff provisions permit sell-to- cover transactions in connection with the vesting or settlement of RSUs during the Lock-Up Period. As a 70 result, up to approximately shares of our Class A common stock may be sold into the open market during the Lock-Up Period in connection with such sell-to-cover