Document:

EX-10.22

 Exhibit 10.22 

 
 

 
 THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933
AS AMENDED (the “1933 ACT”), OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL REASONABLY
SATISFACTORY TO YOU THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE 1933 ACT, OR ANY APPLICABLE STATE SECURITIES LAWS. 
 PLAIN ENGLISH
WARRANT AGREEMENT 
 This is a PLAIN ENGLISH WARRANT AGREEMENT dated November 25, 2013 by and between FASTLY, INC., a Delaware corporation, and
TRIPLEPOINT CAPITAL LLC, a Delaware limited liability company. 
 The words “We”, “Us”, or “Our” refer to the warrant holder,
which is TRIPLEPOINT CAPITAL LLC. The words “You” or “Your” refers to the issuer, which is FASTLY, INC., and not to any individual. The words “the Parties” refers to both TRIPLEPOINT CAPITAL LLC and FASTLY, INC. This
Plain English Warrant Agreement may be referred to as the “Warrant Agreement”. 
 The Parties have entered into a Plain English Equipment Loan and
Security Agreement dated as of November 25, 2013, the “Loan Agreement”. 
 In consideration of such Loan Agreement, the Parties agree to the
following mutual agreements and conditions set forth below: 
 WARRANT INFORMATION 

 

							
	 Effective Date
	  	 Warrant Number
	  	 Loan Facility Number

	November 25, 2013	  	0828-W-01	  	0828-LO-01
				
	 Warrant Coverage
	  	 Number of Shares
	  	 Price Per Share
	  	 Type of Stock

	Up to $50,000 (1% of $5,000,000), based upon Advances under the Loan Agreement	  	To be calculated as set forth in Section 1 of this Warrant Agreement, based upon Advances under the Loan Agreement	  	$0.51438 if the Warrant Stock is the Series B Preferred Stock and $0.01 if the Warrant Stock is the Common Stock, all as further set forth in Section 1 of this Warrant Agreement	  	Either Your Series B Preferred Stock or Your Common Stock, all as further set forth in Section 1 of this Warrant Agreement

  

					
	OUR CONTACT INFORMATION
			
	 Name
	  	 Address For Notices
	  	 Contact Person

	TriplePoint Capital LLC	  	2755 Sand Hill Road, Ste. 150	  	Sajal Srivastava, COO
		  	Menlo Park, CA 94025	  	Tel: (650) 233-2102
		  	Tel: (650) 854-2090	  	Fax: (650) 854-1850
		  	Fax: (650) 854-1850	  	email: legal@triplepointcapital.com
			
		  	YOUR CONTACT INFORMATION	  	
			
	 Customer Name
	  	 Address For Notices
	  	 Contact Person

	Fastly, Inc.	  	501 Folsom Street	  	Amy Hammond, Director Business
		  	San Francisco, CA 94105	  	Operations
		  		  	Tel: 415-694-9459
		  		  	Fax: N/A
		  		  	email: amy@fastly.com

  

			
	Fastly_Warrant_0828-W-01	  	1

  

	1.	 WHAT YOU AGREE TO GRANT US 

 
 You grant to Us and We are entitled, upon the terms
and subject to the conditions set forth in this Warrant Agreement, to purchase from You, at a price per share equal to the Exercise Price, an additional number of fully paid and non-assessable shares of Your
Warrant Stock equal to one percent (1.0%) of each amount advanced under the Loan Agreement, divided by the applicable Calculation Price at the time of such Advance (as defined in the Loan Agreement) (each a “Warrant Earning”). 

The number of shares of Warrant Stock and the Exercise Price of such Warrant Stock are subject to adjustment as provided in Section 4 hereof. 

For purposes of this Warrant Agreement, the following capitalized terms have the meanings given below: 

“Calculation Price” means, for each Warrant Earning, the lowest price per share in the Preferred Round occurring immediately prior to
such Warrant Earning, subject to adjustment for stock dividends, combinations, splits recapitalizations occurring after each such Warrant Earning. 

“Exercise Price” means either (a) $0.51438 if the Warrant Stock is Your Series B Preferred Stock or (b) $0.01 if we have elected, in
our sole discretion, to purchase Your Common Stock, in each case, subject to adjustment for stock dividends, combinations, splits recapitalizations. 

“Preferred Round” means a bona fide round of equity financing in which You issue and sell shares of your preferred stock for
aggregate gross cash proceeds of at least $1,000,000 (excluding any amounts received upon conversion or cancellation of indebtedness). 

“Warrant Stock” means either (a) Your Series B Preferred Stock or (b) if we have elected, in our sole discretion, to
purchase Your Common Stock. 
 The Parties agree that this Warrant Agreement to purchase the Warrant Stock has a fair market value equal to $ 100 and that
$100 of the issue price of the investment will be allocable to the Warrant Agreement and the balance shall be allocable to the Loan Agreement for income tax purposes and the original issue discount on the Loan Agreement shall be considered to be
zero. 
  
  

	2.	 WHEN ARE WE ENTITLED TO PURCHASE YOUR WARRANT STOCK. 

 
 The term of this Warrant Agreement and Our right to
purchase Warrant Stock will begin on the Effective Date, and shall terminate on November 24, 2023. 
  

 

	3.	 HOW WE MAY PURCHASE YOUR WARRANT STOCK. 

 
 We may exercise Our purchase rights, in whole or in
part, at any time, or from time to time, prior to the expiration of the term of this Warrant Agreement, by giving You a completed and executed Notice of Exercise in the form attached as Exhibit I. Promptly upon receipt of the Notice of
Exercise and in any event no later than twenty-one (21) days after you have received Our Notice of Exercise and payment of the aggregate Exercise Price for the shares purchased, You will issue to
Us a certificate for the number of shares of Warrant Stock that We have purchased and You will execute the Acknowledgment of Exercise in the form attached hereto as Exhibit II indicating the number of shares which will be
available to Us for future purchases, if any. 
 We may pay for the Warrant Stock by either (i) cash or check, or (ii) by the net issuance
method as determined below. If We elect the Net Issuance method, You will issue Warrant Stock using the following formula: 
  

					
		 		  	X = Y(A-B)
		 		  	 A

	Where:	 	X =	  	the number of shares of Warrant Stock to be issued to Us.
		 	Y =	  	the number of shares of Warrant Stock We request to be exercised under this Warrant Agreement.
		 	A =	  	the fair market value of one share of Warrant Stock.
		 	B =	  	the Exercise Price.

  

			
	Fastly_Warrant_0828-W-01	  	2

 For purposes of the above calculation, current fair market value of Warrant Stock shall mean with respect to
each share of 
 Warrant Stock: 
 If the exercise is in
connection with the initial public offering of Your Common Stock, and if Your registration statement relating to such public offering has been declared effective by the SEC, then the fair market value per share shall be the product of
(x) the initial “Price to Public” specified in the final prospectus of the offering and (y) the number of shares of Common Stock into which each share of Warrant Stock is convertible at the time of such exercise; 

If this Warrant Agreement is exercised after, and not in connection with Your initial public offering, and: 

 

	 	•	 	 if traded on a securities exchange, the fair market value shall be the product of (x) the average of the
closing prices over a five (5) day period ending three (3) days before the day the current fair market value of the securities is being determined and (y) the number of shares of Common Stock into which each share of Warrant Stock is
convertible at the time of such exercise; or 

  

	 	•	 	 if actively traded
over-the-counter, the fair market value shall be the product of (x) the average of the closing bid and asked prices quoted on the NASDAQ system (or similar system)
over the five (5) day period ending three (3) days before the day the current fair market value of the securities is being determined and (y) the number of shares of Common Stock into which each share of Warrant Stock is convertible
at the time of such exercise. 

 If this Warrant Agreement is exercised prior to or after Your initial public offering, and: 

 

	 	•	 	 Your Common Stock is not listed on any securities exchange or quoted in the NASDAQ System or the over-the-counter market, the current fair market value of Warrant Stock shall be the product of (x) the fair market value of a share of Your Common Stock (the highest
price per share which You could obtain from a willing buyer (not a current employee or director) for shares of Common Stock sold, from authorized but unissued shares), as determined in good faith by Your Board of Directors and (y) the number of
shares of Common Stock into which each share of Warrant Stock is convertible at the time of such exercise, unless You shall become subject to a merger, acquisition or other consolidation pursuant to which You are not the surviving party, in which
case the fair market value of Warrant Stock shall be deemed to be the value received by the holders of Your Warrant Stock on a common equivalent basis pursuant to such merger or acquisition or other consolidation. 

During the term of this Warrant Agreement, You will at all times from and after the Effective Date have authorized and reserved a sufficient number of shares
of (a) Warrant Stock to provide for the exercise of our rights to purchase Warrant Stock, and (b) Common Stock to provide for the conversion of the Warrant Stock. 

If We elect to exercise part of the Warrant Agreement, You will promptly issue to Us an amended Warrant Agreement stating the remaining number of shares that
are available. All other terms and conditions of that amended Warrant Agreement shall be identical to those contained in this Warrant Agreement. 
 If at
the end of the term of this Warrant Agreement, the fair market value of one share of Warrant Stock (or other security issuable upon the exercise hereof) as determined in accordance herewith is greater than the Exercise Price in effect on such date,
then this Warrant Agreement shall automatically be deemed on and as of such date to be converted pursuant hereto as to all shares of Warrant Stock (or such other securities) for which it shall not previously have been exercised or converted, and You
shall promptly deliver a certificate representing the shares of Warrant Stock (or such other securities) issued upon such conversion to Us. 
  

 

	4.	 WHEN WILL THE NUMBER OF SHARES AND EXERCISE PRICE CHANGE. 

 
  

	 	•	 	 If You are Acquired. If at any time: (i) there is a reorganization of Your stock (other than a
reclassification, exchange or subdivision of Your stock otherwise provided for in this Warrant Agreement); (ii) You merge or consolidate with or into another entity, whether or not You are the surviving entity; (iii) You sell or convey,
or grant an exclusive license with respect to, all or substantially all of Your assets to any other person; or (iv) there occurs any transaction or series of related transactions that result in the transfer of fifty percent (50%) or more of the
outstanding voting power of the capital stock of You (each of the foregoing events are referred to as a “Merger Event”), then, as a 

  

			
	Fastly_Warrant_0828-W-01	  	3

	 	part of such Merger Event, lawful provision shall be made so that We shall thereafter be entitled to receive, upon exercise of Our rights under this Warrant Agreement, the number of shares of preferred stock or other securities of
the successor or surviving person resulting from such Merger Event, equal in value to that which would have been issuable if We had exercised Our rights under this Warrant Agreement immediately prior to the Merger Event. In any such case,
appropriate adjustment (as determined in good faith by Your Board of Directors) shall be made in the application of the provisions of this Warrant Agreement with respect to Our rights and interest after the Merger Event so that the provisions of
this Warrant Agreement (including adjustments of the Exercise Price and number of shares of Warrant Stock purchasable) shall be applicable to the greatest extent possible. 

 

	 	•	 	 If You Reclassify Your Stock. If at any time You combine, reclassify, exchange or subdivide Your
securities or otherwise, change any of the securities as to which purchase rights under this Warrant Agreement exist into the same or a different number of securities of any other class or classes, this Warrant Agreement will thereafter
represent the right to acquire such number and kind of securities as would have been issuable as the result of such change with respect to the securities which were subject to the purchase rights under this Warrant Agreement immediately prior to
such combination, reclassification, exchange, subdivision or other change. 

  

	 	•	 	 If You Subdivide or Combine Your Shares. If at any time You combine or subdivide the Warrant Stock, the
Exercise Price will be proportionately decreased in the case of a subdivision, or proportionately increased in the case of a combination. 

  

	 	•	 	 If You Pay Stock Dividends. If at any time You pay a dividend payable in, or make any other distribution
(except any distribution specifically provided for in the above paragraphs) of the Warrant Stock, then the Exercise Price shall be adjusted, from and after the record date of such dividend or distribution, to that price determined by
multiplying the Exercise Price in effect immediately prior to such record date by a fraction (i) the numerator of which shall be the total number of all shares of the Warrant Stock outstanding immediately prior to such dividend or distribution,
and (ii) the denominator of which shall be the total number of all shares of the Warrant Stock outstanding immediately after such dividend or distribution. We will thereafter be entitled to purchase, at the Exercise Price resulting from such
adjustment, the number of shares of Warrant Stock otherwise issuable hereunder. 

  

	 	•	 	 If You Change the Antidilution Rights of the Warrant Stock or Issue New Preferred or Convertible Stock.
All antidilution rights applicable to the Warrant Stock purchasable under this Warrant Agreement are as set forth in Your Certificate of Incorporation, as amended through the Effective Date. You will promptly provide Us with any
restatement, amendment, modification of or waiver of any right under Your Certificate of Incorporation. You will provide Us with prior written notice of any issuance of Your stock or other equity security to occur after the Effective Date (other
than issuances of stock or equity securities pursuant to customary employee stock plans), which notice shall include (a) the price at which such stock or security is to be sold, (b) the number of shares to be issued, and (c) such other
information as necessary for Us to determine if a dilutive event has occurred or will occur as a result of such issuance. 

  

 

	5.	 WE CAN TRANSFER THIS PLAIN ENGLISH WARRANT AGREEMENT. 

 
 Subject to the terms and conditions contained in
Section 7, We (or any successor transferee) may transfer in whole or in part this Warrant Agreement and all its rights. You will record the transfer on Your books when You receive Our Notice of Transfer in the form attached hereto as Exhibit
III, and Our payment of all transfer taxes and other governmental charges involved in such transfer. 
  

 

	6.	 REPRESENTATIONS, WARRANTIES, AND COVENANTS FROM YOU. 

 
  

	 	•	 	 Reservation of Warrant Stock. The Warrant Stock issuable upon exercise of Our rights under this Warrant Agreement
will be duly and validly reserved and when issued in accordance with the provisions of this Warrant Agreement will be validly issued, fully paid and non-assessable, and will be free of any taxes, liens,
charges or encumbrances of any nature whatsoever; provided, however, that the Warrant Stock issuable pursuant to this Warrant Agreement may be subject to restrictions on transfer under state and/or Federal securities laws. Upon Our exercise, You
will issue to Us certificates for shares of Warrant Stock without charging Us any tax, or other cost incurred by You in connection with such exercise and the related issuance of shares of Warrant Stock. You will not be required to pay any tax, which
may be payable in respect of any transfer involved and the issuance and delivery of any certificate in a name other than TriplePoint Capital LLC. 

  

			
	Fastly_Warrant_0828-W-01	  	4

	 	•	 	 Due Authority. Your execution and delivery of this Warrant Agreement and the performance of Your obligations
hereunder, including the issuance to Us of the right to acquire the shares of Warrant Stock, have been duly authorized by all necessary corporate action on Your part and this Warrant Agreement is not inconsistent with Your Certificate of
Incorporation or Bylaws, does not contravene any law or governmental rule, regulation or order applicable to it, do not and will not contravene any provision of, or constitute a default under, any indenture, mortgage, contract or other instrument to
which You are a party or by which You are bound, and this Warrant Agreement constitutes a legal, valid and binding agreement, enforceable in accordance with its respective terms, subject to laws of general application relating to bankruptcy,
insolvency and the relief of debtors and the rules of law or principles at equity governing specific performance, injunctive relief and other equitable remedies. 

 

	 	•	 	 Consents and Approvals. No consent or approval of, giving of notice to, registration with, or taking of any other
action in respect of any state, Federal or other governmental authority or agency is required with respect to execution, delivery and Your performance of Your obligations under this Warrant Agreement, except for the filing of any required notices
pursuant to Federal and state securities laws, which filings will be effective by the times required thereby. 

  

	 	•	 	 Issued Securities. All of Your issued and outstanding shares of Common Stock, Warrant Stock or any other
securities have been duly authorized and validly issued and are fully paid and nonassessable. All outstanding shares of Common Stock and Warrant Stock were issued in full compliance with all Federal and state securities laws. In addition as of the
Effective Date: 

 Your authorized capital consists of (A) 105,000,000 shares of Common Stock, of which 37,687,135 shares of Common Stock
are issued and outstanding, and (B) 44,065,775 shares of preferred stock, of which 44,456,190 shares are issued and outstanding. 
 You have reserved
17,760,325 shares of Common Stock for issuance under Your Stock Incentive Plan, under which 9,834,620 options have been granted. Except as otherwise provided in this Warrant Agreement and as noted above, there are no other options, warrants,
conversion privileges or other rights presently outstanding to purchase or otherwise acquire any authorized but unissued shares of Your capital stock or other of Your securities. 

Except as set forth in Your Investors’ Rights Agreement, a true, correct and complete copy of which has been delivered to Us prior to the issuance of
this Warrant, Your stockholders do not have preemptive rights to purchase new issuances of Your capital stock. 
  

	 	•	 	 Other Commitments to Register Securities. Except as set forth in this Warrant Agreement and the Investors’
Rights Agreement, You are not, pursuant to the terms of any other agreement currently in existence, under any obligation to register under the 1933 Act any of Your presently outstanding securities or any of Your securities which may hereafter be
issued. 

  

	 	•	 	 Exempt Transaction. Subject to the accuracy of Our representations in Section 7 hereof, the issuance of the
Warrant Stock upon exercise of this Warrant Agreement will constitute a transaction exempt from (i) the registration requirements of Section 5 of the 1933 Act, in reliance upon Section 4(2) thereof, and (ii) the qualification
requirements of the applicable state securities laws. 

  

	 	•	 	 Compliance with Rule 144. We may sell the Warrant Stock issuable hereunder in compliance with Rule 144
promulgated by the Securities and Exchange Commission. Within ten (10) days of Our request, You agree to furnish Us, a written statement confirming Your compliance with the filing requirements of the Securities and Exchange Commission as set
forth in such Rule 144, as may be amended. 

  

	 	•	 	 No Impairment. You agree not to, by amendment of Your Certificate of Incorporation, by-laws or other organizational or charter documents or through a reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to
avoid the observance or performance of any of the terms to be observed or performed under this Warrant by You, but shall at all times in good faith assist in carrying out of all the provisions of this Warrant and in taking all such action as may be
necessary or appropriate to 

  

			
	Fastly_Warrant_0828-W-01	  	5

	 	protect Our rights under this Warrant against impairment. However, You shall not be deemed to have impaired Our rights if You amend Your Certificate of Incorporation, or the holders of Your preferred stock waive their rights
thereunder, in a manner that does not (individually or when considered in the context of any other actions being taken in connection with such amendments or waivers) affect Us in a manner different from the effect that such amendments or waivers
have on the rights of other holders of the same series and class as the Warrant Stock; provided, however, that, notwithstanding the foregoing, You shall not impose any restrictions on the transferability or alienability of the Warrant
Stock other than in effect as of the Effective Date without the express written consent of Us. 

  

 

	7.	 OUR REPRESENTATIONS AND COVENANTS TO YOU. 

 
  

	 	•	 	 Investment Purpose. The right to acquire Warrant Stock or the Warrant Stock issuable upon exercise of Our rights
contained herein and the Common Stock issuable upon conversion will be acquired for investment purposes and not with a view to the sale or distribution of any part thereof, and We have no present intention of selling or engaging in any public
distribution of the same in violation of the 1933 Act. 

  

	 	•	 	 Private Issue. We understand (i) that this Warrant Agreement, the Warrant Stock issuable upon exercise of
this Warrant Agreement and the Common Stock issuable upon conversion of the Warrant Stock are not registered under the 1933 Act or qualified under applicable state securities laws on the ground that the issuance contemplated by this Warrant
Agreement will be exempt from the registration and qualifications requirements thereof, and (ii) that Your reliance on such exemption is predicated on the representations set forth in this Section 7. 

 

	 	•	 	 Disposition of Our Rights. In no event will We make a disposition of any of Our rights to acquire Warrant Stock
or Warrant Stock issuable upon exercise of such rights or the Common Stock issuable upon conversion of the Warrant Stock unless and until (i) We shall have notified You in writing of the proposed disposition, and (ii) the transferee agrees
to be bound in writing to the applicable terms and conditions of this Warrant Agreement, and (iii) if You request, We shall have furnished You with an opinion of counsel satisfactory to You and Your counsel to the effect that
(A) appropriate action necessary for compliance with the 1933 Act has been taken, or (B) an exemption from the registration requirements of the 1933 Act is available. Notwithstanding the foregoing, the restrictions imposed upon the
transferability of any of Our rights to acquire Warrant Stock or Warrant Stock issuable on the exercise of such rights or the Common Stock issuable upon conversion of the Warrant Stock do not apply to transfers from the beneficial owner of any of
the aforementioned securities to its nominee or from such nominee to its beneficial owner, and shall terminate as to any particular share of Warrant Stock when (1) such security shall have been effectively registered under the 1933 Act and sold
by the holder thereof in accordance with such registration or (2) such security shall have been sold without registration in compliance with Rule 144 under the 1933 Act, or (3) a letter shall have been issued to You at Our request by the
staff of the Securities and Exchange Commission or a ruling shall have been issued to You at Our request by such Commission stating that no action shall be recommended by such staff or taken by such Commission, as the case may be, if such security
is transferred without registration under the 1933 Act in accordance with the conditions set forth in such letter or ruling and such letter or ruling specifies that no subsequent restrictions on transfer are required. Whenever the restrictions
imposed hereunder shall terminate, as hereinabove provided, the holder of a share of Warrant Stock then outstanding as to which such restrictions have terminated shall be entitled to receive from You, without expense to such holder, one or more new
certificates for the Warrant or for such shares of Warrant Stock not bearing any restrictive legend referring to 1933 Act registration or exemption. 

  

	 	•	 	 Financial Risk. We have such knowledge and experience in financial and business matters and knowledge of Your
business affairs and financial condition as to be capable of evaluating the merits and risks of Our investment, and have the ability to bear the economic risks of Our investment. 

 

	 	•	 	 Risk of No Registration. We understand that if You do not register with the Securities and Exchange Commission
pursuant to Section 12 of the 1934 Act (the “1934 Act”), or file reports pursuant to Section 15(d), of the 1934 Act, or if a registration statement covering the securities under the 1933 Act is not in effect when We desire to
sell (i) the rights to purchase Warrant Stock pursuant to this Warrant Agreement, or (ii) the Warrant Stock issuable upon exercise of the right to purchase, or (iii) the Common Stock issuable upon conversion of the Warrant Stock, We
may be required to hold such securities for an indefinite period. We also understand that any sale of Our right to purchase Warrant Stock or Warrant Stock or Common Stock issuable upon conversion of the Warrant Stock, which might be made by it in
reliance upon Rule 144 under the 1933 Act may be made only in accordance with the terms and conditions of that Rule. 

  

			
	Fastly_Warrant_0828-W-01	  	6

	 	•	 	 Accredited Investor. We are an “accredited investor” within the meaning of the Securities and Exchange
Rule 501 of Regulation D of the 1933 Act, as presently in effect. 

  

 

	8.	 NOTICES YOU AGREE TO PROVIDE US. 

 
 You agree to give Us at least twenty (20) days
prior written notice of the following events: 
  

	 	•	 	 If You pay a Dividend or distribution declaration upon Your stock. 

 

	 	•	 	 If You offer for subscription pro-rata to the existing shareholders
additional stock or other rights. 

  

	 	•	 	 If You consummate or sign definitive documents providing for a Merger Event. 

 

	 	•	 	 If You have an initial public offering. 

 

	 	•	 	 If You dissolve or liquidate. 

All notices in this Section must set forth details of the event, how the event adjusts either Our number of shares or Our Exercise Price and the method used
for such adjustment. 
 Timely Notice. Your failure to timely provide such notice required above shall entitle Us to retain the benefit of the applicable
notice period notwithstanding anything to the contrary contained in any insufficient notice received by Us. 
  

 

	9.	 DOCUMENTS YOU WILL PROVIDE US. 

 
 Upon signing this Warrant Agreement You
will provide Us with: 
  

	 	•	 	 Executed originals of this Warrant Agreement, and all other documents and instruments that We may reasonably
require 

  

	 	•	 	 Secretary’s certificate of incumbency and authority 

 

	 	•	 	 Certified copy of resolutions of Your board of directors approving this Warrant Agreement 

 

	 	•	 	 Certified copy of Certificate of Incorporation and by-laws as amended
through the Effective Date 

  

	 	•	 	 Current Investors’ Rights Agreement 

So long as this Warrant Agreement is in effect, You shall provide Us with the following: 

 

	 	•	 	 Within five (5) Business Days after the closing of any equity financing, or extension of an existing round
of equity financing, occurring after the Effective Date, in which You issue preferred stock or other securities You will provide Us with copies of the fully executed equity financing documents, including without limitation the related stock purchase
agreement, investors rights agreement, voting agreement, amended or restated certificates of incorporation, current capitalization table and other related documents. Notwithstanding any term or condition contained in this Warrant Agreement to the
contrary, Your failure to comply with this paragraph shall not constitute a default unless You have not provided the information requested within ten (10) days of Our request. 

 

	 	•	 	 Within thirty (30) days after completion You shall provide Us with any 409A Valuation Reports or other
similar reports prepared for You. Notwithstanding any term or condition contained in this Warrant Agreement to the contrary, Your failure to comply with this paragraph shall not constitute a default unless You have not provided the information
requested within ten (10) days of Our request. 

  

	 	•	 	 After all obligations under the Loan Agreement have been finally paid in full, within thirty (30) days after
the end of each quarter, You will provide Us with (1) an unaudited income statement, statement of cash flows, and an unaudited balance sheet prepared in accordance with GAAP accompanied by a report detailing any material contingencies, and (2)
to the extent audited financial statement are required by Your board of directors, as soon as available, but not later than one hundred eighty (180) days of the end of each fiscal year end, You will provide Us with audited financial statements
accompanied by an audit report and an unqualified opinion of the independent certified public accountants. 

  

			
	Fastly_Warrant_0828-W-01	  	7

	 	•	 	 You shall submit to Us any other documents and other information that We may reasonably request from time to time
and are necessary to implement the provisions and purposes of this Warrant Agreement. 

  

 

	10.	 REGISTRATION RIGHTS UNDER THE 1933 ACT. 

 
 The shares of Your common stock into which the
Warrant Stock is convertible shall have registration rights as set forth in the Investors’ Rights Agreement, dated as of February 26, 2013, (as amended, the “Investors’ Rights Agreement”). The provisions set forth in Your
Investors’ Rights Agreement relating to such registration rights in effect as of the date of this Warrant Agreement may not be amended, modified or waived without Our prior written consent unless such amendment, modification or waiver affects
the rights associated with the shares of common stock into which the Warrant Stock is convertible in the same manner as such amendment, modification, or waiver affects the rights associated with all other shares of the same series and class of stock
as the Warrant Stock. 
  
  

	11.	 OTHER LEGAL PROVISIONS THE PARTIES WILL ABIDE BY. 

 
 Effective Date. This Warrant Agreement shall be
construed and shall be given effect in all respects as if it had been executed and delivered by the Parties on the date hereof. This Warrant Agreement shall be binding upon any of the successors or assigns of the Parties. 

Attorney’s Fees. In any litigation, arbitration or court proceeding between the Parties relating to this Warrant Agreement, the prevailing party shall be
entitled to attorneys’ fees and expenses and all costs of proceedings incurred in enforcing this Warrant Agreement. 
 Governing Law. This Warrant
Agreement shall be governed by and construed for all purposes under and in accordance with the laws of the State of California without giving effect to that body of law pertaining to conflicts of laws. 

Consent to Jurisdiction and Venue. All judicial proceedings arising in or under or related to this Warrant Agreement may be brought in any state or federal
court of competent jurisdiction located in the State of California. By execution and delivery of this Warrant Agreement, each party hereto generally and unconditionally: (a) consents to personal jurisdiction in San Mateo County, State of
California; (b) waives any objection as to jurisdiction or venue in San Mateo County, State of California; (c) agrees not to assert any defense based on lack of jurisdiction or venue in the aforesaid courts; and 

(d) irrevocably agrees to be bound by any judgment rendered thereby in connection with this Warrant Agreement. Service of process on any party hereto in any
action arising out of or relating to this Warrant Agreement shall be effective if given in accordance with the requirements for notice set forth in this Section, and shall be deemed effective and received as set forth therein. Nothing herein shall
affect the right to serve process in any other manner permitted by law or shall limit the right of either party to bring proceedings in the courts of any other jurisdiction. 

Mutual Waiver of Jury Trial; Judicial Reference. Because disputes arising in connection with complex financial transactions are most quickly and economically
resolved by an experienced and expert person and the Parties wish applicable state and federal laws to apply (rather than arbitration rules), The Parties desire that their disputes be resolved by a judge applying such applicable laws. EACH OF THE
PARTIES SPECIFICALLY WAIVES ANY RIGHT THEY MAY HAVE TO TRIAL BY JURY OF ANY CAUSE OF ACTION, CLAIM, CROSS-CLAIM, COUNTERCLAIM, THIRD PARTY CLAIM OR ANY OTHER CLAIM (COLLECTIVELY, “CLAIMS”) ASSERTED BY YOU AGAINST US OR OUR ASSIGNEE
OR BY US OR OUR ASSIGNEE AGAINST YOU. IN THE EVENT THAT THE FOREGOING JURY TRIAL WAIVER IS NOT ENFORCEABLE, ALL CLAIMS, INCLUDING ANY AND ALL QUESTIONS OF LAW OR FACT RELATING THERETO, SHALL, AT THE WRITTEN REQUEST OF ANY PARTY, BE DETERMINED BY
JUDICIAL REFERENCE PURSUANT TO THE CALIFORNIA CODE OF CIVIL PROCEDURE (“REFERENCE”). THE PARTIES SHALL SELECT A SINGLE NEUTRAL REFEREE, WHO SHALL BE A RETIRED STATE OR FEDERAL JUDGE. IN THE EVENT THAT THE PARTIES CANNOT AGREE UPON A
REFEREE, THE REFEREE SHALL BE APPOINTED BY THE COURT. THE REFEREE SHALL REPORT A STATEMENT OF DECISION TO THE COURT. NOTHING IN THIS SECTION SHALL LIMIT THE RIGHT OF ANY PARTY AT ANY TIME TO EXERCISE LAWFUL SELF-HELP REMEDIES, FORECLOSE AGAINST
COLLATERAL OR OBTAIN PROVISIONAL REMEDIES. THE PARTIES SHALL BEAR THE FEES AND EXPENSES OF THE REFEREE EQUALLY UNLESS THE REFEREE ORDERS OTHERWISE. THE REFEREE SHALL ALSO DETERMINE ALL ISSUES RELATING TO THE APPLICABILITY, INTERPRETATION, AND
ENFORCEABILITY OF THIS SECTION. THE PARTIES ACKNOWLEDGE THAT THE CLAIMS WILL NOT BE ADJUDICATED BY A JURY. This waiver extends to all such Claims, including Claims that involve persons other than You and Us; Claims that arise out of or are in any
way connected to the relationship between You and Us; and any Claims for damages, breach of contract, specific performance, or any equitable or legal relief of any kind, arising out of this Warrant Agreement. 

  

			
	Fastly_Warrant_0828-W-01	  	8

 Counterparts. This Warrant Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument. 
 Notices. Any notice required or permitted under this Warrant
Agreement shall be given in writing and shall be deemed effectively given upon the earlier of (1) actual receipt or 3 days after mailing if mailed postage prepaid by regular or airmail to Us or You or (2) one day after it is sent by
overnight mail via nationally recognized courier or (3) on the same day as sent via confirmed facsimile transmission, provided that the original is sent by personal delivery or mail by the sending party. 

Remedies. In the event of any default hereunder, the non-defaulting party may proceed to protect and enforce its
rights either by suit in equity and/or by action at law, including but not limited to an action for damages as a result of any such default, and/or an action for specific performance for any default where such party will not have an adequate remedy
at law and where damages will not be readily ascertainable. Each party expressly acknowledges and agrees that there is no adequate remedy at law for any breach of this Warrant Agreement and that in the event of any breach of this Warrant Agreement,
the injured party shall be entitled to specific performance of any or all provisions hereof or an injunction prohibiting the other party from continuing to commit any such breach of this Warrant Agreement. 

Survival. The representations, warranties, covenants, and conditions of the Parties contained herein or made pursuant to this Warrant Agreement shall survive
the execution and delivery of this Warrant Agreement. 
 Severability. In the event any one or more of the provisions of this Warrant Agreement shall for
any reason be held invalid, illegal or unenforceable, the remaining provisions of this Warrant Agreement shall be unimpaired, and the invalid, illegal or unenforceable provision shall be replaced by a mutually acceptable valid, legal and enforceable
provision, which comes closest to the intention of the Parties underlying the invalid, illegal or unenforceable provision. 
 Entire Agreement. This Warrant
Agreement constitutes the entire agreement between the Parties pertaining to the subject matter contained in it and supersedes all prior and contemporaneous agreements, representations and undertakings of the Parties, whether oral or written, with
respect to such subject matter. 
 Amendments. Any provision of this Warrant Agreement may only be amended by a written instrument signed by the Parties.

 Lost Warrants or Stock Certificates. You covenant to Us that, upon receipt of evidence reasonably satisfactory to Us of the loss, theft, destruction or
mutilation of this Warrant Agreement or any stock certificate and, in the case of any such loss, theft or destruction, upon receipt of an indemnity reasonably satisfactory to You, or in the case of any such mutilation upon surrender and cancellation
of such Warrant Agreement or stock certificate, You will make and deliver a new Warrant Agreement or stock certificate, of like tenor, in lieu of the lost, stolen, destroyed or mutilated Warrant Agreement or stock certificate. 

Rights as Stockholders. We shall not, as a party to this Warrant Agreement, be entitled to vote or receive dividends or be deemed the holder of the Warrant
Stock or any of Your other securities which may at any time be issuable upon the exercise hereof for any purpose, nor shall anything contained herein be construed to confer upon Us any of the rights of one of Your stockholders or any right to vote
for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to receive dividends or subscription rights or otherwise until this Warrant Agreement is exercised and the shares purchasable upon the exercise
hereof shall have become deliverable, as provided herein. 
 Facsimile Signatures. This Warrant Agreement may be executed and delivered by facsimile and
upon such delivery the facsimile signature will be deemed to have the same effect as if the original signature had been delivered to the other party. 

(Signature Page to Follow) 

  

			
	Fastly_Warrant_0828-W-01	  	9

 IN WITNESS WHEREOF, each of the Parties have caused this Warrant Agreement to be executed by its
officers who are duly authorized as of the Effective Date. 
  

			
	You:	 	FASTLY, INC.
		
	Signature:	 	

	Print Name:	 	  

 

	Title:	 	  

		
	Us:	 	TRIPLEPOINT CAPITAL LLC
		
	Signature:	 	 /s/ Sajal Srivastava

	Print Name:	 	Sajal Srivastava
	Title:	 	Chief Operating Officer

 [SIGNATURE PAGE TO WARRANT AGREEMENT 0828-W-01] 

  

			
	Fastly_Warrant_0828-W-01	  	10

 EXHIBIT I 

NOTICE OF EXERCISE 
  

	To:	
[                       
             ] 

  

	1.	 We hereby elect to purchase [        ] shares of the Series
[        ] Preferred Stock of [            ], pursuant to the terms of the Plain English Warrant Agreement dated the
[        ] day of [        ], [20    ] (the “Plain English Warrant Agreement”) between You and Us, We hereby
tender here payment of the purchase price for such shares in full, together with all applicable transfer taxes, if any. 

  

	2.	 Method of Exercise (Please initial the applicable blank) 

 

	 	a.	             The undersigned elects to exercise the
Plain English Warrant Agreement by means of a cash payment, and gives You full payment for the purchase price of the shares being purchased, together with all applicable transfer taxes, if any. 

 

	 	b.	             The undersigned elects to exercise the
Plain English Warrant Agreement by means of the Net Issuance Exercise method of Section 3 of the Plain English Warrant Agreement. 

  

	3.	 In exercising Our rights to purchase the Series [        ]
Preferred Stock of [                            ], We hereby confirm and acknowledge the investment
representations, warranties and covenants made in Section 7 of the Plain English Warrant Agreement. 

 Please issue a certificate or
certificates representing these purchased shares of Series [        ] Preferred Stock in Our name or in such other name as is specified below. 

 

					
		 	  
 (Name)

		
	            	 	  
 (Address)

			
		 	US:	 	TRIPLEPOINT CAPITAL LLC
			
		 	By:	 	  

			
		 	Title:	 	  

			
		 	Date:	 	  

  

			
	Fastly_Warrant_0828-W-01	  	11

 EXHIBIT II 

ACKNOWLEDGMENT OF EXERCISE 

[                         
                       ], hereby acknowledges receipt of the “Notice of Exercise” from TRIPLEPOINT CAPITAL LLC, to
purchase [        ] shares of the Series [        ] Preferred Stock of
[                    ], pursuant to the terms of the Plain English Warrant Agreement, and further acknowledges that
[        ] shares remain subject to purchase under the terms of the Plain English Warrant Agreement. 
  

							
	 YOU:
	 	        	 	FASTLY, INC.
				
		 		 	By:	 	
                     
        

				
		 		 	Title:	 	  

				
		 		 	Date:	 	  

  

			
	Fastly_Warrant_0828-W-01	  	12

 EXHIBIT III 

TRANSFER NOTICE 
 FOR VALUE RECEIVED, the
foregoing Plain English Warrant Agreement and all rights evidenced thereby are hereby transferred and assigned to 
  

					
		
	  
 (Please
Print)
	 	

					
		
	Whose address is	 	  

					
	
	  

			
	Dated:	 	  
	 	
			
	Holder’s Signature:	 	  
	 	
			
	Holder’s Address:	 	  
	 	
			
	Transferee’s Signature:	 	  
	 	
			
	Transferee’s Address:	 	  
	 	
			
	Signature Guaranteed:	 	  
	 	

 NOTE: The signature to this Transfer Notice must correspond with the name as it appears on the face of the Plain
English Warrant Agreement, without alteration or enlargement or any change whatever. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing
Plain English Warrant Agreement. 

  

			
	Fastly_Warrant_0828-W-01	  	13EX-10.23

 Exhibit 10.23 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN SECTIONS 5.3 AND 5.4 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS
OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION. 

WARRANT TO PURCHASE STOCK 
 Company:
Fastly, Inc., a Delaware corporation 
 Number of Shares: As set forth in Paragraph A below 

Type/Series of Stock: Series C Preferred Stock, $0.00002 par value per share 

Warrant Price: $0.575 per Share, subject to adjustment 

Issue Date: November 21, 2014 
 Expiration Date:
November 20, 2024    See also Section 5.1(b). 
  

			
	Credit Facility:	 	This Warrant to Purchase Stock (“Warrant”) is issued in connection with that certain Mezzanine Loan and Security Agreement of even date herewith between Silicon Valley Bank and the Company (as
amended and/or modified and in effect from time to time, the “Loan Agreement”).

	

 THIS WARRANT CERTIFIES THAT, for good and valuable consideration, SILICON VALLEY
BANK (together with any successor or permitted assignee or transferee of this Warrant or of any shares issued upon exercise hereof, “Holder”) is entitled to purchase up to such number of fully paid and non-assessable shares of the above-stated Type/Series of Stock (the “Class”) of the above-named company (the “Company”) as determined
pursuant to Paragraph A below, at the above-stated Warrant Price, all as set forth above and as adjusted pursuant to Section 2 of this Warrant, subject to the provisions and upon the terms and conditions set forth in this Warrant. Reference is
made to Section 5.4 of this Warrant whereby Silicon Valley Bank shall transfer this Warrant to its parent company, SVB Financial Group. 

A. Number of Shares. This Warrant shall be exercisable for the Initial Shares, plus the Additional Shares, if any (collectively, the
“Shares”). 
 (1) Initial Shares. As used herein, “Initial
Shares” means 52,844 shares of the Class, subject to adjustment from time to time in accordance with the provisions of this Warrant. 

(2) Additional Shares. Upon the making, if any, of the first Term Loan Advance (as defined in the Loan Agreement) to the Company in any
amount, this Warrant automatically shall become exercisable for an additional 52,844 shares of the Class, as such number may be adjusted from time to time in accordance with the provisions of this Warrant (the “Additional
Shares”), including, without limitation, adjustments in respect of events occurring prior to the date, if any, on which this Warrant becomes exercisable for the Additional Shares. 

 SECTION 1. EXERCISE. 

1.1 Method of Exercise. Holder may at any time and from time to time exercise this Warrant, in whole or in part, by delivering to the
Company the original of this Warrant together with a duly executed Notice of Exercise in substantially the form attached hereto as Appendix 1 and, unless Holder is exercising this Warrant pursuant to a cashless exercise set forth in
Section 1.2, a check, wire transfer of same-day funds (to an account designated by the Company), or other form of payment acceptable to the Company for the aggregate Warrant Price for the Shares being
purchased. 
 1.2 Cashless Exercise. On any exercise of this Warrant, in lieu of payment of the aggregate Warrant Price in the manner
as specified in Section 1.1 above, but otherwise in accordance with the requirements of Section 1.1, Holder may elect to receive Shares equal to the value of this Warrant, or portion hereof as to which this Warrant is being exercised.
Thereupon, the Company shall issue to the Holder such number of fully paid and non-assessable Shares as are computed using the following formula: 

 

							
		  		  	X = Y(A-B)/A
				
	where:	  	        	  		  	
				
		  		  	X =	  	the number of Shares to be issued to the Holder;
				
		  		  	 Y =
	  	 the number of Shares with respect to which this Warrant is being exercised (inclusive of the Shares surrendered to the Company in payment of
the aggregate Warrant Price);

				
		  		  	A =	  	the Fair Market Value (as determined pursuant to Section 1.3 below) of one Share; and
				
		  		  	B =	  	the Warrant Price.

 1.3 Fair Market Value. If the Company’s common stock is then traded or quoted on a
nationally recognized securities exchange, inter-dealer quotation system or over-the-counter market (a “Trading Market”) and the
Class is common stock, the fair market value of a Share shall be the closing price or last sale price of a share of common stock reported for the Business Day immediately before the date on which Holder delivers this Warrant together with its
Notice of Exercise to the Company. If the Company’s common stock is then traded in a Trading Market and the Class is a series of the Company’s convertible preferred stock, the fair market value of a Share shall be the closing price or
last sale price of a share of the Company’s common stock reported for the Business Day immediately before the date on which Holder delivers this Warrant together with its Notice of Exercise to the Company multiplied by the number of shares of
the Company’s common stock into which a Share is then convertible. If the Company’s common stock is not traded in a Trading Market, the Board of Directors of the Company shall determine the fair market value of a Share in its reasonable
good faith judgment. 
 1.4 Delivery of Certificate and New Warrant. Within a reasonable time after Holder exercises this Warrant in
the manner set forth in Section 1.1 or 1.2 above, the Company shall deliver to Holder a certificate representing the Shares issued to Holder upon such exercise and, if this Warrant has not been fully exercised and has not expired, a new warrant
of like tenor representing the Shares not so acquired. 
 1.5 Replacement of Warrant. On receipt of evidence reasonably satisfactory
to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form, substance and amount to the Company or, in the case
of mutilation, on surrender of this Warrant to the Company for cancellation, the Company shall, within a reasonable time, execute and deliver to Holder, in lieu of this Warrant, a new warrant of like tenor and amount. 

  
 2 

 1.6 Treatment of Warrant Upon Acquisition of Company. 

(a) Acquisition. For the purpose of this Warrant, “Acquisition” means any transaction or series of
related transactions involving: (i) the sale, lease, exclusive license, or other disposition of all or substantially all of the assets of the Company (ii) any merger or consolidation of the Company into or with another person or entity
(other than a merger or consolidation effected exclusively to change the Company’s domicile), or any other corporate reorganization, in which the stockholders of the Company in their capacity as such immediately prior to such merger,
consolidation or reorganization, own less than a majority of the Company’s (or the surviving or successor entity’s) outstanding voting power immediately after such merger, consolidation or reorganization (or, if such Company stockholders
beneficially own a majority of the outstanding voting power of the surviving or successor entity as of immediately after such merger, consolidation or reorganization, such surviving or successor entity is not the Company); or (iii) any sale or
other transfer by the stockholders of the Company of shares representing at least a majority of the Company’s then-total outstanding combined voting power (other than transfers for no consideration by one or more of such stockholders who are
natural persons to his or their respective family members, or to trusts established for the benefit of such family members, for estate planning purposes). 

(b) Treatment of Warrant at Acquisition. In the event of an Acquisition in which the consideration to be received by the Company’s
stockholders consists solely of cash, solely of Marketable Securities or a combination of cash and Marketable Securities (a “Cash/Public Acquisition”), and the fair market value of one Share
as determined in accordance with Section 1.3 above would be greater than the Warrant Price in effect on such date immediately prior to such Cash/Public Acquisition, and Holder has not exercised this Warrant pursuant to Section 1.1 above as
to all Shares, then this Warrant shall automatically be deemed to be Cashless Exercised pursuant to Section 1.2 above as to all Shares effective immediately prior to and contingent upon the consummation of a Cash/Public Acquisition. In
connection with such Cashless Exercise, Holder shall be deemed to have restated each of the representations and warranties in Section 4 of the Warrant as of the date thereof and the Company shall promptly notify the Holder of the number of
Shares (or such other securities) issued upon exercise. In the event of a Cash/Public Acquisition where the fair market value of one Share as determined in accordance with Section 1.3 above would be less than the Warrant Price in effect
immediately prior to such Cash/Public Acquisition, then this Warrant will expire immediately prior to the consummation of such Cash/Public Acquisition. 

(c) Upon the closing of any Acquisition other than a Cash/Public Acquisition, the acquiring, surviving or successor entity shall assume the
obligations of this Warrant, and this Warrant shall thereafter be exercisable for the same securities and/or other property as would have been paid for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares
were outstanding on and as of the closing of such Acquisition, subject to further adjustment from time to time in accordance with the provisions of this Warrant. 

(d) As used in this Warrant, “Marketable Securities” means securities meeting all of the following
requirements: (i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and is
then current in its filing of all required reports and other information under the Act and the Exchange 

  
 3 

 
Act; (ii) the class and series of shares or other security of the issuer that would be received by Holder in connection with the Acquisition were Holder to exercise this Warrant on or prior
to the closing thereof is then traded in a Trading Market, and (iii) following the closing of such Acquisition, Holder would not be restricted from publicly re-selling all of the issuer’s shares
and/or other securities that would be received by Holder in such Acquisition were Holder to exercise this Warrant in full on or prior to the closing of such Acquisition, except to the extent that any such restriction (x) arises solely under
federal or state securities laws, rules or regulations, and (y) does not extend beyond six (6) months from the closing of such Acquisition. 

SECTION 2. ADJUSTMENTS TO THE SHARES AND WARRANT PRICE. 

2.1 Stock Dividends, Splits, Etc. If the Company declares or pays a dividend or distribution on the outstanding shares of the
Class payable in common stock or other securities or property (other than cash), then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without additional cost to Holder, the total number and kind of securities and
property which Holder would have received had Holder owned the Shares of record as of the date the dividend or distribution occurred. If the Company subdivides the outstanding shares of the Class by reclassification or otherwise into a greater
number of shares, the number of Shares purchasable hereunder shall be proportionately increased and the Warrant Price shall be proportionately decreased. If the outstanding shares of the Class are combined or consolidated, by reclassification
or otherwise, into a lesser number of shares, the Warrant Price shall be proportionately increased and the number of Shares shall be proportionately decreased. 

2.2 Reclassification, Exchange, Combinations or Substitution. Upon any event whereby all of the outstanding shares of the Class are
reclassified, exchanged, combined, substituted, or replaced for, into, with or by Company securities of a different class and/or series, then from and after the consummation of such event, this Warrant will be exercisable for the number, class and
series of Company securities that Holder would have received had the Shares been outstanding on and as of the consummation of such event, and subject to further adjustment thereafter from time to time in accordance with the provisions of this
Warrant. The provisions of this Section 2.2 shall similarly apply to successive reclassifications, exchanges, combinations, substitutions, replacements or other similar events. 

2.3 Conversion of Preferred Stock. If the Class is a class and series of the Company’s convertible preferred stock, in the
event that all outstanding shares of the Class are converted, automatically or by action of the holders thereof, into common stock pursuant to the provisions of the Company’s Certificate of Incorporation, including, without limitation, in
connection with the Company’s initial, underwritten public offering and sale of its common stock pursuant to an effective registration statement under the Act (the “IPO”), then from and after the date on which all
outstanding shares of the Class have been so converted, this Warrant shall be exercisable for such number of shares of common stock into which the Shares would have been converted had the Shares been outstanding on the date of such conversion,
and the Warrant Price shall equal the Warrant Price in effect as of immediately prior to such conversion divided by the number of shares of common stock into which one Share would have been converted, all subject to further adjustment thereafter
from time to time in accordance with the provisions of this Warrant. 

  
 4 

 2.4 Adjustments for Diluting Issuances. It is acknowledged that the Shares for which
this Warrant may be exercised have certain rights under the Company’s Certificate of Incorporation, including conversion price adjustments for diluting issuances under certain circumstances, which rights may be amended from time to time
pursuant to the provisions of the Certificate of Incorporation. 
 2.5 No Fractional Share. No fractional Share shall be issuable upon
exercise of this Warrant and the number of Shares to be issued shall be rounded down to the nearest whole Share. If a fractional Share interest arises upon any exercise of the Warrant, the Company shall eliminate such fractional Share interest by
paying Holder in cash the amount computed by multiplying the fractional interest by (i) the fair market value (as determined in accordance with Section 1.3 above) of a full Share, less (ii) the then-effective Warrant Price. 

2.6 Notice/Certificate as to Adjustments. Upon each adjustment of the Warrant Price, Class and/or number of Shares, the Company, at
the Company’s expense, shall notify Holder in writing within a reasonable time setting forth the adjustments to the Warrant Price, Class and/or number of Shares and facts upon which such adjustment is based. The Company shall, upon written
request from Holder, furnish Holder with a certificate of its Chief Financial Officer, including computations of such adjustment and the Warrant Price, Class and number of Shares in effect upon the date of such adjustment. 

SECTION 3. REPRESENTATIONS AND COVENANTS OF THE COMPANY. 

3.1 Representations and Warranties. The Company represents and warrants to, and agrees with, the Holder as follows: 

(a) The initial Warrant Price referenced on the first page of this Warrant is not greater than the fair market value of a share of the
Company’s common stock as determined by the most recently completed valuation, approved by the Company’s Board of Directors, of the Company’s common stock for purposes of its compliance with Section 409A of the Internal Revenue
Code of 1986, as amended. 
 (b) $2.1289 is not greater than the price per share at which shares of the Class were last sold and issued
prior to the Issue Date hereof in an arms-length transaction in which at least $500,000 of such shares were sold. 
 (c) All Shares which
may be issued upon the exercise of this Warrant, and all securities, if any, issuable upon conversion of the Shares, shall, upon issuance, be duly authorized, validly issued, fully paid and non-assessable, and
free of any liens and encumbrances except for restrictions on transfer provided for herein or under applicable federal and state securities laws. The Company covenants that it shall at all times cause to be reserved and kept available out of its
authorized and unissued capital stock such number of shares of the Class, common stock and other securities as will be sufficient to permit the exercise in full of this Warrant and the conversion of the Shares into common stock or such other
securities. 
 (d) The Company’s capitalization table attached hereto as Schedule 1 is true and complete, in all material respects, as
of the Issue Date. 

  
 5 

 3.2 Notice of Certain Events. If the Company proposes at any time to: 

(a) declare any dividend or distribution upon the outstanding shares of the Class or common stock, whether in cash, property, stock, or
other securities and whether or not a regular cash dividend; 
 (b) offer for subscription or sale pro rata to the holders of the
outstanding shares of the Class any additional shares of any class or series of the Company’s stock (other than pursuant to contractual pre-emptive rights); 

(c) effect any reclassification, exchange, combination, substitution, reorganization or recapitalization of the outstanding shares of the
Class; 
 (d) effect an Acquisition or to liquidate, dissolve or wind up; or 

(e) effect an IPO; 
 then, in connection with
each such event, the Company shall give Holder: 
 (1) in the case of the matters referred to in (a) and (b) above, at
least seven (7) Business Days prior written notice of the earlier to occur of the effective date thereof or the date on which a record will be taken for such dividend, distribution, or subscription rights (and specifying the date on which the
holders of outstanding shares of the Class will be entitled thereto) or for determining rights to vote, if any; 
 (2)
in the case of the matters referred to in (c) and (d) above at least seven (7) Business Days prior written notice of the date when the same will take place (and specifying the date on which the holders of outstanding shares of the
Class will be entitled to exchange their shares for the securities or other property deliverable upon the occurrence of such event and such reasonable information as Holder may reasonably require regarding the treatment of this Warrant in
connection with such event giving rise to the notice); and 
 (3) with respect to the IPO, at least seven (7) Business
Days prior written notice of the date on which the Company proposes to file its registration statement in connection therewith. 
 The Company will also
provide information requested by Holder that is reasonably necessary to enable Holder to comply with Holder’s accounting or reporting requirements. 

SECTION 4. REPRESENTATIONS, WARRANTIES OF THE HOLDER. 

The Holder represents and warrants to the Company as follows: 

4.1 Purchase for Own Account. This Warrant and the securities to be acquired upon exercise of this Warrant by Holder are being acquired
for investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution within the meaning of the Act. Holder also represents that it has not been formed for the specific purpose of acquiring
this Warrant or the Shares. 

  
 6 

 4.2 Disclosure of Information. Holder is aware of the Company’s business affairs
and financial condition and has received or has had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the acquisition of this Warrant and its underlying securities.
Holder further has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to obtain additional information (to the extent the
Company possessed such information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to Holder or to which Holder has access. 

4.3 Investment Experience. Holder understands that the purchase of this Warrant and its underlying securities involves substantial risk.
Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear the economic risk of such Holder’s investment in this Warrant and its underlying securities and has such knowledge
and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying securities and/or has a preexisting personal or business relationship with the Company and
certain of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial circumstances of such persons. 

4.4 Accredited Investor Status. Holder is an “accredited investor” within the meaning of Regulation D promulgated under the
Act. 
 4.5 The Act. Holder understands that this Warrant and the Shares issuable upon exercise hereof have not been registered under
the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the Holder’s investment intent as expressed herein. Holder understands that this Warrant and the Shares issued
upon any exercise hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities laws, or unless exemption from such registration and qualification are otherwise available. Holder is
aware of the provisions of Rule 144 promulgated under the Act. 
 4.6 Market Stand-off
Agreement. The Holder agrees that the Shares shall be subject to the Market Standoff provisions in Section 2.11 of the Company’s Investor Rights Agreement, as amended and in effect from time to time, and the Company may place a
restrictive legend on any certificate representing any Shares issued on exercise hereof stating that they are subject to such provisions. 

4.7 No Voting Rights. Holder, as a Holder of this Warrant, will not have any voting rights until the exercise of this Warrant. 

SECTION 5. MISCELLANEOUS. 
 5.1
Term; Automatic Cashless Exercise Upon Expiration. 
 (a) Term. Subject to the provisions of Section 1.6 above, this
Warrant is exercisable in whole or in part at any time and from time to time on or before 6:00 PM, Pacific time, on the Expiration Date and shall be void thereafter. 

(b) Automatic Cashless Exercise upon Expiration. In the event that, upon the Expiration Date, the fair market value of one Share (or
other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above is greater than the Warrant Price in effect on such date, then this Warrant shall automatically be deemed on and as of such date to be
exercised pursuant to Section 1.2 above as to all Shares (or such other securities) for which it shall not previously have been exercised, and the Company shall, within a reasonable time, deliver a certificate representing the Shares (or such
other securities) issued upon such exercise to Holder. 

  
 7 

 5.2 Legends. Each certificate evidencing Shares (and each certificate evidencing
securities issued upon conversion of any Shares, if any) shall be imprinted with a legend in substantially the following form: 
 THE SHARES
EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN THAT CERTAIN WARRANT TO PURCHASE STOCK ISSUED BY
THE ISSUER TO SILICON VALLEY BANK DATED NOVEMBER 21, 2014, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO
THE ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION. 
 5.3 Compliance with Securities Laws on
Transfer. This Warrant and the Shares issued upon exercise of this Warrant (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part except in compliance
with applicable federal and state securities laws by the transferor and the transferee (including, without limitation, the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, as reasonably
requested by the Company). The Company shall not require Holder to provide an opinion of counsel if the transfer is to SVB Financial Group (Silicon Valley Bank’s parent company) or any other affiliate of Holder, provided that any such
transferee is an “accredited investor” as defined in Regulation D promulgated under the Act. Additionally, the Company shall also not require an opinion of counsel if there is no material question as to the availability of Rule 144
promulgated under the Act. 
 5.4 Transfer Procedure. After receipt by Silicon Valley Bank of the executed Warrant, Silicon Valley
Bank will transfer all of this Warrant to its parent company, SVB Financial Group. By its acceptance of this Warrant, SVB Financial Group hereby makes to the Company each of the representations and warranties set forth in Section 4 hereof and
agrees to be bound by all of the terms and conditions of this Warrant as if the original Holder hereof. Subject to the provisions of Section 5.3 and upon providing the Company with written notice, SVB Financial Group and any subsequent Holder
may transfer all or part of this Warrant or the Shares issued upon exercise of this Warrant (or the securities issued upon conversion of the Shares, if any) to any transferee, provided, however, in connection with any such transfer, SVB Financial
Group or any subsequent Holder will give the Company notice of the portion of the Warrant and/or Shares (and/or securities issued upon conversion of the Shares, if any) being transferred with the name, address and taxpayer identification number of
the transferee and Holder will surrender this Warrant to the Company for reissuance to the transferee(s) (and Holder if applicable); and provided further, that any subsequent transferee other than SVB Financial Group shall agree in writing with the
Company to be bound by all of the terms and conditions of this Warrant. Notwithstanding any contrary provision herein, at all times prior to the IPO, Holder may not, without the Company’s prior written consent, transfer this Warrant or any
portion hereof, or any Shares issued upon any exercise hereof, or any shares or other securities issued upon any conversion of any Shares issued upon any exercise hereof, to any person or entity who directly competes with the Company, except in
connection with an Acquisition of the Company by such a direct competitor. 

  
 8 

 5.5 Notices. All notices and other communications hereunder from the Company to the
Holder, or vice versa, shall be deemed delivered and effective (i) when given personally, (ii) on the third (3rd) Business Day after being mailed by first-class registered or certified
mail, postage prepaid, (iii) upon actual receipt if given by facsimile or electronic mail and such receipt is confirmed in writing by the recipient, or (iv) on the first Business Day following delivery to a reliable overnight courier service,
courier fee prepaid, in any case at such address as may have been furnished to the Company or Holder, as the case may be, in writing by the Company or such Holder from time to time in accordance with the provisions of this Section 5.5. All
notices to Holder shall be addressed as follows until the Company receives notice of a change of address in connection with a transfer or otherwise: 

SVB Financial Group 
 Attn:
Treasury Department 
 3003 Tasman Drive, HC 215 

Santa Clara, CA 95054 

Telephone: (408) 654-7400 

Facsimile: (408) 988-8317 

Email address: derivatives@svb.com 

Notice to the Company shall be addressed as follows until Holder receives notice of a change in address: 

Fastly, Inc. 
 Attn: Chief
Financial Officer 
 1062 Folsom Street, Suite 250 

San Francisco, CA 94103 

Telephone: 
 Facsimile: 

Email: 
 With a copy (which
shall not constitute notice) to: 
 Cooley LLP 

Attn: Jonathan P. Bagg 
 1299
Pennsylvania Avenue, NW 
 Suite 700 

Washington, DC 20004-2400 

Telephone: (202) 776-2937 

Facsimile: (202) 842-7899 

Email: jbagg@cooley.com 
 5.6
Waiver. This Warrant and any term hereof may be changed, waived, discharged or terminated (either generally or in a particular instance and either retroactively or prospectively) only by an instrument in writing signed by the party against
which enforcement of such change, waiver, discharge or termination is sought. 

  
 9 

 5.7 Attorneys’ Fees. In the event of any dispute between the parties concerning
the terms and provisions of this Warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’ fees. 

5.8 Counterparts; Facsimile/Electronic Signatures. This Warrant may be executed in counterparts, all of which together shall constitute
one and the same agreement. Any signature page delivered electronically or by facsimile shall be binding to the same extent as an original signature page with regards to any agreement subject to the terms hereof or any amendment thereto. 

5.9 Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of California, without
giving effect to its principles regarding conflicts of law. 
 5.10 Headings. The headings in this Warrant are for purposes of
reference only and shall not limit or otherwise affect the meaning of any provision of this Warrant. 
 5.11 Business Days.
“Business Day” is any day that is not a Saturday, Sunday or a day on which Silicon Valley Bank is closed. 

[Remainder of page left blank intentionally] 

[Signature page follows] 

  
 10 

 IN WITNESS WHEREOF, the parties have caused this Warrant to Purchase Stock to be executed by
their duly authorized representatives effective as of the Issue Date written above. 
  

			
	“COMPANY”
	
	FASTLY, INC.
		
	By:	 	 /s/ Paul Luongo

	Name:	 	Paul Luongo
		 	(Print)
	Title:	 	VP & General Counsel
	
	“HOLDER”
	
	SILICON VALLEY BANK
		
	By:	 	 /s/ Nick Christian

	Name:	 	Nick Christian
		 	(Print)
	Title:	 	Director

  
 11 

 APPENDIX 1 

NOTICE OF EXERCISE 
 1.
    The undersigned Holder hereby exercises its right to purchase              shares of the Common/Series
             Preferred [circle one] Stock of             (the “Company”) in accordance with the attached
Warrant To Purchase Stock, and tenders payment of the aggregate Warrant Price for such shares as follows: 
  

	 	[    ]        check	 in the amount of $         payable to order of the Company
enclosed herewith 

  

	 	[    ]        	 Wire transfer of immediately available funds to the Company’s account 

 

	 	[    ]        	 Cashless Exercise pursuant to Section 1.2 of the Warrant 

 

	 	[    ]        	 Other
[Describe]                                       
                                  

2.     Please issue a certificate or certificates representing the Shares in the name specified below: 

 

					
	                                	  	  

            Holder’s Name
	  	
			
		  	              
	  	
			
		  		  	
		  	  

            (Address)
	  	

 3. By its execution below and for the benefit of the Company, Holder hereby restates each of the
representations and warranties in Section 4 of the Warrant to Purchase Stock as of the date hereof. 
  

			
	HOLDER:
	
	  

		
	By:	 	          

	Name:	 	  

	Title:	 	  

	(Date):	 	  

  
 Appendix 1 

 SCHEDULE 1 

Company Capitalization Table 

See attached 

  
 Schedule 1 

									
	 Total shares issued and outstanding, including shares committed for issuance and
employee reserves, assuming conversion of all convertible securities and exercise of all outstanding options
	  
	  	 	123,163,264	 
	
	Footnotes:	  

	
	 CSE Shares* Common Stock Equivalent (CSE) shares reflects the Common Stock
issuable for the security type (option, stock, warrant, CPN) after the Reserved reflects the Current Reserved Amount; if the option plan has shares pouring in from another plan, this number will change as new shares are

 
	  
 

	Fully-Diluted Ownership	  				  			
			
	 	  	Number of Shares	 	  	%	 
	 Common Stock
	  	 	45,887,191	 	  	 	37.26	% 
	 SERIES SEED Preferred Stock
	  	 	16,098,730	 	  	 	13.07	% 
	 SERIES A Preferred Stock
	  	 	5,467,040	 	  	 	4.44	% 
	 SERIES B Preferred Stock
	  	 	21,890,420	 	  	 	17.77	% 
	 SERIES C Preferred Stock
	  	 	19,506,123	 	  	 	15.84	% 
	 SERIES B Preferred Stock Warrants
	  	 	262,453	 	  	 	0.21	% 
	 Options and/or SPRs issued and outstanding under plan - 2011 EIP
	  	 	3,588,027	 	  	 	2.91	% 
	 Committed for Issuance - 2011 EIP
	  				  	 	0.00	% 
	 Unissued Reserve - 2011 EIP
	  	 	10,463,280	 	  	 	8.50	% 
		  	  
	  
	 	  	  
	  
	 
	 Total
	  	 	123,163,264	 	  	 	100	%

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