Company: NAVN
Filing Date: 2025-07-28
Form Type: DRS/A
Source: 0001628279-25-000476
Chunk: 25

Company: Navan, Inc.
Filing Date: 2025-07-28
Form: DRS/A
Chunk 25
---
 convert into shares of Class A common stock in connection with the closing of this offering pursuant to the terms of our amended and restated certificate of incorporation, which we refer to as the Capital Stock Conversion;

• shares of our Class A common stock issuable upon conversion of $ million aggregate principal amount of our outstanding unsecured convertible notes due 2027, or the Convertible Notes, including accrued and unpaid interest through an assumed conversion date of , 2025, based upon the assumed initial public offering price of $ per share, which is the midpoint of the offering price range set forth on the cover page of this prospectus, which Convertible Notes will convert in connection with the closing of this offering pursuant to the terms of the Convertible Notes, which we refer to as the Note Conversion;

• shares of our Class A common stock issuable upon conversion of $ million principal amount of our outstanding Simple Agreements for Future Equity, or the SAFEs, including accrued and unpaid interest through an assumed conversion date of , 2025, upon the closing of this offering, based upon the assumed initial public offering price of $ per share, which is the midpoint of the offering price range set forth on the cover page of this prospectus, which we refer to as the SAFE Conversion;

<div align='center'>13</div>

• the net issuance of shares of Class A common stock in connection with the vesting and settlement of certain RSUs outstanding as of the date of this prospectus subject to service- based and/or performance-based conditions, for which (i) the service-based condition was fully or partially satisfied as of such date and (ii) the performance-based condition, if applicable, will be satisfied upon the effectiveness of the registration statement of which this prospectus forms a part, which we refer to as the IPO Vesting RSUs, after giving effect to the withholding of shares of our Class A common stock to satisfy the associated estimated tax withholding and remittance obligations (based on the assumed initial public offering price of $ per share, the midpoint of the price range set forth on the cover page of this prospectus, and an assumed % tax withholding rate), which we refer to as the RSU Net Settlement;

• 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 immediately prior to the completion of this offering;

• except as described above, no exercise of outstanding stock options or warrants or settlement of outstanding RSUs; and

• no exercise by the under