[Form 4] PubMatic, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Steven Pantelick, Chief Financial Officer of PubMatic, Inc. (PUBM), reported a sale of Class A common stock under a pre-established Rule 10b5-1 trading plan. The filing discloses that on 08/27/2025 he sold 3,676 shares at a weighted-average price of $8.4363, with prices in the range $8.31 to $8.52. After the reported sale, the filing shows the reporting person beneficially owned 27,026 shares. The Form 4 was signed by an attorney-in-fact on 08/29/2025. All sales were effected pursuant to the 10b5-1 plan adopted May 9, 2024.

Positive

• Transaction executed under a Rule 10b5-1 plan, indicating the sale was pre-planned
• Weighted-average price and price range disclosed, providing transparent pricing details

Negative

• Insider sold 3,676 shares, which represents insider liquidity though materiality relative to total holdings is not provided
• No additional context on rationale beyond the 10b5-1 plan, so the sale provides limited insight into company fundamentals

Insights

Financial Analyst

TL;DR: Insider sale under a pre-set 10b5-1 plan; transaction is transparent and routine, with limited immediate informational content for valuation.

The Form 4 reports a disposition of 3,676 Class A shares by PubMatic's CFO on 08/27/2025 at a weighted-average price of $8.4363. The filing explicitly states the sale was executed under a 10b5-1 trading plan adopted May 9, 2024, which reduces the likelihood the sale reflects contemporaneous insider views about business prospects. The remaining beneficial ownership is 27,026 shares. From an analyst perspective, the report documents insider liquidity but does not provide new operational or financial data to alter revenue or earnings forecasts.

Corporate Governance Expert

TL;DR: Governance process appears followed; 10b5-1 plan use and attorney-in-fact signature support procedural compliance.

The filing shows appropriate procedural disclosures: the sale is identified as executed pursuant to a Rule 10b5-1 plan and the price range and weighted-average price are disclosed. The signature by an attorney-in-fact on 08/29/2025 is noted. These elements indicate compliance with Section 16 reporting requirements and transparency around the insider transaction. The filing does not disclose any amendments or atypical arrangements that would raise governance concerns.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Pantelick Steven

(Last) (First) (Middle)

C/O PUBMATIC, INC.

601 MARSHALL STREET

(Street)

REDWOOD CITY CA 94063

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PubMatic, Inc. [ PUBM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CHIEF FINANCIAL OFFICER

3. Date of Earliest Transaction (Month/Day/Year)
08/27/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	08/27/2025		S(1)		3,676	D	$8.4363(2)	27,026	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The sales reported in this line item were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on May 9, 2024.

2. The price reported in this line item is a weighted average price. These shares were sold at prices ranging from $8.31 to $8.52, 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.

	/s/ Andrew Woods, Attorney-in-Fact	08/29/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did PubMatic (PUBM) insider Steven Pantelick report on Form 4?

He reported a sale of 3,676 Class A shares on 08/27/2025, executed pursuant to a Rule 10b5-1 trading plan.

At what price were the PUBM shares sold by the reporting person?

The weighted-average sale price was $8.4363, with individual sale prices ranging from $8.31 to $8.52.

How many PubMatic shares does the reporting person own after the transaction?

The filing shows beneficial ownership of 27,026 shares following the reported sale.

Was the sale part of an approved trading plan for PUBM insiders?

Yes. The filing states the sales were effected pursuant to a Rule 10b5-1 plan adopted May 9, 2024.

Who signed the Form 4 for this PUBM filing?

The Form 4 was signed by Andrew Woods as attorney-in-fact on 08/29/2025.