NAVN insider ownership: who sold, why, and what they still hold

What stands out

Anre Williams bought 200K shares for $2.5M, first on Dec 17, 2025. These are the first purchases by current officers or directors in the filings on record.Purchase, Dec 17, 2025

Three officers sold $53.9M with no disclosed plan: Ilan Twig ($25.0M), Ariel Cohen ($23.1M) and Michael Sindicich ($5.8M). The filings don't state a reason.Ilan Twig: largest such sale, Oct 31, 2025 · Ariel Cohen: largest such sale, Oct 31, 2025 · Michael Sindicich: largest such sale, Oct 31, 2025

Outside holders and shareholders represented on the board, not part of management, sold heavily: Lightspeed Venture Partners X, L.P. ($50.4M), Lightspeed Venture Partners Select II, L.P. ($50.4M) and Arif Janmohamed ($50.0M).Lightspeed Venture Partners X, L.P.: largest sale, Jun 12, 2026 · Lightspeed Venture Partners Select II, L.P.: largest sale, Jun 12, 2026 · Arif Janmohamed: largest sale, Jun 12, 2026

A share of stake is shown for 0 of the 4 officers and directors who sold. 14 are left out

Left out: Ilan Twig, Ariel Cohen, Oren Zeev, Amy Butte, Michael Kourey, Michael Sindicich, Anne Giviskos, Anre Williams, Sandesh Kaveripatnam, Arif Janmohamed, Clara Liang, Benjamin Horowitz, Shai Weiss and Aurelien Nolf (share of stake is being verified).

Disclosed company stock is not an insider's whole wealth.

Who sold, and how much of their stake

Officers and directors, past 12 months. Their share of stake is being verified and is not shown yet; amounts and trading plans are below.

Ariel Cohen

Chairperson and CEO, Director

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$38.2M31% planned, 9% to cover taxes 60% no plan disclosed

Ilan Twig

Chief Technology Officer, Director

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$26.7M6% to cover taxes 94% no plan disclosed

Michael Sindicich

President

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$7.2M14% planned, 5% to cover taxes 80% no plan disclosed

Anne Giviskos

SVP, Strategic Finance and Chief Accounting Officer

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$334KTo cover taxes

Amounts, filings and trading plans for each seller

Selling by month

Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.

Disclosed planTo cover taxesNo plan disclosedOne dollar scale for every month; the tallest bar is labeled

Recent activity

Past 30 days, Sep 14, 2026 to Oct 13, 2026

Sep 21, 20263 executives sold 96K shares ($2.0M) to cover taxes on vesting stock.

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Ariel Cohen Chairperson and CEO, Director	50,647	$21.27	n/a	n/a	Sep 21, 2026	Sep 23, 2026
Ilan Twig Chief Technology Officer, Director	36,040	$21.27	n/a	n/a	Sep 21, 2026	Sep 23, 2026
Michael Sindicich President	8,977	$21.27	n/a	n/a	Sep 21, 2026	Sep 23, 2026

"% of total stake" is the shares in an event against all the vested shares the person held that day, across every share class and holding entity, after that day's vesting. "n/a" means the person's holdings are not confirmed, or the row is a purchase. "Holdings record incomplete" means more shares were sold than the filings show the person held that day, so a percentage would be wrong.

Outside holders, reported separately

Lightspeed Venture Partners X, L.P. sold $50.4M, Lightspeed Venture Partners Select II, L.P. sold $50.4M and Arif Janmohamed (for the outside shareholder represented on the board) sold $50.0M in the past 12 months. Large shareholders and the funds or companies that board members represent are not part of management, so they are left out of the figures above.

Details

Common questions

Is the Navan, Inc. CEO selling stock?

Yes. Ariel Cohen sold 1.56M shares ($38.2M) in the past 12 months, 31% of it under a trading plan disclosed in the filings.

Why are Navan, Inc. insiders selling?

Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 18% of sales by value ran under 10b5-1 trading plans disclosed in the filings, 8% were to cover taxes and 74% had no disclosed plan. A trading plan schedules sales in advance.

Are any Navan, Inc. insiders buying?

Yes. 1 officer or director reported 2 purchases in the past 12 months (Form 4 code P; rows the filings describe as reinvested dividends, plan purchases, private deals or moves into the person's own trust are not counted).

The evidence

Who sold4 officers and directors: amount, % of holdings, trading plan

Who sold	Amount	% of holdings	Trading plan
Ariel Cohen Chairperson and CEO, Director	$38.2M 1.56M shares	Not confirmed share of stake is being verified. Why	31% under a disclosed plan, 9% to cover taxes 60% no plan disclosed
Ilan Twig Chief Technology Officer, Director	$26.7M 1.11M shares	Not confirmed share of stake is being verified. Why	6% to cover taxes 94% no plan disclosed
Michael Sindicich President	$7.2M 306K shares	Not confirmed share of stake is being verified. Why	14% under a disclosed plan, 5% to cover taxes 80% no plan disclosed
Anne Giviskos SVP, Strategic Finance and Chief Accounting Officer	$334K 34K shares	Not confirmed share of stake is being verified. Why	To cover taxes

Board members representing outside shareholders, reported separately: Benjamin Horowitz, Arif Janmohamed (the shareholder sold $50.0M), Sandesh Kaveripatnam, Oren Zeev. Details

Outside holder, reported separately: Andreessen Horowitz LSV Fund I, L.P. (a 10% owner, not part of management). No open-market sales reported in the period. Latest filing

Outside holder, reported separately: Andreessen Horowitz LSV Fund III, L.P. (a 10% owner, not part of management). No open-market sales reported in the period. Latest filing

Outside holder, reported separately: Andreessen Horowitz Fund V, L.P. (a 10% owner, not part of management). No open-market sales reported in the period. Latest filing

Outside holder, reported separately: Lightspeed Venture Partners X, L.P. (a 10% owner, not part of management). Sold $50.4M (2.52M shares) from Jun 12, 2026 to Jul 8, 2026. Latest filing

Outside holder, reported separately: Lightspeed Venture Partners Select II, L.P. (a 10% owner, not part of management). Sold $50.4M (2.52M shares) from Jun 12, 2026 to Jul 8, 2026. Latest filing

The full ownership picture0 of 14 officers and directors confirmed

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

Insider

Held Oct 13, 2025

Sold

Held Oct 13, 2026

Still held

Ilan Twig

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Ilan Twig are complete.

Chief Technology Officer, Director

n/a

−1.11M

n/a

Vesting, gifts, unvested awards and holding lines for Ilan Twig

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Ilan Twig are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
2,072,340	$10.05	Mar 17, 2031	$23.3M
666,666	$16.26	Jan 16, 2033	$3.3M
200,853	$16.26	Apr 12, 2033	$1.0M
254,315	$22.62	Apr 23, 2035	$0
381,473	$22.62	Apr 23, 2035	$0

Estimate: options held × ($21.27 − strike price), using the most recent insider trade price on Form 4 (Sep 21, 2026), not a market close.

Ariel Cohen

Chairperson and CEO, Director

n/a

−1.56M

n/a

Vesting, gifts, unvested awards and holding lines for Ariel Cohen

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Ariel Cohen are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
1,594,753	$10.05	Mar 17, 2031	$17.9M
1,663,664	$16.26	Apr 13, 2032	$8.3M
527,140	$16.26	Apr 12, 2033	$2.6M
1,250,445	$22.62	Apr 23, 2035	$0

Estimate: options held × ($21.27 − strike price), using the most recent insider trade price on Form 4 (Sep 21, 2026), not a market close.

Oren Zeev

Director

n/a

Vesting, gifts, unvested awards and holding lines for Oren Zeev

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Oren Zeev are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Amy Butte

Chief Financial Officer

n/a

Vesting, gifts, unvested awards and holding lines for Amy Butte

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Amy Butte are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−160Kwithheld by the company for taxes

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
657,259	$25.00	Oct 28, 2035	$0

Estimate: options held × ($21.27 − strike price), using the most recent insider trade price on Form 4 (Sep 21, 2026), not a market close.

Michael Kourey

Director

n/a

Vesting, gifts, unvested awards and holding lines for Michael Kourey

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Michael Kourey are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Michael Sindicich

President

n/a

−306K

n/a

Vesting, gifts, unvested awards and holding lines for Michael Sindicich

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Michael Sindicich are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
33,333	$4.29	May 29, 2030	$566K
71,249	$10.05	Mar 17, 2031	$800K
333,966	$16.26	Apr 13, 2032	$1.7M
433,333	$16.26	Jan 24, 2034	$2.2M
166,666	$16.26	Apr 12, 2033	$836K
87,565	$20.31	Jan 21, 2035	$84K

Estimate: options held × ($21.27 − strike price), using the most recent insider trade price on Form 4 (Sep 21, 2026), not a market close.

Anne Giviskos

SVP, Strategic Finance and Chief Accounting Officer

n/a

−34K

n/a

Vesting, gifts, unvested awards and holding lines for Anne Giviskos

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Anne Giviskos are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−11Kwithheld by the company for taxes

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
53,078	$23.31	Jul 6, 2035	$0

Estimate: options held × ($21.27 − strike price), using the most recent insider trade price on Form 4 (Sep 21, 2026), not a market close.

Anre Williams

Director

n/a

Vesting, gifts, unvested awards and holding lines for Anre Williams

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Anre Williams are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Sandesh Kaveripatnam

Director

n/a

Vesting, gifts, unvested awards and holding lines for Sandesh Kaveripatnam

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Sandesh Kaveripatnam are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Arif Janmohamed

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. See the filing Sales and other transactions for Arif Janmohamed are complete.

Director

n/a

Vesting, gifts, unvested awards and holding lines for Arif Janmohamed

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Arif Janmohamed are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Clara Liang

Director

n/a

Vesting, gifts, unvested awards and holding lines for Clara Liang

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Clara Liang are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
6,666	$11.91	Jun 27, 2031	$62K
66,666	$16.26	Oct 24, 2032	$334K

Estimate: options held × ($21.27 − strike price), using the most recent insider trade price on Form 4 (Sep 21, 2026), not a market close.

Benjamin Horowitz

Director

n/a

Vesting, gifts, unvested awards and holding lines for Benjamin Horowitz

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Benjamin Horowitz are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Shai Weiss

Director

n/a

Vesting, gifts, unvested awards and holding lines for Shai Weiss

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Shai Weiss are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Aurelien Nolf

Chief Financial Officer

n/a

Vesting, gifts, unvested awards and holding lines for Aurelien Nolf

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Aurelien Nolf are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
1,010,099	$9.97	Mar 1, 2036	$11.4M

Estimate: options held × ($21.27 − strike price), using the most recent insider trade price on Form 4 (Sep 21, 2026), not a market close.

Holdings and share of stake for Navan, Inc. are being verified, so no balances, unit counts or percentages are shown. Sales, proceeds, plan and tax status, titles and dates come straight from individual filings.

What explains the selling$72.5M of sales by plan status, purpose, seller and month

Officer and director open-market sales: $72.5M across 3,010,414 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

Disclosed plan · $12.9M · 18%

82%

The lighter segment is sales with no plan disclosed in the filing ($59.6M), including tax-related sales outside a plan.

No plan disclosed · $53.9M

Sales with no 10b5-1 plan and no tax reference in the filing. $25.0M of it is Ilan Twig. No plan disclosed is a statement about the filing, not about why the sale happened. Largest such sale: Ilan Twig, Oct 31, 2025

Taxes

$5.7M of sales (7.8%) cite tax obligations in their footnotes. Separately, 171,314 shares ($0) were withheld by the company for taxes, which isn't a market sale. Example: Michael Sindicich, Sep 21, 2026

Purchases · 1 buyer (2 trades)

1 officer or director bought shares in this period, in 2 trades(Form 4 code P, leaving out rows the filings describe as reinvested dividends, plan purchases, private deals or moves into the person's own trust). Across all their filings on record there are 2 purchase trades.

Seller	Shares sold	Proceeds	Under a disclosed plan	Share of total	Sales dates
Ariel Cohen Chairperson and CEO, Director	1.56M	$38.2M	31%	53%	Oct 31, 2025 to Sep 21, 2026
Ilan Twig Chief Technology Officer, Director	1.11M	$26.7M	0%	37%	Oct 31, 2025 to Sep 21, 2026
Michael Sindicich President	306K	$7.2M	14%	10%	Oct 31, 2025 to Sep 21, 2026
Anne Giviskos SVP, Strategic Finance and Chief Accounting Officer	34K	$334K	0%	0.5%	Jan 28, 2026 to Mar 3, 2026

Sales by month

Month	Sale proceeds	Disclosed plan	To cover taxes	No plan disclosed
Oct 2025	$53.9M	$0	$0	$53.9M
Nov 2025	$0	$0	$0	$0
Dec 2025	$0	$0	$0	$0
Jan 2026	$167K	$0	$167K	$0
Feb 2026	$0	$0	$0	$0
Mar 2026	$2.0M	$0	$2.0M	$0
Apr 2026	$0	$0	$0	$0
May 2026	$1.0M	$1.0M	$0	$0
Jun 2026	$1.4M	$0	$1.4M	$0
Jul 2026	$0	$0	$0	$0
Aug 2026	$11.9M	$11.9M	$0	$0
Sep 2026	$2.0M	$0	$2.0M	$0
Oct 2026	$0	$0	$0	$0

Board members representing outside shareholders (4)Listed and sourced; not part of the management totals or the answer line

Directors whose reported holdings sit mostly in an investment fund or a corporate shareholder they represent, not in their own name, with beneficial ownership disclaimed except for their own financial interest. Listed and sourced here; not part of the management totals or the answer line. Shares a fund hands to its own investors are distributions, not sales.

Board member	Held Oct 13, 2025	Sold	Held Oct 13, 2026	Still held
Benjamin Horowitz ! Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Benjamin Horowitz are complete. Director	n/a	0	n/a	n/a
Vesting, gifts, unvested awards and holding lines for Benjamin Horowitz Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Benjamin Horowitz are complete; balances and unit counts will be added when the check is finished. 0gifted (net of own trusts)
Arif Janmohamed ! Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Arif Janmohamed are complete. Director	n/a	−2.50M	n/a	n/a
Vesting, gifts, unvested awards and holding lines for Arif Janmohamed Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Arif Janmohamed are complete; balances and unit counts will be added when the check is finished. 0gifted (net of own trusts)
Sandesh Kaveripatnam ! Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Sandesh Kaveripatnam are complete. Director	n/a	0	n/a	n/a
Vesting, gifts, unvested awards and holding lines for Sandesh Kaveripatnam Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Sandesh Kaveripatnam are complete; balances and unit counts will be added when the check is finished. 0gifted (net of own trusts)
Oren Zeev ! Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Oren Zeev are complete. Director	n/a	0	n/a	n/a
Vesting, gifts, unvested awards and holding lines for Oren Zeev Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Oren Zeev are complete; balances and unit counts will be added when the check is finished. 0gifted (net of own trusts)

Known gaps and uncertainty14 officers and directors not confirmed

Holdings and share of stake are being verified. Balances, unit counts and every share-of-stake figure for Navan, Inc. are held back until that check is finished. Sales, proceeds, plan and tax status, titles and dates come straight from individual filings and are complete.

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology97 filings on record, 97 filed in the 12-month period, and how we read them

All 97 Forms 3, 4 and 5 on record for Navan, Inc. (SEC CIK 1639723), filed from Oct 29, 2025 to Sep 23, 2026; 97 of them were filed in the 12 months this page covers, retrieved from SEC EDGAR on Oct 13, 2026. Prices are the ones reported in each filing, often weighted averages.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Spotted something wrong on this page? Report an error. We check every report against the SEC filing and list what we fix in the corrections log.

Navan, Inc. insiders sold $72.5M in the past 12 months. How much of their stake is that?

What stands out

Who sold, and how much of their stake

Selling by month

Recent activity

Outside holders, reported separately

Common questions

Is the Navan, Inc. CEO selling stock?

Why are Navan, Inc. insiders selling?

Are any Navan, Inc. insiders buying?

The evidence

No plan disclosed · $53.9M

Taxes

Purchases · 1 buyer (2 trades)

Sales by month