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  4. [Form 4] Navan, Inc. Insider Trading Activity

Lightspeed funds tied to Navan (NAVN) director sell 475,869 shares

Filing Impact
(Very High)
Filing Sentiment
(Very Negative)
Form Type
4

Rhea-AI Filing Summary

Lightspeed Opportunity Fund, L.P., an entity associated with Navan, Inc. director Arif Janmohamed, sold 475,869 shares of Navan Class A Common Stock in open-market transactions. The sales occurred on June 16–17, 2026 at weighted average prices around $18.71–$19.64 per share, with individual trades executed within stated price ranges.

After these sales, Lightspeed Opportunity Fund reported 2,280,989 shares of Navan Class A Common Stock. Related entities indirectly associated with Janmohamed also reported holdings of 587,965 shares through Lightspeed Strategic Partners I L.P. and 40,709 shares in a family trust. Janmohamed shares voting and dispositive power over these entities and disclaims beneficial ownership beyond his pecuniary interest.

Positive

  • None.

Negative

  • None.

Insights

Venture-affiliated entities trimmed Navan holdings but retain a large position.

Entities associated with Arif Janmohamed sold 475,869 Navan shares in open-market trades around $19 per share. These transactions were executed by venture funds and a trust structure, not as direct personal trades in his own name.

Following the sales, Lightspeed Opportunity Fund still reported 2,280,989 shares, alongside additional indirect holdings through another fund and a family trust. The filing notes that Janmohamed shares voting and dispositive power and disclaims beneficial ownership beyond his pecuniary interest, framing this as portfolio management within fund vehicles rather than a complete exit.

The net effect is a net-sell pattern, but with substantial remaining exposure through the funds. There is no indication of derivative exercises, tax-related dispositions, or a Rule 10b5-1 trading plan in the provided data, so these appear as discretionary fund-level sales.

Insider Janmohamed Arif
Role null
Sold 475,869 shs ($9.10M)
Type Security Shares Price Value
Sale Class A Common Stock 47,984 $18.71 $898K
Sale Class A Common Stock 29,339 $19.64 $576K
Sale Class A Common Stock 398,546 $19.13 $7.62M
holding Class A Common Stock -- -- --
holding Class A Common Stock -- -- --
Holdings After Transaction: Class A Common Stock — 2,310,328 shares (Indirect, By Lightspeed Opportunity Fund, L.P.)
Footnotes (1)
  1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $18.8945 to $19.66 inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. Shares are held by Lightspeed Opportunity Fund, L.P. ("Opportunity"). Lightspeed General Partner Opportunity Fund, L.P. ("LGP Opportunity") is the general partner of Opportunity. Lightspeed Ultimate General Partner Opportunity Fund, Ltd. ("LUGP Opportunity") is the general partner of LGP Opportunity. The Reporting Person is a director of LUGP Opportunity and shares voting and dispositive power with respect to the shares held by Opportunity. The Reporting Person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $18.40 to $19.39 inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $19.40 to $19.9957 inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. Shares are held by Lightspeed Strategic Partners I L.P. ("Strategic"). Lightspeed Strategic Partners General Partner I L.P. ("LGP Strategic") is the general partner of Strategic. Lightspeed Strategic Partners Ultimate General Partner I L.L.C. ("LUGP Strategic") is the general partner of LGP Strategic. The Reporting Person is a manager of LUGP Strategic and shares voting and dispositive power with respect to the shares held by Strategic. The Reporting Person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein. Shares are held by a family trust, of which the Reporting Person is a trustee. The Reporting Person disclaims beneficial ownership of such shares except to the extent of his proportionate pecuniary interest therein.
Total shares sold 475,869 shares Net open-market sales by associated entities
Sale price 1 $19.64 per share Weighted average price for 29,339-share sale
Sale price 2 $18.71 per share Weighted average price for 47,984-share sale
Sale price 3 $19.13 per share Weighted average price for 398,546-share sale
Post-sale Opportunity Fund holdings 2,280,989 shares Class A Common Stock after most recent sale
Strategic Partners holdings 587,965 shares Indirectly held via Lightspeed Strategic Partners I L.P.
Family trust holdings 40,709 shares Indirectly held in a family trust
weighted average price financial
"The price reported in Column 4 is a weighted average price."
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
voting and dispositive power financial
"The Reporting Person is a director of LUGP Opportunity and shares voting and dispositive power"
disclaims beneficial ownership financial
"The Reporting Person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein."
pecuniary interest financial
"except to the extent of his pecuniary interest therein."
family trust financial
"Shares are held by a family trust, of which the Reporting Person is a trustee."
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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Janmohamed Arif
(Last)(First)(Middle)
C/O NAVAN, INC.
3045 PARK BOULEVARD
(Street)
PALO ALTO CALIFORNIA 94306
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
Navan, Inc. [ NAVN ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirector10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
06/16/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Class A Common Stock06/16/2026S398,546D$19.13(1)2,358,312IBy Lightspeed Opportunity Fund, L.P.(2)
Class A Common Stock06/17/2026S47,984D$18.71(3)2,310,328IBy Lightspeed Opportunity Fund, L.P.(2)
Class A Common Stock06/17/2026S29,339D$19.64(4)2,280,989IBy Lightspeed Opportunity Fund, L.P.(2)
Class A Common Stock587,965IBy Lightspeed Strategic Partners I L.P.(5)
Class A Common Stock40,709IBy Trust(6)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Explanation of Responses:
1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $18.8945 to $19.66 inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
2. Shares are held by Lightspeed Opportunity Fund, L.P. ("Opportunity"). Lightspeed General Partner Opportunity Fund, L.P. ("LGP Opportunity") is the general partner of Opportunity. Lightspeed Ultimate General Partner Opportunity Fund, Ltd. ("LUGP Opportunity") is the general partner of LGP Opportunity. The Reporting Person is a director of LUGP Opportunity and shares voting and dispositive power with respect to the shares held by Opportunity. The Reporting Person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein.
3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $18.40 to $19.39 inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $19.40 to $19.9957 inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
5. Shares are held by Lightspeed Strategic Partners I L.P. ("Strategic"). Lightspeed Strategic Partners General Partner I L.P. ("LGP Strategic") is the general partner of Strategic. Lightspeed Strategic Partners Ultimate General Partner I L.L.C. ("LUGP Strategic") is the general partner of LGP Strategic. The Reporting Person is a manager of LUGP Strategic and shares voting and dispositive power with respect to the shares held by Strategic. The Reporting Person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein.
6. Shares are held by a family trust, of which the Reporting Person is a trustee. The Reporting Person disclaims beneficial ownership of such shares except to the extent of his proportionate pecuniary interest therein.
/s/ Arif Janmohamed06/18/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

How many Navan (NAVN) shares were sold in this Form 4 filing?

Entities associated with director Arif Janmohamed sold 475,869 shares of Navan Class A Common Stock. These were open-market transactions executed over two days, reflecting a net reduction in indirect fund-held shares rather than sales from a direct personal account.

At what prices were Navan (NAVN) shares sold in the reported transactions?

The reported sales used weighted average prices around $18.71–$19.64 per share. Footnotes explain that each transaction comprised multiple trades within ranges from $18.40 up to about $19.9957, with full price breakdowns available upon request from the issuer or regulator.

Who actually sold the Navan (NAVN) shares reported for Arif Janmohamed?

The shares were sold by Lightspeed Opportunity Fund, L.P., a venture fund, with additional indirect holdings in other entities. Janmohamed is a director or manager of related general partners, shares voting and dispositive power, and disclaims beneficial ownership except for his pecuniary interest.

How many Navan (NAVN) shares does Lightspeed Opportunity Fund hold after the sales?

After the reported open-market sales, Lightspeed Opportunity Fund, L.P. reported holding 2,280,989 shares of Navan Class A Common Stock. This figure comes from the post-transaction balance shown for the most recent sale in the Form 4 transaction table.

What other indirect Navan (NAVN) holdings are disclosed for Arif Janmohamed?

The filing discloses 587,965 shares held by Lightspeed Strategic Partners I L.P. and 40,709 shares held by a family trust. Janmohamed is a manager or trustee and disclaims beneficial ownership of these positions except to the extent of his proportionate pecuniary interest.

Does this Navan (NAVN) Form 4 involve any stock options or derivatives?

No derivative securities are reported in this Form 4. All listed entries involve Class A Common Stock, and the derivativeSummary section is empty, indicating no option exercises, warrant conversions, or other derivative transactions in the disclosed activity.