Lightspeed Venture Partners X, L.P. 4

What happened

• Lightspeed Venture Partners X, L.P. (a reported 10% owner / institutional investor) disposed of Navan (NAVN) shares via in-kind distributions and open-market sales. On June 11 it made pro rata, in‑kind distributions of 3,504,825 and 2,228,940 shares (code J) for $0 (no cash exchanged). Between June 12 and June 15 Lightspeed sold open‑market lots of 197,748; 822,069; 83; 573,572; and 430,659 shares at reported prices that generated approximately $40,862,526 in proceeds (combined sales).
• These actions are sales/distributions (not purchases) and reflect institutional portfolio actions rather than an executive insider buying or exercising options.

Key details

• Transaction dates and key prices:
  • 2026-06-11: 3,504,825 shares and 2,228,940 shares — in‑kind distributions (code J), $0 proceeds (F1/F3).
  • 2026-06-12: 197,748 shares @ $19.77 → $3,909,478 (S)
  • 2026-06-12: 822,069 shares @ $20.06 → $16,490,704 (S)
  • 2026-06-12: 83 shares @ $20.91 → $1,736 (S)
  • 2026-06-15: 573,572 shares @ $20.19 → $11,580,419 (S)
  • 2026-06-15: 430,659 shares @ $20.62 → $8,880,189 (S)
  • Total reported cash proceeds from open‑market sales ≈ $40,862,526.
• Shares owned after transaction: Not specified in the provided Form 4 excerpt.
• Notable footnotes:
  • F1/F3: The $0 dispositions were pro rata, in‑kind distributions to the fund’s partners (not sales).
  • F10/F5/F7/F8/F9: Several reported prices are weighted averages covering multiple execution prices; detailed per‑trade prices are available from the filer on request.
  • F11–F13 and related notes describe the Lightspeed fund/GP ownership structure and disclaimers of beneficial ownership by certain GP entities.
• Filing timing and scope: Form filed 2026-06-15 reporting transactions dated June 11–15. This filing is the first of two Forms 4 covering the same events because more than 10 related reporting persons are involved. No late‑filing flag is shown in the provided data.

Context

• Institutional manager action: Lightspeed X is a venture fund / 10% owner — these in‑kind distributions and open‑market sales reflect fund-level liquidity/ownership adjustments, not an individual corporate officer’s trading signal.
• In‑kind distributions (code J) are transfers to partners and do not represent market sentiment via a sale for cash.
• For retail investors, purchases by insiders tend to be more informative; large institutional disposals can reflect portfolio reallocations or distributions rather than negative views on the company.