Document:

Document

Exhibit 10.9

PUBMATIC, INC.
EMPLOYMENT AGREEMENT
This Agreement is made by and between PubMatic, Inc., a Delaware corporation (the “Company”) and Steve Pantelick (“Employee”) effective as of November 7, 2011 (the “Effective Date”).
1.Employment and Duties.  The Company agrees to employ and Employee agrees to serve as the Company’s Chief Financial Officer and will report in the Company’s Chief Executive Officer (“CEO”).  The duties and responsibilities of Employee shall include the duties and responsibilities as the Company’s CEO may from time to time reasonably assign to Employee.
2.At Will Employment.  Employment with the Company is for no specific period of time.  The Employee’s employment with the Company will be “at will,” meaning that either the Employee or the Company may terminate the Employee’s employment at any time and for any or no reason, with or without Cause (as defined below) or notice.  Any contrary representations that may have been made to the Employee are superseded by this letter agreement.  This is the full and complete agreement between the Employee and the Company on this term.  Although the Employee’s job duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to time, the “at will” nature of the Employee’s employment may only be changed in an express written agreement signed by the Employee and the Company’s CEO.
3.Place of Employment.  Employee’s services shall be performed at the Company’s Redwood City, California office.
4.Base Salary.  For all services to be rendered by Employee pursuant to this Agreement, the Company agrees to pay Employee during the Employment Period an initial base salary (the “Base Salary”) at an annual rate of $270.000.  The Base Salary shall be paid in periodic installments in accordance with the Company’s regular payroll practices.  This salary will be subject to adjustment pursuant to the Company’s employee compensation policies in effect from time to time.
5.Bonus.  For each of the Company’s fiscal years, commencing with the 2012 fiscal year, the Employee will be eligible to earn an annual incentive bonus with a target amount equal to $75,000, based on the achievement of certain milestones established by the Company.  The Company’s Board of Directors, in its sole discretion, will determine whether Employee has earned each annual incentive bonus (including whether such established milestones have been met) and such determination will he final and binding.  Employee will not earn an incentive bonus unless Employee is employed by the Company on the date when each such bonus is payable.  Any incentive bonus will be payable no later than the June 1 following the end of the fiscal year (which occurs on each March 31) with respect to which the bonus was earned.

6.Option.
(a)Subject to the approval of the Company’s Board of Directors, the Employee will be granted an option to purchase shares of common stock representing 1.35% of the Company’s fully diluted common stock (assuming exercise of all outstanding options and warrants, but excluding any share reserve available for options grants), with vesting commencing on the date of joining this Company (the “Stock Option”).  Twenty five percent (25%) of the Stock Option shall vest on the one (1) year anniversary of the Employee’s first date of employment, and 1/36 of the balance of the Stock Option shall vest each month thereafter, subject to the Employee’s continued employment on each vesting date.  The exercise price per share of the Stock Option will be determined by the Board of Directors when the Stock Option is granted.  There is no guarantee that the Internal Revenue Service will agree with this value.  The Employee should consult with his own tax advisor concerning the tax consequences associated with accepting an option to purchase shares of the Company’s Common Stock.  The Stock Option will be subject to the terms and conditions applicable to options granted under the Company’s Stock Plan (the “Plan”), as described in the Plan and the applicable Stock Option Agreement.
(b)Double Trigger Vesting.  If after a Change of Control, the Company terminates the Employee’s employment without Cause (as defined below) or the Employee resigns his employment and such resignation qualifies as a Constructive Termination (as defined below), 100% of the Stock Option that remains unvested shall vest and become fully exercisable immediately upon the termination of employment of the Employee; provided, that the Employee executes and delivers to the Company, and does not revoke, the Release (as defined below).
7.Termination of Employment.
(a)If the Employee’s employment with the Company terminates for any reason, the Company shall pay the Employee all salary earned as of the date the termination becomes effective, any bonus earned but unpaid through the date the termination becomes effective and any of the Employee’s benefits shall be terminated or continued under the Company’s then existing benefit plans and policies in accordance with such plans and policies in effect on the date of termination and in accordance with applicable law,
(b)If Employee is terminated by the Company within twelve (12) months after his first date of employment with the Company for any reason other than (A) Cause, as defined below, (B) death or (C) Disability, as defined below, and such termination is an involuntary separation from service, as defined in Treasury Regulation 1.409A-l(n) (the “Separation”), provided that Employee has satisfied the Conditions (as defined below) within the Deadline (as defined below), the Company will (a) pay Employee’s then base salary and bonus (the “Cash Severance”) for six months (with such six months of bonus payments to be equal to the bonus payments Employee is eligible to receive under Section 5 above based on milestones actually achieved during such six month period, as determined by the Company in its sole discretion, and pro rated for such six month period) in accordance with the Company’s regular payroll schedule, commencing with the Company’s first regular payroll date following the last day of the Deadline (the “First Payroll Date”), (b) pay any earned but unpaid bonus, a
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s determined in the sole discretion of the Company, no later than the First Payroll Date; (c) pay Employee’s COBRA premiums under the Company’s health plans for u period of six months, provided that Employee has timely elected COBRA and commencing on the first-date on which Employee loses coverage under the Company’s health plans as a result of Employee’s Separation and (d) Employee will receive vesting acceleration with respect to the Stock Option, as if Employee provided another six (6) months of service following the Separation date; provided, however, that in the event the Separation occurs after Employee’s completion of twelve (12) months of service with the Company and provided that all of the conditions set forth above are satisfied by Employee, the “six” in items (a), (c) and (d) above will be changed to “three.”  To receive the severance benefits set forth above, Employee must execute (and do not revoke) a full and complete general release of an claims (the “Release”) in a form provided to Employee by the Company within five (5) business days following Employee’s Separation and return all Company property (collectively, the “Conditions”) in each case within twenty-one (21) days following the date that Employee receives the Release (the “Deadline”).
Notwithstanding anything stated herein to the contrary, the Cash Severance provided in connection with Employee’s Separation under this section is intended to be exempt from Internal Revenue Code Section 409A pursuant to Treasury Regulation Section 1 .409A-1(b)(9)(iii) and to the extent it is exempt pursuant to such section it will in any event be paid no later than the last day of Employee’s second taxable year following the taxable year in which Employee’s Separation has occurred.
If any of the Cash Severance payments provided in connection with Employee’s Separation does not qualify for any reason to be exempt from Internal Revenue Code Section 409A and if Employee is deemed by the Company at the time of Employee’s Separation to be a “specified employee” (as defined in Treasury Regulation Section 1.409A-1(i) (i.e., a “key employee” of a publicly traded company)), each such payment will not be made or commence until the date which is the first (1st) business day of the seventh (7th) month after Employee’s Separation and the installments that otherwise would have been paid during the first six (6) months after Employee’s Separation will be paid in a lump sum on the first (1st) business day of the seventh (7th) month after Employee’s Separation, with the remaining payments made according to the schedule set forth above.  Such deferral will only be effected to the extent required to avoid adverse tax treatment to Employee, including (without limitation) the additional twenty percent (20%) federal tax for which Employee would otherwise be liable under Section 409A(a)(1)(B) of the Internal Revenue Code in the absence of such deferral.
8.Definitions.  The following tem1s will have the following meanings when used in this Agreement.
(a)Cause.  Cause shall mean: (i) willful failure by the Employee to substantially pcrfom1 his duties hereunder, (ii) an act or omission by the Employee which constitutes gross misconduct or gross negligence; (iii) Employee’s (A) violation of a federal or state law or regulation applicable to the business of the Company, (B) material violation of any agreement between the Employee and the Company, other than the Company’s confidential information agreement, (C) material violation of any confidential information agreement 
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between the Employee and the Company, or (D) material violation of any Company policy, (iv) commission, conviction of, or a plea of “guilty” or “no contest” to, a felony under the laws of the United States or any State, (v) any material unauthorized use or disclosure of the Company’s confidential information or (vi) any misappropriation of the Company’s funds or property.  No act or failure to act by Employee shal1 be considered «willful” if done or omitted by Employee in good faith with reasonable belief that such action or omission was in the best interests of the Company.
(b)Constructive Termination.  Constructive Tem1ination shall mean Employee’s resignation from employment following the continued existence of one of the following conditions for thirty (30) days after Employee’s written notification to the Company therein provided within thirty (30) days of the first occurrence of such condition: (i) a material diminution in the Employee’s base compensation, authority, duties} or responsibilities; provided, however that the unilateral change by the surviving or acquiring entity (or its parent) in the Employee’s title or reporting relationship in connection with the Company or its assets becoming a subsidiary, unit or division of or within the surviving or acquiring entity following a Change of Control shall not constitute a “Constructive Termination” so long as the Employee is retained in a position having base compensation, authority, duties and responsibilities substantially comparable to those held by him prior to the Change of Control; or (ii) a relocation of the Employee’s work site to a location more than thirty (30) miles from its location immediately prior to the relocation.  Such termination of employment shall only be a Constructive Termination if the Employee terminates his employment with the Company within a limited period of time not to exceed ninety (90) days following the initial existence of the Constructive Termination condition.
(c)Change of Control shall mean happening of any of the following:
(i)When any “person” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), other than the Company, a subsidiary of the Company or a Company employee benefit plan, including any trustee of such plan acting as trustee, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the combined voting power of the Company’s then outstanding securities entitled to vote generally in the election of directors, provided that in no event shall a private financing approved by the Company’s Board of Directors constitute a Change of Control; or
(ii)The effective date of a merger or consolidation of the Company with any other Company, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being c-0nverted into voting securities of the surviving entity or the entity that controls such surviving entity) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company.  such surviving entity or the entity that controls such surviving entity outstanding immediately after such merger or consolidation, or
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(iii)the stockholders of the Company approve an agreement for the sale or disposition by the Company of all or substantially all the Company’s assets.
(d)Disability.  Disability shall mean Employee’s inability to perform the essential functions of Employee’s position with or without reasonable accommodation for a period of 120 consecutive days because of Employee’s physical or mental impairment.
9.Other Benefits.  As a regular employee of the Company, he will continue to be eligible to participate in a number of Company-sponsored benefits.
10.Other Activities.  Employee shall devote substantially all of his working time and efforts during the Company’s normal business hours to the business and affairs of the Company and its subsidiaries and to the diligent and faithful performance of the duties and responsibilities duly assigned to his pursuant to this Agreement, except for vacations, holidays and sickness.
11.Tax Matters.
(a)Withholding.  All forms of compensation referred to in this letter agreement arc subject (o reduction to reflect applicable withholding and payroll taxes and other deductions required by law.
(b)Tax Advice.  Employee is encouraged to obtain Employee’s own tax advice regarding Employee’s compensation from the Company.  Employee agrees that the Company does not have a duty to design its compensation policies in a manner that minimizes Employee’s tax liabilities, and Employee will not make any claim against the Company or its Board of Directors related to tax liabilities arising from Employee’s compensation.
12.Proprietary Information.  During the Employment Period and thereafter, Employee shall not, without the prior written consent of the Company, disclose or use for any purpose (except in the course of his employment under this Agreement and in furtherance of the business of the Company or any of its affiliates or subsidiaries) any confidential information or proprietary data of the Company.  As an express condition of Employee’s employment with the Company, Employee agrees that he has executed or agrees to execute reasonable confidentiality agreements and invention assignment agreements as requested by the Company, including but not limited to the Company’s form of Employee Agreement.
13.Non-Solicitation.  Prior to the first anniversary of the actual date of termination of the Employment Period, Employee will not solicit (a) any of the Company’s then-current employees to terminate their employment with the Company or to become employed by any firm, company or other business enterprise with which Employee may then be connected or (b) any of the Company’s then-current customers to terminate their relationship with the Company or to become customers of any firm, company or other business enterprise with which Employee may then be connected.
14.Right to Advice of Counsel.  Employee acknowledges that he has consulted with counsel and is fully aware of his rights and obligations under this Agreement.
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15.Absence of Conflict.  Employee represents and warrants that his employment by the Company as described herein shall not conflict with and will not be constrained by any prior employment or consulting agreement or relationship.  The employment relationship may be terminated by either the Employee or the Company at any time, for any reason, with or without cause, but with the notice set forth herein and subject to the applicable consequences stemming from such termination under this Agreement.
16.Notices.  For purposes of this Agreement, notices and other communications provided for in this Agreement shall be in writing and shall be delivered personally or sent by United States certified mail, return receipt requested, postage prepaid, addressed as follows:
						
	If to Employee:	Steve Pantelick
2111 Leavenworth Street
San Francisco, CA 94133

	If to the Company:	Rajeev Goel
PubMatic, Inc.
901 Marshall Street, Suite 100
Redwood City, CA 94603

or to such other address or the attention of such other person as the recipient party has previously furnished to the other party in writing in accordance with this paragraph.  Such notices or other communications shall be effective upon delivery or, if earlier, three days after they have been mailed as provided above.
17.Waiver.  Failure or delay on the part of either party hereto to enforce any right, power, or privilege hereunder shall not be deemed to constitute a waiver thereof.  Additionally, a waiver by either party or a breach of any promise hereof by the other party shall not operate as or be construed to constitute a waiver of any subsequent waiver by such other party.
18.Severability.  Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid; illegal or unenforceable provision had never been contained herein.
19.Headings.  The headings of the paragraphs contained in this Agreement are for reference purposes only and shall not in any way affect the meaning or interpretation of any provision of this Agreement.
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IN WITNESS WHEREOF1 this Employment Agreement is entered into as of the date first written above by und between the Company and Steve Pantelick as evidenced by the signatures below.
									
	PubMatic, Inc.
			
			
	By:	/s/ Rajeev Goel
			
	Title:	CEO
			
			
			
	EMPLOYEE:
			
			
	/s/ Steve Pantelick
	Steve Pantelick

PUBMATIC, INC.
AMENDMENT NUMBER ONE TO EMPLOYMENT AGREEMENT
May 10, 2017
Steven Pantelick
2111 Leavenworth Street 
San Francisco, CA 94133
Dear Mr. Pantelick:
This amendment shall revise the terms and conditions of your Employment Agreement with PubMatic, Inc. (the “Company”) effective as dated as of November 7, 2011 (“Agreement”) as provided in Exhibit A attached hereto. Except as expressly provided in this amendment, the Agreement between you and the Company shall remain unmodified and in full force and effect. This amendment shall be effective as of the date of your signature below, or the date of this amendment specified above to the extent that your signature is not dated.
If you find this amendment to the Agreement acceptable, please sign and date this amendment below and return it to Lisa Feher in our HR Department.
									
	Sincerely, 
			
	PubMatic, Inc.
			
			
			
			
	By:	/s/ Rajeev Goel
		Rajeev Goel, Co-Founder & CEO

I agree to the terms and conditions in this amendment to the Agreement.
												
	Date: 	August 3, 2017		/s/ Steve Pantelick
				Steven Pantelick

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Exhibit A
Amendments to Employment Agreement
1.At Will Employment. Section 2 of the Agreement titled “At Will Employment” is hereby replaced in its entirety to read as follows:
“Employee will be an at-will employee of the Company. Any statements or representations to the contrary (and, indeed, any statements contradicting any provision in this Agreement) should be regarded by Employee as ineffective. Notwithstanding the at-will nature of Employee’s employment, Employee hereby agrees that he will provide two (2) months’ written notice of Employee’s intention to terminate Employee’s employment with the Company. During any period of your required notice, you will continue to be an employee, and you will continue to be entitled to receive your base salary and any earned but unpaid bonus as of your employment termination date to the extent that the applicable full bonus plan period has been completed as of your employment termination date (notwithstanding any bonus plan terms to the contrary). Employee’s fiduciary duties and other obligations as an employee of the Company will continue, and Employee will cooperate in the transition of Employee’s responsibilities. The Company shall, however, have the right, in its sole discretion, to direct that Employee no longer comes in to work or to shorten the notice period. If the Company shortens the required notice period Employee has provided, it reserves the right, in its sole discretion, to not pay Employee for any remaining period of notice. Employee’s participation in any stock option or benefit program is not to be regarded as assuring Employee of continuing employment for any particular period of time. Although Employee’s job duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to time, any modification or change in Employee’s at-will employment status may only occur by way of a written employment agreement signed by Employee and the Chief Executive Officer of the Company.”
2.Salary and Bonus Changes. With effect from January 1, 2017, the base salary specified in Section 4  of the Agreement shall be increased to an annual rate of $342,466 per year and the annual bonus target specified in Section 5 of the Agreement shall be increased to $157,534.
3.Stock Option Acceleration. Section 6(b) of the Agreement titled “Double Trigger Vesting” is hereby replaced in its entirety to read as follows, and shall apply to all currently outstanding and future stock option grants of the Company to Employee that have unvested option shares:
“Double Trigger Vesting. If within two (2) years following the occurrence of an Acquisition, the Company terminates Employee’s employment without Cause (as defined below) or Employee resigns his employment and such resignation qualifies as a Constructive Termination (as defined below), one-hundred percent (100%) of Employee’s stock options that remain unvested shall vest and become fully exercisable immediately upon the termination of Employee’s employment; provided that Employee executes and delivers to the Company, and do not revoke, a full and complete release of all claims in a form provided to Employee by the Company. The form of release will be delivered to Employee by the Company within five (5) business days following Employee’s separation, and Employee must execute and return the release within the time period specified in the form and any rescission period applicable to Employee’s executed Release must have expired.”
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4.Termination of Employment. Section 7(b) of the Agreement is hereby replaced in its entirety by the following Sections 7(b) through (e):
(a)“Notwithstanding the at-will nature of Employee’s employment, if the Company terminates Employee’s employment without Cause or Employee resigns his employment and such resignation qualifies as a Constructive Termination, but only so long as Employee signs, and do not revoke, a separation agreement and full and complete release of claims in a form provided to Employee by the Company (the “Release”):
i.the Company will pay Employee, following any applicable revocation period, six (6) months of Employee’s base salary, paid in the form of salary continuation; provided, however, that any salary continuation payments payable to Employee under this paragraph will be reduced by any amounts payable to Employee as notice as may be required by applicable law;
ii.to the extent that Employee participates in a bonus plan with the Company as of Employee’s employment termination date, the Company will pay Employee, following any applicable revocation period, a bonus amount under such bonus plan which is based on achievement of plan metrics as of Employee’s employment termination date, as determined in good faith by the Company, and prorated for the time period of Employee’s employment with the Company during the relevant plan period (notwithstanding any bonus plan terms to the contrary); and
iii.upon Employee’s timely election to continue existing medical, dental and/or vision benefits under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), and consistent with the terms of COBRA and the Company’s health insurance plans, the Company will pay the insurance premiums to continue such existing health benefits for six (6) months. Employee will remain responsible for, and must continue to pay, the portion of premiums, co- payments, etc. that Employee would have paid had Employee’s employment continued. Following such period, Employee will have the option of continuing COBRA coverage at Employee’s own expense for as long as permitted by law.
The Release will be delivered to Employee by the Company within five (5) business days following Employee’s separation. Employee’s entitlement to the above benefits shall be subject to and conditioned upon Employee’s execution and return the Release to the Company within the time period specified in the form and the expiration of any rescission period that may be applicable to Employee’s executed Release.
(b)The Company may deduct or withhold from any compensation or benefits any applicable federal, state or local tax or employment withholdings or deductions resulting from any payments or benefits provided under this Agreement or otherwise in connection with Employee’s employment. In addition, it is the Company’s intention that all payments or benefits provided under this Agreement comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), including without limitation the six-month delay for payments of deferred compensation to “key employees” upon separation from service pursuant to Section 409A(a)(2)(B)(i) of the Code (if applicable), and this Agreement shall be interpreted, administered and operated accordingly. If under this Agreement an amount is to be paid in installments, each installment shall be treated as a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii). Notwithstanding anything to the contrary herein, the 
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Company does not guarantee the tax treatment of any payments or benefits under this Agreement, including without limitation under the Code, federal, state, local or foreign tax laws and regulations. In the event the Deadline is in the taxable year following Employee’s termination of employment, any severance payment or deferred compensation payment shall  be paid or commence (as applicable) in such subsequent taxable year if required to avoid a violation under Section 409A of the Code.
(c)In the event that any payment or benefit received or to be received by Employee pursuant to this Agreement or otherwise (“Payments”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code and (ii) but for this subsection (c), be subject to the excise tax imposed by Section 4999 of the Code, any successor provisions, or any comparable federal, state, local or foreign excise tax (“Excise Tax”), then, subject to the provisions of subsection (c), such Payments shall be either (A) provided in full pursuant to the terms of this Agreement or any other applicable agreement, or (B) provided as to such lesser extent which would result in the Payments being $1.00 less than the amount at which any portion of the Payments would be subject to the Excise Tax (“Reduced Amount”), whichever of the foregoing amounts, taking into account the applicable federal, state, local and foreign income, employment and other taxes and the Excise Tax (including, without limitation, any interest or penalties on such taxes), results in the receipt by Employee, on an after-tax basis, of the greatest amount of payments and benefits provided for hereunder or otherwise, notwithstanding that all or some portion of such Payments may be subject to the Excise Tax. Unless the Company and Employee otherwise agrees in writing, any determination required under this Section shall be made by independent tax counsel designated by the Company and reasonably acceptable to Employee (“Independent Tax Counsel”), whose determination shall be conclusive and binding upon Employee and the Company for all purposes. For purposes of making the calculations required under this Section, Independent Tax Counsel may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code; provided that Independent Tax Counsel shall assume that Employee pays all taxes at the highest marginal rate. The Company and Employee shall furnish to Independent  Tax  Counsel such information and documents as Independent Tax Counsel may reasonably request in order to make a determination under this subsection. The Company shall bear all costs that Independent Tax Counsel may reasonably incur in connection with any calculations contemplated by this Section. In the event that subclause (c)(ii)(B) above applies, then based on the information provided to Employee and the Company by Independent Tax Counsel, Employee may, in Employee’s sole discretion and within thirty (30) days of the date on which Employee is provided with the information prepared by Independent Tax Counsel, determine which and how much of the Payments (including the accelerated vesting of equity compensation awards) to be otherwise received by Employee shall be eliminated or reduced (as long as after such determination the value (as calculated by Independent Tax Counsel in accordance with the provisions of Sections 280G and 4999 of the Code) of the amounts payable or distributable to Executive equals the Reduced Amount). If the Internal Revenue Service (the “IRS”) determines that any Payment is subject to the Excise Tax, then subsection (d) below shall apply, and the enforcement of subsection (e) shall be the exclusive remedy to the Company.
(d)If, notwithstanding any reduction described in subsection (d) hereof (or in the absence of any such reduction), the IRS determines that Employee is liable for the Excise Tax as a result of the receipt of one or more Payments, then Employee shall be obligated to surrender or pay back to the Company, within one-hundred twenty (120) days after a final IRS 
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determination, an amount of such payments or benefits equal to the “Repayment Amount.” The Repayment Amount with respect to such Payments shall be the smallest such amount, if any, as shall be required to be surrendered or paid to the Company so that Employee’s net proceeds with respect to such Payments (after taking into account the payment of the Excise Tax imposed on such Payments) shall be maximized. Notwithstanding the foregoing, the Repayment Amount with respect to such Payments shall be zero (0) if a Repayment Amount of more than zero (0)  would not eliminate the Excise Tax imposed on such Payments or if a Repayment Amount of more than zero would not maximize the net amount received by Employee from the Payments. If the Excise Tax is not eliminated pursuant to this subsection (e), Employee shall pay the Excise Tax.”
5.Definitions. Section 8 of the Agreement titled “Definitions” is hereby replaced in its entirety to read as follows:
“Definitions. The following terms will have the following meanings when used in this Agreement:
(a)“Acquisition” shall mean any of the following occurrences:
i.any consolidation or merger in which the Company is a constituent entity or is a party in which the voting stock and other voting securities of the Company that are outstanding immediately prior to the consummation of such consolidation or merger represent, or are converted into, securities of the surviving entity of such consolidation or merger (or of any Parent of such surviving entity) that, immediately after the consummation of such consolidation or merger, together possess less than fifty percent (50%) of the total voting power of all voting securities of such surviving entity (or of any of its Parents, if any) that are outstanding immediately after the consummation of such consolidation or merger;
ii.a sale or other transfer by the holders thereof of outstanding voting stock and/or other voting securities of the Company possessing more than fifty percent (50%) of the total voting power of all outstanding voting securities of the Company, whether in one transaction or in a series of related transactions, pursuant to an agreement or agreements to which the Company is a party and that has been approved by the Board, and pursuant to which such outstanding voting securities are sold or transferred to a single person or entity, to one or more persons or entities who are Affiliates of each other, or to one or more persons or entities acting in concert; or
iii.the sale, lease, transfer or other disposition, in a single transaction or series of related transactions, by the Company and/or any Subsidiary or Subsidiaries of the Company, of all or substantially all the assets of the Company and its Subsidiaries taken as a whole, (or, if substantially all of the assets of the Company and its Subsidiaries taken as a whole are held by one or more Subsidiaries, the sale or disposition (whether by consolidation, merger, conversion or otherwise) of such Subsidiaries of the Company), except where such sale, lease, transfer or other disposition is made to the Company or one or more wholly owned Subsidiaries of the Company.
(b)Affiliate. Affiliate of a specified person means a person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the person specified (where, for purposes of this definition, the term “control” (including the terms controlling, controlled by and under common control with) means the possession, 
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direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract, or otherwise.
(c)Cause. Cause shall mean: (i) Employee’s unauthorized misuse of the Company or a Parent or Subsidiary of the Company’s trade secrets or proprietary information, (b) Employee’s conviction of or plea of nolo contendere to a felony or a crime involving moral turpitude, (c) Employee’s committing an act of fraud against the Company or a Parent or Subsidiary of the Company or (d) Employee’s gross negligence or willful misconduct in the performance of his or  her duties that has had or will have a material adverse effect on the Company or Parent or Subsidiary of the Company’s reputation or business. No act or failure to act by Employee shall be considered “willful” if done or omitted by Employee in good faith with reasonable belief that such action or omission was in the best interest of the Company.
(d)Constructive Termination. Constructive Termination shall mean, within two (2) years following the occurrence of an Acquisition, Employee’s resignation from employment following the continued existence of one of the following conditions without Employee’s consent: (i) a material diminution in the Employee’s base salary, authority, duties, or responsibilities; provided, however, that the unilateral change by the surviving or acquiring entity (or its parent) in the Employee’s title or reporting relationship in connection with the Company or its assets becoming a subsidiary, unit or division of or within the surviving or acquiring entity following an Acquisition shall not constitute a “Constructive Termination” so long as the Employee is retained in a position having base salary, authority, duties, and responsibilities substantially comparable to those held by him prior to the Acquisition; or (ii) a relocation of the Employee’s work site to a location more than thirty-five (35) miles from its location immediately prior to the relocation. Such termination of employment shall only be a Constructive Termination if the Employee terminates his employment with the Company within a limited period of time not to exceed ninety (90) days following the initial existence of the Constructive Termination condition. A termination or resignation due to Employee’s death or Disability shall not constitute a Constructive Termination. For a Constructive Termination to exist, all of the following requirements must be satisfied: (1) the Employee must provide notice to the Company of his or her intent to assert Constructive Termination within thirty (30) days of the initial existence of one or more of the conditions set forth in subclauses (i) or (ii) above; (2) the Company will have thirty (30) days (the “Company Cure Period”) from the date of such notice to remedy the condition and, if it does so, the Employee may withdraw his or her resignation or may resign with no benefits; and (3) any termination of employment under this provision must occur within ten (10) days of the earlier of expiration of the Company Cure Period or written notice from the Company that it will not undertake to cure the condition set forth in subclauses (i) or (ii); provided, however, that should the Company remedy the condition as set forth above and then one or more of the conditions arises again within two (2) years following the occurrence of an Acquisition, the Employee may assert Constructive Termination again subject to all of the conditions set forth herein.
(e)Disability. Disability means that the Employee is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months.
(f)Parent. Parent of a specified entity means any entity that, either directly or indirectly, owns or controls such specified entity, where for this purpose, “control” means the 
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ownership of stock, securities or other interests that possess at least a majority of the voting power of such specified entity (including indirect ownership or control of such stock, securities or other interests).
(g)Subsidiary. Subsidiary means any entity (other than the Company) in an unbroken chain of entities beginning with the Company if each of the entities other than the last entity in the unbroken chain owns stock or other equity securities representing fifty percent (50%) or more  of the total combined voting power of all classes of stock or other equity securities in one of the other entities in such chain.”
6.Arbitration. A new Section 20 titled “Arbitration” is hereby added to the Agreement to read as follows:
“Employee and PubMatic agree that any and all disputes, claims, or causes of action, in law or equity, arising from or relating to the enforcement, interpretation or scope of this agreement, or Employee’s employment or the termination of Employee’s employment (collectively, “Claims”), shall be resolved to the fullest extent permitted by law by final, binding, and (to the extent permitted by law) confidential arbitration as provided for below. Claims subject to this arbitration provision shall (a) include, but not be limited to, as applicable, Claims pursuant to any federal, state or local law or statute, including (without limitation) the Age Discrimination in Employment Act, as amended; Title VII of the Civil Rights Act of 1964, as amended; the Americans With Disabilities Act of 1990; the federal Fair Labor Standards Act; the California Fair Employment and Housing Act; the California Pregnancy Disability Leave Law; the New York State Human Rights Law; the New York City Human Rights Law; and the New York State Labor Law pursuant to any common law, tort law or contract law, including (without limitation) breach of contract or other promise, discrimination, harassment, retaliation, wrongful discharge, fraud, misrepresentation, defamation, and emotional distress, and (b) exclude Claims that by law are not subject to arbitration.
The terms and conditions relating to binding arbitration are as follows:
(1)Employee and PubMatic mutually waive, relinquish, and give up the right to have disputes relating to any Claims decided by a court or jury. This provision does not restrict Employee’s right to file administrative claims Employee may bring before any government agency where, as a matter of law, the parties may not restrict the employee’s ability to file such claims (including, but not limited to, the National Labor Relations Board, the Equal Employment Opportunity Commission and the Department of Labor). However, the parties agree that, to the fullest extent permitted by law, arbitration shall be the exclusive remedy for the subject matter of such administrative claims.
(2)Any arbitration proceeding or issues pertaining to arbitration shall be decided in accordance with:
(a) if Employee reports to a PubMatic location in California: California law, including California Code of Civil Procedure §§1280, et seq.
(b) if Employee reports to a PubMatic location in New York: New York law, including the New York Civil Practice Law and Rules (CPLR);
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(e) if Employee reports to a PubMatic location in another state: the law of that state, including the civil procedure rules of that jurisdiction.
(3)Any demand for arbitration of Claims by Employee or PubMatic must be made to the other in writing. All applicable statutes of limitations in the law of the state of the PubMatic office to which Employee reports will apply to a demand for such arbitration.
(4)The dispute shall be submitted to, and decided by a single, neutral arbitrator selected from, Judicial Arbitration and Mediation Services (JAMS) (or its successors) under the then applicable JAMS rules, and conducted in San Francisco, California, or if Employee reports to another PubMatic office, the city and state where that office is located. The  rules are available online at: http://www.jamsadr.com/files/Uploads/Documents/JAMS- Rules/JAMS_employment_arbitration_rules-2009.pdf. If Employee is unable to access these rules, please notify Human Resources and Employee will be provided with a hardcopy. The arbitrator shall be selected using the applicable JAMS rules and procedures.
(5)The decision of the arbitrator shall be final and binding on Employee and PubMatic. The arbitrator shall: (a) have the authority to compel adequate discovery for the resolution of all Claims and to award such relief as would otherwise be permitted by law; and (b) issue a written arbitration decision including the arbitrator’s essential findings and conclusions and a statement of the award. Any right of review of the arbitrator’s decision shall be governed by the applicable civil procedure rules.
(6)PubMatic shall pay all of the arbitration fees in excess of the amount of those fees Employee would have been required to pay if the Claims were decided in a court of law, regardless of whether Employee or PubMatic is the prevailing party.
(7)Employee and PubMatic shall be entitled to engage in reasonable discovery, including depositions, interrogatories, requests for production of documents and things, requests for admissions, physical and mental examinations, expert discovery, and the issuance of subpoenas. Any disputes concerning discovery, including limitations thereon, shall be decided by the arbitrator. The arbitrator shall have the power and authority to impose evidentiary or monetary sanctions, including the payment of attorneys’ and/or arbitrator’s fees, in accordance with the applicable state’s law.
(8)The arbitration provisions in this employment agreement shall be binding upon the heirs, successors, and assigns of Employee and PubMatic.
(9)Nothing in this agreement is intended to prevent either Employee or the Company from obtaining injunctive relief regarding the improper use, disclosure or misappropriation of a party’s private, proprietary, confidential or trade secret information.
(10)Arbitration shall proceed solely on an individual basis without the right for any Claims to be arbitrated on a class action basis or on bases involving claims brought in a purported representative capacity on behalf of others. The arbitrator’s authority to resolve and make written awards is limited to Claims between Employee and PubMatic alone. Claims may not be joined or consolidated unless agreed to in writing by all parties. No 
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arbitration award or decision will have any preclusive effect as to issues or claims in any dispute with anyone who is not a named party to the arbitration.
Employee understands that agreeing to this arbitration provision is a condition of Employee obtaining employment with PubMatic. Employee agrees and represents that Employee has had the opportunity to consult an attorney of Employee’s choice to obtain legal advice regarding the import and effect of this arbitration provision. Employee acknowledges his voluntary agreement to this arbitration provision by signing this Agreement.
In the event a court of competent jurisdiction rules that one or more of the above terms, conditions, or provisions of this arbitration provision are void or unenforceable, such term(s), condition(s), or provision(s) shall be severed and the remainder of such terms, conditions, or provisions enforced.”
9Document

Exhibit 10.20

RETENTION AGREEMENT
This Retention Agreement (the “Agreement”) is entered into as of [Date] (the “Effective Date”) by and between [Name] (the “Executive”) and PubMatic, Inc., a Delaware corporation (the “Company”).
1.Term of Agreement.
Except to the extent renewed as set forth in this Section 1, this Agreement shall terminate the earlier of the third (3rd) anniversary of the Effective Date (the “Expiration Date”) or the date the Executive’s employment with the Company terminates for a reason other than a Qualifying Termination or CIC Qualifying Termination; provided however, if a definitive agreement relating to a Change in Control has been signed by the Company on or before Expiration Date, then this Agreement shall remain in effect through the earlier of:
(a)The date the Executive’s employment with the Company terminates for a reason other than a Qualifying Termination or CIC Qualifying Termination, or
(b)The date the Company has met all of its obligations under this Agreement following a termination of the Executive’s employment with the Company due to a Qualifying Termination or CIC Qualifying Termination.
This Agreement shall renew automatically and continue in effect for three (3) year periods measured from the initial Expiration Date, unless the Company provides Executive notice of non-renewal at least three (3) months prior to the date on which this Agreement would otherwise renew. For the avoidance of doubt, and notwithstanding anything to the contrary in Section 2 or 3 below, the Company’s non-renewal of this Agreement shall not constitute a Qualifying Termination or CIC Qualifying Termination.
2.Notice of Termination.
To the extent permitted by law, by his or her signature below, Executive hereby agrees that he or she shall provide the Company with at least two (2) months of advance written notice prior to voluntarily terminating his or her employment with or service to the Company.  For the avoidance of doubt, this notice requirement shall not apply in the event of Executive’s resignation for Good Reason.  Further, for the avoidance of doubt, nothing in this Section 2 shall restrict the ability of the Company to cancel such two (2) month notice period or otherwise to terminate Executive’s employment at any time, with or without Cause, subject to the provisions of this Agreement.
3.Qualifying Termination. If the Executive is subject to a Qualifying Termination, then, subject to Sections 5, 7, 10, and 11 below, Executive will be entitled to the following benefits: 
(a)Severance Benefits. The Company shall pay the Executive (i) eighteen (18) months of his or her monthly base salary (at the rate in effect immediately prior to the actions that resulted in the Qualifying Termination), and (ii) pro-rata payment of Executive’s then-current target bonus amount.  Such severance payments under clause (i) will be paid in equal installments over an eighteen (18) month period, in accordance with the Company’s standard payroll procedures; provided, however, that the Executive will receive the first such installment payment on the first business day occurring after the sixtieth (60th) day following the Separation (provided that the Release Conditions have been satisfied), which payment shall include a catch-up payment covering the amount that would have otherwise been paid during the period between Executive’s Separation and the first payment date but for the application of this provision, and the balance of the installments will be payable in accordance with their original schedule.  Such payment of the pro-rata target bonus under clause (ii) shall be paid in a cash lump sum when bonuses are paid to other executives to the Company, but in all cases not before the (60th) day 

following the Separation or after March 15 of the calendar year following the Separation, provided that, the Release Conditions have been satisfied. 
(b)Equity.  Each of Executive’s then outstanding Equity Awards shall accelerate and become vested and exercisable as though Executive had provided an additional twelve (12) months of service to the Company. Subject to Section 5, the accelerated vesting described above shall be effective as of the Separation.
(c)Extension of Exercise Period.  To the extent applicable, each of Executive’s then-outstanding vested options to purchase shares of Company common stock (“Options”) will remain outstanding and exercisable for twelve (12) months following the Qualifying Termination (provided that in no event will the terminated Executive’s Options remain outstanding beyond the expiration of the Option’s maximum term).  
(d)Continued Employee Benefits.  If Executive timely elects continued coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), the Company shall continue Executive’s coverage under the Company’s health, dental and vision plans, including coverage for the Executive’s eligible dependents, for the fifteen (15) month period following the Executive’s Separation or, if earlier, until Executive is eligible to be covered under another substantially equivalent medical insurance plan by a subsequent employer.  Notwithstanding the foregoing, the Company may elect to provide Executive, in lieu of any portion of such continued coverage, taxable installment payments equal in amount to the applicable premiums in effect as of Executive’s Separation for the remainder of the fifteen (15) month continuation period; provided that, Executive shall have no right to an additional gross-up payment to account for the fact that such COBRA premium amounts are paid on an after-tax basis. 
4.CIC Qualifying Termination. If the Executive is subject to a CIC Qualifying Termination, then, subject to Sections 5, 7, 10, and 11 below, Executive will be entitled to the following benefits, which shall be mutually exclusive of any benefits provided under Section 3:
(a)Severance and Bonus Payments.  The Company or its successor shall pay the Executive (i) eighteen (18) months of his or her monthly base salary (at the rate in effect immediately prior to the actions that resulted in the Separation), (ii) 150% of Executive’s then-current target bonus opportunity, and (iii) pro-rata payment of Executive’s then-current target bonus amount.  Such payment shall be paid in a cash lump sum payment in accordance with the Company’s standard payroll procedures, which payment will be made on the first business day occurring after the sixtieth (60th) day following the Separation, provided that the Release Conditions have been satisfied.  For the avoidance of doubt, in the event that a Change of Control occurs within three (3) months following a Qualifying Termination, then, provided that such Qualifying Termination followed a Potential Change of Control, then the payments under Section 3(a) shall cease as of the date of such Change of Control and Executive shall receive additional payments as necessary in order to provide the benefits described in this Section 4(a), which in the case of the severance under Section 4(a)(i) shall be in a lump sum. 
(b)Equity.  Each of Executive’s then outstanding Equity Awards, shall accelerate and become vested and exercisable as to 100% of the total shares underlying such Equity Awards. Subject to Section 5, the accelerated vesting described above shall be effective as of the Separation.  For the avoidance of doubt, in order to give effect to the acceleration contemplated by this Section 4(b), each of Executive’s outstanding Equity Awards shall remain outstanding and eligible to vest (solely pursuant to the terms of this Section 4(b)) for a period of three (3) months following a Qualifying Termination in order to give effect to this Section 4(b).  Further, following the application of such acceleration, each of Executive’s then-outstanding vested Options will remain outstanding and exercisable for twelve (12) months following the CIC Qualifying Termination (provided that in no event will the terminated Executive’s Options remain outstanding beyond the expiration of the Option’s maximum term).  For the avoidance of doubt, in the event that a Change of Control occurs within three (3) months following a Qualifying Termination, then, provided that such Qualifying Termination followed a Potential Change of Control and 
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notwithstanding the acceleration provided under Section 3(b) of this Agreement, the Executive’s Equity Awards shall accelerate in full pursuant to the provisions of this Section 4(b) and shall remain eligible to vest to the extent necessary to give effect to this sentence.
(c)Continued Employee Benefits.  If Executive timely elects continued coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), the Company shall continue Executive’s coverage under the Company’s health, dental and vision plans, including coverage for the Executive’s eligible dependents, for the eighteen (18) month period following the Executive’s Separation or, if earlier, until Executive is eligible to be covered under another substantially equivalent medical insurance plan by a subsequent employer.  Notwithstanding the foregoing, the Company may elect to provide Executive, in lieu of any portion of such continued coverage, taxable installment payments equal in amount to the applicable premiums in effect as of Executive Separation for the remainder of the eighteen (18) month continuation period; provided that, Executive shall have no right to an additional gross-up payment to account for the fact that such COBRA premium amounts are paid on an after-tax basis. 
5.General Release.  Any other provision of this Agreement notwithstanding, the benefits under Section 3 and 4 shall not apply unless the Executive (i) has executed a general release (in a form prescribed by the Company) of all known and unknown claims that he or she may then have against the Company or persons affiliated with the Company and such release has become effective by no later than the 60th day following the date of Executive’s termination and (ii) has agreed not to prosecute any legal action or other proceeding based upon any of such claims.  The release must be in the form prescribed by the Company, without alterations (this document effecting the foregoing, the “Release”).  The Company will deliver the form of Release to the Executive within thirty (30) days after the Executive’s Separation.  The Executive must execute, return, and make effective the Release within the time period specified in the form, but no later than 60 days following the Separation.
6.Accrued Compensation and Benefits.  Notwithstanding anything to the contrary in Section 3 and 4 above, in connection with any termination of employment upon or following a Change in Control (whether or not a Qualifying Termination or CIC Qualifying Termination), the Company shall pay Executive’s earned but unpaid base salary and other vested but unpaid cash entitlements for the period through and including the termination of employment, including unused earned vacation pay (if applicable) and unreimbursed documented business expenses incurred by Executive prior to the date of termination (collectively “Accrued Compensation and Expenses”), as required by law and applicable Company plans or policies. In addition, Executive shall be entitled to any other vested benefits earned by Executive for the period through and including the termination date of Executive’s employment under any other employee benefit plans and arrangements maintained by the Company, in accordance with the terms of such plans and arrangements, except as modified herein (collectively “Accrued Benefits”).  Any Accrued Compensation and Expenses to which the Executive is entitled shall be paid to the Executive in cash as soon as administratively practicable after the termination, and, in any event, no later than two and one-half (2-1/2) months after the end of the taxable year of the Executive in which the termination occurs or at such earlier time as may be required by Section 11 below or to such lesser extent as may be mandated by Section 10 below.  Any Accrued Benefits to which the Executive is entitled shall be paid to the Executive as provided in the relevant plans and arrangements.
7.Covenants.
(a)Invention Assignment and Confidentiality Agreement.  The Executive agrees and acknowledges that the Executive is bound by the Employee Invention Assignment and Confidentiality Agreement entered into by and between the Executive and the Company (the “Confidentiality Agreement”), including but not limited to the Executive’s confidentiality, non-competition and non-solicitation obligations, if any, thereunder.
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(b)Non-Competition.  The Executive agrees that, during his or her employment with the Company, he or she shall not engage in any other employment, consulting or other business activity (whether full-time or part-time) that would create a conflict of interest with the Company.
(c)Cooperation and Non-Disparagement.  The Executive agrees that, during the six (6) month period following his or her cessation of employment, he or she shall cooperate with the Company in every reasonable respect and shall use his or her best efforts to assist the Company with the transition of Executive’s duties to his or her successor.  The Executive further agrees that he or she shall not in any way or by any means disparage the Company, the members of the Company’s Board of Directors or the Company’s officers and employees.
8.Definitions.
(a)“Cause” means (a) an unauthorized use or disclosure by Executive of the Company’s confidential information or trade secrets, which use or disclosure causes material harm to the Company, (b) a material breach of any agreement between Executive and the Company, (c) a material failure to comply with the Company’s written policies or rules that has caused or is reasonably likely to cause material financial, reputational, or other injury to the Company, its successor, or its affiliates, or any of their business, (d) conviction of, or plea of “guilty” or “no contest” to, a felony under the laws of the United States or any state thereof, (e) willful misconduct that has caused or is reasonably likely to cause material injury to the Company, its successor, or its affiliates, or any of their business, (f) embezzlement, or (g) failure to cooperate with the Company in any investigation or formal proceeding if the Company has requested Executive’s reasonable cooperation.
(b)“Code” means the Internal Revenue Code of 1986, as amended.
(c)“Change in Control.”  For all purposes under this Agreement, a Change in Control shall mean a “Corporate Transaction,” as such term is defined in the Company’s 2020 Equity Incentive Plan, as may be amended from time to time, provided that the transaction (including any series of transactions) also qualifies as a change in control under U.S. Treasury Regulation 1.409A-3(i)(5)(v) or 1.409A-3(i)(5)(vii).
(d)“CIC Qualifying Termination” means a Separation (A) within twenty-four (24) months following a Change in Control or (B) within three (3) months preceding a Change in Control (but as to part (B), only if the Separation occurs after a Potential Change in Control) resulting, in either case (A) or (B), from (i) the Company terminating the Executive’s employment for any reason other than Cause or (ii) the Executive voluntarily resigning his or her employment for Good Reason. A termination or resignation due to the Executive’s death or disability shall not constitute a CIC Qualifying Termination.  A “Potential Change in Control” means the date of execution of a legally binding and definitive agreement for a corporate transaction which, if consummated, would constitute the applicable Change in Control (which for the avoidance of doubt, would include a merger agreement, but not a term sheet for a merger agreement).  In the case of a termination following a Potential Change in Control and before a Change in Control, solely for purposes of benefits under this Agreement, the date of Separation will be deemed the date the Change in Control is consummated.
(e)“Equity Awards” means all Options as well as any and all other stock-based awards granted to the Executive.  For purposes of this Agreement, Equity Awards shall exclude any awards that vest upon the satisfaction of performance criteria, which shall be treated as provided in the applicable award agreements.
(f)“Good Reason” means, without the Executive’s consent, (i) a material reduction in the Executive’s level of responsibility and/or scope of authority in a manner that disproportionately adversely affects the Executive, as compared to all other Company officers, provided, however that the unilateral change, by a surviving or acquiring entity (or its parent) in the Executive’s title and duties to a position that 
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is comparable in salary with respect to the acquired or surviving entity or a division or unit thereof created out of the Company or its assets (whether it becomes a subsidiary, unit or division) to the Executive’s current position shall not constitute “Good Reason,” (ii) a reduction by more than 10% in Executive’s base salary (other than a reduction generally applicable to executive officers of the Company and in generally the same proportion as for the Executive), or (iii) relocation of the Executive’s principal workplace by more than thirty-five (35) miles from Executive’s then current place of employment. For the Executive to receive the benefits under this Agreement as a result of a voluntary resignation under this subsection (e), all of the following requirements must be satisfied: (1) the Executive must provide notice to the Company of his or her intent to assert Good Reason within sixty (60) days of the initial existence of one or more of the conditions set forth in subclauses (i) through (iii); (2) the Company will have thirty (30) days (the “Company Cure Period”) from the date of such notice to remedy the condition and, if it does so, the Executive may withdraw his or her resignation or may resign with no benefits; and (3) any termination of employment under this provision must occur within ten (10) days of the earlier of expiration of the Company Cure Period or written notice from the Company that it will not undertake to cure the condition set forth in subclauses (i) through (iii).  Should the Company remedy the condition as set forth above and then one or more of the conditions arises again within twelve months following the occurrence of a Change in Control, the Executive may assert Good Reason again subject to all of the conditions set forth herein. 
(g)“Release Conditions” mean the following conditions: (i) Company has received the Executive’s executed Release and (ii) any rescission period applicable to the Executive’s executed Release has expired.
(h)“Qualifying Termination” means a Separation that is not a CIC Qualifying Termination, but which results from (i) the Company terminating the Executive’s employment for any reason other than Cause or (ii) the Executive voluntarily resigning his or her employment for Good Reason. A termination or resignation due to the Executive’s death or disability shall not constitute a Qualifying Termination.  
(i)“Separation” means a “separation from service,” as defined in the regulations under Section 409A of the Code.
9.Successors.
(a)Company’s Successors.  The Company shall require any successor (whether direct or indirect and whether by purchase, lease, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets to assume this Agreement and to agree expressly to perform this Agreement in the same manner and to the same extent as the Company would be required to perform it in the absence of a succession.  For all purposes under this Agreement, the term “Company” shall include any successor to the Company’s business and/or assets or which becomes bound by this Agreement by operation of law.
(b)Executive’s Successors.  This Agreement and all rights of the Executive hereunder shall inure to the benefit of, and be enforceable by, the Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.
10.Golden Parachute Taxes.
(a)Best After-Tax Result.  In the event that any payment or benefit received or to be received by Executive pursuant to this Agreement or otherwise (“Payments”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code and (ii) but for this subsection (a), be subject to the excise tax imposed by Section 4999 of the Code, any successor provisions, or any comparable federal, state, local or foreign excise tax (“Excise Tax”), then, subject to the provisions of Section 11, such Payments shall be either (A) provided in full pursuant to the terms of this Agreement or any other applicable agreement, or (B) provided as to such lesser extent which would result in no portion 
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of such Payments being subject to the Excise Tax (“Reduced Amount”), whichever of the foregoing amounts, taking into account the applicable federal, state, local and foreign income, employment and other taxes and the Excise Tax (including, without limitation, any interest or penalties on such taxes), results in the receipt by Executive, on an after-tax basis, of the greatest amount of payments and benefits provided for hereunder or otherwise, notwithstanding that all or some portion of such Payments may be subject to the Excise Tax.  Unless the Company and Executive otherwise agree in writing, any determination required under this Section shall be made by independent tax counsel designated by the Company and reasonably acceptable to Executive (“Independent Tax Counsel’), whose determination shall be conclusive and binding upon Executive and the Company for all purposes.  For purposes of making the calculations required under this Section, Independent Tax Counsel may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code; provided that Independent Tax Counsel shall assume that Executive pays all taxes at the highest marginal rate.  The Company and Executive shall furnish to Independent Tax Counsel such information and documents as Independent Tax Counsel may reasonably request in order to make a determination under this Section.  The Company shall bear all costs that Independent Tax Counsel may reasonably incur in connection with any calculations contemplated by this Section.  In the event that Section 10(a)(ii)(B) above applies, then based on the information provided to Executive and the Company by Independent Tax Counsel, Executive may, in Executive’s sole discretion and within thirty (30) days of the date on which Executive is provided with the information prepared by Independent Tax Counsel, determine which and how much of the Payments (including the accelerated vesting of equity compensation awards) to be otherwise received by Executive shall be eliminated or reduced (as long as after such determination the value (as calculated by Independent Tax Counsel in accordance with the provisions of Sections 280G and 4999 of the Code) of the amounts payable or distributable to Executive equals the Reduced Amount).  If the Internal Revenue Service (the “IRS”) determines that any Payment is subject to the Excise Tax, then Section 10(b) hereof shall apply, and the enforcement of Section 10(b) shall be the exclusive remedy to the Company.
(b)Adjustments.  If, notwithstanding any reduction described in Section 10(a) hereof (or in the absence of any such reduction), the IRS determines that Executive is liable for the Excise Tax as a result of the receipt of one or more Payments, then Executive shall be obligated to surrender or pay back to the Company, within one-hundred twenty (120) days after a final IRS determination, an amount of such payments or benefits equal to the “Repayment Amount.”  The Repayment Amount with respect to such Payments shall be the smallest such amount, if any, as shall be required to be surrendered or paid to the Company so that Executive’s net proceeds with respect to such Payments (after taking into account the payment of the Excise Tax imposed on such Payments) shall be maximized.  Notwithstanding the foregoing, the Repayment Amount with respect to such Payments shall be zero (0) if a Repayment Amount of more than zero (0) would not eliminate the Excise Tax imposed on such Payments or if a Repayment Amount of more than zero would not maximize the net amount received by Executive from the Payments.  If the Excise Tax is not eliminated pursuant to this Section 10(b), Executive shall pay the Excise Tax.
11.Miscellaneous Provisions.
(a)Section 409A.  To the extent (i) any payments to which Executive becomes entitled under this Agreement, or any agreement or plan referenced herein, in connection with Executive’s termination of employment with the Company constitute deferred compensation subject to Section 409A of the Code and (ii) Executive is deemed at the time of such termination of employment to be a “specified” employee under Section 409A of the Code, then such payment or payments shall not be made or commence until the earlier of (i) the expiration of the six (6)-month period measured from the Executive’s Separation; or (ii) the date of Executive’s death following such Separation; provided, however, that such deferral shall only be effected to the extent required to avoid adverse tax treatment to Executive, including (without limitation) the additional twenty percent (20%) tax for which Executive would otherwise be liable under Section 409A(a)(1)(B) of the Code in the absence of such deferral.  Upon the expiration of the 
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applicable deferral period, any payments which would have otherwise been made during that period (whether in a single sum or in installments) in the absence of this paragraph shall be paid to Executive or Executive’s beneficiary in one lump sum (without interest). Except as otherwise expressly provided herein, to the extent any expense reimbursement or the provision of any in-kind benefit under this Agreement (or otherwise referenced herein) is determined to be subject to (and not exempt from) Section 409A of the Code, the amount of any such expenses eligible for reimbursement, or the provision of any in-kind benefit, in one calendar year shall not affect the expenses eligible for reimbursement or in kind benefits to be provided in any other calendar year, in no event shall any expenses be reimbursed after the last day of the calendar year following the calendar year in which Executive incurred such expenses, and in no event shall any right to reimbursement or the provision of any in-kind benefit be subject to liquidation or exchange for another benefit. To the extent that any provision of this Agreement is ambiguous as to its exemption or compliance with Section 409A, the provision will be read in such a manner so that all payments hereunder are exempt from Section 409A to the maximum permissible extent, and for any payments where such construction is not tenable, that those payments comply with Section 409A to the maximum permissible extent.  To the extent any payment under this Agreement may be classified as a “short-term deferral” within the meaning of Section 409A, such payment shall be deemed a short-term deferral, even if it may also qualify for an exemption from Section 409A under another provision of Section 409A.  Payments pursuant to this Agreement (or referenced in this Agreement) are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the regulations under Section 409A.   To the extent any nonqualified deferred compensation subject to Section 409A payable to Executive hereunder could be paid in one or more taxable years depending upon Executive completing certain employment-related actions (such as resigning after a failure to cure a Good Reason event and/or returning an effective release), then any such payments will commence or occur in the later taxable year to the extent required by Code Section 409A.
(b)Other Arrangements.  This Agreement supersedes any and all cash severance arrangements and vesting acceleration arrangements on change in control under any prior option agreement, restricted stock unit agreement, severance and salary continuation arrangements, programs and plans which were previously offered by the Company to the Executive, including change in control severance arrangements and vesting acceleration arrangements pursuant to an employment agreement or offer letter, and Executive hereby waives Executive’s rights to such other benefits.  In no event shall any individual receive cash severance benefits under both this Agreement and any other severance pay or salary continuation program, plan or other arrangement with the Company.  For the avoidance of doubt, in no event shall Executive receive payment under both Section 3 and Section 4 with respect to Executive’s Separation.  Notwithstanding the foregoing, or any provision of this Agreement to the contrary, the Board may accelerate, in full or in part, the vesting of the Equity Awards in its sole discretion, including, without limitation, upon termination of Executive’s employment or upon a Change in Control.
(c)Dispute Resolution.  To ensure rapid and economical resolution of any and all disputes that might arise in connection with this Agreement, Executive and the Company agree that any and all disputes, claims, and causes of action, in law or equity, arising from or relating to this Agreement or its enforcement, performance, breach, or interpretation, will be resolved solely and exclusively by final, binding, and confidential arbitration, by a single arbitrator, in Santa Clara County, and conducted by Judicial Arbitration & Mediation Services, Inc. (“JAMS”) under its then-existing employment rules and procedures. Nothing in this section, however, is intended to prevent either party from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration.  Each party to an arbitration or litigation hereunder shall be responsible for the payment of its own attorneys’ fees.
(d)Notice.  Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid or deposited with Federal Express Corporation, with shipping charges prepaid.  In the case of the Executive, mailed notices shall be addressed to him or her at the home address which he or she most recently communicated to the 
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Company in writing.  In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all notices shall be directed to the attention of its Secretary.
(e)Waiver.  No provision of this Agreement shall be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by the Executive and by an authorized officer of the Company (other than the Executive).  No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time.
(f)Withholding Taxes.  All payments made under this Agreement shall be subject to reduction to reflect taxes or other charges required to be withheld by law.
(g)Severability.  The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision hereof, which shall remain in full force and effect.
(h)No Retention Rights.  Nothing in this Agreement shall confer upon the Executive any right to continue in service for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company or any subsidiary of the Company or of the Executive, which rights are hereby expressly reserved by each, to terminate his or her service at any time and for any reason, with or without Cause.
(i)Choice of Law.  The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of [California][New York] (other than its choice-of-law provisions).
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IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company by its duly authorized officer, as of the day and year first above written.
						
		PUBMATIC, INC.
		
		
		By:
		Title:

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