Twig Ilan Ezra 4

What Happened
Twig Ilan Ezra, Navan's Chief Technology Officer and a director, disposed of 49,210 shares on March 20, 2026. The shares were sold at a weighted-average price of $8.62 per share for aggregate proceeds of approximately $424,294. The sale was a "sell-to-cover" to satisfy tax withholding related to the vesting of restricted stock units (RSUs), not a discretionary open-market trade.

Key Details

• Transaction date: 2026-03-20; Form 4 filed 2026-03-24 (filed within required period).
• Price: weighted average $8.62; sale prices ranged from $8.62 to $8.665 across multiple transactions.
• Shares sold: 49,210; proceeds ≈ $424,294.
• Holdings after transaction: filing references 440,415 RSUs (each a contingent right to one share upon vesting). The Form 4 indicates the sale satisfied tax withholding obligations.
• Footnotes: F1 = sell-to-cover for RSU tax withholding (not a discretionary sale); F2 = weighted-average price with price range disclosed; F3 = shows 440,415 RSUs outstanding/contingent.

Context
Sell-to-cover transactions are routine when RSUs vest and taxes are due; they generally reflect tax mechanics rather than a change in an insider's view of the company. This filing does not indicate an option exercise, gift, or a 10% owner transaction—just tax-related withholding of vested RSUs.