Document:

Document

Exhibit 10.15

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO PUBMATIC, INC. IF PUBLICLY DISCLOSED.
SUBJECT TO FED. R. EVID. 408
CONFIDENTIAL
PUBMATIC DEMAND PARTNER AGREEMENT
These terms and conditions (the “T&Cs”), together with the attached Exhibits), create a binding contract (the “Agreement”) between PubMatic and The Trade Desk, Inc., with offices located at 505 Poli Street, 5th Floor, Ventura, CA 93001 (“Demand Partner”), to allow Demand Partner to access the online advertising inventory on the Web sites, Internet-powered applications, and other Internet- accessible products (the “Publisher Inventory”) from the various online publishers that PubMatic represents as part of its online adverting optimization service (the “PubMatic Service”). The Agreement is effective as of the date of last signature on any of the Exhibits hereto (the “Effective Date”).

1.The PubMatic Service. The PubMatic Service is a proprietary technology that allows online advertising-supported publishers to offer advertising impressions on these publishers’ web sites, online applications, or other advertising supported online media (the “Publisher Inventory”) to various sources of online media demand in a manner that maximizes the overall price per impression for these publishers. This price maximizing is accomplished by creating an auction for each advertising impression served through the PubMatic Service. The “bids” in these auctions are derived from multiple sources including fixed CPM or CPC campaigns, revenue share arrangements, real-time bidding, or some mixture of these payment methods. The Exhibits) to these T&Cs describe the payment method(s) and campaign types selected by Demand Partner. For each campaign type and regardless of payment method. Demand Partner acknowledges and agrees that the PubMatic Service does not guarantee any particular number of advertising impressions or a particular price per impression and that the number of impressions Demand Partner is able to deliver for itself or its media-buying clients is entirely determined by the eCPM Demand Partner is willing to spend per impression displayed through the PubMatic Service. Finally, Demand Partner acknowledges and agrees that it shall not have the right to display advertising on any particular Publisher Inventory without the prior approval of the PubMatic publisher which owns or operates that Publisher Inventory.
2.Exhibits. Interpretation & Survival. Terms regarding payment, term and termination, and party obligations for each method of buying Publisher Inventory through the PubMatic Service are listed in the exhibits hereto. Multiple exhibits may be included depending on the mix of products the Demand Partner would like to purchase to access Publisher Inventory in 

the PubMatic Service. In the event that any provision in an Exhibit is deemed inconsistent with these T&Cs, the Exhibit shall prevail. The following provisions of the T&Cs shall survive die expiration or termination of the Agreement: 2,4,5,6,7, 9, and 10. Those provisions of the Exhibits which, by their nature and language, should reasonably be understood to survive the expiration or termination of the Agreement, shall do so.
3.Limited Warranties.
a.Mutual. Each party hereby represents and warrants to the best of its knowledge that its products» services, and advertisements do not and performance hereunder shall not (i) violate any applicable law or regulation; (ii) infringe any U.S. patents, copyrights, or trademarks issued as of the Effective Date, or other intellectual property rights; (iii) conflict with any duties owed to, or rights held by, third parties; and (iv) contain indecent obscene or pornographic material, hate speech, subject matter that a reasonable person would consider highly objectionable, any material which promotes illegal activities, or any material that is or contains malware, viruses, or other potentially destructive computer programs and security threats (alt this content is “Prohibited Content”). Each party acknowledges and agrees that the copyrights, patents, trade secrets, and the moral, termination, authorship and other proprietary rights to any device, service, product or business method (“Intellectual Property”) of the other party shall remain the sole property of that party.

b.PubMatic Warranties. PubMatic represents and warrants that (i) it is the sole owner of the PubMatic Service and has secured all necessary licenses, consents and authorizations for operation of the PubMatic Service; (ii) it shall at all times comply with the terms of the PubMatic Privacy Policy and any requests it receives from end users to opt-out of data collection undertaken by PubMatic; (iii) it shall not retain, accumulate, amass, keep, own, preserve, save and/or store, any personally identifiable information (“PII”) defined as data which can be used to identify or contact a person uniquely and reliably, including but not limited to name, address, telephone number, and e-mail address; and (iv) it shall take appropriate and reasonable precautions to protect PII from loss, misuse or alteration. PubMatic agrees and acknowledges that, in addition to its oilier remedies, a breach of this Section 3(b)(iv) shall permit Demand Partner to immediately terminate this Agreement upon notice to PubMatic.
c.Demand Partner Warranties. Demand Partner represents and warrants that it shall (i) be solely responsible for soliciting all advertisers, trafficking of ad units and handling all advertiser inquiries of any type or nature; (ii) obtain ail necessary rights, waivers and permissions from advertisers to deliver ad units to Publisher inventory; (iii) not communicate any PU about any user through the PubMatic Service; (iv) comply with the PubMatic Privacy Policy; (iv) comply with the “opt-out” principles articulated in the Network Advertising Initiative’s Draft Principles for 2008 (the “NAI Principles”); (v) have all necessary authorizations from the websites where the Demand Partner shall place pixels for the purpose of retargeting users in any campaign; and (vi) provide PubMatic timely and commercially reasonable technical assistance with troubleshooting advertising display problems, or other technical problems that arise.
4.Ownership Rights and Restrictions. PubMatic is the exclusive owner of ail right, title and interest in and to the PubMatic Service, all software, databases and other aspects and technologies related to the PubMatic Service, any enhancements thereto and any materials provided to Demand Partner by PubMatic through the PubMatic Service or otherwise. Demand Partner may not use the PubMatic Service except pursuant to the limited rights expressly granted in this Agreement. Demand Partner hereby grants PubMatic a license to use the performance and billing reports Demand Partner may provide to PubMatic through this Agreement (the “Demand Partner Reporting”) and to share the information from those. PubMatic may use the Demand Partner Reporting for the purpose of (i) creating aggregated reports of demand for its non-demand partner clients; (ii) for marketing and publicity promotion of the PubMatic service; (iii) measuring the 

performance of the PubMatic Service, and (iv) billing and paying its clients and business affiliates.
5.Data.
a.[***]
b.Use of Pixels. Demand Partner acknowledges and agrees that PubMatic publishers have the right to know if third parties are placing cookies in the browsers of the users of their web sites through Demand Partner’s advertisements and what data these third parties wish to collect. Therefore;, Demand Partner agrees that (i) at PubMatic’s request, it shall accurately identify the pixels it places for its third-party data partners in the HTML of the advertisements it displays through the PubMatic Service; (ii) it will disclose how much revenue it is earning front placement of those pixels and how much of that revenue is being paid to each PubMatic publisher; and (ii) at PubMatic’s request, it will remove pixels identified by PubMatic from the HTML of any advertising it serves through the PubMatic Service. PubMatic acknowledges that removal of pixels may adversely affect the overall eCPM paid for an advertising campaign from Demand Partner.
6.Use of Marks. PubMatic may identify Demand Partner as a client in the PubMatic Service and display Demand Partner’s logo on PubMatic’s web site and in other marketing materials. Any other use of Demand Partner’s name, logos, or other marks by PubMatic shall be subject to Demand Partner’s prior approval.
7.General Provisions Regarding Fees. Payments to PubMatic for Demand Partner’s use of the PubMatic Service (generally, “Fees”) pursuant to any Exhibit to this Agreement shall be denominated in U.S. dollars and paid by check or wire transfer lo an account to be designated by PubMatic, or by other means expressly agreed to in writing by PubMatic. In no event shall Demand Partner’s obligation to pay Fees due, whether under this or any other agreement with PubMatic, be subject to set off. [***] Demand Partner shall also be responsible for and shall pay any applicable sales, use or other taxes or dudes, tariffs or the like applicable to the Fees. Late payment of Fees will be subject to interest at the rate of one and one half percent (1.5%) per month, or the maximum rate allowed by law if that rate is less. If Demand Partner fails to pay Fees invoiced by PubMatic within [***] following the payment due date, PubMatic shall have the right to suspend Demand Partner’s participation in the PubMatic Service until Demand Partner pays all overdue Fees, applicable interest, and an additional reinstatement payment of $1,000. In addition, Demand Partner agrees 

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to pay any attorneys fees and/or collection costs incurred by PubMatic in collecting any past due Fees from Demand Partner.
8.Confidentiality. Each party shall treat as proprietary and shall maintain in strict confidence all Confidential Information of the other and shall not, without the express prior written consent of such other party, disclose such Confidential Information or use this Confidential Information other than in furtherance of its obligations hereunder. “Confidential Information” shall mean any information of Demand Parmer or PubMatic which is, or should reasonably be understood to be, confidential or proprietary to the disclosing party, including, but not limited to, information: (i) related to a party’s technical know-how and technological innovations; (ii) related to a party’s operations, financial status, or sales and business plans and strategies: and (iii) trade secrets, patent applications, or other intellectual property, disclosed between parties, either directly or indirectly, in writing, drawing, orally, or electronically. Notwithstanding the foregoing, “Confidential Information” shall not include information which the receiving party can demonstrate with written documentation: (a) is known to the receiving party at the time of the disclosure; (b) has become publicly known through no wrongful act of the receiving party; (c) has rightfully been received from a third-party which the disclosing patty has authorized to make such disclosures; or (d) was disclosed pursuant to a court order or similar governmental authority, provided, however, that the receiving party shall provide prompt notice of such order to the disclosing party to enable the disclosing party to act to prevent or restrict the ordered disclosure.
9.Indemnification. Each party hereby agrees to indemnity the other party from and against all third party claims arising from a breach of the warranties set forth in Section 2 above. In addition, each paly hereby agrees to indemnify the other party for all claims arising out of the performance or nonperformance of its respective products that are the subject of this Agreement. In all cases in which a party seeks indemnification hereunder, the indemnitee shall provide the indemnitor with prompt written notice of such claims or threat of such claims, reasonable cooperation and assistance to the indemnitor in connection with such claims, and that indemnitor is provided full control and authority to investigate, defend and/or settle such claims.
10.DISCLAIMERS. EXCEPT AS EXPRESSLY SET FORTH IN THESE T&Cs AND IN ANY EXHIBIT, EACH PARTY SPECIFICALLY DISCLAIMS ANY REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, 

REGARDING ITS RESPECTIVE SOFTWARE OR SERVICE, INCLUDING ANY IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR IMPLIED WARRANTIES ARISING FROM COURSE OF DEALING OR COURSE OF PERFORMANCE.
11.LIMITATION OF LIABILITY. IN NO EVENT SHALL EITHER PARTY BE LIABLE FOR ANY LOSS OF DATA, LOST PROFITS, OR INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, PUNITIVE OR EXEMPLARY DAMAGES, EVEN IF THE OTHER PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES AND NOTWITHSTANDING THE FAILURE OF ESSENTIAL PURPOSE OF ANY LIMITED REMEDY PROVIDED HEREIN. IN NO EVENT SHALL EITHER PARTY’S MAXIMUM CUMULATIVE LIABILITY UNDER THIS AGREEMENT EXCEED THE ACTUAL AMOUNTS PAID BY DEMAND PARTNER TO PUBMATIC UNDER THIS AGREEMENT IN THE PRECEDING SIX-MONTH PERIOD. NOTWITHSTANDING THE FOREGOING, THE LIMITATION OF LIABILITY SHALL NOT APPLY TO, AND THE APPLICABLE PARTY SHALL BE ENTITLED TO RECOVER (1) ALL AMOUNTS AWARDED FOR A BREACH OF SECTION 8 OF THESE T&CS REGARDING CONFIDENTIALITY, (2) ALL AMOUNTS PAID BY A PARTY FOR EXPENSES SUBJECT TO THE INDEMNIFICATION PROVISIONS OF SECTION 9, AND (3) ACCRUED BUT UNPAID AMOUNTS DUE SUCH PARTY UNDER THIS AGREEMENT AS OF THE DATE OF DETERMINATION.
12.Assignment. The rights and obligations of each party hereunder shall inure to the benefit of the respective successors of the Parties hereto, provided any rights or obligations hereunder shall not be assigned without the prior written approval of the other party that shall not be unreasonably withheld; provided, however, either party may assign this Agreement to an acquirer of at! or substantially all of such party’s assets, whether by merger, operation of law or otherwise, without the other party’s prior written approval.
13.Choice of Law, Venue & Arbitration. This Agreement shall be construed and interpreted under the laws of the State of California without giving effect to the principles of conflict of laws. The Parties hereby submit to the jurisdiction of, and waive any venue objections against state and federal courts in Santa Clara County, California, or in New York, New York in any litigation arising out of the Agreement.
14.Integration, Waiver & Severability. This Agreement constitutes the entire agreement between the 

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parties with respect to the subject matter hereof and supersedes all preceding agreements or communications. It shall not be modified except by a written agreement between the parties dated after the Effective Date. The failure of either party to enforce strict performance by the other party of any provision of this Agreement or to exercise any right under this Agreement shall not be construed as a waiver of that party’s right In the event that any provision of this Agreement is held invalid by a court with jurisdiction over the parties to this Agreement, such provision shall be deemed to be restated to reflect as nearly as possible the original intentions of the parties in accordance with applicable law, and the remainder of this Agreement shall remain in full force and effect

15.Force Majeure. Neither party will be responsible for failure of performance (other than payment) due to any cause beyond such party’s reasonable control or due to acts of god, acts of civil or military authorities, terrorism, fires, labor disturbances, floods, epidemics, governmental rules or regulations, war, riot, delays in transportation, shortages of raw materials, shortages of services, power outages, unauthorized hacking on or through the Internet, or other unavailability of the Internet including either party’s network.

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EXHIBIT C: TERMS FOR PUBMATIC REAL-TIME BIDDING SERVICE
This Exhibit to the PubMatic Demand Partner Agreement (the “Agreement”) sets forth the key business terms underlying the integration of the Demand Partner’s advertising campaigns into PubMatic’s Real-Time Bidding service (the “RTB Service”) and the business relationship between PubMatic, Inc. (“PubMatic”), a Delaware corporation with offices at 901 Marshall Street, Ste. 100, Redwood City, CA 94063 and the corporation or other entity identified in the signature block below (“Demand Partner”). Terms not defined herein have the definitions assigned them in the separate T&Cs for the Agreement
1.RTB Service. PubMatic’s proprietary RTB Service allows demand partners to purchase individual advertising impressions from PubMatic’s Publisher Inventory on a per-impression basis. The RTB Service is provided through an API (the “RTB API”) that Demand Partner hooks into and which queries Demand Partner’s ad server with a bid request whenever an advertising impression is available. Demand Partner agrees to pay PubMatic fees described In Section 5 below in return for access to Publisher inventory through the RTB Service.
2.Demand Partner Obligations. Demand Partner agrees to abide by the requirements of the PubMatic Real Time Bidding API technical specifications (the “Tech Specs”) as periodically updated by PubMatic. Should Demand Partner reasonably believe that it cannot comply with the Tech Specs upon review of any update, then PubMatic shall cooperate with Demand Partner in good faith and exercise commercially reasonable efforts to ensure that Demand Partner can continue to use the RTB Service effectively.
3.Private Marketplace Relationships. PubMatic’s RTB Service includes the ability for a Demand Partner to submit multiple bids corresponding to multiple “scats” within that Demand Partner’s pool of buyers for Publisher Inventory that is sometimes offered on an exclusive basis. These specialized buying relationships through PubMatic’s RTB service are part of the PubMatic “Private Marketplace.” Through the Private Marketplace, a PubMatic Publisher can set up exclusive media buys for trading desks, agencies, direct advertisers, or even the Demand Partner itself using the RTB Service and Demand Partner’s service as interfaced technology layers facilitating the media purchase.
3.1Payment Obligations. Regardless of what relationship the PubMatic publisher and the Demand Partner’s buying client have reached, Demand Partner acknowledges and agrees that it shall be liable for all payments due under this Agreement, regardless whether its buying clients have yet paid Demand Partner or whether the media was purchased through a Private Marketplace arrangement.
3.2Pass-Through Terms. Demand Partner hereby agrees on its behalf and on behalf of its media-buying clients to pass through the obligations it owes PubMatic in Sections 8, 9 and 11 of the T&Cs (i.e. Confidentiality, Indemnification, and Limitation of Liability) to those PubMatic publishers that it or its media-buying clients work with through a Private Marketplace. In return, PubMatic agrees, on its behalf and on behalf of its publishers, to pass through the same obligations of Confidentiality, Indemnification, and Limitation of Liability it owes to Demand Partner to Demand Partner’s media-buying clients who purchase through a Private Marketplace.
4PubMatic’s Obligations.
4.1.RTB Integration. Upon execution of this Exhibit, PubMatic and Demand Partner shall begin an initial test of Demand Partner’s ability to respond to bid requests issued by the RTB API with a functional bid response as dictated by the Tech Specs (this initial test period shall be the “RTB integration Period”). The RTB Integration Period shall be divided into three distinct “Phases.” Phase 1 shall test latency and the proper formatting of the bid response from the Demand Partner. Phase 2 shall test that Demand Partners server responds to an ad call request with a CPM-denominated “Bid” 
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a working URL for creative and with functional click-tracking if needed. Finally Phase 2 shall test to see that each party’s reporting system syncs with the other regarding calls made, impressions delivered, revenue, and clicks. Finally Phase 3 determines if Demand Partner’s bidder can respond at scale to real advertising calls for active publishers in the RTB Service. Demand Partner shall be charged for advertising delivered during Phase 3, but this advertising shall not be subject to the minimum Bid Fees described in Section 5.2, below. The RTB Integration Period shall be completed in good faith by the parties. Typical RTB Integration Periods take two to four weeks, depending on the capabilities of the Demand Partner. When the parties mutually agree that Ute RTB Integration Period is complete and the Demand Partner is ready for live bidding, that day shall be the “Launch Date.”
4.1.Reporting. PubMatic shall provide monthly reports of impressions delivered, timed-out bid requests, bid requests for which Demand Partner submitted a Bid of $0, and the Bid Fees (as described below in Section 4) owed by Demand Partner to PubMatic. In all cases only delivery data and measurements from reports generated by PubMatic from the RTB Service shall be used for the purpose of calculating the number of impressions delivered or the Bid Fees owed by Demand Partner.
4.2.Updates. PubMatic may update or modify the RTB Service or the RTB API from time to time. PubMatic shall keep Demand Partner reasonably apprised of these updates. Demand Partner shall not have approval rights over these updates, but PubMatic shall work diligently and in good faith with Demand Partner to maintain Demand Partner’s access to the RTB Service and the RTB API should an update interfere with that access.
5.RTB Service Fees. The Bid Fees are payable within [***]. Any adjustment to pricing after the fact shall not affect the calculation of any Bid Fees. All Bid Fees pursuant to this Agreement shall be denominated in U.S. dollars and paid by check or wire transfer to an account to be designated by PubMatic, or by other means expressly agreed to in writing by PubMatic.
5.1Bid Fees. In consideration of access to the RTB API and die RTB Service, Demand Partner shall pay PubMatic according to a modified Vickrey auction system. For each bid request for which Demand Partner submits the highest Bid and thus wins the advertising impression, PubMatic shall calculate the sum of the second-highest Bids (the “Second Price Bids”) for those impressions Demand Partner won. This sum of the Second Price Bids is the “Bid Fees” Demand Partner owes to PubMatic. The operation of the R I B Service may adjust Second Price Bids in two ways: (i) Publishers have the ability to place minimum prices into the auction for their inventory (a “Floor Price”). In those cases where no second bid exceeds the Floor Price, the Floor Price for that impression shall, act as the second price charged as a Bid Fee to the Demand Partner; (ii) PubMatic charges [***].
5.2Minimum Bid Fees. [***]
5.3Timing of Payments. Demand Partner shall pay PubMatic the Bid Fees within [***].
6.Term, Termination & Survival.
6.1Initial Term & Renewal. This Exhibit shall have an “Initial Term” of two (2) years, commencing with the Launch Date following the Demand Partner’s integration. The Exhibit shall also have a “Renewal Term” of one (1) year. At the expiration of the Initial Term or any Renewal Term, this Exhibit shall automatically renew for a following Renewal Term (the Initial Term and any subsequent Renewal Terms are collectively the “Term”).
6.2Pausing & Effect on Bid Fees. Should the parties encounter technical difficulties with the RTB Service, then the parties agree that either party may pause the Demand Partner’s RTB Campaign 
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while the parties confer in good faith to solve the technical difficulties with the RTB Service. A pause shall last for no longer than sixty (60) days (the “Pause Period”). During a Pause Period, Section 5.2 of this Exhibit shall be suspended and no minimum Bid Fees shall be due for impressions delivered during the Pause Period. If technical difficulties arc not resolved by the close of the Pause Period, then this Exhibit shall automatically terminate and the Demand Partner shall no longer participate in the RTB Service. The Demand Party may only ask for a Pause Period once every six (6) months during the Term.
6.3Termination for Breach. If either party has violated the Prohibited Content clause of Section 3(a)(iv) of the T&Cs or the Confidentiality obligations of Section 8 of the T&Cs, then the other party may terminate this Exhibit or the Agreement immediately upon sending notice to breaching party. Should a party materially breach any other obligation in the T&Cs or this Exhibit, the non-breaching party may terminate this Exhibit, if the parties have executed another Exhibit to the Agreement as well, or may terminate the full Agreement provided that the allegedly breaching party shall have thirty (30) days following receipt of the notice of breach in which to cure the breach and thus prevent termination. The written notice mast include an explicit election by the non-breaching party of whether it wishes to cancel the Exhibit alone or the entire Agreement as a result of the breach.
6.4Termination for Convenience. Either party may terminate this Agreement for convenience upon thirty (30) days notice to the other party.
6.5Survival. All provisions of this Exhibit that, by their nature and application should survive termination of this Exhibit or the Agreement shall survive such termination.
IN WITNESS WHEREOF, Demand Partner and PubMatic have agreed to this Agreement by their duly authorized representatives:
						
	The Trade Desk, Inc. (“Demand Partner”)	PubMatic, Inc. (“PubMatic”)
	Signature: /s/ Jeff Green

	Signature: /s/ Debra Meyer

	Name: Jeff Green

	Name: Debra Meyer
	Title: CEO	Title: VP, Demand

	Date: 11/3/2011

	Date: 11/5/2011

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GOLD ADDENDUM
to
DEMAND PARTNER AGREEMENT
This GOLD ADDENDUM to the Demand Partner Agreement (the “Gold Addendum"), effective as of April 6, 2018 (the "Gold Addendum Effective Date") is made and entered into by and between The Trade Desk, Inc. ( “Demand Partner”) and PubMatic, Inc., (“PubMatic”) (each a "party", collectively, the "parties"). The parties entered into a Demand Partner Agreement, effective as of November 5, 2011, as amended (the “Agreement”). The parties now desire to add the provisions in this Gold Addendum to the Agreement. The parties agree as follows:
1.General. The terms of this Gold Addendum shall become part of the Agreement and shall supercede and replace all conflicting provisions in the Agreement. References in the Agreement to “this Agreement” or “the Agreement” (including indirect references such as “hereunder,” “hereby,” “herein” and “hereof”) shall be deemed to be references to the Agreement, including this Gold Addendum. All capitalized terms used in this Gold Addendum but not defined herein shall have the meanings given thereto in the Agreement.
2.Background. Demand Partner allows its customers (“Ad Partners”) to purchase digital  inventory through the Demand Partner platform for the purpose of displaying such Ad Partners’ digital ads (the “Ads”). PubMatic provides the PubMatic Service, an impression auction service, that enables buyers to purchase Publisher Inventory consisting of digital inventory (e.g., advertising space on third party websites, apps and other online properties) of Publishers (e.g., suppliers of inventory such as publishers and/or media companies) for the purpose of displaying Ads via real time bidding (“RTB”) and/or private market place (“PMP”) formats, and may also include Publisher Inventory packaged based upon  data sets. For purposes of clarification, the Service shall include tracking technology utilized by PubMatic to provide the Inventory and related data from Inventory Suppliers and visitors on Inventory Supplier’s websites, apps and other online properties.
3.Auction
3.1In an effort to create a level playing field so as to enable evolution toward a more efficient marketplace, the parties agree that all Publisher Inventory provided to Demand Partner hereunder, unless provided pursuant to a fixed price PMP deal or PMP Guaranteed deal with a DealID, shall be provided to Demand Partner pursuant to a Fair Auction. As used herein, a “Fair Auction” means an auction  in which: (i) [***], and (iii) the rules of the auction are transparent and clearly, fully and accurately described, including without limitation, all fees charged to customers pursuant to the terms of their respective agreements with PubMatic. [***] Provided that PubMatic is in compliance with Sections 3, 4 and 5, Demand Partner shall use commercially reasonable support to provide support for sending multiple bids back for a single auction.
3.2PubMatic shall certify by an authorized representative with a position of VP or higher to all of the mechanics of the auction service within fifteen (15) days after Demand Partner’s written request (email to suffice). Demand Partner may not request such certification more than once per six (6) month period. Each certification provided by PubMatic shall include information regarding any fees charged to PubMatic’s customers in accordance with the terms of their respective service agreements with PubMatic, Inventory Supplier IDs for each impression, floor price for each impression, first price in each auction,
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second price in each auction and modified second price in each auction if applicable, in each case with sufficient detail for Demand Partner to confirm compliance by PubMatic of this Section.
4Steps to Reduce Invalid Inventory.
4.1Invalid Inventory (as defined herein) engenders mistrust and inefficiency in the marketplace. In order to help create a more trustworthy and efficient marketplace, PubMatic agrees to take active steps to combat fraudulent Inventory from its Publishers. As a step in that direction, PubMatic consents to the use of reporting from Media Rating Council-accredited third party services utilized by Demand Partner to reduce inventory from sites or users with invalid inventory, including but not limited to zero viewability, Inventory or sites that are purposefully misrepresented or mislabeled (e.g., “referrer” Inventory), SIVT (as defined by the Media Rating Council), and fraudulent inventory (collectively, “Invalid Inventory”). The parties agree that such reports are deemed conclusive and will be used in calculating credits for invalid inventory owed to Demand Partner hereunder as long as (a) the Invalid Inventory impressions are reported in writing to PubMatic promptly after detection of suspicious activity with respect to the impression, [***], and (b) such written report includes at a minimum the relevant timeframe and type of the suspicious activity, number of impressions marked as suspicious, and spend for such impression for each unique publisher ID and domain url, as well as any additional information reasonably requested by PubMatic. PubMatic will also provide to Demand Partner reports upon reasonable request with the percentage of its Publishers that have adopted ads.txt. Demand Partner shall have no obligation to pay for any fees associated with Invalid Inventory as defined in this Section 4, and, if already paid for, PubMatic shall refund all such amounts within 30 days after Demand Partner notifies PubMatic thereof and provides adequate reporting to substantiate the request. Demand Partner acknowledges and agrees that any credit to which Demand Partner may be entitled pursuant to this Section 4 cannot exceed the total aggregated cost of winning bid prices for noncompliant impressions.
4.2PubMatic agrees to participate in Demand Partner’s initiative to combat Invalid Inventory in a pre-bid environment. Prior to an auction (or, for inventory not subject to an auction, an impression firing), PubMatic’s available inventory shall be analyzed presently using [***]
5.Accurate and More Succinct Bid Requests. In order to minimize confusion and repetition in bid requests, PubMatic agrees that PubMatic will not make available to Demand Partner any inventory that has been purchased or arbitraged from another exchange service or supply side platform.
6.Guaranteed Placements. Notwithstanding anything to the contrary in the Agreement, including Section 4.2 of Exhibit C of the Agreement, Demand Partner may elect, upon written notice (email to suffice) and on an agency by agency basis, to be the server of record for Guaranteed Placements. In such event, (i) Demand Partner will submit reporting to PubMatic within five (5) business days after the end of each month, and (ii) PubMatic will invoice Demand Partner for the Guaranteed Placements purchased during such month within ten (10) business days after the end of such month. As used herein, “Guaranteed Placements” means those placements that are not subject to an open auction, such as fixed price PMP, that are purchased by or on behalf of Demand Partner and/or Demand Partner’s Ad Partnersthrough the Service. The parties may also mutually agree in writing that the records of a third party (e.g., agency, fraud vendor, viewability vendor) shall be the controlling measurement used for invoicing and payment.
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7.PubMatic’s Obligations.
7.1PubMatic shall pass an AdServer.org ID to Demand Partner in all PubMatic auctions to simplify the user match process. Until then, PubMatic will commit to a dedicated sync or highest priority sync for PubMatic and Demand Partner cookies in which PubMatic hosts the match table.
7.2PubMatic shall pass accurately in the bid request for each impression: (a) the applicable deal type (e.g., fixed price guarantee, variable, or others) in the Auction Type field, (b) auction type (e.g., first price, second price, modified second price) in the Auction Type field, and (c) when made available, how/who closes the auction in the Final Decision field.
7.3Unless the applicable Publisher directs PubMatic to do otherwise for legitimate business purposes, PubMatic shall pass accurately in the bid request for each impression, when available, the publisher ID, all video signals, placement and tag IDs, transparent floors, transparent domain URLs that are not masked in any way, and a “syndicated” indication when an impression is supplied from upstream aggregator.
8.[***]
9.Order of Precedence. This Gold Addendum is supplementary to and modifies the Agreement. The terms of this Gold Addendum supersede provisions in the Agreement only to the extent that the terms of this Gold Addendum and the Agreement expressly conflict. However, nothing in this Gold Addendum should be interpreted as invalidating the Agreement, and provisions of the Agreement will continue to govern relations between the parties insofar as they do not expressly conflict with this Gold Addendum.
10.Counterparts. This Gold Addendum may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same document. This Gold Addendum is governed by the laws of the same jurisdiction as governing the Agreement.
[signature page follows]
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IN WITNESS WHEREOF, the parties hereto, each acting under due and proper authority, have executed this Gold Addendum as of the date first written above.
															
	THE TRADE DESK, INC.
		PUBMATIC, INC.
					
					/s/ Steve Pantelick
	By:
	/s/ Tim Sims		By:	Steve Pantelick (Apr 6, 2018)
	Name:	Tim Sims		Name:	Steve Pantelick
	Title:	SVP Inventory Partnerships		Title:	CFO
	Date Signed:	4/11/2018		Date Signed:	April 6, 2018

11Document

Exhibit 10.16

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO PUBMATIC, INC. IF PUBLICLY DISCLOSED.
SUBJECT TO FED. R. EVID. 408
CONFIDENTIAL
3333 W. Empire Avenue 
Burbank, CA 91504 
818.524 3000 
marcr@yahoo-inc.com
Contact Number _________
YAHOO AD EXCHANGE AGREEMENT - MEDIA BUYER
			
	The Company listed below (“You” or “Your”) and Yahoo! Inc. (“Yahoo”) hereby agree to be bound by this Cover Page, the Terms and Conditions set forth at http://info.yahoo.com/legal/us/yahoo/yahooadexchange/02122014b (“Terms and Conditions”) as updated from time to time and incorporated by reference herein, all Attachments, and the policies either posted by Yahoo in the Knowledge Base (or a successor database) for all participants on the Yahoo Ad Exchange and/or otherwise made available to You (“Exchange Policies”), each as updated from time to time (collectively, the “Yahoo Ad Exchange Agreement” or the “Agreement”), and the Yahoo Application Programming Interface Terms and Conditions set forth at http://info.yahoo.com/legal/us/yahoo/apitnc/apitnc-4109.html. as updated from time to time and incorporated by reference herein (“Yahoo API Agreement”). In the event of a conflict between the terms of this Cover Page, the Attachment(s), the Terms and Conditions, the Exchange Policies and the Yahoo API Agreement, the order of precedence shall be as follows: (l) this Cover Page; (2) the Attachment(s); (3) the Terms and Conditions; (4) the Exchange Policies; (5) the Yahoo API Agreement Any capitalized term not defined in this Cover Page shall have the meaning given to it in the Terms and Conditions.

CONTACT INFORMATION:
												
	Your Company:
	PubMatic, Inc.
	Primary Contact:
	Marina Irgon

	Address:
	305 Main St., Suite 100
	Phone:
	
	Address 2:
	Redwood City, CA
	Email:
	Marina.irgoni@pubmatic.com

	Address 3:
	94063
	Fax:
	
			Billing Contact:
	
			Phone:
	
			Email:
	billing@pubmatic.com

FEES:
Custom Arrangements - Pricing

			
	Your Exchange fee is [***].
You will pay Yahoo [***].
You will designate in writing to Yahoo the entity name(s) for each seat You request for Your Service account. You represent and warrant that You have all rights necessary to use such name(s) and to display such name(s) within the Service.

Custom
Arrangements – Monthly Minimums
			
	1.There will be [***].
2.Parties agree to add at the end of the fourteenth sentence of Section 5 of the Terms and Conditions the following: “Should either party detect a difference of more than [***]% between Your reporting and Yahoo's reporting, [***].”
3.Parties agree to add at the end of the third sentence of Section 10 the following : “and the infringement or misappropriation of a valid U S. patent, trademark, or copyright related to the technologies used by Yahoo to operate the Ad Platforms made available to You under this Agreement Notwithstanding any other provision in the Agreement, Yahoo will have no liability or indemnification obligation under the Agreement with respect to any Network Indemnitee to the extent it is based on or arises out of: (a) the modification of the Exchange by You, an authorized user, or a third party not expressly retained or authorized by Yahoo m writing for such purpose; (b) the combination or use of the Exchange with software, services, products, or technology of Yours or a third party not expressly provided or authorized in writing (including email) by Yahoo; or (c) misuse of the Exchange.”
4.Parties agree to delete in its entirety the second sentence of Section 12, and to replace it with the following :
“Yahoo's maximum aggregate liability for all damages, including without limitation any damages arising from or related to Section 10, but excluding Yahoo's liability in respect of its confidentiality obligations, will not exceed the lesser of (i) the total amount paid by You to Yahoo under this Agreement during the twelve (12) month period prior to the date the first liability arose or (ii) USD 3,000.000.00 (three million).

(iii) Your maximum aggregate liability shall not exceed the total amount paid or payable by You to Yahoo under this Agreement during the twelve (12) month period prior to the date the liability first arose, provided however, that the foregoing shall not limit Your liability in respect of: (a) a breach of Your confidentiality obligations, (b) Your payment obligations: or (c) Your breach of Section 4(i).”

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	The undersigned are duly authorized to enter into this Agreement on their respective companies’ behalf and hereby execute the Agreement as of the Effective Date.

												
	YAHOO INC.
		COMPANY:	
	Signature:	/s/ Kevin Sullivan	Signature:	/s/ Steve Pantelick
				
	Printed Name:	Kevin Sullivan	Printed Name:	Steve Pantelick
				
	Title:	Senior Director	Title:	CFO

Effective Date: December 16, 2015
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Yahoo Ad Exchange TERMS AND CONDITIONS FOR MEDIA BUYERS
1. Definitions. “Ad Banner”, “Ad” or “Advertising” shall mean a promotional message (including any code embedded therein) that may consist of text, graphics, audio and/or video or any combination thereof and that is displayed on online media inventory for the purpose of publicizing an Advertiser’s products or services and the content to which such promotional message may direct a user (e.g., a landing page). “Ad Network” means an entity or person that represents or works with a group of Media Buyers and/or Media Sellers. An Ad Network may act as a Media Buyer or a Media Seller, as applicable, hereunder. “Affiliate” of a party means an entity that controls, is controlled by or is under common control with such party, where “control” means the power to direct the management and policies of such party or ownership of at least fifty percent (50%) of the common stock or other voting interests of such party. “Media Buyer” means any entity or person that buys online media inventory for the placement of Advertising. “Media Seller” means any entity or person that wishes to sell online media inventory on its website(s) to Media Buyers. “Guaranteed Ads” are Ads for which a Media Buyer has paid for placement of guaranteed delivery based on duration and/or number of impressions. “Non-Guaranteed Ads” are Ads that are displayed on a space-available basis on the online media inventory of a Media Seller and are not guaranteed for delivery based on duration and/or number of impressions. “CPM” means the charge per 1,000 impressions of Ad Banners. The “Yahoo Ad Exchange” or “Exchange” (or its successor) means the virtual marketplace where Media Buyers may, with respect to Non-Guaranteed Ads, bid on, and with respect to Guaranteed Ads (if and when such functionality is made available), purchase online media inventory using Yahoo’s proprietary platform. “Service” means Yahoo’s proprietary service in which Yahoo is the principal in transactions for the purchase of online media inventory.
2. Service. Subject to the terms and conditions of this Agreement, Yahoo grants You the non-exclusive, non-sublicenseable and non-transferable right to use the Service, which Service You may use only in accordance with the Exchange Policies or other Service documentation and only via Yahoo’s web servers by means of a unique password issued by Yahoo (which password is to be kept confidential and the use of which is subject to Your compliance with this Agreement). You authorize Yahoo to place Your Ads on any online media inventory made available through the Service. You acknowledge that Yahoo and its Affiliates are not liable for or in connection with transactions executed by the Service as a result of errors made in entering information into the Service by or for You, for example, incorrectly entering pricing, targeting or budgeting information. Yahoo may, from time to time, test traffic, implementations and/or features (including, but not limited to, tests on Ads, Websites, impressions, clicks, conversions or pixels) as part of the Service.
3. Yahoo’s Obligations. Yahoo's obligations hereunder are to (i) provide You with the use of the Service, as long as You are complying with this Agreement; (ii) serve Ads through the Service according to the trafficking criteria selected by You using the Service; (iii) make support available during Yahoo’s normal business hours, which, as of the Effective Date, are 9am -6pm Eastern Time Monday through Friday (except for holidays); (iv) provide account management support to help You use the Yahoo Ad Exchange and respond to any and all Media Seller inquiries related to Your use of the Service; and (v) use reasonable efforts to provide You with protective systems and tools to support Your use of the Service.
4. Your Obligations. You are solely responsible and liable for Your use of the Service, including, without limitation, Your Ads, Your trafficking and targeting of Ads, and the placement 
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and removal of Ad tags. You agree to conspicuously post and adhere to a privacy policy that complies with all applicable laws, rules and regulations. You will take all necessary measures to ensure that consumers’ choice to “opt out” is properly effectuated, including, but not limited to, implementing all necessary technological mechanisms to so ensure. You will obtain all necessary rights, waivers and permissions from end users who view, click or convert on the Advertising, to the extent that any information is collected from or about them. You agree that none of the information communicated to Yahoo in connection with Your use of the Service will ever contain personally-identifiable information about any individual. You further agree that (i) You will not, directly or indirectly, introduce viruses, spyware or other malicious code into the Yahoo Ad Exchange; (ii) Your use of the Service, including, but not limited to, the Advertising You make available through the Yahoo Ad Exchange, will not violate the Exchange Policies, applicable laws or regulations, be deceptive, misleading, harmful, obscene, defamatory, unethical, infringing or violative of any third party right. In connection with 4(i) above, You will promptly notify Yahoo upon becoming aware of any such incident and reasonably cooperate with Yahoo in addressing the same.
Furthermore, (a) You will not establish linking relationships or agreements with Media Sellers in connection with Your use of the Service; (b) You may only use parties identified in http://adspecs.yahoo.com/thirdparty (or a successor link thereto) (“Approved Ad Servers”) for third-party serving of Ads; (c) You must obtain Yahoo’s prior written approval to use any party for the serving of Ads not identified on the list of Approved Ad Servers; (d) You acknowledge and agree that price floors may apply to online media inventory made available to You through the Service; (e) You may be excluded from bidding on online media inventory at any time for any reason or no reason; (f) Yahoo may reject or remove Your Ad at any time for any reason or no reason; (g) You agree that You will be responsible for any acts or omissions of any of Your agents, employees or permitted subcontractors, and that You will ensure such agents, employees and permitted subcontractors comply with the terms of this Agreement; and (h) You also agree that You will be responsible for any acts or omissions of any of Your managed Media Buyers.
5. Payment. Upon signature of this Agreement, Yahoo will conduct a credit evaluation. Yahoo’s provision of the Service and Your ability to use the Service is contingent upon (i) successful completion of such credit evaluation; and (ii) there being no material changes to Your credit status during the Term. Yahoo may, in its sole discretion, revoke or revise credit at any time. You will comply with the pricing terms set forth on the Cover Page to this Agreement. You will be billed on a calendar month basis Your Revenue (i.e., Media Buyer’s gross spend) as reported in the Service with respect to such calendar month. The foregoing payments are due from You as Media Buyer to Yahoo within thirty (30) days of receipt of the applicable invoice, in U.S. dollars, and by wire transfer, check, “Automatic ACH” electronic funds transfer or other means expressly agreed to in writing by the parties hereto. Any monthly minimum payments to Yahoo that are set forth on the Cover Page are due upon receipt of invoice and payable (without late fees) within thirty (30) days. "Revenue", shall mean the total cost of online media inventory that You purchase through the Service as reported in the Service as Revenue, which includes Your Exchange fees. All fees payable to Yahoo hereunder will be denominated in U.S. dollars and paid by check or wire transfer to an account to be designated by Yahoo, or by other means expressly agreed to in writing by the parties. Except as expressly set forth otherwise in this Agreement, You will also be responsible for and will pay any applicable sales, use or other taxes or duties, tariffs or the like, applicable to the provision of the Service (except for taxes on Yahoo’s income). Your late payments will be subject to late fees at the rate of one and one half percent (1.5%) per calendar month, or, if lower, the maximum rate allowed by law. If You fail to 
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pay fees invoiced by Yahoo within forty-five (45) days following the payment due date, Yahoo will have the right to suspend performance of the Service and Your use of the Service without notice to You; such Service not to be reinstated until You pay all such overdue amounts and an additional reinstatement fee of $1,000. In addition, You also agree to pay any attorneys’ fees and/or collection costs incurred by Yahoo in collecting any past due amounts from You. All charges are solely based on Yahoo's measurements and the applicable billing metrics (e.g., clicks or impressions). You must notify Yahoo in writing of any dispute regarding charges within 30 days of the date that You incurred such charge. If You fail to notify Yahoo of any such dispute within such timeframe, You waive any dispute right and such charges are deemed to be final.
6. Proprietary Rights and Restrictions. As between the parties, You agree that Yahoo owns and retains all right, title and interest in and to the Service, all software, databases and other aspects and technologies related to the Service, any enhancements, modifications or derivative works thereto, any materials made accessible to You by Yahoo through the Service, such as through the Knowledge Base or otherwise, and all intellectual property and proprietary rights in and to all of the foregoing. You will not use the Service except as expressly provided for in this Agreement. You will use the Service only in accordance with the training provided by Yahoo, the reference materials supplied by Yahoo, and Yahoo's standard security procedures, as may be posted on the Yahoo website from time to time or otherwise made available to You. You will not reverse engineer, disassemble, reconstruct, prepare derivative works from, decompile, copy, or otherwise attempt to derive source code from the Service or any aspect or portion thereof, or alter or remove any identification, trademark, copyright or other notice from the Service, nor will You authorize, permit or cause others to do so. For the avoidance of doubt, You will not create or attempt to create a substitute or similar service or product through use of the Service (including RTB, defined below, if made available) or Yahoo Confidential Information. You hereby assign all right, title and interest in and to any feedback or suggestions You provide to Yahoo regarding Your use of the Service.
You hereby grant Yahoo a limited, non-exclusive and non-transferable (except as set forth in Section 16) license (without the right to sublicense) to use, reproduce and display Your trademarks in connection with Yahoo’s performance of its obligations and exercise of its rights hereunder. Yahoo’s use of Your trademarks will be in compliance with Your usage guidelines provided to Yahoo in writing. You retain all right, title and interest (including all intellectual property rights) in and to Your trademarks. Yahoo’s rights in and to Your trademarks are limited solely to those rights granted expressly herein.
Each party reserves any rights not expressly granted in this Agreement and disclaims all implied licenses, including, without limitation, implied licenses to trademarks, copyrights, trade secrets and patents.
7. Data. Yahoo has the right to use and disclose data derived from Your use of the Service (i) to Media Sellers on whose online media inventory Your Ad was placed through Your use of the Service, including without limitation, Your name, the Ad, the landing page destination URL, Ad sizes, impressions, clicks, conversions, Your clearing price, and, in addition, whether You participate in RTB under this Agreement, the number of bid requests and bid responses, queries per second and winning/loss bid; (ii) as part of its business operations, to disclose aggregate statistics about the Service in a manner that prevents individual identification of You or Your information; (iii) to the extent necessary to (a) perform its obligations under this Agreement; (b) operate, manage, test, maintain and enhance the Service; and/or (c) protect the Service from 
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what, in Yahoo’s reasonable determination, is a threat to the Service and/or the Yahoo Ad Exchange; (iv) if required by court order or law or required or requested by any governmental agency; and/or (v) as otherwise expressly authorized by You. You agree that subsection 7 (iii)(a) allows Yahoo to pass information included in Your bid response to participants in Yahoo auctions to help facilitate and optimize such participation.
8. Term. This Agreement is effective as of the Effective Date, and, unless terminated earlier in accordance with the termination rights set forth in this Agreement, this Agreement will expire twelve (12) full calendar months after the Effective Date (“Initial Term”). Following expiration of the Initial Term, this Agreement will automatically renew for additional one-year periods (each, a “Renewal Term,” and the Initial Term and any Renewal Terms, collectively, the “Term”), unless either party gives written notice of non-renewal to the other party at least 30 days before the end of the then-current Term. Following the Initial Term, Yahoo may raise the Exchange fees charged to You upon thirty (30) days written notice.
9. Termination/Suspension. You may terminate this Agreement if Yahoo breaches any material provision of this Agreement and fails to cure such breach within thirty (30) days after receiving written notification of the alleged breach from You. Yahoo may terminate this Agreement for any reason or no reason immediately upon written notice (email sufficing) to You. In addition, either party may suspend its performance under or terminate this Agreement if the other party makes an assignment for the benefit of creditors or files or has filed against it any petition under bankruptcy law. Notwithstanding anything to the contrary contained in this Agreement, if, in Yahoo’s sole determination, (i) You are in violation of Section 4 hereof or (ii) You are, directly or indirectly, using the Service in a manner that could damage or cause injury to the Service or the Yahoo Ad Exchange or that otherwise reflects unfavorably on the reputation of Yahoo or any of its Affiliates (“Cause for Suspension”), then Yahoo may, in addition to any other rights it may have hereunder, immediately suspend Your use of the Service until such time as Yahoo deems the Cause for Suspension resolved. If this Agreement is terminated by Yahoo, You are required to promptly pay Yahoo the Minimum Monthly Exchange Fee for the balance of the Term. In addition, after the Initial Term, upon receipt of notice from Yahoo of its intention to raise Exchange fees pursuant to Section 8 and before the new fees go into effect, You will have the right to terminate this Agreement upon written notice within fifteen (15) days of such notice from Yahoo. Upon termination for any reason (a) Your right to use the Service will immediately terminate; and (b) Sections 6, 7, 10, 12-15, 17-19, 20.a. 21 and 22, together with this sentence and any payment obligations existing as of the effective date of such termination, will survive.
10. Indemnification. You agree to defend, indemnify and hold Yahoo, its Affiliates, Media Sellers, and their respective officers, directors, employees and agents (each, a “Yahoo Indemnitee”) harmless from and against any third party claims or actions and pay any finally awarded losses, damages, liabilities, costs and expenses, including reasonable attorneys’ fees, arising out of or in connection with (i) Your breach of any representations, warranties or obligations set forth in this Agreement; and (ii) Your (including Your agents’ and permitted subcontractors’) use of the Service or the Yahoo Ad Exchange other than as permitted herein. In addition, You acknowledge and agree that all Media Sellers are third party beneficiaries of Yahoo’s indemnification rights under this Agreement.
Yahoo agrees to defend, indemnify and hold You, Your Affiliates and their respective officers, directors, employees and agents of each (each, a “Network Indemnitee”) harmless from and against any third party claims or actions and pay any finally awarded losses, damages, 
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liabilities, costs and expenses, including reasonable attorneys’ fees, arising out of or in connection with the breach of any of Yahoo’s obligations set forth in this Agreement. The indemnification obligations in this Section 10 are contingent upon the indemnified party (a) promptly notifying the indemnifying party of the third party claim or action, provided however that the indemnifying party will not be relieved of its indemnification obligations except to the extent that failure to provide such notice materially prejudices the indemnifying party’s rights with respect to such claim; (b) reasonably cooperating with the indemnifying party in the defense and any related settlement negotiations; and (c) allowing the indemnifying party to control the defense and any related settlement negotiations. The indemnified party may, at its option and expense, participate in the defense of the claim. The indemnifying party may not settle a claim without the indemnified party’s consent, which consent will not be unreasonably withheld, conditioned or delayed.
11. WARRANTIES AND DISCLAIMER. You represent and warrant that: (i) You will not use the Service in a way or for any purpose that infringes or misappropriates any third party’s intellectual property or personal rights and that Your trademarks do not infringe any intellectual property right of any third party; (ii) You have all necessary rights, permissions, licenses and consents to use, display, reproduce, make available, and distribute the Ads through Your use of the Service. EXCEPT AS SET FORTH IN THIS AGREEMENT, YAHOO MAKES NO WARRANTIES, REPRESENTATIONS, OR COVENANTS OF ANY KIND TO ANY PERSON WITH RESPECT TO THE SERVICE OR ANY AD OR ONLINE MEDIA INVENTORY OR OTHER DATA SUPPLIED THEREBY, WHETHER EXPRESS OR IMPLIED, INCLUDING ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR NONINFRINGEMENT. YAHOO DOES NOT MAKE ANY REPRESENTATIONS REGARDING THE BENEFIT YOU WILL OBTAIN FROM YOUR USE OF THE SERVICE. FURTHERMORE, YAHOO DOES NOT REPRESENT OR WARRANT THAT THE SERVICE WILL BE ERROR-FREE, ALWAYS AVAILABLE OR OPERATE WITHOUT LOSS OR CORRUPTION OF DATA OR TECHNICAL MALFUNCTION. YOU WILL NOT HOLD YAHOO RESPONSIBLE FOR THE SELECTION OR RETENTION OF, OR ANY ACTS, ERRORS, OR OMISSIONS BY, ANY THIRD PARTY IN CONNECTION WITH THIS AGREEMENT, INCLUDING WITH RESPECT TO CLICKS AND/OR IMPRESSIONS BY ANY THIRD PARTY ON YOUR ADS, REGARDLESS OF THE INTENT OF SUCH THIRD PARTY.
12. Limitation and Exclusion of Liability.
Except for claims within the scope of Section 10 hereof (as limited below), in no event will either party be liable to the other for any indirect, incidental, consequential, punitive, special or exemplary damages, including, but not limited to, loss of profits or loss of business opportunity, even if such damages are foreseeable and whether or not either party has been advised of the possibility thereof. Yahoo’s maximum aggregate liability for all damages, including without limitation, any damages arising from, or related to Section 10, will not exceed the lesser of: (i) the total amount paid by You to Yahoo under this Agreement during the twelve (12) month period prior to the date the liability first arose, or (ii) $250,000.
13. Confidentiality. During the Term, one party (“Disclosing Party”) may disclose non-public, confidential and proprietary information (“Confidential Information”) to the other party (“Receiving Party”). Confidential Information may include, without limitation, information and data about the Service and the Yahoo Ad Exchange and other information the parties disclose to one another, provided such information is marked or identified as “confidential” or should 
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reasonably be understood to be confidential to the Disclosing Party given the circumstances surrounding the disclosure. Notwithstanding the foregoing, the terms of this Agreement (including pricing terms) and the Service will be deemed to be Confidential Information of Yahoo. Receiving Party agrees that for the Term and for three (3) years thereafter, Receiving Party will neither disclose the Confidential Information to any third party nor use the Confidential Information other than to perform its obligations under this Agreement or as otherwise permitted in this Agreement (e.g., Section 7); provided, however, that Receiving Party shall be permitted to disclose the Confidential Information of Disclosing Party only to those of its employees, representatives, Affiliates and agents who have a reasonable need to know such information and who are bound to keep such information confidential in a manner consistent with the terms of this Section 13. Receiving Party shall exercise at least the same degree of care to safeguard the confidentiality of Disclosing Party’s Confidential Information that it exercises to safeguard the confidentiality of its own confidential information (but no less than reasonable care). The confidentiality obligations set forth in this Section 13 will not apply to information that Receiving Party can document is generally available to the public (other than through breach of this Agreement) or was already lawfully in Receiving Party’s possession without obligation of confidentiality at the time of receipt of the Confidential Information from the Disclosing Party. Notwithstanding the foregoing, Receiving Party may disclose Confidential Information in response to a valid order by a court or other governmental body, as required by law or as necessary to establish the rights of either party under this Agreement (“Regulatory Requirements”), so long as prior to such disclosure, Receiving Party provides Disclosing Party with sufficient notice (if permissible or if Yahoo reasonably determines that the circumstances warrant prior notice) to permit Disclosing Party the opportunity to seek a protective order, and in the absence of a protective order, Receiving Party discloses only that portion of the Confidential Information that is legally required to be disclosed. Receiving Party may also disclose Confidential Information of the Disclosing Party with the Disclosing Party’s prior written (including email) consent. Disclosing Party provides the Confidential Information hereunder without warranties or representations of any kind. Within five (5) days following a request by Disclosing Party, Receiving Party shall (i) return or destroy, as specified by Disclosing Party, all Confidential Information furnished by Disclosing Party; and (ii) destroy all written material, memoranda, notes and other writings or recordings whatsoever prepared by it or its Representatives based upon, containing or otherwise reflecting the Confidential Information (the “Materials”) unless Receiving Party is required by law to retain such Materials.
14. Independent Contractor Status. Each party to this Agreement is and acts as an independent contractor with respect to this Agreement and not as partner, joint venturer or agent of the other party.
15. Modifications and Waivers. No failure or delay on the part of either party in exercising any right, power or remedy under this Agreement will operate as a waiver, nor will any single or partial exercise of any such right, power or remedy preclude any other or further exercise or the exercise of any other right, power or remedy. Any amendment, supplement or modification of or to any provision of this Agreement, any waiver of any provision of this Agreement and any consent to any departure by the parties from the terms of this Agreement, will be effective only if it is in writing and signed by authorized representatives of both parties, unless otherwise provided herein.
16. Assignment. This Agreement and the rights hereunder are not transferable or assignable (including by operation of law or otherwise) without prior written consent of the non-assigning 
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party. Any attempt to do so is void. Notwithstanding the foregoing, this Agreement may be transferred, assigned and/or delegated by Yahoo without Your prior written consent (i) to a person or entity who acquires or has acquired all or substantially all of Yahoo’s assets, stock or business by sale, merger or otherwise; (ii) to a person or entity who acquires or has acquired all or substantially all of the assets or business of the Yahoo division providing the Service; and (iii) to an Affiliate of Yahoo.
17. Applicable Law. This Agreement and all controversies arising from or relating to performance hereunder will be governed by and construed in accordance with the laws of the state of California, without giving effect to its conflict of laws principles. The parties hereby (i) agree that any action arising out of this Agreement will be brought in the state or federal courts located in Los Angeles County or Santa Clara County, California; and (ii) irrevocably submit to the exclusive jurisdiction of such courts.
18. Entire agreement
This Agreement sets forth the entire agreement between the parties with regard to its subject matter, and supersedes all prior or contemporaneous oral or written understandings, statements, representations or promises.
19. General. You represent and warrant that You and the signatory hereto have the full right, power and authority to enter into this Agreement. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction will, as to such jurisdiction, be ineffective only to the minimum extent necessary without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provisions. No failure or omission by a party in the performance of any obligation under this Agreement will be deemed a breach of this Agreement or create any liability if it arises from a cause or causes beyond the reasonable control of such party, including, but not limited to, the following: acts of god, acts or omissions of any government or any rules, regulations or orders of any governmental authority or any officer, department, agency or instrument thereof, fire, storm, flood, earthquake, accident, acts of the public enemy, war, rebellion, Internet brown out, insurrection, riot, invasion, strikes or lockouts. All notices, demands and other communications provided for or permitted under this Agreement will be made in writing to the parties at the addresses on the Cover Page (and, in the case of Yahoo, with a copy to its Legal Department) and will be sent by registered or certified first-class mail, return receipt requested, email (delivery receipt requested), facsimile, courier or overnight service or personal delivery and will be deemed received upon delivery, or, in the case of email, upon receipt of a delivery receipt. Except as expressly set forth otherwise herein, this Agreement does not create any right or cause of action for any third party. If Yahoo integrates the Service with another system or adds new features and/or functionality to the Service, that new system may be made available to You under additional terms and conditions. This Agreement may be executed: (i) in counterparts, each of which will be deemed an original, but all of which taken together will constitute but one and the same instrument; and (ii) by facsimile and such facsimile execution will have the same force and effect as an original document with original signatures. Neither party will issue any press releases or make any other public disclosures regarding this Agreement (except in connection with Regulatory Requirements) without the other party’s prior written consent, provided however, that Yahoo may publicly disclose the fact that You are a participating member of the Yahoo Ad Exchange.
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20. Real-Time Bidding. “Real-Time Bidding” or “RTB” is a feature of the Service that enables certain information regarding a Media Seller’s online media inventory to be passed to a Media Buyer so that such Media Buyer may use its own bidding optimization technology to further optimize its bid by utilizing the Service for Media Seller’s online media inventory. When You participate in RTB, the following terms also apply:
a. In connection with Your participation in RTB, You represent and warrant that:
i. Any information passed to You by Yahoo will be used by You solely for the purposes of (x) optimizing the then-current bid for Non-Guaranteed Ad inventory of such Media Seller that You send back to the Yahoo Ad Exchange; and (y) evaluating the performance of Your Ads, and such information will not be used for segmenting users, retargeting ads or creating or supplementing user profiles or inventory profiles.
ii. You will not, for any purpose, including, without limitation, the purpose of determining or attempting to determine an actual Yahoo Ad Exchange cookie ID, combine, correlate or merge any personally-identifiable information, links to personally-identifiable information or any other information or data You receive or derive from Your participation in RTB, with any other information or data in Your possession or in a third party’s possession, including, without limitation, any personally-identifiable information or links to personally-identifiable information. Without limiting the foregoing, You will not combine any of the information or data You receive or derive from Your participation in RTB with the information or data that another member of the Yahoo Ad Exchange receives or derives from its participation in RTB. Notwithstanding the foregoing, the mere act of mapping a hashed Yahoo Ad Exchange cookie ID to Your cookie ID will not constitute a breach of this subsection (ii), provided that such act does not combine, correlate or merge the hashed Yahoo Ad Exchange cookie ID with any personally-identifiable information or links to personally-identifiable information or otherwise effectively circumvent the purposes of the restrictions contained herein.
iii. You will not log, store, copy, archive or otherwise retain any information passed to You by Yahoo in connection with Your RTB activities, unless, with respect to a particular impression, You have won the auction for such impression, in which case you may do so only with respect to the information received in connection with such impression, subject to the provisions herein, including paragraph 20.a.i.(y).
iv. You will not permit any agents or subcontractors to use or manage the Service on Your behalf in connection with RTB without the prior written consent of Yahoo.
b. In connection with Your participation in RTB, You agree that each Ad creative will be associated with (i) an Ad tag owned or controlled by You and not by a third party; and (ii) its own unique Ad tag (i.e., no “rotating” Ad creatives).
c. In connection with Your participation in RTB, You will allow Yahoo to pass to You any information included in a Media Seller’s ad call and bid request.
d. In connection with Your participation in RTB, upon reasonable advance written notice, Yahoo shall have the right to verify Your compliance with this Section 20. You shall make all applicable books and records available for such inspection during normal business hours at Your principal place of business. Any audit will be at Yahoo’s expense, unless Yahoo determines a material 
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non-compliance occurred, in which case, You shall reimburse Yahoo for such expense, and Yahoo may exercise any of its rights hereunder or at law.
e. Yahoo may suspend or terminate Your participation in RTB for any or no reason and at any time upon notice. In the event of a conflict between this Section 20 and any other Section of these Terms and Conditions, this Section 20 shall take precedence.
21. Trade compliance. You agree to comply with the export laws and regulations of the United States and trade controls of other applicable countries, including without limitation the Export Administration Regulations of the U.S Department of Commerce, Bureau of Industry and Security and the embargo and trade sanction programs administered by the U.S. Department of Treasury, Office of Foreign Assets Control. Unless authorised under a U.S. government licence, You agree that you will not transfer any items, software, technology or other deliverables that Yahoo provides to You under this Agreement to: (a) countries, nationals, and governments subject to U.S. embargo; (b) entities identified on U.S. Government export exclusion lists, including but not limited to the Denied Persons, Entity, and Specially Designated Nationals Lists; or (c) nuclear, missile, or chemical biological weaponry end users. In cases of conflict or inconsistency among applicable export and import laws and regulations, U.S. law shall govern.
22. Anti-corruption. You agree to comply with all applicable anticorruption laws including the Foreign Corrupt Practices Act in relation to this Agreement. You agree that you will not offer to pay or pay anything of value to anyone, including foreign governmental officials or related persons or entities on Yahoo’s behalf to corruptly (i) influence any official act or decision; (ii) secure any improper advantage; (iii) obtain or retain business, or to direct business to any person or entity; or (iv) for the purpose of inducing or rewarding any favorable action in any matter related to the subject of this Agreement or the business of Yahoo. You further agree to keep accurate books and records in relation to this Agreement and make those records available to Yahoo for inspection with reasonable notice.
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