PubMatic, Inc. — Director's Dealing 2026

Jan 5, 2026

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PubMatic, Inc. (PUBM)
CIK: 0001422930
Period of Report: 2026-01-01

Reporting Person: Kumar Mukul (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2026-01-01	Class A Common Stock	M	13862	—	Acquired	92914	Direct
2026-01-01	Class A Common Stock	S	5573	$8.6129	Disposed	87341	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2026-01-01	Restricted Stock Unit	$0	M	2247	Disposed		Class A Common Stock (2247)	Direct
2026-01-01	Restricted Stock Unit	$0	M	4280	Disposed		Class A Common Stock (4280)	Direct
2026-01-01	Restricted Stock Unit	$0	M	4015	Disposed		Class A Common Stock (4015)	Direct
2026-01-01	Restricted Stock Unit	$0	M	3320	Disposed		Class A Common Stock (3320)	Direct

Footnotes

F1: Includes 1,067 shares of Class A common stock acquired by the Reporting Person on May 30, 2025 and 592 shares of Class A common stock acquired by the Reporting Person on November 28, 2025 pursuant to the Issuer's employee stock purchase plan.

F2: The sales reported on this Form 4 represent shares sold by the Reporting Person to cover tax withholding obligations in connection with the vesting and settlement of restricted stock units ("RSUs"). The sales were to satisfy tax withholding obligations to be funded by a "sell to cover" transaction.

F3: The price reported in this line item is a weighted average price. These shares were sold as part of block trades for multiple security holders of the Issuer at prices ranging from $8.44 to $8.88, inclusive. The Reporting Person undertakes to provide to the Issuer, any securityholder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth herein with regard to the block trades.

F4: Each RSU represents a right to receive one share of the Issuer's Class A Common Stock at the time of settlement for no consideration.

F5: The RSUs vested as to 1/16th of the total shares on April 1, 2022, and 1/16th of the total shares vest quarterly thereafter, subject to the Reporting Person's provision of service to the Issuer on each vesting date.

F6: RSUs do not expire; they either vest or are canceled prior to the vesting date.

F7: The RSUs vested as to 1/16th of the total award on April 1, 2023, and 1/16th of the total shares will vest quarterly thereafter, subject to the Reporting Person's provision of service to the Issuer on each vesting date.

F8: The RSUs vested as to 1/16th of the total shares on April 1, 2024, and 1/16th of the total shares will vest quarterly thereafter, subject to the Reporting Person's provision of service to the Issuer on each vesting date.

F9: The RSUs vested as to 1/16th of the total shares on April 1, 2025, and 1/16th of the total shares will vest quarterly thereafter, subject to the Reporting Person's provision of service to the Issuer on each vesting date.