Company: NAVN
Filing Date: 2025-10-10
Form Type: S-1/A
Source: 0001628280-25-044812
Chunk: 365

Company: Navan, Inc.
Filing Date: 2025-10-10
Form: S-1/A
Chunk 365
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 AND SUBSIDIARIES Notes to Consolidated Financial Statements

Restricted Stock Units RSUs 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 for the year ended January 31, 2025:

|                                                                                                                         | Number ofShares Subjectto RSUs |     | Weighted-Average GrantDate Fair Value |
| Unvested balance as of January 31, 2024.........................................................                        |                        948,938 |     |                                $18.69 |
| Granted...............................................................................................................  |                      3,777,470 |     |                                $20.55 |
| Forfeited.............................................................................................................. |                        -72,561 |     |                                $19.52 |
| Vested................................................................................................................. |                              — |     |                                    $— |
| Unvested balance as of January 31, 2025.........................................................                        |                      4,653,847 |     |                                $20.19 |

As of January 31, 2025 and 2024, no stock-based compensation expense had been recognized for RSUs 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 January 31, 2025 , the Company would have recorded cumulative stock-based compensation expense of approximately $ 30.3 million related to RSUs that had previously satisfied the service condition. Unrecognized stock-based compensation expense related to unvested RSUs that have not met the service condition is $ 63.6 million, which would be recognized over a weighted-average period of approximately 3.7 years if the liquidity event had occurred on or was probable as of January 31, 2025. Stock-based Compensation Expense Stock-based compensation is included in the following components of expenses within the consolidated statements of operations (in thousands):

|                                                                                                                        | Year Ended