HOROWITZ BENJAMIN A 4

What Happened
Benjamin A. Horowitz, reported as a 10% owner, was granted and acquired 1,012 shares of Navan Class A common stock (recorded as an award/grant, code A) on 2026-05-20 at an attributable price of $18.54 per share, for a total value of approximately $18,762. The award represents restricted stock units that were fully vested on the grant date and were issued in lieu of a cash board retainer.

Key Details

• Transaction date: 2026-05-20; per-share value shown: $18.54; total value ≈ $18,762.
• Grant type: Award/Grant (A) — restricted stock units (RSUs) that vested on grant date.
• Purpose: Issued in lieu of a cash retainer for board service (footnote indicates $18,750 retainer amount).
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Ownership/filing notes: Reporting Person is identified as a 10% owner; multiple footnotes (F2–F9) clarify many shares are held of record by various Andreessen Horowitz funds and managed entities and include standard disclaimers about beneficial ownership.
• Filing timeliness: Reported on 2026-05-22 for a 2026-05-20 transaction — within the typical two-business-day Form 4 window (filed timely).

Context
This was an award (RSUs issued and vested) in lieu of a board cash retainer, not an open-market purchase or sale. For retail investors, such board retainer awards are routine compensation and do not necessarily signal a change in an insider’s market view. Footnotes indicate substantial related-party/institutional holdings via Andreessen Horowitz funds; the Reporting Person disclaims beneficial ownership of those fund-held shares except to the extent of any pecuniary interest.