Company: NAVN
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001628280-25-044812
Chunk: 403

Company: Navan, Inc.
Filing Date: 2025-10-10
Form: S-1/A
Chunk 403
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 grant date. Dividend Yield — The Company has never declared or paid any cash dividends and does not presently plan to pay cash dividends in the foreseeable future and applied an expected dividend yield of zero. Risk-Free Interest Rate — The risk-free interest rate is based on the yield available on U.S. Treasury zero-coupon issues with a term that approximates the expected term of the option. Expected Volatility — The volatility is derived from the average historical stock volatilities of peer group public companies that the Company considers to be comparable to its business over a period equivalent to the expected term of the stock-based grants. Expected Term — The expected term represents the period that stock-based awards are expected to be outstanding. Since the Company did not have sufficient historical information to develop reasonable expectations about future exercise behavior, the expected term for options issued to employees was calculated as the mean of the option vesting period and contractual term (the “Simplified Method”). The expected term for options issued to non-employees is the contractual term. Stock Option Modifications — During the six months ended July 31, 2025 , the Company modified certain stock option awards in connection with the termination of one former employee to extend the post- termination exercise period. The Company measured the modification charge as the difference between the fair value of the modified awards and the fair value of the original awards immediately prior to the modification. The incremental fair value associated with the modified awards during the six months ended July 31, 2025 was $0.3 million , which was recognized at the modification date.

F-72 NAVAN, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (unaudited)

The following table summarizes stock option activity for the six months ended July 31, 2025 (in thousands, except price per share, share and years data):

|                                                                                                                 | Number ofStock OptionsOutstanding |     | Weighted-AverageExercise Priceper Share |     | Weighted-AverageRemainingContractualLife(Years) |     | AggregateIntrinsic Value |
| Balance as of January 31, 2025.....................                                                             |                        40,971,097 |     |                                  $12.80 |     |                                             7.0 |     |                 $402,471 |
| Granted..........................................................                                               |                         2,574,917 |     |                                  $22.66 |     |                                                 |     |                          |
| Exercised.......................................................                                                |                          -548,401 |     |                                  $