Lightspeed funds trim Navan (NAVN) stake with 475,869-share sale

Rhea-AI Filing Summary

Navan, Inc. reported that venture investment entities affiliated with Lightspeed completed open-market sales of Class A common stock. Lightspeed Opportunity Fund, L.P. sold 475,869 shares over June 16–17 at weighted average prices ranging from about $18.40 to $19.9957 per share and continues to hold 2,280,989 shares indirectly. Other affiliated Lightspeed funds reported substantial indirect Navan holdings with no new transactions disclosed in this data.

Insider Trade Summary

Net Seller: 475,869 shares ($9,098,184)

Net Sell 8 txns

Insider Lightspeed Venture Partners X, L.P., Lightspeed Affiliates X, L.P., Lightspeed General Partner X, L.P., Lightspeed Ultimate General Partner X, Ltd., Lightspeed Opportunity Fund, L.P., Lightspeed General Partner Opportunity Fund, L.P., Lightspeed Ultimate General Partner Opportunity Fund, Ltd., Lightspeed Strategic Partners I L.P., Lightspeed Strategic Partners General Partner I L.P., Lightspeed Strategic Partners Ultimate General Partner I L.L.C.

Role null | null | null | null | null | null | null | null | null | 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	--	--	--
holding	Class A Common Stock	--	--	--
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 Persons undertake 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. Each of LGP Opportunity and LUGP Opportunity disclaims beneficial ownership of these shares except to the extent of its respective 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 Persons undertake 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 Persons undertake 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 X. Lightspeed General Partner X, L.P. ("LGP X") is the general partner of Lightspeed X. Lightspeed Ultimate General Partner X, Ltd. ("LUGP X") is the general partner of LGP X. Each of LGP X and LUGP X disclaims beneficial ownership of these shares except to the extent of its respective pecuniary interest therein. Shares are held by Lightspeed Affiliates X, L.P. ("Affiliates X"). LGP X is the general partner of Affiliates X. LUGP X is the general partner of LGP X. Each of LGP X and LUGP X disclaims beneficial ownership of these shares except to the extent of its respective pecuniary interest therein. 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. Each of LGP Strategic and LUGP Strategic disclaims beneficial ownership of these shares except to the extent of its respective pecuniary interest therein. Shares are held by Lightspeed Select II. Lightspeed General Partner Select II, L.P. ("LGP Select II") is the general partner of Lightspeed Select II. Lightspeed Ultimate General Partner Select II, Ltd. ("LUGP Select II") is the general partner of LGP Select II. Each of LGP Select II and LUGP Select II disclaims beneficial ownership of these shares except to the extent of its respective pecuniary interest therein. Shares are held by Lightspeed Venture Partners Select III, L.P. ("Lightspeed Select III"). Lightspeed General Partner Select III, L.P. ("LGP Select III") is the general partner of Lightspeed Select III. Lightspeed Ultimate General Partner Select III, Ltd. ("LUGP Select III") is the general partner of LGP Select III. Each of LGP Select III and LUGP Select III disclaims beneficial ownership of these shares except to the extent of its respective pecuniary interest therein.

Key Figures

Shares sold: 475,869 shares June 16 sale price: $19.13/share June 17 sale prices: $19.64 & $18.71/share +4 more

7 metrics

Shares sold 475,869 shares Open-market sales by Lightspeed Opportunity Fund, L.P. on June 16–17, 2026

June 16 sale price $19.13/share Weighted average price for 398,546-share sale on June 16, 2026

June 17 sale prices $19.64 & $18.71/share Weighted average prices for 29,339 and 47,984-share sales on June 17, 2026

Overall sale price range $18.40–$19.9957/share Trade price ranges described in weighted-average footnotes

Shares held after sales 2,280,989 shares Navan Class A shares held indirectly by Lightspeed Opportunity Fund, L.P. after June 17, 2026

Lightspeed Venture Partners X holding 19,860,677 shares Indirect Navan Class A holding by Lightspeed Venture Partners X, L.P. as of June 16, 2026

Lightspeed Select II holding 12,630,655 shares Indirect Navan Class A holding by Lightspeed Venture Partners Select II, L.P. as of June 16, 2026

Key Terms

weighted average price, disclaims beneficial ownership, pecuniary interest, ten percent owner, +1 more

5 terms

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.

disclaims beneficial ownership financial

"Each of LGP Opportunity and LUGP Opportunity disclaims beneficial ownership of these shares..."

pecuniary interest financial

"…except to the extent of its respective pecuniary interest therein."

ten percent owner financial

"Each reporting person is marked as a ten percent owner in the data."

indirect ownership financial

"Ownership is reported as indirect with nature of ownership by various Lightspeed funds."

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED 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^*

Lightspeed Venture Partners X, L.P.

(Last) (First) (Middle)

C/O LIGHTSPEED VENTURE PARTNERS

2200 SAND HILL ROAD

(Street)

MENLO PARK CALIFORNIA 94025

(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)

	Director	X	10% 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)

	Form filed by One Reporting Person
X	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)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	06/16/2026		S		398,546	D	$19.13(1)	2,358,312	I	By Lightspeed Opportunity Fund, L.P.(2)
Class A Common Stock	06/17/2026		S		47,984	D	$18.71(3)	2,310,328	I	By Lightspeed Opportunity Fund, L.P.(2)
Class A Common Stock	06/17/2026		S		29,339	D	$19.64(4)	2,280,989	I	By Lightspeed Opportunity Fund, L.P.(2)
Class A Common Stock								19,860,677	I	By Lightspeed Venture Partners X, L.P.(5)
Class A Common Stock								192,885	I	By Lightspeed Affiliates X, L.P.(6)
Class A Common Stock								587,965	I	By Lightspeed Strategic Partners I L.P.(7)
Class A Common Stock								12,630,655	I	By Lightspeed Venture Partners Select II, L.P.(8)
Class A Common Stock								6,134,518	I	By Lightspeed Venture Partners Select III, L.P.(9)

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Lightspeed Venture Partners X, L.P.

(Last) (First) (Middle)

C/O LIGHTSPEED VENTURE PARTNERS

2200 SAND HILL ROAD

(Street)

MENLO PARK CALIFORNIA 94025

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Lightspeed Affiliates X, L.P.

(Last) (First) (Middle)

C/O LIGHTSPEED VENTURE PARTNERS

2200 SAND HILL ROAD

(Street)

MENLO PARK CALIFORNIA 94025

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Lightspeed General Partner X, L.P.

(Last) (First) (Middle)

C/O LIGHTSPEED VENTURE PARTNERS

2200 SAND HILL ROAD

(Street)

MENLO PARK CALIFORNIA 94025

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Lightspeed Ultimate General Partner X, Ltd.

(Last) (First) (Middle)

C/O LIGHTSPEED VENTURE PARTNERS

2200 SAND HILL ROAD

(Street)

MENLO PARK CALIFORNIA 94025

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Lightspeed Opportunity Fund, L.P.

(Last) (First) (Middle)

C/O LIGHTSPEED VENTURE PARTNERS

2200 SAND HILL ROAD

(Street)

MENLO PARK CALIFORNIA 94025

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Lightspeed General Partner Opportunity Fund, L.P.

(Last) (First) (Middle)

C/O LIGHTSPEED VENTURE PARTNERS

2200 SAND HILL ROAD

(Street)

MENLO PARK CALIFORNIA 94025

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Lightspeed Ultimate General Partner Opportunity Fund, Ltd.

(Last) (First) (Middle)

C/O LIGHTSPEED VENTURE PARTNERS

2200 SAND HILL ROAD

(Street)

MENLO PARK CALIFORNIA 94025

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Lightspeed Strategic Partners I L.P.

(Last) (First) (Middle)

C/O LIGHTSPEED VENTURE PARTNERS

2200 SAND HILL ROAD

(Street)

MENLO PARK CALIFORNIA 94025

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Lightspeed Strategic Partners General Partner I L.P.

(Last) (First) (Middle)

C/O LIGHTSPEED VENTURE PARTNERS

2200 SAND HILL ROAD

(Street)

MENLO PARK CALIFORNIA 94025

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Lightspeed Strategic Partners Ultimate General Partner I L.L.C.

(Last) (First) (Middle)

C/O LIGHTSPEED VENTURE PARTNERS

2200 SAND HILL ROAD

(Street)

MENLO PARK CALIFORNIA 94025

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

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 Persons undertake 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. Each of LGP Opportunity and LUGP Opportunity disclaims beneficial ownership of these shares except to the extent of its respective 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 Persons undertake 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 Persons undertake 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 X. Lightspeed General Partner X, L.P. ("LGP X") is the general partner of Lightspeed X. Lightspeed Ultimate General Partner X, Ltd. ("LUGP X") is the general partner of LGP X. Each of LGP X and LUGP X disclaims beneficial ownership of these shares except to the extent of its respective pecuniary interest therein.

6. Shares are held by Lightspeed Affiliates X, L.P. ("Affiliates X"). LGP X is the general partner of Affiliates X. LUGP X is the general partner of LGP X. Each of LGP X and LUGP X disclaims beneficial ownership of these shares except to the extent of its respective pecuniary interest therein.

7. 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. Each of LGP Strategic and LUGP Strategic disclaims beneficial ownership of these shares except to the extent of its respective pecuniary interest therein.

8. Shares are held by Lightspeed Select II. Lightspeed General Partner Select II, L.P. ("LGP Select II") is the general partner of Lightspeed Select II. Lightspeed Ultimate General Partner Select II, Ltd. ("LUGP Select II") is the general partner of LGP Select II. Each of LGP Select II and LUGP Select II disclaims beneficial ownership of these shares except to the extent of its respective pecuniary interest therein.

9. Shares are held by Lightspeed Venture Partners Select III, L.P. ("Lightspeed Select III"). Lightspeed General Partner Select III, L.P. ("LGP Select III") is the general partner of Lightspeed Select III. Lightspeed Ultimate General Partner Select III, Ltd. ("LUGP Select III") is the general partner of LGP Select III. Each of LGP Select III and LUGP Select III disclaims beneficial ownership of these shares except to the extent of its respective pecuniary interest therein.

Remarks:

This Form 4 is the first of two Forms 4 filed relating to the same events. Combined, the two Form 4s report the holdings for the following Reporting Persons: Lightspeed Venture Partners X, L.P., Lightspeed Affiliates X, L.P., Lightspeed General Partner X, L.P., Lightspeed Ultimate General Partner X, Ltd., Lightspeed Opportunity Fund, L.P., Lightspeed General Partner Opportunity Fund, L.P., Lightspeed Ultimate General Partner Opportunity Fund, Ltd., Lightspeed Strategic Partners I L.P., Lightspeed Strategic Partners General Partner I L.P., Lightspeed Strategic Partners Ultimate General Partner I L.L.C., Lightspeed Venture Partners Select II, L.P., Lightspeed General Partner Select II, L.P., Lightspeed Ultimate General Partner Select II, Ltd., Lightspeed Venture Partners Select III, L.P., Lightspeed General Partner Select III, L.P. and Lightspeed Ultimate General Partner Select III, Ltd. This Form 4 has been split into two filings because there are more than 10 reporting persons in total, and the SEC's EDGAR filing system limits a single Form 4 to a maximum of 10 reporting persons.

	Lightspeed Venture Partners X, L.P., By: Lightspeed General Partner X, L.P., its General Partner, By: Lightspeed Ultimate General Partner X, Ltd., its General Partner, By /s/ Ravi Mhatre, Director	06/18/2026
	Lightspeed Affiliates X, L.P., By: Lightspeed General Partner X, L.P., its General Partner, By: Lightspeed Ultimate General Partner X, Ltd., its General Partner, By /s/ Ravi Mhatre, Director	06/18/2026
	Lightspeed General Partner X, L.P., By: Lightspeed Ultimate General Partner X, Ltd., its General Partner, By /s/ Ravi Mhatre, Director	06/18/2026
	Lightspeed Ultimate General Partner X, Ltd., By /s/ Ravi Mhatre, Director	06/18/2026
	Lightspeed Opportunity Fund, L.P., By: Lightspeed General Partner Opportunity Fund, L.P., its General Partner, By: Lightspeed Ultimate General Partner Opportunity Fund, Ltd., its General Partner, By /s/ Ravi Mhatre, Director	06/18/2026
	Lightspeed General Partner Opportunity Fund, L.P., By: Lightspeed Ultimate General Partner Opportunity Fund, Ltd., its General Partner, By /s/ Ravi Mhatre, Director	06/18/2026
	Lightspeed Ultimate General Partner Opportunity Fund, Ltd., By /s/ Ravi Mhatre, Director	06/18/2026
	Lightspeed Strategic Partners I L.P., By: Lightspeed Strategic Partners General Partner I L.P., its General Partner, By: Lightspeed Strategic Partners Ultimate General Partner I L.L.C., its General Partner, By /s/ Ravi Mhatre, Manager	06/18/2026
	Lightspeed Strategic Partners General Partner I L.P., By: Lightspeed Strategic Partners Ultimate General Partner I L.L.C., its General Partner, By /s/ Ravi Mhatre, Manager	06/18/2026
	Lightspeed Strategic Partners Ultimate General Partner I L.L.C., By /s/ Ravi Mhatre, Manager	06/18/2026
	** Signature of Reporting Person	Date
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)

FAQ

What insider activity did Lightspeed-related funds report in Navan (NAVN)?

Venture funds affiliated with Lightspeed reported open-market sales of Navan Class A common stock. Lightspeed Opportunity Fund, L.P. sold 475,869 shares over June 16–17, 2026, while several related Lightspeed funds reported only updated indirect holdings, not additional trades, in this dataset.

How many Navan (NAVN) shares did Lightspeed Opportunity Fund, L.P. sell?

Lightspeed Opportunity Fund, L.P. sold a total of 475,869 Navan Class A shares. These sales occurred in three open-market tranches on June 16 and 17, 2026, according to the Form 4 transaction data and associated weighted average price disclosures in the footnotes.

At what prices were the Navan (NAVN) shares sold by Lightspeed Opportunity Fund, L.P.?

The reported prices are weighted averages, with tranches at $19.13, $19.64, and $18.71 per share. Footnotes state the underlying individual trades occurred in ranges spanning from $18.40 up to $19.9957 per share across the different sale groupings.

How many Navan (NAVN) shares does Lightspeed Opportunity Fund, L.P. hold after these sales?

Following the June 17, 2026 transactions, Lightspeed Opportunity Fund, L.P. is shown holding 2,280,989 Navan Class A shares indirectly. This post-transaction balance reflects all three reported open-market sales summarized in the Form 4 filing data provided.

What indirect Navan (NAVN) holdings do other Lightspeed funds report?

Other affiliated Lightspeed funds report sizeable indirect Navan holdings, including 19,860,677 shares by Lightspeed Venture Partners X, L.P. and 12,630,655 shares by Lightspeed Venture Partners Select II, L.P., alongside additional positions held by several other Lightspeed-related entities, based on the holding entries dated June 16, 2026.

Do the Lightspeed entities disclaim beneficial ownership of some Navan (NAVN) shares?

Yes. Footnotes state that various general partner and ultimate general partner entities, such as Lightspeed Ultimate General Partner entities, disclaim beneficial ownership of the shares except to the extent of their respective pecuniary interest, reflecting typical venture fund control structures over portfolio holdings.