TUBEMOGUL INC

FORM SC 14D9(Statement of Ownership: Solicitation)

Filed 11/18/16

Address 1250 53RD STREET, SUITE 6

EMERYVILLE, CA 94608Telephone 510-653-0677

CIK 0001449278Symbol TUBE

SIC Code 7372 - Prepackaged SoftwareIndustry Software

Sector TechnologyFiscal Year 12/31

http://www.edgar-online.com© Copyright 2016, EDGAR Online, Inc. All Rights Reserved.

Distribution and use of this document restricted under EDGAR Online, Inc. Terms of Use.

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UNITED STATESSECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14D-9(Rule 14d-101)

Solicitation/Recommendation StatementUnder Section 14(d)(4) of the Securities Exchange Act of 1934

TubeMogul, Inc.(Name of Subject Company)

TubeMogul, Inc.(Name of Person(s) Filing Statement)

Common Stock, par value $0.001 per share(Title of Class of Securities)

898570106(CUSIP Number of Class of Securities)

Brett WilsonPresident and Chief Executive Officer

TubeMogul, Inc.1250 53rd Street, Suite 2

Emeryville, California 94608(510) 653-0126

(Name, address and telephone number of person authorizedto receive notice and communications on behalf of the persons filing statement)

With copies to:

Peter M. Astiz, Esq.Brandee Fernandez, Esq.

DLA Piper LLP (US)2000 University Ave

East Palo Alto, California 94303(650) 833-2000

Eric Deeds, Esq.General CounselTubeMogul, Inc.

1250 53rd Street, Suite 2Emeryville, California 94608

(510) 653-0126

☐ Checktheboxbelowifthefilingrelatessolelytopreliminarycommunicationsmadebeforethecommencementofatenderoffer.

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T ABLE OF CONTENTS Page Item1. SubjectCompanyInformation 1Item2. IdentityandBackgroundofFilingPerson 1Item3. PastContacts,Transactions,NegotiationsandAgreements 2Item4. TheSolicitationorRecommendation 14Item5. Persons/AssetsRetained,Employed,CompensatedorUsed 42Item6. InterestinSecuritiesoftheSubjectCompany 42Item7. PurposesoftheTransactionandPlansorProposals 42Item8. AdditionalInformation 43Item9. Exhibits 51AnnexA OpinionofMorganStanley A-1AnnexB Section262oftheGeneralCorporationLawoftheStateofDelaware B-1

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Item 1. Subject Company Information

Name and Address

ThenameofthesubjectcompanyisTubeMogul,Inc.,aDelawarecorporation(“TubeMogul”).TheaddressofTubeMogul’sprincipalexecutiveofficeis125053rdStreet,Suite2,Emeryville,California94608.ThetelephonenumberofTubeMogul’sprincipalexecutiveofficeis(510)653-0126.

Securities

ThetitleoftheclassofequitysecuritiestowhichthisSolicitation/RecommendationStatementonSchedule14D-9(togetherwiththeexhibitsandannexeshereto,asitmaybeamendedorsupplemented,this“Schedule14D-9”)relatesisTubeMogul’scommonstock,parvalue$0.001pershare.AsofNovember9,2016,therewere36,787,559sharesofTubeMogulcommonstockissuedandoutstanding.

Item 2. Identity and Background of Filing Person

Name and Address

Thename,businessaddressandbusinesstelephonenumberofTubeMogul,whichisboththepersonfilingthisSchedule14D-9andthesubjectcompany,aresetforthaboveundertheheading“Item1.SubjectCompanyInformation—NameandAddress,”whichinformationisincorporatedhereinbyreference.TubeMogul’swebsiteaddressiswww.tubemogul.com.TheinformationonTubeMogul’swebsiteisnotconsideredapartofthisSchedule14D-9.

Tender Offer

ThisSchedule14D-9relatestothecashtenderoffer(the“Offer”)byTigerAcquisitionCorporation,aDelawarecorporation(“Purchaser”)andasubsidiaryofAdobeSystemsIncorporated,aDelawarecorporation(“Adobe”),topurchasealloftheissuedandoutstandingsharesofTubeMogul’scommonstock(the“Shares”andeach,a“Share”)atapurchasepriceequalto$14.00perShare(the“OfferPrice”),nettothesellerincash,withoutinterestandsubjecttoanyrequiredtaxwithholding,uponthetermsandsubjecttotheconditionssetforthintheOffertoPurchase,datedNovember18,2016(asmaybeamendedorsupplementedfromtimetotime,the“OffertoPurchase”),andintherelatedLetterofTransmittal(asmaybeamendedorsupplementedfromtimetotime,the“LetterofTransmittal”).TheOffertoPurchaseandformofLetterofTransmittalarebeingmailedwiththisSchedule14D-9andarefiledasExhibits(a)(1)(A)and(a)(1)(B)tothisSchedule14D-9,respectively,andareincorporatedhereinbyreference.

TheOfferisbeingmadepursuanttoanAgreementandPlanofMerger,datedasofNovember10,2016(asitmaybeamendedfromtimetotime,the“MergerAgreement”),byandamongTubeMogul,AdobeandPurchaser.AcopyoftheMergerAgreementisfiledasExhibit(e)(1)tothisSchedule14D-9andisincorporatedhereinbyreference.TheMergerAgreementissummarizedinSection11,captioned“TheMergerAgreement;OtherAgreements,”oftheOffertoPurchase.TheMergerAgreementprovides,amongotherthings,thatuponitstermsandsubjecttotheconditionssetforththereinandpursuanttoSection251(h)oftheGeneralCorporationLawoftheStateofDelaware(the“DGCL”),onthesamedaythePurchaserconsummatestheOffer,aftersatisfactionor,totheextentpermittedbytheMergerAgreement,waiverofallconditionstotheMerger(and,inanyevent,bythefirstbusinessdayonwhichtheconditionsetforthinSection7.1oftheMergerAgreementissatisfied),PurchaserwillmergewithandintoTubeMogul(the“Merger”andtogetherwiththeOfferandtheothertransactionscontemplatedbytheMergerAgreement,the“Transactions”),withTubeMogulcontinuingasthesurvivingcorporation(the“SurvivingCorporation”).BecausetheMergerwillbeeffectedunder251(h)oftheDGCL,nostockholdervotewillberequiredtoconsummatetheMerger.TubeMoguldoesnotexpecttheretobeasignificantperiodoftimebetweentheconsummationoftheOfferandtheconsummationoftheMerger.AttheeffectivetimeoftheMerger(the“EffectiveTime”),eachShare(otherthan(i)Sharesheldinthetreasuryof

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TubeMogulandSharesownedbyPurchaser,AdobeoranywhollyownedsubsidiaryofAdobeorofTubeMogulimmediatelypriortotheEffectiveTime,or(ii)SharesheldbyanystockholderthatisentitledtodemandandproperlydemandsappraisalofsuchSharespursuantto,andwhocompliesinallrespectswith,Section262oftheDGCLandwho,asoftheEffectiveTime,hasneithereffectivelywithdrawnnorlostsuchstockholder’srightstosuchappraisalandpaymentundertheDGCLwithrespecttosuchShares)willbeconvertedintotherighttoreceivetheOfferPrice,nettothesellerincash,withoutinterestthereonandsubjecttoanyrequiredtaxwithholding(the“MergerConsideration”).UndernocircumstanceswillinterestbepaidonthepurchasepricefortheShares,regardlessofanyextensionoftheOfferoranydelayinmakingpaymentfortheShares.AsaresultoftheMerger,theShareswillceasetobepubliclyheldandTubeMogulwillbecomeasubsidiaryofAdobe.

Purchasercommenced(withinthemeaningofRule14d-2promulgatedundertheSecuritiesExchangeActof1934(the“ExchangeAct”))theOfferonNovember18,2016.SubjecttothetermsandconditionsoftheMergerAgreementandtheOffer,theOfferisinitiallyscheduledtoexpireoneminutefollowing11:59p.m.,EasternTime,onFriday,December16,2016,thedatethatis20businessdays(forthispurposecalculatedinaccordancewithRules14d-1(g)(3)and14d-2promulgatedundertheExchangeAct)followingcommencementoftheOffer(the“ExpirationDate”).

TheforegoingsummaryoftheOffer,theMergerandtheMergerAgreementisqualifiedinitsentiretybythedescriptionscontainedintheOffertoPurchaseandtheLetterofTransmittalaswellasthefulltextoftheMergerAgreement.CopiesoftheMergerAgreement,theOffertoPurchaseandtheLetterofTransmittalarefiledasExhibits(e)(1),(a)(1)(A)and(a)(1)(B),respectively,tothisSchedule14D-9andareincorporatedhereinbyreference.

PurchaserisaDelawarecorporationandasubsidiaryofAdobe,andwasformedsolelyforthepurposeoffacilitatinganacquisitionbyAdobe.Purchaserhasnotcarriedonanyactivitiestodate,exceptforactivitiesincidentaltoitsformationandactivitiesundertakeninconnectionwiththeTransactions.AccordingtotheOffertoPurchase,theprincipalexecutiveofficesofAdobeandPurchaserarelocatedat345ParkAvenue,SanJose,California95110-2704,andthetelephonenumberofAdobeandPurchaseris(408)536-6000.

TheinformationrelatingtotheOffer,includingtheOffertoPurchase,theLetterofTransmittalandrelateddocuments(including,withoutlimitation,theMergerAgreement)andthisSchedule14D-9(includingcertainreferenceddocuments),canbeobtainedwithoutchargefromtheSEC’swebsiteatwww.sec.gov.

Item 3. Past Contacts, Transactions, Negotiations and Agreements

ExceptassetforthinthisSchedule14D-9,asofthedatehereof,totheknowledgeofTubeMogul,therearenomaterialagreements,arrangementsorunderstandingsoranyactualorpotentialconflictsofinterestbetweenTubeMoguloritsaffiliates,ontheonehand,and(1)itsexecutiveofficers,directorsoraffiliatesor(2)AdobeorPurchaserortheirrespectiveexecutiveofficers,directorsoraffiliates,ontheotherhand.

Arrangements between TubeMogul, Adobe and Purchaser

Merger Agreement

TheMergerAgreementgovernsthecontractualrightsamongTubeMogul,AdobeandPurchaserinrelationtotheOffer,theMergerandtheotherTransactions.TheMergerAgreementisnotintendedtoprovideanyotherfactualinformationaboutTubeMogul,AdobeorPurchaser.TheMergerAgreementhasbeenfiledasExhibit(e)(1)tothisSchedule14D-9andisincorporatedhereinbyreferencetoprovideTubeMogul’sstockholderswithinformationregardingthetermsoftheMergerAgreementandisnotintendedtomodifyorsupplementanyfactualdisclosuresaboutTubeMogul,AdobeorPurchaserfoundinTubeMogul’sorAdobe’spublicreportsfiledwiththeSEC.Inparticular,theassertionsembodiedintherepresentations,warrantiesandcovenantscontainedin

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theMergerAgreement(1)weremadeonlyforpurposesoftheMergerAgreementandasofthedatesspecifiedtherein;(2)weresolelyforthebenefitofthepartiestotheMergerAgreement;and(3)aresubjecttolimitationsagreeduponbythepartiestotheMergerAgreement,includingbeingqualifiedbyconfidentialdisclosureschedulesprovidedbyTubeMogultoAdobeandPurchaserinconnectionwiththeexecutionanddeliveryoftheMergerAgreement.Thesedisclosureschedulescontaininformationthatmodifies,qualifiesandcreatesexceptionstotherepresentationsandwarrantiessetforthintheMergerAgreement.

Moreover,therepresentationsandwarrantiesintheMergerAgreementaretheproductofnegotiationsamongTubeMogul,AdobeandPurchaser.CertainrepresentationsandwarrantiesintheMergerAgreementhavebeenmadeforthepurposesofallocatingriskamongthepartiestotheMergerAgreementinsteadofestablishingmattersoffact.Accordingly,therepresentationsandwarrantiesintheMergerAgreementmaynotconstitutetheactualstateoffactsaboutTubeMogul,AdobeorPurchaser.TherepresentationsandwarrantiessetforthintheMergerAgreementmayalsobesubjecttoacontractualstandardofmaterialityormaterialadverseeffectdifferentfromthatgenerallyapplicableunderfederalsecuritieslaws.InvestorsarenotthirdpartybeneficiariesundertheMergerAgreementandshouldnotrelyontherepresentations,warrantiesorcovenants,oranydescriptionsthereof,ascharacterizationsoftheactualstateoffactsortheactualconditionofTubeMogul,AdobeorPurchaseroranyoftheirrespectivesubsidiariesoraffiliates.Moreover,informationconcerningthesubjectmatterofsuchrepresentationsandwarranties,whichdonotpurporttobeaccurateasofthedateofthisSchedule14D-9,mayhavechangedsincethedateoftheMergerAgreement,whichsubsequentinformationmayormaynotbefullyreflectedintheparties’publicdisclosures.

AsummaryoftheMergerAgreementiscontainedinSection11oftheOffertoPurchase,whichsummaryisincorporatedhereinbyreference,butisqualifiedinitsentiretybyreferencetotheMergerAgreement,whichistheactuallegaldocumentgoverningtheMergerandtheparties’respectiverightsandobligationswithrespectthereto.AcopyoftheMergerAgreementisfiledasExhibit(e)(1)tothisSchedule14D-9andisincorporatedhereinbyreference.

Nondisclosure Agreement

AdobeandTubeMogulenteredintoaMasterAgreementforDisclosureofInformationonOctober19,2016(the“NondisclosureAgreement”).UndertheNondisclosureAgreement,AdobeandTubeMogulagreed,subjecttocertainexceptions,thatcertainnon-publicinformationeachmaymakeavailabletotheotherwillnotbedisclosedforanypurposeotherthanthepossibleacquisitiontransactioninvolvingAdobeandTubeMogul.AdobeandTubeMogulalsoagreedtocertain“standstill”provisions,whichwillremainineffectuntiltheearlierofOctober19,2017ortheconsummationoftheMergerorothersignificanteventbythedisclosingparty.

ThissummaryanddescriptionoftheNondisclosureAgreementisqualifiedinitsentiretybyreferencetotheNondisclosureAgreement,whichisfiledasExhibit(d)(3)totheScheduleTO,andisincorporatedhereinbyreference.

Exclusivity Agreement

AdobeandTubeMogulenteredintoanExclusivityAgreementonNovember4,2016(the“ExclusivityAgreement”),whereby,TubeMogulagreedtoprovideAdobewithanopportunitytocompleteduediligenceandtonegotiate,consistentwiththepriceandothermaterialtermsproposedbyAdobeinitsproposalletter,theproposedsaleofalloftheoutstandingcapitalstockofTubeMogultoAdobeonanexclusivebasiscommencingonthedateoftheExclusivityAgreementandendingontheearlierof(1)November9,2016at11:59p.m.and(2)thetimeatwhichAdobeproposesaper-sharepurchasepriceforthesaleoftheoutstandingcapitalstockofTubeMogulthatisnot100%cashorthatislessthan$14.00.PursuanttothetermsoftheExclusivityAgreement,TubeMogulagreedthatneitheritnoranyofitsaffiliates,officers,directors,employeesorprincipalstockholdersoranyrepresentativeactingontheirbehalfwould,amongotherthings,directlyorindirectly:(a)solicit,encourage,initiate,participateinanynegotiationsordiscussionswithrespecttoanyofferorproposaltoacquire

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alloranyportionofTubeMogul’sbusinessorpropertiesoranyofitscapitalstock,whetherbymerger,purchaseofassets,license,tenderofferorotherwise,oreffectanysuchtransaction;(b)discloseorprovideanyinformationnotcustomarilydisclosedtoanypersonconcerningTubeMogul’sbusinessorpropertiesoraffordanypersonorentityaccesstoitsproperties,booksandrecordsoremployees,notcustomarilyaffordedsuchaccess;or(c)assistorcooperatewithanypersontomakeanyproposaltopurchaseanyTubeMogulcapitalstockoranyportionofTubeMogul’sassetsorenterintoanyagreementwithanypersonprovidingfortheacquisitionofTubeMogul(whetherbywayofmerger,purchaseofassets,license,tenderofferorotherwise).

ThissummaryanddescriptionoftheExclusivityAgreementisqualifiedinitsentiretybyreferencetotheExclusivityAgreement,whichisfiledasExhibit(d)(4)totheScheduleTO,andisincorporatedhereinbyreference.

Tender and Support Agreements

ConcurrentlywithenteringintotheMergerAgreement,AdobeandPurchaserenteredintoTenderandSupportAgreements,datedasofNovember10,2016(the“TenderandSupportAgreements”),withAjayChopra,AshuGarg,BrettWilson,DavidToth,EricDeeds,JackLazar,KeithEadie,RussellFradin,TrinityVenturesX,L.P.,TrinityXSide-By-SideFund,L.P.andTrinityXEntrepreneurs’Fund,L.P.(each,a“SupportingStockholder”).ExcludingSharesunderlyingTubeMogulstockoptionsandrestrictedstockunits,asofNovember9,2016,theSupportingStockholderscollectivelybeneficiallyowned,intheaggregate,5,829,554Shares(orapproximately15.8%ofallSharesoutstandingasofNovember9,2016).IncludingShareswhichmaybeissuedunderTubeMogulstockoptionsandrestrictedstockunitswhichareexercisableforormaybecomevestedandsettledforShareswithin60daysofNovember9,2016,theSupportingStockholderscollectivelybeneficiallyowned,intheaggregate,6,888,463SharesasofNovember9,2016(orapproximately18.2%ofthetotalofallSharesthatareoutstandingandalladditionalSharesthataredeemedoutstandingforpurposesofcalculatingtheSupportingStockholders’percentageownershipinaccordancewithRule13d-3(d)(1)(i)undertheExchangeActasofNovember9,2016).

TheTenderandSupportAgreementsprovidethat,nolaterthantenbusinessdaysafterthecommencementoftheOffer,eachSupportingStockholderwilltenderintotheOffer,andnotwithdraw,alloutstandingSharesthatsuchSupportingStockholderownsofrecordorbeneficially(withinthemeaningofRule13d-3undertheExchangeAct)asofthedateoftheTenderandSupportAgreementorthatsuchSupportingStockholderacquiresrecordownershiporbeneficialownership(withinthemeaningofRule13d-3undertheExchangeAct)ofaftersuchdateduringtheSupportPeriod(asdefinedbelow)(collectively,the“SubjectShares”).

TheTenderandSupportAgreementsalsoprovidethat,duringtheperiodfromNovember10,2016untiltheearliertooccurof(1)thedatetheMergerAgreementisvalidlyterminated;or(2)theEffectiveTime(suchperiod,the“SupportPeriod”),theSupportingStockholderswillvotetheirSubjectSharesagainstcertainalternativecorporatetransactions(asmorefullydescribedintheapplicableTenderandSupportAgreement),andthatAdobeisappointedastheSupportingStockholders’attorney-in-factandproxytovotetheSubjectShares.

ThissummaryanddescriptionoftheTenderandSupportAgreementsisqualifiedinitsentiretybyreferencetotheformofTenderandSupportAgreement,whichisfiledasExhibit(d)(2)totheScheduleTO,andisincorporatedhereinbyreference.

Beneficial Ownership of Shares by Adobe

AccordingtotheScheduleTO,asofNovember9,neitherAdobeorPurchaserbeneficiallyownedanyShares,exceptforSharesthatmaybedeemedbeneficiallyownedbythembyvirtueoftheTenderandSupportAgreements.

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Arrangements with Current Executive Officers and Directors of TubeMogul

Overview

InconsideringtherecommendationofTubeMogul’sboardofdirectors(the“TubeMogulBoard”)setforthunderthecaption“Item4.TheSolicitationorRecommendation—RecommendationoftheBoard,”TubeMogul’sstockholdersshouldbeawarethatcertainofTubeMogul’sexecutiveofficersanddirectorsmaybeconsideredtohaveinterestsintheTransactionsthatmaybedifferentfrom,orinadditionto,thoseofTubeMogul’sstockholdersgenerally.TheTubeMogulBoardwasawareoftheseinterestsandconsideredthem,alongwithothermatters,inevaluatingandapprovingtheMergerAgreementandtheTransactionsandrecommendingthatTubeMogul’sstockholdersaccepttheOfferandtendertheirSharesintheOffer.

Thefollowingisadiscussionofallknownmaterialagreements,understandingsandanyactualorpotentialconflictsofinterestbetweenTubeMogulanditsexecutiveofficersordirectorsthatrelatetotheTransactions.Thefollowingsummariesarequalifiedintheirentiretybyreferenceto(1)theMergerAgreement;(2)TubeMogul’s2007EquityCompensationPlan,asamended(the“2007Plan”),TubeMogul’s2014EquityIncentivePlan(the“2014Plan”and,togetherwiththe2007Plan,the“StockPlans”)andTubeMogul’s2014EmployeeStockPurchasePlan,asamended(the“ESPP”);(3)theawardagreementsgoverningTubeMogulCompensatoryAwards(asdefinedbelow)heldbyTubeMogul’sexecutiveofficersanddirectors;and(4)theofferletterswithTubeMogul’sexecutiveofficers(the“OfferLetters”).ForfurtherinformationwithrespecttothearrangementsbetweenTubeMogulanditsnamedexecutiveofficers,seetheinformationincludedunderthecaption“—ArrangementswithCurrentExecutiveOfficersandDirectorsofTubeMogul—GoldenParachuteCompensation.”The2007Plan,the2014Plan,theESPPandtheOfferLettersarefiledasExhibits(e)(8)through(e)(18)tothisSchedule14D-9,respectively,andareincorporatedhereinbyreference.

Consideration for Shares Tendered Pursuant to the Offer

IfTubeMogul’sexecutiveofficersanddirectorsweretotenderanySharesthattheybeneficiallyownpursuanttotheOffer,underthetermsoftheMergerAgreementtheywouldreceivethesamecashconsiderationperShareonthesametermsandconditionsastheotherstockholdersofTubeMogul.AsofNovember9,2016,theexecutiveofficersanddirectorsofTubeMogulsetforthinthe“TableofEquityRelatedPayments”belowbeneficiallyowned,intheaggregate,5,829,554Shares(excludingforthispurposeSharesunderlyingTubeMogulCompensatoryAwards,whicharesetforthseparatelyinthe“TableofEquityRelatedPayments”below).Iftheexecutiveofficersanddirectorsweretotenderall5,829,554SharesbeneficiallyownedbythemasofNovember9,2016,forpurchasepursuanttotheOfferandthoseShareswereacceptedforpurchaseandpurchasedbyPurchaser,thensuchexecutiveofficersanddirectorswouldreceive,inaggregate,approximately$81,613,756incash,withoutinterestandsubjecttoanywithholdingtaxes.Asindicatedbelow,totheknowledgeofTubeMogul,eachexecutiveofficeranddirectorofTubeMogulcurrentlyintendstotenderallofhisSharesintheOffer.

Effect of the Offer and the Merger Agreement on TubeMogul Compensatory Awards and the ESPP

ThediscussionbelowdescribesthetreatmentofTubeMogul’soutstandingoptions(“Options”)andoutstandingrestrictedstockunits(“RSUs”andcollectivelywiththeOptions,the“TubeMogulCompensatoryAwards”)undertheMergerAgreement,assumingthattherearenorightstochangeincontrolbenefitswithrespecttotheTubeMogulCompensatoryAwards,whichchangeincontrolbenefitsarediscussedseparatelybelowunderthesectionscaptioned“—ArrangementswithCurrentExecutiveOfficersandDirectorsofTubeMogul—AgreementsorArrangementswithExecutiveOfficersofTubeMogul”and“—ArrangementswithCurrentExecutiveOfficersandDirectorsofTubeMogul—AgreementsorArrangementswithDirectorsofTubeMogul.”

Anycashpaymentsdescribedbelowwillbesubjecttoanyapplicablewithholdingtaxesandwill,unlessotherwisenotedbelow,bemadeshortlyfollowingtheEffectiveTime.

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OptionsandRSUs

AttheEffectiveTime,byvirtueoftheMergerandwithoutanyactiononthepartofanyholderofanyoutstandingstockoption,eachstockoptionthatisoutstanding,unexercisedandvested(orrequiredtovestasaresultoftheMerger),subjecttothetermsandconditionssetforthintheMergerAgreement,willterminateandbecancelledattheEffectiveTimeandeachholderofsuchstockoptionwillbeentitledtoreceivefromTubeMogul,andwillreceiveassoonaspracticablefollowingtheEffectiveTime,insettlementofeachsuchstockoptionanOptionCashAmount.The“OptionCashAmount”willbeequaltothenetamountof(i)theproductof(A)theexcess,ifany,oftheMergerConsiderationovertheapplicableexercisepriceperShareotherwiseissuableuponexerciseofsuchstockoption,multipliedby(B)thenumberofSharessubjecttosuchstockoption,less(ii)anyapplicablewithholdingsfortaxes.Notwithstandingtheforegoing,iftheexercisepriceperShareofanystockoptionequalsorexceedstheMergerConsideration,effectiveasoftheEffectiveTime,suchstockoptionshallautomaticallybecancelled,withoutanyconsiderationbeingpayableinrespectthereof,andhavenofurtherforceoreffect.

TheMergerAgreementalsoprovidesthat,attheEffectiveTime,byvirtueoftheMergerandwithoutanyactiononthepartofanyholderofanyoutstandingrestrictedstockunit,eachrestrictedstockunitthatisoutstanding,unsettledandvested(orrequiredtovestasaresultoftheMerger),subjecttothetermsandconditionssetforthintheMergerAgreement,willterminateandbecanceledattheEffectiveTimeandeachholderofsuchrestrictedstockunitwillbeentitledtoreceivefromTubeMogul,andwillreceiveassoonaspracticablefollowingtheEffectiveTime,insettlementofeachsuchrestrictedstockunitanRSUCashAmount.The“RSUCashAmount”willbeequaltotheproductof(i)thetotalnumberofSharesissuableinsettlementoftherestrictedstockunitimmediatelypriortotheEffectiveTime(takingintoaccountanyaccelerationofvesting),multipliedby(ii)theMergerConsideration,lessanyapplicablewithholdingsforTaxes.

TheMergerAgreementalsoprovidesthatattheEffectiveTime,byvirtueoftheMergerandwithoutanyactiononthepartofanyholderofanyoutstandingstockoption:(i)eachstockoptionthatisoutstanding,unexercised,hasanexercisepricepersharethatislessthantheMergerConsiderationandisnotvested(orrequiredtovestasaresultoftheMerger)(an“UnvestedIn-the-MoneyOption”)andisheldbyacurrentemployeeofTubeMoguloranysubsidiaryofTubeMogulasofimmediatelypriortotheEffectiveTime;and(ii)eachrestrictedstockunitthatisoutstandingandisnotvested(orrequiredtovestasaresultoftheMerger)andisheldbyacurrentemployeeofTubeMoguloranysubsidiaryofTubeMogulasofimmediatelypriortotheEffectiveTime(each,an“UnvestedRSU”),shall,inthecaseofeachofclauses“(i)”and“(ii),”beassumedorreplacedandbecome:(A)inthecaseofeachsuchUnvestedIn-the-MoneyOption,astockoptiontopurchasesharesoftheCommonStock,parvalue$0.0001pershare,ofAdobe(“AdobeCommonStock”)and(B)inthecaseofeachUnvestedRSU,arestrictedstockunitinrespectofsharesofAdobeCommonStock.

TheMergerAgreementprovidesthatfromandaftertheEffectiveTime:(i)eachUnvestedIn-the-MoneyOptionassumedorreplacedbyAdobemaybeexercisedsolelyforsharesofAdobeCommonStock;(ii)thenumberofsharesofAdobeCommonStockunderlyingeachsuchUnvestedIn-the-MoneyOptionshallbedeterminedbymultiplyingthenumberofSharesunderlyingsuchUnvestedIn-the-MoneyOptionbytheConversionRatio,androundingtheresultingnumberdowntothenearestwholenumberofsharesofAdobeCommonStock;(iii)theper-shareexercisepricefortheAdobeCommonStockissuableuponexerciseofeachsuchUnvestedIn-the-MoneyOptionshallbedeterminedbydividing:(A)theexercisepricepershareofsuchUnvestedIn-the-MoneyOption,by(B)theConversionRatio,androundingtheresultingexercisepriceuptothenearestwholecent;and(iv)subjecttothetermsofthestockoptionagreementbywhichsuchUnvestedIn-the-MoneyOptionisevidenced,anyrestrictionontheexerciseofsuchUnvestedIn-the-MoneyOptionshallcontinueinfullforceandeffectandtheterm,exercisability,vestingscheduleandotherprovisionsofsuchUnvestedIn-the-MoneyOptionshallotherwiseremainunchanged;provided,however,thatAdobe’sboardofdirectorsoracommitteethereofshallsucceedtotheauthorityandresponsibilityoftheTubeMogulBoardoranycommitteethereofwithrespecttosuchUnvestedIn-the-MoneyOption.ForpurposesoftheMergerAgreement,the“ConversionRatio”willbeequaltoafractionhaving:(x)anumeratorequaltotheMergerConsideration;and(y)adenominatorequaltothe

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averageoftheclosingsalepricesofashareofAdobeCommonStockasreportedontheNasdaqGlobalSelectMarketforthe10consecutivetradingdayperiodendingonthesecondbusinessdaypriortothedateoftheclosingofthetransactionscontemplatedbytheMergerAgreement(the“Closing,”andsuchdate,“ClosingDate”);provided,however,thatif,betweenthedateoftheMergerAgreementandtheEffectiveTime,theoutstandingsharesofTubeMogulcommonstockorAdobeCommonStockarechangedintoadifferentnumberorclassofsharesbyreasonofanystocksplit,divisionorsubdivisionofshares,stockdividend,reversestocksplit,consolidationofshares,reclassification,recapitalizationorothersimilartransaction,thentheConversionRatioshallbeappropriatelyadjusted.

TheMergerAgreementalsoprovidesthatfromandaftertheEffectiveTime:(A)eachUnvestedRSUassumedorreplacedbyAdobewill,uponthevestingthereof,becomearestrictedstockunitinrespectofsharesofAdobeCommonStock;(B)thenumberofsharesofAdobeCommonStockunderlyingsuchUnvestedRSUshallbedeterminedbymultiplying:(1)thenumberofSharesunderlyingsuchUnvestedRSU;by(2)theConversionRatio,androundingtheresultingnumberdowntothenearestwholenumberofsharesofAdobeCommonStock;and(C)anyrestrictiononthevestingorsettlementorissuanceofsharesundersuchUnvestedRSUshallcontinueinfullforceandeffect,andtheterm,vestingscheduleandotherprovisionsofsuchUnvestedRSUshallotherwiseremainunchanged;provided,however,thatAdobe’sboardofdirectorsoracommitteethereofshallsucceedtotheauthorityandresponsibilityoftheTubeMogulBoardoranycommitteethereofwithrespecttosuchUnvestedRSU.

TheMergerAgreementprovidesthatAdobeshallnotassumeanyTubeMogulstockoptionsorrestrictedstockunits,orsubstituteanyTubeMogulstockoptionsorrestrictedstockunitswithanequivalentoption,restrictedstockunitorright,heldbyanyindividualwho,attheEffectiveTime,isnotacurrentemployeeofTubeMoguloranysubsidiaryofTubeMogul(each,a“Non-CompanyEmployee”).EachunvestedstockoptionheldbyaNon-CompanyEmployeeasofimmediatelypriortotheEffectiveTimeshallbeacceleratedandtreatedasavestedstockoptioninaccordancewiththeMergerAgreement.EachunvestedrestrictedstockunitheldbyaNon-CompanyEmployeeasofimmediatelypriortotheEffectiveTimeshallbeacceleratedandtreatedasavestedrestrictedstockunitinaccordancewiththeMergerAgreement.

PursuanttotheMergerAgreement,AdobehasagreedtoprepareandfilewiththeSEC,nolaterthan30daysaftertheClosingDate,aregistrationstatementonFormS-8(oranysuccessorform),ifavailableforusebyAdobe,relatingtothesharesofAdobeCommonStockissuablewithrespecttotheOptionsandRSUsassumedorreplacedbyAdobeinaccordancewiththeMergerAgreementandshallexercisecommerciallyreasonableeffortstomaintaintheeffectivenessofsuchregistrationstatementforsolongassuchassumedorreplacedOptionsandRSUsremainoutstanding.

StockPlans

AttheEffectiveTime,ifAdobeelectstodoso,AdobemayassumeanyoralloftheStockPlansormergeanyoralloftheStockPlansintoanequityincentiveplanofAdobe.

ESPP

TheMergerAgreementprovidesthatTubeMogulshalltakeallactionsnecessaryorrequiredundertheESPPandapplicablelawandregulationto,contingentontheEffectiveTime,(i)ensurethat,exceptforthe6-monthofferingperiodundertheESPPthatcommencedonAugust17,2016,noofferingperiodorpurchaseperiodwillbeauthorizedorcommencedonorafterthedateoftheMergerAgreementand(ii)iftheClosingwilloccurpriortotheendoftheofferingperiodinexistenceundertheESPPonthedateoftheMergerAgreement,causetherightsofparticipantsintheESPPwithrespecttoanysuchofferingperiod(andpurchaseperiodthereunder)thenunderwayundertheESPPtobedeterminedbytreatingthelastbusinessdaypriortothefirsttimeasofwhichPurchaseracceptsanySharesforpaymentpursuanttotheOffer(suchtime,the“AcceptanceTime”)asthelastdayofsuchofferingperiod(suchdateorthedatesuchofferingperiodterminatesbyitsterms,ifearlier,the

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“FinalPurchaseDate”)andpurchaseperiodandbymakingsuchotherpro-rataadjustmentsasmaybenecessarytoreflecttheshortenedofferingperiodandpurchaseperiodbutotherwisetreatingsuchshortenedofferingperiodandpurchaseperiodasafullyeffectiveandcompletedofferingperiodandpurchaseperiodforallpurposesundertheESPP.TubeMogulshallcausetheexercise(asoftheFinalPurchaseDate)ofeachoutstandingpurchaserightundertheESPPandterminatetheESPPinitsentiretyeffectiveasoftheAcceptanceTime,contingentupontheEffectiveTime.PriortotheAcceptanceTime,TubeMogulshalltakeallactions(including,ifappropriate,amendingthetermsoftheESPP)thatarenecessarytogiveeffecttothetransactionscontemplatedbytheMergerAgreement.Inanyevent,theTubeMogulBoardshallterminatetheESPPpriortotheEffectiveTime.

TableofEquityRelatedPayments

ThefollowingtablesetsforththeapproximateamountofthepaymentsthateachofTubeMogul’sdirectorsandexecutiveofficersisentitledtoreceiveinconnectionwiththeconsummationoftheTransactionspursuanttotheirSharesandTubeMogulCompensatoryAwardsheldasofNovember9,2016.

ThefollowingtableshowstheestimatedcashamountsthateachcurrentexecutiveofficerandcurrentdirectorofTubeMogulwouldbeeligibletoreceive(withoutsubtractionofapplicablewithholdingtaxes)inconnectionwiththeMergerwithregardto(i)thenumberofoutstanding,unexercisedandvestedOptionstobecancelledandterminatedattheEffectiveTimeand(ii)thenumberofoutstanding,unsettledandvestedRSUstobecancelledandterminatedattheEffectiveTime.ThefollowingtablealsoshowsthenumberofoptionstopurchaseAdobeCommonStockorrestrictedstockunitsinrespectofsharesofAdobeCommonStockthateachexecutiveofficerofTubeMogulwouldbeeligibletoreceiveinconnectionwiththeMergerwithregardto(i)thenumberofUnvestedIn-the-MoneyOptionstobeassumedorreplacedbyoptionstopurchasesharesofAdobeCommonStockand(ii)thenumberofUnvestedRSUstobeassumedorreplacedbyrestrictedstockunitsinrespectofsharesofAdobeCommonStock.

TheestimatedcashvaluesinthetablebelowarebasedontheOfferPriceof$14.00pershareandthetableassumesthatthenumberofvestedandunvestedoutstandingTubeMogulCompensatoryAwardsforeachTubeMogulexecutiveofficeranddirectorattheEffectiveTimewillequalthenumberofvestedandunvestedTubeMogulCompensatoryAwardsthatwereoutstandingasofNovember9,2016,thelatestpracticabledatetodeterminesuchamountsbeforethefilingofthisSchedule14-D9(thesenumbersdonotforecastanyfuturegrants,exercisesoradditionalvestingthatmayoccurbetweenNovember10,2016andtheClosingDate).ThenumbersinthetablebelowdonotincludeSharesthatmaybeacquiredbyTubeMogul’sexecutiveofficersundertheESPPafterNovember9,2016anddonotincludeOptionswithanexercisepriceequaltoorgreaterthan$14.00perShare,whichOptionswillbecancelledattheEffectiveTimeandwillceasetoexistwithoutreceivinganypaymenttherefor.

Name

Number of Shares

(1)

Value of Shares ($, in

thousands)(2)

Shares subject

to Vested Options

(3) (*)

Value of Shares

subject to Vested

Options (4)

($, in thousands)

VestedRSUs (5) (*)

Value of Vested RSUs

(6) ($, in

thousands)

Shares subject

to UnvestedIn-the- Money Options

(7) (*)

Value of Unvested In-the- Money Options

(8) ($, in

thousands)

UnvestedRSUs (9)

(#)

Value of Unvested

RSUs (10)

($, in thousands)

BrettWilson 1,160,954 $ 16,253.36 537,499 $ 6,812.49 16,722 $ 234.11 62,500 $ 702.50 100,335 $ 1,404.69RonWill — — — — — — — — 222,489 $ 3,114.85KeithEadie 271 $ 3.79 100,942 $ 1,232.83 6,794 $ 95.12 6,771 $ 46.72 40,761 $ 570.65RobertGatto — — — — — — — — 258,981 $ 3,625.73EricDeeds 5,852 $ 81.93 103,860 $ 1,213.08 8,975 $ 125.65 8,495 $ 99.22 78,231 $ 1,095.23AjayChopra 4,461,673 $ 62,463.42 — — — — — — 8,069 $ 112.97AshuGarg 16,888 $ 236.43 — — — — — — 8,069 $ 112.97DavidToth 136,410 $ 1,909.74 50,000 $ 665.00 — — — — 8,589 $ 120.25RussellFradin 20,882 $ 292.35 32,292 $ 429.48 — — — — 8,069 $ 112.97JackLazar 26,624 $ 372.74 84,062 $ 944.86 — — 23,438 $ 263.44 8,069 $ 112.97PaulLevine — — — — — — — — 21,077 $ 295.08

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(1) ThiscolumnincludesthenumberofsharesofTubeMogulcommonstocksubjectbeneficiallyowned(excludingsharesunderlyingTubeMogulCompensatoryAwards)asofNovember9,2016.

(2) TheconsiderationforthesesharesofTubeMogulcommonstockistheOfferPrice.(3) ThiscolumnincludesthenumberofsharesofTubeMogulcommonstocksubjecttooutstanding,unexercisedandvestedOptionsthatareexercisablewithin

60daysofNovember9,2016.(4) TheconsiderationfortheseOptionsistheOptionCashAmount.(5) Thiscolumnincludesoutstanding,unsettledandvestedRSUsthatareexercisablewithin60daysofNovember9,2016.(6) TheconsiderationfortheseRSUsisequaltoRSUCashAmount.(7) ThiscolumnincludesthenumberofsharesofTubeMogulcommonstocksubjecttounvestedOptionsthatarenotexpectedtovestwithin60daysof

November9,2016(8) TheconsiderationfortheseOptionsistherighttopurchasesharesofAdobeCommonStock.(9) Thiscolumnincludesoutstanding,unsettledandvestedRSUsthatarenotexpectedtovestwithin60daysofNovember9,2016.(10) TheconsiderationfortheseRSUsisrestrictedstockunitsinrespectofsharesofAdobeCommonStock.*Vestedawardsincludeawardsexercisablewithin60daysofNovember9,2016.

Agreements or Arrangements with Executive Officers of TubeMogul

Post-EmploymentCompensationandChangeinControlPaymentsandBenefits

TubeMogulhasenteredintoanOfferLetterwitheachofitsexecutiveofficers,whichsetsforththetermsandconditionsofsuchofficer’semploymentwithTubeMogul.PursuanttotheOfferLetters,uponanexecutiveofficer’s“TerminationWithoutCause”or“ResignationforGoodReason,”then,subjecttotheexecutiveofficercomplyingwithcertaincovenants,includingtheexecutionofareleaseofclaims,theexecutiveofficerwillreceive(a)paymentofthreemonthsofsalary(ortwelvemonthsofsalaryforMr.Wilson,TubeMogul’sChiefExecutiveOfficer)inaccordancewithTubeMogul’sstandardpayrollproceduresand(b)alumpsumpaymentofsixmonthsofhealthcarepremiumsforsuchexecutiveofficerandhiseligibledependents.Inaddition,uponTerminationWithoutCauseorResignationforGoodReasonwithin90dayspriortoor12monthsafteraChangeinControl,allunvestedstockoptions,RSUsandotherequityawardsheldbytheexecutiveofficerwillvestinfull.TheconsummationoftheTransactionswillconstitutea“ChangeinControl”undertheOfferLetters.

UndertheOfferLetters,thefollowingdefinitionsareused:

• “Cause”means(i)theexecutiveofficer’swillfulrefusaltoimplementorfollowalawfulpolicyordirectiveoftheTubeMogulBoard,orhisfailuretootherwiseperformthedutiesofhispositioninareasonablysatisfactorymanner,whichbreach,ifcurable,isnotcuredwithinthirty(30)daysafterwrittennoticetotheexecutiveofficerfromTubeMogul;(ii)hiscommissionofanyactoffraud,embezzlement,dishonestyoranyotherwillfulmisconductthathascausedorisreasonablyexpectedtoresultininjurytoTubeMogul;(iii)hisunauthorizeduseordisclosureofanyproprietaryinformationortradesecretsofTubeMoguloranyotherpartytowhomheowesanobligationofnondisclosureasaresultofhisrelationshipwithTubeMogul;or(iv)hismaterialbreachoftheOfferLetteroranyotherwrittenagreementwithTubeMogul(providedthatshouldTubeMogulcontendthathehasmateriallybreachedtheOfferLetterorsuchotheragreementitwillfirstprovidehimwrittennoticeandathirty(30)dayperiodtocuretheallegedbreach).

• “Disability”means“disability”withinthemeaningofSection22(e)(3)oftheInternalRevenueCode.

• “ResignationforGoodReason”meansaSeparationfromTubeMogulasaresultoftheexecutiveofficer’sresignationwithin60daysafteroneofthefollowingconditionshascomeintoexistencewithouthisconsent:

(i)Areductioninhisbasesalarybymorethan20%(otherthanaspartofanacross-the-board,proportionalcompensationreductionapplicabletoallexecutiveofficers);

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(ii)Amaterialdiminutionofhisauthority,title,dutiesorresponsibilities,providedthatamerechangeintitlealoneinconnectionwithaChangeofControlshallnotconstituteamaterialdiminutionofhisauthority,dutiesorresponsibilities;or

(iii)Arelocationofhisprincipalworkplacebymorethan50miles,wheresuchrelocationincreaseshisone-waycommute.

AResignationforGoodReasonwillnotbedeemedtohaveoccurredunlesstheexecutiveofficergivesTubeMogulwrittennoticeoftheconditionoreventwithin60daysaftertheconditionoreventcomesintoexistenceoroccurs,TubeMogulfailstoremedytheconditionoreventwithin30daysafterreceivinghiswrittennotice,andheresignswithin180daysaftertheinitialoccurrenceofsuchconditionorevent.

• “Separation”meansa“separationfromservice,”asdefinedintheregulationsunderSection409AoftheInternalRevenueCode.

• “TerminationWithoutCause”meansaSeparationfromTubeMogulasaresultofaterminationoftheexecutiveofficer’semploymentbyTubeMogul

withoutCauseotherthanfordeathorDisability,providedheiswillingandabletocontinueperformingserviceswithinthemeaningofTreasuryRegulation1.409A-1(n)(1).

• “ChangeofControl”means

(i)asale,transferordispositionofallorsubstantiallyallofTubeMogul’sassetsotherthanto(A)acorporationorotherentityofwhichatleastamajorityofitscombinedvotingpowerisowneddirectlyorindirectlybyTubeMogul,(B)acorporationorotherentityowneddirectlyorindirectlybytheholdersofcapitalstockofTubeMogulinsubstantiallythesameproportionsastheirownershipofTubeMogulcommonstock,or(C)anExcludedEntity(asdefinedinsubsection(ii)below);or

(ii)anymerger,consolidationorotherbusinesscombinationtransactionofTubeMogulwithorintoanothercorporation,entityorperson,otherthanatransactionwithorintoanothercorporation,entityorpersoninwhichtheholdersofatleastamajorityofthesharesofvotingcapitalstockofTubeMoguloutstandingimmediatelypriortosuchtransactioncontinuetohold(eitherbysuchsharesremainingoutstandinginthecontinuingentityorbytheirbeingconvertedintosharesofvotingcapitalstockofthesurvivingentity)amajorityofthetotalvotingpowerrepresentedbythesharesofvotingcapitalstockofTubeMogul(orthesurvivingentity)outstandingimmediatelyaftersuchtransaction(suchcorporation,entityorperson,an“ExcludedEntity”).

NotwithstandinganythingstatedintheOfferLetters,atransactiondoesnotconstitutea“ChangeofControl”ifitssolepurposeistochangethestateofTubeMogul’sincorporation.ortocreateaholdingcompanythatwillbeownedinsubstantiallythesameproportionsbythepersonswhoholdtheCompany’ssecuritiesimmediatelybeforesuchtransaction.Forclarity,theterm“ChangeofControl”asdefinedintheOfferLettersdoesnotincludestocksaletransactionswhetherbyTubeMogulorbytheholdersofcapitalstock.

Agreements or Arrangements with Directors of TubeMogul

AsofNovember9,2016,alloutsidedirectorsheldOptionsandRSUswhichweregrantedundertheStockPlans.The2007Planprovidesthat,intheeventofaChangeinControl(asdefinedinthe2007Plan),eachoutstandingOptionandRSUthatisnotassumedbyAdobe,willautomaticallybecomefullyvestedandexercisable.The2014Planprovidesthat,intheeventofaChangeinControl(asdefinedinthe2014Plan),eachoutstandingOptionandRSUthatisheldbyanon-employeedirectorwillbecomeimmediatelyexercisableandvestedinfull.TheconsummationoftheTransactionswillconstitutea“ChangeinControl”underboththe2007Planandthe2014Plan.

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Effect of Merger Agreement on Employment and Employee Benefits

TheMergerAgreementprovidesthat,fromandaftertheEffectiveTime,AdobeagreestohonorinaccordancewiththeirtermsallTubeMogulemployeebenefitplanslistedinthedisclosurescheduledeliveredinconnectionwiththeMergerAgreementorfiledasexhibitstocertainoftheSECfilingsofTubeMogulandallaccruedbenefitsvestedthereunder;itbeingunderstoodandagreedthatnothinginthisparagraphwillpreventAdobefromamendingorterminatinganyTubeMogulemployeebenefitplanorotheragreementinaccordancewithitstermsandapplicablelaworregulation.

TheMergerAgreementfurtherprovidesthat,asoftheClosing,theSurvivingCorporationoroneofthesubsidiariesofTubeMogulshallcontinuetoemploytheemployeesofTubeMogulanditssubsidiariesasoftheEffectiveTime.ForaperiodofoneyearfollowingtheEffectiveTime,Adobeagreestoprovide,orcausetobeprovided,tothoseemployeesofTubeMogulanditssubsidiarieswhoareemployedbythemasofimmediatelypriortotheEffectiveTimeandwhocontinuetobeactivelyemployedbytheSurvivingCorporation(oranyaffiliatethereof)duringsuchone-yearperiodthebasesalary(orbasewages,asthecasemaybe)nolessfavorablethanthebasesalary(orbasewages,asapplicable)providedbyTubeMogulanditssubsidiariestosuchemployeesimmediatelypriortotheEffectiveTime;providedthatAdobeshallbeundernoobligationtoretainanyemployeeorgroupofemployeesofTubeMoguloritssubsidiariesotherthanasrequiredbyapplicablelaworregulation.

TheMergerAgreementprovidesthat,forpurposesofallemployeebenefitplans,programsandarrangementsmaintainedbyorcontributedtobyAdobeanditssubsidiaries(including,aftertheClosing,theSurvivingCorporation),Adobeshall,orshallcauseitssubsidiariesto,subjecttoapplicablelaworregulationandthetermsofsuchplan,programorarrangement,causeeachsuchplan,programorarrangementtotreatthepriorservicewithTubeMogulanditsaffiliatesofeachpersonwhoisanemployeeofTubeMoguloritssubsidiariesimmediatelypriortotheClosing(a“CompanyEmployee”)(tothesameextentsuchserviceisrecognizedunderanalogousplans,programsorarrangementsofTubeMoguloritsaffiliatespriortotheClosing)asservicerenderedtoAdobeoritssubsidiaries,asthecasemaybe,forpurposesofeligibilitytoparticipateinandvestingthereunder(butnotbenefitaccrual)andforsabbaticalpurposes;provided,however,thatsuchcreditingofservicewillnotoperatetoduplicateanybenefitorthefundingofsuchbenefit.WithrespecttoeachhealthorwelfarebenefitplanmaintainedbyAdobeanditssubsidiaries(including,aftertheClosing,theSurvivingCorporation)forthebenefitofCompanyEmployees,Adobeshalluseitscommerciallyreasonableeffortsto(i)ensurethatCompanyEmployeeswillbegivencreditforanydeductibleorco-paymentamountspaidinrespectoftheplanyearinwhichtheClosingoccurs,totheextentthat,followingtheClosing,theyparticipateinanyotherhealthorwelfarebenefitplanforwhichdeductiblesorco-paymentsarerequiredand(ii)waiveanypreexistingconditionthatwaswaivedunderthetermsofanyCompanyEmployeeBenefitPlanimmediatelypriortotheClosingorwaitingperiodlimitationwhichwouldotherwisebeapplicabletoaCompanyEmployeeonoraftertheClosing.AdobeortheSurvivingCorporationshallcauseanyaccruedbutunusedvacation,sickleaveorotherpaidtimeoff(excludingsabbatical)thatisaccruedasoftheClosingDatetobepaidouttoCompanyEmployeesthroughpayrollfollowingtheClosing,lessapplicablewithholdingtaxes.

IfdirectedinwritingbyAdobepriortotheEffectiveTimeand,withrespecttoeachplanthatcontainsacashordeferredarrangementintendedtoqualifyunderSection401(k)oftheCode(a“401(k)Plan”),priortothedateonwhichtheAcceptanceTimeoccurs,TubeMogulshalltake(orcausetobetaken)allactionsreasonablydeterminedbyAdobetobenecessaryorappropriatetoterminateanysuchemployeebenefitplan,withsuchterminationeffectiveasofthebusinessdayimmediatelypriortothedateonwhichtheAcceptanceTimeoccurswithrespecttoanysuch401(k)Plan.TubeMogulshallprovideAdobewithevidencethatsuch401(k)Plan(s)havebeentimelyterminatedpursuanttoresolutionsoftheboardofdirectorsofTubeMogulorTubeMogul’ssubsidiary,asthecasemaybe.TheformandsubstanceofsuchresolutionsshallbesubjecttothepriorreviewandapprovalofAdobe,whichapprovalshallnotbeunreasonablywithheld.TubeMogulalsoshalltakesuchotheractionsinfurtheranceofterminatingsuch401(k)Plan(s)asAdobemayreasonablyrequest.

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Indemnification and Insurance

TubeMogulhasenteredintoindemnificationagreementswitheachofitsdirectorsandexecutiveofficers.Theseagreementsgenerallyprovidefortheindemnificationofsuchpersonsforallreasonableexpensesandliabilities,includingattorneys’fees,judgments,penalties,finesandsettlementamounts,incurredinconnectionwithanyactionorproceedingbroughtagainstthembyreasonofthefactthattheyareorwereservinginsuchcapacity,totheextentindemnifiableunderthelaw.PursuanttothetermsoftheMergerAgreement,TubeMogul’sdirectorsandexecutiveofficerswillbeentitledtocertainongoingindemnificationandcoverageunderdirectors’andofficers’liabilityinsurancepoliciesfromTubeMogulforaperiodoftimefollowingtheEffectiveTime.Suchindemnificationandinsurancecoverageisfurtherdescribedinthesectioncaptioned“—ArrangementswithCurrentExecutiveOfficersandDirectorsofTubeMogul—EffectoftheMergeronDirectorandOfficerIndemnificationandInsurance.”

Golden Parachute Compensation

Background

InthisSchedule14D-9,TubeMogulisrequiredtodiscloseanyagreementorunderstanding,whetherwrittenorunwritten,betweenTubeMogul’snamedexecutiveofficers(BrettWilson,PaulJoachimandChipScovic)andTubeMogulorAdobeconcerninganytypeofcompensation,whetherpresent,deferredorcontingent,thatisbaseduponorotherwiserelatestotheOffer.Thecompensationpayable,orthatmaybecomepayable,toournamedexecutiveofficersinconnectionwiththeTransactionsisreferredtoas“goldenparachute”compensationbytheapplicableSECdisclosurerules.TubeMogulhasenteredintoOfferLetters,eachofwhichprovidedforchangeincontrolbenefitstothenamedexecutiveofficers.Thetermsandconditionsoftheseagreementsaredescribedunderthecaptionentitled“—ArrangementswithCurrentExecutiveOfficersandDirectorsofTubeMogul”andsuchdescriptionsareincorporatedhereinbyreference.

Aggregate Amounts of Potential Compensation

ThetablebelowsetsforththeinformationrequiredbyItem402(t)ofRegulationS-KregardingcompensationforeachnamedexecutiveofficerofTubeMogulthatisbaseduponorotherwiserelatedtotheTransactions.

Forpurposesofcalculatingthepotentialpaymentssetforthinthetablebelow,TubeMogulhasassumed:(1)thateachnamedexecutiveofficeristerminatedeitherbyTubeMogulwithoutcauseorbythenamedexecutiveofficerforgoodreasonwithin90dayspriortothechangeincontroltriggeredbytheTransactionsorimmediatelythereafter,triggeringseverancepaymentsandbenefitsontheEffectiveTime;(2)nonamedexecutiveofficerreceivesanyadditionalequitygrantsorexercisesanyOptionsonorpriortotheEffectiveTime;(3)nonamedexecutiveofficerentersintonewagreementsorisotherwiselegallyentitledto,priortotheEffectiveTime,additionalcompensationorbenefits;and(4)thateachnamedexecutiveofficer’sequityawardsheldonNovember9,2016willequalthenumberofequityawardsheldbysuchnamedexecutiveofficerontheEffectiveTime.Foradditionaldetailsregardingthetermsofthepaymentsquantifiedbelow,seethesectioncaptioned“—ArrangementswithCurrentExecutiveOfficersandDirectorsofTubeMogul”.

Theamountsshowninthetableareestimatesonly,astheactualamountsthatmaybepaiduponanindividual’sterminationofemploymentcanonlybedeterminedattheactualtimeofsuchtermination.Asaresult,theactualamounts,ifany,tobereceivedbyanamedexecutiveofficermaymateriallydifferfromtheamountssetforthbelow.

Name Cash($)

Equity ($) (1)

Perquisites/Benefits

($) Tax

Reimbursements Other

($) Total

($) BrettWilson — $2,926,744 — — — $2,926,744PaulJoachim — $ 783,888 — — — $ 783,888ChipScovic — $ 840,552 — — — $ 840,552

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(1) Equity. Theamountshownincludesthevalueofdouble-triggeracceleratedvestingofunvestedRSUsandunvestedOptionspursuanttothetermsofthenamedexecutiveofficer’sofferletter.ThisamountincludesthevalueofallunvestedRSUsheldbythenamedexecutiveofficerasofNovember9,2016,calculatedbasedonanassumedpricepershareofTubeMogulcommonstockof$14.00(thefixeddollaramountofthepershareMergerconsideration).ThisamountalsoincludesthevalueofunvestedOptionsheldbytheexecutiveasofNovember9,2016,calculatedbasedonthepositivedifference,ifany,between$14.00(thefixeddollaramountofthepershareMergerconsideration)andtheapplicableexerciseprice.OnlyOptionswithanexercisepricepershareoflessthan$14.00thatwereunvestedasofNovember9,2016wereincludedinthiscomputation.AlthoughsuchRSUsandOptionswillnotvestsolelyasaresultoftheTransactions,theywouldvestifanyofthenamedexecutiveofficersexperiencedaTerminationWithoutCauseorResignationforGoodReason(asdefinedintheirofferletters)within90dayspriortoaChangeinControl(asdefinedintheirofferletters)orwithin12monthsthereafter,asdescribedingreaterdetailaboveinthesectionentitled“AgreementsorArrangementswithExecutiveOfficersofTubeMogul”beginningonpage9ofthisSchedule14D-9.Theseamountsare“doubletrigger”innature.

Effect of the Merger on Director and Officer Indemnification and Insurance

TheMergerAgreementprovidesthatAdobeandPurchaseragreethatallrightstoindemnificationbyTubeMogulnowexistinginfavorofeachpersonwhoisnow,orhasbeenatanytimepriortothedateoftheMergerAgreementorwhobecomespriortotheEffectiveTimeanofficerordirectorofTubeMoguloranyofitssubsidiaries(eachan“IndemnifiedParty”),withrespecttoactionsoromissionstakenbyanIndemnifiedPartypriortotheEffectiveTimeinhisorhercapacityasanofficerordirectorofTubeMoguloranyofitssubsidiaries,asprovidedinTubeMogul’scertificateofincorporationorbylaws,ineachcaseasineffectonthedateoftheMergerAgreement,orpursuanttoanyindemnificationagreementsidentifiedinthedisclosurescheduledeliveredinconnectionwiththeMergerAgreement,ineachcaseasineffectonthedateoftheMergerAgreement,copiesofwhichhavebeenmadeavailabletoAdobe,includingprovisionsrelatingtotheadvancementofexpensesincurredinthedefenseofanyactionorsuit,willsurvivetheMergerandwillremaininfullforceandeffect.FromtheEffectiveTimethroughthesixyearanniversaryofthedateonwhichtheEffectiveTimeoccurs,AdobeshallcausetheSurvivingCorporationtoabidebysuchindemnificationobligationstotheIndemnifiedParties.

TheMergerAgreementfurtherprovidesthatAdobeshallcausetheSurvivingCorporationtomaintainTubeMogul’sofficers’anddirectors’liabilityinsurancepolicies,ineffectonthedateoftheMergerAgreement(the“D&OInsurance”),foraperiodofsixyearsaftertheEffectiveTime,butonlytotheextentrelatedtoactionsoromissionspriortotheEffectiveTime;providedthat(i)theSurvivingCorporationmaysubstitutethereforpoliciesofatleastthesamecoverageandamountscontainingtermsnolessadvantageoustosuchformerdirectorsorofficersand(ii)suchsubstitutionwillnotresultingapsorlapsesofcoveragewithrespecttomattersoccurringpriortotheEffectiveTime;provided,further,thatinnoeventwillAdobeortheSurvivingCorporationberequiredtoexpendmorethananamountperyearequalto300%ofcurrentannualpremiumspaidbyTubeMogulforsuchinsurance(the“MaximumAmount”)tomaintainorprocureinsurancecoveragepursuanttotheMergerAgreement;andprovided,further,thatiftheamountoftheannualpremiumsnecessarytomaintainorprocuresuchinsurancecoverageexceedstheMaximumAmount,AdobeandtheSurvivingCorporationshallprocureandmaintainforsuchsix-yearperiodasmuchcoverageasreasonablypracticablefortheMaximumAmount.AdobeortheSurvivingCorporationshallhavetherighttocausecoveragetobeextendedundertheD&OInsurancebyobtainingasix-year“tail”policyontermsandconditionsnolessadvantageousthantheD&OInsurance,andsuch“tail”policywillsatisfytheprovisionsoftheMergerAgreement.

Section 16 Matters

AsrequiredbytheMergerAgreement,theTubeMogulBoard(oranappropriatecommitteethereof)hasadoptedaresolutioninconnectionwiththeclosingoftheTransactionssothatthedispositionandcancellationordeemeddispositionandcancellationofTubeMogulcommonstock,OptionsandcommonstockacquiredonthevestingofTubeMogulRSUspursuanttotheMergerAgreementbyanyofficerordirectorofTubeMogulwhoisacovered

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personforpurposesofSection16oftheExchangeActwillbeanexempttransactionunderRule16b-3promulgatedundertheExchangeAct.

Item 4. The Solicitation or Recommendation

Recommendation of the TubeMogul Board

Aftercarefulconsideration,includingathoroughreviewofthetermsandconditionsoftheOfferinconsultationwithTubeMogulmanagementanditslegalandfinancialadvisors,onNovember8,2016,theTubeMogulBoardunanimouslyadoptedresolutions:(i)determiningthattheMergerAgreement,includingtheOffer,theMergerandtheothertransactionscontemplatedthereby,arefairtoandinthebestinterestsofTubeMogulanditsstockholders;(ii)electingthattheMergerAgreementandthetransactionscontemplatedtherebybeexpresslygovernedbySection251(h)oftheDGCL;(iii)adoptingandapprovingtheMergerAgreement,declaringtheadvisabilityoftheMergerAgreementandapprovingthetransactionscontemplatedthereby,includingtheOfferandtheMerger,inaccordancewiththerequirementsoftheDGCL;(iv)approvingtheexecution,deliveryandperformancebyTubeMoguloftheMergerAgreementandtheconsummationofthetransactionscontemplatedthereby,includingtheOfferandtheMerger;and(v)recommendingthattheholdersofSharesaccepttheOfferandtendertheirSharespursuanttotheOffer.

For the reasons described below, the TubeMogul Board unanimously recommends that TubeMogul’s stockholders accept the Offer and tender theirShares to Purchaser in the Offer .

Inreachingtheconclusionsandinmakingtherecommendationdescribedabove,theTubeMogulBoardtookintoaccountanumberofreasons,describedunderthecaption“—BackgroundoftheTransactions;ReasonsfortheRecommendationoftheTubeMogulBoard.”

AcopyofthepressreleaseissuedbyTubeMogulandAdobe,datedNovember10,2016,announcingtheexecutionoftheMergerAgreementisfiledasExhibit(a)(5)(A)andisincorporatedhereinbyreference.

Background of the Transactions; Reasons for the Recommendation of the TubeMogul Board

Background of the Transactions

ThefollowingisadescriptionofcontactsbetweenrepresentativesofTubeMogul,MorganStanley,AdobeandotherpartiesthatresultedintheexecutionoftheMergerAgreementandagreementsrelatedtotheOffer.Unlessotherwisespecified,alldatesreferencedbelowreferto2016.

TheTubeMogulBoardregularlyevaluatesTubeMogul’sstrategicdirection,ongoingbusinessplansandprospectstoassesshowTubeMogulmightenhancestockholdervalue.Aspartofthisevaluation,theTubeMogulBoardhasfromtimetotimediscussedthetypesofstrategicalternativesthatmightbeconsideredforTubeMogul,including(i)continuingtogrowthebusinessorganicallyasanindependententerprise;(ii)modificationstoTubeMogul’sstrategy;(iii)thepotentialtoincreasethescaleofTubeMogul’sbusinessand/orexpandintonewbusinessareasthroughacquisitionsandcombinationswithotherbusinesses;and(iv)apossiblesaleofTubeMogul.

InNovember2015,theTubeMogulBoardconductedanoffsitestrategicplanningmeeting.Inadditiontoaddressingoperatingplansandpriorities,theTubeMogulBoardconductedabroaderdiscussionregardingthestrategytomaximizestockholdervalue.Inparticular,theTubeMogulBoarddiscussedtherelativepotentialbenefitsandrisksassociatedwiththestrategicalternativesthatmightenhancestockholdervalueaswellasthemostlikelyprospectsasultimatepotentialacquirorsofTubeMogul.TheTubeMogulBoardrecommendedthatTubeMogul’sChiefExecutiveOfficer,Mr.BrettWilson,continuetoexpandanddeepenhiscontactswithexecutivesatothercompaniesthatmightbeprospectsforastrategiccombinationwithTubeMogul.

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OnJune23,2016,TubeMogulmanagementmetwithrepresentativesofMorganStanley&Co.LLC(“MorganStanley”)atwhichtimesuchrepresentativesofMorganStanleyprovidedtheirperspectivesregardingthestrategicalternativesavailabletoTubeMogulanddiscussedcompaniesthatmightbeinterestedinpursuingastrategictransactionwithTubeMogul.TubeMogulmanagementprovidedadditionalbackgroundandinformationregardingTubeMogulandinternalconsiderationsregardingTubeMogul’sstrategicalternatives.

OnJuly15,TubeMogulmanagementhadafollow-upcallwithrepresentativesofMorganStanleytofurtherdiscussTubeMogul’sstrategicalternatives,viewsonvaluation,aswellaspreparationthatwouldbehelpfulforpotentialdiscussionsregardingatransaction.

AtitsregularlyscheduledboardmeetingonJuly26,theTubeMogulBoardcontinueditsdiscussionregardingstrategicalternativesforTubeMogul.Mr.WilsonreportedonhisongoingdiscussionswithotherindustryexecutivesandrepresentativesofMorganStanley.TheTubeMogulBoardencouragedhimtocontinuewithsuchdiscussionsanddeterminedthatTubeMogulshouldconsidertheadvisabilityofinformaldiscussionswiththemostlikelypotentialacquirorsofTubeMogultoassessthelevelofinterestinapotentialtransaction.

OnAugust5,representativesofMorganStanleyhadacallwiththreeoftheindependentmembersoftheTubeMogulBoardduringwhichtheyprovidedasituationoverviewandreviewedMorganStanley’spreliminaryvaluationanalysis.TubeMogulmanagementalsohadadditionaldiscussionswithrepresentativesofMorganStanleytoreviewpotentialpartieswhomighthaveinterestinacquiringTubeMogulandMorganStanley’srecommendedapproachtoengagewiththeseparties.

OnAugust18,theTubeMogulBoardheldaspecialmeetingatwhichrepresentativesofMorganStanleymadeapresentationandprovidedrelatedmaterialswhichaddressedvaluebenchmarkingforTubeMogul,anoverviewofstrategicalternatives,alistofpotentialacquirorsandanillustrativetimelineiftheTubeMogulBoardweretopursueaprocesstosellTubeMogul.QuestionsanddiscussionensuedafterwhichtherepresentativesofMorganStanleyleftthemeeting.Afterfurtherdiscussion,theTubeMogulBoardapprovedretainingMorganStanleyasTubeMogul’sstrategicinvestmentbankingadviser,basedonMorganStanley’squalifications,experience,expertiseanditsfamiliaritywithTubeMogulanditsindustryexpertise,withthefinaltermsandformofengagementlettertobenegotiatedbymanagementandsubjecttotheapprovaloftheChairoftheAuditCommitteeoftheTubeMogulBoard.TheTubeMogulBoardalsothenauthorizedmanagement,togetherwithMorganStanley,toinitiateatargetedmarketcheckwiththepartiesidentifiedasbeingthemostlikelybuyers.ThepurposeofthemarketcheckwastoexpandtheawarenessofpotentialacquirorsregardingTubeMogulandtoascertainthelevelofpotentialinterestinastrategictransaction.

BetweenAugust18andthesigningoftheexclusivityagreementwithAdobeonNovember4,representativesofTubeMogulandMorganStanleycontacted16strategicentities,includingAdobe,andthreefinancialsponsors.Followingtheinitialcontact,eightofthestrategicentitiesexpressedinterestinevaluatingapotentialtransactionwithTubeMogul.Duringtheprocess,TubeMogulnegotiatedandenteredintomutualnondisclosureagreementswithsevenoftheidentifiedprospects.Overthissameperiod,thesesevenpartiesattendedseparatemeetingswithTubeMogulmanagementandwereprovidedaccesstoanelectronicdataroomthatcontainedcertainfinancialandbusinessduediligenceinformation,includingTubeMogul’sfinancialprojections.Thepartieswhodidthemostworkexploringapotentialacquisitionaredescribedinmoredetailbelow.

OnAugust18,arepresentativeofMorganStanleycalledarepresentativeofafinancialsponsorwhoownedarelevantportfoliocompany,collectivelyreferredtoas“PartyA”,andencouragedthemtoconsiderandreviewapotentialacquisitionofTubeMogul,indicatingthatTubeMogulwasengagingindiscussionswhichcouldleadtoanacquisitionandofferedupameetingwithTubeMogul.

OnAugust19,arepresentativeofPartyAsentanemailtoarepresentativeofMorganStanleyindicatingthatafterinternalreview,PartyAhaddeterminedthattheywereinterestedinfurtherexploringapotentialacquisitionofTubeMogul.TherepresentativeofPartyArequestedameetingwithTubeMogultoconductamorethoroughreview.

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OnAugust29,arepresentativefromamediacompany,whichwerefertoas“PartyB”,contactedarepresentativeofMorganStanleyandindicatedthattheyhadinterestinexploringapotentialacquisitionofTubeMogul.TherepresentativeofPartyBaskedifMorganStanleyknewTubeMogulandcouldmakeanintroduction.MorganStanleydiscussedtheinquirywithMr.Wilsonandagreedtoarrangefollow-updiscussions.

InlateAugust2016,atasocialevent,Mr.WilsonencounteredarepresentativeofAdobeandtheydiscussed,amongstotherindustrytopics,TubeMogul’sinterestinpotentiallypursuingasaleofthecompany.Inrecentyears,representativesofTubeMogul,includingMr.Wilson,havehadanumberofconversationsaboutdevelopingadeeperstrategicpartnershipwithAdobe,afterbecomingacquaintedwithseveralseniormembersofAdobe’sdigitalmarketingandstrategyteams,whichhadalsohadanumberofinternalconversationsaboutdevelopingadeeperstrategicrelationshipwithTubeMogul.Onthisbasis,Mr.WilsonsuggestedameetingwithadditionalAdobeexecutivestofurtherdiscussthetopic.

OnSeptember7,representativesofPartyBmetwithrepresentativesofTubeMogulanddiscussedTubeMogul’sbusinessandthepotentialforabusinesscombination.

OnSeptember8,TubeMogulandPartyAenteredintoamutualnondisclosureagreement.

OnSeptember8,representativesofPartyAmetwithMr.WilsonanddiscussedTubeMogul’sbusinessandthepotentialforabusinesscombination.Subsequenttothemeeting,representativesofTubeMogul,MorganStanleyandPartyAhadanumberofexchangestoprovideinformationregardingTubeMogul’sbusinessandtoschedulefollow-updiscussions.

OnSeptember12,inatelephonecallwithrepresentativesofPartyB,representativesofTubeMogulprovidedthemwithadditionalinformationaboutTubeMogul,includinganoverviewofTubeMogul’sbusiness.

OnSeptember13,arepresentativeofMorganStanleycalledarepresentativeofPartyAwhonotedthatPartyAhadinterestinconsideringapotentialacquisitionandweredoingtheworkrequiredtomakeadecision.

OnSeptember14,followingaconversationwithMr.Wilson,arepresentativeofAdobeintroducedMr.WilsonbyemailtootherseniorleadersinAdobe’sdigitalmarketingbusiness.

OnSeptember15,Mr.Wilsonhadameetingwithrepresentativesofaforeigntelecomcompany,whichwerefertoas“PartyC”,whonotedthatPartyChadpotentialinterestinpartneringwithorpotentiallyacquiringTubeMogul.TherepresentativesofPartyCidentifiedanumberofkeyquestionsandfocusareastheywouldneedtounderstand.Mr.Wilsonagreedtofollowupwithmoredetailstoaddressthesequestionsandprovideadditionalinformation.

OnSeptember16,Mr.WilsonhadadiscussionwitharepresentativeofPartyAduringwhichtheydiscussedhowthetwocompaniescouldworktogethertoprovideamorecomprehensivesolutionforjointcustomersandagreedtocontinuetoexploreapotentialtransaction.

OnSeptember16,inacallwithMr.Wilson,representativesofPartyBaskedfollow-upquestionsregardingTubeMogulandtheproposedtimelineandprocessforapotentialacquisitionofTubeMogul.

OnSeptember20,representativesofPartyBandPartyAhadseparatemeetingswithMr.WilsonandotherrepresentativesofTubeMogulataTubeMoguluserconference,duringwhichtheydiscussedthehistoryofTubeMogulandprovidedafurtherintroductiontoTubeMogul’sbusiness.

OnSeptember21,arepresentativeofPartyCrequestedthatTubeMogulprovideadditionalinformationregardingTubeMogul’sproduct,whichinformationwassubsequentlyprovided.

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OnSeptember23,arepresentativeofMorganStanleymetwitharepresentativeofasocialmediacompany,whichwerefertoas“PartyD”,andencouragedPartyDtodiscussapotentialacquisitionofTubeMogul,givenaperceivedstrongstrategicfitbetweenTubeMogulandPartyD.TherepresentativeofMorganStanleyinformedtherepresentativeofPartyDthatitappearedthatTubeMogulmightreceiveacquisitionproposals.TherepresentativeofPartyDindicatedtheywouldhaveinterestinconsideringapotentialtransaction.

OnSeptember24,arepresentativeofMorganStanleyinformedarepresentativeofAdobeconfidentiallythatTubeMogulwasexploringapotentialsaleofthecompany.TherepresentativeofAdobeindicatedthattheywoulddiscussinternallyandprovidefeedbackontheirlevelofinterest.Followingthatconversation,membersofAdobe’sseniormanagementdiscussedinternallywhetherAdobeshouldconsiderapotentialacquisitionofTubeMogul.TheyagreedthatadditionalinformationwasneededregardingTubeMogul’sbusinessmodelandtrajectoryandproduct,andscheduledafollow-upmeetingwithMr.Wilson.

OnSeptember26,Mr.WilsonspokewitharepresentativeofPartyDwhoindicatedthatTubeMogulhadbeenidentifiedbyPartyDasapotentialacquisitioncandidate,althoughgivenavarietyofotherpriorities,PartyDmightnotbeabletomovequickly.Mr.WilsonindicatedotherswereevaluatingTubeMogulandconsideringmakingacquisitionproposals.

OnSeptember26,representativesofPartyAsentfollow-upduediligencerequestsandonthefollowingday,representativesofTubeMogulhadacallwithrepresentativesofPartyAtodiscusswhatmaterialshadbeenprovidedtodateandwhatPartyAstillwantedtoreview.

OnSeptember27,inacallwitharepresentativeofPartyC,Mr.WilsonprovidedanoverviewofTubeMogul’sbusiness.

OnSeptember28,representativesofAdobemetwithMr.WilsoninSanFrancisco,California,andMr.WilsonprovidedabroadgeneraloverviewofTubeMogul’sbusiness,andthepartiesdiscussedTubeMogul’sproductsandwhethertheymightbeagoodfitwithAdobe’sdigitalmarketingbusiness.Afterthemeeting,Mr.WilsonandrepresentativesofAdobecontinueddiscussionsoveremail,whereMr.WilsonprovidedadditionalinsightsintoTubeMogul’sbusinessandmarketandsuggestedsettingupaproductdemonstrationfortheAdobeteam.

OnSeptember29,arepresentativeofMorganStanleycontactedarepresentativeofPartyBwhoindicatedthatPartyBwasveryinterestedandperformingadditionalworkinordertodetermineiftheywouldmakeaproposal.TherepresentativeofMorganStanleyencouragedtherepresentativeofPartyBtoletthemknowwhatinformationwasneededinorderforthemtocompletetheirreview.

OnSeptember30,Mr.WilsonhadaconversationwithrepresentativesofPartyBtodiscusspotentialjointopportunitiesandsynergies.

FromSeptember28throughOctober3,representativesofMorganStanleycontinuedtofollowupwithmembersofAdobe’scorporatedevelopmentteam,leadinguptoanadditionaltelephoneconversationwithaseniormemberofAdobe’scorporatedevelopmentteamonOctober3,2016,duringwhichrepresentativesofMorganStanleyprovidedadditionalupdatesontheprocessthatMorganStanleywasrunningonbehalfofTubeMogul,includingthestatusandtimingoftheprocess.TherepresentativesofMorganStanleyindicatedthatTubeMogul’smanagementviewedAdobeasastrongpotentialfit.

OnOctober3,Mr.WilsonspokewitharepresentativefromPartyCwhoreiteratedthatPartyChadheardconsistentlypositivethingsaboutTubeMogulandwasinterestedinconsideringanacquisition.TherepresentativeofPartyCidentifiedareasoffocusforfurtherdiligencereview.

BetweenOctober3andOctober6,Mr.WilsonhadaseriesofemailexchangeswithrepresentativesofAdobediscussingthejointopportunitiesofworkingtogether.

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OnOctober4,representativesofTubeMogulandMorganStanleymetwiththerepresentativesofPartyBtoreviewanoverviewoftheTubeMogulbusinessanddiscusspotentialjointopportunities.TherepresentativesofPartyBindicatedtheyhadidentifiedmanywaysinwhichthecompaniescouldworktogetherandthatapotentialacquisitioncouldmakesense.

OnOctober5,Mr.WilsonmetwithrepresentativesofPartyC,reviewedTubeMogul’sproductsandprovidedaproductdemonstration.Laterthatday,arepresentativeofMorganStanleyhadadiscussionwitharepresentativeofPartyCandadvisedthatdiscussionswereunderwaywithseveralparties,thatTubeMogulsawastrongfitwithPartyCandthatTubeMogulwouldbeopentofurtherdiscussions.TherepresentativeofMorganStanleynotedthatPartyCshouldtryandmakeadecisionincomingweeks,towhichPartyCrespondedthatitwouldbehardforthemasanorganizationtomovequicklyandmeettheproposedtimeline.TherepresentativefromPartyCdidindicatethattherewasseriousinterestwithinPartyCinreviewingapotentialacquisitionofTubeMogul,andthatPartyC’sinternalteamwouldcontinuediscussions.

OnOctober5,Mr.WilsonhadacallwitharepresentativeofPartyAtodiscussthepotentialtransaction,andPartyA’sprocesstoconsiderapotentialacquisition.

OnOctober6,arepresentativeofMorganStanleyhadadiscussionwitharepresentativefromPartyBwhoindicatedthatPartyBwasveryimpressedwithTubeMogulanditsstrategy.TherepresentativeofPartyBnotedtheywantedtocontinuedoingduediligenceandfurtherunderstandthejointopportunitiessotheycouldcompletetheiranalysisandreviewwhethertomakeanacquisitionproposaltotheirboard.Hefurthernotedthattheywouldbehiringafinancialadvisortohelpintheirreview.

OnOctober6,Mr.WilsonmetwithrepresentativesofPartyCwhoexpressedthatPartyCbelievedthattherewasastrategicfitbetweenthecompanies.TheynotedtheywoulddiscussthesituationinternallyanddetermineifPartyChadanabilitytomovemorequicklyinitsreviewofthepotentialtransaction.

OnOctober7,arepresentativeofTubeMogulhadacallwithrepresentativesofPartyBtoreviewTubeMogul’shistoricalfinancialinformationandaddressfollow-upquestions.

OnOctober7,PartyDandTubeMogulexecutedamutualnondisclosureagreement.Laterthatday,representativesofTubeMogulmetwithrepresentativesofPartyDandprovidedanoverviewofthebusiness.Thepartiesdiscussedpotentialopportunitiestoworktogether,andtherepresentativesofTubeMogulprovidedademoofTubeMogul’ssoftware.Thepartiesagreedtoconductfollow-updiscussionsafterPartyDdiscussedthepotentialtransactioninternally.

OnOctober10,PartyBandTubeMogulexecutedamutualnondisclosureagreement.

OnOctober10,arepresentativeofMorganStanleyhadadiscussionwitharepresentativeofPartyAwhoindicatedthatPartyAhaddeterminedthattheywereinterestedinthecombinationofthetwocompaniesandwouldsetupmeetingsinthecomingweektovalidateafewremainingquestions.Theyalsonotedtheywouldwanttomoveaggressivelyontimingifthosemeetingswentwell.LaterinthedayPartyAconfirmedtheirinterestinacallwithMr.Wilson.

OnOctober10,arepresentativeofMorganStanleyspokewithrepresentativesofPartyDwhoindicatedthatPartyDwasinterestedinexploringapotentialacquisitionandwanttomoveforwardquickly.TherepresentativesofPartyDnotedtheywouldsenddetailedfollow-upquestions,confirmedtheiravailabilityduringtheweekandrequesteddataroomaccess.TherepresentativesofPartyDnotedtheywouldwanttofocusontechnology,productandfinanceduediligencetocometoafirmdecision.TherepresentativeofMorganStanleyadvisedthatPartyDshouldcompletetheirduediligenceandcometoadecisionassoonaspossible.

OnOctober11,Mr.WilsonhadaconversationwitharepresentativefromPartyCwhonotedPartyCwantedtopursuefollow-updiscussionsandfurtherexploreapotentialacquisition.TherepresentativeofPartyCnotedtherewassupporttopursueatransaction,butthattheywerenotyetinapositiontomoveforward.

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OnOctober11,representativesofTubeMogulhadacallwithrepresentativesofPartyBtoreviewTubeMogul’sduediligenceresponsesandotherfollow-upquestionswhichPartyBhadasked.

OnOctober11,arepresentativeofPartyDcontactedMr.WilsonandindicatedthatthemeetingwiththerepresentativesofTubeMogulwentextremelywell,thatthePartyDteamwasimpressedandthattheywantedtocontinuediscussionstoexploreapotentialacquisition.

OnOctober12,arepresentativefromPartyBfollowedupwithMr.WilsonandnotedthatthemeetingsandcallshadbeenhelpfulinsupportingPartyB’sinterestinconsideringanacquisitionofTubeMogul.TherepresentativefromPartyBnotedthattheyhadreviewedtheirdiligencefindingswiththeirinternalteamandadvisors,briefedcertainboardmembersandweretargetingaNovember1meetingwiththeirboardtoseekapprovaltomakeanacquisitionproposal.

OnOctober12,afterrepresentativesofAdobe’scorporatedevelopmentteamhadfurtherdiscussedthepotentialtransactionwithrepresentativesofMorganStanley,representativesofTubeMogulmetwithrepresentativesofAdobetoprovideamorein-depthbusinessoverviewandademonstrationofTubeMogul’ssoftwareplatform.Mr.WilsonandtherepresentativesofAdobediscussedpotentialsynergiesofacombinationandwaystoworktogethertoprovidemorevaluetojointcustomers.Mr.WilsonnotedthatotherpartiesweredoingmeaningfulworkandifAdobewasserioustheyshouldacceleratetheirreview.

OnOctober12,arepresentativefromMorganStanleyhadadiscussionregardingTubeMogulwitharepresentativeofAdobe.TheAdoberepresentativeindicatedthathewasawareoftheconversationsthatwereunderwaywithTubeMogulandnotedtheyhadstrategicinterestinthisarea.Hefurthernotedthattheywouldbeverydiscerningandselectivearoundacquisitionsinthissector.TherepresentativeofMorganStanleyindicatedthatMorganStanleyandTubeMogulbelievedTubeMogulwouldbeanexcellentfitgivenAdobe’sstrategicinitiatives,andthatAdobeshouldundertakeathoroughreviewofthepotentialtransaction,notingthatothersweredoingthesame.

OnOctober13,representativesofTubeMogulmetwithrepresentativesofPartyAtoconductanadditionalduediligencereview.Duringthecourseofsuchmeeting,therepresentativesofPartyAconfirmedthattheyintendedtocompletetheirreviewandtoseekapprovaltomakeanofferinthenearterm.

OnOctober14,representativesofAdobeandTubeMogulparticipatedinafollow-upcalltocontinuethediscussionfromtheOctober12meeting.Followingthecall,theparticipantscontinuedemaildiscussionswhereinMr.WilsonsharedinsightswithrepresentativesofAdobeonTubeMogul’sprogressinthemarket.

OnOctober14,inaprocessupdatecallwithmanagement,representativesofMorganStanleyadvisedmanagementthatPartyAhadindicatedthattheywouldnotcontinuetoparticipateifTubeMogulweretokeeptheprocessopenthroughmid-November,andrecommendedtomanagementthatpotentialbiddersbeadvisedtosubmittheiroffersbyNovember1.AfterconsultingwithmembersoftheTubeMogulBoard,managementinstructedMorganStanleytoconfirmtopotentialbiddersthattheyneededtorespondbyNovember1.

OnOctober14,arepresentativeofAdobecalledarepresentativeofMorganStanleyandindicatedthatthemeetingwithTubeMogulhadgonewellandtheywerecontinuingtheirreviewtodeterminewhethertheywouldliketosubmitanoffertoacquireTubeMogul.TheAdoberepresentativeindicatedthattheyplannedtomeetasateamtodiscussfurtherearlythefollowingweek.RepresentativesofMorganStanleyindicatedthattheTubeMogulBoardwaslookingforindicationsofinterestbyNovember1.

OnOctober17,representativesofTubeMogulandMorganStanleymetwithrepresentativesofPartyDtoreviewfinancialduediligenceresponses.

OnOctober17,representativesofTubeMogulmetwitharepresentativeofPartyAtodiscussoperatingalignmentandpotentialjointsynergies.

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OnOctober18,arepresentativeofAdobesentTubeMogulaformofnon-disclosureagreement(the“NDA”)whichwasnegotiatedbythecompanies’in-houseattorneysandsubsequentlyexecutedonOctober19.

OnOctober18,inacallwitharepresentativeAdobe,Mr.Wilsonreviewedthebidprocessandtimeline.

OnOctober18,representativesofPartyAandTubeMogulmanagementconductedadditionalduediligencemeetings.ArepresentativeofMorganStanleycommunicatedtoPartyAthattheTubeMogulBoardhadsetabiddeadlineofNovember1.

OnOctober18,TubeMogulandPartyCexecutedamutualnondisclosureagreement.

OnOctober19,representativesofTubeMogulmetwithrepresentativesofPartyCtofurtherreviewTubeMogul’sbusinessandpotentialjointopportunities.

OnOctober19,followingtheexecutionoftheNDAbytheparties,BradRencher,executivevicepresidentandgeneralmanagerofAdobe’sdigitalmarketingbusiness,andotherseniormembersofAdobe’sdigitalmarketing,technologyandcorporatedevelopmentteamsparticipatedinavideoconferencewithMr.WilsonandanotherrepresentativeofTubeMogul,andarepresentativeofMorganStanley.Duringthisvideoconference,theTubeMogulrepresentativesprovidedadetaileddemonstrationofTubeMogul’sproductsandsolutions,andansweredquestionsabouttheirbusinessandtechnology.TherepresentativeofMorganStanleyreiteratedtoAdobethattheTubeMogulBoardwaslookingforindicationsofinterestbyNovember1.

OnOctober19,arepresentativeofPartyAcontactedMr.WilsonandindicatedPartyAcouldbeinapositiontomakeanofferasearlyasthefollowingday,andaskedMr.WilsoniftheTubeMogulBoardwouldbeinapositiontoreacttosuchaproposal.Mr.Wilsonindicatedthatbasedonthecurrentsituation,hedidnotthinksoandreconfirmedtherecommendationthattheysubmittheirproposalonNovember1,2016.

OnOctober21,arepresentativeofAdobeindicatedtoarepresentativeofMorganStanleythatAdobe’sinternaldiscussionsregardingapotentialacquisitionofTubeMogulhadbeenpositive.TheAdoberepresentativeindicatedthatAdobewouldneedtoincreasediligenceeffortsthefollowingweekbeforecomingtoadefinitiveconclusiononwhetherAdobewouldmakeaproposal.TheAdoberepresentativenotedthatitwouldlikelybechallengingforAdobetoprovideafullproposalbyNovember1,butconfirmedthatAdobeunderstoodthetimelineoftheprocess.

OnOctober21,representativesfromPartyBhadacallwithrepresentativesofTubeMogultoaddressfollow-upquestionsregardingthebusinessoverview.

OnOctober21,representativesofPartyCcalledMr.WilsonandindicatedPartyChadinterestinmakinganacquisitionproposal.Mr.WilsonadvisedoftheNovember1biddeadlineandtherepresentativeofPartyCrespondedtheymightbeinapositiontomeetthedeadline.

OnOctober24and28,representativesofTubeMogulandMorganStanleymetwithrepresentativesofPartyDtodiscusspotentialjointsynergiesandtoconducttechnologyduediligence.

BetweenOctober24andOctober27,representativesofPartyAandTubeMogulmanagementmetinaseriesoffinance,taxandotherduediligencemeetings.

OnOctober24andthroughoutthesubsequentweek,representativesofMorganStanleyagainreachedoutviaemailandtelephonetomembersofAdobe’scorporatedevelopmentteam,offeringadditionalfollow-up

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discussionsandsuggestingthatthepartiesscheduleafull-day,in-personduediligencesessionforamorein-depthreviewofTubeMogul’sbusinessandtechnology.RepresentativesofAdobeandMorganStanleysubsequentlycorrespondedviaemailtocoordinateadditionalduediligencereviewandscheduleabroaderduediligencemeeting.

OnOctober25,representativesofTubeMogulhadacallwithrepresentativesofPartyCtoaddressfollow-upquestionsregardingthebusinessoverview.

OnOctober26,representativesfromMorganStanleyhadadiscussionwithrepresentativesofAdobeanddiscussedadditionalduediligencemeetingsthatAdobewouldneedtoschedule.TheAdoberepresentativesreiteratedthatitmightbechallengingforAdobetobereadywithaproposalbyNovember1.

OnOctober27,arepresentativeofTubeMogulhadacallwithrepresentativesofPartyCtoaddressfollow-upquestionsregardingTubeMogul’sbusiness.

OnOctober28,priortoaregularlyscheduledmeetingoftheTubeMogulBoard,theindependentmembersoftheTubeMogulBoardmetinexecutivesessionwitharepresentativeofDLAPiperLLP(US)(“DLA”),outsidecounseltoTubeMogul,andwithoutTubeMogulmanagementpresent,todiscussthepotentialsaleprocessandtoconsiderpotentialoutcomesthatmightdevelopfromsuchprocess.Followingsuchsession,theTubeMogulBoardheldisregularlyscheduledquarterlymeeting.Atthemeeting,theTubeMogulBoardconducteditscustomaryreviewoftheoperatingperformanceofTubeMogul,includingTubeMogul’sresultsforthequarterendedSeptember30,2016andprojectionsforthequarterendingDecember31,2016.RepresentativesofMorganStanleyjoinedthemeetingandreviewedthestatusoftheprocess,addressing,amongothermatters,discussionsthathadtakenplacetodatewithpotentialacquirorsofTubeMogul,TubeMogul’sstrategicalternativestoenhancestockholdervalueandapreliminaryvaluationanalysis.ArepresentativefromDLAdiscussedwiththeTubeMogulBoardtheirfiduciarydutiesinthecontextoftheconsiderationofstrategictransactions,includingatthecurrentstageofconsideringapotentialtransaction.TheTubeMogulBoarddiscussedthestatusoftheprocess,addressing,amongothermatters,TubeMogul’sfinancialprojectionsthathadbeenprovidedtoallinterestedparties.Afterdiscussion,theTubeMogulBoarddeterminedtocontinuetheprocessanddiscussedthepricepershareatwhichitwouldconsiderthepotentialsaleofTubeMogul,anddirectedmanagementtoadviseMorganStanleythattheywouldbeopentoatransactionat$14.00pershare.Followingtheboardmeeting,theindependentmembersoftheTubeMogulBoardmetagaininanexecutivesessionwitharepresentativeofDLAandwithoutTubeMogulmanagementpresenttoreviewthemattersthathadbeendiscussedatthemeetingregardingapotentialstrategictransaction.

OnOctober28,arepresentativeofMorganStanleyhadacallwitharepresentativeofPartyAduringwhichPartyAwasinformedthattheTubeMogulBoardwouldbeopentoaproposedacquisitionofTubeMogulbaseduponanofferpriceof$14.00pershare.TherepresentativeofPartyAconfirmedthatPartyAwasnotlikelytopaysuchapricetoacquireTubeMogul,butwouldcompletetheiranalysisinordertomakeaproposal.

OnOctober31,PartyDsentfollow-upduediligencerequestsandreiterateditsinterestinpotentiallymakinganoffertoacquireTubeMogul.

AlsoonOctober31,representativesofAdobereachedouttoMorganStanleytoschedulefollow-upmeetingswithTubeMogulmanagementtoconductadditionalduediligenceandfurtherdiscussTubeMogul’sbusiness,technologyandmarketopportunity.

OnNovember1,TubeMogulandMorganStanleyexecutedanengagementletter.

OnNovember1,Mr.WilsonandanotherrepresentativeofTubeMogulhadacallwithrepresentativesofAdobetoaddressfollow-upquestionsregardingTubeMogul’sbusinessandtechnology.

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OnNovember1,representativesofTubeMogulhadacallwithrepresentativesofPartyDtofurtherdiscusspotentialsynergiesbetweenthecompanies.Laterintheday,representativesofMorganStanleyhadadiscussionwithrepresentativesofPartyDwhoindicatedtheyweremeetingasateamthenextdayandwouldprovidefeedbackwithregardtotheirdecisionaboutmakingapotentialacquisitionproposal.TherepresentativeofPartyDreaffirmedthattheyhadseriousinterest.

OnNovember1,representativesofMorganStanleyhadacallwithrepresentativesofPartyCandadvisedthemthatitappearedlikelythattheTubeMogulBoardwouldbemakingadecisionregardinganofferlaterthatweek,andasaresult,PartyCshouldaccelerateitsreviewanddecision-makingprocess.TherepresentativeofPartyCindicatedthatitmightbedifficultforthemtomakeaproposalbeforeaboardmeetingtheyhadscheduledforNovember9,althoughwouldcontinueexploringthepotentialtransactionandhadsignificantinterestinTubeMogul.

OnNovember1,arepresentativeofMorganStanleyhadadiscussionwitharepresentativeofAdobewhoindicatedthatAdobehaddeterminedthatithadastrategicinterestinacquiringTubeMogulandthattheyneededtocompletecertainmeetingsinanticipationofpotentiallymakingaproposaltoacquireTubeMogul.TheAdoberepresentativeindicatedthatAdobewasveryseriousandcouldbeinapositiontomakeaproposalwithin10days.TherepresentativeofMorganStanleyadvisedthattheTubeMogulBoardwasmeetingthatweekandthatAdobeshouldmakeaproposalassoonaspossiblegiventhetimelineandinitialindicationthatNovember1wouldbethebiddeadline.

OnNovember1,PartyAsubmittedtoMorganStanleyanon-bindingindicationofinterestofferinganall-cashtransactionatapurchasepriceof$12.00pershareofTubeMogul’scommonstock,togetherwithadraftofaproposedmergeragreementandotherdocumentsandagreements.RepresentativesofPartyAindicatedthattheyhadcompletedtheirduediligencereviewandwerepreparedtomovequickly,hadproposedadraftmergeragreementbaseduponrecentlynegotiatedtransactionsandbelievedthatadefinitiveagreementcouldbesignedasearlyasNovember4,2016.TheyalsoindicatedthattheirofferwouldexpireontheeveningofNovember3,2016unlessextended.

LaterintheeveningofNovember1,theTubeMogulBoardheldaspecialmeetingwithmembersofTubeMogulmanagementandrepresentativesofMorganStanleyandDLAinattendance.TherepresentativesofMorganStanleyreviewedthetermsofanindicationofinterestthathadbeendeliveredbyPartyA.Theindicationofinterest,togetherwiththeadditionalmaterialprovidedbyPartyA,hadbeenprovidedtotheTubeMogulBoardinadvanceofthemeeting.TherepresentativesofMorganStanleyalsoprovidedadditionalinformationregardingcommunicationswithPartyAaswellascommunicationswithotherpotentialbidders.ArepresentativeofDLAremindedtheTubeMogulBoardofitsfiduciarydutiesinlightofanall-cashproposalasdiscussedatthelastmeetingoftheTubeMogulBoard.TheTubeMogulBoardaskedquestionsanddiscussionensued.Amongothermatters,theTubeMogulBoardinquiredregardingthelikelihoodofobtainingahigherofferfromPartyAorothers.

OnNovember2,representativesfromAdobe’sdigitalmarketingbusiness,technologybusinessandcorporatedevelopmentteammetwithrepresentativesofTubeMogul,includingMr.Wilson,atTubeMogul’sEmeryville,Californiaheadquarters,withadditionalrepresentativesfromAdobe’scorporatedevelopmentteamjoiningtelephonically.Atthismeeting,theAdobeteamengagedinadditionalexploratoryduediligence,andmembersofTubeMogul’sexecutiveteamansweredquestionsregardingTubeMogul’sbusiness,technologyandmarketopportunity.Followingthismeeting,Mr.WilsonfollowedupbyemailtoamemberoftheseniormanagementofAdobe’sdigitalmarketingbusinessstatingthathefelttherewasastrongstrategicfitbetweenthecompanies.Laterintheday,arepresentativeofMorganStanleycontactedbyemailaseniormemberofAdobe’scorporatedevelopmentteam,informingAdobethatTubeMogulhadreceivedaproposalinwritingandadefinitiveagreementthatwasgenerally“sellerfriendly”.TherepresentativeofMorganStanleyfurtheradvisedAdobethatadditionalpotentialbidderswerealsoinvolved,andifAdobewantedtomakeabid,itwouldneedtomakeabidinwritingverysoon.Adobe’srepresentativeaskedforinformationregardingtheprice,andMorganStanley’s

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representativeinformedhimthatanofferwouldneedtobeatleast$13.00persharetobecompetitive.MorganStanley’srepresentativealsorequestedthatanybidfromAdobeincludeasmuchinformationaspossibleregardingthetermsinvolvedandthetimingofgettingadefinitiveagreementsignedandannounced.

OnNovember2,representativesofPartyDadvisedrepresentativesofMorganStanleythatPartyDremainedinterestedandbelievedinthestrategicbenefitsofanacquisition,butwouldneedmoretimetocompletefurtherdiligenceonjointsynergies.TherepresentativeofPartyDconfirmedthattheywouldnotbeabletomakeadecisionwithintherequestedtimelinegivenothermatterstheywerefocusedon,butthattheycontinuedtohaveinterestiftherewereanopportunitytoexploreatalatertime.

OnNovember2,representativesofPartyCmetwithrepresentativesofTubeMogulandconductedfurtherduediligence.PartyCcontinuedtoexpressinterestinmakinganacquisitionproposalandrequestedmoretimetocompletetheirwork.

OnNovember2,arepresentativeofPartyBcommunicatedtoarepresentativeofMorganStanleythatPartyB’sboardofdirectorssupporteditseffortstocontinuetoexploreapotentialacquisition,butwasnotyetinapositiontomakeaproposal.TherepresentativefromPartyBexpressedthebeliefthatgivensufficienttime,theywouldbeinapositiontomakeanoffer,althoughtheyexpectedthe$14.00guidancewouldbehardtoachieve.

IntheeveningofNovember2,theTubeMogulBoardheldaspecialmeetingwithmembersofTubeMogulmanagementandrepresentativesofMorganStanleyandDLAinattendance.TherepresentativesofMorganStanleyprovidedanupdateregardingdiscussionswithPartyAaswellastheotherparties.TheTubeMogulBoarddiscussedseekinganofferof$13.50persharefromPartyAinordertoenterintoanagreementandprecludecontinuingconversationswithothers.TheTubeMogulBoardconsideredthatPartyA’sproposalwassettoexpirethefollowingday,andthatPartyAhadindicateditwasfinishedwithdiligenceandhadsignaledpotentialroomtomoveontheprice,thoughPartyAhadpreviouslystatedtheywouldnotbewillingtooffer$14.00pershare.TheTubeMogulBoardalsodiscussedtherelativeimportanceofthepriceandcertaintyofthetransaction,inrelationtopossiblyseekingtorequestalowerterminationfee,andtoincludeinthemergeragreementa“goshop”provisionoranexceptionfromtheexclusivityprovisionsofthemergeragreementthatwouldpermitTubeMogultocontinuediscussionswithotherpartiescurrentlyengagedwithTubeMogul.TheTubeMogulBoarddirectedMorganStanleytoseeifPartyAwouldagreetoadealat$13.50pershare,whilecontinuingtoworkwiththeotherparties.

OnNovember3,representativesofMorganStanleyhadacallwitharepresentativeofPartyAduringwhichtherepresentativesofMorganStanleyadvisedthatgiventhemultiplepartiesthatwerecontinuingtoexploreapotentialtransaction,the$12.00persharepriceproposedbyPartyAwasinsufficientforTubeMogultopursuethetimelineproposedbyPartyA.TherepresentativesfromMorganStanleyfurthernotedthattheTubeMogulBoardwouldbewillingtoworkwithPartyAiftheywouldincreasetheiroffertoapriceof$13.50pershareandprovideinthemergeragreementthatTubeMogulcouldcontinueitsdiscussionswithotherpartiesinvolvedintheprocess,subjecttopaymentofalowerterminationfee,ifasuperiorproposalwasaccepted.Laterintheday,arepresentativefromPartyAcontactedarepresentativeofMorganStanleyandindicatedthat,whiletheywerepreparedtoconsiderahigheroffer,theywerenotpreparedtomakearevisedproposalwithoutanotherproposaltorespondto.

OnNovember3,aseniormemberoftheAdobeteamcalledarepresentativeofMorganStanleyandindicatedthatAdobecontinuedtohaveaninterestinmakingaproposaltoacquireTubeMogulandwasworkingasfastasitcouldtofinalizethepriceandothertermsofanoffer.TherepresentativeofAdobeindicatedthatAdobewouldonlymakeaproposalifAdobereceivedacommitmentthatitsproposalwouldnotbeusedasameanstogetotherstoincreasetheiroffers,andaskedMorganStanleytosuggestapriceatwhichTubeMogulwouldbewillingtoenterintoanexclusivityagreementwithAdobe.MorganStanleyindicatedtheywerenotauthorizedbytheTubeMogulBoardtoprovideapreclusiveprice,otherthanreiteratingthatthepricedneededtobegreaterthan$13.00pershareinordertobecompetitiveonanon-exclusivebasis.

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OnNovember3,arepresentativeofMorganStanleyadvisedarepresentativeofPartyCthatTubeMogulhadreceivedaproposalandthatitmightmakeadecisiononatransactionthatweek.TherepresentativefromPartyCinformedtherepresentativefromMorganStanleythatPartyCwouldnotbeabletoprovidefeedbackuntilafteraNovember9boardmeeting.

OnNovember4,arepresentativeofMorganStanleyandaseniormemberofAdobe’scorporatedevelopmentteamdiscussedthecurrentstatusoverthephone.TherepresentativeofMorganStanleyinformedAdobethattheTubeMogulBoardwasplanningtopursueanofferfromanotherbidderunlessAdobemadeanofferthatday.TheagreementwiththeotherbidderhadbeenreceivedinaformtheywerepotentiallywillingtosignandsubsequentlyannounceasearlyasthefollowingMonday,November7,accordingtotheMorganStanleyrepresentative.However,therepresentativeofMorganStanleyconveyedthat,whileanofferofgreaterthan$13.00persharewasrequiredtobecompetitiveonanon-exclusivebasis,theTubeMogulBoardmightconsiderenteringintoexclusivenegotiationswithAdobeifAdobemadeawrittenofferfor$14.00pershareincashandcommittedtonegotiateandsignadefinitiveagreementbyWednesday,November9.

EarlyintheafternoononNovember4,amemberofAdobe’scorporatedevelopmentteaminformedMorganStanleyonatelephonecallthatAdobewasstillworkingonpreparingabid,thensentanemaildescribinganumberofitemsAdobewouldrequireinordertomoveforwardonanacceleratedtimeline,includingadditionaldiligencematerials,acopyofTubeMogul’sdraftmergeragreementandschedulingin-personmeetingsonMonday,November7,intheofficesofWeilGotshal&MangesLLP(“Weil”),outsidecounseltoAdobe.Laterthatafternoon,arepresentativeofMorganStanleyconfirmedreceiptoftheemailandstatedthatAdobewouldneedtosubmitawrittenbidbythateveningorTubeMogulwouldbegintheprocessofpursuingadealwiththeotherbidder.

LaterintheeveningonNovember4,afterhavingreceivedapprovalfromAdobe’sexecutiveteam,whichhadreviewedfinancialinformationandprojectionsandotherinformationaboutTubeMogul’sbusiness,amemberofAdobe’scorporatedevelopmentteamsubmittedanonbindingindicationofinteresttoacquirealltheoutstandingsharesofTubeMogulfor$14.00pershareincash,subjecttocustomaryrepresentations,warranties,covenantsandclosingconditions,aswellasconductingsatisfactoryduediligenceonTubeMogul.TheofferwascontingentonTubeMogulagreeingtoanexclusivityperiodthroughNovember9andwastoexpireonmidnightthatevening.

IntheeveningofNovember4,theTubeMogulBoardheldaspecialmeetingwithmembersofTubeMogulmanagementandrepresentativesofMorganStanleyandDLAinattendance.RepresentativesofMorganStanleyadvisedtheTubeMogulBoardwithrespecttothestatusofdiscussionswithrespecttopotentialtransactionsandadvisedtheTubeMogulBoardthatAdobehadsubmittedanonbindingindicationofinterest,acopyofwhichhadbeenprovidedtotheTubeMogulBoard,whichproposedanofferof$14.00pershare,butwhichwasconditioneduponfurtherduediligenceandTubeMogulagreeingtoanexclusivityagreementthroughNovember9,2016.MorganStanleyfurthernotedthatPartyAhadindicatedthat,althoughtherewaspotentialforittoincreaseitsoffer,itwasunwillingtomakeahigherofferwithoutconfirmationthatanotherhigherbidhadbeenreceived;andPartyAalsohadpreviouslyindicatedthattheywerenotwillingtopay$14.00persharetoacquireTubeMogul.TherepresentativesofMorganStanleyalsoupdatedtheTubeMogulBoardregardingthestatusofdiscussionswithallotherprospectivebidders.TherepresentativesofMorganStanleyreviewedtheupdatedfinancialanalysisthathadbeenprovidedtotheTubeMogulBoardinadvanceofthemeeting.RepresentativesofMorganStanleythenreviewedwiththeTubeMogulBoardaletterthatMorganStanleywouldbedeliveringtotheTubeMogulBoardadvisingtheTubeMogulBoardthatMorganStanleyhadreceivedcompensationfromAdobeandPartyAforservicesrenderedinthepasttwoyearstoAdobeandPartyA,andthatMorganStanleywascurrentlyprovidingfinancialadvisoryservicestoPartyAonatransactionunrelatedtoTubeMogul.RepresentativesofMorganStanleyconfirmedthat,inaccordancewithitsinternalpolicies,suchcompensationdidnotpresentaconflictofinterestthatwouldprecludeMorganStanleyfromrepresentingTubeMogulinconnectionwithapotentialtransactionwithAdobeorPartyA.RepresentativesofMorganStanleyconfirmedthatnoseniormembersoftheMorganStanleytransactionteamwerecurrentlyprovidingservicesofanytypeon

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behalfofAdobeorPartyA.RepresentativesofDLAaddressedtheTubeMogulBoard’sfiduciarydutiesinconnectionwiththeproposedtransactionandinparticulariftheTubeMogulBoardwaspreparedtoapproveanall-cashoffer.DiscussionensuedamongthemembersoftheTubeMogulBoard.Amongothermatters,theTubeMogulBoarddiscusseditsconcernsregardingtherequiredexclusivityagreementandtherisksassociatedwiththefurtherduediligenceworkwhichAdobehadindicateditneededtocompletebeforefinalizingadefinitivepurchaseagreement.TheTubeMogulBoardalsodiscussedwiththerepresentativesofMorganStanleythelikelihoodthatPartyAmightraiseitsoffer,andbywhatpotentialamount,aswellasthelikelihood,amountandtimingforoffersthatmightbemadebytheotherparties.Afterfurtherdiscussion,takingaccountofthefactthatAdobehadmadeanofferatapricethattheTubeMogulBoardconsideredtobepreemptive,andthatPartyAhadstateditwouldnotraiseitsofferto$14.00pershare,theTubeMogulBoardauthorizedtheexecutionanddeliveryoftheexclusivityagreementwithAdobesubjecttothenegotiationofcertainchangesdiscussedwiththeTubeMogulBoard.

SubsequenttothemeetingoftheTubeMogulBoard,MorganStanleycommunicatedtoAdobethatsubjecttocertainmodificationstotheexclusivityagreement,andagreementthatAdobeiscommittedtoworkingtosignatransactiononNovember9,theTubeMogulBoardwaspreparedtoenterintoanexclusivityagreementandseektocompletethenegotiationofadefinitivemergeragreement.DLAdeliveredtoWeilproposedchangestotheformofexclusivityagreement.Afterfurthernegotiation,laterthatnighttheexclusivityagreementwasexecuted.

Laterthatnight,DLAdeliveredadraftofaproposedmergeragreementtoWeil.

BetweenNovember5,andtheannouncementoftheexecutionoftheMergerAgreement,representativesofPartyCandPartyAreachedouttoMorganStanleyandtorepresentativesofTubeMogulaskingforupdatesandexpressingcontinuedinterestinpursuingatransaction.Giventheobligationsundertheexclusivityagreement,neithertherepresentativesofMorganStanleynorTubeMogulresponded.

OnNovember7,thepartiesmetatWeil’sofficesinRedwoodShores,California,wheretheyengagedindetailedduediligencemeetings.RepresentativesofPwCjoinedcertainofthosemeetingsonbehalfofAdobetoparticipateinfinancialandtaxduediligence.Asthemeetingswereinprogress,asrequiredbytheexclusivityagreement,arepresentativeofMorganStanleyinformedtheAdobeteamthattwopotentialbidderswerecontinuingtoreachoutregardingTubeMogul,andconfirmedthatMorganStanleyandTubeMogulhadnotrespondedtothosecommunicationsaftertheexecutionoftheexclusivityagreementwithAdobe.

OnNovember7,Weildeliveredamark-upofthedraftmergeragreementaswellasadraftTenderandSupportAgreement.OnNovember8andNovember9,representativesofDLAandWeilcontinuedtonegotiatethetermsoftheMergerAgreementandTenderandSupportAgreement.Amongotherissuessubjecttonegotiationwerethescopeofrepresentationsandwarranties,theconditionstotheOfferandtheamountoftheproposedterminationfee.

OnNovember8,theTubeMogulBoardheldaspecialmeetingtoconsiderthetermsoftheproposedtransactionwithmembersofTubeMogulmanagementandrepresentativesofMorganStanleyandDLAinattendance.TherepresentativesofDLAaddressedtheTubeMogulBoard’sfiduciarydutiesinconnectionwiththeproposedtransactionandreviewedthetermsofthedraftMergerAgreementcirculatedpriortotheTubeMogulBoardmeeting.Amongothermatters,therepresentativesofDLAreviewedthekeyprovisionsoftheMergerAgreement,includingissuesthatremainedsubjecttonegotiation,andincomparisontothedraftmergeragreementthathadbeensubmittedbyPartyA.RepresentativesofMorganStanleythenreviewedtheirupdatedfinancialanalysis,confirmingthattherewerenomaterialchangesfromthatpreviouslyreviewedwiththeTubeMogulBoardattheNovember4,2016meeting.TheythendeliveredtotheTubeMogulBoardMorganStanley’soralopinion,subsequentlyconfirmedinwritingbydeliveryofawrittenopiniondatedNovember9,2016,that,asofthatdateandbaseduponandsubjecttothevariouslimitations,matters,qualificationsandassumptionssetforththerein,the$14.00persharepricetobereceivedbytheholdersofsharesofTubeMogulcommonstock,otherthanExcludedShares(asdefinedintheMergerAgreement),pursuanttotheMerger

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Agreementwasfair,fromafinancialpointofview,tosuchholders.FormoreinformationaboutMorganStanley’sopinion,seebelowunderthecaption“—OpinionofTubeMogulFinancialAdvisor”.

Afterdiscussingpotentialreasonsforandagainsttheproposedtransaction(seebelowunderthecaption“—BackgroundoftheTransactions;ReasonsfortheRecommendationoftheTubeMogulBoard—ReasonsforRecommendation”),theTubeMogulBoardunanimouslyauthorizedmanagement,DLAandMorganStanleytocontinuenegotiationswithAdobeand,subjecttothefinalizationofsuchnegotiations,unanimously(i)determinedthattheMergerAgreement,includingtheOffer,theMergerandtheotherTransactions,werefairtoandinthebestinterestsofTubeMogulanditsstockholders,(ii)electedthattheMergerAgreementandtheTransactionsbeexpresslygovernedbySection251(h)oftheDGCL,(iii)adoptedandapprovedtheMergerAgreementandtheformofTenderandSupportAgreement,declaringtheadvisabilityoftheMergerAgreementandapprovingtheTransactions,includingtheOfferandtheMerger,inaccordancewiththerequirementsoftheDGCL,(iv)approvedtheexecution,deliveryandperformancebyTubeMoguloftheMergerAgreementandtheconsummationoftheTransactions,includingtheOfferandtheMerger,and(v)recommendedthattheholdersofSharesaccepttheOfferandtendertheirSharespursuanttotheOffer,ineachcase,onthetermsandsubjecttotheconditionsoftheMergerAgreement.TheTubeMogulBoardalsotooksuchactionsaswerenecessarytorenderSection203oftheDGCLinapplicabletothetransactionscontemplatedbytheMergerAgreementandtheTenderandSupportAgreementsandadoptedaresolutionauthorizingamendmentstoTubeMogul’sbylawstoprovidethatDelawarecourtswouldbetheexclusiveforumforcertaintypesofclaimsrelatingtoTubeMogul.

FollowingthemeetingoftheTubeMogulBoard,representativesofDLAandWeilcontinuedtonegotiatethefinaltermsoftheMergerAgreementandtheTenderandSupportAgreement.

EarlyinthemorningonNovember10,thepartiesexecutedtheMergerAgreementandtheTenderandSupportAgreements,andissuedajointpressreleasethepriortotheopeningofstockmarketsintheUnitedStates,announcingthetransaction.

Reasons for Recommendation

InevaluatingtheMergerAgreementandtheTransactions,includingtheOfferandtheMerger,andrecommendingthatTubeMogul’sstockholdersaccepttheOfferandtenderalloftheirSharestoPurchaserpursuanttotheOffer,theTubeMogulBoardconsultedwithTubeMogul’smanagementanditsfinancialandlegaladvisors,andconsideredanumberoffactors,includingthefollowing(whicharenotnecessarilypresentedinorderofrelativeimportance):

FinancialTerms;CertaintyofValue

• ThefactthattheOfferPriceconsistssolelyofcash,whichprovidescertaintyofvalueandliquiditytoTubeMogul’sstockholdersanddoesnotexposethemtoanyfuturerisksrelatedtothebusinessorthefinancialmarketsgenerally.

• TherelationshipoftheOfferPricetothetradingpriceoftheShares,includingthefactthattheOfferPricerepresentsapremiumof:

• Approximately89.4%totheunaffectedclosingSharepriceofTubeMogul’scommonstockof$7.39asofNovember7,2016,thedaypriortotheTubeMogulBoard’smeetingtoapprovetheMergerAgreement;

• approximately68.2%totheaverageclosingSharepriceoverthe30tradingdayperiodendingonNovember7,2016;and

• approximately46.8%totheaverageclosingSharepriceoverthe90tradingdayperiodendingonNovember7,2016.

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• TheoralopinionofMorganStanleydeliveredtotheTubeMogulBoard,subsequentlyconfirmedinwriting,thatasofNovember9,2016,andbaseduponandsubjecttotheassumptionsmade,proceduresfollowed,mattersconsideredandqualificationsandlimitationsonthescopeofreviewundertakenbyMorganStanleyassetforthinthewrittenopinion,the$14.00incashperSharetobereceivedbyholdersofSharespursuanttothetermsoftheMergerAgreementwasfair,fromafinancialpointofview,tosuchholdersofShares,asmorefullydescribedinthesectionentitled“—BackgroundoftheTransactions;ReasonsfortheRecommendationoftheTubeMogulBoard—OpinionofTubeMogulFinancialAdvisor”beginningonpage31ofthisStatement.

TubeMogul’sOperatingandFinancialConditionandProspects

• TubeMogul’scurrentandhistoricalbusiness,financialcondition,resultsofoperations,competitiveposition,strategicoptionsandprospects,aswellas

TubeMogul’slong-termbusinessplanandprospectsifitwastoremainanindependentpubliccompany,therisksandchallengesassociatedwithremaininganindependentpubliccompany,andthepotentialimpactofthosefactorsonthefuturetradingpriceofTubeMogul’scommonstock.

• TheprospectiveriskstoTubeMogulasastand-alonepublicentity,includingtherisksanduncertaintieswithrespectto(1)achievingTubeMogul’slong-termbusinessplaninlightofthecurrentandforeseeablebusinessandmarketconditions,includingtherisksanduncertaintiesofimplementingitsstrategyofmigratingcustomersfromitsPlatformServicesofferingtoitsPlatformDirectoffering,thechallengesinvolvedinsuccessfullydevelopinganticipatednewproductsandservicesandachievingmarketacceptanceforthosenew,unprovenproductsandservices,anditsabilitytoacquirenewcustomersandgainalargeramountofitsexistingcustomers’advertisingspend;(2)therisksanduncertaintiesassociatedwiththeU.S.andglobaleconomy;(3)generalstockmarketconditionsandvolatilityand(4)theotherrisksanduncertaintiesidentifiedinTubeMogul’sfilingswiththeSEC,includingitsQuarterlyReportsonForm10-QforthethreemonthsendedSeptember30,2016availableatwww.sec.gov.

• TheTubeMogulBoard’sbelief,afteracomprehensiveexplorationoftheaboveconsiderations,thatthecompletionoftheOfferandtheconsummationoftheTransactionsrepresentTubeMogul’sbestreasonablyavailablealternativeformaximizingstockholdervalue.

ActiveCompetitiveProcess

• ThefactthatTubeMogulactivelysoughtproposalsfromnumerousotherpartiesthatitbelievedwerelogicalpotentialbuyers,asmorefullydescribed

aboveundertheheading“—BackgroundoftheTransactions;ReasonsfortheRecommendationoftheTubeMogulBoard—BackgroundoftheTransactions,”includingstrategicbuyersandfinancialsponsors:

• RepresentativesofTubeMogul’sfinancialadvisorcontactedatotalof19parties,composedof16strategicbuyersandthreefinancialsponsors,inanefforttoobtainthebestvaluereasonablyavailabletostockholders.

• TubeMogul,incoordinationwithitsfinancialadvisor,conductedmanagementpresentationsattendedbysevenoftheinterestedparties(includingAdobeandPartyA).

• Oftheseparties,TubeMogulreceivedinitialindicationsofinterestfromtwooftheparties,AdobeandPartyA.

• PriortoTubeMogul’senteringintoanexclusivityarrangementwithAdobe,PartyAsubmittedadraftmergeragreement.

• ThepriceofferedbyAdobewasmateriallyhigherthanthepriceofferedbyPartyAanddidnotincludeanyconditions,covenantsorrisksofdelaysasaresultofanyrequiredfinancing.

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• TheTubeMogulBoard’sbeliefthat,basedonnegotiationsanddiscussionswithAdobe,theOfferPricerepresentedthehighestpriceAdobewaswillingtopay.

• TheTubeMogulBoard’sconclusionthat,inlightof(1)theperceivedriskthatadelayinsigningthedefinitiveagreementwithAdobewouldjeopardizeTubeMogul’sabilitytosuccessfullyconsummatethetransactionwithAdobeand(2)PartyA’sunwillingnesstoincreaseitsbidpricetomatchthe$13.50persharepricethathadbeenproposedbyMorganStanley,theOfferPricereflectedthehighestpersharevaluereasonablyavailableasofthedateoftheMergerAgreement.

• TheTubeMogulBoard’sviewthattheMergerAgreement(1)wastheproductofarm’s-lengthnegotiations,(2)containedtermsandconditionswhichwerefavorabletoTubeMoguland(3)wastheresultofacompetitivesolicitationprocess.

SpeedandLikelihoodofConsummation

• Thestructureofthetransactionasatwo-steptransactionunderSection251(h)oftheDGCL,whichpotentiallyenablesthestockholderstoreceivetheOfferPricepursuanttotheOfferinarelativelyshorttimeframe,followedpromptlybytheMergerinwhichTubeMogul’sstockholderswhodonottenderintheOfferwillreceivethesamecashpricepershareasispaidintheOffer,andthatsuchrelativelyshorttimeframewouldbeexpectedtoreducetheuncertaintyandpotentialdisruptiontoTubeMogul’sbusinesspendingclosingoftheMerger.

• ThelikelihoodthattheOfferandtheMergerwouldbeconsummated,includingthat:

• Purchaserisrequired,subjecttocertainexceptions,toextendtheOffer.

• TheconditionstotheOfferandtheMergerarespecificandlimited,sothattheTransactionsarelikelytobecompletedifasufficientnumberofSharesaretenderedintheOffer.

• TheTubeMogulBoard’sbelief,followingconsultationwithlegalcounsel,thattheTransactionspresentedalimitedriskofnotachievingregulatoryclearanceorhavingadelayinconsummationoftheTransactionsduetoregulatoryreview.

• Adobeproposedanall-cashtransactionwithnofinancingcontingencies.

• ThebusinessreputationandcapabilitiesandthesubstantialfinancialresourcesofAdobe.

• TheoutsidedateundertheMergerAgreementonwhicheitherparty,subjecttocertainexceptions,canterminatetheMergerAgreementallowsforsufficienttimetoconsummatetheTransactions.

• TheTubeMogulBoard’sbeliefthatthetermsoftheMergerAgreement,takenasawhole,provideahighdegreeofprotectionagainsttheriskthattheconsummationoftheMergerwillbeundulydelayedorthattheMergerwillnotbeconsummated.

• TheTubeMogulBoard’sbeliefthattheMergerAgreement’srestrictionsonTubeMogul’sabilitytotakecertainactionsduringthependencyoftheMergerwillnotundulyinterferewithTubeMogul’sabilitytooperateitsbusinessintheordinarycourse.

• TubeMogul’sability,undercertaincircumstancespursuanttotheMergerAgreement,toseekspecificperformancetopreventbreachesoftheMergerAgreementandtoenforcespecificallythetermsoftheMergerAgreement.

AbilitytoTerminateinCertainCircumstances

• TheTubeMogulBoard’sability,undercertaincircumstances,towithdraworchangeitsrecommendationinfavoroftheOfferinresponsetoasuperior

proposalandtoterminatetheMergerAgreementinordertoenterintoanacquisitionagreementrelatingtoasuperiorproposalasdeterminedbytheTubeMogulBoardinconnectionwithcarryingoutitsfiduciaryduties,ineachcase,subjectto

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thetermsoftheMergerAgreementandTubeMogulpayingAdobetheapplicableTerminationFee.Specifically,iftheterminationfeebecamepayablebyTubeMogulasaresultofTubeMogulterminatingtheMergerAgreementinordertoenterintoadefinitiveacquisitionagreementprovidingforasuperiorproposalandcertainothercircumstances,theamountoftheterminationfeewillbe$21million(the“TerminationFee”).

• TheTubeMogulBoard’sbeliefthattheTerminationFeepayabletoAdobeincertaincircumstanceswasreasonableandcustomaryinthecontextofterminationfeespayableincomparabletransactionsandinlightoftheoveralltermsoftheMergerAgreement,andwouldnotprecludeorunreasonablydeteranotherpartyfrommakingacompetingacquisitionproposalwithregardtoTubeMogulfollowingtheannouncementoftheMergerAgreementandtheTransactions.

• TheTubeMogulBoardconsideredthefactthattheTenderandSupportAgreementsterminateintheeventthatTubeMogulterminatestheMerger

Agreement,whichpermitsthosepersonstosupportatransactioninvolvingasuperiorproposalfollowingtheterminationoftheMergerAgreementandpaymenttoAdobeofa$21millionterminationfee.

GeneralMatters

• TheavailabilityofstatutoryappraisalrightsundertheDGCLfortheholdersofShareswhodonottendertheirSharesintheOfferandwhootherwisecomplywiththerequiredproceduresundertheDGCL.

• TheTubeMogulBoard’sfamiliaritywithTubeMogul’sbusiness,operations,prospects,businessstrategy,competitiveposition,industrytrendsand

dynamics,economicandmarketconditions,andassetsandliabilitiesandfinancialconditionforthefiscalyearendedDecember31,2015,quarterlyandnine-monthperiodendedSeptember30,2016,andprojectedresultsforthe2016to2019fiscalyears.

• ThefactthatresolutionsapprovingtheMergerAgreementwereunanimouslyapprovedbytheTubeMogulBoard,whichiscomprisedofamajorityofindependentdirectorswhoareneitheraffiliatedwithAdobenoremployeesofTubeMoguloranyofitssubsidiaries,andwhichretainedandreceivedadvicefromTubeMogul’soutsidelegalcounselandfinancialadvisorinevaluating,negotiatingandrecommendingthetermsoftheMergerAgreement.

• TheinterestofTubeMogul’sexecutiveofficersanddirectorsintheTransactionsthatmaybedifferentfrom,orinadditionto,thoseofTubeMogul’sstockholdersgenerally.

TheTubeMogulBoardalsoconsideredanumberofuncertainties,risksandpotentiallynegativefactorsinitsdeliberationsconcerningtheMergerandtheotherTransactions,includingthefollowing(notnecessarilyinorderofrelativeimportance):

• Thefactthattheall-cashprice,whileprovidingrelativecertaintyofvalue,wouldnotallowTubeMogul’sstockholderstoparticipateinanypossiblegrowthandprofitsofTubeMogulfollowingthecompletionoftheTransactions.

• ThecostsinvolvedinconnectionwithenteringintoandcompletingtheTransactionsprocessandrelatedactions,thetimeandeffortofTubeMogul’smanagementandcertainotheremployeesrequiredtocompletetheTransactionsprocessandtherelatedactions,andtherelateddisruptionsorpotentialdisruptionstoTubeMogul’sbusinessoperationsandfutureprospects,includingitsrelationshipswithitsemployees,retailers,customers,suppliers,partnersandothersthatdobusinessormaydobusinessinthefuturewithTubeMogul.

• ThetermsoftheMergerAgreement,including(1)theoperationalrestrictionsimposedonTubeMogulbetweensigningandclosing(whichmaydelay

orpreventTubeMogulfromundertakingbusinessopportunitiesthatmayarisependingthecompletionofthetransactionoranyotheractionTubeMogulwouldotherwisetakewithrespecttotheoperationsofTubeMogulabsentthependingcompletionof

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theMerger),and(2)theTerminationFeethatcouldbecomepayablebyTubeMogulifTubeMogulterminatestheMergerAgreementto,amongotherthings,acceptasuperiorproposal.

• ThepotentialstockholderandotherlawsuitsthatmaybefiledinconnectionwiththeMergerAgreementandthecontemplatedTransactions.

• Theabsenceofassurancethatallconditionstotheparties’obligations,includingwithrespecttorequiredantitrustapprovals,tocompletetheOfferortheMergerwillbesatisfied.

• TheriskthattheproposedTransactionsmightnotbecompletedandtheeffectoftheresultingpublicannouncementofterminationoftheMergerAgreementon:

• ThemarketpriceofTubeMogul’scommonstock,whichcouldbeaffectedbymanyfactors,including(1)thereasonforwhichtheMergerAgreementwasterminatedandwhethersuchterminationresultsfromfactorsadverselyaffectingTubeMogul,(2)thepossibilitythatthemarketplacewouldconsiderTubeMogultobeanunattractiveacquisitioncandidateand(3)thepossiblesaleofSharesofTubeMogul’scommonstockbyshort-terminvestorsfollowingtheannouncementofterminationoftheMergerAgreement.

• TubeMogul’soperatingresults,particularlyinlightofthecostsincurredinconnectionwiththeTransactions,includingthepotentialrequirementtopaytheTerminationFee.

• Theabilitytoattractandretainkeypersonnelandotheremployees.

• RelationshipswithTubeMogul’semployees,customers,suppliers,partnersandothersthatdobusinessormaydobusinessinthefuturewithTubeMogul.

• ThefactthatTubeMogul’smonetaryremedyinconnectionwithabreachoftheMergerAgreementbyAdobeorPurchaser,exceptinthecaseoffraud

orwillfulandmaterialbreachoftheMergerAgreement,maynotbesufficienttocompensateTubeMogulforlossessufferedasaresultofabreachoftheMergerAgreementbyAdobeorPurchaser.

• ThefactthatthecashconsiderationpaidinthetransactionwouldbetaxabletoTubeMogul’sstockholdersthatareU.S.holdersforU.S.federalincometaxpurposes.

Theforegoingdiscussionisnotmeanttobeexhaustive,butsummarizesthematerialfactorsconsideredbytheTubeMogulBoardinitsconsiderationoftheMergerAgreement,theOffer,theMergerandtheotherTransactions.Afterconsideringtheseandotherfactors,theTubeMogulBoardconcludedthatthepotentialbenefitsoftheMergerAgreement,theOffer,theMergerandtheotherTransactionsoutweighedtheuncertaintiesandrisks.InviewofthevarietyoffactorsconsideredbytheTubeMogulBoardandthecomplexityofthesefactors,theTubeMogulBoarddidnotfinditpracticableto,anddidnot,quantifyorotherwiseassignrelativeweightstotheforegoingfactorsinreachingitsdeterminationandrecommendations.Moreover,eachmemberoftheTubeMogulBoardappliedhisorherownpersonalbusinessjudgmenttotheprocessandmayhaveassigneddifferentweightstodifferentfactors.TheTubeMogulBoardunanimouslyadoptedandapprovedtheMergerAgreement,theOffer,theMergerandtheotherTransactions,andrecommendedthatstockholderstendertheirSharesintheOffer.

Executive Officer and Director Arrangements Following the Merger

AsofthedateofthisSchedule14D-9,noneofTubeMogul’soritssubsidiaries’currentdirectorsorexecutiveofficershaveenteredintoanyarrangementsorotherunderstandingswithAdobe,PurchaserortheirrespectiveaffiliatesregardingcontinuedservicewiththeSurvivingCorporationoranyofitssubsidiariesfromandaftertheEffectiveTime.ItispossiblethatAdobe,PurchaserortheirrespectiveaffiliatesmayenterintoemploymentorotherarrangementswithTubeMogul’smanagementinthefuture.

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Opinion of TubeMogul Financial Advisor

TheTubeMogulBoardretainedMorganStanleytoprovideitwithfinancialadvisoryservicesandafinancialopinioninconnectionwiththepossiblesaleoftheCompany.TheTubeMogulBoardselectedMorganStanleytoactasTubeMogul’sfinancialadvisorbasedonMorganStanley’squalifications,expertiseandreputation,itsknowledgeofandinvolvementinrecenttransactionsintheadvertisingtechnologyandsoftwareindustry,anditsknowledgeandunderstandingofTubeMogul’sbusinessandaffairs.AtthemeetingoftheTubeMogulBoardonNovember8,2016,MorganStanleyrenderedtotheTubeMogulBoarditsoralopinion,thatasofNovember7,2016,andbaseduponandsubjecttotheassumptionsmade,proceduresfollowed,mattersconsideredandqualificationsandlimitationsonthescopeofreviewundertakenbyMorganStanley,theconsiderationtobereceivedbytheholdersofsharesofTubeMogul’scommonstock(otherthanExcludedShares),pursuanttotheMergerAgreement,wasfairfromafinancialpointofviewtosuchstockholders.ThiswassubsequentlyconfirmedinwritingwithanalysisupdatedforinformationavailableasofNovember9,2016,thelastdayfulltradingdaypriortoexecutionoftheMergerAgreement,assetforthinitswrittenopinion.

The full text of the written opinion of Morgan Stanley, dated as of November 9, 2016, is attached to this Schedule 14D-9 as Annex A and is incorporatedby reference in this Schedule 14D-9 in its entirety. You are encouraged to read the opinion in its entirety for a discussion of the assumptions made,procedures followed, matters considered and qualifications and limitations upon the scope of the review undertaken by Morgan Stanley in rendering itsopinion. Morgan Stanley’s opinion was directed to the TubeMogul Board, in its capacity as such, and addresses only the fairness from a financial point ofview of the consideration to be received by the holders of shares of TubeMogul’s common stock (other than Excluded Shares), pursuant to the MergerAgreement and as of the date of the opinion. It did not address any other aspects or implications of the Offer and the Merger and does not constitute anopinion or a recommendation as to how the stockholders of the Company should act or vote in connection with any of the transactions contemplated bythe Merger Agreement, including, without limitation, as to whether the stockholders of the Company should tender their shares in the Offer. Thesummary of the opinion of Morgan Stanley set forth below is qualified in its entirety by reference to the full text of the opinion.

Inconnectionwithrenderingitsopinion,MorganStanley,amongotherthings:

• ReviewedcertainpubliclyavailablefinancialstatementsandotherbusinessandfinancialinformationoftheCompany;

• ReviewedcertaininternalfinancialstatementsandotherfinancialandoperatingdataconcerningtheCompany;

• ReviewedcertainfinancialprojectionspreparedbythemanagementoftheCompany;

• DiscussedthepastandcurrentoperationsandfinancialconditionandtheprospectsoftheCompanywiththeseniorexecutivesoftheCompany;

• ReviewedthereportedpricesandtradingactivityforsharesofCompanycommonstock;

• ComparedthefinancialperformanceoftheCompanyandthepricesandtradingactivityofsharesofCompanycommonstockwiththatofcertainotherpubliclytradedcompaniescomparablewiththeCompany,andtheirsecurities;

• Reviewedthefinancialterms,totheextentpubliclyavailable,ofcertaincomparableacquisitiontransactions;

• ParticipatedincertaindiscussionsandnegotiationsamongrepresentativesoftheCompanyandAdobeandcertainaffiliatesofAdobeandtheirfinancialandlegaladvisors;

• ReviewedadraftoftheMergerAgreementdatedNovember9,2016andcertainrelateddocuments;and

• Performedsuchotheranalyses,reviewedsuchotherinformationandconsideredsuchotherfactorsasMorganStanleydeemedappropriate.

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Inarrivingatitsopinion,MorganStanleyassumedandreliedupon,withoutindependentverification,theaccuracyandcompletenessoftheinformationthatwaspubliclyavailableorsuppliedorotherwisemadeavailabletoMorganStanleybytheCompany,andformedasubstantialbasisforitsopinion.Withrespecttothefinancialprojections,MorganStanleyassumedthattheyhadbeenreasonablypreparedonbasesreflectingthebestcurrentlyavailableestimatesandjudgmentsofthemanagementoftheCompanyofthefuturefinancialperformanceoftheCompany.Inaddition,MorganStanleyassumedthattheOfferandtheMergerwillbeconsummatedinaccordancewiththetermssetforthintheMergerAgreementwithoutanywaiver,amendmentordelayofanytermsorconditionsandthatthedefinitiveMergerAgreementwouldnotdifferinanymaterialrespectfromthedraftfurnishedtoMorganStanley.MorganStanleyassumedthat,inconnectionwiththereceiptofallthenecessarygovernmental,regulatoryorotherapprovalsandconsentsrequiredfortheOfferandtheMerger,nodelays,limitations,conditionsorrestrictionswillbeimposedthatwouldhaveamaterialadverseeffectonthecontemplatedbenefitsexpectedtobederivedintheOfferandMerger.MorganStanleyisnotalegal,taxorregulatoryadvisor.MorganStanleyisafinancialadvisoronlyandreliedupon,withoutindependentverification,theassessmentoftheCompanyanditslegal,taxorregulatoryadvisorswithrespecttolegal,taxorregulatorymatters.MorganStanleyexpressednoopinionwithrespecttothefairnessoftheamountornatureofthecompensationtoanyoftheCompany’sofficers,directorsoremployees,oranyclassofsuchpersons,relativetotheconsiderationtobereceivedbytheholdersofSharesintheOfferandtheMerger.MorganStanleydidnotmakeanyindependentvaluationorappraisaloftheCompany’sassetsorliabilities,norwasMorganStanleyfurnishedwithanysuchvaluationsorappraisals.MorganStanley’sopinionwasnecessarilybasedonfinancial,economic,marketandotherconditionsasineffecton,andtheinformationmadeavailabletoMorganStanleyasof,November9,2016.EventsoccurringafterNovember9,2016mayaffectMorganStanley’sopinionandtheassumptionsusedinpreparingit,andMorganStanleydidnotassumeanyobligationtoupdate,reviseorreaffirmitsopinion.

SummaryofFinancialAnalyses

ThefollowingisabriefsummaryofthematerialanalysesperformedbyMorganStanleyinconnectionwithitsoralopiniondeliveredNovember8,2016andthepreparationofitswrittenopinionletterdatedNovember9,2016,totheTubeMogulBoard.ThefollowingsummaryisnotacompletedescriptionofMorganStanley’sopinionorthefinancialanalysesperformedandfactorsconsideredbyMorganStanleyinconnectionwithitsopinion,nordoestheorderofanalysesdescribedrepresenttherelativeimportanceorweightgiventothoseanalyses.Exceptasotherwisenoted,thefollowingquantitativeinformation,totheextentthatitisbasedonmarketdata,isbasedonmarketdataasitexistedonorbeforeNovember9,2016(thelastfulltradingdaypriortotheexecutionoftheMergerAgreement).Thevariousanalysessummarizedbelowwerebasedontheclosingpriceof$7.67perShareasofNovember9,2016andarenotnecessarilyindicativeofcurrentmarketconditions.Someofthesesummariesoffinancialanalysesincludeinformationpresentedintabularformat.InordertofullyunderstandthefinancialanalysesusedbyMorganStanley,thetablesmustbereadtogetherwiththetextofeachsummary.Thetablesalonedonotconstituteacompletedescriptionofthefinancialanalyses.Theanalyseslistedinthetablesanddescribedbelowmustbeconsideredasawhole;consideringanyportionofsuchanalysesandofthefactorsconsidered,withoutconsideringallanalysesandfactors,couldcreateamisleadingorincompleteviewoftheprocessunderlyingMorganStanley’sopinion.

Inperformingthefinancialanalysissummarizedbelowandarrivingatitsopinion,MorganStanleyusedandrelieduponcertainfinancialprojectionsprovidedbytheCompany’smanagement,andreferredtobelowasthemanagementcase,andcertainfinancialprojectionsbasedonWallStreetresearchreportsandreferredtobelowasthestreetcase.Thesefinancialprojectionsaremorefullydescribedunderthecaption“Item4.TheSolicitationorRecommendation—CertainUnauditedProspectiveFinancialInformationofTubeMogul.”

PublicTradingComparablesAnalysis

MorganStanleyperformedapublictradingcomparablesanalysis,whichprovidesanimpliedvalueofacompanybycomparingittosimilarcompaniesthatarepubliclytraded.MorganStanleyreviewedandcomparedcertain

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financialestimatesfortheCompanywithcomparablepubliclyavailableconsensusequityanalystresearchestimatesforselectedadvertisingtechnologyandsoftwarecompaniesthatsharesimilarbusinesscharacteristicsandhavecertaincomparableoperatingcharacteristicsincluding,amongotherthings,similarlysizedrevenueand/orrevenuegrowthrates,marketcapitalization,profitability,and/orscale(werefertothesecompaniesasthecomparablecompanies).Thesecompanieswerethefollowing:

• CriteoS.A.

• MarinSoftwareIncorporated

• RocketFuelInc.

• TheRubiconProject,Inc.

• TheTradeDesk,Inc.

• TremorVideo,Inc.

• YuMe,Inc.

Basedonitsanalysisoftherelevantmetricsforeachofthecomparablecompaniesandupontheapplicationofitsprofessionaljudgmentandexperience,MorganStanleyselectedrepresentativerangesofnetrevenuemultiplesandappliedtheserangesofmultiplestotheestimated2017netrevenuefortheCompany,basedonthestreetandmanagementcases.Adtechcomparablecompanieshavedifferentrevenuerecognitionmethodologies.Forexample,TubeMogulrecognizesrevenueforPlatformDirectonanetbasisandrecognizesrevenueforPlatformServicesonagrossbasis.Inordertocomparemultiples,MorganStanleyusedTubeMogulGrossProfitasaproxyfornetrevenue,andMorganStanleymadesimilaradjustmentsforothercompaniesinordertoapproximatetheirnetrevenue.Forthisanalysis,MorganStanleydefined“netrevenue”asTubeMogul’stotalrevenueminuscostofrevenue,asthosetermsaredescribedinTubeMogul’shistoricalfinancialstatements(alsodescribedinthesection“Item4.TheSolicitationorRecommendation—CertainUnauditedProspectiveFinancialInformationofTubeMogul”asgrossprofit).

BasedontheoutstandingsharesofTubeMogulcommonstockonafullydilutedbasis(includingoutstandingoptionsandrestrictedstockunits)asprovidedbytheCompany’smanagementonNovember7,2016,MorganStanleycalculatedtheestimatedimpliedvalueperShareasofNovember9,2016asfollows:

Source of Calendar Year 2017 Estimated Net Revenue

Selected ComparableCompany

Multiple Ranges

Implied Value PerShare of

Common Stock ($)ManagementCase 1.5x–2.5x 8.26–12.67StreetCase 1.5x–2.5x 7.82–11.93

MorganStanleynotedthattheconsiderationtobereceivedbyholdersofShares(otherthanExcludedShares)pursuanttotheMergerAgreementis$14.00pershare.

NocompanyutilizedinthepublictradingcomparablesanalysisisidenticaltotheCompany.Inevaluatingthecomparablecompanies,MorganStanleymadenumerousassumptionswithrespecttoindustryperformance,generalbusiness,regulatory,economic,marketandfinancialconditionsandothermatters,manyofwhicharebeyondtheCompany’sandMorganStanley’scontrol.Theseinclude,amongotherthings,theimpactofcompetitionontheCompany’sbusinessandtheindustrygenerally,industrygrowth,andtheabsenceofanyadversematerialchangeinthefinancialconditionandprospectsoftheCompanyandtheindustry,andinthefinancialmarketsingeneral.Mathematicalanalysis(suchasdeterminingtheaverageormedian)isnotinitselfameaningfulmethodofusingcomparablecompanydata.

DiscountedEquityValueAnalysis

MorganStanleyperformedadiscountedequityvalueanalysis,whichprovidesinsightintothepotentialfutureequityvalueofacompanyasafunctionofthecompany’sestimatedfutureearnings.Theresultingequityvalueis

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subsequentlydiscountedtoarriveatanestimateoftheimpliedpresentvalue.Inconnectionwiththisanalysis,MorganStanleycalculatedarangeofimpliedpresentequityvaluesperShareonastandalonebasis.Tocalculatethediscountedequityvalueusingthemanagementcases,MorganStanleyusedcalendaryear2018netrevenueandEBITDAprojectionsprovidedbytheCompany’smanagement.Inaddition,MorganStanleyreviewedastreetcase,whichisbasedonaWallStreetresearchreportdatedSeptember27,2016.Basedupontheapplicationofitsprofessionaljudgmentandexperience,MorganStanleyappliedarangeofnetrevenueandEBITDAmultiplestotheseestimatesandappliedadiscountrateof11.5%,whichwasusedbasedontheCompany’sestimatedcostofequity.

ThefollowingtablesummarizesMorganStanley’sanalysis:

Source of Calendar Year 2018 Estimated Net Revenue

Comparable CompanyRepresentative Multiple Ranges

Implied Value PerShare of

Common Stock ($)ManagementCase 1.5x–2.5x 8.24–12.81StreetCase 1.5x–2.5x 7.71–11.92

Source of Calendar Year 2018 Estimated EBITDA

Comparable CompanyRepresentative Multiple Ranges

Implied Value PerShare of

Common Stock ($)ManagementCase 8.0x–12.0x 8.19–11.59StreetCase 8.0x–12.0x 8.25–11.68

MorganStanleynotedthattheconsiderationtobereceivedbyholdersofShares(otherthanExcludedShares)pursuanttotheMergerAgreementis$14.00pershare.

DiscountedCashFlowAnalysis

MorganStanleyperformedadiscountedcashflowanalysis,whichprovidesanimpliedvalueofacompanybycalculatingthepresentvalueoftheestimatedfuturecashflowsandterminalvalueofsuchcompany.MorganStanleycalculatedarangeofequityvaluesperSharebasedonadiscountedcashflowanalysistovaluetheCompanyasastand-aloneentity.MorganStanleyutilizedestimatesfromthemanagementcasesandthestreetcaseforpurposesofitsdiscountedcashflowanalysis,asmorefullydescribedbelow.

MorganStanleyfirstcalculatedtheestimatedunleveredfreecashflowwhichMorganStanleydefinedasadjustedearningsbeforeinterest,taxes,depreciationandamortization,less(1)stock-basedcompensationexpense,(2)taxes,and(3)capitalexpenditures,andlessorplus,asapplicable,(4)changesinworkingcapital.Themanagementcaseestimatesthrough2019werebasedonprojectionspreparedbytheCompany’smanagement,andtheestimatedunleveredfreecashflowforcalendaryears2020through2026werebasedonextrapolationsofsuchestimatesdiscussedwithandapprovedbytheCompany’smanagement.Thestreetcaseestimatesthrough2018werebasedonapubliclyavailableWallStreetresearchreportdatedSeptember27,2016andtheestimatedunleveredfreecashflowforcalendaryears2019through2026werebasedonextrapolationsdiscussedwithandapprovedbytheCompany’smanagement.MorganStanleycalculatedthenetpresentvalueoffreecashflowsfortheCompanyfortheyears2017through2026.Basedontheperpetualgrowthratesrangingfrom2.5%to3.5%selectedbasedupontheapplicationofitsprofessionaljudgmentandexperience,MorganStanleycalculatedterminalvaluesintheyear2026.ThefreecashflowsandterminalvalueswerediscountedtopresentvaluesasofDecember31,2016atadiscountraterangingfrom10.5%to12.5%,whichdiscountrateswereselected,upontheapplicationofMorganStanley’sprofessionaljudgmentandexperience,toreflectanestimateoftheCompany’sweightedaveragecostofcapital.

BasedontheCompany’scashbalanceandoutstandingdebtasreflectedintheCompany’sSeptember30,2016balancesheetandtheoutstandingSharesonafully-dilutedbasis(includingoutstandingoptionsandrestricted

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stockunits)asprovidedbytheCompany’smanagementonNovember7,2016,MorganStanleycalculatedtheestimatedimpliedvaluepershareofTubeMogulcommonstockasofDecember31,2016asfollows:

Implied Value PerShare of

Common Stock ($)ManagementCase 8.65–12.53StreetCase 8.19–11.31

MorganStanleynotedthattheconsiderationtobereceivedbyholdersofShares(otherthanExcludedShares)pursuanttotheMergerAgreementis$14.00pershare.

PrecedentTransactionsAnalysis

MorganStanleyperformedaprecedenttransactionsanalysis,whichimpliesavalueofacompanybasedonpubliclyavailablefinancialtermsandpremiaofselectedtransactions.MorganStanleycomparedpubliclyavailablestatisticsforselectadvertisingtechnologytransactionsoccurringbetween2010andNovember9,2016(thelastfulltradingsessionpriortotheexecutionoftheMergerAgreement).MorganStanleyselectedsuchcomparabletransactionsbecausetheysharedcertaincharacteristicswiththeOfferandtheMerger.Thefollowingisalistoftheadvertisingtechnologytransactionsreviewed(Target/Acquiror):

adap.tvInc./AOLINC.AdMeldInc./GoogleInc.

AggregateKnowledgeInc./NeuStar,Inc.AOLINC./VerizonCommunicationsInc.AuditudeInc./AdobeSystemsIncorporated

BlueKaiInc./OracleCorporationBrightroll,Inc./Yahoo!Inc.

Conversant,Inc./AllianceDataSystemsCorporationDotomi,Inc./ValueClick,Inc.

EfficientFrontier,Inc./AdobeSystemsIncorporatedGreystripeInc./ValueClick,Inc.interclick,inc./Yahoo!Inc.InviteMediaInc./GoogleInc.

JumptapInc./MillenialMediaInc.LiveRamp,Inc./AcxiomCorporation

MarketSharePartners,LLC/Neustar,Inc.QuattroWirelessInc./AppleInc.

Forthetransactionslistedabove,MorganStanleynotedtheaggregatevalueofthetransactionasamultipletothenexttwelvemonthsrevenue.

MorganStanleyalsoreviewed47precedenttransactionsoccurringbetween2015andNovember2,2016,whichinvolvedU.S.publiclylistedcompaniesinthetechnologysectorandwhichhadatransactionvalueofgreaterthan$250millionandall-cashconsideration.Forthesetransactions,MorganStanleynotedthedistributionsofthefollowingfinancialstatistics,whereavailable:(1)theimpliedpremiumtotheacquiredcompany’sclosingsharepriceonthelasttradingdaypriortoannouncement(orthelasttradingdaypriortothesharepricebeingaffectedbyacquisitionrumorsorsimilarmerger-relatednews)and(2)theimpliedpremiumtotheacquiredcompany’s30-trading-dayaverageclosingsharepricepriortoannouncement(orthelast30-trading-dayaverageclosingsharepricepriortothesharepricebeingaffectedbyacquisitionrumorsorsimilarmerger-relatednews).

Basedonitsanalysisoftherelevantmetricsandtimeframeforeachofthetransactionslistedaboveandupontheapplicationofitsprofessionaljudgmentandexperience,MorganStanleyselectedrepresentativerangesof

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impliedpremiaandfinancialmultiplesofthetransactionsandappliedtheserangesofpremiaandfinancialmultiplestotherelevantfinancialstatisticfortheCompany.Adtechcomparablecompanieshavedifferentrevenuerecognitionmethodologies.Forexample,TubeMogulrecognizesrevenueforPlatformDirectonanetbasisandrecognizesrevenueforPlatformServicesonagrossbasis.Inordertocomparemultiples,MorganStanleyusedTubeMogulGrossProfitasaproxyfornetrevenue,andMorganStanleymadesimilaradjustmentsforothercompaniesinordertoapproximatetheirnetrevenue.ThefollowingtablesummarizesMorganStanley’sanalysis:

Precedent Transactions Financial Statistics

Representative AV to Estimated NTM

Revenue Multiple Ranges

Implied Value Per Share of

Common Stock ($)SourceofCY2017EstimatedNetRevenue ManagementCase 2.0x–3.5x 10.47–17.07StreetCase 2.0x–3.5x 9.88–16.04

Premia 25th to 75th Percentile

Ranges Premiumto1-DayPriorClosingSharePrice($7.67) 30%–46% 10.00–11.18Premiumto30-DayAverageClosingSharePrice($8.22) 30%–50% 10.72–12.31

MorganStanleynotedthattheconsiderationtobereceivedbyholdersofShares(otherthanExcludedShares)pursuanttotheMergerAgreementis$14.00pershare.

NocompanyortransactionutilizedintheprecedenttransactionsanalysisisidenticaltotheCompanyortheOfferortheMerger.Inevaluatingtheprecedenttransactions,MorganStanleymadenumerousassumptionswithrespecttoindustryperformance,generalbusiness,regulatory,economic,marketandfinancialconditionsandothermatters,manyofwhicharebeyondtheCompany’scontrol.Theseinclude,amongotherthings,theimpactofcompetitionontheCompany’sbusinessandtheindustrygenerally,industrygrowth,andtheabsenceofanyadversematerialchangeinthefinancialconditionandprospectsoftheCompanyandtheindustry,andinthefinancialmarketsingeneral,whichcouldaffectthepublictradingvalueofthecompaniesandtheaggregatevalueandequityvalueofthetransactionstowhichtheyarebeingcompared.ThefactthatpointsintherangeofimpliedpresentvaluepershareoftheCompanyderivedfromthevaluationofprecedenttransactionswerelessthanorgreaterthantheconsiderationisnotnecessarilydispositiveinconnectionwithMorganStanley’sanalysisoftheconsiderationfortheOfferandtheMerger,butoneofmanyfactorsMorganStanleyconsidered.

OtherInformation

MorganStanleyobservedadditionalfactorsthatwerenotconsideredpartofMorganStanley’sfinancialanalysiswithrespecttoitsopinion,butwhichwerenotedasreferencedatafortheTubeMogulBoardincludingthefollowinginformationdescribedunderthesectionstitled“TradingRange”and“EquityResearchAnalysts’FuturePriceTargets.”

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TradingRange

MorganStanleynotedthetradingrangewithrespecttothehistoricalsharepricesofTubeMogulcommonstock.MorganStanleyreviewedtherangeofclosingpricesofTubeMogulcommonstockforvariousperiodsendingonNovember9,2016(thelastfulltradingsessionpriortotheexecutionoftheMergerAgreement).MorganStanleyobservedthefollowing:

Period Ending November 9, 2016 Range of Closing Trading Prices ($)LastMonth(10/9/2016–11/9/2016) 7.14–8.96LastThreeMonths(8/9/2016–11/9/2016) 7.14–10.05LastSixMonths(5/9/2016–11/9/2016) 7.14–12.89LastTwelveMonths(11/9/2015–11/9/2016) 7.14–14.41

MorganStanleynotedthattheconsiderationtobereceivedbyholdersofShares(otherthanExcludedShares)pursuanttotheMergerAgreementis$14.00pershare.

MorganStanleyobservedthattheCompanyCommonStockclosedat$7.67onNovember9,2016(thelastfulltradingdaypriortotheexecutionofthemergeragreement).MorganStanleynotedthattheconsiderationpershareofCompanyCommonStockof$14.00pursuanttotheMergerAgreementreflecteda82.5%premiumtotheclosingpricepershareofCompanyCommonStockonNovember9,2016,a70.3%premiumtotheaverageclosingpricepershareofCompanyCommonStockforthe30tradingdayspriortoandincludingNovember9,2016,a61.2%premiumtotheaverageclosingpricepershareofCompanyCommonStockforthe60tradingdayspriortoandincludingNovember9,2016,a47.9%premiumtotheaverageclosingpricepershareofCompanyCommonStockforthe90tradingdayspriortoandincludingNovember9,2016anda2.8%discounttothehighestclosingpricepershareofCompanyCommonStockforthetwelvemonthspriortoandincludingNovember9,2016.

EquityResearchAnalysts’FuturePriceTargets

MorganStanleyreviewedfuturepublicmarkettradingpricetargetsforTubeMogulcommonstockpreparedandpublishedbyequityresearchanalystsfromAugust8,2016toOctober7,2016.Theseone-yearforwardtargetsreflectedeachanalyst’sestimateofthefuturepublicmarkettradingpriceofTubeMogulcommonstock.TherangeofundiscountedanalystpricetargetsforTubeMogulcommonstockwas$10.00to$17.00pershare,withamedianof$14.00pershare.TherangeofanalystpricetargetspershareforTubeMogulcommonstockdiscountedforoneyearatarateof11.5%,suchdiscountrateselectedbyMorganStanleyupontheapplicationofitsprofessionaljudgmenttoreflecttheCompany’scostofequity,asofNovember9,2016,was$8.97to$15.24pershare,andacorrespondingmedianof$12.55.

ThepublicmarkettradingpricetargetspublishedbyequityresearchanalystsdonotnecessarilyreflectcurrentmarkettradingpricesforTubeMogulcommonstock,andtheseestimatesaresubjecttouncertainties,includingthefuturefinancialperformanceoftheCompanyandfuturefinancialmarketconditions.

General

InconnectionwiththereviewoftheOfferandtheMergerbytheTubeMogulBoard,MorganStanleyperformedavarietyoffinancialandcomparativeanalysesforpurposesofrenderingitsopinion.Thepreparationofafinancialopinionisacomplexprocessandisnotnecessarilysusceptibletoapartialanalysisorsummarydescription.Inarrivingatitsopinion,MorganStanleyconsideredtheresultsofallofitsanalysesasawholeanddidnotattributeanyparticularweighttoanyanalysisorfactoritconsidered.MorganStanleybelievesthatselectinganyportionofitsanalyses,withoutconsideringallanalysesasawhole,wouldcreateanincompleteviewoftheprocessunderlyingitsanalysesandopinion.Inaddition,MorganStanleymayhavegivenvariousanalysesandfactorsmoreorlessweightthanotheranalysesandfactors,andmayhavedeemedvarious

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assumptionsmoreorlessprobablethanotherassumptions.Asaresult,therangesofvaluationsresultingfromanyparticularanalysisdescribedaboveshouldnotbetakentobeMorganStanley’sviewoftheactualvalueoftheCompany.Inperformingitsanalyses,MorganStanleymadenumerousassumptionswithrespecttoindustryperformance,generalbusiness,regulatory,economic,marketandfinancialconditionsandothermatters,manyofwhicharebeyondtheCompany’scontrol.Theseinclude,amongotherthings,theimpactofcompetitionontheCompany’sbusinessandtheindustrygenerally,industrygrowth,andtheabsenceofanyadversematerialchangeinthefinancialconditionandprospectsoftheCompanyandtheindustry,andinthefinancialmarketsingeneral.AnyestimatescontainedinMorganStanley’sanalysesarenotnecessarilyindicativeoffutureresultsoractualvalues,whichmaybesignificantlymoreorlessfavorablethanthosesuggestedbysuchestimates.

MorganStanleyconductedtheanalysesdescribedabovesolelyaspartofitsanalysisofthefairnessfromafinancialpointofviewoftheconsiderationtobereceivedbytheholdersofShares(otherthanExcludedShares)pursuanttotheMergerAgreementandinconnectionwiththedeliveryofitsopinion,datedNovember9,2016,totheTubeMogulBoard.TheseanalysesdonotpurporttobeappraisalsortoreflectthepricesatwhichtheSharesmightactuallytrade.

TheconsiderationtobereceivedbytheholdersofShares(otherthanExcludedShares)pursuanttotheMergerAgreementwasdeterminedthrougharm’s-lengthnegotiationsbetweentheCompanyandAdobeandwasapprovedbytheTubeMogulBoard.MorganStanleyprovidedadvicetotheTubeMogulBoardduringthesenegotiationsbutdidnot,however,recommendanyspecificconsiderationtotheCompanyortheTubeMogulBoard,nordidMorganStanleyopinethatanyspecificconsiderationconstitutedtheonlyappropriateconsiderationfortheOfferandtheMerger.MorganStanley’sopiniondidnotaddresstherelativemeritsoftheOfferandtheMergerascomparedtoanyotheralternativebusinesstransaction,orotheralternatives,orwhetherornotsuchalternativescouldbeachievedorareavailable.MorganStanley’sopinionwasnotintendedto,anddoesnot,constituteanopinionorrecommendationastowhetherthestockholdersoftheCompanyshouldtendersharesintotheOffer,ortakeanyotheractioninconnectionwiththeOfferandtheMerger.

MorganStanley’sopinionanditspresentationtotheTubeMogulBoardwasoneofmanyfactorstakenintoconsiderationbytheTubeMogulBoardinunanimouslyadoptingresolutions:(i)determiningthattheMergerAgreement,includingtheOffer,theMergerandtheothertransactionscontemplatedthereby,arefairtoandinthebestinterestsofTubeMogulanditsstockholders;(ii)electingthattheMergerAgreementandthetransactionscontemplatedtherebybeexpresslygovernedbySection251(h)oftheDGCL;(iii)adoptingandapprovingtheMergerAgreement,declaringtheadvisabilityoftheMergerAgreementandapprovingthetransactionscontemplatedthereby,includingtheOfferandtheMerger,inaccordancewiththerequirementsoftheDGCL;(iv)approvingtheexecution,deliveryandperformancebyTubeMoguloftheMergerAgreementandtheconsummationofthetransactionscontemplatedthereby,includingtheOfferandtheMerger;and(v)recommendingthattheholdersofSharesaccepttheOfferandtendertheirSharespursuanttotheOffer.Consequently,theanalysesasdescribedaboveshouldnotbeviewedasdeterminativeoftheopinionoftheTubeMogulBoardwithrespecttotheconsiderationpursuanttotheMergerAgreementorofwhethertheTubeMogulBoardwouldhavebeenwillingtoagreetodifferentconsideration.MorganStanley’sopinionwasapprovedbyacommitteeofMorganStanleyinvestmentbankingandotherprofessionalsinaccordancewithMorganStanley’scustomarypractice.

TheTubeMogulBoardretainedMorganStanleybaseduponMorganStanley’squalifications,experienceandexpertise.MorganStanleyisaglobalfinancialservicesfirmengagedinthesecurities,investmentmanagementandindividualwealthmanagementbusinesses.Itssecuritiesbusinessisengagedinsecuritiesunderwriting,tradingandbrokerageactivities,foreignexchange,commoditiesandderivativestrading,primebrokerage,aswellasprovidinginvestmentbanking,financingandfinancialadvisoryservices.MorganStanley,itsaffiliates,directorsandofficersmayatanytimeinvestonaprincipalbasisormanagefundsthatinvest,holdlongorshortpositions,financepositions,andmaytradeorotherwisestructureandeffecttransactions,fortheirownaccountortheaccountsoftheircustomers,indebtorequitysecuritiesorloansofAdobeanditsaffiliates,theCompany,oranyothercompany,oranycurrencyorcommodity,thatmaybeinvolvedintheOfferandtheMerger,oranyrelatedderivativeinstrument.

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Underthetermsofitsengagementletter,MorganStanleyprovidedtheTubeMogulBoardwithfinancialadvisoryservicesandafinancialopinion,describedinthissectionandattachedtothisSchedule14D-9asAnnexI,inconnectionwiththeOfferandtheMerger,andtheCompanyhasagreedtopayMorganStanleyafeeofapproximately$12.9millionforitsservices,approximately$11.6millionofwhichiscontingentupontheclosingoftheMergerand$1.3millionofwhichhasalreadybeenpaidfollowingtheexecutionoftheMergerAgreement.TheCompanyalsoagreedtoreimburseMorganStanleyforitsexpenses,includingreasonablefeesofoutsidecounselandotherprofessionaladvisors,incurredinconnectionwithitsengagement.Inaddition,theCompanyagreedtoindemnifyMorganStanleyanditsaffiliates,itsandtheirrespectiveofficers,directors,employeesandagentsandeachotherperson,ifany,controllingMorganStanleyoranyofitsaffiliatesagainstcertainliabilitiesandexpenses,includingcertainliabilitiesunderthefederalsecuritieslaws,relatingto,arisingoutoforinconnectionwithMorganStanley’sengagement.

InthetwoyearspriortoNovember4,2016,MorganStanleyanditsaffiliateshavenotbeenengagedonanyfinancialadvisoryorfinancingassignmentsfortheCompany,andhavenotreceivedanyfeesforsuchservicesfromtheCompanyduringthattime.InthetwoyearspriortothedateofMorganStanley’sopinion,MorganStanleyanditsaffiliateshavereceivedaggregatefeesoflessthan$1millionforfinancingservicesprovidedtoAdobe.MorganStanleymayseektoprovidefinancialadvisoryandfinancingservicestoAdobe,theCompanyandtheirrespectiveaffiliatesinthefutureandwouldexpecttoreceivefeesfortherenderingoftheseservices.

Certain Unaudited Prospective Financial Information of TubeMogul

WhileTubeMogulissuesnear-termrevenue,EBITDAandearningsguidanceasamatterofcourse,itdoesnotpubliclydiscloseinternalforecastsorprojectionsastofutureperformance,earningsorresultsofoperationsdueto,amongotherreasons,theuncertaintyoftheunderlyingassumptionsandestimates.However,TubeMogulisincludingcertainunauditedprospectivefinancialinformationinthisSchedule14D-9,referredtoasthe“ManagementProjections,”toprovideTubeMogul’sstockholdersaccesstoasummaryofcertainnon-publicunauditedprospectivefinancialinformation,certainofwhichwasmadeavailabletoAdobeandotherpotentialbiddersaspartofthebiddingprocess,andinordertoassistinthecompletionofapplicablefinancialanalysisandduediligencereviewofTubeMogul.Inaddition,thisinformationwasprovidedtotheTubeMogulBoardinconnectionwithitsconsiderationoftheTransactionsandalsoprovidedbyTubeMogul’smanagementtoMorganStanleyinconnectionwiththerenderingofitsopiniontotheTubeMogulBoardandperformingitsrelatedfinancialanalysis.TheManagementProjectionsarenotincludedinthisSchedule14D-9toinfluenceaTubeMogulstockholder’sdecisionwhethertotenderSharesintheOfferorforanyotherpurpose.

TheManagementProjectionswerenotpreparedwithaviewtowardpublicdisclosures,andtheinclusionofsuchinformationshouldnotberegardedasanindicationthatanyofTubeMogul,itsfinancialadvisorsoranyotherrecipientofthisinformationconsidered,ornowconsiders,ittobenecessarilypredictiveofactualfutureresults.Additionally,theManagementProjectionsdidnottakeintoaccountanycircumstancesoreventsoccurringafterthedatetheywereprepared,includingtheTransactionsortheannouncementthereof.Further,theseprojectionsdidnottakeintoaccounttheeffectofanyfailureoftheMergertooccur,andshouldnotbeviewedasapplicableorcontinuinginthatcontext.

Whilepresentedwithnumericalspecificity,theManagementProjectionsreflectnumerousestimatesandassumptionsmadebyTubeMogul’smanagementwithgeneralbusiness,economic,competitiveandgeopoliticalconditionsandadditionalmattersspecifictoTubeMogul’sbusiness,allofwhicharedifficulttopredictandmanyofwhicharebeyondTubeMogul’scontrol.ImportantfactorsthatmayaffectactualresultsandtheachievabilityoftheManagementProjectionsinclude,butarenotlimitedto,(1)thesuccessofTubeMogul’sexecutionofitsbusinessstrategy;(2)marketacceptanceofnewproductsandgrowthinsalesofcoreproductsandservices(3)competitionwithinTubeMogul’sindustry(4)theeffectofglobaleconomicconditionsandchangesintaxandotherlegislation;and(5)otherriskfactorsdescribedinTubeMogul’sQuarterlyReportsonForm10-QforthethreemonthsendedSeptember30,2016.Inaddition,theManagementProjectionsmaybeaffectedbyTubeMogul’sabilitytoachievestrategicgoals,objectivesandtargetsovertheapplicableperiod.

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TheManagementProjectionsaresubjectiveinmanyrespects.Asaresult,therecanbenoassurancethattheprospectiveresultswillberealizedorthatactualresultswillnotbesignificantlyhigherorlowerthanestimated.SincetheManagementProjectionscovermultipleyears,suchinformationbyitsnaturebecomeslesspredictivewitheachsuccessiveyear.SeeItem8undertheheading“AdditionalInformation—Forward-LookingStatements.”TheunauditedprospectivefinancialinformationwasnotpreparedwithaviewtowardcomplyingwithUnitedStatesgenerallyacceptedaccountingprinciples(“GAAP”),thepublishedguidelinesoftheSECregardingprojectionsortheguidelinesestablishedbytheAmericanInstituteofCertifiedPublicAccountantsforpreparationandpresentationofprospectivefinancialinformation.NeitherTubeMogul’sindependentregisteredpublicaccountingfirmnoranyotherindependentaccountantshavecompiled,examined,orperformedanyprocedureswithrespecttotheManagementProjectionscontainedherein,norhavetheyexpressedanyopinionoranyotherformofassuranceonsuchinformationoritsachievability.ThereportofTubeMogul’sindependentregisteredpublicaccountingfirmcontainedinTubeMogul’sAnnualReportonForm10-KforthefiscalyearendedDecember31,2015relatestoTubeMogul’shistoricalfinancialinformation.ItdoesnotextendtoManagementProjectionsandshouldnotbereadtodoso.Furthermore,theManagementProjectionsdonottakeintoaccountanycircumstancesoreventsactuallyoccurringafterthedatetheywereprepared.

TheManagementProjectionsassumedacompoundannualrevenuegrowthrateforfiscalyear2016throughfiscalyear2019ofapproximately20.4%.TheManagementProjectionsassumedthesuccessfulexecutionofitsbusinessstrategy.TheManagementProjectionswereprovidedtoAdobeandotherpotentialbiddersthatenteredintoconfidentialityagreementsandexpressedinterestinconductingduediligenceonTubeMogul.

Management Projections :

(in millions, except where noted) (1) FY2017E FY2018E FY2019ERevenue $ 275 $ 330 $ 386GrossProfit $ 194 $ 234 $ 273Non-GAAPOperatingIncome(2) $ 14 $ 39 $ 63Non-GAAPAdjustedEBITDA(3) $ 19 $ 44 $ 69Non-GAAPUnleveredFreeCashFlow(4) $ (27) $ (10) $ 4

(1) TheprojectedfinancialdataprovidedinthistablehasnotbeenupdatedtoreflectTubeMogul’scurrentviewsofitsfuturefinancialperformance,andshould

notbetreatedasguidancewithrespecttoprojectedresultsfor2017oranyotherperiod.(2) Non-GAAPOperatingIncomeisincomefromoperationsexcludingtheimpactofstock-basedcompensationexpense,restructuringcharges,expensesrelated

tonon-routinestockholdermatters,andacquisitionrelatedexpenses.(3) Non-GAAPAdjustedEBITDArepresentsnon-GAAPoperatingincomeplusdepreciationandamortization.(4) Non-GAAPUnleveredFreeCashFlowisNon-GAAPAdjustedEBITDA,less(i)stock-basedcompensationexpense,(ii)taxes,(iii)capitalexpenditures,

and(iv)changesinnetworkingcapital.

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InconnectionwithMorganStanley’sfinancialanalyses,MorganStanleyextrapolatedthefinancialprojectionsreflectedintheManagementProjectionstofiscalyears2018to2026,whichextrapolationswerediscussedwith,andapprovedby,TubeMogulmanagementforMorganStanley’suseinconnectionwithitsfinancialanalysesandprovidedtotheTubeMogulBoard.Inaddition,MorganStanleycalculatedTubeMogul’sprojectedunleveredfreecashflowforeachperiodbasedontheManagementProjections,whichcalculationwasalsodiscussedwith,andapprovedby,TubeMogulmanagement.MorganStanley’sextrapolationsandcalculationofunleveredfreecashflowbasedontheManagementProjectionsaresetforthbelow.

(in millions, except where noted) Management Projections Extrapolations

FY

2017E FY

2018E FY

2019E FY

2020E FY

2021E FY

2022E FY

2023E FY

2024E FY

2025E FY

2026ERevenue $ 275 $ 330 $ 386 $ 444 $ 502 $ 558 $ 610 $ 656 $ 693 $ 719GrossProfit $ 194 $ 234 $ 273 $ 314 $ 355 $ 398 $ 439 $ 477 $ 508 $ 532Non-GAAPAdjustedEBITDA(1) $ 19 $ 44 $ 69 $ 85 $ 103 $ 124 $ 145 $ 167 $ 188 $ 201Non-GAAPUnleveredFreeCashFlow(2) $ (27) $ (10) $ 4 $ 10 $ 17 $ 26 $ 35 $ 46 $ 58 $ 66(1) Non-GAAPAdjustedEBITDArepresentsnon-GAAPoperatingincomeplusdepreciationandamortization.(2) Non-GAAPUnleveredFreeCashFlowisNon-GAAPAdjustedEBITDA,less(i)stock-basedcompensationexpense,(ii)taxes,(iii)capitalexpenditures,

and(iv)changesinnetworkingcapital.

NorepresentationismadebyTubeMoguloranyotherpersontoanystockholderofTubeMogulregardingtheultimateperformanceofTubeMogulcomparedtotheinformationincludedintheaboveManagementProjections.TheinclusionoftheManagementProjectionsinthisSchedule14D-9shouldnotberegardedasanindicationthatsuchprospectivefinancialinformationwillbeanaccuratepredictionoffutureevents,andtheyshouldnotbereliedonassuch.In light of theforegoing factors and the uncertainties inherent in the Management Projections, TubeMogul’s stockholders are cautioned not to place undue, if any,reliance on such financial information.

TUBEMOGULDOESNOTINTENDTOUPDATEOROTHERWISEREVISETHEABOVEMANAGEMENTPROJECTIONSTOREFLECTCIRCUMSTANCESEXISTINGAFTERTHEDATEMADEORTOREFLECTTHEOCCURRENCEOFEVENTSTHATTAKEPLACETHEREAFTER,EVENINTHEEVENTTHATANYORALLOFTHEASSUMPTIONSUNDERLYINGSUCHUNAUDITEDPROSPECTIVEFINANCIALINFORMATIONARENOLONGERAPPROPRIATE.

SomeoftheManagementProjectionspresentedaboveare“non-GAAPfinancialmeasures,”whicharefinancialperformancemeasuresthatarenotcalculatedinaccordancewithGAAP.Thesenon-GAAPfinancialmeasuresshouldnotbeviewedinisolationfrom,orasasubstitutefor,financialinformationpreparedinaccordancewithGAAP.Furthermore,therearelimitationsinherentinnon-GAAPfinancialmeasuresbecausesuchmeasuresexcludechargesandcreditsthatarerequiredtobeincludedinaGAAPpresentation.ThesummaryofsuchinformationaboveisincludedsolelytogivestockholdersaccesstotheinformationthatwasmadeavailabletoMorganStanley,Adobeandotherpotentialbidders,andisnotincludedinthisfilinginordertoinfluenceanystockholdertomakeanyinvestmentdecisionwithrespecttotheOfferorMerger,includingwhetherornottoseekappraisalrightswithrespecttotheShares.

Thenon-GAAPfinancialmeasuresincludedintheManagementProjectionsconstituteforward-lookinginformation.TubeMogulbelievesthatareconciliationofsuchforward-lookinginformationtothemostcomparablefinancialmeasurecalculatedandpresentedinaccordancewithGAAPwouldrequireTubeMogultoquantify,forfutureperiods,itsstock-basedcompensationexpense,restructuringcharges,expensesrelatedtonon-routinestockholdermatters,acquisitionrelatedexpenses,anddepreciationandamortizationexpense.Withoutunreasonableefforts,noneofthesecomponentscanbequantifiedfortheprojectionperiodof2016

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through2019duetothecombinationofvariabilityandvolatilityofsuchcomponents,anyofwhichmay,dependingonthesizeofthecomponents,haveasignificantimpactonreconciliation.

Intent to Tender

TotheknowledgeofTubeMogul,eachexecutiveofficeranddirectorofTubeMogulcurrentlyintendstotenderallofhisorherSharesintheOffer.

Inaddition,eachofMssrs.Chopra,Garg,Wilson,Toth,Deeds,Lazar,Eadie,andFradinhaveenteredintoaTenderandSupportAgreementpursuanttowhicheachhasagreed,inhiscapacityasastockholderofTubeMogul,totenderallofhisShares,aswellasanyadditionalSharesthathemayacquire,toPurchaserintheOffer.Seethesectioncaptioned“Item3.PastContacts,Transactions,NegotiationsandAgreements—ArrangementsbetweenTubeMogul,AdobeandPurchaser—TenderandSupportAgreements.”

Item 5. Persons/Assets Retained, Employed, Compensated or Used

Underthetermsofanengagementletter,MorganStanleyprovidedTubeMogalwithfinancialadvisoryservicesinconnectionwithacontemplatedsaleofTubeMogul,whichincludestheOfferandtheMerger.ForfurtherinformationwithrespecttothearrangementsbetweenTubeMogulandMorganStanley,seetheinformationincludedunderthecaption“Item4.TheSolicitationorRecommendation—OpinionofTubeMogulFinancialAdvisor—General.”

Exceptassetforthabove,neitherTubeMogulnoranypersonactingonitsbehalfhasemployed,retainedorcompensated,orcurrentlyintendstoemploy,retainorcompensate,anypersontomakesolicitationsorrecommendationstothestockholdersofTubeMogulonitsbehalfinconnectionwiththeOffer,theMergerorrelatedmatters.

Item 6. Interest in Securities of the Subject Company

Otherthanassetforthbelow,notransactionswithrespecttotheShareshavebeeneffectedbyTubeMogulor,totheknowledgeofTubeMogulaftermakingreasonableinquiry,byanyofitsexecutiveofficers,directors,affiliatesorsubsidiariesduringthe60dayspriortothedateofthisSchedule14D-9.

Name Date of

Transaction Number of

Shares

Price per Share

($) Nature of TransactionBrettWilson 10/11/2016 15,000 $ 8.6926(1) Salepursuantto10b5-1planBrettWilson 10/12/2016 15,000 $ 8.4349(2) Salepursuantto10b5-1planKeithEadie

10/14/2016 5,000 $ 0.60 ExerciseofEmployeeStockOption

KeithEadie 10/14/2016 9,240 $ 8.2966(3) Salepursuantto10b5-1plan(1) Thepricereportedaboveisaweightedaverageprice.Thesesharesweresoldinmultipletransactionsatpricesrangingfrom$8.44to$8.93pershare.(2) Thepricereportedaboveisaweightedaverageprice.Thesesharesweresoldinmultipletransactionsatpricesrangingfrom$8.37to$8.53pershare.(3) Thepricereportedaboveisaweightedaverageprice.Thesesharesweresoldinmultipletransactionsatpricesrangingfrom$8.18to$8.35pershare.

Ite m 7. Purposes of the Transaction and Plans or Proposals

ExceptasindicatedinthisSchedule14D-9(includingtheexhibitstothisSchedule14D-9orincorporatedinthisSchedule14D-9byreference),TubeMogulisnotcurrentlyundertakingorengagedinanynegotiationsin

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responsetotheOfferthatrelateto,orwouldresultin,(1)atenderofferfororotheracquisitionofTubeMogul’ssecuritiesbyTubeMogul,anysubsidiaryofTubeMoguloranyotherperson;(2)anyextraordinarytransaction,suchasamerger,reorganizationorliquidation,involvingTubeMoguloranysubsidiaryofTubeMogul;(3)anypurchase,saleortransferofamaterialamountofassetsofTubeMoguloranysubsidiaryofTubeMogul;or(4)anymaterialchangeinthepresentdividendrateorpolicy,indebtednessorcapitalizationofTubeMogul.

ExceptasindicatedinthisSchedule14D-9(includingtheexhibitstothisSchedule14D-9orincorporatedinthisSchedule14D-9byreference),therearenotransactions,boardresolutions,agreementsinprincipleorsignedcontractsthatwereenteredintoinresponsetotheOfferthatrelateto,orwouldresultin,oneormoreofthemattersreferredtointheprecedingparagraph.

I tem 8. Additional Information

TheinformationcontainedinalloftheexhibitstothisSchedule14D-9referredtoinItem9belowisincorporatedhereinbyreferenceinitsentirety.

Theinformationsetforthunderthecaption“Item3.PastContacts,Transactions,NegotiationsandAgreements—ArrangementswithCurrentExecutiveOfficersandDirectorsofTubeMogul”isincorporatedhereinbyreference.

Appraisal Rights

HoldersofShareswillnothaveappraisalrightsinconnectionwiththeOffer.However,iftheOfferissuccessfulandtheMergerisconsummated,holdersofSharesimmediatelypriortotheEffectiveTimewhohavenotvalidlytenderedsuchSharesintheOffer(orwhohavevalidlytenderedbutsubsequentlywithdrawnthetender,andnototherwisewaivedtheirappraisalrights)andwhootherwisecomplywiththeapplicableproceduresunderSection262oftheDGCLwillbeentitledtoanappraisalofthe“fairvalue”oftheirSharesinaccordancewithSection262oftheDGCL.

The following discussion is not a complete statement of the law pertaining to appraisal rights under the DGCL and is qualified in its entirety by the fulltext of Section 262 of the DGCL, which is attached to this Schedule 14D-9 as Annex B. All references in Section 262 of the DGCL and in this summary to a“stockholder” are to the record holder of Shares immediately prior to the Effective Time as to which appraisal rights are asserted. A person having abeneficial interest in Shares held of record in the name of another person, such as a broker or nominee, must act promptly to cause the record holder tofollow the steps summarized below properly and in a timely manner to perfect appraisal rights. The following summary does not constitute any legal orother advice nor does it constitute a recommendation that stockholders exercise appraisal rights under Section 262. Stockholders should carefully reviewthe full text of Section 262 of the DGCL as well as the information discussed below.

AnystockholdercontemplatingtheexerciseofsuchappraisalrightsshouldreviewcarefullytheprovisionsofSection262oftheDGCL,whichisattachedheretoasAnnexB,particularlytheproceduralstepsrequiredtoperfectsuchrights.Failure to follow the steps required by Section 262 of the DGCL for perfectingappraisal rights may result in the loss of such rights.

UnderSection262oftheDGCL,whereamergerisapprovedunderSection251(h)oftheDGCL,eitheraconstituentcorporationbeforetheEffectiveTime,orthesurvivingcorporationwithintendaysthereafter,shallnotifyeachoftheholdersofanyclassorseriesofstockofsuchconstituentcorporationwhoareentitledtoappraisalrightsoftheapprovalofthemergerandthatappraisalrightsareavailableforanyorallsharesofsuchclassorseriesofstockofsuchconstituentcorporation,andshallincludeinsuchnoticeacopyofSection262.This Schedule 14D-9 constitutes the formal notice of appraisal rights under Section 262 ofthe DGCL. AnyholderofShareswhowishestoexercisesuchappraisalrightsorwhowishestopreservehis,heroritsrighttodoso,shouldreviewthefollowingdiscussionandAnnexBcarefullybecausefailuretotimelyandproperlycomplywiththeproceduresspecifiedmayresultinthelossofappraisalrightsundertheDGCL.

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Any stockholder wishing to exercise appraisal rights is urged to consult legal counsel before attempting to exercise such rights.

Stockholders who sell Shares in the Offer will not be entitled to exercise appraisal rights with respect thereto but rather will receive the Offer Price,subject to the terms and conditions of the Merger Agreement .

This summary of appraisal rights under the DGCL is not complete and is qualified in its entirety by reference to Section 262 of the DGCL, which isattached hereto as Annex B.

UndertheDGCL,iftheMergeriseffected,holdersofSharesimmediatelypriortotheEffectiveTimewho(1)didnottendersuchSharesintheOffer;(2)followtheproceduressetforthinSection262oftheDGCL;(3)continuouslyholdsuchSharesfromthedateonwhichthewrittendemandforappraisalismadethroughtheEffectiveTime;and(4)donotthereafterwithdrawtheirdemandforappraisalofsuchSharesorotherwiselose,waiveorfailtoperfecttheirappraisalrightswillbeentitledtohavesuchSharesappraisedbytheDelawareCourtofChanceryandtoreceivepaymentofthe“fairvalue”ofsuchShares,exclusiveofanyelementofvaluearisingfromtheaccomplishmentorexpectationoftheMerger,togetherwithinterest,ifany,tobepaidupontheamountdeterminedtobethefairvalue.The“fairvalue”asdeterminedbysuchcourtcouldbegreaterthan,lessthanorthesameastheOfferPrice.

Section262oftheDGCLsetsforththeproceduresstockholdersentitledtoappraisalmustfollowtohavetheirSharesappraisedbytheDelawareCourtofChanceryandtoreceivepaymentincashofthe“fairvalue”ofsuchSharesasdeterminedbytheDelawareCourtofChancery.ThestatutoryrightsofappraisalgrantedbySection262oftheDGCLaresubjecttostrictcompliancewiththeproceduressetforthinSection262oftheDGCL.IfastockholderfailstotimelyandproperlycomplywiththerequirementsofSection262oftheDGCL,anyappraisalrightsmaybelost.Ifastockholderelectstodemandappraisalofhis,heroritsSharesunderSection262oftheDGCL,thestockholdermustsatisfyeachofthefollowingconditions:

• ThestockholdermustdelivertoTubeMogul(attheaddresssetforthbelow)awrittendemandforappraisalofhis,heroritsSharesbythelaterof:(1)theconsummationoftheOffer,whichisthedateonwhichPurchaserirrevocablyacceptsforpurchasetheSharestenderedpursuanttotheOffer,andwhichweanticipatewillbeoneminutepast11:59p.m.,EasterntimeonDecember16,2016,thedatethatis20businessdays(forthispurposecalculatedinaccordancewithRules14d-1(g)(3)and14d-2promulgatedundertheExchangeAct)followingthecommencementoftheOffer,unlessPurchaserextendstheOfferpursuanttothetermsoftheMergerAgreement;and(2)20daysafterthemailingofthisSchedule14D-9(whichdateofmailingwasNovember18,2016).ThedemandmustreasonablyinformTubeMoguloftheidentityofthestockholderandthatthestockholderisdemandingappraisal;

• Thestockholdermustnottenderhis,heroritsSharesintheOffer(orotherwisewaiveappraisalrights);and

• ThestockholdermustcontinuouslyholdofrecordsuchSharesfromthedateonwhichthewrittendemandforappraisalismadethroughtheEffectiveTime,becauseanyappraisalrightsastockholderhaswithrespecttosuchShareswillbelostifsuchSharesaretransferredpriortotheEffectiveTime.

IftheMergerisconsummatedpursuanttoSection251(h)oftheDGCL,theSurvivingCorporationwilldeliveranadditionalnoticeoftheeffectivedateoftheMergeronorwithin10daysaftertheEffectiveTimetothosestockholdersofTubeMogulwhomadeawrittendemandforappraisalinaccordancewithSection262oftheDGCL,asrequiredbySection262(d)(2)oftheDGCL.OnlystockholderswhohavesubmittedawrittendemandforappraisalinaccordancewithSection262andareentitledtoappraisalrightswillbeentitledtoreceivesuchnoticeoftheeffectivedateoftheMerger.

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Allwrittendemandsforappraisalshouldbeaddressedto:

TubeMogul,Inc.125053rdStreet,Suite2Emeryville,California94608(510)653-0126Attention:GeneralCounsel

ThewrittendemandforappraisalmustbeexecutedbyorfortherecordholderofShares.IftheSharesareownedofrecordinafiduciarycapacity,suchasbyatrustee,guardianorcustodian,executionofthedemandmustbemadeinthatcapacity,andiftheSharesareownedofrecordbymorethanoneperson,suchasinajointtenancyortenancyincommon,thedemandmustbeexecutedbyorforalljointowners.Anauthorizedagent,includingoneoftwoormorejointowners,mayexecutethedemandforappraisalforaholderofrecord.However,theagentmustidentifytherecordholder(s)andexpresslydisclosethefactthat,inexecutingthedemand,theagentisactingasagentfortherecordholder(s).

AbeneficialownerofSharesheldin“streetname”whowishestoexerciseappraisalrightsshouldtakesuchactionsasmaybenecessarytoensurethatatimelyandproperdemandforappraisalismadebytherecordholderoftheShares.IfSharesareheldthroughabrokeragefirm,bankorothernomineewhointurnholdstheSharesthroughacentralsecuritiesdepositorynominee,suchasCede&Co.,ademandforappraisalofsuchSharesmustbemadebyoronbehalfofthedepositorynominee,andmustidentifythedepositorynomineeastherecordholder.AnybeneficialownerwhowishestoexerciseappraisalrightsandholdsSharesthroughanomineeholderisresponsibleforensuringthatthedemandforappraisalistimelymadebytherecordholder.ThebeneficialowneroftheSharesshouldinstructthenomineeholderthatthedemandforappraisalshouldbemadebytherecordholderoftheShares,whichmaybeacentralsecuritiesdepositorynomineeiftheShareshavebeensodeposited.

Arecordholder,suchasabroker,bank,fiduciary,depositoryorothernominee,whoholdsSharesasanomineeforseveralbeneficialownersmayexerciseappraisalrightswithrespecttotheSharesheldforoneormorebeneficialownerswhilenotexercisingsuchrightswithrespecttotheSharesheldforotherbeneficialowners.Insuchcase,thewrittendemandmustsetforththenumberofSharescoveredbythedemand.WherethenumberofSharesisnotexpresslystated,thedemandwillbepresumedtocoverallSharesheldinthenameoftherecordholder.

Within120daysaftertheEffectiveTime,butnotthereafter,theSurvivingCorporation,oranyholderofShareswhohascompliedwithSection262oftheDGCLandisentitledtoappraisalrightsunderSection262oftheDGCL,maycommenceanappraisalproceedingbyfilingapetitionintheDelawareCourtofChancerydemandingadeterminationofthefairvalueoftheSharesheldbyallholderswhodidnottendersuchSharesintheOfferandproperlydemandedappraisalofsuchSharesinaccordancewithSection262oftheDGCL.Ifnosuchpetitionisfiledwithinthat120-dayperiod,thenappraisalrightswillbelostforallholdersofShareswhohadpreviouslydemandedappraisaloftheirShares.TheSurvivingCorporationisundernoobligationto,andhasnopresentintentiontofileapetitionandholdersshouldnotassumethattheSurvivingCorporationwillfileapetitionorthatitwillinitiateanynegotiationswithrespecttothefairvalueoftheShares.Accordingly,itistheobligationoftheholdersofSharestoinitiateallnecessaryactiontoperfecttheirappraisalrightsinrespectoftheShareswithintheperiodprescribedinSection262oftheDGCL.

Within120daysaftertheEffectiveTime,anyholderofShareswhohascompliedwiththerequirementsofSection262oftheDGCLwillbeentitled,uponwrittenrequest,toreceivefromtheSurvivingCorporationastatementsettingforththeaggregatenumberofSharesnottenderedintheOfferandwithrespecttowhichdemandsforappraisalhavebeenreceivedandtheaggregatenumberofholdersofsuchShares.Suchstatementmustbemailedwithin10daysafterawrittenrequestthereforhasbeenreceivedbytheSurvivingCorporationorwithin10daysaftertheexpirationoftheperiodfordeliveryofdemandsforappraisal,whicheverislater.

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NotwithstandingtherequirementthatademandforappraisalmustbemadebyoronbehalfoftherecordholderoftheShares,apersonwhoisthebeneficialownerofSharesheldeitherinavotingtrustorbyanomineeonbehalfofsuchperson,andastowhichdemandhasbeenproperlymadeandnoteffectivelywithdrawn,may,insuchperson’sownname,fileapetitionforappraisalorrequestfromtheSurvivingCorporationthestatementdescribedintheprecedingparagraph.

UponthefilingofsuchpetitionbyanysuchholderofShares,serviceofacopythereofmustbemadeupontheSurvivingCorporation,whichwillthenbeobligatedwithin20daysaftersuchservicetofilewiththeofficeoftheRegisterinChanceryinwhichthepetitionwasdulyfiled(the“DelawareRegisterinChancery”)adulyverifiedlist(the“VerifiedList”)containingthenamesandaddressesofallstockholderswhohavedemandedpaymentfortheirSharesandwithwhomagreementsastothevalueoftheirShareshasnotbeenreachedbytheSurvivingCorporation.Uponthefilingofanysuchpetition,theDelawareCourtofChancerymayorderthatnoticeofthetimeandplacefixedforthehearingonthepetitionbemailedtotheSurvivingCorporationandallofthestockholdersshownontheVerifiedListattheaddressesstatedtherein.SuchnoticewillalsobepublishedatleastoneweekbeforethedayofthehearinginanewspaperofgeneralcirculationpublishedintheCityofWilmington,Delaware,orinanotherpublicationdeterminedbytheDelawareCourtofChancery.ThecostsofthesenoticesarebornebytheSurvivingCorporation.

AfternoticetothestockholdersasrequiredbytheDelawareCourtofChancery,theCourtofChanceryisempoweredtoconductahearingonthepetitiontodeterminethosestockholderswhohavecompliedwithSection262oftheDGCLandwhohavebecomeentitledtoappraisalrightsthereunder.TheCourtofChancerymayrequirethestockholderswhodemandedpaymentfortheirSharestosubmittheirstockcertificatestotheDelawareRegisterinChanceryfornotationthereonofthependencyoftheappraisalproceedingand,ifanystockholderfailstocomplywiththedirection,theCourtofChancerymaydismisstheproceedingsastothatstockholder.Accordingly,dissentingstockholdersarecautionedtoretaintheirstockcertificates,pendingresolutionoftheappraisalproceedings.TheDelawareCourtofChancerymustdismisstheproceedingsastoallholdersofShareswhoareotherwiseentitledtoappraisalrightsunless(i)thetotalnumberofSharesentitledtoappraisalexceeds1%oftheoutstandingSharesor(ii)thevalueoftheconsiderationprovidedintheMergerforsuchtotalnumberofSharesexceeds$1million.

AftertheDelawareCourtofChancerydetermineswhichstockholdersareentitledtoappraisal,theappraisalproceedingwillbeconductedinaccordancewiththerulesoftheDelawareCourtofChancery,includinganyrulesspecificallygoverningappraisalproceedings.Throughtheappraisalproceeding,theDelawareCourtofChancerywilldeterminethefairvalueoftheShares,exclusiveofanyelementofvaluearisingfromtheaccomplishmentorexpectationoftheMerger,togetherwithinterest,ifany,tobepaidupontheamountdeterminedtobethefairvalue.Atanytimebeforetheentryofjudgmentintheproceedings,theSurvivingCorporationmaypaytoeachholderofSharesentitledtoappraisalanamountincash,inwhichcaseinterestshallaccruethereafteronlyuponthesumof(a)thedifference,ifany,betweentheamountsopaidandthefairvalueoftheSharesasdeterminedbytheDelawareCourtofChanceryand(b)interesttheretoforeaccrued,unlesspaidatthattime.UnlesstheDelawareCourtofChanceryinitsdiscretiondeterminesotherwiseforgoodcauseshown,andexceptasprovidedintheprecedingsentence,interestfromtheEffectiveTimethroughthedateofpaymentofthejudgmentwillbecompoundedquarterlyandwillaccrueat5%overtheFederalReservediscountrate(includinganysurcharge)asestablishedfromtimetotimeduringtheperiodbetweentheEffectiveTimeandthedateofpaymentofthejudgment.

Indeterminingfairvalue,theDelawareCourtofChancerywilltakeintoaccountallrelevantfactors.InWeinbergerv.UOP,Inc.,theDelawareSupremeCourtdiscussedthefactorsthatcouldbeconsideredindeterminingfairvalueinanappraisalproceeding,statingthat“proofofvaluebyanytechniquesormethodswhicharegenerallyconsideredacceptableinthefinancialcommunityandotherwiseadmissibleincourt”shouldbeconsidered,andthat“[f]airpriceobviouslyrequiresconsiderationofallrelevantfactorsinvolvingthevalueofacompany.”TheDelawareSupremeCourtstatedthat,inmakingthisdeterminationoffairvalue,theCourtofChancerymustconsidermarketvalue,assetvalue,dividends,earningsprospects,thenatureoftheenterpriseand

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anyotherfactsthatcouldbeascertainedasofthedateofthemergerthatthrowanylightonfutureprospectsofthemergedcorporation.Section262oftheDGCLprovidesthatfairvalueistobe“exclusiveofanyelementofvaluearisingfromtheaccomplishmentorexpectationofthemerger[.]”InCede&Co.v.Technicolor,Inc.,theDelawareSupremeCourtstatedthatsuchexclusionisa“narrowexclusion[that]doesnotencompassknownelementsofvalue,”butwhichratherappliesonlytothespeculativeelementsofvaluearisingfromsuchaccomplishmentorexpectation.InWeinberger,theDelawareSupremeCourtalsostatedthat“elementsoffuturevalue,includingthenatureoftheenterprise,whichareknownorsusceptibleofproofasofthedateofthemergerandnottheproductofspeculation,maybeconsidered.”

StockholdersconsideringappraisalshouldbeawarethatthefairvalueoftheirSharesassodeterminedcouldbemorethan,thesameasorlessthantheOfferPriceandthataninvestmentbankingopinionastothefairness,fromafinancialpointofview,oftheconsiderationpayableinasaletransaction,suchastheOfferandtheMerger,isnotanopinionasto,anddoesnototherwiseaddress,“fairvalue”underSection262oftheDGCL.AlthoughTubeMogulbelievesthattheOfferPrice(whichisequivalenttotheMergerConsideration)isfair,norepresentationismadeastotheoutcomeoftheappraisaloffairvalueasdeterminedbytheDelawareCourtofChancery.NeitherAdobenorTubeMogulanticipatesofferingmorethantheOfferPricetoanystockholderexercisingappraisalrights,andAdobeandTubeMogulreservetherighttoassert,inanyappraisalproceeding,thatforpurposesofSection262oftheDGCL,thefairvalueofaShareislessthantheOfferPrice.

Uponapplicationbythesurvivingorresultingcorporationorbyanystockholderentitledtoparticipateintheappraisalproceeding,theCourtmay,initsdiscretion,proceedtotrialupontheappraisalpriortothefinaldeterminationofthestockholdersentitledtoanappraisal.AnyholderofShareswhosenameappearsontheVerifiedListand,ifsuchSharesarerepresentedbycertificatesandifsorequired,whohassubmittedsuchstockholder’scertificatesofstocktotheDelawareRegisterinChancery,mayparticipatefullyinallproceedingsuntilitisfinallydeterminedthatsuchstockholderisnotentitledtoappraisalrights.TheDelawareCourtofChancerywilldirectthepaymentofthefairvalueoftheShares,togetherwithinterest,ifany,bytheSurvivingCorporationtothestockholdersentitledthereto.Paymentwillbesomadetoeachsuchstockholder,inthecaseofholdersofuncertificatedstock,forthwith,andinthecaseofholdersofSharesrepresentedbycertificates,uponthesurrendertotheSurvivingCorporationofthecertificate(s)representingsuchstock.TheDelawareCourtofChancery’sdecreemaybeenforcedasotherdecreesinsuchCourtmaybeenforced.

Thecostsoftheaction(whichdonotincludeattorneys’feesorthefeesandexpensesofexperts)maybedeterminedbytheDelawareCourtofChanceryandtaxeduponthepartiesastheDelawareCourtofChancerydeemsequitable.Uponapplicationofastockholder,theDelawareCourtofChancerymayorderalloraportionoftheexpensesincurredbyastockholderinconnectionwithanappraisalproceeding,including,withoutlimitation,reasonableattorneys’feesandthefeesandexpensesofexpertsutilizedintheappraisalproceeding,tobechargedproratatothevalueofalltheSharesentitledtoappraisal.Intheabsenceofanorder,eachpartybearsitsownexpenses.

AnystockholderwhohasdulydemandedandperfectedappraisalrightsforSharesincompliancewithSection262oftheDGCLwillnot,aftertheEffectiveTime,beentitledtovotesuchSharesforanypurposeorbeentitledtothepaymentofdividendsorotherdistributionsthereon,exceptdividendsorotherdistributionspayabletoholdersofrecordofSharesasofadateortimepriortotheEffectiveTime.

Atanytimewithin60daysaftertheEffectiveTime,anystockholderwhohasnotcommencedanappraisalproceedingorjoinedthatproceedingasanamedpartywillhavetherighttowithdrawsuchstockholder’sdemandforappraisalandtoacceptthetermsofferedintheMerger.Afterthisperiod,thestockholdermaywithdrawsuchstockholder’sdemandforappraisalonlywiththeconsentoftheSurvivingCorporation.IfnopetitionforappraisalisfiledwiththeDelawareCourtofChancerywithin120daysaftertheEffectiveTime,stockholders’rightstoappraisalshallcease,andallholdersofShareswillbeentitledtoreceivetheMergerConsideration.InasmuchasTubeMogulhasnoobligationtofilesuchapetitionandhasnopresentintentiontodoso,anyholderofShareswhodesiressuchapetitiontobefiledisadvisedtofileitonatimelybasis.Anystockholdermay

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withdrawsuchstockholder’sdemandforappraisalbydeliveringtoTubeMogulawrittenwithdrawalofitsdemandforappraisalandacceptanceoftheMergerConsideration,exceptthat(1)anysuchattempttowithdrawmademorethan60daysaftertheEffectiveTimewillrequirewrittenapprovaloftheSurvivingCorporation;and(2)noappraisalproceedingintheDelawareCourtofChanceryshallbedismissedastoanystockholderwithouttheapprovaloftheDelawareCourtofChancery,andsuchapprovalmaybeconditioneduponsuchtermsastheDelawareCourtofChancerydeemsjust.However,notwithstandingtheforegoing,anystockholderwhohasnotcommencedanappraisalproceedingorjoinedthatproceedingasanamedpartymaywithdrawsuchstockholder’sdemandforappraisalandacceptthetermsofferedupontheMergerwithin60daysaftertheEffectiveTime.

IfanystockholderwhodemandsappraisalofSharesunderSection262oftheDGCLfailstoperfect,successfullywithdrawsorlosessuchholder’srighttoappraisal,thestockholder’sShareswillbedeemedtohavebeenconvertedattheEffectiveTimeintotherighttoreceivetheMergerConsiderationtherefor.

TheforegoingsummaryoftherightsofTubeMogul’sstockholderstoseekappraisalrightsunderDelawarelawdoesnotpurporttobeacompletestatementoftheprocedurestobefollowedbythestockholdersofTubeMoguldesiringtoexerciseanyappraisalrightsavailablethereunderandisqualifiedinitsentiretybyreferencetoSection262oftheDGCL.TheproperexerciseofappraisalrightsrequiresstrictadherencetotheapplicableprovisionsoftheDGCL.AcopyofSection262oftheDGCLisincludedasAnnexBtothisSchedule14D-9.

Anti-Takeover Statute

AsaDelawarecorporation,TubeMogulissubjecttoSection203oftheDGCL(“Section203”).Ingeneral,Section203restrictsan“interestedstockholder”(includingapersonwhohastherighttoacquire15%ormoreofacorporation’soutstandingvotingstock)fromengagingina“businesscombination”(definedtoincludemergersandcertainotheractions)withaDelawarecorporationforthreeyearsfollowingthetimesuchpersonbecameaninterestedstockholderunless:(1)beforesuchpersonbecameaninterestedstockholder,theboardofdirectorsofthecorporationapprovedthetransactioninwhichtheinterestedstockholderbecameaninterestedstockholderorapprovedthebusinesscombination;(2)uponconsummationofthetransactionwhichresultedintheinterestedstockholderbecominganinterestedstockholder,theinterestedstockholderownedatleast85%ofthevotingstockofthecorporationoutstandingatthetimethetransactioncommenced(excludingforpurposesofdeterminingthevotingstockoutstanding(butnottheoutstandingvotingstockownedbytheinterestedstockholder),thenumberofsharesofoutstandingstockheldbydirectorswhoarealsoofficersandbyemployeestockplansthatdonotallowplanparticipantstodetermineconfidentiallywhethertotendershares);or(3)atorfollowingthetransactioninwhichsuchpersonbecameaninterestedstockholder,thebusinesscombinationis(a)approvedbytheboardofdirectorsofthecorporation;and(b)authorizedatameetingofstockholdersbytheaffirmativevoteoftheholdersofatleast662/3%oftheoutstandingvotingstockofthecorporationnotownedbytheinterestedstockholder.TheTubeMogulBoardhasapprovedtheOffer,includingtheOffertoPurchase,theLetterofTransmittalandrelateddocuments(including,withoutlimitation,theMergerAgreementandtheTenderandSupportAgreements)andtheothertransactionscontemplatedtherebyforpurposesofSection203,andTubeMogulbelievesthatsuchactsandtransactionsarenotsubjecttotherestrictionsofSection203.Further,theTubeMogulBoardhasexemptedTubeMogulfromanyother“fairprice,”“controlshareacquisition,”“businesscombination”orothersimilaranti-takeoverstatuteorregulationthatmaybeapplicabletotheOffer,includingtheOffertoPurchase,theLetterofTransmittalandrelateddocuments(including,withoutlimitation,theMergerAgreementandtheTenderandSupportAgreements)andtheothertransactionscontemplatedthereby.

TubeMogulisnotawareofanyotherstatetakeoverlawsorregulationsthatareapplicabletotheOfferortheMergerandhasnotattemptedtocomplywithanystatetakeoverlawsorregulationsotherthanasdescribedabove.Ifany“controlshareacquisition,”“fairprice,”“moratorium”orotheranti-takeoverapplicablelawbecomesorisdeemedtobeapplicabletoTubeMogul,Purchaser,Adobe,theOffer,theMerger,orrelateddocuments(including,withoutlimitation,theMergerAgreementandtheTenderandSupportAgreements)andtheothertransactionscontemplatedthereby,theneachofTubeMogul,PurchaserandAdobe,andtheirrespective

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boardofdirectorswillgrantsuchapprovalsandtakesuchactionsasarenecessarysothatthetransactionscontemplatedbytheMergerAgreementmaybeconsummatedaspromptlyaspracticableonthetermscontemplatedbytheMergerAgreementandotherwiseacttorendersuchanti-takeoverapplicablelawinapplicable.IntheeventitisassertedthatoneormorestatetakeoverstatutesisapplicabletotheOfferortheMergerandanappropriatecourtdoesnotdeterminethatitisinapplicableorinvalidasappliedtotheOfferortheMerger,Adobemightberequiredtofilecertaininformationwith,ortoreceiveapprovalsfrom,therelevantstateauthoritiesorholdersofShares,andAdobemightbeunabletoacceptforpaymentorpayforSharestenderedpursuanttotheOffer,orbedelayedincontinuingorconsummatingtheOfferortheMerger.Insuchcase,AdobemaynotbeobligatedtoacceptforpaymentorpayforanytenderedShares.

InconnectionwithitsapprovaloftheMergerAgreement,theOfferandtheMerger,theTubeMogulBoardadoptedaresolutionapprovingtheMergerAgreementandthetransactionscontemplatedthereby,includingtheOffer,theMergerandanyrelateddocuments(including,withoutlimitation,theTenderandSupportAgreements)forpurposesofSection203,butonlyinsofaraseachoftheOfferandtheMergerareconsummatedinaccordancewiththetermsoftheMergerAgreementandtherelatedagreements(including,withoutlimitation,theTenderandSupportAgreements).

Regulatory Approvals

U.S. Antitrust Laws

UndertheHart-Scott-RodinoAntitrustImprovementsActof1976,asamended(“HSRAct”),andtherelatedrulesandregulationsthathavebeenpromulgatedthereunderbytheFederalTradeCommission(“FTC”),certainacquisitiontransactions,includingPurchaser’spurchaseofSharespursuanttotheOffer,maynotbeconsummateduntilcertaininformationanddocumentarymaterialhasbeenfurnishedforreviewbytheFTCandtheAntitrustDivisionoftheDepartmentofJustice(the“AntitrustDivision”)andcertainwaitingperiodrequirementshavebeensatisfied.AdobeandTubeMogulfiledtheirrespectivePremergerNotificationandReportFormswiththeFTCandtheAntitrustDivisiononNovember17,2016.

UndertheHSRAct,Purchaser’spurchaseoftheSharespursuanttotheOfferissubjecttoaninitialwaitingperiodthatwillexpireat11:59pm,EasternTime,onthedatethatisfifteendaysafterthedatethatthePremergerNotificationandReportFormsarefiledwiththeFTCandtheAntitrustDivision.However,theinitialwaitingperiodmaybeterminatedpriortosuchdateandtimebytheFTC,orPurchaserandTubeMogulmayreceivearequest(a“SecondRequest”)foradditionalinformationordocumentarymaterialfromeithertheFTCortheAntitrustDivisionpriortosuchexpiration.IftheFTCortheAntitrustDivisionissuesaSecondRequest,thewaitingperiodwithrespecttotheOfferwillbeextendedforanadditionalperiodof10calendardays,whichwillbeginonthedateonwhichPurchaserhavesubstantiallycompliedwiththeSecondRequest.ComplyingwithaSecondRequestcantakeasignificantperiodoftime.EventhoughthewaitingperiodisnotaffectedbyaSecondRequesttoTubeMogulorbyTubeMogulsupplyingtherequestedinformation,TubeMogulisobligedtorespondtotherequestwithinareasonabletime.Ifthe10-daywaitingperiodexpiresonaSaturday,Sundayorfederalholiday,thensuchwaitingperiodwillbeextendeduntil11:59p.m.ofthenextdaythatisnotaSaturday,Sundayorfederalholiday.OnlyoneextensionofthewaitingperiodpursuanttoaSecondRequestisauthorizedbytheHSRAct.Afterthattime,thewaitingperiodmaybeextendedonlybycourtorderorwithourconsent.TheFTCortheAntitrustDivisionmayterminatetheadditional10-daywaitingperiodbeforeitsexpiration.

TheFTCandtheAntitrustDivisionfrequentlyscrutinizethelegalityundertheU.S.antitrustlawsoftransactionsliketheOfferandtheMerger.Atanytime,theFTCortheAntitrustDivisioncouldtakeanyactionundertheantitrustlawsthatitconsidersnecessaryordesirableinthepublicinterest,includingseeking(i)toenjointhepurchaseofSharespursuanttotheOffer,(ii)toenjointheMerger,(iii)torequirePurchaser(or,aftercompletionoftheMerger,Adobe)todivesttheShares,or(iv)torequireusorTubeMogultodivestsubstantialassetsorseekotherconductrelief.Privateparties,aswellasstateattorneysgeneral,alsomaybringlegalactionsundertheantitrustlawsundercertaincircumstances.AtanytimebeforeoraftertheconsummationoftheMerger,

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notwithstandingtheearlyterminationoftheapplicablewaitingperiodundertheHSRAct,anystateorprivatepartycouldseektoenjointheconsummationoftheMergerorseekotherstructuralorconductreliefordamages.

BaseduponanexaminationofpubliclyavailableinformationandotherinformationrelatingtothebusinessesinwhichTubeMogulisengaged,AdobeandTubeMogulbelievethatneitherthepurchaseofSharesbyPurchaserpursuanttotheOffernortheconsummationoftheMergershouldviolateapplicableantitrustlaws.Nevertheless,neitherAdobenorTubeMogulcanbecertainthatachallengetotheOfferortheMergeronantitrustgroundswillnotbemade,or,ifsuchchallengeismade,whattheresultwillbe.

Stockholder Approval of the Merger Not Required

BecausetheMergerwillbeconsummatedinaccordancewithSection251(h)oftheDGCL,nostockholdervoteorconsentwillbenecessarytoeffecttheMerger.Section251(h)oftheDGCLprovidesthat,subjecttocertainstatutoryprovisions,if,followingconsummationofatenderofferforanyandallsharesofthestockofapubliccorporation(otherthanstockownedbytheacquirer,thetargetcorporationoranyoftheirrespectivewholly-ownedsubsidiaries),theacquirerholdsatleastthepercentageofstock,andofeachclassorseriesthereof,ofthetargetcorporationthat,absentSection251(h)oftheDGCL,wouldberequiredtoadoptamergeragreement,andstockthatwasthesubjectofthetenderofferbutnottenderedintothetenderofferisconvertedintothesameconsiderationfortheirstockinthemergeraswaspayableinthetenderoffer,thentheacquirercaneffectamergerwithoutthevoteofthestockholdersofthetargetcorporation.UndertheMergerAgreement,theMergerwillbecomeeffectiveassoonaspracticableaftertheconsummationoftheOffer,withoutavoteofTubeMogul’sstockholders,inaccordancewithSection251(h)oftheDGCL.

Annual and Quarterly Reports

ForadditionalinformationregardingthebusinessandthefinancialresultsofTubeMogul,pleaseseeTubeMogul’sAnnualReportonForm10-KforthefiscalyearendedDecember31,2015,andTubeMogul’sQuarterlyReportsonForm10-QforthethreemonthsendedMarch31,2016,June30,2016,andSeptember30,2016.

Forward-Looking Statements

ThisSchedule14D-9andthematerialsincorporatedbyreferencehereincontainforward-lookingstatementsinadditiontohistoricalandotherinformation.Theseforward-lookingstatementscanbeidentifiedbythefactthattheydonotrelateonlytohistoricalorcurrentfacts.Forward-lookingstatementsoftenusewordssuchas“anticipate”,“target”,“expect”,“estimate”,“intend”,“plan”,“goal”,“believe”,“hope”,“aim”,“continue”,“will”,“may”,“would”,“could”or“should”orotherwordsofsimilarmeaningorthenegativethereof.Thesestatementsinvolverisksanduncertaintiesthatcouldcauseouractualresultstodiffermateriallyfromthoseexpressedorimpliedinforward-lookingstatements,including,butnotlimitedto:(i)uncertaintiesastothetimingoftheproposedtransaction;(ii)theriskthattheproposedtransactionmaynotbecompletedinatimelymanneroratall;(iii)uncertaintiesastothepercentageofTubeMogul’sstockholdersthatwillsupporttheproposedtransactionandtendertheirsharesintheoffer;(iv)thepossibilitythatcompetingoffersoracquisitionproposalsforTubeMogulwillbemade;(v)thepossibilitythatanyorallofthevariousconditionstotheconsummationoftheproposedtransactionmaynotbesatisfiedorwaived,includingthefailuretoreceiveanyrequiredregulatoryapprovalsfromanyapplicablegovernmentalentities(oranyconditions,limitationsorrestrictionsplacedonsuchapprovals);(vi)theoccurrenceofanyevent,changeorothercircumstancethatcouldgiverisetotheterminationoftheMergerAgreement,includingincircumstanceswhichwouldrequireTubeMogultopayaterminationfeeorotherexpenses;(vii)risksregardingthefailuretoobtainthenecessaryfinancingtocompletetheproposedtransaction;(viii)risksrelatedtothedebtfinancingarrangementsenteredintoinconnectionwiththeproposedtransaction;(ix)theeffectoftheannouncementorpendencyoftheproposedtransactiononTubeMogul’sabilitytoretainandhirekeypersonnel,itsabilitytomaintainrelationshipswithitscustomers,resellers,channelpartners,suppliersandotherswithwhomitdoesbusiness,oritsoperatingresults

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andbusinessgenerally;(x)risksrelatedtodivertingmanagement’sattentionfromTubeMogul’songoingbusinessoperations;(xi)theriskthatunexpectedcostswillbeincurredinconnectionwiththeproposedtransaction;(xii)changesineconomicconditions,politicalconditions,tradeprotectionmeasures,licensingrequirementsandtaxmatters;(xiii)theriskthatstockholderlitigationinconnectionwiththeproposedtransactionmayresultinsignificantcostsofdefense,indemnificationandliabilityand(xiv)otherfactorsassetforthfromtimetotimeinTubeMogul’sfilingswiththeSEC,whichareavailableonourinvestorrelationsWebsite(http://ir.TubeMogul.com/)andontheSEC’sWebsite(www.sec.gov).AllinformationprovidedinthisSchedule14D-9isasofthedatehereof,andstockholdersofTubeMogularecautionednottoplaceunduerelianceonourforward-lookingstatements,whichspeakonlyasofthedatesuchstatementsaremade.TubeMoguldoesnotundertakeanyobligationtopubliclyupdateanyforward-lookingstatementstoreflectevents,circumstancesornewinformationafterthiscommunication,ortoreflecttheoccurrenceofunanticipatedevents,exceptasrequiredbyapplicablelaw.

Item 9. Exhibits

ThefollowingExhibitsareattachedhereto:(a)(1)(A)

OffertoPurchase,datedNovember18,2016(incorporatedbyreferencetoExhibit(a)(1)(A)totheTenderOfferStatementonScheduleTOfiledwiththeSecuritiesExchangeCommission(the“SEC”)byAdobeSystemsIncorporatedonNovember18,2016(the“ScheduleTO”)).

(a)(1)(B) LetterofTransmittal(incorporatedbyreferencetoExhibit(a)(1)(B)totheScheduleTO).

(a)(1)(C) NoticeofGuaranteedDelivery(incorporatedbyreferencetoExhibit(a)(1)(C)totheScheduleTO).

(a)(1)(D)

LettertoBrokers,Dealers,CommercialBanks,TrustCompaniesandOtherNominees(incorporatedbyreferencetoExhibit(a)(1)(D)totheScheduleTO).

(a)(1)(E)

LettertoClientsforUsebyBrokers,Dealers,CommercialBanks,TrustCompaniesandOtherNominees(incorporatedbyreferencetoExhibit(a)(1)(E)totheScheduleTO).

(a)(1)(F) SummaryAdvertisement,datedNovember18,2016(incorporatedbyreferencetoExhibit(a)(1)(F)totheScheduleTO).

(a)(5)(A)

PressReleaseissuedbyTubeMogulandAdobeonNovember10,2016(incorporatedbyreferencetoExhibit99.1totheCurrentReportonForm8-KfiledwiththeSECbyTubeMogulonNovember10,2016).

(a)(5)(B) CompanyFactSheetissuedbyAdobeonNovember10,2016(incorporatedbyreferencetoExhibit(a)(5)(B)totheScheduleTO).

(a)(5)(C) FAQissuedbyAdobeonNovember10,2016(incorporatedbyreferencetoExhibit(a)(5)(C)totheScheduleTO).

(a)(5)(D) WebsitematerialspublishedbyAdobeonNovember10,2016(incorporatedbyreferencetoExhibit(a)(5)(D)totheScheduleTO).

(a)(5)(E) EmailsentbyBradRencheronNovember10,2016(incorporatedbyreferencetoExhibit(a)(5)(E)totheScheduleTO).

(a)(5)(F) EmailsentbyMattThompsononNovember10,2016(incorporatedbyreferencetoExhibit(a)(5)(F)totheScheduleTO).

(a)(5)(G) EmailsentbyMariaPoveromoonNovember10,2016(incorporatedbyreferencetoExhibit(a)(5)(G)totheScheduleTO).

(a)(5)(H) MaterialspostedtosocialmediabyAdobeonNovember10,2016(incorporatedbyreferencetoExhibit(a)(5)(H)totheScheduleTO).

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(a)(5)(I) FormofPressemailsentbyAdobePublicRelations(incorporatedbyreferencetoExhibit(a)(5)(I)totheScheduleTO).

(a)(5)(J)

EmailtoemployeessentbyBrettWilsononNovember10,2016(incorporatedbyreferencetoExhibit99.1totheSchedule14D-9filedwiththeSECbyTubeMogulonNovember10,2016).

(a)(5)(K)

TweetbyBrettWilsononNovember10,2016(incorporatedbyreferencetoExhibit99.2totheSchedule14D-9filedwiththeSECbyTubeMogulonNovember10,2016).

(a)(5)(L)

EmailtocustomersandpartnerssentbyBrettWilsononNovember10,2016(incorporatedbyreferencetoExhibit99.3totheSchedule14D-9filedwiththeSECbyTubeMogulonNovember10,2016).

(a)(5)(M) OpinionofMorganStanley&Co.LLC,datedasofNovember9,2016(includedasAnnexAtothisSchedule14D-9).

(a)(5)(N) TubeMogulEmployeeFrequentlyAskedQuestions.

(e)(1)

AgreementandPlanofMerger,amongTubeMogul,PurchaserandAdobe,datedasofNovember10,2016(incorporatedbyreferencetoExhibit2.1totheCurrentReportonForm8-KfiledwiththeSECbyTubeMogulonNovember10,2016).

(e)(2)

MasterAgreementforDisclosureofInformation,effectiveasofOctober19,2016,betweenTubeMogul,Inc.andAdobeSystemsIncorporated.

(e)(3) ExclusivityAgreement,effectiveasofNovember4,2016,betweenTubeMogul,Inc.andAdobeSystemsIncorporated.

(e)(4)

FormofTenderandSupportAgreementbyandamongAdobe,PurchaserandcertainstockholdersofTubeMogul(incorporatedbyreferencetoExhibit(d)(2)totheScheduleTO).

(e)(5)

AmendedandRestatedCertificateofIncorporationofTubeMogul,Inc.(incorporatedbyreferencetoExhibit3.1totheQuarterlyReportonForm10-QfiledwiththeSECbyTubeMogul,Inc.onAugust27,2014).

(e)(6)

AmendedandRestatedBylawsofTubeMogul,Inc.(incorporatedbyreferencetoExhibit3.5totheCurrentReportonForm8-KfiledwiththeSECbyTubeMogul,Inc.onMay1,2014).

(e)(7)

AmendmenttoBylawsofTubeMogul,Inc.(incorporatedbyreferencetoExhibit3.1totheCurrentReportonForm8-KfiledwiththeSECbyTubeMogul,Inc.onNovember10,2016)

(e)(8)

2007EquityCompensationPlan,asamended,andformsofagreementthereunder(incorporatedbyreferencetoExhibit10.2totheRegistrationStatementonFormS-1/AfiledwiththeSECbyTubeMogul,Inc.onMarch26,2014).

(e)(9)

2014EquityIncentivePlan,andformsofagreementthereunder(incorporatedbyreferencetoExhibit10.3totheRegistrationStatementonFormS-1/AfiledwiththeSECbyTubeMogul,Inc.onJuly7,2014).

(e)(10)

2014EmployeeStockPurchasePlan(incorporatedbyreferencetoExhibit10.3totheRegistrationStatementonFormS-1/AfiledwiththeSECbyTubeMogul,Inc.onJuly7,2014).

(e)(11)

EmploymentOfferLetterbetweenTubeMogul,Inc.andBrettWilson(incorporatedbyreferencetoExhibit10.5totheRegistrationStatementonFormS-1filedwiththeSECbyTubeMogul,Inc.onMarch26,2014).

(e)(12)

EmployeeOfferLetterbetweenTubeMogul,Inc.andRobertGatto(incorporatedbyreferencetoExhibit10.1totheCurrentReportonForm8-KfiledwiththeSECbyTubeMogul,Inc.onApril5,2016).

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(e)(13)

AmendmenttoEmploymentOfferLetterbetweenTubeMogul,Inc.andRobertGatto(incorporatedbyreferencetoExhibit10.2totheQuarterlyReportonForm8-QfiledwiththeSECbyTubeMogul,Inc.onMay10,2016)

(e)(14)

EmploymentOfferLetterbetweenTubeMogul,Inc.andChipScovic(incorporatedbyreferencetoExhibit10.7totheRegistrationStatementonFormS-1filedwiththeSECbyTubeMogul,Inc.onMarch26,2014).

(e)(15)

EmploymentOfferLetterbetweenTubeMogul,Inc.andRonWill(incorporatedbyreferencetoExhibit10.1totheCurrentReportonForm8-KfiledwiththeSECbyTubeMogul,Inc.onMay9,2016).

(e)(16)

EmploymentOfferLetterbetweenTubeMogul,Inc.andKeithEadie(incorporatedbyreferencetoExhibit10.1totheQuarterlyReportonForm10-QfiledwiththeSECbyTubeMogul,Inc.onMay15,2015).

(e)(17)

EmploymentOfferLetterbetweenTubeMogul,Inc.andPaulJoachim(incorporatedbyreferencetoExhibit10.7totheAnnualReportonForm10-KfiledwiththeSECbyTubeMogul,Inc.onMarch31,2015).

(e)(18) EmploymentOfferLetterbetweenTubeMogul,Inc.andEricDeeds,datedMarch13,2014.

(e)(19)

FormofIndemnificationAgreementbetweenTubeMogul,Inc.andeachofitsdirectorsandexecutiveofficers(incorporatedbyreferencetoExhibit10.5totheRegistrationStatementonFormS-1filedwiththeSECbyTubeMogul,Inc.onMarch26,2014).

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SIGNATURE

Afterdueinquiryandtothebestofmyknowledgeandbelief,IcertifythattheinformationsetforthinthisStatementistrue,completeandcorrect.

TUBEMOGUL, INC.

By: /s/BrettWilson Name:BrettWilson Title:ChiefExecutiveOfficer Date:November18,2016

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ANNEX A

2725SandHillRoadSuite200MenloPark,CA94025

November 9, 2016

BoardofDirectorsTubeMogul,Inc.125053rdStreet,Suite2Emeryville,California94608

MembersoftheBoard:

WeunderstandthatTubeMogul,Inc.(“TubeMogul”orthe“Company”),AdobeSystemsIncorporated(the“Buyer”)andTigerAcquisitionCorporation,awhollyownedsubsidiaryoftheBuyer(“AcquisitionSub”),proposetoenterintoanAgreementandPlanofMerger,substantiallyintheformofthedraftdatedNovember9,2016(the“MergerAgreement”),whichprovides,amongotherthings,for(i)thecommencementbyAcquisitionSubofatenderoffer(the“TenderOffer”)foralloutstandingsharesofcommonstock,parvalue$0.001pershare,oftheCompany(the“CompanyCommonStock”)for$14.00pershareincash(the“Consideration”)and(ii)thesubsequentmerger(the“Merger”)ofAcquisitionSubwithandintotheCompany.PursuanttotheMerger,theCompanywillbecomeawhollyownedsubsidiaryoftheBuyer,andeachoutstandingshareofCompanyCommonStock,otherthanshares(i)heldbytheCompanyastreasurystock,(ii)ownedbytheBuyerorAcquisitionSub,(iii)ownedbyanywhollyownedsubsidiaryoftheBuyerortheCompanyor(iv)heldbyholdersofsharesofCompanyCommonStockwhoareentitledtodemandandproperlydemandappraisalofsuchsharespursuantto,andwhocomplyinallrespectswith,Section262oftheGeneralCorporationLawoftheStateofDelaware(the“DGCL”)and,asoftheeffectivetimeoftheMerger,whohaveneithereffectivelywithdrawnnorlosttheirrightstosuchappraisalandpaymentundertheDGCLwithrespecttosuchshares(clauses(i),(ii),(iii)and(iv),collectively,the“ExcludedShares”),willbeconvertedintotherighttoreceivetheConsideration.ThetermsandconditionsoftheTenderOfferandtheMergeraremorefullysetforthintheMergerAgreement.

YouhaveaskedforouropinionastowhethertheConsiderationtobereceivedbytheholdersofsharesoftheCompanyCommonStock(otherthantheExcludedShares)pursuanttotheMergerAgreementisfairfromafinancialpointofviewtosuchholdersofsharesoftheCompanyCommonStock.

Forpurposesoftheopinionsetforthherein,wehave:

1) ReviewedcertainpubliclyavailablefinancialstatementsandotherbusinessandfinancialinformationoftheCompany;

2) ReviewedcertaininternalfinancialstatementsandotherfinancialandoperatingdataconcerningtheCompany;

3) ReviewedcertainfinancialprojectionspreparedbythemanagementoftheCompany;

4) DiscussedthepastandcurrentoperationsandfinancialconditionandtheprospectsoftheCompanywithseniorexecutivesoftheCompany;

5) ReviewedthereportedpricesandtradingactivityfortheCompanyCommonStock;

6) ComparedthefinancialperformanceoftheCompanyandthepricesandtradingactivityoftheCompanyCommonStockwiththatofcertainotherpublicly-tradedcompaniescomparablewiththeCompany,andtheirsecurities;

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7) Reviewedthefinancialterms,totheextentpubliclyavailable,ofcertaincomparableacquisitiontransactions;

8) ParticipatedincertaindiscussionsandnegotiationsamongrepresentativesoftheCompanyandtheBuyerandcertainaffiliatesoftheBuyerandtheirfinancialandlegaladvisors;

9) ReviewedtheMergerAgreementandcertainrelateddocuments;and

10) Performedsuchotheranalyses,reviewedsuchotherinformationandconsideredsuchotherfactorsaswehavedeemedappropriate.

Wehaveassumedandreliedupon,withoutindependentverification,theaccuracyandcompletenessoftheinformationthatwaspubliclyavailableorsuppliedorotherwisemadeavailabletousbytheCompany,andformedasubstantialbasisforthisopinion.Withrespecttothefinancialprojections,wehaveassumedthattheyhavebeenreasonablypreparedonbasesreflectingthebestcurrentlyavailableestimatesandjudgmentsofthemanagementoftheCompanyofthefuturefinancialperformanceoftheCompany.Inaddition,wehaveassumedthattheTenderOfferandtheMergerwillbeconsummatedinaccordancewiththetermssetforthintheMergerAgreementwithoutanywaiver,amendmentordelayofanytermsorconditionsandthatthedefinitiveMergerAgreementwillnotdifferinanymaterialrespectfromthedraftthereoffurnishedtous.MorganStanleyhasassumedthatinconnectionwiththereceiptofallthenecessarygovernmental,regulatoryorotherapprovalsandconsentsrequiredfortheproposedTenderOfferandMerger,nodelays,limitations,conditionsorrestrictionswillbeimposedthatwouldhaveamaterialadverseeffectonthecontemplatedbenefitsexpectedtobederivedintheproposedTenderOfferandMerger.Wearenotlegal,taxorregulatoryadvisors.Wearefinancialadvisorsonlyandhavereliedupon,withoutindependentverification,theassessmentoftheCompanyanditslegal,taxorregulatoryadvisorswithrespecttolegal,taxorregulatorymatters.WeexpressnoopinionwithrespecttothefairnessoftheamountornatureofthecompensationtoanyoftheCompany’sofficers,directorsoremployees,oranyclassofsuchpersons,relativetotheConsiderationtobereceivedbytheholdersofsharesoftheCompanyCommonStockintheTenderOfferandMerger.WehavenotmadeanyindependentvaluationorappraisaloftheassetsorliabilitiesoftheCompany,norhavewebeenfurnishedwithanysuchvaluationsorappraisals.Ouropinionisnecessarilybasedonfinancial,economic,marketandotherconditionsasineffecton,andtheinformationmadeavailabletousasof,thedatehereof.Eventsoccurringafterthedatehereofmayaffectthisopinionandtheassumptionsusedinpreparingit,andwedonotassumeanyobligationtoupdate,reviseorreaffirmthisopinion.

WehaveactedasfinancialadvisortotheBoardofDirectorsoftheCompanyinconnectionwiththistransactionandwillreceiveafeeforourservices,asubstantialportionofwhichiscontingentupontheclosingoftheTenderOffer.Inaddition,theCompanyhasagreedtoindemnifyusforcertainliabilitiesarisingoutofourengagement.Inthetwoyearspriortothedatehereof,wehaveprovidedfinancialadvisoryandfinancingservicesfortheBuyerandhavereceivedfeesinconnectionwithsuchservices.MorganStanleymayalsoseektoprovidefinancialadvisoryandfinancingservicestotheBuyerinthefutureandwouldexpecttoreceivefeesfortherenderingoftheseservices.

PleasenotethatMorganStanleyisaglobalfinancialservicesfirmengagedinthesecurities,investmentmanagementandindividualwealthmanagementbusinesses.Oursecuritiesbusinessisengagedinsecuritiesunderwriting,tradingandbrokerageactivities,foreignexchange,commoditiesandderivativestrading,primebrokerage,aswellasprovidinginvestmentbanking,financingandfinancialadvisoryservices.MorganStanley,itsaffiliates,directorsandofficersmayatanytimeinvestonaprincipalbasisormanagefundsthatinvest,holdlongorshortpositions,financepositions,andmaytradeorotherwisestructureandeffecttransactions,fortheirownaccountortheaccountsofitscustomers,indebtorequitysecuritiesorloansoftheBuyeranditsaffiliates,theCompanyoranyothercompany,oranycurrencyorcommodity,thatmaybeinvolvedinthistransaction,oranyrelatedderivativeinstrument.

ThisopinionhasbeenapprovedbyacommitteeofMorganStanleyinvestmentbankingandotherprofessionalsinaccordancewithourcustomarypractice.ThisopinionisfortheinformationoftheBoardofDirectorsofthe

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Companyandmaynotbeusedforanyotherpurposeordisclosedwithoutourpriorwrittenconsent,exceptthatacopyofthisopinionmaybeincludedinitsentiretyinanyfilingtheCompanyisrequiredtomakewiththeSecuritiesandExchangeCommissioninconnectionwiththeMergerifsuchinclusionisrequiredbyapplicablelaw.Inaddition,MorganStanleyexpressesnoopinionorrecommendationastohowthestockholdersoftheCompanyshouldvoteatthestockholders’meetingthatmaybeheldinconnectionwiththeMergerorwhetherthestockholdershouldtakeanyactioninconnectionwiththeMerger.OuropiniondoesnotaddresstherelativemeritsoftheMergerascomparedtoanyotheralternativebusinesstransaction,orotheralternatives,orwhetherornotsuchalternativescouldbeachievedorareavailable.

Basedonandsubjecttotheforegoing,weareoftheopiniononthedatehereofthattheConsiderationtobereceivedbytheholdersofsharesoftheCompanyCommonStock(otherthantheExcludedShares)pursuanttotheMergerAgreementisfairfromafinancialpointofviewtosuchholdersofsharesoftheCompanyCommonStock.

Verytrulyyours,

MORGANSTANLEY&CO.LLC

By:

OwenM.O’Keeffe ManagingDirector

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ANNEX B

SECTION 262 OF THE GENERAL CORPORATION LAW OF THE STATE OF DELAWARE

§262.Appraisalrights

(a)AnystockholderofacorporationofthisStatewhoholdssharesofstockonthedateofthemakingofademandpursuanttosubsection(d)ofthissectionwithrespecttosuchshares,whocontinuouslyholdssuchsharesthroughtheeffectivedateofthemergerorconsolidation,whohasotherwisecompliedwithsubsection(d)ofthissectionandwhohasneithervotedinfavorofthemergerorconsolidationnorconsentedtheretoinwritingpursuantto§228ofthistitleshallbeentitledtoanappraisalbytheCourtofChanceryofthefairvalueofthestockholder’ssharesofstockunderthecircumstancesdescribedinsubsections(b)and(c)ofthissection.Asusedinthissection,theword“stockholder”meansaholderofrecordofstockinacorporation;thewords“stock”and“share”meanandincludewhatisordinarilymeantbythosewords;andthewords“depositoryreceipt”meanareceiptorotherinstrumentissuedbyadepositoryrepresentinganinterestin1ormoreshares,orfractionsthereof,solelyofstockofacorporation,whichstockisdepositedwiththedepository.

(b)Appraisalrightsshallbeavailableforthesharesofanyclassorseriesofstockofaconstituentcorporationinamergerorconsolidationtobeeffectedpursuantto§251(otherthanamergereffectedpursuantto§251(g)ofthistitleand,subjecttoparagraph(b)(3)ofthissection,§251(h)ofthistitle),§252,§254,§255,§256,§257,§258,§263or§264ofthistitle:

(1)Provided,however,that,exceptasexpresslyprovidedin§363(b)ofthistitle,noappraisalrightsunderthissectionshallbeavailableforthesharesofanyclassorseriesofstock,whichstock,ordepositoryreceiptsinrespectthereof,attherecorddatefixedtodeterminethestockholdersentitledtoreceivenoticeofthemeetingofstockholderstoactupontheagreementofmergerorconsolidation,wereeither:(i)listedonanationalsecuritiesexchangeor(ii)heldofrecordbymorethan2,000holders;andfurtherprovidedthatnoappraisalrightsshallbeavailableforanysharesofstockoftheconstituentcorporationsurvivingamergerifthemergerdidnotrequireforitsapprovalthevoteofthestockholdersofthesurvivingcorporationasprovidedin§251(f)ofthistitle.

(2)Notwithstandingparagraph(b)(1)ofthissection,appraisalrightsunderthissectionshallbeavailableforthesharesofanyclassorseriesofstockofaconstituentcorporationiftheholdersthereofarerequiredbythetermsofanagreementofmergerorconsolidationpursuantto§§251,252,254,255,256,257,258,263and264ofthistitletoacceptforsuchstockanythingexcept:

a.Sharesofstockofthecorporationsurvivingorresultingfromsuchmergerorconsolidation,ordepositoryreceiptsinrespectthereof;

b.Sharesofstockofanyothercorporation,ordepositoryreceiptsinrespectthereof,whichsharesofstock(ordepositoryreceiptsinrespectthereof)ordepositoryreceiptsattheeffectivedateofthemergerorconsolidationwillbeeitherlistedonanationalsecuritiesexchangeorheldofrecordbymorethan2,000holders;

c.Cashinlieuoffractionalsharesorfractionaldepositoryreceiptsdescribedintheforegoingparagraphs(b)(2)a.andb.ofthissection;or

d.Anycombinationofthesharesofstock,depositoryreceiptsandcashinlieuoffractionalsharesorfractionaldepositoryreceiptsdescribedintheforegoingparagraphs(b)(2)a.,b.andc.ofthissection.

(3)IntheeventallofthestockofasubsidiaryDelawarecorporationpartytoamergereffectedunder§251(h),§253or§267ofthistitleisnotownedbytheparentimmediatelypriortothemerger,appraisalrightsshallbeavailableforthesharesofthesubsidiaryDelawarecorporation.

(4)Intheeventofanamendmenttoacorporation’scertificateofincorporationcontemplatedby§363(a)ofthistitle,appraisalrightsshallbeavailableascontemplatedby§363(b)ofthistitle,andtheproceduresofthis

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section,includingthosesetforthinsubsections(d)and(e)ofthissection,shallapplyasnearlyaspracticable,withtheword“amendment”substitutedforthewords“mergerorconsolidation”,andtheword“corporation”substitutedforthewords“constituentcorporation”and/or“survivingorresultingcorporation”.

(c)Anycorporationmayprovideinitscertificateofincorporationthatappraisalrightsunderthissectionshallbeavailableforthesharesofanyclassorseriesofitsstockasaresultofanamendmenttoitscertificateofincorporation,anymergerorconsolidationinwhichthecorporationisaconstituentcorporationorthesaleofallorsubstantiallyalloftheassetsofthecorporation.Ifthecertificateofincorporationcontainssuchaprovision,theprovisionsofthissection,includingthosesetforthinsubsections(d),(e)and(g)ofthissection,shallapplyasnearlyasispracticable.

(d)Appraisalrightsshallbeperfectedasfollows:

(1)Ifaproposedmergerorconsolidationforwhichappraisalrightsareprovidedunderthissectionistobesubmittedforapprovalatameetingofstockholders,thecorporation,notlessthan20dayspriortothemeeting,shallnotifyeachofitsstockholderswhowassuchontherecorddatefornoticeofsuchmeeting(orsuchmemberswhoreceivednoticeinaccordancewith§255(c)ofthistitle)withrespecttosharesforwhichappraisalrightsareavailablepursuanttosubsection(b)or(c)ofthissectionthatappraisalrightsareavailableforanyorallofthesharesoftheconstituentcorporations,andshallincludeinsuchnoticeacopyofthissectionand,if1oftheconstituentcorporationsisanonstockcorporation,acopyof§114ofthistitle.Eachstockholderelectingtodemandtheappraisalofsuchstockholder’ssharesshalldelivertothecorporation,beforethetakingofthevoteonthemergerorconsolidation,awrittendemandforappraisalofsuchstockholder’sshares.Suchdemandwillbesufficientifitreasonablyinformsthecorporationoftheidentityofthestockholderandthatthestockholderintendstherebytodemandtheappraisalofsuchstockholder’sshares.Aproxyorvoteagainstthemergerorconsolidationshallnotconstitutesuchademand.Astockholderelectingtotakesuchactionmustdosobyaseparatewrittendemandashereinprovided.Within10daysaftertheeffectivedateofsuchmergerorconsolidation,thesurvivingorresultingcorporationshallnotifyeachstockholderofeachconstituentcorporationwhohascompliedwiththissubsectionandhasnotvotedinfavoroforconsentedtothemergerorconsolidationofthedatethatthemergerorconsolidationhasbecomeeffective;or

(2)Ifthemergerorconsolidationwasapprovedpursuantto§228,§251(h),§253,or§267ofthistitle,theneitheraconstituentcorporationbeforetheeffectivedateofthemergerorconsolidationorthesurvivingorresultingcorporationwithin10daysthereaftershallnotifyeachoftheholdersofanyclassorseriesofstockofsuchconstituentcorporationwhoareentitledtoappraisalrightsoftheapprovalofthemergerorconsolidationandthatappraisalrightsareavailableforanyorallsharesofsuchclassorseriesofstockofsuchconstituentcorporation,andshallincludeinsuchnoticeacopyofthissectionand,if1oftheconstituentcorporationsisanonstockcorporation,acopyof§114ofthistitle.Suchnoticemay,and,ifgivenonoraftertheeffectivedateofthemergerorconsolidation,shall,alsonotifysuchstockholdersoftheeffectivedateofthemergerorconsolidation.Anystockholderentitledtoappraisalrightsmay,within20daysafterthedateofmailingofsuchnoticeor,inthecaseofamergerapprovedpursuantto§251(h)ofthistitle,withinthelateroftheconsummationoftheoffercontemplatedby§251(h)ofthistitleand20daysafterthedateofmailingofsuchnotice,demandinwritingfromthesurvivingorresultingcorporationtheappraisalofsuchholder’sshares.Suchdemandwillbesufficientifitreasonablyinformsthecorporationoftheidentityofthestockholderandthatthestockholderintendstherebytodemandtheappraisalofsuchholder’sshares.Ifsuchnoticedidnotnotifystockholdersoftheeffectivedateofthemergerorconsolidation,either(i)eachsuchconstituentcorporationshallsendasecondnoticebeforetheeffectivedateofthemergerorconsolidationnotifyingeachoftheholdersofanyclassorseriesofstockofsuchconstituentcorporationthatareentitledtoappraisalrightsoftheeffectivedateofthemergerorconsolidationor(ii)thesurvivingorresultingcorporationshallsendsuchasecondnoticetoallsuchholdersonorwithin10daysaftersucheffectivedate;provided,however,thatifsuchsecondnoticeissentmorethan20daysfollowingthesendingofthefirstnoticeor,inthecaseofamergerapprovedpursuantto§251(h)ofthistitle,laterthanthelateroftheconsummationoftheoffercontemplatedby§251(h)ofthistitleand20daysfollowingthesendingofthefirstnotice,suchsecondnoticeneedonlybesenttoeachstockholderwhoisentitled

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toappraisalrightsandwhohasdemandedappraisalofsuchholder’ssharesinaccordancewiththissubsection.Anaffidavitofthesecretaryorassistantsecretaryorofthetransferagentofthecorporationthatisrequiredtogiveeithernoticethatsuchnoticehasbeengivenshall,intheabsenceoffraud,beprimafacieevidenceofthefactsstatedtherein.Forpurposesofdeterminingthestockholdersentitledtoreceiveeithernotice,eachconstituentcorporationmayfix,inadvance,arecorddatethatshallbenotmorethan10dayspriortothedatethenoticeisgiven,provided,thatifthenoticeisgivenonoraftertheeffectivedateofthemergerorconsolidation,therecorddateshallbesucheffectivedate.Ifnorecorddateisfixedandthenoticeisgivenpriortotheeffectivedate,therecorddateshallbethecloseofbusinessonthedaynextprecedingthedayonwhichthenoticeisgiven.

(e)Within120daysaftertheeffectivedateofthemergerorconsolidation,thesurvivingorresultingcorporationoranystockholderwhohascompliedwithsubsections(a)and(d)ofthissectionhereofandwhoisotherwiseentitledtoappraisalrights,maycommenceanappraisalproceedingbyfilingapetitionintheCourtofChancerydemandingadeterminationofthevalueofthestockofallsuchstockholders.Notwithstandingtheforegoing,atanytimewithin60daysaftertheeffectivedateofthemergerorconsolidation,anystockholderwhohasnotcommencedanappraisalproceedingorjoinedthatproceedingasanamedpartyshallhavetherighttowithdrawsuchstockholder’sdemandforappraisalandtoacceptthetermsoffereduponthemergerorconsolidation.Within120daysaftertheeffectivedateofthemergerorconsolidation,anystockholderwhohascompliedwiththerequirementsofsubsections(a)and(d)ofthissectionhereof,uponwrittenrequest,shallbeentitledtoreceivefromthecorporationsurvivingthemergerorresultingfromtheconsolidationastatementsettingforththeaggregatenumberofsharesnotvotedinfavorofthemergerorconsolidationandwithrespecttowhichdemandsforappraisalhavebeenreceivedandtheaggregatenumberofholdersofsuchshares.Suchwrittenstatementshallbemailedtothestockholderwithin10daysaftersuchstockholder’swrittenrequestforsuchastatementisreceivedbythesurvivingorresultingcorporationorwithin10daysafterexpirationoftheperiodfordeliveryofdemandsforappraisalundersubsection(d)ofthissectionhereof,whicheverislater.Notwithstandingsubsection(a)ofthissection,apersonwhoisthebeneficialownerofsharesofsuchstockheldeitherinavotingtrustorbyanomineeonbehalfofsuchpersonmay,insuchperson’sownname,fileapetitionorrequestfromthecorporationthestatementdescribedinthissubsection.

(f)Uponthefilingofanysuchpetitionbyastockholder,serviceofacopythereofshallbemadeuponthesurvivingorresultingcorporation,whichshallwithin20daysaftersuchservicefileintheofficeoftheRegisterinChanceryinwhichthepetitionwasfiledadulyverifiedlistcontainingthenamesandaddressesofallstockholderswhohavedemandedpaymentfortheirsharesandwithwhomagreementsastothevalueoftheirshareshavenotbeenreachedbythesurvivingorresultingcorporation.Ifthepetitionshallbefiledbythesurvivingorresultingcorporation,thepetitionshallbeaccompaniedbysuchadulyverifiedlist.TheRegisterinChancery,ifsoorderedbytheCourt,shallgivenoticeofthetimeandplacefixedforthehearingofsuchpetitionbyregisteredorcertifiedmailtothesurvivingorresultingcorporationandtothestockholdersshownonthelistattheaddressesthereinstated.Suchnoticeshallalsobegivenby1ormorepublicationsatleast1weekbeforethedayofthehearing,inanewspaperofgeneralcirculationpublishedintheCityofWilmington,DelawareorsuchpublicationastheCourtdeemsadvisable.TheformsofthenoticesbymailandbypublicationshallbeapprovedbytheCourt,andthecoststhereofshallbebornebythesurvivingorresultingcorporation.

(g)Atthehearingonsuchpetition,theCourtshalldeterminethestockholderswhohavecompliedwiththissectionandwhohavebecomeentitledtoappraisalrights.TheCourtmayrequirethestockholderswhohavedemandedanappraisalfortheirsharesandwhoholdstockrepresentedbycertificatestosubmittheircertificatesofstocktotheRegisterinChanceryfornotationthereonofthependencyoftheappraisalproceedings;andifanystockholderfailstocomplywithsuchdirection,theCourtmaydismisstheproceedingsastosuchstockholder.Ifimmediatelybeforethemergerorconsolidationthesharesoftheclassorseriesofstockoftheconstituentcorporationastowhichappraisalrightsareavailablewerelistedonanationalsecuritiesexchange,theCourtshalldismisstheproceedingsastoallholdersofsuchshareswhoareotherwiseentitledtoappraisalrightsunless(1)thetotalnumberofsharesentitledtoappraisalexceeds1%oftheoutstandingsharesoftheclassorserieseligibleforappraisal,(2)thevalueoftheconsiderationprovidedinthemergerorconsolidationforsuchtotalnumberofsharesexceeds$1million,or(3)themergerwasapprovedpursuantto§253or§267ofthistitle.

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(h)AftertheCourtdeterminesthestockholdersentitledtoanappraisal,theappraisalproceedingshallbeconductedinaccordancewiththerulesoftheCourtofChancery,includinganyrulesspecificallygoverningappraisalproceedings.ThroughsuchproceedingtheCourtshalldeterminethefairvalueofthesharesexclusiveofanyelementofvaluearisingfromtheaccomplishmentorexpectationofthemergerorconsolidation,togetherwithinterest,ifany,tobepaidupontheamountdeterminedtobethefairvalue.Indeterminingsuchfairvalue,theCourtshalltakeintoaccountallrelevantfactors.UnlesstheCourtinitsdiscretiondeterminesotherwiseforgoodcauseshown,andexceptasprovidedinthissubsection,interestfromtheeffectivedateofthemergerthroughthedateofpaymentofthejudgmentshallbecompoundedquarterlyandshallaccrueat5%overtheFederalReservediscountrate(includinganysurcharge)asestablishedfromtimetotimeduringtheperiodbetweentheeffectivedateofthemergerandthedateofpaymentofthejudgment.Atanytimebeforetheentryofjudgmentintheproceedings,thesurvivingcorporationmaypaytoeachstockholderentitledtoappraisalanamountincash,inwhichcaseinterestshallaccruethereafterasprovidedhereinonlyuponthesumof(1)thedifference,ifany,betweentheamountsopaidandthefairvalueofthesharesasdeterminedbytheCourt,and(2)interesttheretoforeaccrued,unlesspaidatthattime.Uponapplicationbythesurvivingorresultingcorporationorbyanystockholderentitledtoparticipateintheappraisalproceeding,theCourtmay,initsdiscretion,proceedtotrialupontheappraisalpriortothefinaldeterminationofthestockholdersentitledtoanappraisal.Anystockholderwhosenameappearsonthelistfiledbythesurvivingorresultingcorporationpursuanttosubsection(f)ofthissectionandwhohassubmittedsuchstockholder’scertificatesofstocktotheRegisterinChancery,ifsuchisrequired,mayparticipatefullyinallproceedingsuntilitisfinallydeterminedthatsuchstockholderisnotentitledtoappraisalrightsunderthissection.

(i)TheCourtshalldirectthepaymentofthefairvalueoftheshares,togetherwithinterest,ifany,bythesurvivingorresultingcorporationtothestockholdersentitledthereto.Paymentshallbesomadetoeachsuchstockholder,inthecaseofholdersofuncertificatedstockforthwith,andthecaseofholdersofsharesrepresentedbycertificatesuponthesurrendertothecorporationofthecertificatesrepresentingsuchstock.TheCourt’sdecreemaybeenforcedasotherdecreesintheCourtofChancerymaybeenforced,whethersuchsurvivingorresultingcorporationbeacorporationofthisStateorofanystate.

(j)ThecostsoftheproceedingmaybedeterminedbytheCourtandtaxeduponthepartiesastheCourtdeemsequitableinthecircumstances.Uponapplicationofastockholder,theCourtmayorderalloraportionoftheexpensesincurredbyanystockholderinconnectionwiththeappraisalproceeding,including,withoutlimitation,reasonableattorney’sfeesandthefeesandexpensesofexperts,tobechargedprorataagainstthevalueofallthesharesentitledtoanappraisal.

(k)Fromandaftertheeffectivedateofthemergerorconsolidation,nostockholderwhohasdemandedappraisalrightsasprovidedinsubsection(d)ofthissectionshallbeentitledtovotesuchstockforanypurposeortoreceivepaymentofdividendsorotherdistributionsonthestock(exceptdividendsorotherdistributionspayabletostockholdersofrecordatadatewhichispriortotheeffectivedateofthemergerorconsolidation);provided,however,thatifnopetitionforanappraisalshallbefiledwithinthetimeprovidedinsubsection(e)ofthissection,orifsuchstockholdershalldelivertothesurvivingorresultingcorporationawrittenwithdrawalofsuchstockholder’sdemandforanappraisalandanacceptanceofthemergerorconsolidation,eitherwithin60daysaftertheeffectivedateofthemergerorconsolidationasprovidedinsubsection(e)ofthissectionorthereafterwiththewrittenapprovalofthecorporation,thentherightofsuchstockholdertoanappraisalshallcease.Notwithstandingtheforegoing,noappraisalproceedingintheCourtofChanceryshallbedismissedastoanystockholderwithouttheapprovaloftheCourt,andsuchapprovalmaybeconditioneduponsuchtermsastheCourtdeemsjust;provided,howeverthatthisprovisionshallnotaffecttherightofanystockholderwhohasnotcommencedanappraisalproceedingorjoinedthatproceedingasanamedpartytowithdrawsuchstockholder’sdemandforappraisalandtoacceptthetermsoffereduponthemergerorconsolidationwithin60daysaftertheeffectivedateofthemergerorconsolidation,assetforthinsubsection(e)ofthissection.

(l)Thesharesofthesurvivingorresultingcorporationtowhichthesharesofsuchobjectingstockholderswouldhavebeenconvertedhadtheyassentedtothemergerorconsolidationshallhavethestatusofauthorizedandunissuedsharesofthesurvivingorresultingcorporation.

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Exhibit (a)(5)(N)

TubeMogul Employee Frequently Asked Questions

1. What is a “tender offer”?

Throughatenderoffer,abiddermakesapublicofferdirectlytoacompany’sstockholderstopurchasetheircompanysharesforcash,stockoracombinationofboth.Inourcase,AdobeSystemsIncorporated,throughasubsidiary,TigerAcquisitionCorporation(“Purchaser ”),isofferingtobuyalloutstandingsharesofcommonstockofTubeMogul(the“Offer ”).DuringtheOffer,TubeMogulstockholderswillhaveanopportunityto“tender”theirsharestoAdobeinexchangefor$14.00pershareincash,withoutinterestandsubjecttoanyrequiredtaxwithholding.

2. Should I tender my Shares? How do I do that?

TheTubeMogulBoardofDirectorsunanimouslyapprovedthetransactionandrecommendsthatstockholderstendertheirsharesintotheOffer.AllTubeMogulstockholderswillseparatelyreceiveadditionalinformationregardingthetermsoftheOfferandinstructionsonhowtotendertheirshares.AllTubeMogulstockholdersshouldcarefullyreadtheinformationsenttothem.

3. When will the transaction close?

TheclosingoftheOfferisstillsubjecttothetenderofamajorityofTubeMogul’soutstandingcommonstocktoAdobeandotherofferconditions,includinggovernmentregulatoryapprovals.WeexpecttheOffertocloseduringAdobe’sQ12017,whichisbetweenDecemberandFebruary.

4. What can I expect between now and closing?

Untilthetransactioncloses,TubeMogulwillcontinuetooperateasaseparate,independentcompany.TubeMogul’semployeesalaries,compensationandbenefitswillnotchangethroughclosing.

5. What will happen to my TubeMogul RSUs and stock options at closing?

TheOfferisbeingmadeonlyforoutstandingsharesofTubeMogulcommonstock.HoldersofoutstandingexercisablestockoptionsorRSUsmayparticipateintheOfferonlyiftheyfirstexercisesuchstockoptionsorbecomevestedinsuchRSUsinaccordancewiththetermsoftheapplicablestockplanandotherapplicableagreements,andthentenderthesharesofcommonstockissueduponsuchexerciseorsuchvestingandsettlement.AnysuchexerciseorsettlementshouldbecompletedpriortotheendoftheOfferperiodtoassurethatyouwillhavesufficienttimetocomplywiththeproceduresfortenderingyourshares.

UnvestedRSUsandunvestedstockoptionscontinuetovestaccordingtotheircurrentvestingschedule.Asoftheclosingofthemerger,anyunvestedRSUsandunvestedstockoptionsheldbyanyonewhoisacurrentemployeeofTubeMogulasoftheeffectivetimeofthemerger(“Current Employee ”)willconvertintoAdobestockawardsbasedonanexchangeratespecifiedinthemergeragreement.

Anyvested,butunreleasedRSUsandvested,butunexercisedoptionsheldbyaCurrentEmployeewillautomaticallybeconvertedintotherighttoreceivepayment.Forvested,butunreleasedRSUs,thepaymentamountwillbeanamountequaltothenumberofissuableRSUsmultipliedby$14.00.Forvested,butunexercisedstockoptions,thepaymentwillbeanamountequaltothedifferencebetween$14.00andtheapplicableoptionexerciseprice,multipliedbythenumberofexercisableshares.Iftheexercisepricepershareofanystockoptionequalsorexceeds$14.00pershare,suchstockoptionwillautomaticallybecancelled,withoutanypaymenttotheholder.

Allpaymentswillbesubjecttoapplicablewithholdingtaxesandwillbemadeassoonasreasonablypracticableaftertheclosingdate.Aswegetnearertotheclosing,youwillreceiveadditionalinformation.

6. What will happen to my ESPP contributions for the current purchase period that began on August 17, 2016?

TheTubeMogulESPPremainsthesamethroughtheeffectivetimeoftheMerger.OnebusinessdaypriortotheclosingoftheMerger,amountsyouhavecontributedintoyourESPPplanaccountwillbeusedtopurchasesharesofTubeMogulcommonstock.Atclosing,yourpurchasedshareswillbecancelledandautomaticallyconvertedintotherighttoreceiveanamountequaltothenumberofpurchasedsharesmultipliedby$14.00,subjecttoapplicablewithholdingtaxes.

Additional Information and Where to Find It

ThiscommunicationisnotarecommendationoranoffertopurchaseorasolicitationofanoffertosellsharesofcommonstockofTubeMogul.ThesolicitationandtheoffertobuysharesofTubeMogulcommonstockhasbeenmadepursuanttoaTenderOfferStatementonScheduleTO,containinganoffertopurchase,formofletteroftransmittalandrelatedtenderofferdocuments,andaSolicitation/RecommendationStatementonSchedule14D-9relatingtotheOffer,asfiledwiththeSEConNovember18,2016.PurchaserandtheCompanyhavemailedthesedocumentstothestockholdersoftheCompany.These documents, as theymay be amended from time to time, contain important information about the tender offer and stockholders of the Company are urged to read themcarefully prior to making any decisions with respect to the Offer. StockholdersoftheCompanyareabletoobtainafreecopyofthesedocumentsatthewebsitemaintainedbytheSecuritiesandExchangeCommission(the“SEC”)atwww.sec.gov.Inaddition,theSolicitation/RecommendationStatementandtheotherdocumentsfiledbytheCompanywiththeSEChavebeenmadeavailabletoallstockholdersoftheCompanyfreeofchargeathttp://investor.tubemogul.com.

Cautionary Notice Regarding Forward-Looking Statements

Allstatementsinthiscommunicationthatarenotstatementsofhistoricalfactareforwardlookingstatements.Theseforward-lookingstatementscanbeidentifiedbythefactthattheydonotrelateonlytohistoricalorcurrentfacts.Forward-lookingstatementsoftenusewordssuchas“anticipate”,“target”,“expect”,“estimate”,“intend”,“plan”,“goal”,“believe”,“hope”,“aim”,“continue”,“will”,“may”,“would”,“could”or“should”orotherwordsofsimilarmeaningorthenegativethereof.ThesestatementsinvolverisksanduncertaintiesthatcouldcauseTubeMogul’sactualresultstodiffermateriallyfromthoseexpressedorimpliedinforward-lookingstatements,including,butnotlimitedto:(i)uncertaintiesastothetimingoftheproposedtransaction;(ii)theriskthattheproposedtransactionmaynotbecompletedinatimelymanneroratall;(iii)uncertaintiesastothepercentageofTubeMogul’sstockholdersthatwillsupporttheproposedtransactionandtendertheirsharesintheoffer;(iv)thepossibilitythatcompetingoffersoracquisitionproposalsforTubeMogulwillbemade;(v)thepossibilitythatanyorallofthevariousconditionstotheconsummationoftheproposedtransactionmaynotbesatisfiedorwaived,includingthefailuretoreceiveanyrequiredregulatoryapprovalsfromanyapplicablegovernmentalentities(oranyconditions,limitationsorrestrictionsplacedonsuchapprovals);(vi)theoccurrenceofanyevent,changeorothercircumstancethatcouldgiverisetotheterminationoftheMergerAgreement,includingincircumstanceswhichwouldrequireTubeMogultopayaterminationfeeorotherexpenses;(vii)theeffectoftheannouncementorpendencyoftheproposedtransactiononTubeMogul’sabilitytoretainandhirekeypersonnel,itsabilitytomaintainrelationshipswithitscustomers,suppliersandpartnersandotherswithwhomitdoesbusiness,oritsoperatingresultsandbusinessgenerally;(viii)risksrelatedtodivertingmanagement’sattentionfromTubeMogul’songoingbusinessoperations;(ix)theriskthatunexpectedcostswillbeincurredinconnectionwiththeproposedtransaction;(x)changesineconomicconditions,politicalconditions,tradeprotectionmeasures,licensingrequirementsandtaxmatters;(xi)theriskthatstockholderlitigationinconnectionwiththeproposedtransactionmayresultinsignificantcostsof

defense,indemnificationandliability;and(xii)otherfactorsassetforthfromtimetotimeinTubeMogul’sfilingswiththeSecuritiesandExchangeCommission,whichareavailableonTubeMogul’sinvestorrelationswebsite(http://investor.tubemogul.com)andontheSEC’swebsite(www.sec.gov).Allinformationprovidedinthiscommunicationisasofthedatehereof,andstockholdersofTubeMogularecautionednottoplaceunduerelianceonforward-lookingstatements,whichspeakonlyasofthedatesuchstatementsaremade.TubeMoguldoesnotundertakeanyobligationtopubliclyupdateanyforward-lookingstatementstoreflectevents,circumstancesornewinformationafterthiscommunication,ortoreflecttheoccurrenceofunanticipatedevents,exceptasrequiredbyapplicablelaw.

Exhibit (e)(2)

ADOBE SYSTEMS INCORPORATEDMASTER AGREEMENT

FORDISCLOSURE OF INFORMATION

EffectiveDate:October19,2016

ThisAgreementgovernsthedisclosureofinformationbetweenTubeMogul,Inc.,havinganaddressat125053rdStreet,Suite2,Emeryville,California,andTubeMogul’sdirectandindirectsubsidiaries(hereinafter,the“Company”)andAdobeSystemsIncorporated,havingitsprincipalplaceofbusinessintheUnitedStatesat345ParkAvenue,SanJose,CA95110-2704,andAdobe’sdirectandindirectsubsidiariesthatcollectivelyareAdobe(hereinafter“Adobe”),inconnectionwithapossibleacquisitiontransactioninvolvingAdobeandtheCompany(a“Transaction”).ThepersonsigningthisAgreementonbehalfoftheCompanyacknowledgesthatheorsheisbindingtheentireCompany,andthepersonsigningthisAgreementonbehalfofAdobeacknowledgesthatheorsheisbindingallofAdobe.Eachsuchpersonrepresentsthatheorshehastheauthoritytodoso.ApartydisclosingConfidentialInformation(asdefinedbelow)pursuanttothisAgreementisreferredtohereinasa“DisclosingParty”andapartyreceivingConfidentialInformationpursuanttothisAgreementisreferredtohereinasa“Recipient.”

1. ForallpurposesofandunderthisAgreement,theterm“ConfidentialInformation”shallmeanandincludeanyandallwritten,electronic,visualororalinformationordatarelatingtotheDisclosingPartythatisreceivedby,orotherwisemadeavailableto,theRecipientafterthedatehereof(including,butnotlimitedto,informationrelatedtotheDisclosingParty’sfinancial,purchasing,manufacturing,sales,personnel,merchandising,andmarketingactivities,customerlists,informationcontainingorrelatedtopatents,tradesecrets,copyrightablematerials,techniques,inventions,know-how,processes,algorithms,softwareprograms,softwaresourcedocuments,functionalrequirements,designdetailsandspecificationsrelatedtothecurrent,futureandproposedproductsandservices,andassociatedoral,electronicandwritteninformationconcerningresearch,experimentalwork,anddevelopmentprojects).Notwithstandingtheforegoingoranythingtothecontrarysetforthherein,“ConfidentialInformation”shallnotincludeanyinformationthat(a)wasinthepublicdomainatthetime,orenteredthepublicdomainsubsequenttothetime,itwascommunicatedtotheRecipientbytheDisclosingPartythroughnoactionbytheRecipientoritsRepresentatives(asdefinedbelow)thatconstitutedabreachofthisAgreement,(b)wasintheRecipient’spossessionfreeofanyobligationofconfidentialityatthetime,orwascommunicatedtotheRecipientfreeofanyobligationofconfidentialitysubsequenttothetime,itwascommunicatedtotheRecipientbytheDisclosingParty(andthesourceofsuchinformationwasnotsubjecttoanyobligationofconfidentiality),or(c)wasdevelopedbyemployeesoragentsoftheRecipientindependentlyof,andwithoutreferenceto,anyConfidentialInformation.

2. ForallpurposesofandunderthisAgreement,theterm“Representatives”shallmeanalldirectors,officersandotheremployeesofaperson,aswellasallthirdpartyadvisors(including,butnotlimitedto,allfinancial,tax,accounting,legalandtechnicaladvisors),legalcounsel,consultantsandotheragentsandrepresentatives.

3. TheRecipientanditsRepresentativeswillkeepallConfidentialInformationconfidential(usingthesamedegreeofcareitthattheRecipientusestoprotectitsownConfidentialInformation,butnolessthanreasonablecare)anduseConfidentialInformationsolelyforthepurposeofevaluating,negotiatingand/orconsummatingaTransaction.Withoutlimitingtheforegoing,theRecipientanditsRepresentativeswillnotdisseminateorinanyway.discloseanyConfidentialInformationtoanyperson,firmorbusinessotherthanthoseRepresentativesoftheRecipientwhoneedtoknowsuchConfidentialInformationtoevaluate,negotiateand/orconsummateaTransactiononbehalfoftheRecipient.Furthermore,exceptasotherwiseprovidedbythisAgreement,neithertheRecipientnoranyofitsRepresentativeswilldisclosetheexistenceofanybusinessdiscussions,negotiationsoragreementsinprogressbetweenthepartiestoanyformofpublicmediawithoutapprovaloftheDisclosingParty.Further,exceptasotherwiseprovidedinthisAgreement,neitherRecipientnoranyofitsRepresentativeswilldisclosetoanyotherpersonorentity(i)theexistenceofthisAgreement,(ii)thefactthatConfidentialInformationhasbeenorisbeingmade

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availabletoit,(iii)thatdiscussionsaretakingplaceconcerningaTransaction,(iv)anyoftheterms,conditionsorotherfactswithrespectthereto,or(v)thestatusofsuchdiscussions(collectively,“TransactionCommunications”).NotwithstandinganythingtothecontraryinthisParagraph,theRecipientand/oranyofitsRepresentativesmaydiscloseConfidentialInformationandTransactionCommunications(a)totheextentnecessarytorespondtoavalidorderorrequestbyacourtorothergovernmentalorregulatorybody,(b)totheextentrequestedpursuantto,orrequiredby,applicablelaworregulation(including,withoutlimitation,anyrule,regulationorpolicystatementofanynationalsecuritiesexchange,marketorautomatedquotationsystemonwhichanyoftheRecipient’ssecuritiesarelistedorquoted)orbylegalprocess,and/or(c)asnecessarytoestablishtherightsofeitherpartyunderthisAgreement.IntheeventtheRecipientoranyofitsRepresentativesisrequestedpursuantto,orrequiredby,applicablelaworregulation(including,withoutlimitation,anyrule,regulationorpolicystatementofanynationalsecuritiesexchange,marketorautomatedquotationsystemonwhichanyoftheRecipient’ssecuritiesarelistedorquoted)orbylegalprocesstodiscloseanyConfidentialInformation,theRecipientoritsRepresentative(asapplicable)willnotifytheDisclosingPartypromptlyuponreceiptofsuchcourtorderorotherdocumentrequiringdisclosure,oruponreceiptofsuchrequestfordisclosureoruponitsdeterminationthatdisclosureisrequiredbyapplicablelaw,regulationorlegalprocess,sothattheDisclosingPartymayobjectand/ormoveforaprotectiveorder,andfileanyinformationdisclosedinresponsetosuchorderundersealand/orrequestthatthecourtsealsuchConfidentialInformation.Exceptasmayultimatelyberequiredbysuchcourtorderorapplicablelaw,regulationorlegalprocess,theobligationsoftheRecipientanditsRepresentativeswithregardtosuchConfidentialInformation,assetforthabove,willremaininfullforceandeffect.

4. TheRecipientwilldiscloseConfidentialInformationonlytothoseofitsRepresentativeswhoneedtoknowsuchinformationforthepurposesofevaluating,negotiatingand/orconsummatingaTransactionandwhohaveagreed,eitherasaconditiontoemploymentorpriortoobtainingtheConfidentialInformation,tobeboundbytermsandconditionssubstantiallysimilartothoseofthisAgreementorareboundbysimilarprofessionalobligationsofconfidentialityandshallmakesuchRepresentativesawareofthetermsofthisAgreement.TheRecipientwillbeliableforanybreachofthisAgreementmadebyitsRepresentativesonbehalfoftheCompanyorAdobe,asthecasemaybe.

5. TheRecipientwillnotmodify,reverseengineer,decompile,createotherworksfrom,ordisassembleanysoftwareprogramscontainedinConfidentialInformationwithoutthepriorwrittenconsentoftheDisclosingParty.

6. TheDisclosingPartyunderstandsandacknowledgesthattheRecipientmaydevelopandacquiretechnology,softwareandhardwareforitsownproductsandservices,andthatexistingorplannedproductsandservicesindependentlydevelopedwithoutuseoftheDisclosingParty’sConfidentialInformation,oracquiredbyaparty,maycontainideasorconceptssimilaroridenticaltothoseintheConfidentialInformation.TheDisclosingPartyfurtheracknowledgesandagreesthatenteringintothisAgreementshallnotprecludetheRecipientfromdevelopingoracquiringsuchproductsorserviceswithoutobligationtotheDisclosingPartyaslongassuchproductsorservicesareindependentlydevelopedwithoutuseoftheDisclosingParty’sConfidentialInformationandtheRecipientdoesnotviolateanyofitsobligationsunderthisAgreement.Notwithstanding,anythingtothecontraryinthisAgreement,RecipientshallbefreetousetheresidualsofConfidentialInformationforanylegalpurpose,providedthatRecipientshallnotdiscloseConfidentialInformationexceptasexpresslypermittedpursuanttothetermsofthisAgreement.Asusedhereintheterm“residuals”meansthatConfidentialInformation(otherthantradesecretsorcustomerinformation)disclosedtoRecipientwhichisinnon-tangibleformandwhichmayberetainedintheunaidedmemoriesofthosepersonnelorauthorizedrepresentativesofRecipienttowhomtheDisclosingPartyprovidedaccesstosuchConfidentialInformationunderthetermsofthisAgreement.

7. AllConfidentialInformation(including,withoutlimitation,code,documents,drawings,models,apparatus,sketches,designsandlists)shallremainthepropertyoftheDisclosingParty.Atanytime,upontheDisclosingParty’swrittenrequest,theRecipientshalleitherpromptlyreturnordestroyallConfidentialInformationreceivedfromtheDisclosingPartyoranyofitsRepresentatives,anddestroyalldocumentsanddatathatwerepreparedfrom,andcontain,ConfidentialInformation.NotwithstandingtheforegoingoranythingtothecontrarycontainedinthisAgreement,(a)theRecipientwillnotbeobligedtodestroy

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ConfidentialInformationwhichiscontainedinotherdocumentsordataoftheRecipientwhichtheRecipientisrequiredbyapplicablelaw,regulationorlegalprocesstopreserve,(b)thelegaldepartmentoftheRecipientmayretainonecopyofanyitemofwrittenConfidentialInformationforrecordretentionpurposesonlysolongassuchConfidentialInformationisnotaccessibletoanypersonoutsidethelegaldepartment,(c)thethirdpartyRepresentativesoftheRecipientmayretainoneormorecopiesofanyConfidentialInformationtotheextentrequiredbyapplicablelaw,regulation,orlegalprocess(suchinformationreferencedinclauses(a)through(c)beingreferredtohereinasthe“RetainedInformation”),and(d)allRetainedInformationwillcontinuetobesubjecttotheobligationsofthisAgreementregardlessoftheexpirationorterminationofthisAgreement.AttheDisclosingParty’srequest,theRecipientshallprovideacertificatetotheDisclosingPartycertifyingthattheRecipienthasreturnedordestroyedallConfidentialInformationinaccordancewithitsobligationsunderthisParagraph.

8. Eachpartyacknowledgesthat:(a)neitherpartyacquiresanylicensesunderanyintellectualpropertyrightsoftheotherpartyunderthisAgreement,(b)nothinginthisAgreementconstitutesarelationshipofjointventure,partnership,employerandemployee,orprincipalandagent,andneitherpartyhasarighttobindtheotherpartyincontractorotherwiseatlaw,and(c)providingorreceivingConfidentialInformationunderthisAgreementshallnotconstituteanoffer,acceptance,orpromisetoenterintooramendanyothercontract.

9. Neitherpartyshallexport,directlyorindirectly,anytechnicaldataacquiredfromtheotherpursuanttothisAgreementoranyproductutilizinganysuchdatatoanycountryforwhichtheU.S.Governmentoranyforeigngovernmentoranyagencythereofatthetimeofexportrequiresanexportlicenseorothergovernmentapprovalwithoutfirstobtainingsuchlicenseorapproval.TheDisclosingPartywillcooperateinobtainingsuchexportlicenses.

10. TotheextentthatanyConfidentialInformationmayincludematerialsubjecttotheattorney-clientprivilege,workproductdoctrineoranyotherapplicableprivilegeconcerningpendingorthreatenedlegalproceedingsorgovernmentalinvestigations,thepartiesunderstandandagreethattheyhaveacommonalityofinterestwithrespecttosuchmattersanditistheirdesire,intentionandmutualunderstandingthatthesharingofsuchmaterialisnotintendedto,andshallnot,waiveordiminishinanywaytheconfidentialityofsuchmaterialoritscontinuedprotectionundertheattorney-clientprivilege,workproductdoctrineorotherapplicableprivilege.AllConfidentialInformationprovidedbyapartythatisentitledtoprotectionundertheattorney-clientprivilege,workproductdoctrineorotherapplicableprivilegeshallremainentitledtosuchprotectionundertheseprivileges,thisAgreement,andunderthejointdefensedoctrine.NothinginthisAgreementobligatesanypartytorevealmaterialsubjecttotheattorney-clientprivilege,workproductdoctrineoranyotherapplicableprivilege.

11. EachpartyisawareoftherestrictionsimposedbytheUnitedStatessecuritieslawsonthepurchaseorsaleofsecuritiesbyanypersonwhohasreceivedmaterial,non-publicinformationfromtheotherpartyandonthecommunicationofsuchinformationtoanyotherpersonwhomaypurchaseorsellsuchsecuritiesinrelianceuponsuchinformation.Eachpartywillcomplywithallapplicablesecuritieslawsinconnectionwiththepurchaseorsale,directlyorindirectly,ofsecuritiesoftheotherpartyforaslongassuchpartyisinpossessionofmaterialnon-publicinformationabouttheotherparty.

12. NeitherpartymayassignortransferanyrightsorobligationsunderthisAgreementwithoutthepriorwrittenconsentoftheotherparty.Anyattempttotransferallorpartofeitherparty’srightsorobligationswithoutsuchconsentshallbenullandvoidandofnoeffect.

13. ThisAgreementshallgovernallcommunicationsbetweenthepartiesthataremadeduringtheperiodfromtheEffectiveDateofthisAgreementtothedateonwhicheitherpartyreceivesfromtheotherwrittennoticethatsubsequentcommunicationsshallnotbesogoverned;provided,however,thateachparty’sobligationswithrespecttoConfidentialInformationreceivedpriortosuchnoticeshallcontinueinaccordancewiththetermsofthisAgreement.

14. ThisAgreementwillbegovernedbyandconstruedinaccordancewiththesubstantivelawsinforceintheStateofCalifornia,withoutregardtoitsconflictoflawprovisions.TherespectivestateorfederalcourtslocatedinSantaClaraCounty,Californiashalleachhavenon-exclusivejurisdictionoveralldisputesrelatingtothisAgreement.

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15. ThisAgreementmayonlybechangedbymutualwrittenagreementsignedbyauthorizedrepresentativesoftheparties.IfanyprovisioninthisAgreementshallbeheldtobeillegal,invalidorunenforceable,whetherinwholeorinpart,suchprovisionorpartshalltothatextentbedeemednottoformpartofthisAgreement,butthelegality,validityorenforceabilityoftheremainderofthisAgreementshallnotbeaffected.

16. AllnoticesorreportspermittedorrequiredunderthisAgreementshallbeinwritingandshallbebypersonaldelivery,facsimiletransmissionorbycertifiedorregisteredmail,returnreceiptrequested,andshallbedeemedgivenuponpersonaldelivery,five(5)daysafterdepositinfirstclassmail(postageprepaid),oruponacknowledgmentofreceiptofelectronictransmission.NoticesshallbesenttotheaddressessetforthatthebeginningofthisAgreementorsuchotheraddressaseitherpartymayspecifyinwriting.IfnoticeissenttoAdobeSystemsIncorporatedoritssubsidiariesoraffiliates,itshallbesenttothesignatory,withacopytotheGeneralCounselofAdobeSystemsIncorporated.

17. ThepartiesagreethatmoneydamagesmaynotbeasufficientremedyforanybreachofthisAgreementbytheRecipient.InadditiontoanyremediestheDisclosingPartymayhaveatlaw,theDisclosingPartyshallbeentitledtoseekspecificperformanceandinjunctiveorotherequitablereliefasaremedyforanysuchbreach.AnyfailurebytheDisclosingPartytoexerciseanyright,powerorprivilegegrantedhereinshallnotconstituteawaiverofsuchright,powerorprivilege.IntheeventoflitigationrelatingtothisAgreement,ifacourtofcompetentjurisdictiondeterminesinafinalorderfromwhichnoappealhasbeentimelyfiledthatthisAgreementhasbeenbreachedbyaParty,thebreachingPartywillreimbursetheotherPartyforitscostsandexpenses(including,withoutlimitation,legalfeesandexpenses)incurredinconnectionwiththeenforcementofthisAgreementandsuchlitigation.

18. SubjecttothesurvivalofobligationsrelatingtoRetainedInformationinParagraph7,thisAgreementandallrightsandobligationsofthepartieshereundershallautomaticallyexpire,withoutanyactiononthepartofeitherpartyhereto,ontheeighteen-monthanniversaryofthedatehereof;provided,however,nothinghereinisintendedtolimitorabridgetheprotectionoftradesecretsunderapplicabletradesecretslaw.WithrespecttoanytradesecretsincludedintheConfidentialInformation,thetermsandconditionsofthisAgreementwillsurvivesuchterminationandeachparty’sobligationshereunderwithrespecttoanysuchtradesecretswillterminateonlypursuanttoParagraph1.

19. TheRecipientunderstandsandacknowledgesthatneithertheDisclosingPartynoritsRepresentativesmakeanyrepresentationorwarranty,expressorimplied,astotheaccuracyorcompletenessoftheConfidentialInformationfurnishedbyoronbehalfoftheDisclosingPartyandshallhavenoliability(otherthaninthecaseoffraud)totheRecipientoritsRepresentativesrelatingtoorresultingfromtheuseoftheConfidentialInformationfurnishedtotheRecipientoritsRepresentativesoranyerrorsthereinoromissionstherefrom.NothinginthisAgreementshallbeconstruedasobligatingtheDisclosingPartytoprovide,ortocontinuetoprovide,anyinformationtoanypersonorentity.

20. TheRecipientagreesthat,forduringthe“StandstillPeriod,unlessspecificallyinvitedinwritingbytheDisclosingParty,neitheritnoranyofitsaffiliates(assuchtermisdefinedundertheSecuritiesExchangeActof1934,asamended(the“1934Act”)),orRepresentatives(actinginanycapacityotherthanasanadvisorinanyofthefollowingcases)willinanymanner,directlyorindirectly:

(a) effect,seek,offerorpropose(whetherpubliclyorotherwise)toeffect,orcauseorparticipatein,orinanywayassistanyotherpersonorentitytoeffect,seek,offerorpropose(whetherpubliclyorotherwise)toeffectorparticipatein:

(i) anyacquisitionofanysecurities(orbeneficialownershipthereof)orassetsoftheDisclosingPartyoranyofitssubsidiaries;

(ii) anytenderorexchangeoffer,mergerorotherbusinesscombinationinvolvingtheDisclosingPartyoranyofitssubsidiaries;

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(iii) anyrecapitalization,restructuring,liquidation,dissolutionorotherextraordinarytransactionwithrespecttotheDisclosingPartyoranyofitssubsidiaries;or

(iv) any“solicitation”of“proxies”(assuchtermsareusedintheproxyrulesoftheSecuritiesandExchangeCommission)orconsentstovoteanyvotingsecuritiesoftheDisclosingParty;

(b) form,joinorinanywayparticipateina“group”(asdefinedunderthe1934Act)withrespecttothesecuritiesoftheDisclosingParty;

(c) makeanypublicannouncementwithrespectto,orpubliclysubmitanunsolicitedproposalfororofferof(withorwithoutcondition),anyextraordinarytransactioninvolvingtheDisclosingPartyoritssecuritiesorassets;

(d) otherwiseact,aloneorinconcertwithothers,toseekorcontrolorinfluencethemanagement,boardofdirectorsorpoliciesoftheDisclosingParty;

(e) takeanyactionwhichwouldforcetheDisclosingPartytomakeapublicannouncementregardinganyofthetypesofmatterssetforthinclause(a)above;or

enterintoanydiscussionsorarrangementswithanythirdpartywithrespecttoanyoftheforegoing.

TheRecipientalsoagreesduringtheStandstillPeriodnottopubliclyrequesttheDisclosingParty(oritsdirectors,officers,employeesoragents),directlyorindirectly,toamendorwaiveanyprovisionofthisSection(includingthissentence).NothinginthisAgreementwillpreventAdobeoritsRepresentativesfromcommunicatingwiththeChiefExecutiveOfficeroftheCompanyortheCompany’sboardofdirectorstomakeaproposalforortonegotiatewiththeCompanyinrespectofatenderorexchangeoffer,mergerorotherbusinesscombination,oranyotherofthetransactionsdescribedinclause(a)aboveinvolvingtheDisclosingPartysolongassuchcommunicationismadeconfidentially.

Notwithstandingtheforegoing,therestrictionsinthisParagraph20shallterminateifanyofthefollowingshallhaveoccurred(each,a“SignificantEvent”):(i)theDisclosingPartyentersintoadefinitiveagreement(a“DefinitiveAgreement”)withathirdpartyotherthantheRecipientoritsaffiliatesprovidingfor:(a)amergerinwhichtheDisclosingPartyisaconstituentpartytosuchmerger(excludinginternalreorganizationsinvolvingtheDisclosingPartyanditsaffiliates)ortheresultofwhichwouldbethatthethencurrentholdersoftheequitysecuritiesoftheDisclosingPartyimmediatelypriortosuchmergernolongerdirectlyorindirectlyholdatleast50%oftheVotingSecurities(asdefinedbelow)oftheDisclosingParty(oranysurvivingorresultingcompanyinthemerger)immediatelyfollowingsuchmerger;(b)atenderorexchangeofferfor50%ormoreoftheVotingSecuritiesoftheDisclosingParty;(c)thesaleof50%ormoreoftheassetsoftheDisclosingPartyanditssubsidiariesonaconsolidatedbasis;(d)arecapitalizationorothertransactioninvolvingtheCompanythatresultsinonepersonor“group”(withinthemeaningofSection13(d)(3)oftheExchangeAct)acquiringbeneficialownership(withinthemeaningofRule13d-3undertheExchangeAct)of50%ormoreoftheVotingSecuritiesoftheDisclosingParty;or(e)anyothersingletransactionorseriesofrelatedtransactionsthatresultsinachangeofcontroloftheDisclosingParty(anyofthetransactionsreferredtointheforegoingclauses(a)through(e),an“AlternativeTransaction”);(ii)anypersoncommencesatenderofferorexchangeoffertoacquireVotingSecuritiesoftheDisclosingPartywhich,ifsuccessful,wouldresultinsuchpersonowning,whencombinedwithanyotherVotingSecuritiesownedbysuchotherperson,50%ormoreofthethenoutstandingVotingSecuritiesoftheDisclosingParty;(iii)theCompanypubliclydisclosesthatithasauthorizedaprocessforthesolicitationofcompetingoffersorindicationsofinterestinrespectofanAlternativeTransaction;or(iv)athirdpartycommences,aloneorinconcertwithothers,any“solicitation”of“proxies”(assuchtermsareusedinRegulation14AoftheExchangeAct)withrespecttotheVotingSecuritiesoftheDisclosingParty.ForpurposesofthisParagraph20:(x)theterm“VotingSecurities”meanswithrespecttotheDisclosingParty,thesharesofanyclassofcapitalstockoftheDisclosingPartywhicharethenentitledtovotegenerallyintheelectionofdirectors;and(y)theterm“StandstillPeriod”means,withrespecttotheRecipient,theperiodfromthedateofthisAgreementuntiltheearlierof(1)thedatethatisoneyearafterthedateofthisAgreement;or(2)theoccurrenceofaSignificantEventinvolvingtheDisclosingParty.

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21. ThisAgreementmaybesignedincounterparts.Thepartiesalsoagreethatasignaturetransmittedviafacsimileorelectronicmailshallbedeemedoriginalforallpurposeshereunder.

INWITNESSWHEREOF,thepartieshaveexecutedthisAgreementinduplicateasofthedatefirstwrittenabove.

ADOBESYSTEMSINCORPORATED TUBEMOGUL,INC.

Signature: Signature:

PrintName:

PrintName:

Title: Title:

Date: Date:

6.

Exhibit (e)(3)

Exhibit A

EXCLUSIVITY AGREEMENT

ThisExclusivityAgreementbetweenTubeMogul,Inc.(the“Company ”)andAdobeSystemsIncorporated(“Acquirer ”)isenteredintoasofthedatelastsignedbelow(the“Effective Date ”).

WHEREAS,theCompanyagreestoprovideAcquirerwithanopportunitytocompleteduediligenceandtonegotiate,consistentwiththepriceandtheothermaterialtermsproposedbytheAcquirerintheproposallettertowhichthisagreementisattached(the“Proposed Terms ”),theproposedsaleofalloftheoutstandingcapitalstockoftheCompany(the“Transaction ”)toAcquireronanexclusivebasiscommencinguponthedatehereofthroughtheendoftheRestrictedPeriod(asdefinedbelow).

Thepartiesagreeasfollows:

The“Restricted Period ”shalllastuntiltheearliertooccurof(1)thedateonwhichthepartiesheretoexecuteadefinitiveagreementregardingapotentialacquisitionor(2)11:59p.m.PacificTimeonWednesday,November9,2016.DuringtheRestrictedPeriod,neithertheCompanynoranyofitsaffiliates,officers,directors,employeesorprincipalstockholdersoranyrepresentativeactingontheirbehalf,willdirectlyorindirectly:(a)solicit,encourage,initiate,participateinanynegotiationsordiscussionswithrespecttoanyofferorproposaltoacquirealloranyportionoftheCompany’sbusinessorpropertiesoranyofitscapitalstock,whetherbymerger,purchaseofassets,license,tenderofferorotherwise(each,an“Acquisition Proposal ”),oreffectanysuchtransaction;(b)discloseorprovideanyinformationnotcustomarilydisclosedtoanypersonconcerningtheCompany’sbusinessorpropertiesoraffordanypersonorentityaccesstoitsproperties,booksandrecordsoremployees,notcustomarilyaffordedsuchaccess;(c)assistorcooperatewithanypersontomakeanyproposaltopurchaseanyCompanycapitalstockoranyportionoftheCompany’sassetsorenterintoanyagreementwithanypersonprovidingfortheacquisitionoftheCompany(whetherbywayofmerger,purchaseofassets,license,tenderofferorotherwise).IntheeventthattheCompanyoranyofitsaffiliates,officers,directors,employeesorprincipalstockholdersshallreceiveanyofferorproposalofthetypereferredtoinclause(a)or(c)above,theCompanyorsuchpersonorentityshallinformAcquirerassoonaspossiblethattheCompanyhasreceivedsuchanofferorproposal.IntheeventtheCompanyreceivesanAcquisitionProposalduringtheRestrictedPeriod,theCompanyagreesthatitwillfurnishanyinformationreasonablyrequestedbyAcquirerregardingtheAcquisitionProposal.

Nothinginthisagreementorinpriordiscussions,correspondenceordocumentationshouldbeconstruedasanobligationofanyofthepartiesheretotoproceedwiththeTransaction.UnlessanduntiladefinitivesaleandpurchaseagreementisenteredintoregardingtheTransaction,neithertheCompanynortheAcquirernoranyoftheirrespectiveaffiliateswillbeunderanylegalobligationwhatsoeverwithrespecttotheTransactionexceptasspecificallysetforthhereinorintheConfidentialityAgreement.Thepartiesfurtheragreethat,priortoenteringintoadefinitivesaleandpurchaseagreement,eachpartyshallbefreeforanyreasontowithdrawfromdiscussionsandnotconsummatetheTransaction,withoutobligationorliabilitytoanyotherparty,otherthanwithrespecttobreachesoftheexpresstermshereof.

Thisagreementmaynotbeassignedbyanypartyhereto,byoperationoflaworotherwise,withouttheexpresspriorwrittenconsentoftheotherpartieshereto.Thisagreementmaynotbeamendedormodifiedexceptbyaninstrumentinwritingsignedbybothofthepartieshereto.Itisunderstoodandagreedthatnofailureordelaybyanypartyinexercisinganyofitsrightshereundershalloperateasawaiverthereof,norshallanysingleorpartialexercisethereofprecludeanyotherorfurtherexercisethereof.Thisagreementshallbegovernedby,andconstruedandinterpretedinaccordancewith,thelawsoftheStateofDelaware,applicabletocontractsmadeandtobeperformedtherein.

Exhibit A

Thisagreementmaybeexecutedinanynumberofcounterpartsandbythepartiestoitonseparatecounterparts,butitwillnotbeeffectiveuntileachpartyhasexecutedatleastonecounterpart.Eachcounterpartwillconstituteanoriginalofthisagreement,butallthecounterpartswilltogetherconstitutebutoneandthesameinstrument.

INWITNESSWHEREOF,thepartieshaveexecutedthisExclusivityAgreementasoftheEffectiveDate.ADOBESYSTEMSINCORPORATED TUBEMOGUL,INC.

Signature: Signature:

PrintName:

PrintName:

Title: Title:

Date: Date:

Exhibit (e)(18)

TUBEMOGUL,INC.March13,2014

EricDeeds[PRIVATEADDRESS]

DearEric:

TubeMogul,Inc.(the“Company ”)ispleasedtoconfirmthetermsofyourcontinuingemploymentwiththeCompanydescribedherein.ThislettersupersedesandrestatesyourpreviousofferletterwiththeCompany.

1.Position .YourtitlewillbeGeneralCounselandyouwillreporttotheCompany’sChiefExecutiveOfficer.YouwillalsoserveastheCompany’sSecretary.Thisisafull-timeposition.WhileyourenderservicestotheCompany,youwillnotengageinanyotheremployment,consultingorotherbusinessactivity(whetherfull-timeorpart-time)thatwouldcreateaconflictofinterestwiththeCompany.Bysigningthisletteragreement,youconfirmtotheCompanythatyouhavenocontractualcommitmentsorotherlegalobligationsthatwouldprohibityoufromperformingyourdutiesfortheCompany.

2.Salary .TheCompanywillpayyouasalaryattherateof$225,000peryearpayableinaccordancewiththeCompany’sstandardpayrollschedule.ThissalarywillbesubjecttoadjustmentpursuanttotheCompany’semployeecompensationpoliciesineffectfromtimetotime.

3.Cash Incentive Compensation. Additionallyyoushallbeeligiblefor$50,000inadditionalcashcompensationbasedupontheCompany’sachievementofyearlyobjectives,tobedeterminedbytheChiefExecutiveOfficer.Thecashincentiveshallbe75%baseduponachievingfinancialobjectivesand25%baseduponachievingnon-financialobjectives.

4.Business Expenses. TheCompanywillreimburseyouforyournecessaryandreasonablebusinessexpensesincurredinconnectionwithyourdutieshereunderuponpresentationofanitemizedaccountandappropriatesupportingdocumentation,allinaccordancewiththeCompany’sgenerallyapplicablepolicies.

5.Employee Benefits .AsaregularemployeeoftheCompany,youwillbeeligibletoparticipateinanumberofCompany-sponsoredbenefitsinaccordancewiththeCompanypolicyandapplicableplandocuments.Inaddition,youwillbeentitledtopaidvacationinaccordancewiththeCompany’svacationpolicy,asineffectfromtimetotime.

6.Change of Control. Youwillvestinallofyourunvestedstockoptions,restrictedstockunitsandotherequityawardsgrantedtoyoubytheCompanyifbothofthefollowingoccur:(a)theCompanyissubjecttoaChangeofControl(b)youaresubjecttoanInvoluntaryTerminationthatoccurs(i)within90dayspriortothatChangeofControl,or(ii)within12monthsafterthatChangeofControl;and(c)youexecute(anddonotrevoke,ifapplicable)afullandcompletegeneralreleaseofallclaims,suchreleaselanguagetobeinsubstantiallytheformattachedasAttachmentAhereto,whichmaybeupdatedbytheCompanytoconformtochangesinapplicablelaworregulationswithoutyourapproval(the“Release ”).

7.Severance Benefits .

(a)General .IfyouaresubjecttoanInvoluntaryTermination,thenyouwillbeentitledtothebenefitsdescribedinthisSection7(b)and(c)inadditiontoanybenefitsdescribedinSection6,ifapplicable.However,thisSection7willnotapplyunlessanduntilyou(i)havereturnedallCompanypropertyinyourpossession,(ii)haveresignedasamemberoftheBoardsofDirectorsoftheCompanyandallofitssubsidiaries,totheextentapplicable,and(iii)haveexecuted(andnotrevoked,ifapplicable)theRelease.

(b)Salary Continuation .SubjecttoyoursatisfyingtheconditionsinSection7(a),ifyouaresubjecttoanInvoluntaryTermination,thentheCompanywillcontinuetopayyourbasesalaryforaperiodof3monthsafteryourSeparation.YourbasesalarywillbepaidbasedontheannualsalaryrateineffectatthetimeofyourSeparationandinaccordancewiththeCompany’sstandardpayrollprocedures.Thesalarycontinuationpaymentswillcommencewithin60daysafteryourSeparationand,thefirstpaymentwillincludeanyunpaidamountsaccruedfromthedateofyourSeparation.However,ifthe60-dayperioddescribedintheprecedingsentencespanstwocalendaryears,thenthepaymentswillinanyeventbegininthesecondcalendaryear.

(c)Lump-Sum Payment in Lieu of Health Benefit .SubjecttoyoursatisfyingtheconditionsinSection7(a),ifyouaresubjecttoanInvoluntaryTermination,theCompanywillpayyoualump-sumamount,netofapplicablewithholdingtaxes,equaltotheproductof(A)sixand(B)themonthlyamounttheCompanywaspayingonbehalfofyouandyoureligibledependents,ifany,withrespecttotheCompany’shealthinsuranceplansinwhichyouandyoureligibledependents,ifany,wereparticipantsasofthedayofyourSeparation.Suchpaymentwillbemadewithin60daysafteryourSeparation;however,ifsuch60-dayperiodspanstwocalendaryears,thenthepaymentwillbemadeinthesecondcalendaryear.

8.Employment Relationship .EmploymentwiththeCompanyisfornospecificperiodoftime.YouremploymentwiththeCompanywillbe“atwill,”meaningthateitheryouortheCompanymayterminateyouremploymentatanytimeandforanyreason,withorwithoutcause.Anycontraryrepresentationsthatmayhavebeenmadetoyouaresupersededbythisletteragreement.ThisisthefullandcompleteagreementbetweenyouandtheCompanyonthisterm.Althoughyourjobduties,title,compensationandbenefits,aswellastheCompany’spersonnelpoliciesandprocedures,maychangefromtimetotime,the“atwill”natureofyouremploymentmayonlybechangedinanexpresswrittenagreementsignedbyyouandadulyauthorizedofficeroftheCompany(otherthanyou).

9.Tax Matters .

(a)Withholding .Allformsofcompensationreferredtointhisletteragreementaresubjecttoreductiontoreflectapplicablewithholdingandpayrolltaxesandotherdeductionsrequiredbylaw.

(b)Section 409A .ForpurposesofSection409AoftheInternalRevenueCodeof1986,asamended(the“Code ”),eachsalarycontinuationpaymentunderSection7(b)isherebydesignatedasaseparatepayment.IftheCompanydeterminesthatyouarea“specifiedemployee”underSection409A(a)(2)(B)(i)oftheCodeatthetimeofyourSeparation,then(i)thesalarycontinuationpaymentsunderSection7(b),totheextentthattheyaresubjecttoSection409AoftheCode,willcommenceonthefirstbusinessdayfollowing(A)expirationofthesix-monthperiodmeasuredfromyourSeparationor(B)thedateofyourdeathand(ii)theinstallmentsthatotherwisewouldhavebeenpaidpriortosuchdatewillbepaidinalumpsumwhenthesalarycontinuationpaymentscommence.

(c)Tax Advice .YouareencouragedtoobtainyourowntaxadviceregardingyourcompensationfromtheCompany.YouagreethattheCompanydoesnothaveadutytodesignitscompensationpoliciesinamannerthatminimizesyourtaxliabilities,andyouwillnotmakeanyclaimagainsttheCompanyoritsBoardofDirectorsrelatedtotaxliabilitiesarisingfromyourcompensation.

10.Interpretation, Amendment and Enforcement .Thisletteragreementsupersedesandreplacesanyprioragreements,representationsorunderstandings(whetherwritten,oral,impliedorotherwise)betweenyouandtheCompanyandconstitutesthecompleteagreementbetweenyouandtheCompanyregardingthesubjectmattersetforthherein.Thisletteragreementmaynotbeamendedormodified,exceptbyanexpresswrittenagreementsignedbybothyouandadulyauthorizedofficeroftheCompany.Thetermsofthisletteragreementandtheresolutionofanydisputesastothemeaning,effect,performanceorvalidityofthisletteragreementorarisingoutof,relatedto,orinanywayconnectedwith,thisletteragreement,youremploymentwiththeCompanyoranyotherrelationshipbetweenyouandtheCompany(the“Disputes ”)willbegovernedbyCalifornialaw,excludinglawsrelatingtoconflictsorchoiceoflaw.YouandtheCompanysubmittotheexclusivepersonaljurisdictionofthefederalandstatecourtslocatedinSanFranciscoCountyinconnectionwithanyDisputeoranyclaimrelatedtoanyDispute.

11.Definitions .Thefollowingtermshavethemeaningsetforthbelowwherevertheyareusedinthisletteragreement:

“Cause ”means(i)yourwillfulrefusaltoimplementorfollowalawfulpolicyordirectiveoftheBoard,oryourfailuretootherwiseperformthedutiesofyourpositioninareasonablysatisfactorymanner,whichbreach,ifcurable,isnotcuredwithinthirty(30)daysafterwrittennoticetoyoufromtheCompany;(ii)yourcommissionofanyactoffraud,embezzlement,dishonestyoranyotherwillfulmisconductthathascausedorisreasonablyexpectedtoresultininjurytotheCompany;(iii)yourunauthorizeduseordisclosureofanyproprietaryinformationortradesecretsoftheCompanyoranyotherpartytowhomyouoweanobligationofnondisclosureasaresultofyourrelationshipwiththeCompany;or(iv)yourmaterialbreachofthisAgreementoranyotherwrittenagreementwiththeCompany(providedthatshouldtheCompanycontendthatyouhavemateriallybreachedthisAgreementorsuchotheragreementitwillfirstprovideyouwrittennoticeandathirty(30)dayperiodtocuretheallegedbreach).

“Change of Control ”means

(i)asale,transferordispositionofallorsubstantiallyalloftheCompany’sassetsotherthanto(A)acorporationorotherentityofwhichatleastamajorityofitscombinedvotingpowerisowneddirectlyorindirectlybytheCompany,(B)acorporationorotherentityowneddirectlyorindirectlybytheholdersofcapitalstockoftheCompanyinsubstantiallythesameproportionsastheirownershipofCommonStock,or(C)anExcludedEntity(asdefinedinsubsection(ii)below);or

(ii)anymerger,consolidationorotherbusinesscombinationtransactionoftheCompanywithorintoanothercorporation,entityorperson,otherthanatransactionwithorintoanothercorporation,entityorpersoninwhichtheholdersofatleastamajorityofthesharesofvotingcapitalstockoftheCompanyoutstandingimmediatelypriortosuchtransactioncontinuetohold(eitherbysuchsharesremainingoutstandinginthecontinuingentityorbytheirbeingconvertedintosharesofvotingcapitalstockofthesurvivingentity)amajorityofthetotalvotingpowerrepresentedbythesharesofvotingcapitalstockoftheCompany(orthesurvivingentity)outstandingimmediatelyaftersuchtransaction(suchcorporation,entityorperson,an“Excluded Entity ”).

Notwithstandinganythingstatedherein,atransactionshallnotconstitutea“ChangeofControl”ifitssolepurposeistochangethestateoftheCompany’sincorporation,ortocreateaholdingcompanythatwillbeownedinsubstantiallythesameproportionsbythepersonswhoholdtheCompany’ssecuritiesimmediatelybeforesuchtransaction.Forclarity,theterm“ChangeofControl”asdefinedhereinshallnotincludestocksaletransactionswhetherbytheCompanyorbytheholdersofcapitalstock.

“Disability ”means“disability”withinthemeaningofSection22(e)(3)oftheCode.

“Involuntary Termination ”meanseither(a)yourTerminationWithoutCauseor(b)yourResignationforGoodReason.

“Resignation for Good Reason ”meansaSeparationfromtheCompanyasaresultofyourresignationwithin60daysafteroneofthefollowingconditionshascomeintoexistencewithoutyourconsent:

(i)Areductioninyourbasesalarybymorethan20%(otherthanaspartofanacross-the-board,proportionalcompensationreductionapplicabletoallexecutiveofficers);

(ii)Amaterialdiminutionofyourauthority,title,dutiesorresponsibilities,providedthatamerechangeintitlealoneinconnectionwithaChangeofControlshallnotconstituteamaterialdiminutionofyourauthority,dutiesorresponsibilities;or

(iii)Arelocationofyourprincipalworkplacebymorethan50miles,wheresuchrelocationincreasesyourone-waycommute.

AResignationforGoodReasonwillnotbedeemedtohaveoccurredunlessyougivetheCompanywrittennoticeoftheconditionoreventwithin60daysaftertheconditionoreventcomesintoexistenceoroccurs,theCompanyfailstoremedytheconditionoreventwithin30daysafterreceivingyourwrittennotice,andyouresignwithin180daysaftertheinitialoccurrenceofsuchconditionorevent.

“Separation ”meansa“separationfromservice,”asdefinedintheregulationsunderSection409AoftheCode.

“Termination Without Cause ”meansaSeparationfromtheCompanyasaresultofaterminationofyouremploymentbytheCompanywithoutCauseotherthanfordeathorDisability,providedyouarewillingandabletocontinueperformingserviceswithinthemeaningofTreasuryRegulation1.409A-1(n)(1).

Youmayindicateyouragreementwiththesetermsbysigninganddatingthisletteragreementinthespaceprovidedbelow.

Verytrulyyours,TubeMogul,Inc.

/s/BrettWilsonBy: BrettWilsonTitle: CEO

Ihavereadandacceptthisemploymentoffer:/s/EricDeedsSignatureofEricDeeds

Dated: 3/13/2014

ATTACHMENT A

RELEASE OF CLAIMS

YouagreethatyouremploymentfromTubeMogul,Inc.(the“Company ”)willbeterminatedon[DATE ].IfyoucomplywiththeconditionsforeligibilitydescribedinSection7oftheofferletterbyandbetweenyouandtheCompany,dated[DATE] (the“Offer Letter ”),includingthatyou(i)returnallCompanypropertyinyourpossession,(ii)resignasamemberoftheBoardsofDirectorsoftheCompanyandallofitssubsidiaries,totheextentapplicable,and(iii)signanddonotrevokethisReleaseofClaims(the“Agreement ”),theCompanywillprovideyouwiththebenefitsdescribedin[Section 7(b) and (c)] oftheOfferLetter(collectively,the“Severance Benefits ”).SuchSeveranceBenefitswillbepaidtoyouinaccordancewiththetermsofyourOfferLetter,providedthatinnoeventwillyoubepaidanySeveranceBenefitspriortotheEffectiveDate(definedbelow).

InconsiderationforreceivingtheSeveranceBenefits,youwaiveandreleaseanyandallclaimsandcausesofaction,whetherornotnowknown,againsttheCompanyoritspredecessors,successors,orpastorpresentsubsidiaries,officers,directors,agents,employeesandassigns,withrespecttoanymatterarisingfromthebeginningoftheworlduptotheSeparationDate,including,withoutlimitation,anymatterarisingoutoforconnectedwithyouremploymentwiththeCompanyortheterminationofthatemployment,includingwithoutlimitation,claimstoattorneys’feesorcosts,claimsofwrongfuldischarge,constructivedischarge,emotionaldistress,defamation,invasionofprivacy,fraud,breachofcontract,breachofthecovenantofgoodfaithandfairdealing,anyclaimsofdiscriminationorharassmentbasedonsex,age,race,nationalorigin,disabilityoronanyotherbasis,underTitleVIIoftheCivilRightsActof1964,asamended,theCaliforniaFairEmploymentandHousingAct,theAgeDiscriminationinEmploymentActof1967,theAmericanswithDisabilitiesAct,andallotherlawsandregulationsrelatingtoemployment.

YouexpresslywaiveandreleaseanyandallrightsandbenefitsunderSection1542oftheCivilCodeoftheStateofCalifornia(oranyanalogouslawofanyotherstate),whichreadsasfollows:“Ageneralreleasedoesnotextendtoclaimswhichthecreditordoesnotknoworsuspecttoexistinhisorherfavoratthetimeofexecutingtherelease,which,ifknownbyhimorher,musthavemateriallyaffectedhissettlementwiththedebtor.”

YouandtheCompanydonotintendthatyouwillreleaseclaimsthatyoumaynotreleaseasamatteroflaw,includingbutnotlimitedtoclaimsforindemnityunderCaliforniaLaborCodeSection2802orotherapplicablelaw.ThisreleasedoesnotextendtoanyclaimforSeveranceBenefitsorthebreachofthisAgreement.Nothinginthisreleasewaivesyourrightstoindemnificationoranypaymentsunderanyfiduciaryinsurancepolicy,ifany,providedbyanyactoragreementoftheTubeMogul,Inc.,stateorfederallaworpolicyofinsurance.

Youacknowledgethatyouhave21daystoconsiderthisAgreementfrom(butmaysignitatanytimebeforehandifyousodesire),andthatyoucanconsultanattorneyindoingso.YoualsoacknowledgethatyoucanrevokethisAgreementwithin7daysofsigningitbysendingacertifiedlettertothateffectto[INSERT NAME AND ADDRESS] .YouunderstandandagreethatthisAgreementshallnotbecomeeffectiveorenforceableuntilthe8thdayfollowingthedateyousignthisAgreement,providedyouhavenotrevokedtheagreementinaccordancewiththisparagraph(such8thday,the“Effective Date ”)andnopaymentsorbenefitswillbeprovidedpriortotheEffectiveDate.

ToacceptthisAgreement,pleasesignbelowandreturnthisletterto[INSERT NAME AND ADDRESS] onorbefore[INSERT DATE THAT IS 21 or 45DAYS AFTER RECEIPT, AS APPLICABLE] .

UNDERSTOOD AND AGREED:

Dated:

[EMPLOYEE NAME]