Company: NAVN
Filing Date: 2025-09-19
Form Type: S-1
Source: 0001628280-25-042130
Chunk: 354

Company: Navan, Inc.
Filing Date: 2025-09-19
Form: S-1
Chunk 354
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 make payment in full to all holders of the Preferred Stock, then the assets shall be distributed among the holders of Preferred Stock on a pari passu basis, in proportion to the full amounts to which they would otherwise be respectively entitled. After the payment of the full liquidation preference to Preferred Stock above, the remaining assets of the corporation available for distribution to shareholders will be distributed ratably to the holders of common stock. Conversion Rights - Each share of Preferred Stock is convertible, at the option of the holder, into such number of shares of common stock as is determined by dividing the applicable original issuance

F-37 NAVAN, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements

price for a share by the applicable conversion price at the time in effect for such share. Each share of Preferred Stock automatically converts into the number of shares of common stock into which such shares are convertible at the then-effective conversion ratio upon the closing of a public offering of common stock with gross proceeds of at least $100.0 million as of January 31, 2025 . Redemption Rights - The Preferred Stock is not mandatorily redeemable. It will become redeemable upon the occurrence of certain deemed liquidation events that are considered not solely within the Company’s control. Accordingly, the Preferred Stock is presented in the mezzanine section of the consolidated balance sheets. Voting Rights - The holders of each share of Preferred Stock are entitled to the number of votes equal to the number of shares of common stock into which such shares are convertible. Common Stock The holders of each share of common stock are entitled to one vote for each share of common stock issued and outstanding for the holders. The holders of common stock are also entitled to receive dividends whenever funds are available and when declared by the Board of Directors, subject to the priority rights of holders of all series of Preferred Stock outstanding. Common stock reserved for issuance as of January 31, 2025 and 2024 is summarized as follows:

|                                                                                                            | As of January 31, |     |             |
|                                                                                                            |              2025 |     |        2024 |
| Redeemable convertible preferred stock............................................................         |       146,360,207 |     | 146,360,207 |
| Stock options issued and outstanding.................................................................      |        40,971,097 |     |  41,769,970 |
| RSUs issued and outstanding............................................................................... |         4,653,847 |     |     948,