Document:

EX-10.14

 Exhibit 10.14 

SIXTH AMENDMENT 
 TO

 LOAN AND SECURITY AGREEMENT 

This Sixth Amendment to Loan and Security Agreement (this “Amendment”) is entered into this 19th day of December, 2013, by and among
Silicon Valley Bank (“Bank”), The Rubicon Project, Inc., a Delaware corporation, Sitescout Corporation, a Washington corporation, Rubicon-FAN, Inc., a Delaware corporation, Strategic Data Corp., a Delaware corporation, and Mobsmith, Inc.,
a Delaware corporation (individually and collectively, jointly and severally, “Borrower”) whose address is 12181 Bluff Creek Drive, Playa Vista, CA 90094. 

RECITALS 

A. Bank and Borrower have entered into that certain Loan and Security Agreement dated as of September 27, 2011 (as the same has
been and may from time to time be further amended, modified, supplemented or restated, the “Loan Agreement”). 
 B. Bank
has extended credit to Borrower for the purposes permitted in the Loan Agreement. 
 C. Borrower has requested that Bank amend the
Loan Agreement to extend the date by which Borrower must deliver its audited financial statements for Borrower’s 2011 and 2012 fiscal years. 

D. Bank has agreed to so amend certain provisions of the Loan Agreement, but only to the extent, in accordance with the terms, subject
to the conditions and in reliance upon the representations and warranties set forth below. 
 AGREEMENT

 NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable
consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 

1. Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan
Agreement. 
 2. Amendments to Loan Agreement. 

2.1 Section 6.2 (Financial Statements, Reports, Certificates). Section 6.2(f) is hereby amended by deleting the
reference to “December 31, 2013” and replacing it with “January 31, 2014”. 
 2.2 Exhibit B (Compliance
Certificate). Exhibit B to the Loan Agreement is amended in its entirety and replaced with Exhibit B attached hereto. 

  
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 3. Limitation of Amendments. 

3.1 The amendments set forth in Section 2, above, are effective for the purposes set forth herein and shall be limited precisely
as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may have in the
future under or in connection with any Loan Document. 
 3.2 This Amendment shall be construed in connection with and as part of the
Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect. 

4. Representations and Warranties. To induce Bank to enter into this Amendment, Borrower hereby represents and warrants to Bank as
follows: 
 4.1 Immediately after giving effect to this Amendment (a) the representations and warranties contained in the
Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and
(b) no Event of Default has occurred and is continuing; 
 4.2 Borrower has the power and authority to execute and deliver this
Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment; 
 4.3 The organizational documents
of Borrower most recently delivered to Bank remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect; 

4.4 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan
Agreement, as amended by this Amendment, have been duly authorized; 
 4.5 The execution and delivery by Borrower of this Amendment
and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual restriction with a
Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower; 

4.6 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan
Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision
thereof, binding on Borrower, except as already has been obtained or made; and 

  
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 4.7 This Amendment has been duly executed and delivered by Borrower and is the binding
obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and
equitable principles relating to or affecting creditors’ rights. 
 5. Integration. This Amendment and the Loan Documents
represent the entire agreement about this subject matter and supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this
Amendment and the Loan Documents merge into this Amendment and the Loan Documents. 
 6. Counterparts. This Amendment may be executed
in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. 

7. Effectiveness. This Amendment shall be deemed effective upon (a) the due execution and delivery to Bank of this Amendment by
each party hereto, and (b) payment of Bank’s legal fees and expenses in connection with the negotiation and preparation of this Amendment. 

[Signature page follows.] 

  
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 IN WITNESS WHEREOF, the parties hereto have
caused this Amendment to be duly executed and delivered as of the date first written above. 
  

									
	BANK	 		 	BORROWER
			
	Silicon Valley Bank	 		 	The Rubicon Project, Inc.
					
	By:	 	 /s/ Victor Le
	 		 	By:	 	 /s/ David Day

					
	Name:	 	Victor Le	 		 	Name:	 	David Day
					
	Title:	 	Vice President	 		 	Title:	 	Chief Accounting Officer
				
		 		 		 	Sitescout Corporation
					
		 		 		 	By:	 	 /s/ David Day

					
		 		 		 	Name:	 	David Day
					
		 		 		 	Title:	 	Chief Accounting Officer
				
		 		 		 	Rubicon-FAN, Inc.
					
		 		 		 	By:	 	 /s/ David Day

					
		 		 		 	Name:	 	David Day
					
		 		 		 	Title:	 	Chief Accounting Officer
				
		 		 		 	Strategic Data Corp.
					
		 		 		 	By:	 	 /s/ David Day

					
		 		 		 	Name:	 	David Day
					
		 		 		 	Title:	 	Chief Accounting Officer
				
		 		 		 	Mobsmith, Inc.
					
		 		 		 	By:	 	 /s/ David Day

					
		 		 		 	Name:	 	David Day
					
		 		 		 	Title:	 	Chief Accounting Officer

 [signature page of Sixth Amendment to Loan and Security Agreement] 

 EXHIBIT B 

COMPLIANCE CERTIFICATE 
  

			
	TO: SILICON VALLEY BANK	  	Date:                     
	FROM: THE RUBICON PROJECT, INC., SITESCOUT CORPORATION, RUBICON-FAN, INC., STRATEGIC DATA CORP. and MOBSMITH, INC.

 The undersigned authorized officer of The Rubicon Project, Inc., on behalf of itself and its Subsidiaries
(jointly and severally, “Borrower”) certifies that under the terms and conditions of the Loan and Security Agreement between Borrower and Bank (the “Agreement”): (1) Borrower is in complete compliance for the period ending
                    with all required covenants except as noted below; (2) there are no Events of Default; (3) all representations and
warranties in the Agreement are true and correct in all material respects on this date except as noted below; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified
or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date; (4) Borrower,
and each of its Subsidiaries, has timely filed all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower except as otherwise permitted
pursuant to the terms of Section 5.9 of the Agreement; and (5) no Liens have been levied or claims made against Borrower or any of its Subsidiaries relating to unpaid employee payroll or benefits of which Borrower has not previously
provided written notification to Bank. Attached are the required documents supporting the certification. The undersigned certifies that these are prepared in accordance with GAAP consistently applied from one period to the next except as explained
in an accompanying letter or footnotes. The undersigned acknowledges that no borrowings may be requested at any time or date of determination that Borrower is not in compliance with any of the terms of the Agreement, and that compliance is
determined not just at the date this certificate is delivered. Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Agreement. 

Please indicate compliance status by circling Yes/No under “Complies” column. 

 

					
	 Reporting Covenants
	  	 Required
	  	 Complies

			
	Monthly financial statements with Compliance Certificate	  	Monthly within 30 days	  	Yes    No
	Annual financial statement (CPA Audited) + CC	  	FYE within 180 days (annual financial statements for FYE 12/31/11 and FYE 12/31/12 due by 1/31/14	  	Yes    No
	Transaction Reports, A/R Agings	  	Weekly if not on Streamline; otherwise, Monthly within 20 days	  	Yes    No
	A/P Agings and Reconciliations	  	Monthly within 20 days	  	Yes    No
	Annual Projections	  	Within 30 days of earlier of (i) approval by Board or (ii) start of FY	  	Yes    No
	10-Q, 10-K and 8-K (if applicable)	  	Within 5 days after filing with SEC	  	Yes    No

  

													
	 Financial Covenants
	  	 Required
	 	  	 Actual
	 	  	 Complies
	 
				
	Maintain on a Monthly Basis:	  				  				  			
	 Minimum Fixed Charge Coverage Ratio*
	  	 	1.10:1.00	  	  	 	        :1.00	  	  	 	Yes    No	  

  

	*	Only required during a Triggering Period and the month immediately preceding such Triggering Period. 

					
	Streamline Periods/Performance Pricing	  	 Applies

	Net Cash 3 $1.00*	  	Streamline Period is in effect; Prime + 0.00% or LIBOR + 2.00%	  	Yes    No
	Net Cash < $1.00	  	Streamline Period is not in effect; Prime + 1.50% or LIBOR + 3.50%	  	Yes    No

  

	*	If transitioning from not having a Streamline Period in effect to having a Streamline Period in effect, Borrower must maintain Net Cash equal to or greater than One Dollar ($1.00) for three (3) consecutive months
prior to such Streamline Period taking effect. 

 The following financial covenant analysis and information set forth in
Schedule 1 attached hereto are true and accurate as of the date of this Certificate. 
 Other Matters 

 

					
	Have there been any amendments of or other changes to the capitalization table of Borrower and to the Operating Documents of Borrower or any of its Subsidiaries? If yes, provide copies of any such amendments or changes with this
Compliance Certificate.	  	Yes	  	No

 The following are the exceptions with respect to the certification above: (If no exceptions exist, state
“No exceptions to note.”) 
  
  

 
  

 
  

											
		 	The Rubicon Project, Inc., on behalf of itself and all Borrowers	 		 	BANK USE ONLY
						
		 		 		 		 	Received by:	 	  

		 		 		 		 		 	AUTHORIZED SIGNER
		 	By:	 	  
	 		 	Date:	 	  

		 	Name:	 	  
	 		 		 	
		 	Title:	 	  
	 		 	Verified:	 	  

		 		 		 		 		 	AUTHORIZED SIGNER
		 		 		 		 	Date:	 	  

					
		 		 		 		 	Compliance Status:            Yes    No

 Schedule 1 to Compliance Certificate 

Financial Covenants of Borrower 

In the event of a conflict between this Schedule and the Loan Agreement, the terms of the Loan Agreement shall govern. 

Dated:                      

I. Fixed Charge Ratio (Section 6.9(a)) (Only required during a Triggering Period and the month immediately preceding such Triggering Period.) 

 

			
	Required:	  	1.10:1.00
		
	Actual:	  	        :1.00

  

							
	A.	  	Net Income of Borrower during the trailing 12-month period	  	$        
			
	B.	  	To the extent included in the determination of Net Income	  	
				
		  	1.	  	The provision for income taxes	  	$        
				
		  	2.	  	Depreciation expense	  	$        
				
		  	3.	  	Amortization expense	  	$        
				
		  	4.	  	Interest Expense	  	$        
				
		  	5.	  	Non-cash stock compensation expense	  	$        
				
		  	6.	  	Purchase accounting adjustments	  	$        
				
		  	7.	  	Non-cash adjustments under ASC 350, 805 and 815	  	$        
				
		  	8.	  	Other expenses or charges which do not represent a cash item	  	$        
				
		  	9.	  	Other non-recurring losses or expenses up to $500,000	  	$        
				
		  	10.	  	Cash paid for income taxes	  	$        
				
		  	11.	  	Capital Expenditures (including software)	  	$        
				
		  	12.	  	IPO capitalized costs	  	$        
				
		  	13.	  	The sum of lines 1 through 9 minus lines 10 through 12	  	$        
			
	C.	  	Adjusted EBITDA (line A plus line B.13)	  	$        
			
	D.	  	Interest expenses accrued during trailing 12-month period	  	$        
			
	E.	  	Principal payments required to be paid during trailing 12-month period	  	$        
			
	F.	  	Fixed Charges (line D plus line E)	  	$        
			
	G.	  	Fixed Charge Coverage Ratio (line C divided by line F)	  	        :1.00

 Is line G equal to or greater than 1.10:1:00? 
  

									
		 	         No, not in compliance	 		  	         Yes, in complianceEX-10.15

 Exhibit 10.15 

STOCK PLEDGE AGREEMENT 

This Stock Pledge Agreement (this “Agreement”) is entered into as of October 3, 2013 by and between SILICON VALLEY BANK
(“Bank”) and THE RUBICON PROJECT, INC. (“Pledgor”). 
 RECITAL 

Pledgor wishes to borrow money from time to time from Bank pursuant to that certain Loan and Security Agreement dated as of September 27,
2011, executed by and among Pledgor, Sitescout Corporation, Rubicon-FAN, Inc., Strategic Data Corp., Mobsmith, Inc., and Bank (as amended, restated, or otherwise modified from time to time, the “Loan Agreement”; capitalized terms used but
not otherwise defined herein shall have the meanings given them in the Loan Agreement). Bank has agreed to extend credit and provide other financial accommodations to Pledgor upon the terms and conditions set forth in the Loan Agreement provided
Pledgor secures the Obligations in accordance with the terms of this Agreement. 
 NOW, THEREFORE, Pledgor and Bank agree as follows: 

 

	1.	CREATION OF SECURITY INTEREST. 

 1.1. Grant of Security Interest 

(a) Pledgor hereby pledges, assigns and delivers to Bank and grants to Bank a security interest in the property described on Exhibit A
attached hereto (the “Pledged Collateral”) as security for the prompt payment and performance of all of the Obligations. 
 (b)
The term “Pledged Collateral” shall also include any securities, investment properties, instruments or distributions of any kind issuable, issued or received by Pledgor upon conversion of, in respect of, or in exchange for any other
Pledged Collateral, including, but not limited to, those arising from a stock dividend, stock split, reclassification, reorganization, merger, consolidation, sale of assets or other exchange of securities or any dividends or other distributions of
any kind upon or with respect to the Pledged Collateral. 
 1.2. Delivery of Additional Documentation Required. Pledgor will from
time to time execute and deliver to Bank, at the request of Bank, all financing statements and other documents that Bank may reasonably request, in form satisfactory to Bank, to perfect and continue the perfection of Bank’s security interests
in the Pledged Collateral. Pledgor authorizes Bank to file financing statements without notice to Pledgor, in all appropriate jurisdictions, as Bank deems appropriate, to perfect or protect Bank’s interest in the Pledged Collateral. The
certificate or certificates for the securities included in the Pledged Collateral, accompanied by an instrument of assignment duly executed in blank by Pledgor, have been, or will, within five (5) days after the date hereof, be delivered by
Pledgor to Bank. Pledgor shall cause the books of the issuers listed on Exhibit A to reflect the pledge of the Pledged Collateral. 

1.3. Voting Prior to Demand. So long as Pledgor has not received a notice from the Bank that an Event of Default (as defined below) has
occurred and is continuing and as a result 

 
thereof the Bank is terminating Pledgor’s voting privileges hereunder, Pledgor shall be entitled to exercise any voting rights with respect to the Pledged Collateral and to give consents,
waivers and ratifications in respect thereof, provided that no vote shall be cast or consent, waiver or ratification given or action taken which would be inconsistent with any of the terms of this Agreement or which would constitute or create
any violation of any of such terms. All such rights of Pledgor to vote and give consents, waiver and ratifications shall upon notice to Pledgor cease in case such an Event of Default hereunder shall occur and be continuing. 

 

	2.	REPRESENTATIONS AND WARRANTIES. Pledgor represents and warrants that: 

 2.1. Due Organization
and Qualification. Pledgor is duly existing and in good standing under the laws of its state of formation and is qualified and licensed to do business in, and is in good standing in, any state in which the conduct of its business or its
ownership of property requires that it be so qualified. 
 2.2. Due Authorization; No Conflict. The execution, delivery, and
performance of this Agreement are within Pledgor’s powers, have been duly authorized, and neither conflict with nor constitute a breach of any provision contained in Pledgor’s formation documents or bylaws, nor will they constitute an
event of default under any material agreement to which Pledgor is a party or by which Pledgor is bound. 
 2.3. No Prior
Encumbrances. Pledgor has good title to the Pledged Collateral, free and clear of any liens, security interests, or other encumbrances other than Permitted Liens. 

2.4. Litigation. There is no action, suit or proceeding affecting Pledgor pending or, to Pledgor’s knowledge, threatened before
any court, arbitrator, or governmental authority, domestic or foreign, which may have a material adverse effect on the ability of Pledgor to perform its obligations under this Agreement. 

2.5. Solvency. The incurrence of Pledgor’s obligations under this Agreement will not cause Pledgor to (a) become insolvent;
(b) be left with unreasonably small capital for any business or transaction in which Pledgor is presently engaged or plans to be engaged; or (c) be unable to pay its debts as such debts mature. 

 

	3.	NEGATIVE COVENANTS 

 Pledgor covenants and agrees that, until the payment in full of the
Obligations and for so long as Bank may have any obligation to extend credit to Pledgor or otherwise perform under the Loan Agreement, Pledgor shall not do any of the following, unless permitted by the Loan Agreement: 

3.1. Dispositions. Convey, sell, lease, transfer, pledge, assign control over or otherwise dispose of all or any part of the Pledged
Collateral. 
 3.2. Encumbrances. Create, incur, assume or suffer to exist any security interest, lien or encumbrance with respect to
the Pledged Collateral, other than the security interest in favor of Bank. 

  
 2 

	4.	EVENTS OF DEFAULT 

 Any one or more of the following events shall constitute an “Event of
Default” under this Agreement: 
 4.1. Loan Agreement. If an Event of Default occurs under the Loan Agreement. 

 

	5.	BANK’S RIGHTS AND REMEDIES 

 5.1. Rights and Remedies. Upon the occurrence and
during the continuance of an Event of Default, Bank may, at its election, without notice of its election and without demand, do any one or more of the following, all of which are authorized by Pledgor: 

(a) Exercise all such rights as a secured party under the Uniform Commercial Code of the State of California as it, in its sole judgment,
shall deem necessary or appropriate, including the right to sell all or any part of the Pledged Collateral at one or more public or private sales upon five (5) days prior written notice to Pledgor, and any such sale or sales may be made for
cash, upon credit, or for future delivery, and in connection therewith, Bank may grant options, provided that any such terms or options shall, in the best judgment of Bank, be extended only in order to obtain the best possible price. 

(b) Declare all Obligations immediately due and payable (but if an Event of Default described in Section 8.5 of the Loan Agreement occurs
all Obligations are immediately due and payable without any action by Bank). 
 5.2. Sale of Pledged Collateral. Pledgor recognizes
that Bank may be unable to effect a public sale of all or a part of the Pledged Collateral by reason of certain prohibitions contained in the Securities Act of 1933, as amended (the “Act”), so that Bank may be compelled to resort to one or
more private sales to a restricted group of purchasers who will be obliged to agree, among other things, to acquire the Pledged Collateral for their own account, for investment and without a view to the distribution or resale thereof. Pledgor
understands that private sales so made may be at prices and on other terms less favorable to the seller than if the Pledged Collateral were sold at public sales, and agrees that Bank has no obligation to delay the sale of any of the Pledged
Collateral for the period of time necessary (even if Bank would agree), to register such securities for sale under the Act. Pledgor agrees that private sales made under the foregoing circumstances shall be deemed to have been made in a commercially
reasonable manner. 
 5.3. Remedies Cumulative. Bank’s rights and remedies under this Agreement, the Loan Agreement, and all
other agreements shall be cumulative. Bank shall have all other rights and remedies not inconsistent herewith as provided under the Code, by law, or in equity. No exercise by Bank of one right or remedy shall be deemed an election, and no waiver by
Bank of any Event of Default on Pledgor’s part shall be deemed a continuing waiver. No delay by Bank shall constitute a waiver, election, or acquiescence by it. 

5.4. Demand; Protest. Pledgor waives demand, protest, notice of protest, notice of default or dishonor, notice of payment and
nonpayment, notice of any default, nonpayment at 

  
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maturity, release, compromise, settlement, extension, or renewal of accounts, documents, instruments, chattel paper, and guarantees at any time held by Bank on which Pledgor may in any way be
liable. 
 5.5. Hold on Pledged Collateral. Pledgor agrees that, until the later of the termination of the Loan Agreement and payment
in full of all Obligations, Bank may hold and refuse to release the Pledged Collateral to any party, including Pledgor. 
 5.6. Power of
Attorney. When an Event of Default occurs and continues, Pledgor irrevocably appoints Bank as its lawful attorney to transfer the Pledged Collateral into the name of Bank or a third party as the Code permits and cause new certificates
representing the Pledged Collateral to be issued in the name of Bank. Bank may exercise the power of attorney to sign Pledgor’s name on any documents necessary to perfect or continue the perfection of any security interest regardless of whether
an Event of Default has occurred. Bank’s appointment as Pledgor’s attorney in fact, and all of Bank’s rights and powers, coupled with an interest, are irrevocable until the later of the payment in full of all Obligations or so long as
Bank may have any obligation to perform under the Loan Agreement. 
 5.7. Bank Expenses. If Pledgor fails to pay any amount due
hereunder or furnish any required proof of payment to third persons in connection with the Pledged Collateral, Bank may make all or part of the payment and take any action Bank deems prudent. Any amounts paid by Bank are Bank Expenses and
immediately due and payable, bearing interest at the then applicable rate and secured by the Pledged Collateral. No payments by Bank are deemed an agreement to make similar payments in the future or Bank’s waiver of any Event of Default. After
the sale of any of the Pledged Collateral, Bank may deduct all reasonable legal and other expenses and attorneys’ fees for preserving, collecting, selling and delivering the Pledged Collateral and for enforcing its rights with respect to the
Obligations, and shall apply the remainder of the proceeds to the Obligations in such manner as Bank in its reasonable discretion shall determine, and shall pay the balance, if any, to Pledgor. 

5.8. Bank’s Liability for Pledged Collateral. If Bank complies with reasonable banking practices, it is not liable or responsible
for the safekeeping of the Pledged Collateral. 
  

	6.	NOTICES 

 Unless otherwise provided in this Agreement, all notices or demands by any party
relating to this Agreement shall be in writing and (except for financial statements and other informational documents which may be sent by first-class mail, postage prepaid) shall be personally delivered or sent by certified mail, postage prepaid,
return receipt requested, or by prepaid facsimile to Pledgor or to Bank, as the case may be, at its addresses and facsimile numbers set forth below: 
  

					
		 	If to Pledgor:	    	The Rubicon Project, Inc.
		 		    	12181 Bluff Creek Drive
		 		    	Playa Vista, CA 90094
		 		    	Attn:
		 		    	Fax:

  
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		 	If to Bank:	    	Silicon Valley Bank
		 		    	38 Technology Drive West, Suite 150
		 		    	Irvine, CA 92618
		 		    	Attn: Victor Le
		 		    	Fax: (949) 790-9020

 Either party hereto may change the address or facsimile number at which it is to receive notices hereunder by
notice in writing in the foregoing manner given to the other. 
  

	7.	CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER 

 This Agreement shall be governed by, and construed
in accordance with, the internal laws of the State of California, without regard to principles of conflicts of law. Each of Pledgor and Bank hereby submits to the exclusive jurisdiction of the state and Federal courts located in the State of
California. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, PLEDGOR AND BANK EACH HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, THE LOAN AGREEMENT, AND ANY
RELATED DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. EACH PARTY RECOGNIZES AND AGREES THAT THE FOREGOING WAIVER CONSTITUTES A
MATERIAL INDUCEMENT FOR IT TO ENTER INTO THIS AGREEMENT. EACH PARTY REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL
COUNSEL. 
 WITHOUT INTENDING IN ANY WAY TO LIMIT THE PARTIES’ AGREEMENT TO WAIVE THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY, if the
above waiver of the right to a trial by jury is not enforceable, the parties hereto agree that any and all disputes or controversies of any nature between them arising at any time shall be decided by a reference to a private judge, mutually selected
by the parties (or, if they cannot agree, by the Presiding Judge of the Santa Clara County, California Superior Court) appointed in accordance with California Code of Civil Procedure Section 638 (or pursuant to comparable provisions of federal
law if the dispute falls within the exclusive jurisdiction of the federal courts), sitting without a jury, in Santa Clara County, California; and the parties hereby submit to the jurisdiction of such court. The reference proceedings shall be
conducted pursuant to and in accordance with the provisions of California Code of Civil Procedure §§ 638 through 645.1, inclusive. The private judge shall have the power, among others, to grant provisional relief, including without
limitation, entering temporary restraining orders, issuing preliminary and permanent injunctions and appointing receivers. All such proceedings shall be closed to the public and confidential and all records relating thereto shall be permanently
sealed. If during the course of any dispute, a party desires to seek provisional relief, but a judge has not been appointed at that point pursuant to the judicial reference procedures, then such party may apply to the Santa Clara County, California
Superior Court for such relief. The proceeding before the private judge shall be conducted in the same manner as it would be before a court under the rules of evidence applicable to judicial proceedings. The parties shall be entitled to discovery
which shall be conducted in the same 

  
 5 

 
manner as it would be before a court under the rules of discovery applicable to judicial proceedings. The private judge shall oversee discovery and may enforce all discovery rules and orders
applicable to judicial proceedings in the same manner as a trial court judge. The parties agree that the selected or appointed private judge shall have the power to decide all issues in the action or proceeding, whether of fact or of law, and shall
report a statement of decision thereon pursuant to California Code of Civil Procedure § 644(a). Nothing in this paragraph shall limit the right of any party at any time to exercise self-help remedies, foreclose against collateral, or obtain
provisional remedies. The private judge shall also determine all issues relating to the applicability, interpretation, and enforceability of this paragraph. 
  

	8.	GENERAL PROVISIONS 

 8.1. Amendment of Loan Documents. Pledgor authorizes Bank, without
notice or demand and without affecting its liability hereunder, from time to time to (a) renew, extend, or otherwise change the terms of the Loan Documents or any part thereof; (b) take and hold security for the payment of the Loan
Documents, and exchange, enforce, waive and release any such security; and (c) apply such security and direct the order or manner of sale thereof as Bank in its sole discretion may determine. 

8.2. Pledgor Waivers. Pledgor waives any right to require Bank to (a) proceed against any guarantor or any other person; or
(b) pursue any other remedy in Bank’s power whatsoever. Bank may, at its election, exercise or decline or fail to exercise any right or remedy it may have against any security held by Bank, including without limitation the right to
foreclose upon any such security by judicial or nonjudicial sale, without affecting or impairing in any way the liability of Pledgor hereunder. Pledgor waives all presentments, demands for performance, notices of nonperformance, protests, notices of
protest, notices of dishonor, and notices of acceptance of this Agreement and of the existence, creation, or incurring of new or additional indebtedness. Pledgor assumes the responsibility for being and keeping itself informed of all circumstances
bearing upon the risk of nonpayment of any indebtedness or nonperformance of any obligation, warrants to Bank that it will keep so informed, and agrees that absent a request for particular information by Pledgor, Bank shall have no duty to advise
Pledgor of information known to Bank regarding such condition or any such circumstances. Pledgor waives the benefits, if any, of any statutory or common law rule that may permit a subordinating creditor to assert any defenses of a surety or
guarantor, or that may give the subordinating creditor the right to require a senior creditor to marshal assets, and Pledgor agrees that it shall not assert any such defenses or rights. 

8.3. Successors and Assigns. This Agreement binds and is for the benefit of the successors and permitted assigns of each party. Pledgor
may not assign this Agreement or any rights under it without Bank’s prior written consent which may be granted or withheld in Bank’s reasonable discretion. Bank has the right, without the consent of or notice to Pledgor, to sell, transfer,
negotiate, or grant participation in all or any part of, or any interest in, Bank’s obligations, rights and benefits under this Agreement. 

8.4. Time of Essence. Time is of the essence for the performance of all obligations set forth in this Agreement. 

  
 6 

 8.5. Severability of Provisions. Each provision of this Agreement is severable from every
other provision in determining the enforceability of any provision. 
 8.6. Amendments in Writing, Integration. All amendments to
this Agreement must be in writing and executed by the parties hereto. This Agreement represents the entire agreement about this subject matter and supersedes prior negotiations or agreements. All prior agreements, understandings, representations,
warranties, and negotiations between the parties about the subject matter of this Agreement merge into this Agreement. 
 8.7.
Counterparts. This Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, are an original, and all taken together, are one agreement. 

8.8. Survival. All covenants, representations and warranties made in this Agreement continue in full force while any obligations remain
outstanding. 
 8.9. Attorneys’ Fees, Costs and Expenses. In any action or proceeding between Pledgor and Bank arising out of
this Agreement, the prevailing party will be entitled to recover its reasonable attorneys’ fees and other costs and expenses incurred, in addition to any other relief to which it may be entitled, whether or not a lawsuit is filed. 

[Signature page follows.] 

  
 7 

 IN WITNESS WHEREOF, the parties hereto have caused this Stock Pledge Agreement to be executed as
of the date first written above. 
  

							
	Pledgor	 		 	THE RUBICON PROJECT, INC.
				
		 		 	By:	 	 /s/ Brian Copple

		 		 	Title: General Counsel
			
	Bank	 		 	SILICON VALLEY BANK
				
		 		 	By:	 	 /s/ [ILLEGIBLE]

		 		 	Title: Vice President

  
 8 

 EXHIBIT A 

The Pledged Collateral consists of all of Pledgor’s right, title and interest in and to the following whether owned now or hereafter
arising and whether the Pledgor has rights now or hereafter has rights therein and wherever located: 
 All Pledged Equity; and 

all Pledgor’s books relating to the foregoing and any and all claims, rights and interests in any of the above and all substitutions for,
additions and accessions to and proceeds thereof. 
 Notwithstanding the foregoing, the Pledged Collateral does not include more than 65% of
the presently existing and hereafter arising issued and outstanding shares of capital stock owned by Pledgor of any Foreign Issuer which shares entitle the holder thereof to vote for directors or any other matter. 

As used herein: 

“Equity Interest” means any security, share, unit, partnership interest, membership interest, ownership interest, equity
interest, option, warrant, participation, equity security or analogous interest (regardless of how designated) of or in a corporation, partnership, limited partnership, limited liability company, business trust or other entity, of whatever nature,
type, series or class, whether voting or nonvoting, certificated or uncertificated, common or preferred, and all rights and privileges incident thereto. 

“Foreign Issuer” means any Issuer which is not organized under the laws of the United States or any state or territory
thereof or the District of Columbia. 
 “Issuer” means Strategic Data Corp., SiteScout Corporation, Mobsmith, Inc., The
Rubicon Project Ltd., The Rubicon Project GmbH, The Rubicon Project Australia Pty. Ltd. and any other issuer of any of the Pledged Equity. 

“Pledged Equity” means, to the extent set forth on Schedule 1 hereto, the Equity Interests of each Issuer owned by Pledgor,
in each case together with the certificates (or other agreements or instruments), if any, representing such shares, and all options and other rights, contractual or otherwise, with respect thereto, including, but not limited to, the following: 

(i) all Equity Interests representing a dividend thereon, or representing a distribution or return of capital upon or in respect thereof, or
resulting from a stock split, revision, reclassification or other exchange therefor, and any subscriptions, warrants, rights or options issued to the holder thereof, or otherwise in respect thereof; and 

(ii) in the event of any consolidation or merger involving the Issuer thereof and in which such Issuer is not the surviving Person, all shares
of each class of the Equity Interests of the successor Person formed by or resulting from such consolidation or merger. 

 SCHEDULE 1 

PLEDGED EQUITY 
  

											
	 Issuer; Type and Place of Organization
	  	Number of
Shares	  	Type	  	Certificate
Number	  	Percentage
Ownership	 
	 Strategic Data Corp.
	  		  		  		  	 	100	% 
	 SiteScout Corporation
	  		  		  		  	 	100	% 
	 Mobsmith, Inc.
	  		  		  		  	 	100	% 
	 The Rubicon Project Ltd.
	  		  		  		  	 	65	% 
	 The Rubicon Project GmbH
	  		  		  		  	 	65	% 
	 The Rubicon Project Australia Pty. Ltd.
	  		  		  		  	 	65	% 

 STOCK POWER 

FOR VALUE RECEIVED, the undersigned, The Rubicon Project, Inc., a Delaware corporation (“Pledgor”) does hereby sell, assign
and transfer to                      all of its Equity Interests (as hereinafter defined) represented by Certificate No(s).
             in STRATEGIC DATA CORP. (“Issuer”), standing in the name of Pledgor on the books of said Issuer. Pledgor does hereby irrevocably constitute and appoint
                    , as attorney, to transfer the Equity Interest in said Issuer with full power of substitution in the premises. The term
“Equity Interest” means any security, share, unit, partnership interest, membership interest, ownership interest, equity interest, option, warrant, participation, “equity security” (as such term is defined in Rule 3(a)11-1 of the General Rules and Regulations of the Securities Exchange Act of 1934, as amended, or any similar statute then in effect, promulgated by the Securities and Exchange Commission and any
successor thereto) or analogous interest (regardless of how designated) of or in a corporation, partnership, limited partnership, limited liability company, limited liability partnership, business trust or other entity, of whatever nature, type,
series or class, whether voting or nonvoting, certificated or uncertificated, common or preferred, and all rights and privileges incident thereto. 
  

							
	Dated:             20    	 		 	 PLEDGOR:
  

The Rubicon Project, Inc.
  

		 		 	By:	 	 /s/ Brian W. Copple

		 		 	Name: Brian W. Copple
		 		 	Title: General Counsel

 STOCK POWER 

FOR VALUE RECEIVED, the undersigned, The Rubicon Project, Inc., a Delaware corporation (“Pledgor”) does hereby sell, assign
and transfer to                                  all of its Equity Interests (as
hereinafter defined) represented by Certificate No(s).              in SITESCOUT CORPORATION (“Issuer”), standing in the name of Pledgor on the books of said Issuer.
Pledgor does hereby irrevocably constitute and appoint                     , as attorney, to transfer the Equity Interest in said Issuer with
full power of substitution in the premises. The term “Equity Interest” means any security, share, unit, partnership interest, membership interest, ownership interest, equity interest, option, warrant, participation, “equity
security” (as such term is defined in Rule 3(a)11-1 of the General Rules and Regulations of the Securities Exchange Act of 1934, as amended, or any similar statute then in effect, promulgated by the
Securities and Exchange Commission and any successor thereto) or analogous interest (regardless of how designated) of or in a corporation, partnership, limited partnership, limited liability company, limited liability partnership, business trust or
other entity, of whatever nature, type, series or class, whether voting or nonvoting, certificated or uncertificated, common or preferred, and all rights and privileges incident thereto. 

 

							
	Dated:            20    	 		 	PLEDGOR:
			
		 		 	The Rubicon Project, Inc.
				
		 		 	By:	 	 /s/ Brian W. Copple

		 		 	Name: Brian W. Copple
		 		 	Title: General Counsel

 STOCK POWER 

FOR VALUE RECEIVED, the undersigned, The Rubicon Project, Inc., a Delaware corporation (“Pledgor”) does hereby sell, assign
and transfer to                      all of its Equity Interests (as hereinafter defined) represented by Certificate No(s).
             in MOBSMITH, INC. (“Issuer”), standing in the name of Pledgor on the books of said Issuer. Pledgor does hereby irrevocably constitute and appoint
                    , as attorney, to transfer the Equity Interest in said Issuer with full power of substitution in the premises. The term
“Equity Interest” means any security, share, unit, partnership interest, membership interest, ownership interest, equity interest, option, warrant, participation, “equity security” (as such term is defined in Rule 3(a)11-1 of the General Rules and Regulations of the Securities Exchange Act of 1934, as amended, or any similar statute then in effect, promulgated by the Securities and Exchange Commission and any
successor thereto) or analogous interest (regardless of how designated) of or in a corporation, partnership, limited partnership, limited liability company, limited liability partnership, business trust or other entity, of whatever nature, type,
series or class, whether voting or nonvoting, certificated or uncertificated, common or preferred, and all rights and privileges incident thereto. 
  

							
	Dated:            20    	 		 	PLEDGOR:
			
		 		 	The Rubicon Project, Inc.
				
		 		 	By:	 	 /s/ Brian W. Copple

		 		 	Name: Brian W. Copple
		 		 	Title: General Counsel

 STOCK POWER 

FOR VALUE RECEIVED, the undersigned, The Rubicon Project, Inc., a Delaware corporation (“Pledgor”) does hereby sell, assign
and transfer to                      all of its Equity Interests (as hereinafter defined) representing not more than 65% of the issued and
outstanding shares of capital stock owned by Pledgor which Equity Interests entitle the holder thereof to vote for directors or any other matter represented by Certificate No(s).
             in THE RUBICON PROJECT LTD. (“Issuer”), standing in the name of Pledgor on the books of said Issuer. Pledgor does hereby irrevocably constitute and
appoint                     , as attorney, to transfer the Equity Interest in said Issuer with full power of substitution in the premises. The
term “Equity Interest” means any security, share, unit, partnership interest, membership interest, ownership interest, equity interest, option, warrant, participation, “equity security” (as such term is defined in Rule 3(a)11-1 of the General Rules and Regulations of the Securities Exchange Act of 1934, as amended, or any similar statute then in effect, promulgated by the Securities and Exchange Commission and any
successor thereto) or analogous interest (regardless of how designated) of or in a corporation, partnership, limited partnership, limited liability company, limited liability partnership, business trust or other entity, of whatever nature, type,
series or class, whether voting or nonvoting, certificated or uncertificated, common or preferred, and all rights and privileges incident thereto. 
  

							
	Dated:              20    	 		 	PLEDGOR:
			
		 		 	The Rubicon Project, Inc.
				
		 		 	By:	 	 /s/ Brian W. Copple

		 		 	Name: Brian W. Copple
		 		 	Title: General Counsel

 STOCK POWER 

FOR VALUE RECEIVED, the undersigned, The Rubicon Project, Inc., a Delaware corporation (“Pledgor”) does hereby sell, assign
and transfer to                      all of its Equity Interests (as hereinafter defined) representing not more than 65% of the issued and
outstanding shares of capital stock owned by Pledgor which Equity Interests entitle the holder thereof to vote for directors or any other matter represented by Certificate No(s).
             in THE RUBICON PROJECT GMBH (“Issuer”), standing in the name of Pledgor on the books of said Issuer. Pledgor does hereby irrevocably constitute and
appoint                     , as attorney, to transfer the Equity Interest in said Issuer with full power of substitution in the premises. The
term “Equity Interest” means any security, share, unit, partnership interest, membership interest, ownership interest, equity interest, option, warrant, participation, “equity security” (as such term is defined in Rule 3(a)11-1 of the General Rules and Regulations of the Securities Exchange Act of 1934, as amended, or any similar statute then in effect, promulgated by the Securities and Exchange Commission and any
successor thereto) or analogous interest (regardless of how designated) of or in a corporation, partnership, limited partnership, limited liability company, limited liability partnership, business trust or other entity, of whatever nature, type,
series or class, whether voting or nonvoting, certificated or uncertificated, common or preferred, and all rights and privileges incident thereto. 
  

							
	Dated:              20    	 		 	PLEDGOR:
			
		 		 	The Rubicon Project, Inc.
				
		 		 	By:	 	 /s/ Brian W. Copple

		 		 	Name: Brian W. Copple
		 		 	Title: General Counsel

 STOCK POWER 

FOR VALUE RECEIVED, the undersigned, The Rubicon Project, Inc., a Delaware corporation (“Pledgor”) does hereby sell, assign
and transfer to                      all of its Equity Interests (as hereinafter defined) representing not more than 65% of the issued and
outstanding shares of capital stock owned by Pledgor which Equity Interests entitle the holder thereof to vote for directors or any other matter represented by Certificate No(s).
             in THE RUBICON PROJECT AUSTRALIA PTY. LTD. (“Issuer”), standing in the name of Pledgor on the books of said Issuer. Pledgor does hereby irrevocably
constitute and appoint                     , as attorney, to transfer the Equity Interest in said Issuer with full power of substitution in
the premises. The term “Equity Interest” means any security, share, unit, partnership interest, membership interest, ownership interest, equity interest, option, warrant, participation, “equity security” (as such term is
defined in Rule 3(a)11-1 of the General Rules and Regulations of the Securities Exchange Act of 1934, as amended, or any similar statute then in effect, promulgated by the Securities and Exchange
Commission and any successor thereto) or analogous interest (regardless of how designated) of or in a corporation, partnership, limited partnership, limited liability company, limited liability partnership, business trust or other entity, of
whatever nature, type, series or class, whether voting or nonvoting, certificated or uncertificated, common or preferred, and all rights and privileges incident thereto. 
  

							
	Dated:              20    	 		 	PLEDGOR:
			
		 		 	The Rubicon Project, Inc.
				
		 		 	By:	 	 /s/ Brian W. Copple

		 		 	Name: Brian W. Copple
		 		 	Title: General Counsel

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