Lightspeed Venture Partners X, L.P. 4

What Happened

• Lightspeed Venture Partners X, L.P. (a disclosed 10% owner) reported a series of pro rata, in‑kind distributions and transfers on July 7, 2026 (coded J), and an open‑market sale on July 8, 2026. The open‑market sale was 8,983 Navan shares at a weighted average price of $25.36, generating approximately $227,809 in proceeds.
• The July 7 in‑kind transfers involved several large zero‑price acquisitions and dispositions among related Lightspeed entities (total disposals listed: 6,147,228 shares; total acquisitions listed: 1,080,643 shares), resulting in a net reduction of 5,066,585 shares for the reporting entity in the transactions shown on this filing. The in‑kind transfers are distributions to partners (not purchases or sales for consideration).

Key Details

• Transaction dates: July 7, 2026 (multiple in‑kind transfers, code J) and July 8, 2026 (open‑market sale).
• Open‑market sale: 8,983 shares at a weighted average price of $25.36; proceeds ≈ $227,809. Footnote notes sales occurred in multiple trades at $25.27–$25.53.
• In‑kind transfers: multiple J‑coded entries on July 7 representing pro rata distributions between Lightspeed entities and their partners (see footnotes F1–F6, F9–F13 for details and disclaimers of beneficial ownership by various GP entities).
• Shares owned after transaction: not specified in the provided extract of this filing (see the full Form 4 for post‑transaction holdings).
• Filing timing & structure: Form filed July 9, 2026 for July 7–8 transactions; appears timely. This is the first of two related Form 4s (filings split because there are more than 10 reporting persons).

Context

• These J‑coded in‑kind distributions are internal reallocations to fund partners and are not the same as a market sale or purchase — they generally do not signal a manager buying or selling for personal gain.
• The only cash proceeds reported here come from a small open‑market sale (~$228k). As a 10% institutional owner, Lightspeed’s activity largely reflects fund/partner reallocation rather than insider executive trading.